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Vipul Dye Chem Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD851(Mum.)

..... to be retrospective.11. in the case of bhagwan dass khanna enterprises (p) ltd. (supra), the delhi bench of the tribunal held that the amendment made by the finance act, 1992 introducing explanation to section 80hhd(2) and (2a) are clarificatory and retrospective in nature. in the case of podar cement (p) ltd (supra) it was held that ..... provisions were contained in section 80wa and remained the same on the statute book from asst. yrs. 1984-85 to 1987-88. the provisions were again introduced by finance act 1987 by introduction of new section viz., section 115j. these provisions remained in force from asst. yrs. 1988-89 to 1990-91 i.e., for a period ..... determined for the purpose of s: 115ja for levying the minimum alternative tax. the learned counsel referred to the circular no. 495 dt. 22nd sept., 1987, explaining the finance act, 1987. according to the learned counsel, this circular also refers to book profits on which minimum tax is leviable. according to him, "book profits" do not include .....

income-tax Officer Vs. Vegunta Surya Prakasa Rao Sons and

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2004)88ITD322Visakha

..... pre-amended provision of section 40(b), but the logic golds good even under the new scheme, i.e., even after the amendment of section 40(b) by finance act, 1992 with effect from 1-4-1993. in that case, the concerned partner represented his huf. it was claimed that some commission was paid to him in his individual ..... received by partner from the firm does not get treated as 'salary' for purposes of assessment. sub-section (v) to section 128 has been introduced by the same finance act, 1992 to include any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm as ..... , remuneration paid or payable is relatable to the book profits of the firm as per the amended provisions of section 40(&) of the income-tax act which are amended by the finance act, 1992. hence, the contentions of the assessee that remunerations were paid to the individual status of the partners for the services rendered and are not distribution of .....

ito Vs. Shri Yogi H. Aggarwal, Associated

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)278ITR116(Mum.)

..... there shall be included all such income as arises directly or indirectly to minor child of such individual or otherwise than for adequate consideration. this clause was omitted by finance act, 1992 and section 64(1a) as well as section 10(32) were inserted w.e.f.1/4/93. ld. dr accordingly submitted that various case laws relied ..... be clubbed from assets transferred directly or indirectly to minor child by such individual otherwise for inadequate consideration. in view of this omission s/s1(a) was inserted by finance act, 1992 w.e.f. 1/4/93 to section 64 which reads as under :- "in computing the total income of any individual, there shall be included all such ..... minor child on account of any - b) activity involving application of his skill, talent or specialized knowledge and experience." 12. with effect from 1/4/93 by the finance act, 1992 section 10(32) was also inserted which reads as under :- "in the case of an assessee referred to in sub-section (1a) of section 64, any income includible .....

Abdulgafar A. Nadiadwala Vs. Assistant Commissioner of Income Tax and ...

Court : Mumbai

Reported in : (2004)188CTR(Bom)232; [2004]267ITR488(Bom)

..... be amended for and from the asst yr 1991-92 which further came to be substantially amended by the finance (no 2) act, 1991, which further came to be amended by the finance act, 1992, w e f 1st april, 1992 the departmental circulars to explain the amendments made from time to time and laying down broad features thereof were ..... be rendered outside india shall include services rendered from india but shall not include services rendered in india ' section 80hhf19. section 80hhf came to be inserted by the finance act (no 2) w e f 1st april, 2000, with a view to provide deduction to the indian companies from profits and gains convertible in foreign exchange from ..... corporate taxpayers resident in india whose export turnover for a year exceeds the export turnover for the immediately preceding year by more than 10 per cent thereof15. the finance act, 1983, has omitted the aforesaid provisions w e f 1st april, 1983 simultaneously, a new section 80hhc came to be inserted with effect from the same date .....

All India Blue Star Employees Federation Vs. Union of India (Uoi) and ...

Court : Mumbai

Reported in : [1998]234ITR155(Bom)

..... approve in this behalf ;'3. to extend the benefit of this clause also to the employees of companies other than public sector companies, this clause was substituted by the finance act, 1992, with effect from april 1, 1993, by the following : '(10c) any amount received by an employee of a public sector company or of any other company at ..... of co-operative societies, universities, i.i.t. and institutes of management notified by the central government in this behalf of amending this clause by the finance act, 1994. clause (10c), as amended by the finance act, 1994, which is operative with effect from april 1, 1995, reads as follows :'(10c) any amount received by an employee of-- (i) a ..... do not form part of the total income. clause (10c) was inserted in that section for the first time with effect from april 1, 1987, by the finance act, 1987, to extend the benefit of exemption to the employees of public sector undertakings in respect of any payment received by them at the time of their voluntary .....

S.R.F. Finance Ltd. Vs. Central Board of Direct Taxes and Others

Court : Delhi

Reported in : (1994)221CTR(Del)431; ILR1998Delhi247; [1995]211ITR861(Delhi)

..... confined up to june 1, 1992. all the above several proposals, made one after the other to rope in the payments made to commission agents and professionals ..... out any work'. 21. as per the finance (no. 2) act, 1991, section 194h was inserted with effect from october 1, 1991, to provide for deduction of tax at source from commission or brokerage, etc. this section had a very limited life and it was given up by virtue of the finance act, 1992, and the life of the said section was ..... 19. again, by the finance bill, 1987, section 194e was sought to be introduced requiring deduction of tax at source from 'other incomes' which included commission or brokerage as well as fee for professional services, fee for technical services, rent, etc. this proposal was also not pursued and it was dropped when the act was ultimately passed. in .....

Timken France Sas Vs. Director of Income-tax (international Taxation) ...

Court : Authority for Advance Rulings

..... process. in this connection, the counsel for revenue relies on the cbdt circular no. 636 dated 31.8.92 containing the explanatory notes to the provisions of finance act, 1992. while referring to the amendment of section 48 which introduced the concept of cost inflation index, it was stated as follows : as protection from rupee value in ..... second proviso, it was conceived as a measure of off-setting the effect of inflation vide cbdt circular no. 636 dated 31.8.1992 containing explanatory notes on the provisions of finance act, 1992. the cost of acquisition of asset and the cost of improvement thereto are inflated to arrive at the indexed cost of acquisition and indexed ..... to be differently projected by both sides to buttress their divergent arguments. both the counsel have referred to para 41 of the explanatory notes on the provisions of finance act, 1999* 41. reduction of tax rate on long-term capital gains in regard to securities: 41.1. under the existing provisions, long-term capital gains .....

Chief Engineer/Mech/Coal, Vs. Collector of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2000)(117)ELT71TriDel

..... and (b) the whole of the auxiliary duty of customs leviable thereon under sub-section (1) of section 111 of the said finance act, 1992 (18 of 1992). this order shall take effect from the 15th of september, 1992 and shall remain in force upto and inclusive of the 15th day of september 1993." 4. in the present case, concessional duty benefit ..... as mentioned above; and in exercise of the powers conferred by sub-section (2) of section 25 of the customs act, 1962 (52 of 1962) read with sub-section (4) of section 111 of the finance act, 1992 (i8 of 1992), the central government being satisfied that it is necessary in the public interest so to do hereby exempts a quality ..... of two million tonnes of coal falling under the heading 27.01 of the first schedule to the customs tariff act, 1975 (51 of 1975). to be imported .....

Gilbs Computer Limited (Formerly Gold Fish Computers P. Ltd.) Under Co ...

Court : Mumbai

Reported in : (2009)226CTR(Bom)19; [2009]317ITR159(Bom); [2009]184TAXMAN342(Bom)

..... effect from 1st april 1971. section 253(6) was thereafter amended once again and the quantum of the fee was increased to rs. 200/by the finance act, 1981.10. the finance act, 1992 changed the manner of computing the fee and it was provided that if the total income of the assessee as computed by the assessing officer in the case ..... rs. one lakh or less the fee payable would be rs. 1,500/. the circular explaining the provisions of the finance act, 1992 (see 198 itr(st.) @ 50) being circular no. 636 dated 31st august 1992 states thus:52 - the finance act has amended section 253 enhancing the fee to be paid for filing appeals before the incometax appellate tribunal. under the pre ..... appeals thus slowing down the disposal of the appeals and, hence, it was decided to enhance the limit.section 253(6) was once again amended by the finance act, 1999 and clause (d) was inserted in subsection (6). the object behind the amendment was explained in circular no. 779 dated 14th september 1999 as under:the .....

M.S. Hameed and ors. Vs. Director of State Lotteries and ors.

Court : Kerala

Reported in : [2001]249ITR186(Ker)

..... as giving rise to income, though a salutary principle, can have no application to the facts of the present case. 26. reference had been made to the finance act, 1992, as seen published in [1992] 195 itr 214. sub-sections (2) and (3) were added to section 194g but in view of my finding that exhibit p-4 cannot be ..... no application, and hence the demand of tax, as coming through exhibit p-4 is unsustainable and without jurisdiction. 6. section 194g of the act had been introduced by the finance (no. 2) act, 1991, effective from october 1, 1991. i may extract the section, as it might be relevant to appreciate the stand of the parties better : '194g. ..... judgment reported in narain swadeshi weaving mills v. cept : [1954]26itr765(sc) . mr. menon had also referred to the decisions reported in k. g. subramanyam v. cit : [1992]195itr199(kar) as also harihar cotton pres sing factory v. cit : [1960]39itr594(bom) , in support of his submissions. he had referred to the clarification issued by the state .....