Court : Mumbai
Reported in : [1995]216ITR584(Bom)
..... income-tax was payable in respect of the dividend declared and paid out of profits exempt under section 80j of the income-tax act, 1961 ?' 2. in this connection, the relevant provisions of the finance act, 1968, are as follows : 'the first schedule(see section 2)part iparagraph f 3. in the case of a company, other than the life insurance ..... distributed in excess of the specified limit as set out in the first schedule to the' finance act, 1951, is not a valid charge, also will not apply. as the supreme court observed in that case, under section 3 of the income-tax act, income-tax is a tax on the income of the previous year. it would not cover ..... officer had clearly made a mistake in overlooking the provision relating to additional income-tax under the finance act, 1968, while making his assessment. this is a mistake which is apparent on the record. he has, therefore, rightly resorted to the proceedings under section 154 to rectify this mistake. the facts, in the present case, are not in dispute .....
Tag this Judgment!Court : Delhi
Reported in : (2002)74TTJ(Del)596
..... authorised representative of the assessed submitted that the assessing officer and the learned commissioner (appeals) had not correctly appreciated the provisions of section 40 of the finance act, 1983. he added that under section 40 of the finance act, 1983, wealth-tax was livable on specific assets and not on total wealth of the assessed and, thereforee, this wealth-tax ..... to above became applicable in the present case and the wealth-tax amounting to rs, 1,55,820 paid by the assessed in pursuance to section 40 of the finance act, 1983, was admissible for deduction.9. in the above view of the matter, we direct the assessing officer to allow deduction of rs. 1,55, ..... did not accept the assessed's contention. he observed that the wealth-tax in question paid in pursuance to section 40 of the finance act, 1983 was wealth-tax and was covered by the provisions of section 40(a)(iia) of the act, and, thereforee, it was not admissible for deduction.4. aggrieved further, the assessed has come up in .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]210ITR570(Bom)
..... messrs. s. p. builders under an agreement of december 6, 1974. 16. this bring us to the second condition which the assessee must fulfil under section 16(c) of the finance act, 1974, namely, that before december 1, 1973, the assessee should have either purchased such machinery or plant or should have entered into a contract for ..... get the benefit of development rebate which has been otherwise discontinued. therefore, we will have to interpret the condition as we find it in section 16(c). section 16(c) of the finance act covers 'any machinery or plant installed by an assessee'. this assessee clearly must be the one who is claiming the development rebate. the ..... such rebate should be granted to the assessee. 11. the submission of the assessee cannot be accepted looking to the specific language used in section 16(c) of the finance act, 1974. under section 16(c) only in certain specific cases development rebate is continued. it is not as if there is a general extension of development rebate .....
Tag this Judgment!Court : Delhi
Reported in : 1987(30)ELT321(Del)
..... the goods under assessment shall alone be taken into account. this amendment is being given effect to retrospectively from 1st october 1975.' these provisions now find place in section 47 of the finance act, 1982. 17. in view of the above retrospective amendment to the statute, the writ petitions have been amended to contend that, this amendment notwithstanding, the ..... and 18 of this judgment. further decision to the same effect have been rendered by this court in the cases of madras rubber factory ltd. (cw 501 of 1978, decided on 2-1-1978), indian aluminium ltd. (cw 1006/79, decided on 24-5-1979), chemicals & plastics india ltd. (cw 147/79, decided on 9-7-1979), and ..... to their consumers. the correctness and validity of these instructions came up for consideration of this court in modi rubber v. board of central excise & customs (2nd 1978-2 delhi 352) = 1978 e.l.t. 127 (del.) in the context of notification no. 198/76, dated 16-6-1976 referred to above. the court by its judgment dated .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1998)145CTR(P& H)246; [1998]231ITR663(P& H)
..... by the sale of the land, that is, by conversion of the land into cash. the resultant income is not agricultural income. the explanation inserted in section 2(1a) by the finance act, 1989, with effect from april 1, 1970, makes the position clear when it declares that revenue derived from land shall not include and shall be deemed never ..... business or profession. it, however, does not include agricultural land in india except the classes of land included in items (a) and (b) of section 2(14)(iii) of the act. by the finance act, 1970, with effect from the assessment year 1970-71, certain specified lands situate in urban areas or semi-urban areas were brought within the definition of ..... class of lands included in items (a) and (b) of section 2(14)(iii). in order to qualify for such exemption, it is not enough that the land was once agricultural land. it must be agricultural land even at the time of sale or transfer. by the finance act, 1970, with effect from the assessment year 1970-71, certain .....
Tag this Judgment!Court : Kerala
Reported in : [1977]108ITR689(Ker)
..... the return was filed which in this case was on march 30, 1970, after the date of the amendment introduced by the finance act of 1969. it was, therefore, contended that section 18(1)(i) as it was amended by the finance act, 1969, must be applied for the entire periods from july 1, 1964, to march 30, 1970, for the year 1964- ..... month during which the default continued, but not exceeding in the aggregate fifty per cent, of the tax ; .....' 4. this section was again amended with effect from april 1, 1969, by the finance act, 1969, and after such amendment section 18(1) reads as follows:'18. penalty for failure to furnish returns, to comply with notices and concealment of assets, etc.--(1 ..... to be computed under the law as it obtained on the 1st april of each assessment year alone, that is, under section 18(1)(i) of the wealth-tax act, 1957, as it stood prior to its amendment by the finance act, 1969 ?'2. the returns for the two years 1964-65 and 1965-66 should have been filed by the assessee on .....
Tag this Judgment!Court : Kerala
Reported in : [2000]119STC236(Ker)
..... delay in the completion of the assessments, then the entire assessments will be bad and likely to be struck down. by the finance act, 1993, the legislature amended section 17 of the act and included section 17(6). under section 17(6), the maximum period of four years was fixed as the limit for completing the assessments. but a proviso was ..... in 1993, there was no time-limit for completion of the assessment. the time-limit was fixed for the first time as per the kerala finance act, 1993 (act 13 of 1993). by the amendment, section 17(6) was introduced with two provisos. the proviso came into force with effect from april 1, 1993. the bill for the purpose ..... notwithstanding the fact that there has been no determinable point of time between the expiry of the time provided under the old act and the commencement of the amending act. the legislature has given to section 18 of the finance act, 1956, only a limited retrospective operation, i.e., up to april 1, 1956 only. that provision must be read .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2008SC798; (2008)214CTR(SC)87; 2007(14)SCALE311; 2008[9]STR3; (2008)12VST1(SC); 2008AIRSCW25; 2008(1)SCC780.
..... in any manner to a client in one or more disciplines of engineering.11. clause (g) of sub-section 105 of section 65 of the finance act, 1994, as amended, provides for the definition of taxable services rendered by a consulting engineer to mean any service provided to a client by consulting ..... such crediting of the tax or any part thereof is delayed.10. the central government in exercise of its power conferred upon it by sub-section (1) of section 69 of the finance act, 1994 made service tax rules, 1994 for the purpose of assessment and collection of service tax. service tax was imposed on consultancy engineering services ..... w.e.f. 07.07.1997 by a notification no. 23 of 1997 dated 02.07.1997. consulting engineer as defined in section 65(31) of the finance act, 1994 is a professionally qualified or any body corporate or any other firm but that directly or indirectly render any advice, consultancy or technical assistance .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]214ITR276(Guj)
..... to contractors and sub-contractors. section 194c was brought into existence by the finance act, 1972, with effect from april 1, 1972. various amendments have been made in that section since then up to the finance act, 1994, which are not very relevant for the present purpose. section 194c of the act reads as under : 'section 194c. (1) any person ..... responsible for paying any sum to any resident (hereafter in this section referred to as 'the contractor') for carrying out ..... it may be pointed out that this appeal before the supreme court was by virtue of a special leave petition against the judgment in writ petition no. 2909 of 1978 of the patna high court in the case of associated cement co. ltd. v. cit : [1979]120itr444(patna) . the patna high court, while dismissing the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1999]112STC277(SC)
..... the appeal in the supreme court was against this decision of the high court at bombay dismissing the application. now sub-section (10) of section 35 of the income-tax act was enacted by the finance act of 1956. that sub-section, in so far as it is necessary to state for the purpose of this case, provided that where in any of ..... the agent of a non-resident after the expiry of two years from the date of the expiry of the assessment year. it was common ground that section 18 of the finance act, 1956 was not given retrospective operation before april 1, 1956. the question before this court was whether the income-tax officer could issue a notice of ..... so. notwithstanding the fact that there has been no determinable point of lime between the expiry of the time provided under the old act and the commencement of the amending act. the legislature has given to section 18 of the finance act, 1956, only a limited retrospective operation, i.e., up to april 1, 1956, only. that provision must be read .....
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