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Regency Soraj Infrastructures Vs. Union of India and Others

Court : Delhi

..... section 80 ia was substituted by finance act, ..... after the 1st day of april, 2001 and transfers the operation and maintenance of such industrial park or such special economic zone, as the case may be, to another undertaking (hereafter in this section referred to as the transferee undertaking), the deduction under sub-section (1), shall be allowed to such transferee undertaking for the remaining period in the ten consecutive assessment years as if the operation and maintenance were not so transferred to the transferee undertaking: provided further ..... the second proviso to the clause (iii) was incorporated/introduced by finance act, 2006 with effect from 1st april, 2007 and the said proviso at the time when it was introduced was as under: "provided further that in the case of any undertaking which develops, develops and ..... sake of completeness, we may record that the date 31st march, 2006 was substituted for the date 31st march, 2002 by finance act, 2001 with effect from 1st april, 2001..9. ..... formulating and notifying the scheme as it is contrary to the principles of good governance and is vulnerable to criticism on the ground of creating uncertainty, but this by itself in the factual matrix of the present case and the language of section 80 ia(4)(iii) cannot and is not a ground to hold that the 2002, scheme continued to be in operation till 8th january, 2008. ..... government is normally free to modify, amend or withdraw fiscal benefits from time to time and they have right to implement the .....

Mohabir Enterprises Vs. Commissioner of Central Excise

Court : Chennai

..... , had been reduced to rs.4 lakhs under section 35-f of the central excise act (hereinafter referred to as 'the act') made applicable to the service tax as per section 83 of the finance act and the balance amount was waived, is called in question, seeking to quash the same as unlawful, arbitrary and not sustainable in law.3 ..... respondent passed the impugned order, dated 22.1.2013, in pre-deposit-cum-appeal order no.62/2013 (m-st(pd)) (in a.no.366/2012 (m-st)), thereby directing the petitioner to pay the amount of rs.4 lakhs as pre-deposit in cash on or before 12.2.2013 under section 35-f of the act, made applicable to service tax as per section 83 of the finance act and the balance amount was waived. ..... , against which, the petitioner filed a statutory appeal under section 85 of the finance act, 1994, before the first respondent-appellate authority, along with petition for stay/waiver of pre-deposit of service tax, interest and penalty and the said appeal was numbered as a.no.366/2012(mst ..... a show cause notice in no.608/2009, dated 30.11.2009 was issued by the second respondent to the petitioner, requiring the petitioner to show cause as to why a sum of rs.47,93,649/- towards service tax, should not be demanded under section 73(1) of the finance act, 1994, apart from demand of interest. ..... petitioner contested the classification and taxability of impugned services under the category "survey and exploration of mineral services" as defined under section 65(104a) of the finance act, 1994.4. .....

Kerala State Beverages Manufacturing And Marketing Corporation Limited ...

Court : Supreme Court of India

..... from the relevant memorandum to the finance act, 2013 and underlying object for amendment of income tax act by act 17 of 2013, by which section 40(a)(iib)(a)(b) is inserted, it is clear that the said amendment is made to plug the possible diversion or shifting of profits from these undertakings into ..... by the finance act, 2013 (act 17 of 2013), section 40 of the act is amended by inserting section 40(a)(iib), which has come into ..... sri ganesh, learned senior counsel appearing for the appellant by referring to explanatory note to the finance act, 2013, and section 40(a)(iib) of the act, has submitted that the levy of gallonage fees, licence fee and shop rental (kist) on fl 9 licence is not on any state government undertaking but same is a levy on the licensee. ..... the above legislative history of the finance acts, as also the practice, would appear to indicate that the term income tax as employed in section 2 includes sur charge as also the special and the additional surcharge whenever provided which are also surcharges within the meaning of article ..... licence fee and shop rental (kist) for fl 9 licence and fl 1 licence, the surcharge on sales tax and turnover tax do not fall within the purview of the abovesaid amended section, the case of the revenue is that all the aforesaid amounts are covered under section 40(a)(iib) as such, such amounts are not deductible for the purpose of computation of income, for the assessment years 2014 2015 and 2015 2016.9. ..... 1972(4) scc5262 (1992) 2 scc15610 .....

V.B. Information Systems Vs. Cce

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Tamil Nadu

Reported in : (2005)(102)ECC522

..... dr has dislodged this ground of the appeal by pointing out that, for the period of dispute, there is a recovery mechanism under rule 57 cc as retrospectively amended by the finance act, 2005 vide with section 82 (1)(b) read with sl. no. ..... such mechanism has been introduced by the finance act, 2005, with retrospective effect. ..... after examining the relevant provisions of the finance act, 2005, cited by ld. ..... before finance act, 2005 came into force, there was no statutory mechanism for recovery of rule 57 cc dues and accordingly the appellants resisted the demand. ..... 1.the appellants are manufactures of computer (sub-heading 8471.00 of the schedule to the central excise tariff act). .....

Orient Express Co. (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)14ITD506(Delhi)

..... now since the definition of 'industrial company' in the finance act, is so different from the language in section 32a the meaning given to the expression 'manufacture or processing of goods' cannot be applied to the manufacture or production of any article or thing used in section 32a.this is the basic difference between that decision which has not been noticed by the authorities below and which has been pointed out by the learned chartered accountant shri pradip ..... the decision given by the kerala high court on the language used in section 2(6)(w) of the finance act. ..... the definition of industrial company as given in the finance act, should first be noticed to understand this controversy and this is as under : (d) '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 ..... assessment year 1968-69 it claimed to be an industrial company as the term is defined in the finance act, 1968. ..... the raw materials into finished products, namely, food-stuffs did amount to carrying on of an activity of manufacture and, therefore, the assessee was an industrial company within the meaning of definition of 'industrial company' as given in the finance act. ..... in this appeal centred round the claim made by the assessee for the allowance of investment allowance under section 32a of the income-tax act, 1961 ('the act') on the new plant and machinery installed by the assessee. .....

Jay Engg. Works Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)43ITD594(Delhi)

..... secondly, sub-section (9) of section 32a which was akin to explanation to section 34(3)(a) has been omitted by the finance act of 1990 w.e.f. ..... subsection (9) to section 32a also stands omitted by the finance act of 1990 w.e.f. ..... on perusal of the decision of the supreme court, it is observed that the decision is based on explanation to section 34 (3) (a) which has been omitted by the finance act, 1990 w.e.f. ..... our attention was drawn to the explanatory notes to the finance act of 1976 issued by the central board of direct taxes in support of the contention that in the case of a loss, it would not be necessary for an assessee to create investment allowance reserve and that it would be sufficient compliance of the law if a ..... : where the amount debited to the profit and loss account and credited to the investment allowance reserve account under this sub-section is not less than the amount required to be so credited on the basis of the amount of deduction in respect of investment allowance claimed in the return made by the assessee under section 139, but a higher deduction in respect of the investment allowance is admissible on the basis of the total income as proposed to be computed by the assessing officer ..... whether these two omissions by the finance act of 1990 supersede the decision of the hon'ble supreme court in the case of shri shubhlaxmi mills ltd. ..... in the explanatory notes to the finance act of 1976, the central board of direct taxes vide circular no. ..... [1992] 40 itd 442 (mad.). .....

Hmt Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1996)59ITD76(Bang.)

..... the appellant succeeds.on examination of the amendment caused to clause (iv) of sub-section (1) of section 32 by the finance act, 1983 with effect from 1-4-1984, we find that under the said amendment only the following expression was deleted: but any such sum shall not be deductible in determining the written down value for the purposes of clause (it) of sub-section (1).the expression "written down value" has been defined in section 43(6) to mean in the case of assets acquired before the relevant previous year, the ..... therefore, i allow the initial depreciation on the buildings including those which were brought forward during 1984-85 under section 32(1)(i'v) in terms of the amended provisions of the finance act, 1983 with effect from april 1984. ..... 4, it is contended that the cit(a) erred in holding that section 80ab of the act warrants computation of profits and gains as if each industrial undertaking was a separate assessee by itself.this issue is covered in favour of revenue and against the assessee by the judgment of the karnataka high court dated 13-4-1992 in itrc nos.104 and 105 of 1987 in the assessee's own case for assessment year 1981 -82. ..... these two issues were decided in favour of the assessee by the judgments of the karnataka high court dated 13-4-1992 in itrc nos. ..... 104 and 105/87 relating to assessment year 1981-82 and also dated 10-1 -1992 in itrc no. .....

Deputy Commissioner of Vs. British Motor Car Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)57ITD565(Delhi)

..... admittedly, there is a close nexus between the debt and the asset, the value of which is chargeable under the wealth-tax act for the purpose of section 40 of finance act, 1983.as regards the proportionate deduction of liabilities which are charged or secured on chargeable asset, there is no dispute between the parties as admitted before us. ..... as per scheme of section 40 of the finance act, 1983, the net wealth of the assessee is to be computed after taking into account the aggregate value of all assets as specified in sub-section (3) of section 40 of the finance act, 1983, after deducting therefrom the debts owed, which are secured on or which have been incurred in relation to such assets. ..... drawing our attention to the provisions of section 40 of the finance act, 1983, it was argued that since a part of the asset was taxable it is only the proportionate debt, if at all, which has to be considered against the value of the property. ..... clause (vi) of sub-section (3) of section 40 of the finance act, 1983 specifies following asset :- "(vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, cinema house, hotel or office for the purposes of its business or as a hospital creche, ..... these five appeals pertaining to assessment years 1984-85 to 1988-89 have been filed by the revenue against the consolidated order of the learned commissioner of wealth-tax (appeals), which is dated 27-01-1992. .....

T. N. Sridharan Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2000)242ITR55(Mad.)

..... " there is amendment brought in explanation b by the finance act, 1986.the following words in brackets were inserted by finance act, 1986 :- "(and fails to prove that such explanation is bona fide and that all the facts relating to the same and material to the computation of his total income have been disclosed by him)".the above words which were introduced by the finance act, 1986 were taken to be part of explanation 1(b) even by finance act, 1983 by the learned accountant member, as can be seen from the ..... that the provisions relating to penalty proceedings are quasi-criminal in nature and, therefore, the burden is large on the revenue to establish the charge before imposing penalty under section 271(1)(c), more so, when the explanation to that section has not been invoked the provisions of section 69a are enabling provisions for making certain additions if the assessee fails to give an explanation or the explanation given by the assessee is not to the satisfaction of the income-tax ..... were made in the assessment proceedings, and that the assessee had accepted the same, it was held that the penalty could not be imposed since the assessing officer failed to invoke the provisions of explanation to section 271(1)(c) and further that the burden was on the revenue to prove concealment of income besides that the additions made in the assessment would not automatically entitle the revenue to impose penalty.6.5. .....

Baby Marine Exports Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)77ITD442(Coch.)

..... appreciate the fact that explanation (baa) to section 80hhc(4a) was inserted by the finance act, 1991 with effect from 1-4-1992. ..... with a view to encouraging large exports of certain goods by finance act, 1982, a section was inserted for the first time with effect from 1-6-1982 for providing tax relief to companies and corporate tax payers resident in india whose ..... 2) act, 1980; whereas section 80hhc was originally inserted by the finance act, 1983 with effect ..... ' means the profits of the business as computed under the head 'profit and gains of business or profession' as reduced by - (1) ninety per cent of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment of the ..... section 80hhc was introduced by the finance act ..... 37 deciding the issue for the assessment years 1990-91 and 1991-92, the tribunal held that the deduction under export turnover/ profits retained for export business as used in section 80hhc(3) unambiguously refers to total turnover of the entire business and not to the total turnover of export business and the tribunal further held that business includes not only the ..... with the 1989 amendment the section for the first time exempted the entire profits derived from exports and made express provision for dividing the exemption between a .....