Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: karnataka Page 7 of about 1,105 results (0.169 seconds)

Kwality Metals Vs. The State Of Karnataka

Court : Karnataka Dharwad

..... not make payment of the same causing loss to the revenue is concerned, in the light of the undisputed fact that the proceedings under section 153a of the said act of 1961 have already been initiated coupled with the fact that section 281 of the said act of 1961, contemplates that any alienation of any property belonging to the petitioners would be null and void, in addition to the specific assertion ..... sinha and olga tellis1 it was held that :" although chapter xx-c does not contain any express provision for the affected parties being given an opportunity to be heard before an order for purchase is made under section 269ud, not to read the requirement of such an opportunity would be to give too literal and strict an interpretation to the provisions of chapter xx-c and in the words of judge learned hand of the united states ..... of the dealer and on the basis of some reliable information that the dealer is likely to defeat the claim of the revenue in case any order is passed against the dealer under the vat act and/or the dealer is likely to sale his properties and/or sale and/or dispose of the properties and in case after the conclusion of the assessment/reassessment proceedings, if there is any tax liability ..... in view of the said amendment, it can be argued that the main plank of the judgment in rajesh kumar to the effect that direction under section 142(2a) entails civil consequences because the assessee has to pay ..... the principal secretary, finance department, government of ..... 1987 .....

The Commissioner of Income Tax Vs. M/S Prakash Electric Company

Court : Karnataka

..... 13/30 of section 47 of the act is a beneficial provision introduced by finance act, 1998 with effect from 01.04.1999 to encourage corporatisation in the business world and to avoid levy of taxation on such restructuring of business organizations, the parliament did not intend to levy of any income tax and therefore, subject to the conditions stipulated in proviso (a) to (e) of clause (xiii) in section 47 of the act, such transfer of capital assets or the intangible asset by the firm to a limited company was sought to be excluded from the tax net in section 47 of the act ..... learned counsel for the assessee also submitted that where no specific time limit is prescribed for such compliance with the conditions in proviso (b) of section 47(xiii) of the act, a reasonable time period should be allowed to the assessee to complete with the said process of allotment of shares by the successor- company to the erstwhile partners of the partnership firm, whose business has been succeeded to by the company. ..... before the income tax appellate tribunal which held that not the partnership firm, but, the successor company m/s prakash electric company private limited would be liable to pay such capital gains tax by virtue of section 47a(3) of the act inserted by finance ita no.884/2007 c/w ita no.60/2015 date of order:23. .....

Dr. Manickchand R. Tanga Vs. Commissioner of Income-tax

Court : Karnataka

Reported in : [1991]190ITR336(KAR); [1991]190ITR336(Karn)

..... in order to effectively counter the device of circumventing this provision through interpolation of a trust, the finance act, 1979 has inserted a new explanation 2a to provide that where a minor child of an individual is a beneficiary under a trust and the trustee joins in any partnership business with any person, the income arising to the ..... the effect of this explanation is found in a circular issued by the board, the relevant portion of which reads thus : 'under clause (iii) of section 64(1) the income arising to a minor child from the admission to the benefits of partnership is included in the total income of that parent who has the higher income, although neither of the parents is a partner in ..... this question where in the tribunal states thus : 'as regards the assessment year 1977-78, the additional ground relates to application of section 64(1)(iii) and we having perused the orders of the lower authorities as also the paper book since placed on our file and after giving due consideration to the submissions made before us, are of the opinion that since the assessee is an individual, section 64 of act has application to the facts of the case. ..... is includible in the applicant's total income under section 64(1)(iii) of the income-tax act, 1961, for the assessment year 1977-78 ?' ..... minors were earlier admitted to the benefits of the partnership and, subsequently, the trust was created, the appellate tribunal applied the provisions of section 64(1) of the act to the facts of the case. .....

Commissioner of Central Excise Vs. M/s. Godavari Sugar Mills Ltd.

Court : Karnataka Dharwad

..... above as per rule 3(4)(e) of the cenvat credit rules, 2004, the cenvat credit may be utilized for payment of service tax on any out put services and rule 3(4) of the cenvat credit rules, 2004, read with section 68 of the finance act , 1994, particularly, are referred to and extracted, which read as follows: (4) the cenvat credit may be utilized for payment of- a) any duty of excise on any final product; or b) an amount equal to cenvat ..... in view of the specific reference to service tax and the benefit allowed to a service provider, read with the fiction created by section 68(2) of the finance act, 1994, this court is of the opinion that there is no ground to disagree with the judgment and reasoning of the punjab and haryana high court ..... 22,31,610/- along with interest at also proposed for imposition of penalty under section 76 of finance act, 1994 and rule 15(3) of cenvat credit rules, 2004, by the adjudicating authority ..... interest and it was also proposed to impose penalty under section 76 of the finance act , 1994 read with rule 15(3) of cenvat credit rules, ..... in the office gazette, the service tax thereon shall paid by such person and in such manner as may be prescribed at the rate specified in section 66 and all the provisions of this chapter shall apply to such person as if he is the person liable for paying the service tax in ..... and (2) of the finance act, 1994 read as ..... this central excise appeal is filed under section 35g of the central excise act, 1944, praying to set aside the .....

Koshy's Private Limited Vs. Commissioner of Income-tax, Karnataka

Court : Karnataka

Reported in : (1985)43CTR(Kar)175; [1985]154ITR53(KAR); [1985]154ITR53(Karn); [1984]18TAXMAN481(Kar)

..... of this court, is as follows : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the applicant could not be treated as an industrial company within the meaning of section 2(8)(c) of the finance act, 1975 ?' 2. ..... section 2(8)(c) of the finance act, 1975, defines an 'industrial company' as follows : ''industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods ..... section 2(8) of the finance act, 1975, provides for rates of levy of tax in respect of the different types of companies ..... in the absence of such evidence, the assessee's claims that the entire income from the restaurant section could been attributable to activities falling within the meaning of 'manufacture' or 'processing' of goods cannot, therefore, ..... act in which a hotel in included along with industrial undertakings or ships for the purpose of relief under that section. ..... accepted the appeal and held that the restaurant section cannot be considered as a manufacturing or processing ..... the assessee wants the restaurant section also to be treated as a ..... goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent. .....

Commissioner of Income Tax Vs. Khoday Industries Ltd.

Court : Karnataka

Reported in : [2006]285ITR523(KAR); [2006]285ITR523(Karn)

..... in order to appreciate the rival contentions, it is necessary to have a look at the relevant provision as provided under section 8(c), finance act, 1984, and the finance act, 1985, which reads as follows:8(c)-'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the carriage, by road or inland waterways, of ..... the question as to the exact meaning of the explanation to sub-section 7(d) of section 2 of the finance act, 1966, came up for consideration and the board are advised that an 'industrial company' would mean-(i) a company which is mainly engaged in the business of generation or distribution of electricity or any other ..... , 1973 which reads as under:under sub-section 7(d) of section 2 of the finance act, 1966, an 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships ..... definition of an 'industrial company' and the explanation appended to the said provision, earlier also, under the finance act of 1966, the board issued a circular no. ..... according to the explanation to clause (d) of sub-section (7) of section 2 of the above act, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if .....

Commissioner of Income-tax and anr. Vs. Wipro Ltd.

Court : Karnataka

Reported in : [2009]319ITR156(KAR); [2009]319ITR156(Karn)

..... the mechanism introduced for the first time under the finance act, 1999, by which 'cost' was explained in the manner stated above was not there prior to april 1, 2000 ..... the cost of acquisition as 'nil' came to be introduced in the 1961 act by the finance act, 1999, only with effect from april 1, 2000. ..... , the meaning of the words 'specified securities' in sub-clause (iiia) was defined or explained for the first time, vide the finance act, 1999, with effect from april 1, 2000. ..... (c) whether the tribunal was correct in holding that section 17(2)(iiia) of the act was not clarificatory in nature and was not applicable to the current assessment year ..... admitted on the following substantial questions of law:(a) whether the tribunal was correct in holding that the assessee-company was not liable to deduct tds under section 192 of the act over the issue of its shares under a stock option plan to its employees at a concessional rate as it cannot be treated as a perquisite (salary) and, therefore, the assessee cannot be treated as a defaulter under section 201(1) of the act and consequently no interest under section 201(1a) of the act can be levied ? ..... the revenue is in appeal under section 260a of the income-tax act, 1961 against the order dated july 31, 2002, passed by the income-tax appellate tribunal, bangalore bench, in appeal i. t. a. ..... setty : [1981] 128 itr 294 (sc) this court held that the charging section and the computation provision under the 1961 act constituted an integrated code. .....

State of Mysore by General Manager, Mysore Implements Factory Vs. Unio ...

Court : Karnataka

Reported in : AIR1968Kant237; AIR1968Mys237; (1968)1MysLJ178

..... jasjit singh, : 1964crilj234 rested on the enunciation that the central board of revenue exercising appellate power under section 190 of the sea customs act and the central government invested with revisional power under section 191 were tribunals from whose decisions an appeal under article 136 of the constitution was possible gajendragadkar c. j. ..... again, by finance act xiii of 1963, another clause was added to item 26-aa. ..... the central government functioned as a tribunal when it disposed of the revision petition under section 36 of the excise act, and, a tribunal which disposes of a revision petition in the exercise of power conferred on it cannot be a disputant in the dispute which it decides. ..... by finance act xx of 1962, item 26-aa was added to that schedule. ..... revision by central government- the central government may on the application of any person aggrieved by any decision or order passed under this act or the rules made thereunder by any central excise officer or by the central board of revenue, and from which no appeal lies, reverse or modify such decision or order. ..... the description of the unspecified products as 'other rolled, forged, or extruded shapes and sections' clearly demonstrates that the named ones are shapes or sections, and, it appears to us that those words have a technical meaning which we shall presently discuss. ..... the foundation of the demand was clause (i) of item 26-aa as it was when it was introduced into the schedule by the finance act of 1962. .....

Dhanvantari Botanicals Pvt. Ltd. Vs. State of Karnataka and ors.

Court : Karnataka

Reported in : (2007)10VST33(Karn)

..... 112 sales tax cases 258 wherein it is observed thus.para 7:- coming to the second question, namely, the issuance of notification by the state government in exercise of power under section 7 of the bihar finance act, it is true that issuance of such notifications entitles the industrial units to avail of the incentives and benefits declared by the state government in its own industrial incentive policy. ..... in our considered opinion the expression 'such conditions and restrictions as it may impose' in sub-section (3) of section 7 of the bihar finance act will not authorise the state government to negate the incentives and benefits which any industrial unit would be otherwise entitled to under the general policy resolution itself. ..... in this view of the matter, any notification issued by the government order in exercise of power under section 7 of the bihar finance act, if is found to be repugnant to the industrial policy declared in a government resolution, then the said notification must be held to be bad to that extent. ..... dwivedi that it would be open for the government to issue a notification in exercise of power under section 7 of the bihar finance act, which may override the incentive policy itself. ..... the issuance of the notification under section 7 of the bihar finance act is by the state government in the finance department which notification is issued to carry out the objective and the policy decisions taken in the industrial policy itself. .....

indus Towers Ltd Vs. the Deputy Commissioner of Commercial Taxes and O ...

Court : Karnataka

..... within the meaning of "the transfer of the right to use any goods" and the fact that it is described as service under the ita, 1885 and the rules made thereunder or under the finance act, 1994 would not militate against the same being a "sale" within the meaning of the v.p. ..... therefore, in deciding whether a transaction falls within article 366(29a)(d) so as to constitute a deemed sale, the purpose of the 46th amendment, the mischief sought to be remedied and the object sought to be achieved by the said provision cannot be lost sight of. ..... hence the transfer of right to use passive infrastructure from indus to mobile operator is a 'sale' as defined under section 2(29)(d) of kvat act and the consideration received by indus for allowing the use of passive infrastructure forms part of sale consideration liable for vat. ..... earth pits: all earth pits shall confirm to is:3043:1987, all earth pits should give an earth resistance less than 0.5 ohms, if required earth enhancement compound may be used to get the required earth resistance ..... in terms of the said agreement dated 3.9.1987, a performance guarantee was executed by the appellant herein, wherein it was agreed to by and between the parties that a major part of the licence fee would be paid in the shape of molasses ..... major fault resolution time: (a) for sites within city limits 2 hrs (b) for upcountry sites 4 hrs 9.0 earthing system earthing system with multiple earth pits, which confirm to indian standard is: 3043: 1987 and ieee:1100:1999. .....