Judgment Search Results Home > Cases Phrase: finance act 1981 chapter ii rates of income tax Court: delhi Page 1 of about 232 results (0.058 seconds)

Cairn Uk Holdings Limited Vs. Director of Income-tax

Court : Delhi

..... provided also that no deduction shall be allowed in computing the income chargeable under the head capital gains in respect of any sum paid on account of securities transaction tax under chapter vii of the finance (no.2) act, 2004. ..... indian currency shall be at the rate of exchange prescribed in this behalf; (iii) indexed cost of acquisition means an amount which bears to the cost of acquisition the same proportion as cost inflation index for the year in which the asset is transferred bears to the cost inflation index for the first year in which the asset was held by the assessee or for the year beginning on the 1st day of april, 1981, whichever is later; (iv) indexed cost ..... -resident (not being a company) or a foreign company, (i) the amount of income tax payable on the total income as reduced by the amount of such longterm capital gains, had the total income as so reduced been its total income; and (ii) the amount of income tax calculated on longterm capital gains except where such gain arises from transfer of capital asset referred to in subclause (iii) at the rate of twenty per cent; and (iii) the amount of income tax on long-term capital gains arising from the transfer .....

The Commissioner of Income-tax Delhi Ii Vs. the Punjab and Sind Bank L ...

Court : Delhi

Reported in : 2000VAD(Delhi)661; 86(2000)DLT438; 2000(54)DRJ370; [2000]244ITR393(Delhi)

..... according to section 2(t)(c) of the finance act, 1981, an industrial company means a company which is mainly engaged in the business of generation of electricity or any other form of power or in ..... tiles, suspended ceilings, raised floors, light fittings, wall finishes, fire doors and fire proofing and other decorative items, in their assessments to corporation tax they claimed that this expenditure qualified for capital allowance under section 41 of the finance act, 1971, as plant used in the carrying on of their respective trades. ..... the revenue following questions have been referred for the opinion of this court under section 256(1) of the income-tax act, 1961 (for short, the act) by the income-tax appellate tribunal delhi bench 'b' (in short 'the tribunal'). 1. ..... whether on the facts and in the circumstances of the case, the income-tax appellate tribunal is correct in law in holding that the equipments used in the assessor's business, such as counter, guns, steel equipments, steel furniture, electrical fittings and cooling equipments are to be treated as ..... of mainly is laid down in the explanationn to that section that income attributable to any one or more of the aforesaid activities included in its total income before it has not considered deduction under chapter vi-a, section 80a to 80u. ..... usually referred to in rate schedules in the finance act. ..... the case, the tribunal is correct in law in holding that the assessed bank is an industrial company for the purpose of rate of tax. 3. .....

Commissioner of Income-tax Vs. Rattan Chand Sood and Other

Court : Delhi

Reported in : (1986)57CTR(Del)40; [1987]166ITR497(Delhi)

..... the circular reads as under : 'with a view to achieve early finalisation of proceedings under the existing chapter xxa of the income-tax act, 1961, acquisition proceedings under section 269c will not be initiated in respect of an immovable property for which the apparent consideration is rs ..... , thereforee, declared under section 269f(7) that 'the property in question shall not be acquired under chapter xxa of the income-tax act, 1961'. ..... , after obtaining the approval of the commissioner of income-tax, the competent authority passed an order under section 269f(6) acquiring the property under chapter xxa. 3. ..... respect of the first of the above sales, viz, the one dated february 28, 1973, a notice under section 269d(1) of the income-tax act, 1961, (hereinafter referred to as the act) was published in the official gazette on july 28, 1973. ..... but the subsequent transfer of the property by mool chand and bimla devi to sushila madan, reinforced by the order dated july 20, 1981, which has been brought to our notice recently, has only further accentuated the inequity of upholding the order under section 269f(6) of january 31, 1976 ..... /38/85-wt) dated may 16, 1986 - : [1986]159itr105(cal) issued in consequence of the amendments to chapter xxa by the finance bill (now act) of 1986. ..... the finance act, 1986, has repealed chapter xxa with effect from september 30, 1986, and substituted a modified chapter xxc enabling the purchase by the central government of immovable property in certain cases of .....

Chandra Estates Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : 2001IAD(Delhi)613; 89(2001)DLT717; [2001]249ITR54(Delhi)

..... in the said chapter, as originally enacted by the income-tax (amendment) act, 1981, section 269ab was inserted with effect from july 1, 1982, and section 269rr was inserted by the finance act, 198g, with effect from october 1, 1986.' 12 ..... it was also contended that pursuant to the order passed by the revenue on june 22, 1989, under section 269f(7) of the income-tax act, proceedings under chapter xx-a were dropped and it was found that there was no evasion of tax, the applicability of chapter xx-c will automatically come to an end. ..... it was further contended that rule 48l of the income-tax rules made pursuant to section 269uc(3) by the income-tax (seventh amendment) rules, 1986, the word 'transfer' has been defined under section 269ua under clause (f) and the word 'immovable properly' has beendefined in clause (d) whereas under chapter xx-a pari materia words 'immovable property' and 'transfer' have been defined under section 269a in clauses (e) and (h), ..... 37-i pursuant to coming into operation of chapter xx-c of the income-tax act would not confer jurisdiction on respondent no ..... (1995] 213 1tr 749 , it was observed (page 755) :'in both the writ petitions on the facts, we are of the view that the agreements in question have enabled the vendees to enjoy the respective properties or at any rate they have enabled the vendees to enjoy certain rights with respect to the properties in question and those rights are deemed to be immovable properties both under chapters xx-a and xx-c.'21. .....

Chandra Estates Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : (2001)165CTR(Del)98

..... the said chapter, as originally enacted, by income tax (amendment) act, 1981, section 269ab was inserted with effect from 1-7-1982, and section 269rr was inserted by finance act, 1986 with ..... to the order passed by the revenue on 22-6-1989, under section 269(7) of the income tax act, proceedings under chapter xx-a were dropped and it was found that there was no evasion of tax, the applicability of chapter xx-c will automatically come to an end. ..... after coming into force of chapter xx-c petitioner has filed form 37-i under a mistaken notion and to avoid any technical objection and merely filing of form 37-i pursuant to coming into operation of chapter xx-c of the income tax act would not confer jurisdiction ..... it was further contended that rule 48l of the income tax rules, made pursuant to section 269uc(3) by income tax (seventh amendment) rules, 1986, the word 'transfer' has been defined under section 269ua under sub-section (f) and the word 'immovable property' has been defined in sub-section (d) whereas under chapter xx-a pari materia words 'immovable property' and 'transfer' have been defined under section 269a in sub ..... it was observed :'in both the writ petitions on facts we are of the view that the agreements in question have enabled the vendees to enjoy the respective properties or at any rate they have enabled the vendees to enjoy certain rights with respect to the properties in question and those rights are deemed to be immovable properties both under chapter xx-a and xx-c.'8. .....

Khandelwal Metal and Engg. Vs. Union of India and Others

Court : Delhi

Reported in : 1983LC91D(Delhi); 1983(12)ELT292(Del)

..... next argument to confer territorial jurisdiction on this court was on the ground that as the virus of some of the provisions of the finance act, 1981 have been challenged the central government would be a necessary party and as the central government has its seat in delhi this court ..... srinivasa setty : [1981]128itr294(sc) , where the charging section of the income tax act and the computation section were said to constitute an integrated code and it was explained that a transaction to which these provisions apply cannot be understood without making a ..... uncut circles involved manufacture so as to attract excise duty the court laid special emphasis on the fact that legislature has laid down that excise duty shall be livable on billets at a lower rate and on manufacture of circles at higher rate and observed - 'this provision itself makes it clear that the legislature was aware that billets are converted into circles, and it was decided that excise duty should be livable at both ..... first schedule to the import tariff provide by rule 1 that for legal purposes, classification shall be determined according to the terms of the headings and any relative section or chapter notes and, provided such headings or notes do not otherwise require, according to these provisions hereinafter contained. ..... article one must necessarily refer to the rules for the interpretation of schedule and chapter notes and the rules of classification of alloys in chapter 73 and 74 given in section 15 of the first schedule. .....

Cit Vs. Kei Industries Ltd.

Court : Delhi

..... section 10a as enacted by finance act, 1981 read as under: "10a. ..... the question of law framed in this case is as follows: whether the learned income tax appellate tribunal was correct in holding that the loss suffered by the assessee in a unit entitled for exemption under section 10b of the income tax act, 1961, can be set off against income from any other unit not eligible for such exemption?. 2. ..... chapter vii deals with the incomes forming part of the total income on which no income-tax is payable. ..... it has to be kept in mind that the definition section would not apply if the context requires otherwise; in other words, if the scheme of the act relating to the charge of income tax clearly makes it impossible for any deduction to be allowed once the total income is determined, then it would be futile to still insist on applying the definition of the expression total income under section 2 (45) to the interpretation of the sub-section. ..... therefore, on the one hand we have agricultural income which is neither chargeable nor includible in the total income and on the other hand we have incomes under chapter vi-a which are part of total income but which are tax-free. 13. ..... however, at the relevant time chapter vii ita3862013 page 14 referred to incomes forming part of total income on which no tax was payable. ..... these incomes are wholly or partly tax-free incomes on account of special deductions under chapter vi-a. ..... deductions under chapter vi-a fall in the category of tax-free incomes. .....

M/S. Inter Craft Ltd. Vs.commissioner of Income Tax-Iii and Ors.

Court : Delhi

..... seizure proceedings under section 132 or section 132a of the income-tax act, 1961 (43 of 1961)- (a) in the case of a declarant, being a company or a firm, at the rate of forty-five per cent of the disputed income; (b) in the case of a declarant, being a person other than a company or a firm, at the rate of forty per cent of the disputed income;according to the declaration filed by inter craft, the total disputed income - on the basis of which tax arrears had to be computed was `1,37,95,937/- as against ..... this court, however, notices that those observations did not give importance to the definition of "tax arrear" under section 2(m) of the finance act (no.2), especially the explanation which underlines that declarations, voluntary payments or payments under protest of "any amount or ..... defined as follows by section 2(m) of the finance act (no.2) as follows: (m) "tax arrear" means,- (i) in relation to direct tax enactment, the amount of tax, penalty or interest determined on or before the 31st day of march, 1998 under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate order but remaining unpaid on the date of declaration; (ii) in relation to indirect tax enactment:-"(a) the amount of duties (including drawback of duty, credit of duty or any amount representing duty), cesses, interest, fine ..... the brief facts are that the finance act (no.2) of 1998 introduced, by chapter iv, a scheme known as the kar vivad samadhan scheme [ .....

Continental Construction Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Reported in : [1990]69CompCas268(Delhi); (1990)85CTR(Del)116; [1990]185ITR178(Delhi)

..... these contracts have to be brought under section 80hhb of the income-tax act, 1961 (3) whether, on the facts of the case, the tribunal is right in holding that the income from the entire activities under the seven agreements cannot be bifurcated and is wholly covered under section 80hhb of the income-tax act, 1961 (4) whether, on the facts and in the circumstances of the case, the tribunal is right in holding that the assessed-company is not an 'industrial company' as defined in the finance act, 1982 ?' 2. ..... be treated as an agent under section 163; (ii) any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise on the basis of, any such profits or gains; (iii) any payment which is chargeable under the head 'salaries', if it is payable outside india and if the tax has not been paid thereon nor deducted there from under chapter xvii-b; (iv) any payment to a provident or other fund established for the benefit ..... . the view of the gujarat high court in bharat vijay mills' case : [1981]128itr633(guj) was dissented from by the kerala high court in travancore rayons ltd. ..... . cit : [1981]130itr315(kar) , the karnataka high court came to the conclusion that the first proviso to section 40a(5)(a) of the act refers to expenditure incurred in respect of an employee or a former employee, being a director or a person who has a substantial interest in the company or a relative of the director or of such .....

Motorola Inc., Erisson Radio Vs. Deputy C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)1

..... into his any income chargeable to tax haspossession the income-tax officer escaped assessment for any assess-discovers that income, profits or gains ment year, he may, subject to thechargeable to income-tax have escaped provisions of sections 148 to 153,assessment in any year, or have been assess or reassess such income andunder-assessed, or have been assessed at also any other income chargeable totoo low a rate, or have been the subject tax which has escaped assessmentof excessive relief under this act the and ..... ) again, after referring to sub-section (4) of section 234a, it was observed as under: "this section is an indicator of the fact that so far as the interest falling due by virtue of default in furnishing a return of income, default in payment of advance tax or interest for deferment of advance tax are concerned, part f of chapter xvii has been obligated with the duty of levy of interest, as also to make the necessary changes in the payment of interest dependent on the change that may occur consequent to the ..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression "may" thereby giving a discretion to the authorities concerned to either reduce or waive the interest. ..... v) are the income-tax authorities right in assessing the interest income on account of vendor financing and delayed payments from the indian telecom operators? .....