Court : Mumbai
..... contention that was urged on behalf of the petitioner by learned counsel is that the obligation to furnish the tax audit report under section 44ab by the date specified was inserted by the finance act, 1995 with effect from 1 july 1995. ..... by the finance act of 1995, the requirement of obtaining the audit report before the specified date was made more stringent and by the amendment it has now been provided that the report has to be furnished by the ..... material time to which the proceedings relate, the requirement of furnishing the tax audit report by the specified date had not been incorporated and it was brought in only later, by the finance act of 1995 with effect from 1 july 1995. ..... to furnish the report has been brought in by the finance act of 1995 with effect from 1 july 1995. ..... prior to the amendment of the provision by the finance act of 1995, there was an obligation to obtain by the specified date, a report of the audit in the prescribed form duly signed and verified by an ..... 'furnish by' were substituted for the words 'obtain before' by the finance act of 1995. ..... observed earlier, in the present case, it has not been disputed on record that the assessee had, as a matter of fact, obtained the tax audit reports under section 44ab by the specified date and that the reports were filed with the returns of income. ..... dates for the aforesaid four assessment years, for obtaining tax audit reports were 31 october 1990, 31 october 1991, 31 october 1992 and 31 october 1993 respectively. .....
Tag this Judgment!Court : Mumbai
Reported in : (1998)61TTJ(Mumbai)282
..... the proposition that section 40 finance act, 1983, is a special provision and, therefore, it will prevail over of the general provisions of the wealth tax act contained under section 2(m) explanation 1 after it is amended with effect from 1-4-1988 as can be seen from clause (5)(b) of section 40 of the finance act which categorically excludes application of any provisions of the wealth tax act not conforming to section 40 of the finance act. ..... section (5) of section 40 of the finance act clearly states that it is only section 5 of the wealth tax act and clause (d) of section 45 of the wealth tax act and part ii of schedule i to that act are the provisions which should not apply while dealing a case under section 40 of the finance act and clause (b) of sub-section (5) clearly states that the remaining provisions of the wealth tax act shall be construed so as to be in conformity with the provisions of section 40 of the finance act ..... code and what constitutes 'net wealth' was given only under the provisions of that act and we should not travel beyond the said provisions in order to determine what is net wealth held by the company apart from what is stated in sub-section (3) of section 40 of the finance act, without themselves examining the provisions of the finance act and by proper discussion of the provisions, they did not come to the conclusion ..... 1992) 40 itd 332 (bom) which is the earlier order delivered by the bombay tribunal, which would reveal that section 40 of the finance act .....
Tag this Judgment!Court : Mumbai
..... to the applicant in view of the amended provision of section 89(1)(d), the offence was made cognizable as mentioned above and vide section 103(k) of the finance act, which came into force on 10.5.2013, section 90 and section 91 were introduced in the finance act. ..... , according to him there is no authority to the respondent no.1 to arrest the applicant in view of the amended provisions of section 89(1)(d) of the finance act, 1994. ..... the applicant was summoned to the anti-evasion office on 22.1.2014 and arrested under section 91 of the finance act , 1994 for his direct involvement in the evasion of the service tax. ..... as per provisions of section 89(1)(d)(ii), if any person who has collected the service tax in excess of rs.50 lakhs and failed to deposit the same within six months from the due date shall be punishable with imprisonment for a term upto seven years; and section 90 of the finance act, 1994 specifies that the offence under section 89(1)(d)(ii) of the finance act, 1984 shall be cognizable ..... it is further the contention of the respondent no.1 that section 73a of the finance act, 1994 requires any person who has collected any amount representing service tax to deposit the same forthwith to the ..... under section 89 read with section 90 of the finance act, 1994 for non-payment of service tax for the period from 2010 to december, 2013. ..... application for bail is preferred by the applicant in the matter of offence punishable under section 89 read with section 90 of the finance act, 1994. 3. .....
Tag this Judgment!Court : Mumbai
..... to the applicant in view of the amended provision of section 89(1)(d), the offence was made cognizable as mentioned above and vide section 103(k) of the finance act, which came into force on 10.5.2013, section 90 and section 91 were introduced in the finance act. ..... , according to him there is no authority to the respondent no.1 to arrest the applicant in view of the amended provisions of section 89(1)(d) of the finance act, 1994. ..... the applicant was summoned to the anti-evasion office on 22.1.2014 and arrested under section 91 of the finance act , 1994 for his direct involvement in the evasion of the service tax. ..... as per provisions of section 89(1)(d)(ii), if any person who has collected the service tax in excess of rs.50 lakhs and failed to deposit the same within six months from the due date shall be punishable with imprisonment for a term upto seven years; and section 90 of the finance act, 1994 specifies that the offence under section 89(1)(d)(ii) of the finance act, 1984 shall be cognizable ..... it is further the contention of the respondent no.1 that section 73a of the finance act, 1994 requires any person who has collected any amount representing service tax to deposit the same forthwith to the ..... under section 89 read with section 90 of the finance act, 1994 for non-payment of service tax for the period from 2010 to december, 2013. ..... application for bail is preferred by the applicant in the matter of offence punishable under section 89 read with section 90 of the finance act, 1994. 3. .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]237ITR472(Bom)
..... a bare reading of the above section as it stood before the amendment by the finance act, 1974, shows that gratuity payable to the employees of the government, local authority or a statutory corporation was totally exempted from payment of income-tax, whereas any other gratuity notexceeding 15 days' salary for each year of ..... as stated above, section 10(10) as amended by the finance act, 1974, consists of three sub-clauses ..... section 10(10) as amended by the finance act, 1974, consists of three sub- ..... under section 10(10)(ii), as amended above, gratuity received by an employee under section 4 of the payment of gratuity act is exempted from income-tax, whereas under section 10(10)(iii) any other retirement gratuity exceeding 15 days salary for each year of completed service was subject to a maximum of thirty thousand rupees or twenty months salary, whichever is ..... looking to the object of the amendment, we do not find merit in the contention advanced on behalf of the assessee that the finance act, 1974, cannot apply to gratuities received by the employees of the statutory corporations prior to april 1, 1975, in the matter of aggregation of tax exempt ..... discussed hereinabove, prior to the finance act, 1974, gratuities received by the employees of the statutory corporations fell within the first part of the above quoted old section 10(10) whereas under the finance act, 1974, such gratuities fall under the expression 'any other gratuity' referred to in sub- clause (iii) of section 10(10). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)241ITR43(Mum.)
..... 80-o by the finance act, 1987, in the following words : "since the provisions of the section are intended to provide incentive to earning foreign exchange, the proposed amendment seeks to provide that the deduction will be allowed only if the amount has been brought into india within a period of six months from the end of the relevant previous year or within such extended period as ..... industrial finance corporation of india (1992) 198 itr 539 (del) held that deduction under ss. ..... 1992-93, for which the previous year ended on 31st march, 1992, the assessee had claimed deduction under s.80-o of the it act, 1961 of rs. ..... cwt (1992) 194 itr 218 (cal). ..... cit (1992) 196 itr 188 (sc) in support of the contention that an enactment should be interpreted in such a manner so as to advance the purpose for which it has been incorporated. ..... yr.1992-93 reads as under : "80ab. ..... (1992) 198 itr 297 (sc) : 72. ..... 1992-93, a deduction of 50 per cent of "the income so received" is provided. ..... 1992-93 has been reproduced by use in para 28 of this order. ..... 1992-93 - where the gross total income of an assessee, being an indian company or a person (other than a company) who is resident in india, includes any income by way of royalty, commission, fees or similar payment received by the assessee from the ..... 1992-93 is reproduced hereunder : '80-o. ..... 1992-93, had come up for hearing before 'a' bench, mumbai and on the recommendation of the bench, the president constituted a special bench for deciding the appeal. .....
Tag this Judgment!Court : Mumbai
..... taxpayer taking undue advantage of the existing provisions of the act, section 80ia was amended by finance act 1998 so that the deductions allowed under section 80ia and various sections under heading 'c' of chapter vi-a are restricted to the profits of the business of the undertaking / enterprise.25.there is no dispute that in the present case, the assessee is an undertaking entitled to deduction under section 80ia at 30% of the profits and gains derived from the business and deduction under section 80hhc at 50% of the profits of the business. ..... by finance act, 1999, section 80ia(9a) has been renumbered as section 80ia(9).24.the object of amending section 80ia by finance act 1998 as is evident from the memorandum explaining the provisions in the finance bill 1998 [231 itr (st) 252] is that it was noticed that certain assessees were claiming more than 100% deduction on the profits and gains of the same undertaking, when they were entitled to deductions under more than one section under heading 'c' of chapter ..... after excluding the profits allowed as deductions under section 80ia, so that the total deduction allowed under the heading 'c' of chapter vi-a does not exceed the profits of the business.36.strong reliance was placed by the counsel for the revenue on the notes on clauses explaining the reasons for inserting section 80ia(9a) [presently 80ia(9)], by finance act, 1998, wherein it is stated that the profits allowed under section 80ia(1) shall not qualify for deductions under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD231(Mum.)
..... there the bombay high court was explaining the scope of explanation (c) to section 263 of the income-tax act as amended by the finance act 1989 with retrospective effect from 1-6-1988. ..... controversy has been raised by the department on the plea that the amendment was darificatory in nature and even if it were not so, the word "shall include and shall be deemed always to have included" in the explanation inserted by the finance act, 1987 would clothe it with the retrospective operation. ..... at the relevant time reads as under: aerated waters in the manufacture of which blended flavouring concentrates in any form are used.the explanation to the item was inserted by the finance act with effect from 1-4-1988 and such explanation would not be applicable and, therefore, to be ignored while dealing with this issue. ..... the light of these decisions and also in the light of the opinion expressed by the board in explaining the provisions of the finance act 1987, the cit (appeals) was not justified in denying the claim of investment allowance claimed by the assessee.4. ..... the board has clearly stated therein that the explanation inserted by the finance act, 1987 was with a view to clarifying the provisions of item ..... same is to come into operation from 1-4-1988 and the legislative inent to this effect has also been brought out in the note on clauses to the finance bill 1987- [see 168 itr (statute) 144].it is stated therein that clause 75 of the finance bill sought to amend item nos. ..... [1991] 187 itr 580. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
..... these factors have been considered by the commissioner (appeals) in the impugned order and considering the same as reasonable, he exercised the powers conferred under section 80 of the finance act, 1994 and waive the penalties. 7. ..... he further submitted that as per section 80 of the finance act, penalty can be dropped only when the assessee proves that there was reasonable cause for the said failure. ..... i find that section 80 of the finance act, 1944 deals with the provisions not to impose penalty in certain cases, which is re-produced here as under:- section 80. ..... on appeal, the commissioner (appeals) dropped the penalties imposed under section 76,77 and 78 of the finance act, 1994. ..... a show-cause notice was issued the same was adjudicated confirming service tax demand of rs.1,11,630/- along with interest and various penalties under section 76,77 and 78 of the finance act, 1994. ..... per : ashok jindal, member (judicial) revenue has filed this appeal against the impugned order wherein penalties imposed on the respondents were dropped by exercising powers confirmed under section 80 of the finance act, 1994. 2. ..... - notwithstanding anything contained in the provisions of section 76, [section 77 or section 78, no penalty shall be imposable on the assessee for any failure referred to in the said provisions if the assessee proves that there was reasonable cause for the said failure. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
..... interest under section 75 of the finance act, 1994 and penalty under the provisions of section 76, 77 and 78 of finance act, 1994 was also proposed. ..... per: shri ashok jindal, member (judicial) in this appeal, the appellants are seeking setting aside of the impugned order, wherein the penalties under sections 76, 77 and 78 of the finance act, 1994 have been confirmed against the appellants. 2. ..... reported in 2010 (18) str 77 (chennai), wherein it was held that the burden on revenue to establish suppression on the part of assessee with intent to evade payment of service tax has not been discharged and no penalty is leviable under sections 76, 77 and 78 of the finance act, 1994. ..... but, he fairly agreed that no intention to evade service tax has been established, for which penalty can be imposed under section 78 of the finance act, 1994. ..... two show-cause notices were issued for demand of rs.3,70,492/- under section 73(1) of the finance act, 1994. ..... therefore, i find that the imposition of penalties under section 76, 77 and 78is justified. ..... hence, the penalty under section 76 is rightly imposed. ..... re-quantified, which was reduced to rs.23,075/- for the period 16.6.2005 to 30.9.2006 and there was an excess deposit of service tax of rs.1757/- during the period 1.10.2006 to 31.3.2007, but the penalties of rs.1,95,863/- was confirmed under section 76 and 78. .....
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