Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Sorted by: old Court: authority for advance rulings Page 1 of about 5 results (0.083 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 .....

In Re: Robert W. Smith

Court : Authority for Advance Rulings

..... other portions of the clause and its explanation.though no contemporaneous exposition of the object and purpose of the clause at the time of the insertion of section 4(3)(xiva) in the 1922 act by the finance act, 1955, is available, it was explained by the board when the corresponding provision in section 10(6)(vii) of the 1961 act was amended in 1964, that these provisions for certain tax concessions to foreigners working in india had been introduced "in the context of the need for accelerating the ..... it may be mentioned here that though section 10(5b) has been inserted only by the finance act, 1993, with effect from april 1, 1994, this category of exemption had been in the tax ..... his income for such services chargeable under the head 'salaries' is paid to the central government by the employer (which tax, in the case of an employer, being a company, may be paid notwithstanding anything contained in section 200 of the companies act, 1956 [1 of 1956]), the tax so paid by the employer for a period not exceeding forty-eight months commencing from the date of his arrival in india : provided that the central government may, if it considers ..... application before this authority constituted under the finance act, 1993, by the insertion of a new chapter xix-b in the income-tax act, 1961 (hereinafter referred to as "the act"). ..... taxes (amendment) act, 1974, introduced, with retrospective effect from april 1, 1973, a proviso in section 10(6)(viia) which has also been reproduced in section 10(5b) .....

In Re: Advance Ruling A. No. P-5 of

Court : Authority for Advance Rulings

Reported in : (1997)223ITR379AAR

..... the first interpretation given above is in accordance with the speech of the finance member in the central legislative assembly while introducing the relevant amendment bill, has been adopted by a circular of the central board of direct taxes dated december 5, 1962, and also seems to have been broadly accepted, although the alternative view has been touched upon in some judicial ..... , (a) that the account is being maintained in accordance with the provisions of the foreign exchange regulation act (fera) and the rules made thereunder, and (b) either that the applicant is resident outside india within the meaning of section 2fq) of the foreign exchange regulation act, 1973, or that, even otherwise, he has been permitted by the reserve bank of india to maintain the aforesaid account.20. ..... p-5 of 1995 vs.income tax act, 1961 - sections 6(6), 7, 9, 9(1), 10(4), 115ac, 115ac(1), 115c, 115d, 115e and 115h; remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991; foreign exchange regulation act, 1973 - section 2 and 2(26); unit trust of india act, 1963 - section 32(1) 1. ..... it is sufficient to mention for the purposes of the present enquiry that section 7 of the act makes the provisions of the income-tax act inapplicable to the interest accruing from these bonds. .....

In Re: P. No. 20 of 1995

Court : Authority for Advance Rulings

Reported in : (1999)237ITR382AAR

..... it is pointed out that section 10(6)(vii), the predecessor to section 10(5b) included within the scope of the expression "technician" also persons having knowledge and experience in industrial or business management technique but this has been omitted when the present clause (5b) was inserted by the finance act, 1993. ..... on the facts and circumstances, as stated in the annexures to the application, the applicant is a "technician" within the meaning of the explanation to section 10(5b) of the income-tax act, 1961, and, accordingly, would be entitled to the exemption provided under the said clause. ..... set up by the english company in india and that it is the specialised knowledge and experience in such operations that is being utilised by the indian company in its indian business.the applicant is, therefore, a "technician" within the meaning of section 10(5b) of the act and is entitled to the exemption conferred by that clause.10. ..... by this application under section 245q,(1) of the income-tax act, 1961, (hereinafter referred to as "the act"), the applicant seeks an advance ruling of this authority on the following question : "whether in the facts and circumstances explained in detail in annexure- i, the applicant is a qualified technician as defined under section 10(5b) and accordingly the applicant would be entitled to the exemption under section 10(5b)?" 2. ..... he is claiming exemption under section 10(5b) of the act.3. .....

In Re: No. P/6 of 1995

Court : Authority for Advance Rulings

Reported in : (1998)234ITR371AAR

..... claimed that where an agreement between the indian government and the government of any other country exists for avoidance of double taxation, then, by virtue of the provisions of sub-section (2) of section 90 of the income-tax act, the applicant being a national of uk would be entitled to claim benefit under the agreement and, therefore, if the income-tax department contends that a rate of 30 ..... patent, invention, model, design, secret formula or process or trade mark or similar property ; (b) no deduction in respect of any expenditure or allowance shall be allowed under any of the said sections in computing the income by way of royalty or fees for technical services received from government or an indian concern in pursuance of an agreement made by the foreign company with government or with the ..... applicant was engaged in the business of providing services in connection with prospecting of mineral oil.therefore, this case is squarely covered by the provisions of section 44bb of the income-tax act and that neither clause (vi) nor clause (vii) of sub-section (1) of section 9 would be applicable, because clause (vi) excludes payment in respect of services utilised for the purposes of a business or profession carded on outside india ..... paragraphs 31 to 35 of the explanatory memorandum to the finance bill, 1976 (see [1976] 102 itr 178, 186), through which these special provisions of section 44d were introduced, which explains that such income by way ..... amendments were also made in sections .....

Educational Institute of Vs. Commissioner of Income-tax

Court : Authority for Advance Rulings

Reported in : (1996)219ITR183AAR

..... are concerned if the letter of the reserve bank of india granting permission to ei to open a liaison office dated july, 1994, and letter of the reserve bank of india to upgrade it to a branch office under section 29(l)(a) of the fera dated february 10, 1995, are closely seen, paragraphs 3(ii), (iii) and (vi) put certain restrictions on the applicant regarding any new trading, commercial or industrial activity other than those approved thereby. ..... an application dated june 27, 1995, has been made by educational institute of american hotel and motel association under section 245q(1) of the income-tax act, 1961, for a ruling from the authority on the following questions : (i) whether the applicant would be entitled to exemption under section 10(22) of the income-tax act, 1961, in respect of its various amounts of income from the following sources in india : (a) conducting various courses and certification ..... on examination, the conditions precedent to the availability of the exemption to an educational institution can be stated thus : (a) the educational institution must actually exist for the application of the said section and the mere taking of steps would not be sufficient to attract the exemption ; (b) the educational institution need not be affiliated to any university or board, in fact a society need not itself be imparting education ..... liaison office was upgraded to a branch office with the approval of the ministry of finance, government of india, and the reserve bank of india. .....

Ericsson Telephone Corporation Vs. Commissioner of Income-tax

Court : Authority for Advance Rulings

Reported in : (1997)224ITR203AAR

..... appellants: ericsson telephone corporation india ab vs.income tax act, 1961 - sections 9(1), 28 to 44c, 44d, 115a, 195(2), 245r and 245r(2); finance act, 1995; agreement for advance avoidance of double taxation between ..... done under section'195(1) read with the provisions of the finance act, 1995. ..... suffice it to say that it provides, on the same lines as paragraph 2(b)(vii) of part ii of the first schedule to the finance act, that where the fees for technical services are received in pursuance of an agreement entered into after march 31, 1976, and which fulfils the conditions laid down therein ..... the tax withholding by the indian companies on amounts payable to the foreign com-pany should be at the rate of 55 per cent, as provided under the first schedule, part ii(2)(b)(ix) of the finance act, 1995, or at the estimated net profits from the local operations of the foreign company. ..... whether the tax withholding by the indian companies on amounts payable to the foreign company should be at the rate of 55 per cent- as provided under the first schedule, part ii(2)(b)(ix) of the finance act, 1995, or at the estimated net profits from the local operations of the foreign company. ..... with which the applicant has entered into a contract, rpg cellular services limited, has filed an application dated march 18, 1996, under section 195(2) of the income-tax act before the deputy commissioner of income-tax, special range-30, new delhi, seeking determination of the rate at which tax should be deducted .....

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. .....