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T.C.i. Finance Ltd. Vs. Asstt. Cit, Range 3

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD573(Hyd.)

..... the question whether the provisions of section 45q of the rbi act and the provisions of chapter iii-b of the said act have overriding effect on the provisions of other acts including the income-tax act is also to be considered in the right perspective. ..... officer in each of those years asked the assessee company to explain as to why the unprovided interest and finance charges should not be taxed as income following the mercantile system of accounting consistently followed by it. ..... made on behalf of the assessee in each of the aforesaid four years and completed the assessments in its case for the said four years without bringing to tax the so-called allegedly accrued income by way of interest and/or finance charges on hypothetical basis, even though the method of accounting adopted by the assessee company continued to be mercantile, as before.6. ..... no quarrel with those principles which are well settled, but the issue in the instant case is quite different.the issue here is whether there has been any accrual of interest/finance charges in the real sense in the facts and circumstances of the instant case and the decision of the special bench in nagarjuna investment trust case does not deal with this issue.23. ..... india (1992) 2 scc 343, the apex court, dealing with similar provisions contained in sections 45k3) & (4) and 45l(1)(b) and forming part of chapter iii b of the reserve bank of india act, 1934, clearly laid down that the directions issued under chapter iii b of the said act were .....

Commissioner of Income-tax Vs. Voltas Ltd.

Court : Mumbai

Reported in : [1994]205ITR569(Bom)

..... conclusion, he once again urged that since in the case of banque nationale de paris : [1992]194itr167(bom) , this high court was not directly concerned with the issue involved in the present reference, certain observations made by the court in connection with the explanation inserted in rule 1 of the first schedule to the surtax act, with effect from april 1, 1981, by the finance act, 1981, should not influence our mind in deciding the question referred to us. 10. ..... , could not be invoked for the purpose of reducing the capital base proportionately having regard to the deductions the assessee-company had obtained in terms of chapter vi-a of the income-tax act in the computation of its total income (2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the excess provision for taxation is includible in the capital base of the assessee-company for the purpose ..... , under section 57(iii) of the 1961 act, should be excluded from the total income in determining the chargeable profits as per the first schedule to the surtax act and not the amount of dividend arrived at after considering the deduction granted under section 80k/80m of the 1961 act, as was done by the surtax officer. ..... from an indian company' refer to the gross dividend received by the assessee as reduced by expenses permissible under section 57(iii) of the 1961 act or whether they refer to the net dividend after deduction allowed under section 80k/80m of the 1961 act also. .....

Commissioner of Income-tax Vs. Voltas Ltd. (i.T.R. No. 177 of 1980).

Court : Mumbai

Reported in : (1993)122CTR(Bom)201; [1993]205ITR569(Bom)

..... in conclusion, he once again urged that since in the case of banque nationale de paris : [1992]194itr167(bom) , this high court was not directly concerned with the issue involved in the present reference, certain observations made by the court in connection with the explanation inserted in rule 1 of the first schedule to the surtax act, with effect from april 1, 1981, by the finance act, 1981, should not influence our mind in deciding the question referred to us.shri dwarkadas, learned ..... in any clause of this rule, the amount of any income or profits and gains which is required to be excluded from the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof), and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said chapter vi-a, the amount of such income or profits and gains computed as aforesaid as reduced ..... , under section 57(iii) of the 1961 act, should be excluded from the total income in determining the chargeable profits as per the first schedule to the surtax act and not the amount of dividend arrived at after considering the deduction granted under section 80k/80m of the 1961 act, as was done by the surtax officer.we have considered the submissions made by learned counsel for the assessees and have carefully gone through the decision of this court in the .....

Bindu Prasad Soni Vs. Union of India and anr.

Court : Rajasthan

Reported in : (2002)176CTR(Raj)165

..... india introduced the scheme in the name of kar vivad samadhan scheme, 1998, under chapter iv of finance act, 1998, with a view to provide a quick and voluntary settlement of tax dues as on 31-3-1998, both in various direct tax enactments as well as indirect taxes enactment by offering waiver of a part of the arrear taxes and interest and providing immunity against institution of prosecution and imposition of penalty. ..... (m) defines 'tax arrears' which reads as follows:'(i) in relation to direct tax enactment, the amount of tax, penalty or interest determined on or before 31-3-1998, under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate order but remaining unpaid on the ..... this scheme shall not(i) in respect of tax arrear under any direct tax(a) .............(b) ................. ..... at one stage petitioner desired to settle the entire dispute with income-tax department, but, later on he challenged the order of the tribunal by way of writ ..... the tax recovery officer of the income-tax department by order dated 13-2-1997, made an order of attachment of the residential house ..... withdraw the writ petition is granted, keeping in view of the fact that we have already directed the designated authority to proceed with the declaration proceedings. ..... return in response to notice under section 148 on 23-1-1992, on a total income of rs. ..... officer assessed the income of the petitioner for ..... he derives income mainly from manufacturing of gold ornaments .....

Commissioner of Income-tax Vs. B. Narasimha Rao

Court : Andhra Pradesh

Reported in : 2003(4)ALT244; (2003)185CTR(AP)219; [2003]263ITR62(AP)

..... in order to consider the rival submissions, it is imperative to notice under section 64(1)(iii) of the act, as it stood prior to its omission by the finance act, 1992, with effect from april 1, 1993 :'64. ..... the income-tax officer assessed the share income of the minors derived from the firm in the hands of the parent (assessee) under section 64(1)(iii) of the income-tax act, 1961 (for short 'the act'). ..... 194 to 202/hyd of 1988, for the opinion of this court :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law/in holding that the share income of the assessee's minor children was assessable in the firm under section 182(3) of the income-tax act and that it could not be included in the hands of the non-resident assessee in his individual assessment under section 64(1)(iii) of the act ?'2. ..... it is a substantive provision mandating as to how an individual's income is to be computed and directs that the income of the individual to include income of the spouse, minor child, etc.11. ..... section 64 of the act specifically provides that in computing the total income of any individual, there shall be included all such income as arises directly or indirectly and mandates that such income of the individual to include the income of the spouse, minor child, etc. ..... section 182, as it stood at the relevant time, no doubt, is a part of chapter xvi containing special provisions applicable to firms. .....

Trennery (Respondent) Vs. West (Her Majesty's Inspector of Taxes) (App ...

Court : House of Lords

..... the expression "derived property" seems to have appeared first in a taxing statute in section 28 of the finance act 1946, in provisions designed to charge higher rates of income tax on some categories of income covenants and other settlements of property in which the settlor retained a beneficial ..... (3) provided (apart from an immaterial amendment made by the finance act 1989): "in subsections (1) and (2) above 'derived property', in relation to any property, means income from that property or any other property directly or indirectly representing proceeds of, or of income from, that property or any income therefrom." 47. ..... have to construe section 77 of the taxation of chargeable gains act 1992 ("the 1992 act") as substituted by the finance act 1995 ("the 1995 act"). ..... only natural reading of subsection (8) is that its structure has five elements: that "derived property" in relation to any property ("p"), means (i) income from p; (ii) any other property directly or indirectly representing proceeds of p; (iii) income from any such other property at (ii) above; (iv) any other property directly or indirectly representing proceeds of income from p; and (v) income from such other property at (iv) above. 39. ..... the legislation has since been changed again, by the finance act 2000, which introduced into the 1992 act a new section 76 b and schedule 4b tailor-made to frustrate the scheme which the taxpayers used in this ..... chapters i and ii and part of chapter iii (including sections 683 to 685) .....

Bindu Prasad Soni Vs. Union of India (Uoi) and anr.

Court : Rajasthan

Reported in : [2002]258ITR663(Raj)

..... 2) act, 1998, with a view to provide a quick and voluntary settlement of tax dues as on march 31, 1998, both in various direct tax enactments as well as indirect taxes enactment by offering waiver of a part of the arrear taxes and interest and providing immunity against institution of prosecution and imposition ..... clause (m) defines tax arrear which reads as follows :'(i) in relation to direct tax enactment, the amount of tax, penalty or interest determined on or before the 31st day of march, 1998, under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate order but remaining unpaid on the ..... at one stage the petitioner desired to settle the entire dispute with the income-tax department, but, later on he challenged the order of the income-tax appellate tribunal by way of writ petition under articles 226 and 227 of the constitution of india before ..... of india introduced a scheme by the name of kar vivad samadhan scheme, 1998, under chapter iv of the finance (no. ..... the tax recovery officer of the income-tax department by order dated february 13, 1997, made an order of attachment of the residential house of ..... further appeal before the income-tax appellate tribunal, relief ..... the commissioner of income-tax (appeals) reduced the ..... the return in response to notice under section 148 on january 23, 1992, on a total income of rs. ..... assessing officer assessed the income of the petitioner for ..... he derives income mainly from manufacturing gold ornaments .....

Commissioner of Income-tax Vs. Kerala State Co-operative Marketing Fed ...

Court : Kerala

Reported in : [1994]207ITR319(Ker)

..... in taxman's direct taxes circulars, volume 2, (fourth edition) 1977, at page 277, it is stated thus :'the provisions in section 81 of the income-tax act for grant of rebate of tax on the abovementioned incomes of co-operative societies are to be replaced by the provisions in section 80p in the new chapter vi-a of the act with effect from april ..... central board of direct taxes dated october 9, 1967, is to the effect that section 81(i)(c) of the act and section 80p(2)(a)(iii) of the act are of similar ..... during the assessment proceedings, the assessee claimed exemption under section 80p(2)(a)(iii) of the income-tax act, 1961, in respect of the profit earned by the assessee-society out of the purchases it ..... the whole of the amount of profits and gains of the business attributable to such an activity is, therefore, liable to be exempted under section 80p(2)(a)(iii).the operation of section 80p(2)(a)(iii) is not limited to the marketing of the agricultural produce of the individual members of a co-operative society, but also the agricultural produce belonging to the primary societies who are members of ..... deleted by the finance (no. ..... : [1992]193itr624(ker) , does not represent the correct law ..... [1992]193itr624 ..... : [1992]193itr624(ker) , it has been held that the assessee will be entitled to the necessary relief even if it marketed the agricultural produce of its members and did not market the agricultural produce grown ..... : [1992]193itr624(ker) , does not represent the correct law ..... [1992]193itr624 .....

State by Cbi/Acb Vs. A.N. Dhyaneswaran,

Court : Chennai

Reported in : 2004CriLJ2802

..... who cannot make declaration, the following are mentioned: '3.2 section 95 of the finance act provides for: tax arrear, whether under direct tax enactment or indirect tax enactment, in respect of which a person cannot make declaration [clauses (i) and (ii) of section 95] (see paras 3.3.to 3.5): and persons who are absolutely prohibited from making any declaration under the scheme [clauses (iii),(iv) and (v) of section 95 of the finance act]. ..... iii)(iv) or (v) of the finance act ..... chapter deals with various acts which are covered by the provisions of direct tax enactment and indirect tax enactment which would show that the 'scheme' is applicable to disputes of 'tax arrears' under the various acts ..... of 2002 before the central administrative tribunal and the tribunal has passed an order on 9.10.2002 and thereby quashed the order of compulsory retirement passed against the first accused and directed the government of india and the government of tamil nadu to reinstate the first accused forthwith with all consequential benefits. ..... sheet on 14.3.2001 wherein it was alleged that a1 the first respondent herein has amassed wealth disproportionate to his known sources of income to the tune of rs.7,34,58,239/- for which he could not satisfactorily account for. ..... it is also contended by him that the authority concerned by order dated 15th february, 1992 had revoked the order of his suspension, and he was posted back to calcutta ..... purchased in 1992 at m-26, 10th street, anna nagar, madras in the name of .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... memorandum explaining provisions in the finance bill, 2002, 254 itr (statutes) 213, reads as follows it is further proposed to amend section 113 of the income-tax act to provide that the tax chargeable on the undisclosed income determined under chapter xiv-b shall be increased by the amount of surcharge applicable in the previous year in which the search commenced or requisition was made, and to amend clause (a) of sub-section (2) of section 119 of the income-tax act to enable the central board of direct taxes to issue such directions as it deems fit for ..... on the retrospective nature of the amendment to the provisions of section 113, by the insertion of proviso thereunder, is liable to be rejected.12.37 this brings us to the issue, as to whether the finance act has levied surcharge on tax on undisclosed income computed under chapter xivb, by introducing a distinct and independent charge and, if so, whether the levy of surcharge by the finance act is an unworkable proposition inasmuch as it is not practical and thus the charge fails.the argument of the learned senior standing counsel for the revenue is that ..... the very fact that the proposal to levy surcharge has found a place for the first time in part iii of the first schedule read with section 2(8) of the finance act, clearly demonstrates that the mention of section 113 therein, is in direct conflict with the provisions of chapter xivb of the income-tax act. .....