Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: authority for advance rulings Page 1 of about 5 results (0.158 seconds)

In Re: Rashtriya Ispat Nigam Ltd.

Court : Authority for Advance Rulings

..... vs.income tax act, 1961 - sections 32, 32(2), 32a(3), 72 to 74a, 74a(3), 80j(3), 115j, 115j(1), 115j(2), 115jb, 115jb(2), 115jb(3), 119, 135j(2) and 245q(1); companies act, 1956 - sections 205, 205(1) and 205(2); companies (amendment) act, 1960; income tax rules; finance act, 1987 - section 43; electricity actsurana steels p. ..... [section 43 of the finance act, 1987.] 22. ..... 36.5 of the circular, which is apposite, is extracted below : 36.5 the following examples illustrate as to how the amended provisions relating to the new section will be applied:____________________________________________________________________________________________________________________________________________________________________________________________ book profits for the purposes of the profit under the companies act, 1956 income-tax act______________________________________________________________________________________________ (1) (2)______________________________________________________________________________________________loss excluding depreci- 3,00,000 loss excluding deprecia- 80,000ation tiondepreciation 1,00,000 depreciation 4,00,000profit before deprecia- 5,00,000 profit before deprecia- 5,00,000tion tionless : depreciation 2,00,000 less : depreciation 4,00,000______________________________________________________________________________________________ (1) (2)______________________________________________________________________________________________less: .....

Canoro Resources Limited Vs. Director of Income-tax (internat Ional Ta ...

Court : Authority for Advance Rulings

..... xx xx xx xx xx xx xx xx sub-section(3) was inserted by the finance act, 1987 w.e.f. ..... being a company or a co-operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such transfer takes place and, for the purposes of section 48, the amount recorded in the books of account of the firm, association or body as the value of the capital asset shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset. ..... provision contained in section 92 of the present act was thoroughly amended w.e.f. ..... progressive financiers (118 itr 18)which was with reference to un-amended section 184 of the act which contained a similar provision about the specification of the shares, the supreme court observed as follows- in view of this decision the correct legal position is that the assessing officer cannot reject an application ..... the amended section 92 now reads as under- computation of income from international transaction having regard to arms length price ..... as stated in the said circular- the effect of this amendment is that profits and gains arising from the transfer of a capital asset by a partner to a firm shall be chargeable as the partners income of the previous year in which the transfer ..... 2001 explains the reasons for making these amendments and the object sought to be achieved. ..... explaining the amendment, the cbdt .....

In Re: Application No. P-16 of 1998

Court : Authority for Advance Rulings

Reported in : (1999)236ITR103AAR

..... of a "domestic company" was inserted by section 2(22a) in the income-tax act by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989. ..... the rate is provided by the annual finance act and is determined by the fiscal policy of the government.sub-section (2) of section 90 does not say that the agreement will override the provision of the finance act by which the rates of tax are ..... aspect of the question under article 26(2) of the agreement is whether taxation has been less favourably levied on a foreign bank by the income-tax act than a similar enterprise in india.the applicant's case is that a higher rate of tax which has been imposed on a foreign company by the finance act, is not permissible under the dtaa between india and france.35. ..... the rates of tax payable by a domestic company and a company which is not a domestic company as laid down in the finance acts, 1994, 1995 and 1996 are set out hereunder : (1) where the company is a company in which the public are substantially interested (2) where the company is not a company in which the public are ..... also to be noted that the surcharge imposed by the annual finance act is payable only by a domestic company and not a foreign company ..... as we have noted earlier in the judgment, the finance acts have consistently drawn a distinction between a domestic and a non ..... this would be evident from the finance acts of 1991 and 1992.a foreign company which does not declare and distribute dividends in india will be a non .....

Google Online India Private Ltd. Vs. Commissioner of Service Tax

Court : Authority for Advance Rulings

Reported in : (2006)200CTRAAR245

..... municipal corporation of greater bombay, classification section 65(105)(e) of the finance act 1994 (act) whether activity of providing space for advertisement on google website can be classified under any heads of taxable services enumerated in chapter v of the finance act 1994 proposed service satisfies requirements of advertisement service hence, activity of providing space for advertisement on google website classifiable under section 65(105)(e) of the act authority for advance ruling--jurisdictionto decide whether service provided is taxable service or notheld: the classification of taxable ..... manner.for the aforementioned reasons, we rule that the activity of providing/selling space for advertisement on 'google website', proposed to be carried out by the applicant as detailed in annexure 1 of the application, and as found by us above is classifiable under section 65(105)(e) of chapter v of finance act, 1994.pronounced in the open court of the authority on this 13th day of december, 2005. ..... in regard to any other taxable service (as enumerated in section 65 (105) of finance act, 1994) - item 4 - it is pleaded that after examining the entire gamut of taxable services on which service tax is applicable under the act, no other taxable service covers the activities which are proposed to be undertaken by the applicant ..... , joint cdr and bipin sapra, jt.commissioner finance act, 1994 - sections 65, 65(2), 65(3), 65(19), 65(105), 96c(1) and 96c(2); finance act, 2001 advertising club v. .....

In Re: Hindustan Powerplus Ltd.

Court : Authority for Advance Rulings

Reported in : (2004)267ITR685AAR

..... gupta, members advance rulings--taxability of a residenteffect of retrospective amendment made by the finance act, 2003, with effect from 1-6-2000 to section 245n(a)(ii) after amendment of section 245n(a)(ii) by the finance act, 2003 retrospectively the taxability of a resident cannot be made subject matter of advance ruling.after amendment of section 245n(a)(ii) by the finance act, 2003 retrospectively the taxability of a resident cannot be made subject matter of advance ruling.a comparison of the provision before the amendment and after the amendment shows that whereas before the amendment a determination by the authority in relation to a transaction ..... a question.advance rulings--taxability of a residenteffect of retrospective amendment made by the finance act, 2003, with effect from 1-6-2000 to section 245n(a)(ii) after amendment of section 245n(a)(ii) by the finance act, 2003 retrospectively the taxability of a resident cannot be made subject matter of advance ruling.after amendment of section 245n(a)(ii) by the finance act, 2003 retrospectively the taxability of a resident cannot be made subject matter of advance ruling.a comparison of the provision before the amendment and after the amendment shows that whereas before the amendment a determination by the authority in relation to a transaction .....

Jason James Clemens Vs. Commissioner, Service Tax

Court : Authority for Advance Rulings

Reported in : (2005)(98)ECC395

..... (chairman), somnath pal and brahm avtar agrawal, members finance act, 1994 - sections 64 to 96, 66, 83, 93, 96c(1) and 96c(2); central excise act, 1944 - section 11b(2), 11b(5), 11bb, 11c, 12 and 37a(12); customs act, 1962 - sections 110(1a) finance act, 1994 - section 96c(2)--advance ruling--notification no.8/2003 dated 20.6.2003 not relevant to issue of the exigibility of secondary services to service tax--question raised that the secondary services which get consumed/ ..... out of the provisions made applicable in relation to service tax, sections 68(2), 75 and 93 of the finance act, 1994, sections 11b(2) & (5), 11bb, 11c, 12, 37a of the central excise act, 1944 and section 110(1a) of the customs act, 1962 mention about notifications dealing with different matters, but the power to issue notifications under the said sections falling in chapter v has been conferred on the central government only.none of those provisions is ..... finance act, 1994 contains 30 sections : sections 64 to 96; section 83 makes applicable in relation to service tax certain provisions of the central excise act, 1944; section 12 of the central excise act, 1944; section 12 of the central excise act, 1944, through a central government's notification, in turn makes applicable in relation to service tax certain provisions of the customs act ..... of the authority to pronounce its advance ruling is circumscribed by sub-section (2) of section 96c of the finance act, 1994, in that the advance ruling can be sought only on .....

Harekrishna Developers (Through Vs. Commissioner of Service Tax

Court : Authority for Advance Rulings

..... a non-resident, to develop a residential housing complex - residential complex will be constructed by the applicant itself and said units in complex will be sold to third parties - whether the applicant is liable to service tax under section 65(105)(zzzh) of the finance act, 1994 under the notified taxable service of construction of complex held, the preamble of agreement shows that actual sale of land together with the constructed residential unit takes place after the completion of construction ..... 2 and 3, we have recorded the conclusion that the proposed activities 1 and 2 undertaken in accordance with the terms of the draft agreement attracts service tax liability under section 65 (105) (zzzh) of the finance act, 1994 therefore, it is unnecessary to give a separate ruling on this question.24. ..... whether the applicant is liable to service tax under section 65 (105) (zzzh) of the finance act, 1994 under the notified taxable service of construction of complex in case of proposed activity no. 2? 2. ..... whether the applicant is liable to service tax under section 65 (105) (zzzh) of the finance act, 1994 under the notified taxable service of construction of complex in case of proposed activity no. 1 3. ..... the ambit of sub-clause (zzzza) -hence answers to questions framed by the applicant answered in the affirmative and accordingly applicant is liable to pay service tax in respect of the proposed activity 1 and 2 under sub-clause (zzzh) of section 65(105) of finance act, 1994. .....

In Re: Advance Ruling P. No. 10 of

Court : Authority for Advance Rulings

Reported in : (1997)224ITR473AAR

..... --under the provisions of section 164 of the income-tax act before the amendment made by the finance act, 1970, income of a trust in which the shares of the beneficiaries are indeterminate or unknown, is chargeable to tax as a single unit treating it as the total income of an association of persons. ..... mentioned in section 112 in the case of any assessee who is directly assessed under section 4 of the act read with the provisions of the relevant finance act, the rates mentioned in section 112 in respect of capital gains will prevail over the rates prescribed under the finance act. ..... this is also made clear by section 2(3) of the relevant finance act (the act of 1995 is considered here but there is a similar provision in other finance acts as well) : " section 2(3). ..... in that case, the trustee, being assessable in the same status as the beneficiary, will be assessable as a "foreign company" attracting the provisions of section 112(c) or section 115a read with section 2(3) of the relevant finance act (set out later). ..... 10 of 1996 vs.income tax act, 1961 - sections 161, 161(1), 161(1a), 164, 164(4), 166 and 245q; finance act, 1970; double taxation avoidance agreement - articles 5, 10(2) and 13 cit (addl.) v. ..... in order to put an effective curb on the proliferation of such trusts, and to reduce the scope for tax avoidance through such means, the finance act, 1970, has replaced section 164 of the income-tax act by a new section. .....

Mcdonald'S India Pvt. Ltd. Vs. Commissioner, Central Excise

Court : Authority for Advance Rulings

Reported in : (2004)(93)ECC594

..... 1st july, 2003," having regard to the provisions of sub-section (2) of section 96d of the finance act, we have perused the application, the comments received from the commissioner and having perused the technical note tentatively we are of the opinion that the application is liable to be rejected ..... in this application under section 96c of the finance act, 1994 (hereinafter referred to as the finance act), the applicant seeks an advance ruling from this authority on the question : "applicability of service tax on agreements executed for franchise services prior to the date of introduction of service tax i.e ..... here, it would be relevant to notice the meaning of the expressions "advance ruling" defined in clause (a) and "applicant" contained in clause (b) of section 96a of the finance act. ..... reading of the said provision suggested by the learned counsel, would amount to ignoring the latter part of sub-clause (b) of section 96a which says that the applicant "who proposes to undertake any business activity in india and makes application for advance ruling". ..... appreciate the question of maintainability of the application on the first ground, it will be useful to refer to certain provisions of the finance act. ..... a notice in terms of the second proviso to sub-section (2) of section 96d shall be issued to the applicant to explain as to why the application should not be rejected on the grounds; (a) that the activity has already been commenced and therefore is not the one which is proposed to be .....

Surbhi Industries Vs. Commissioner of Customs and

Court : Authority for Advance Rulings

Reported in : (2007)(208)ELT578AAR

..... of a final product shall be allowed to take credit of, inter alia, duties of excise specified in the first schedule to tariff act leviable under the excise act; the duty of excise specified in the second schedule to the tariff act leviable under the excise act; the additional duty of excise leviable under section 3 of the additional duties of excise act; the national calamity contingent duty leviable under section 136 of the finance act 2001 and the education cess on excisable goods leviable under ..... 56/2002-ce dated 14.11.2002, as amended, which was issued under the section 5a of the ce act. ..... 56/2002-ce dated 14.11.02 as amended exempts 'duty of excise' levied under the first schedule and the second schedule to the tariff act and additional duty of excise under the additional duty of excise (goods of special importance) act, 1957 and additional duty of excise (textile and textile articles) act, 1978 which is not relevant for the present discussion. ..... through account current [pla] after mandatory utilization of available cenvat credit under the cenvat credit rules, 2002 at the end of the month, are eligible for exemption and refund as envisaged in notification 56/2002-ce dated 14.11.02 as amended? 2. .....