Judgment Search Results Home > Cases Phrase: finance act 1981 section 9 amendment of section 80d Court: chennai Page 1 of about 208 results (0.062 seconds)

Shriram Transport Finance Co. Ltd. Vs. Assistant Commissioner of Incom ...

Court : Chennai

Reported in : [2000]70ITD406(Mad)

..... the legislature wanted to dilute the effect of the words '`actually allowed', it had always employed necessary language vide section 10-a of the income tax act which was introduced in 1981 and section 10-b of the act which was introduced in 1989, on section 44ad(3) which was incorporated by finance act, 1994.19.2 according to the ld. ..... to the provisions of section 44ad(3), introduced by finance act, 1994. ..... the assessee had claimed and had been actually allowed the deduction in respect of the depreciation for each of the relevant assessment years'.on the basis of the provisions of the said section 44ad(3), the learned counsel argued that there is no similar provision in section 115j and hence, it cannot be presumed that the assessee had been actually allowed the deduction in respect of depreciation.22.2 in this connection, we would refer to the decision of ..... section 115j was not directed against the grant of depreciation under section 32 and that the difference between book depreciation and income-tax depreciation arises not by design but because of the amendment brought out by companies (amendment) act, 1988 delinking depreciation for companies act purposes from income tax act, by amending sections 250 and 350 of the companies act ..... dealt with such arguments of the assessee's counsel in para-10 of our appellate order dated 29-4-1997.27.1 it may be mentioned here that law changes due to amendment of law by legislature or evolution of law by judicial precedents and pronouncements. .....

Commissioner of Income-tax Vs. Mill Stores (P.) Ltd.

Court : Chennai

Reported in : [2002]254ITR789(Mad)

..... counsel for the revenue rightly invited our attention to the language of the explanation below section 263(1) which after its insertion by the finance act, 1988, and the amendment thereto by the finance act, 1989, sets out a declaration by parliament, inter alia, 'for the removal of doubts' that an order passed 'on or before or after the 1st day of june, 1988' by the assessing officer, if it had been the subject-matter of ..... union of india : [1990]184itr599(bom) , wherein the court held that even after the amendment by the finance act, 1989, section 263 could not be invoked in respect of the assessment orders against which appellate orders had been made prior to the 1st day of june, ..... appeal filed on or before or after the 1st day of june, 1988, the powers of the commissioner under section 263(1) shall extend and shall be deemed ..... by the finance act, 1989, the explanation (a) under section 263(1) was amended to make the intention of parliament crystal clear and the words, 'on or before or after the 1st day of june, 1988,' were substituted in section 263(1), explanation (a), clause (i), which words are also applicable to clause (c) of the ..... assessment year is 1981-82. .....

Commissioner of Income-tax Vs. Madras Motor and General Insurance Co. ...

Court : Chennai

Reported in : (1986)51CTR(Mad)71; [1986]159ITR601(Mad)

..... . we are referring to this prospective operation of section 80 ab only for the purpose of a probable inference that the government itself did not want to disturb the decisions already rendered and they wanted to have a correct interpretation for the period from april 1, 1981, alone and not with reference to earlier assessment years.that the statement of the finance minister could be relied on as an aid to the interpretation of the provisions cannot also be disputed in view of the decision in ..... contemplated deduction of the entire dividend income provided it was attributable to the profits and gains of a company which was entitled to deduction under section 80j.the delhi high court considered the provisions of section 85 of the income-tax act which was the predecessor to section 80k and held that the words 'so much of any dividend income paid or deemed to be paid' to a shareholder cannot be held to mean so much of any dividend paid or deemed to be paid minus the amount ..... . it was the considered statement of the finance minister who was proposing the amendment for a particular reason which he clearly indicated ..... . in respect of others for which i have proposed amendments, there will be no retroactive operation of the section but there will be a prospective operation ..... . if the reason given by him only elucidates what is also deducible from the words used in the amended provision, we do not see why we should refuse to take it into consideration as an aid to a correct interpretation .....

Ags Entertainment Private Limited Vs. Union of India

Court : Chennai

..... 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 of the constitution of india declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the constitution of ..... under article 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the ..... filed under article 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the ..... 1981) 2 scc460= [(1981) 128 itr0294, submitted that charging section and computation provision together constitute an integrated code and when there is a case to which computation provisions cannot apply at all, it is evident that such a case was not intended to fall within the charging section .....

G.V.Matheswaran Vs. the Union of India

Court : Chennai

..... 33 w.p.nos.14887, 19322, 20982 and 24804 of 2010 are filed seeking a writ of prohibition prohibiting the respondents from (a) giving effect to the provisions of section 65(90a) read with section 65(105)(zzzz) of the finance act, 1994 as amended by the finance act, 2007 and finance act, 2010 (b) levying or attempting to levy, collect or recover from the petitioner, any service tax under the said provisions and (c) levying or attempting to levy, collect or recover from the land owners of the petitioner, any service ..... 32 w.p.nos.24586 and 24588 of 2010 are filed seeking to declare that (i) the impugned provisions, i.e.section 65(105)(zzzz) read with section 65(90-a) of the finance act, 1994, as amended by the finance act, 2010, as null and void and ultra vires and violative of entry 49, list-ii, seventh schedule, articles 14, 19 and 246(3) of the constitution of india, (ii) section 76(a)(6)(h) and section 77 of the finance act, 2010 as null and void and ultra vires the constitution of india insofar as the petitioners are concerned; and (iii) the notification ..... 51 w.p.no.8932 of 2011 is filed by the tamil nadu slum clearance board, seeking to declare the provision of sub-section 9(a) of section 65 of the finance act, as amended by the finance act, 2007, as invalid and this court is not inclined to go into the same as the said provision is intra vires of the constitution in view of the decision taken by this court in paragraph no.30 above, following the decision in home solutions .....

Commissioner of Income-tax Vs. L.G. Balakrishnan

Court : Chennai

Reported in : [2002]255ITR339(Mad)

..... in the respective assessments in the absence of particulars furnished by the assessee 2. whether on the facts and in the circumstances of the case and having regard to the provisions of rule 9(5) of part iv of the first schedule to the finance act, 1979, the appellate tribunal was right in holding that there was neither an obligation on the assessee to return the net agricultural loss for the earlier years in the assessment of those years nor a duty ..... assessee is not to be denied the benefit of set off provided for in rule 9 of part iv of the first schedule to the finance act, 1979, as long as the assessee is able to show that he had incurred loss from his agricultural activities in the earlier assessment years after a computation made in accordance with the requirements of the rules provided in the relevant finance acts and that such loss had not been set off against the agricultural income of earlier years ..... . if the assessee is able to show that the result of the computation by applying the rules set out in the finance acts of 1974 and subsequent years prior to 1979, is a loss, the assessee is not to be denied the benefit of having that loss set off against the agricultural income of the previous year relevant to the assessment ..... despite the absence of provisions similar to sections 80 and 139(3) with regard to the need for having the loss determined in the relevant assessment year before claiming the right of carry forward of the loss to subsequent assessment years, the revenue .....

Commissioner of Income-tax Vs. Madras Motor and General Insurance Co. ...

Court : Chennai

Reported in : [1975]99ITR243(Mad)

..... rule has employed a similar language as contained in section 99(1)(iv) as amended by the finance act and for the reasons stated above the dividend income ..... that the assessee is entitled to rebate under section 99(1)(iv) as amended by the finance act, 1964, on the entire gross amount ..... the appellate assistant commissioner took the view that the assessee was not entitled to any rebate on the dividend income at all under the provisions of the finance act, but since the income-tax officer had given a rebate on the dividend income as duly reduced by proportionate expenses incurred by the company he could not find any reason ..... while deleting the provisions of section 99, finance act, 1968, by section 31(3) omitted the words 'received by it' with ..... the finance act of 1964 amended this provision by substituting the following clause (iv):'if the assessee is a company, any dividend received by it from an indian company or a company which has made the prescribed arrangements for the declaration and payment ..... that the entire dividend income should be exempted from levy of corporation tax by virtue of the provisions of section 99(1)(iv) read with the finance act, 1964, paragraph d, part ii. ..... section 44 which enjoins the computation of income of an insurance company without reference to the different heads of income, has obviously a direct bearing on the process of computation of income ; but it has no bearing on the determination of the rate of tax which is prescribed by the relevant finance act .....

The Commissioner of Income Tax Vs. Asoka Betelnut Co. Pvt. Ltd.

Court : Chennai

Reported in : (2003)180CTR(Mad)178

..... by the company as factory, godown, warehouse, hotel or office for the purposes of its business or as residential accommodation for its low paid employees will be excluded from net wealth'.a reading of the speech of the finance minister shows that section 40 of the finance act was introduced as a tax avoidance measure and the sub section (3) of section 40 of the finance act shows that the levy of wealth tax is not confined to assets transferred to closely held companies by the director of the company or his relatives. ..... , madras' has taken the view that the motor cars, owned as stock in trade of the dealer are liable to be taxed as the words used in section 40(3) of the finance act 1983, do not preclude the exclusion of stock in trade from the list of assets to be valued for the purpose of wealth tax. ..... submission of the learned counsel for the assessee that all building used for the purpose of the business is exempt is not acceptable and the acceptance of the said submission would mean that the expression in section 40(3)(vi) of the finance act, factory, godown, warehouse, hotel or office used for the purpose of business would become redundant. ..... ' has taken the view that unless a business asset is excluded from the scope of section 40(3)(vi) of the finance act 1983, the asset though a business asset would be liable to be taxed as the list is exhaustive and when the list does not exclude a particular asset, the asset would be liable to be taxed under wealth tax. .....

Arun Excello Foundations (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2007)(3)269

..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 ..... april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... the learned cit(a) ought to have appreciated that there was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... order to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. ..... seen from the orders of the lower authorities that they have relied mainly on the amended clause (d) of section 80-ib(10) which has been brought on the statute book w.e.f. ..... april, 2000 and the same reads as under: liberalisation of tax holiday to approved housing projects--under section 80-ia of the it act, profits of approved housing projects where the development and construction commences on or after 1st oct. ..... use of the words 'it is declared' is not conclusive that the act is declaratory for these words may, at times be used to introduce new rules of law and the act in the latter case will only be amending the law and will not necessarily be retrospective. .....

Kasturi and Sons Ltd. Vs. Union of India Rep. and ors.

Court : Chennai

..... there has been exemption in respect of maintenance of computer software prior to 2006, it is not even their case that in 2007, when the amendment was brought in the finance act, it was given retrospective effect and even the altered definition of the term, goods in the amendment of 2007 in the finance act, 1994 under section 65(105)(zzg) also was not given retrospective effect and hence, it cannot be said that the impugned circular attempts to give effect to ..... payment of service tax on maintenance charges payable to the company in denmark and therefore, the impugned circular is challenged on various grounds including that the same is ultra vires section 83 of the finance act, 1994 and section 37b of the central excise act, 1944, that when the section itself takes away the maintenance of software from the purview of service tax, the second respondent cannot by virtue of such circular impose service tax, that it is ultra ..... to the respondents, the maintenance branch of information technology was brought into the purview of service tax structure by the amendment made to section 65(19) by explanation (b) in finance act, 2004. ..... affidavit filed by the respondents, it is stated that the services done by outsourcing agencies are to be treated as business auxiliary service as defined under section 65(19) of the finance act, 1994 as substituted by the finance (no.2) act, 2004 and the definition information technology service includes computer software, system networking, data processing, etc. .....