Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: karnataka Page 3 of about 1,105 results (0.158 seconds)

The Commissioner of Income Tax Vs. M/S Rns Infrastructure Limited

Court : Karnataka

..... of such applications, sub-section (1) of section 245d has been amended to provide that the commissioner shall furnish the report within a period of one hundred and twenty days of the receipt of communication from the settlement commission in case of all applications made under section 245c on or after the date on which the finance act received the assent of the ..... in its wisdom removed the provision of sub-section (1a) of section 245d by finance act (no.2), 1991. ..... of income, which had not been previously disclosed by the assessee, being a 14 precondition for a valid application under section 245c(1) of the act, the scheme of chapter xix-a does not contemplate revision of the income so disclosed in the application against item no.11 ..... in the light of the above contentions, the point that arises for consideration is, whether the settlement commission on receipt of an application under section 245c, and on receipt of the report called for from the commissioner of income tax, adjudicate on the report so filed and assign reasons in ..... after an order under section 245d(1) is made, by the settlement commission, r.8 of the 1987 rules mandates that a copy of the 12 annexure to the application, together with a copy of each of the statements and other documents accompanying such annexure shall be forwarded to ..... order will necessarily have to be passed under section 245d(4) only after obtaining the report of the commissioner under rule 9 of the 1987 rules and after being satisfied that there is .....

A.S. Mani Vs. Union of India (Uoi) and ors.

Court : Karnataka

Reported in : (2003)184CTR(Kar)511

..... the finance act of 1996 amended the section deduction with foreign deduction remitted into india. dr ..... the delhihigh court ruled as under : 'section 80-o as it originally stood, underwent a change by the finance act of 1991 (w.e.f. ..... any remuneration received by him in foreign currency from any employer (being a foreign employer or an indian concern) for any service rendered by him outside india, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the individual, a deduction from such remuneration (of an amount equal to 75 per cent of such remuneration, as is brought into india by or on behalf of, the assessee in convertible foreign exchange within a period of six ..... ''we do not find any warrant for the proposition that the amendment in section 80-o was brought insoas to nullify the effect of the law laid down by the bombay high court in the case of cbdt and ors. v ..... it cannot be said that the amendment introduced in section 80-o by the finance (no. ..... palkhivala, appearing for the respondent, pointed out that the object of section 80rra of the act was 'manifestly to encourage, firstly, earning of foreign exchange by india, secondly, bringing that currency by indian nationals from abroad to india and, thirdly to improve the status of the indians abroad and increasing the market of ..... 2) act of 1987 increased the deduction from 50 per cent to 70 per cent of the foreign exchange brought into effect from 1st april, 1991 .....

Widia (India) Ltd. and ors. Vs. Commissioner of Income-tax

Court : Karnataka

Reported in : (1999)151CTR(Kar)142; [2000]242ITR678(KAR); [2000]242ITR678(Karn)

..... of such losses/allowances against current year's net profit, computed in accordance with the regular method of determination of income of the assessee for this year in accordance with the ordinary provisions of the income-tax act (from sections 28 to 43), for the purpose of carrying forward such losses/allowances to the next year, without paying any attention to the fact that actually the assessee was charged to tax in this year in accordance ..... of such losses/allowances against current year's net profit, computed in accordance with the regular method of determination of income of the assessee for this year in accordance with the ordinary provisions of the income-tax act (from sections 28 to 43), for the purpose of carrying forward such losses/allowances to the next year, without paying any attention to the fact that actually the asses-see was charged to tax in this year in ..... the object and reason for insertion of the section has been given as hereunder (see [1987] 165 itr 137) :'under the proposed amendments, in the case of any company, whose total income as computed under the other provisions of the income-tax act in respect of any previous year is less than ..... relates to certain companies in relation to which special provision was inserted by finance act, 1987. ..... in this case, the budget speech of the finance minister (see : [1987]165itr14(sc) ), to the following effect was also taken into consideration (page 784) :'it is only fair and proper that the prosperous should pay at .....

Bidar Sahakari Sakkare Kharkhane Niyamat, Vs. Union of India (Uoi) and ...

Court : Karnataka

Reported in : [1999]237ITR445(KAR); [1999]237ITR445(Karn)

..... 549, dated october, 31, : [1990]182itr1(mad) , justifying levy of additional tax as under (page 23) :'the new section 143, as substituted by the amendment act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to show lesser tax ..... amendment by the finance act, 1993, of section 143(1a) was held applicable from the assessment year 1989-90 by the allahabad high court in the case of banwari paper mills ..... said section was retrospectively substituted by the finance act of 1995 with effect from april 1, 1989, and the following notes on clauses while moving the bill were given in the bill (see : [1993]200itr124(delhi) ) :'sub-clause (i) seeks to substitute clause (a) of sub-section (1a) of section 143. ..... section 143(1a) inserted by the finance act, 1993, retrospectively from april 1, 1989, therefore cannot be considered to be violative of articles 14 and 265 of the constitution of ..... section 143(1a) was substituted with effect from april 1, 1989, by the finance act, ..... the observations of the privy council in a reference under the government of ireland act, 1920, section 51 and section 3 of the finance act, (northern ireland), 1934, in re, [1936] ac 352 ; [1936] 2 all er 111 are apposite (page 475 of 59 comp cas) :'. . . ..... deputy cit : [1998]229itr682(mad) , on the basis of the finance bill, 1993, observed that it makes it clear that the intention is to impose penalty for filing improper .....

National Mineral Development Corporation Limited, rep. by its Regional ...

Court : Karnataka

..... in the decisions referred to above, certainly forest development tax is leviable on the minerals mined in the forest land which are sold by the mining lease holders by virtue of amendment brought into section 98-a of the karnataka forest act, which falls within the legislative competence of the state. 4. it is a settled law that until a provision of statute is held unconstitutional, the same is deemed to be ..... aspects namely, (1) that where the taxes are paid under a mistake of law, the person paying it is entitled to recover the same from the state on establishing a mistake and that this consequence flows from section 72 of the contract act; (2) that it is open to an assessee to claim refund of tax paid by him under orders which have become final or to reopen the orders which have become final in his own ..... to collect the consideration for the sale of forest produce is also the authority empowered to collect the forest development tax at the rate prescribed under sub-section (1) of section 98-a, rule 102 framed under the act prescribes the category of officers who could exercise power regarding the sale of forest produce by specifying the officers by designation and also the extent of ..... by the state with the object of augmenting its finances and in reasonable limits does not ipso facto ..... finance and investment company limited and others [(1987) 1 scc 424] with regard to construction of statute after ascertaining its legislative intent and the context and scheme of the .....

National Mineral Development Corporation Ltd Vs. State of Karnataka by ...

Court : Karnataka

..... which means the authority competent to collect the consideration for the sale of forest produce is also the authority empowered to collect the forest development tax at the rate prescribed under sub-section (1) of section 98-a, rule 102 framed under the act prescribes the category of officers who could exercise power regarding the sale of forest produce by specifying the officers by designation and also the extent of their powers to effect sales by ..... with regard to the fixation and collection of dead rent, fines and fees or other charges and the collection of royalties on prospecting licence and mining lease and the provisions of section 25 of the central act authorising the recovery of any tax payable under the central act as arrear of land revenue, clearly shows that the parliament intended that the power to legislate with regard to taxation on mineral rights also should be assumed by it to the ..... raghavacharyulu, contended that the amendment act of 1989 namely, act 10 of 1989, which inter alia amended section 98-a of the act did not have assent of the president though originally the act had received presidential assent. ..... a tax or fee levied by the state with the object of augmenting its finances and in reasonable limits does not ipso facto trench upon regulation, development or control of ..... finance and investment company limited and others [(1987) 1 scc424 with regard to construction of statute after ascertaining its legislative intent and the context and scheme of the act. .....

Velan Textiles Pvt. Ltd. Vs. Deputy Commissioner of Income-tax (Assess ...

Court : Karnataka

Reported in : [2009]312ITR56(KAR); [2009]312ITR56(Karn)

..... finance act, 1990, had amended section 32a(4)(ii) of the act retrospectively ..... the purpose of amendment as brought by the finance act, 1990, retrospectively from april 1, 1976, was to enable the assessee to create a reserve in any of the years between the year of installation of plant and machinery and ..... appears to be the purpose and object of the amendment incorporated by the finance act, 1990. ..... acquired or the machinery or plant was installed, a new ship or a new aircraft or new machinery or plant (other than machinery or plant of the nature referred to in clauses (a), (b) and (d) of the second proviso to sub-section (1) for the purposes of the business of the undertaking; and(b) until the acquisition of a new ship or a new aircraft or new machinery or plant as aforesaid, for the purposes of the business of the undertaking other than for distribution ..... actually allowed is to be created by debiting such amount to the profit and loss account of any previous year in respect of which the deduction is to be allowed under section 32a(3) of the act or any earlier previous year not being a previous year earlier than the year in which the plants and machineries were first put to use. ..... before us that for the assessment years 1985-86, 1986-87 and 1987-88 the return filed by appellant-assesses reflected losses. ..... to the assessment years 1985-85, 1986-87 and 1987-88 amounting to rs. ..... has not been disputed by the revenue that the assessee had sustained losses in the years 1985-86, 1986-87 and 1987-88. .....

Channabasappa Basappa Siddannavar Vs. Chikkappa Tirukappa Motebennur

Court : Karnataka

Reported in : ILR1989KAR3492; 1990(1)KarLJ116

..... section after its amendment by amending act 5/1987 ..... motaiah, the learned advocate appearing on behalf of the respondents urged that in the said decision the provisions of section 14(3) of the mysore land revenue act have not been taken into consideration and a plain reading of sub-section (3) would show that during the temporary absence of the regularly appointed assistant commissioner, a tahsildar stationed at the headquarters succeeds temporarily to the office of the assistant commissioner and is to be deemed an ..... 5/87), section 47 of the zp act empowered the deputy commissioner to convene the meeting under sub-section (3) of that section, and by the said amending act the words 'assistant commissioner of the revenue sub-division concerned' were substituted ..... respondents in the writ petition by contending that a tahsildar exercising powers of assistant commissioner by virtue of the provisions of sub-section (3) of section 14 of the klr act cannot be equated with a person placed in charge or independent charge of a post under rule 32 of the kcs rules. ..... question for consideration was whether the tahsildar working as assistant commissioner by virtue of the provisions of section 14(3) of the klr act could exercise all the powers of a full-fledged assistant commissioner including the powers of a sub- ..... amendment, there is no dispute that the assistant commissioner of the revenue sub-division concerned is empowered to convene the meeting under sub-section (3) of section 47 of the zp act .....

Madhur Trading Co. and Others Vs. State of Karnataka and Others

Court : Karnataka

Reported in : ILR1993KAR594

..... the finance act, 1964, amended section 52(2) of the income-tax act, 1961; this was understood in a particular manner by the central board of direct taxes, in a circular issued ..... , prawns and lobsters and do not become a new distinct commodity and are as much 'shrimps, prawns and lobsters' as raw shrimps, prawns and lobsters, subsection (3) of 5 of the central sales tax act would be attracted and if with a view to fulfilling the existing contract for export, the assessee purchases raw shrimps, prawns and lobsters and processes and freezes them, such purchases of raw shrimps, prawns and ..... in the absence of any substantial new material forthcoming shedding a different light on the language employed by the legislature (such as an amendment to the act affecting its scheme, or some interpretation of the provisions of the act by the high court or supreme court), the commissioner should not normally issue a different circular; he should realise the inconvenience and hardship that may be caused ..... made a distinction between two types of commodities and treated them differently for levying the tax under the act, in the several schedules to the act, intention of the legislature is to treat those commodities as different, distinct and separate commercial articles; in such a case, one article made out of the other, is the result of an activity referred to in section 6 to attract the tax under the said provision; in other words, one article has to be ..... the 1987 notification. ..... [1987] 66 stc 100 has .....

The Commissioner of Income Tax, Karnataka (Central) Vs. M/s. RNS Infra ...

Court : Karnataka

..... of such applications, sub-section (1) of section 245d has been amended to provide that the commissioner shall furnish the report within a period of one hundred and twenty days of the receipt of communication from the settlement commission in case of all applications made under section 245c on or after the date on which the finance act received the assent of the ..... in its wisdom removed the provision of sub-section (1a) of section 245d by finance act (no.2), 1991. ..... of income, which had not been previously disclosed by the assessee, being a precondition for a valid application under section 245c(1) of the act, the scheme of chapter xix-a does not contemplate revision of the income so disclosed in the application against item ..... in the light of the above contentions, the point that arises for consideration is, whether the settlement commission on receipt of an application under section 245c, and on receipt of the report called for from the commissioner of income tax, adjudicate on the report so filed and assign reasons in ..... after an order under section 245d(1) is made, by the settlement commission, r.8 of the 1987 rules mandates that a copy of the annexure to the application, together with a copy of each of the statements and other documents accompanying such annexure shall be forwarded to the ..... order will necessarily have to be passed under section 245d(4) only after obtaining the report of the commissioner under rule 9 of the 1987 rules and after being satisfied that there is full .....