Judgment Search Results Home > Cases Phrase: finance act 1979 schedule i first schedule Sorted by: recent Court: income tax appellate tribunal itat cochin Page 1 of about 12 results (0.146 seconds)

Deputy Commissioner of Income Tax Vs. Catholic Syrian Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)267ITR52(Coch.)

..... of sub-section (1) of section 36 of the it act inserted by the finance act, 1979, provision for bad and doubtful debts made by a scheduled or a non-scheduled indian bank is allowed as deduction within the prescribed limits. ..... 13.2 in order to promote rural banking and assist the scheduled commercial banks in making adequate provisions from their current profits to provide for risks in relation to their rural advances, the finance act, 1979, has inserted a new clause (viia) in sub-section (1) of section 36 of the it act to provide for a deduction, in the computation of the taxable profits of all scheduled commercial banks, in respect of provisions made by them for bad and ..... finance act, 1979 ..... was introduced by the finance act, 1979, w.e.f. ..... a bank approved by the central government for the purposes of section 36(1)(viia) of a bank incorporated by or under the laws of a country outside india or a non-scheduled bank, an amount not exceeding ten per cent of the total income (computed before making any deduction under the new provision) or two per cent of the aggregate average ..... we are unable to uphold the objection firstly because the board itself has recognized the position that a bank would be entitled to both the deductions--one, under clause (vii) on the basis of the actual ..... a branch of a scheduled bank situated in a place with a population not exceeding 10,000 according to the last preceding census of which the relevant figures have been published before the first day of the previous .....

Escapade Resorts (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)303ITR118(Coch.)

..... the finance act, 1997, provides in section 2(1) of that act that for the assessment year commencing on the first day of april, 1997, income tax shall be charged at the rate specified in part i of the first schedule and such tax shall be increased in the cases to which para e of that part applies, by a .surcharge1, calculated in the ..... to para e of the first schedule to the finance act, 1997.23. ..... argued that section 115ja has been brought on the statute book by the finance act, 1996, which was made applicable from the asst. yr. ..... (supra), the issue before the hon'ble supreme court was whether the law as appearing in clause (b) of the first proviso to section 205(1) of the companies act included depreciation or not and in that context the supreme court held that for the purpose of clause (iv) of explanation to section 115j, ..... now, central act means the finance act in which the rates applicable to the ..... for any assessment year has to be as per the provisions of the finance act of that assessment year. ..... 1997-98, finance act, 1997 (1997) 139 ctr (st) 1 : (1997) 225itr (st) 113} has prescribed the ..... as far as the assessee is concerned, para e of part i to the first schedule is relevant as the said paragraph deals with the rates of income-tax in case ..... thus, for the purpose of assessing tax under section 115j, firstly, the profit as computed under the it act has to be prepared and thereafter the book profits as contemplated by the provisions of section 115j are to be determined and then the tax .....

Associated Industries (P) Ltd. Vs. the Dy. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2007)111TTJ(Coch.)979

..... the charging provisions of the wealth-tax act have undergone major changes by the finance act, 1992 and the said changes were made ..... (including provisions for the levy of additional wealth-tax) contained in this act, there shall be charged for every assessment year commencing on and from the first day of april, 1957, but before the first day of april, 1993, a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in schedule i. ..... to the wealth-tax act can be ascertained from the speech of the hon'ble finance minister while moving the finance bill in the house. ..... the definition of the net wealth is given in section 2(m) of the act which is as under: (m) "net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by ..... ar referred to the amended definition under section 2(m) of the wealth-tax act and submitted that as there was a substantial change in the charging provisions of the wealth-tax act, section 2(m) was also amended to that extent and the word used in respect of the debt is much more wider and legislature has intended that any debt incurred in relation .....

K.R. Syamkumar Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2006)100ITD500(Coch.)

..... point for our consideration in this case is whether in view of the provisions of section 115bb of the act the basic exemption avalable under section 2 of the first schedule to the finance act (rs.28000/- prevalent during the relevant assessment year) is applicable to the assessee or not? ..... to have found that the definition of income given in section 2(24) includes any winnings from lotteries and since according to the first schedule under the finance act, unless the income exceeds the taxable limit of rs. ..... according to the first schedule under the finance act, rates of income have been prescribed on the total income and according to that unless the income exceeds the taxable limit ..... whether the issue is a debatable one or not will depend on an understanding of section 2, the provisions of section 115bb and the provisions of the schedule to the respective finance acts, certainly with reference to the circular also. ..... under section 10(3), no further allowances or deductions are admissible against the gross winnings from lottery, is beside the point, since it is contrary to the basic minimum taxable prescribed in finance act and the condition stipulated in the circular could be made applicable only in the case of taxable income.4. ..... 3.3 the issue whether exemption limit under the finance act should over-ride section 115bb which prescribed a flat rate, has to be decided in the light of the fact that in other matters like discretionary trusts where the tax is charged at a maximum rate under .....

Muthoot Leasing and Finance Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)84ITD477(Coch.)

..... that by no stretch of imagination it could be said that finance charges collected on hire-purchases are interest liable for interest-tax, when as per the act only interests charged by the financial institutions are liable for ..... registration has been done does not lead to the conclusion that the applicant received the goods/vehicle from the first seller and the repayment by the applicant to the assessee is only the principal amount of loan plus interest ..... of in india; and (b) discount on promissory notes and bills of exchange drawn or made in india, but does not include- (i) interest referred to in sub-section (ib) of.s.42 of the reserve bank of india act, 1934 (2 of 1934); the above makes it clear that, first of all, only interest on loans and advances made in india is exigible to interest-tax. ..... and other attendant circumstances.considering the fact that the application from the hirer was first received by the assessee and then the assessee approached the vehicle/property dealer and the dealer delivered the vehicle/property to the applicant though the name ..... coming to the provisions of sections 2(c), 2(e), 2(f), 7(b) and 8 of the hire purchase act, the learned first, appellate authority held that- "it is clear from the facts stated above that although the appellant may be making a provision for the purchase ..... learned first appellate authority noted that in case of loss of vehicle/article the applicant has to pay the entire balance amount mentioned in the second schedule remaining .....

Dy. Cit Vs. Dhanalakshmi Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

..... company in current account with the reserve bank or the state bank of india or with any other bank which may be notified in this behalf by the, central government, including in the case of a scheduled bank the balance required under section 42 of the rbi act, 1934 (2 of 1934), to be so maintained, shall be deemed to be cash maintained in india : (2-a) (a) notwithstanding anything contained in sub-section (1) or in sub-section (2), after expiry of two years from the commencement of the banking ..... with the view of the bangalore bench of the tribunal in the case mentioned (supra) and also for the reasons stated hereinabove, we are of the view that the order of the learned first appellate authority does not call for any interference.the only other ground left in the appeal of the revenue for the assessment year 1984-85 is directed against the order of the commissioner (appeals) deleting ..... looking to the facts and circumstances of the case, we are of the view that the order of the learned first appellate authority does not warrant any interference.the appeal by the revenue for the assessment year 1984-85 on both grounds fails and the appeals for the assessment years 1985-86 to 1989-90 on ..... expression of the words "penal interest" does not make the payment any less than penalty.the learned departmental representative submitted that the reliance placed by the learned first appellate authority on the decision of the hon'ble supreme court in the case of mahalakshmi sugar mills ltd. .....

Deputy Commissioner of Income Tax Vs. Dhanalakshmi Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

..... company in current account with the reserve bank or the state bank of india or with any other bank which may be notified in this behalf by the central government, including in the case of a scheduled bank the balance required under section 42 of the rbi act, 1934 (2 of 1934), to be so maintained, shall be deemed to be cash maintained in india : (2-a) (a) notwithstanding anything contained in sub-section (1) or in sub-section (2), after expiry of two years from the commencement of the banking companies ..... with the view of the bangalore bench of the tribunal in the case mentioned (supra) and also for the reasons stated hereinabove, we are of the view that the order of the learned first appellate authority does not call for any interference.8.1 the only other ground left in the appeal of the revenue for the asst. yr. ..... expression of the words "penal interest" does not make the payment any less than penalty.the learned departmental representative submitted that the reliance placed by the learned first appellate authority on the decision of the hon'ble supreme court in the case of mahalakshmi sugar mills ltd. ..... the assessee contended before the first appellate authority that the said amount was paid to the reserve bank of india for non-maintenance of crr and slr as required by the banking regulations act of the reserve bank of india.it was contended before the first appellate authority that the payment was not for any infraction of law and hence it was contended that it was an .....

income Tax Officer Vs. V. S. V. Trust.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1993)47TTJ(Coch.)304

..... shri abraham, the learned senior departmental representative, contended that as per first schedule part i of income-tax and sur-tax on income-tax as provided in the finance act, 1985, the highest rate of tax is at 55% where the income exceeded rs. ..... in other words, the maximum rate will have to subject to certain marginalisation as provided for in the first schedule itself wherein the rate of income-tax are prescribed on slab basis. ..... 2 to s.164, as follows : "in this section, "maximum marginal rate" means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an aop as specified in the finance act of the relevant year. ..... " thus, it does not represent the highest rate of income-tax as provided for in the first schedule because by definition it includes surcharge on income-tax in relation to slab of income. ..... while so doing, he charged the tax @ 55% on the income of the assessee because it represented the highest rate of tax prescribed in the finance act, 1985.4. ..... 161(1a) of the it act, 1961. .....

Apollo Tyres Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)43ITD464(Coch.)

..... profit" means the net profit as shown in the profit and loss account for the relevant previous year prepared in accordance with the provisions of parts ii and iii of the sixth schedule to the companies act, 1956 (1 of 1956) as increased by,- (a) the amount of income-tax paid or payable, and the provision therefor; or (c) the amount or amounts set aside to provisions made ..... be guided by the net profit as shown in the profit and loss account, if the same is not in accordance with the provisions of parts ii and iii of sixth schedule to the companies act.in other words, it is the contention of the revenue that the income-tax officer can substitute his own figure of net profit, thus going behind the net profit as shown ..... previous year as if the provisions of clause (b) of the first proviso to sub- section (1) of section 205 of the companies act, 1956 (1 of 1956), are applicable.the assessee emphasises that the net profit as shown in the profit and loss account in accordance with the provisions of parts ii & iii of sixth schedule to the companies act should be the basis for computation and the assessing authority has ..... company affairs and the interpretation of section 115j is within the province of ministries of law and finance.as for the assessee's argument that the auditors have certified the accounts as reflecting true and fair profits for the year ended on the date, shri abraham submitted that first of all it is not clear which of the two figures that has been certified to be ..... 1979 .....

income-tax Officer Vs. Hindustan Latex Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)42ITD325(Coch.)

..... case. part ii of the first schedule to the finance act, 1984, which prescribes the rates for deduction of tax at sources in certain cases, contains the following provisions, which are relevant to the case before us: ..... no. i(2)(b)(iv)(b)(1) of part-ii of the first schedule to the finance act, 1984, tax deductible at sources is also fixed at ..... 20%.31. from the foregoing it is clear that one of the significant results of the systematisation or rationalisation of assessment of foreign companies introduced by the finance act, particularly as respects post 31.3.1976 agreement, is first that no deduction is admissible from the royalty/ technical fees paid, and secondly that tax is to be deducted at source at the same rate at which income-tax itself is payable ..... section 139 (whether fixed originally or on extension) for furnishing the return of income for the assessment year commencing on the 1st day of april, 1977, or the assessment year in respect of which such income first becomes chargeable to tax under this act, whichever assessment year is later, the company exercises an option by furnishing a declaration in writing to the income-tax officer (such option being final for that assessment year and for every subsequent ..... . cit [1979] 117 itr 804 observed : at this stage it may be appropriate to refer to certain subsequent amendments made to section 9(1) of the act by adding clauses (vi) and (vii) by finance act, 1976, and finance (no .....