Court : Karnataka
Reported in : [2006]286ITR136(KAR); [2006]286ITR136(Karn)
..... april, 1992, wherein the definition of 'buyer' under clause (a) is explained under sub-clause (iii) of the said clause, which provision excludes the buyers ..... arrack purchased by them. we are concerned in these cases with the explanation part to sub-section (11) of section 206c of the act which was inserted by the finance act w.e.f. 1st april, 1992. insofar as liquor for human consumption (other than indian made foreign liquor), the percentage of collection of income-tax at source to be ..... is stated that the provisions of section 206c of the act are not applicable to them as they come within the category of explanation to section 206c sub-section (11) clause (a) 'buyer' sub-clauses (i) to (iii) which provisions were inserted by way of an amendment by the finance act, 1992, which have come into force w.e.f. 1st .....
Tag this Judgment!Court : Karnataka
Reported in : (2005)195CTR(Kar)360; [2005]275ITR227(KAR); [2005]275ITR227(Karn)
..... be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.(2) (omitted by the finance act, 1992, w.e.f. 1st june, 1992)(3) the provisions of sub-section (1) shall not apply-(i) to (viii) xxxxxx*(ix) to such income credited or paid by way of interest ..... 5. in the context of the submission, learned counsel has drawn my attention to the provisions of section 194a of the it act (for short 'act') and draws particular attention to clause (ix) of section 194a of the act inserted by finance act, 2003, w.e.f. 1st june, 2003, and submits that it is only thereafter the petitioner is required to deduct ..... aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees.'*inserted by finance act, 2003, w.e.f. 1st june, 2003.reading of section 194a(1) of the act clearly indicates that any person, not being an individual or an huf who is responsible for distribution of interest which is .....
Tag this Judgment!Court : Karnataka
Reported in : [1999]240ITR912(KAR); [1999]240ITR912(Karn)
..... v.k singhal, j. 1. the validity of sections 2(ea)(i) and 2(ea)(ii) and 2(m) of the wealth tax act as inserted by the finance act, 1992, with effect from april 1, 1993, has been assailed in this petition. it is stated that prior to its amendment section 2(m) which defined 'net wealth' included ..... and more particularly in respect of land and building. the principle of aggregation still applies. in these circumstances, it cannot be considered that the amendments made by the finance act are ultra vires the constitution or the central legislation has encroached upon the field of the state legislature. 14. the writ petition having no force is accordingly dismissed. ..... within the legislative competence of the state legislature under entry 49, list ii, schedule vii, of the constitution of india cannot be made liable to tax under the wealth-tax act. reliance is placed on the judgment given by the apex court in the case of sudhir chandra nawn v. wto : [1968]69itr897(sc) , where it was observed that .....
Tag this Judgment!Court : Karnataka
Reported in : [2006]154TAXMAN447(Kar)
..... -4-1992, wherein the definition of 'buyer' under clause (a) is explained under sub-clause (iii) of the said clause, which provision excludes the buyers ..... arrack purchased by them. we are concerned in these cases with the explanation part to sub-section (11) of section 206c of the act which was inserted by the finance act w.e.f 1-4-1992. insofar as liquor for human consumption (other than indian made foreign liquor), the percentage of collection of income-tax at source to be ..... stated that the provisions of section 206c of the act are not applicable to them as they come within the category of explanation to section 206c sub-section (11) clause (a) 'buyer' sub-clauses (i) to (iii) which provisions were inserted by way of an amendment by the finance act, 1992, which have come into force with effect from 1 .....
Tag this Judgment!Court : Karnataka
Reported in : (2006)203CTR(Kar)505
..... 1-4-1992, wherein the definition of 'buyer' under clause (a) is explained under sub-clause (iii) of the said clause, which provision excludes the buyers ..... purchased by them. we are concerned in these cases with the explanation part to sub-section (11) of section 206c of the act which was inserted by the finance act with effect from 1-4-1992. insofar as liquor for human consumption (other than indian made foreign liquor), the percentage of collection of income-tax at source to ..... stated that the provisions of section 206c of the act are not applicable to them as they come within the category of explanation to section 206c sub-section (11) clause (a) 'buyer' sub-clauses (i) to (iii) which provisions were inserted by way of an amendment by the finance act, 1992, which have come into force with effect from .....
Tag this Judgment!Court : Karnataka
Reported in : (2003)185CTR(Kar)417; [2004]265ITR498(KAR); [2004]265ITR498(Karn)
..... into force from 1st april, 1989. section 206c came into effect from 1st june, 1988.'19. this section as mentioned earlier was upheld. thereafter, in terms of the finance act, 1992, section 44ac was omitted. section 206c provides for collection of tax at source and is continued to operate the deduction at source. therefore, the history of the case ..... find, of understanding a statute is to take some specific instances which, by common consent, are intended to be covered by it. this is especially the case with a finance act. i often cannot understand it by simply reading it through. but when an instance is given, it becomes plain, i can say at once: 'yes, that is ..... providing for tax collection at source along with section 44ac into chapter iii, the latter providing for estimation of profit on a presumptive basis. these provisions were inserted by finance act, w.e.f. 1st april, 1989. insofar as liquor is concerned, the petitioner is to collect from the buyer of liquor a sum equivalent to 10 per .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1999KAR4445; [2000]242ITR522(KAR); [2000]242ITR522(Karn)
..... burden on the minor as observed in unni krishnan (j. p.) v. state of a. p., : [1993]1scr594 .9. section 64(1a) was inserted by the finance act, 1992, from april 1, 1993, i.e., the assessment year 1995-94. the validity of this provision was challenged before the patna high court in the case of syed askari hadi ..... the board may clarify the correct import of these provisions having regard to the caveats indicated above, qualifying these provisions.' 7. the budget speech of the finance minister was to the following effect (see : [1992]194itr1(sc) ) : '60. it is said that the child is the father of man, but some of our taxpayers have converted children into ..... status has been given to the minor. 4. reliance is placed on the memorandum accompanying the finance bill which reads as under (see [1992] 194 itr 170) : 'measures against tax avoidance clubbing of minors' income. section 64 of the income-tax act provides that in computing the total income of any individual, there shall be included all such .....
Tag this Judgment!Court : Karnataka
Reported in : [2005]144TAXMAN921(Kar)
..... be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.(2) (omitted by the finance act, 1992, with effect from 1-6-1992). (3) the provisions of sub-section (1) shall not apply-(i) to (viii)**(ix) to such income credited or paid by way of interest ..... of the submission, learned counsel has drawn my attention to the provisions of section 194a of the income tax act (hereinafter referred to as 'act') and draws particular attention to clause ix of section 194a of the act inserted by finance act, 2003 with effect from 1-6-2003 and submits that it is only thereafter the petitioner is required to ..... of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees.'inserted by finance act, 2003, with effect from 1-6-2003.reading of section 194a (1) of the act clearly indicates that any person, not being an individual or a hindu undivided family and who is responsible for distribution of .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1996KAR1706; [1997]225ITR149(KAR); [1997]225ITR149(Karn); 1997(42)KarLJ43
..... still pending consideration before the supreme court. 7. be that as it may, parliament in its wisdom has deleted section 44ac by the finance act, 1992, with effect from april 1, 1993, and has simultaneously through the same exercise substituted the old section 206c by a new one, sub-section (1) whereof reads as under ..... anyhow, counsel for the respondents has brought to my notice sub-section (6) of section 2 of the finance act, 1995, which reads as under : 'in cases in which tax has to be collected under section 206c of the income-tax act, the collection shall be made at the rate specified in that section and shall be increased in the case ..... extent of the income-tax collected during the concerned assessment year/s, they will be entitled to get refund of excess collections with statutory rate of interest provided under the act. as such, they cannot complain of any irreparable injury. therefore, the balance of convenience also warrants denial of the relief claimed. 9. before parting, i want to .....
Tag this Judgment!Court : Karnataka
Reported in : [1992]195ITR844(KAR); [1992]195ITR844(Karn)
..... the compensation. the assessee, in our opinion, was vested with a right to get compensation immediately his land was vested in the state. section 2(e) of the act defines 'assets' to include property of every description, movable or immovable, but does not include certain categories of property with which we are not concerned. the word 'property ..... why the right to receive compensation cannot be included amongst the assets of an assessee.' 7. section 2(e) referred to herein is the provision in the wealth-tax act. the assessee's contention that the computation of compensation takes time and until then, there is no such asset was negatived in the following words, at page 108 ..... high court in cwt v. u. c. mahatab : [1970]78itr214(cal) was referred to wherein such a right to receive compensation under the west bengal estates acquisition act was held as not an asset. the supreme court left open the correctness of the said decision. further, the supreme court observed : 'suffice it to say that the .....
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