Court : Uttaranchal
Reported in : (2008)218CTR(Uttranchal)7; [2009]313ITR140(Uttaranchal); [2009]178TAXMAN453(NULL)
..... 2,98,924 on account of breach of section 43b of the it act, 1961, in spite of the fact that the amendment brought in said section vide finance act, 2003, had expressly no retrospective implementation5. ..... hence, this appeal by the revenue, on the ground that deletion of second proviso to section 43b of the it act, 1961 by finance act, 2003, is not retrospective in effect, and as such, the tribunal has allegedly erred in law in treating it deleted for the purposes of assessment, made for the asst. yr. ..... that might be the reason due to which the legislature omitted the aforementioned second proviso to section 43b through finance act, 2003, which came into force w.e.f. ..... arvind vashistha, learned standing counsel for the revenue/appellants argued that the deletion cannot be treated to be retrospective, as there is no express provision to this effect in the finance act, 2003, which indicates that the deletion would apply retrospectively. ..... posti, learned counsel for the respondent/assessee contended that the amendment by which second proviso to section 43b was deleted is curative in nature, and being explanatory has a retrospective effect. ..... expressly it is not provided in the finance act, 2003, that the deletion is retrospective. ..... now, the question before this court is whether, the deletion of second proviso, made by finance act 2003, is applicable retrospectively, or not? ..... the aforementioned second proviso was deleted vide finance act, 2003 w.e.f. .....
Tag this Judgment!Court : Jharkhand
Reported in : [2008(1)JCR572(Jhr)]
..... the petitioner is not only challenging the order dated 17.8.2006 whereby suo motu revision petition under section 26(4) of the bihar finance act, 1981 was initiated, but also challenging the final order dated 8.5.2007 passed in the said ..... 4 - joint commissioner of commercial taxes (administration), dhanbad division, dhanbad initiating a suo motu revision proceeding under section 46(4) of the bihar finance act, 1981 for revising the revised assessment orders passed under the central sales tax act for the years 1981-82 to 1997-98 and also for quashing the final order dated 8.5.2007 passed in the said suo motu revision proceedings whereby he ..... orders; he failed to take into accounts the following facts:a) the order of the learned additional commissioner of commercial taxes, ranchi was only for the financial years 19981-82 to 1991-92, 1993-94, 19960-97 and 1997-98.b) there was no order for the financial year 1992-93 from the superior court and that the said order could not be reviewed/revised suo motu by the ..... the as against the assessment orders for the years 1981-82 to 1993-94 and 1996-97 and the appellate orders passed therein by the joint commissioner of commercial taxes (appeal), dhanbad, the circle-in-charge, dhanbad circle, dhanbad filed 14 separate suo motu revision petitions under section 46(4) of the dst act before the commissioner of commercial taxes, jharkhand, ranchi and were ..... 1993-94, 1995-96 and 1996-97, petitioner was found to have made excess payment of tax under state act .....
Tag this Judgment!Court : Orissa
Reported in : AIR1955Ori106; 21(1955)CLT555
..... the 'definite information' consisted only of his view of the law as to whether the rates of the finance act of 1938 or 1939 were applicable and as in his view the rates of finance act of 1939 were applicable that in his view constituted 'definite information' so as to attract the operation of section 34.it was found that the view of the second officer about the legal position was correct; but the question raised was whether a different view ..... gains chargeable to income-tax had escaped assessment in any year, or had been assessed at too low a rate, the income-tax officer might make a fresh assessment.it would be seen under this section before the amendment of 1939, all that had to be shown was that the income had escaped assessment, or had been assessed at too low a rate, and the cases show that position might arise by a ..... that, owing to some mistake of the income-tax officer, he ought to have been charged at a heavier figure with the result that he may cause considerable embarrassment.presumably considerations of this nature led to the amendment of section 34 in 1939 by which it was provided that if in consequence of definite information which has come into his possession, the income-tax officer discovers that income, profits or gains chargeable to income-tax have ..... any definite information coming into his possession, but he only corrected a view of the mistake of law applied by his predecessor, and that was not a sufficient ground for applying section 34 as amended in 1939.5. mr. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1994]208ITR649(SC); JT1994(3)SC116; 1994(1)SCALE840; 1994Supp(2)SCC296; [1994]2SCR247
..... with effect from april 1, 1963, as substituted by finance act, 1964, read as follows:40 amounts not deductible: notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head 'profits and gains of business or profession-(c) in the case of any company(iii) any expenditure incurred after the 29th day of ..... by finance act, 1968, sub-clause (iii) in clause (c) of section 40 was deleted and in its place sub-clause (v) was introduced in clause (a) of section 40. ..... expenditure any payment by way of gratuity or the value of any travel concession or assistance referred to in clause (5) of section 10 or passage moneys or the value of any free or concessional pat-sage referred to in sub-clause (i) of clause (6) of that section or any sum referred to in clause (viii) of sub-section (1) of section 17 or in clause (v) of sub-section (2) of that section or the amount of any compensation referred to in clause (i) or any payment referred to in clause (ii) of sub-section (3) of that section or any payment referred to hi clause (iv) or clause (v) of sub-section (1) of section 36 shall not be taken into account.3. ..... as introduced by the said finance act, the sub-clause read as follows ..... as introduced by finance act, 1971, it read as follows: ..... the sub-section has been omitted altogether by direct tax laws (amendment) act, 1987 with effect from april 1, 1989.7 ..... 4614-5 of 1993 raised two other contentions, viz .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2003SC3942; (2003)179CTR(SC)362; (2003)2MLJ65(SC); (2003)3SCC57; [2002]SUPP5SCR387
..... prior to finance act, 1987, the corresponding sections pertaining to imposition of interest used the expression 'may' but the change brought about in the finance act, 1987 is a clear indication that the intention of the legislature was to make the collection of statutory interest ..... in that case pertinent for this case read as under:-'it is no doubt true that the terminology 'settlement' has a very wide dictionary meaning and in the absence of a statutory definition generally the word 'settlement' in sub-section (4) of section 245-d would give the commission sufficient power to arrive at a settlement which it deems fit, but when the statute qualifies such expression like 'settlement' with mandatory words like 'in accordance with the provisions of this ..... and one-half per cent for every month or part of a month comprised in the period from the 1st day of april next following such financial year to the date of determination of total income under sub-section (1) of section 143 and where a regular assessment is made, to the date of such regular assessment, on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of ..... chapter xix-a providing forum and procedure for 'settlement of cases' was introduced in the it act by taxation laws (amendment) act 1975 published in the gazette of india extraordinary part ii dated 9th may, 1973 (pages 443 of 530 ..... statement of objects andreasons for the amendment reads thus:31. .....
Tag this Judgment!Court : Rajasthan
Reported in : RLW2007(2)Raj1606; 2006[4]STR545; [2007]6STT385
..... the said clause was renumbered as clause 23 vide finance act, 2003 clause 23 of section 65 reads as follows:cargo handling services means loading, unloading, packing or unpacking of cargo and includes cargo handling services provided for freight in special containers or for non-containerized freight, services provided by a container freight terminal or ..... section 65 of finance act, 1994 provides and defines various services on which service tax is levied. ..... the say of the petitioner firm is that the services of maintenance and repairs rendered by it falls under tax net under other provisions of finance act and, therefore, the petitioner firm has obtained a certificate of registration. ..... the central government decided to bring 'cargo handling service' also in the sweep of service tax and, therefore, clause 20 was inserted vide finance act, 2002 w.e.f. ..... the finance act, 1994 provides the method of levy of service tax, taxable services and their valuation, procedure and the rules. ..... it will be relevant to refer to taxable services in respect of cargo handling under clause (zr) of sub-section (105) of section 65 which reads as follows:to any person, by a cargo handling agency in relation to cargo handling services.5. ..... the act of 1944 provides for imposition of service tax by section 54. ..... certain provisions of the central excise act, 1944 also applies to the service tax. .....
Tag this Judgment!Court : Chennai
Reported in : (1986)53CTR(Mad)176; [1986]160ITR27(Mad)
..... the definition of 'income' in section 2(24) was amended by the finance act, 1972, with effect from april 1, 1972. ..... the learned counsel has contended that when section 59 of the finance act, 1972, referred to a casual and non-recurring receipt of the previous year relevant to the assessment year commencing on the 1st day of april, 1972, and provided that any income falling within clause (3) of section 10 of the income-tax act, as it stood immediately before the 1st day of april, 1972, shall not be included, then what was material to be found was not the date of the receipt ..... according to the learned counsel, if the receipt does not fall in the previous year relevant to the assessment year 1972-73, then the exemption granted by section 59 of the finance act, 1972, could not be availed of by the assessee. ..... this amendment by addition of sub-clause (ib) was also made by the finance act, 1972. ..... by the same finance act, in section 59, it was provided as follows : 'certain casual ad non-recurring receipts not to be included the total income for the assessment year 1972-73. ..... the question which falls for consideration is whether the income from horse racing in question when it was received on february 27, 1972, qualifies for this exemption under section 59 of the finance act, 1972. ..... ' 9.there is no controversy about the effect of the provisions of section 59 of the finance act, 1972. .....
Tag this Judgment!Court : Chennai
Reported in : (2002)178CTR(Mad)483; [2003]260ITR164(Mad)
..... whether, the tribunal was right in holding that the expression 'motor cars' occuring in section 40(3)(vii) of the finance act, 1983 leaves no ambiguity in interpretation and as such, motor cars forming part of plant and machinery in the block of assets for depreciation under sec ..... , the tribunal was right in holding that the factory building at avadi cannot be treated as business asset used for the purpose of business of the appellant company as per interpretation of section 40(3)(vi) of the finance act, 1983, in the facts and circumstances of the case ? ..... of the income tax act 1961 as part of the plant and machinery, should be construed as motor cars simpliciter as specified for the purpose of section 40(3)(vii) of the finance act, 1983? 3. ..... sub clause (vi) of section 43 of the finance act stipulates that what is to be excluded is a factory which is 'used by the assessee for the purpose of its business ..... section 40 of the finance act 1983 which provides for the revival of levy of wealth tax in the case of closely held private ..... agricultural lands and which had never been claimed to be agricultural lands, to wealth tax which had been reintroduced so far as the closely held private companies were concerned with effect from 1.4.1984 by the finance act 1983.4. ..... is there anything in the provision either expressly stated or implicit therein to warrant exclusion of motor cars on the ground that they form part of the block of assets for depreciation under section 32 of the income-tax act.5. .....
Tag this Judgment!Court : Karnataka
Reported in : 2010[18]STR146
..... very liability is under section 65(19) of the finance act, 1994 and this statutory provision has undergone a change by the amendment given effect retrospectively from 10-9-2004, as substituted by the finance (no. ..... charges, for the period from 10-9-2004 to 28-2-2005 was liable to tax in terms of the provisions of section 11a of the act, on the premise that there was suppression of facts on the part ..... the subject matter of the appeal filed under section 35g of the central excise act, 1944, by the commissioner of service tax, service tax commissionerate, bangalore, is as to whether the tax liability under the provisions of finance act, 2005, in respect of the activity of the respondent-assessee namely, activity of enhancing the acidic value of humic acid supplied to the assessee by its sister concern on job work, by collecting the process ..... 2) act, 2004 and again by way of amendment of finance act, 2005 notified on 16-6-2005, it was clarified that service provided by ..... passed by the adjudicating authority we find that there is not even a finding about the suppression of facts on the part of assessee, which could have enabled the adjudicating authority to invoke the provisions of section 11a of the act. .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]191ITR233(Cal)
..... observed (at page 541) :'the terms of section 7(5) of the finance act, 1894, have already been quoted. ..... of lords held that the expenses cannot be allowed because, some of the expenses have been specifically allowed under section 7(3) of the finance act. ..... section 7(5) of the finance act, 1894, provides as follows (at page 523) :'(5) the principal value of any property shall be estimated to be the price which, in the opinion of the commissioners, such property would fetch if sold in the open market at the time ..... , contends that if the liability to pay income-tax as soon as the income is earned is a perfected debt and constitutes a debt owed within the meaning of section 2(m) of the act, the liability to pay capital gains tax arises as soon as it is assumed that the property which is to be assessed under the wealth-tax act is to be sold and on the basis of such notional sale, whatever price the assessee notionally receives, the liability to capital gains tax is immediately attracted by reason ..... in case where bonds have been issued after taking into consideration the liability under section 4(c) of the bihar land reforms act or where liability under section 4(c) has been determined and deducted from the compensation, in such a case no question of deduction on account of the arrears of agricultural income-tax mentioned in section 4(c) of the bihar land reforms act would arise but, in all other cases, this is a liability, a hazard, a factor, a clog or a jeopardy which detracts from the .....
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