Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: uk supreme court Page 11 of about 1,412 results (0.096 seconds)

Vivek Narayan Sharma Vs. Union Of India

Court : Supreme Court of India

..... bench of this court in the case of rojer mathew (supra) considered the question, as to whether section 184 of the finance act, 2017, which does not prescribe qualifications, appointment, term and conditions of service, salary and allowances, ..... challenging the notification no.3407(e) dated 8th november 2016 (hereinafter referred to as the impugned notification ), issued by the central government in exercise of the powers conferred by sub-section (2) of section 26 of the reserve bank of india act, 1934 (hereinafter referred to as the rbi act ), vide which the central government declared that the bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees shall cease to ..... is to be noted that after the ordinance of 1946 was promulgated, the rbi act was amended vide act no.62 of 1956 and section 26a was added, thereby specifically providing that no bank note of the denominational value ..... before examining the scope and effect of the impugned paragraphs (6) and (12) of the directions of 1987, it is also important to note that reserve bank of india which is bankers' bank ..... 35 f) myanmar: in the year 1987, myanmar s military invalidated around 80% of the value of ..... j.in gupta sugar works [1987 supp scc476 481]. ..... mohan gupta [(1987) 1 scc191: ..... expert advice relating to matters affecting the economy of the entire country and nobody can doubt the bona fides of the reserve bank in issuing the impugned directions of 1987. ..... [(1987) 1 scc424: air1987sc1023 .....

Gvk Inds. Ltd and Anr Vs. The Income Tax officer and Anr

Court : Supreme Court of India

..... the said explanations read as under: "as amended by finance act, 2010 explanation. ..... as amended by finance act, 2007 explanation. ..... explanation to the section 9(2) was substituted by the finance act 2010 with retrospective effect from 1.6.1976. ..... and circumstances of each case; that the essence of "business connection" is existence of close, real, intimate relationship and commonness of interest between the nrc and the indian person; that in a case where there is control of management or finances or substantial holding of equity shares or sharing of profits by the nrc of the indian company/person, the existence of close/intimate relationship stand substantiated; and to constitute business connection, there must be continuity of activity or operation of the nrc ..... the high court referred to clause (b) of sub-section 2 of section 5 and section 9 of the act and adverted to the expression all income accruing or arising, whether directly or indirectly, through or from any business connection in india, or through or from any property in india, or through from any asset or source of income in india or through the transfer of a capital asset situate in india and thereafter referred to section 163(1)(b) which uses the expression "business connection" and thereafter referring to various authorities, culled out ..... no.105/1987 on march 24, 1987 and also took note of the fact that the said case was quoted with approval in electrical corporation of india ltd. v. c.i.t.[1]. ..... (1987) 166 itr1993[4]. .....

Commissioner of Income-tax, Gujarat Vs. Girdhardas and Company Private ...

Court : Supreme Court of India

Reported in : AIR1967SC795; [1967]63ITR300(SC); [1967]1SCR777

..... even after the amendment by the finance act, 1955, the language of the clause was found to be somewhat inapt and the legislature by the finance act 1956 recast clause(c). 8 ..... 2(6a)(c) of the income-tax act as amended by the finance act, 1956. ..... 2(6a)(c) as amended by the finance act, 1956, is fairly clear ..... by the finance act, 1955, the proviso to clause(c) was deleted and in consequence thereof the limitation relating to the period during which the profits were accumulated ceased to apply in the determination whether the amount distributed by the ..... 3 of the finance act, 1956, with effect from april 1, 1956, the following clause (c) was substituted : '(c) any distribution made to the shareholders of a company on its liquidation, to the extent to which the distribution, is attributed to the accumulated profits of the company ..... 3 of the finance act, 1955, the proviso to clause(c) was deleted and by ..... 2(6a)(c) declares that though under law, apart from the section, it would be capital and, therefore, not chargeable, it shall be regarded as dividend and taxed as such in the hands of the shareholders.' 10 ..... of the indian income-tax act, 1922, and the reasons for enacting and amending that clause. ..... reference was transferred after reorganisation of the state under the bombay state reorganisation act, 1960, to the high court of gujarat for hearing and disposal. ..... 2(6a)(c) is not a charging section which levies tax on a particular fund from out of which a limited fund is carved out by the proviso .....

Larsen and Toubro Ltd., Mumbai Vs. State of Bihar and ors.

Court : Supreme Court of India

Reported in : 2003(3)BLJR2228

..... have also submitted that unless the follow up legislation to section 21 (1) of the bihar finance act is enacted, the said section 21 (1) of the act would not become workable and in the matter of works ..... .' (emphasis supplied) further we find at page 549 the phrase 'as may be prescribed' has been indicated to mean as follows:'the phrase 'as may be prescribed' in constitutional amendment authorizing certain cities to adopt or amend their charters, subject to such limitations as may be prescribed by legislature means that future legislation, as well as that existing when city first takes out or emends charter may limit its action ..... the supreme court after appreciating the rival contentions observed that in view of the legal fiction introduced by the amendment, a single contract would become divisible one and to give the value of the goods involved in the execution of a works contract on which taxis leviable must excluded the ..... the supreme court observed as under: 'keeping in view the legal fiction introduced by the forty-sixth amendment whereby the works contract which was entire and indivisible has been altered into a contract which is divisible into one for sale of goods and other ..... deductions are to be given or extended in favour of the works contractor.the supreme court in the present matter referred to the historic background leading to the enactment of 46th amendment and also referred to the judgment of the supreme court in the matter of builders association of india (supra). .....

The Income Tax Officer, Vs. Urban Improvement Trust

Court : Supreme Court of India

..... that urban improvement trust might have been earlier getting benefit of wide definition of local authority prior to amendment by finance act, 2002 but after amendments in section 10(20) by finance act, 2002, urban improvement trust is no longer included in the definition of local authority. ..... and another, (2008) 9 scc434 in the above case, this court had examined the explanation to section 10(20) as amended by finance act, 2002 and the definition of local authority contained therein. ..... a judgment delivered by this very bench had considered in detail the object and purpose of section 10(20a), the object and purpose of finance act, 27 2002 amendment adding the explanation to section 10(20) and deletion of section 10(20a).35. ..... assessee refuting the 8 submission of appellant contends that urban improvement trust is fully covered by the definition of local authority as contained in explanation to section 10(20) as amended by finance act, 2002. ..... section 10(20a), which existed prior to amendments made by finance act, 2002 exempted any income of an authority constituted in india by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, ..... section 10(20) as amended by finance act, 2002 is as follows:- 10(20) the income of a local authority which is chargeable under the head "income from house property", "capital gains" or "income from other sources" or from a trade or busi- ness carried on by it which .....

C.c. C.e. And S.t. Bangalore (adjudication) Vs. M/s Northern Operating ...

Court : Supreme Court of India

..... it was a taxable service and not excluded by virtue of amended section 65 of the finance act, 1994. ..... union of india19, which held that rule 5(1) of service tax (determination of value) rules, 2006 goes beyond the mandate of section 67 of the finance act, 1994 as quantification of the value of the service can never exceed the gross amount charged by the service provider for the service provided ..... sridharan, learned senior counsel appearing for the assessee urged that a conjoint reading of section 65(68) with section 65(105)(k) of the finance act, 1994 makes it clear that the 'manpower recruitment and supply agency service' seeks to bring under its ambit two types of ..... it was contended that post july 2012, under the negative list regime, by section 65 (44) of the finance act, 1994, the services provided by an employee to the employer in the course of employment are kept beyond the ambit of the definition of ..... collector of central excise40 - in the context of section 11a of the central excise act, 1944, which is in identical terms with section 73 of the finance act, 1994 was that: now so far as fraud and collusion are concerned, it is evident that the requisite intent ..... before amendment of the finance act, its provisions, to the extent they are relevant, are ..... of the finance act, 1994 with amendments 30. ..... the period after the introduction of the negative list, the definition of the term service under the finance act, specifically excluded service provided by the employee to the employer. .....

C.W.S. (India) Limited Vs. Commissioner of Income Tax

Court : Supreme Court of India

Reported in : [1994]208ITR649(SC); JT1994(3)SC116; 1994(1)SCALE840; 1994Supp(2)SCC296; [1994]2SCR247

..... the sub-section has been omitted altogether by direct tax laws (amendment) act, 1987 with effect ..... finance act, 1968, sub-clause (iii) in clause (c) of section 40 was deleted and in its place sub-clause (v) was introduced in clause (a) of section ..... way of gratuity or the value of any travel concession or assistance referred to in clause (5) of section 10 or passage moneys or the value of any free or concessional pat-sage referred to in sub-clause (i) of clause (6) of that section or any sum referred to in clause (viii) of sub-section (1) of section 17 or in clause (v) of sub-section (2) of that section or the amount of any compensation referred to in clause (i) or any payment referred to in clause (ii) of sub-section (3) of that section or any payment referred to hi clause (iv) or clause (v) of sub-section (1) of section 36 shall not be taken into account.3. ..... introduced by the said finance act, the sub-clause ..... as introduced by finance act, 1971, it ..... with effect from april 1, 1963, as substituted by finance act, 1964, read as follows:40 amounts not deductible: notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head 'profits and gains of business or profession-(c) in the case of any company(iii) any expenditure incurred ..... the intention of the parliament in enacting section 40(a)(v) can be gleaned from the memorandum explaining the provisions of the finance bill, 1968, which sets out the .....

Commissioner of Income Tax Vs. Hindustan Bulk Carriers

Court : Supreme Court of India

Reported in : AIR2003SC3942; (2003)179CTR(SC)362; (2003)2MLJ65(SC); (2003)3SCC57; [2002]SUPP5SCR387

..... prior to finance act, 1987, the corresponding sections pertaining to imposition of interest used the expression 'may' but the change brought about in the finance act, 1987 is a clear indication that the intention of the legislature was to make the collection of ..... introduced by finance act, 1987 w.e.f. ..... by finance act, 1987 w.e.f. ..... case pertinent for this case read as under:-'it is no doubt true that the terminology 'settlement' has a very wide dictionary meaning and in the absence of a statutory definition generally the word 'settlement' in sub-section (4) of section 245-d would give the commission sufficient power to arrive at a settlement which it deems fit, but when the statute qualifies such expression like 'settlement' with mandatory words like 'in accordance with the provisions of this ..... and one-half per cent for every month or part of a month comprised in the period from the 1st day of april next following such financial year to the date of determination of total income under sub-section (1) of section 143 and where a regular assessment is made, to the date of such regular assessment, on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid ..... chapter xix-a providing forum and procedure for 'settlement of cases' was introduced in the it act by taxation laws (amendment) act 1975 published in the gazette of india extraordinary part ii dated 9th may, 1973 (pages 443 ..... objects andreasons for the amendment reads thus:31. .....

M/S. Kone Elevator India Pvt. Ltd. Vs. State of T.N. and ors.

Court : Supreme Court of India

..... the learned senior counsel by drawing our attention to the definition contained in the finance act of 1994, in particular sub-sections (29), 39(a) of section 65 and sub-clause (zzd) to sub-section (105) of section 65, contended that such definitions in the finance act under chapter v for imposition of service tax, would show that the installation ..... the assessee faced a levy in respect of goods sold in relation to works contract under the madras general sales tax act, 1939 as amended by the madras general sales tax (amendment) act 25 of 1947 wherein certain new provisions were incorporated and one such provision, namely, section 2(i) defined works contract to mean any agreement for carrying out for cash or for deferred payment or other valuable consideration, ..... dated 17th may, 2010 issued by the government of haryana, excise and taxation department, whereby certain rules of the haryana value added tax rules, 2003 have been amended and a table has been annexed providing for percentages for works contract and job works under the heading labour, service and other like charges as percentage of total ..... that the court was analyzing the principle stated in gannon dunkerley-i (supra) and thereafter, in para 49, which we have reproduced hereinabove, it has been clearly held that after the forty sixth amendment of the constitution, the works contract which is covered under clause (29a)(b) of article 366 of the constitution is separable and may be subject to sales tax by the state under entry 54 .....

M/S. Mahabir Cold Storage Vs. C.i.T., Patna

Court : Supreme Court of India

Reported in : AIR1991SC1357; (1991)91CTR(SC)89; [1991]188ITR91(SC); JT1990(4)SC754; 1990(2)SCALE1226; 1991Supp(1)SCC402; [1990]Supp3SCR469

..... development rebate was first introduced by the finance act, 1955 with effect from 1st april, 1955, clause (vib) of sub-section (2) of section 10 of the repealed act was introduced by section 8 of the said finance act, which was subsequently amended by section 7 of the finance act, 1958 with effect from 1st april, 1958 and then again it was amended by section 6 of finance act, 1961 with effect from 1st april, 1961 which is relevant for the purpose of this case ..... the question, at the instance of the revenue, to the high court under section 256(1) of the income-tax act, 1961 (for short 'the act') which reads thus:whether in the facts and circumstances of the case, the order of the tribunal holding that the conditions under section 33(1) of the income tax act are satisfied, is legal and proper. 3. ..... in interest of the business, in accordance with the provisions of the act, so long as the twin requirements under section 33(1) are fulfilled is alone entitled to the benefit. ..... prayagchand hanumanmal within the meaning of section 18 of the limitation act, 1963 and extend the period of limitation for the discharge of the ..... the appellant is separately registered under section 26a of the act and assessed to tax from the assessment year ..... :whether on me facts and in the circumstances of this case the order of the tribunal allowing the unabsorbed development rebate in respect of the plant and machinery not installed by the assessee, under section 33(1) of the income tax act was legal and proper. 2. .....