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Indian Rayon and Industries Ltd. Vs. Commissioner of C. Ex.,

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta

Reported in : (2002)(81)ECC515

..... chapter 53 of the central excise tariff act were broadly aligned with hsn for the first time by the finance act, 1995, in this connection, he refers to paragraph 111 of the budget speech of the finance minister proposing to broadly align the central excise tariff on textiles on the lines of the harmonised system of nomenclature, as the same will help reduce the classification dispute.he submits that new section notes in sec- tion xi were introduced by the finance act, 1995, providing that flax yarn, polished or glazed ..... this artificial treatment given by the said section 3a of hsn was not there in the central excise tariff during the relevant period and was introduced for the first time by the finance act of 1995. ..... the headings and sub-headings in chapter 53 were also substituted by new headings and sub-headings by the finance act, 1995 to broadly align the same with hsn. ..... it is seen that there is no dispute about the fact that the goods manufactured by the appellant-company are nothing but glazed yarn.there is no section note or chapter note in central excise tariff act, 1985 to the effect that a particular decitex of flax yarn would be taken out of the category of the flax yarn and would be classifiable under heading 56 as twine, cordage and rope and cable. .....

Manisha Construction Vs. the Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... therefore, with a view to remove this anomaly in the section 158bb(1)(c), the legislature has substituted clause (c) of section 158bb(1) by inserting new clauses (c) and (ca) by the finance act, 2002 with retrospective effect from 1-7-1995 to make it clear that the losses incurred in years for which no return has been filed by the due date shall be added back while computing the undisclosed income, and further that where no returns were filed ..... that these decisions were rendered in the light of provisions contained in (i) main sub-section (1) of section 158bb providing for aggregation of total income of all the previous years falling within the block period to be computed in accordance with the provisions of chapter iv of the act as it then stood; (ii) the original clause (a) of explanation to main sub-section (1) of section 158bb, and (iii) clause (c) to section 158bb(1) as it stood prior to its substitution by the finance act, 2002 with retrospective effect from 1-7-1995. ..... in the aforesaid main sub-section (1) of section 158bb the words "in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the a.o and relatable to such evidence" has been substituted by the finance act, 2002 with effect from 1-7-1995 for the words "in accordance with the provisions of chapter iv, on the basis of evidence found as a result of search or .....

Rakesh Kumar JaIn Vs. Asstt. Cit

Court : Delhi

Reported in : (2004)89TTJ(Del)203

..... 2) act, 2002 had substituted sub-clause (c) of section 158bb(1) with effect from 1-8-1995 and new substituted clause (c) consisted of two sub-clause (a) and (b) and sub-clause (b) makes it clear that where no return has been filed within the due date because the income was below the taxable limit then ..... relevant facts giving rise to this group of appeals are that search and seizure operation under section 132 of the income tax act, 1961 (hereinafter referred to as the 'act'), was conducted in group cases of ajanta service station, delhi road, meerut on 22-2-1999, including two residential premises known as 68/3, kamal nagar, meerut where prem chand jain resides and at 127, mahavir ji nagar, meerut, where ..... about the second plea of the assessed that the returned income for the block period except assessment year 1992-93 the income was below taxable limit and the same could not be treated as undisclosed income, the learned departmental representative pointed out that no doubt provision of sub-clause (c) of section 158bb(1) of the act stands amended but the phrase is 'normal course' and if we look into the factual position of the assessed then it is not ..... 2 and it revealed from the return so filed that assessed had filed return of income for assessment year 1992-93 only and stands assessed but for remaining assessment years 1989-90 to 1991-92 and 1993-94 to 1998-99 no return was filed. ..... reference of section 158bb(m)(1)(c) was also made and it was submitted that finance (no. .....

Komal Wazir Vs. Deputy Commissioner of Income-tax

Court : Mumbai

..... finance act, 2002 replaced/substituted the original sub-section (c) of section 158bb(1) of the act by a new sub-section (c) consisting of sub-sections (a), (b) and (ca) of the act. ..... been filed, (a) on the basis of entries as recorded in the books of account and other documents maintained in the normal course on or before the date of the search or requision where such entries result in computation of loss for any previous year falling in the block period; or (b) on the basis of entries as recorded in the books of account and other documents maintained in the normal course on or before the date of the search or requisition where ..... , learned senior counsel for the appellant points out that section 158bb of the act has been amended by finance act, 2002 with retrospective effect from 1 july 1995 as relevant is as ..... for the reason that section 158bb of the act came into the statute book as part of chapter xiv-b of the act only with effect from 1 july 1995 ..... the aforesaid amendment with retrospective effect from 1995,where the due date of filing the return has expired and no return has been filed, yet the total undisclosed income for the block period would interalia be reduced by aggregate of total income to the extent such income does not exceed the maximum amount not chargeable to tax for any previous year falling in the block period ..... counsel for the revenue submits that the benefit of retrospective amendment would not be available to the petitioners for the period prior to 1 july 1995. .....

Reliance Industrial Infrastructure Ltd. Vs. Jt. Cit

Court : Mumbai

Reported in : (2002)75TTJ(Mumbai)606

..... in my humble opinion, any such difference between the accounting standards of icai and those of cbdt is not of much relevance upto assessment year 1996-97 because it is only with effect from assessment year 1997-98 that the new provisions of section 145(2) substituted by the finance act, 1995, have come into operation which alone have empowered the central government to notify accounting standards to be followed by any class of assessees or in respect of any class of income. ..... has held that even if the provision of sub-clause 2(c)(iii) of section 35d of the income tax act, 1961 is not applicable, the language of sub-section 2(c)(iv) of section 35d is wide in nature and would include the deductibility of fees paid by the assessee company to the registrar of companies for enhancing the capital is allowable under section 35d of the income tax act, 1961.hence in view of the above and purely in the alternative to our contention your honour may please allow rs. ..... out as follows :current pre-tax lease rentals 17,59,420.00total existing lease period 60 10,55,65,200.00add as per supplemental agreement 8,03,380,00 10,63,68,580.00less : lease rent for previous period (2 days) march, 1993 1,13,510.00total lease rentals for 15 years 10,62,55,070.00lease rentals for 1 year 70,83,671.33lease rent paid for 1995-96 (17,59,420 x 12) 2,11,13,040debited to advance lease rental 1,40,29,369debited to lease rent machinery 70,83,671 2,11,13,040in the return of income, the assessee wrote back the amount .....

Reliance Industrial Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 1997-98 that the new provisions of section 145(2) substituted by the finance act, 1995, have come into operation which alone have empowered the central government to notify accounting standards to be followed by any class of assessees or ..... government may by notification in the official gazette, specify from time to time and different rates may be specified for different goods specified in the schedule : provided that for computation of such turnover of sales, the turnover related to the goods in respect of which tax under the bombay sales-tax act, 1959 has been paid on any earlier transaction, shall not be taken into consideration : provided further that ..... regularly and punctually, without any deduction or abatement, irrespective of whether the said properties are in use by the lessee are or working for one or more shifts or not or are under repair or maintenance or replacement for any period whatsoever, without affecting the lessee's obligation to pay the rental for the fixed period and in addition to the right of the lessor specified in clause 8 hereof, in the event of the lessee being ..... and premium receipts to the lessor and maintain such insurance in full effect and not do or omit to be done in act deed or thing which might prejudicially vitiate or affect such insurance : provided that for the entire tenure of the lease period, the properties shall in any event be insured for value which shall not be less than the actual cost of acquisition of the said property to the lessor. .....

Commissioner of Income Tax Vs. Ramesh Chand Soni

Court : Rajasthan

Reported in : (2005)194CTR(Raj)84

..... when the chapter x1v-b consisting of sections 158b to 158bh was enacted and inserted in it act, 1961, by the finance act, 1995, w.e.f. ..... 1 has been substituted, as noticed above, by finance act, 2002 w.e.f. ..... -where, by an order any income is excluded from the total income of one person and held to be the income of another person, then, an assessment of such income on such other person shall, for the purposes of section 150 and this section, be deemed to be one made in consequence of or to give effect to any finding or direction contained in the said order, provided such other person was given an opportunity of being heard before the said order was passed.'22. ..... the assessment was still barred by limitation by 9 days.therefore, unless the benefit of proviso inserted vide finance act, 2002, w.e.f, 1st june, 2002 can be extended to the revenue, the limitation had clearly and unquestionably expired for completing the assessment for block period in question when the order was made. ..... 1 firstly by inserting it retrospectively vide finance act, 1996 providing for exclusion of period only in two events and then again amending it by substituting expln. ..... nor any provision has been made validating assessments made prior to substitution of new expln. 1 w.e.f. ..... this provision cannot affect the assessment proceedings which had already been completed prior to substitution of new expln. ..... the new expln. .....

Trennery (Respondent) Vs. West (Her Majesty's Inspector of Taxes) (App ...

Court : House of Lords

..... construe section 77 of the taxation of chargeable gains act 1992 ("the 1992 act") as substituted by the finance act 1995 ("the 1995 act") ..... the legislation has since been changed again, by the finance act 2000, which introduced into the 1992 act a new section 76 b and schedule 4b tailor-made to frustrate the scheme which the ..... the expression "derived property" seems to have appeared first in a taxing statute in section 28 of the finance act 1946, in provisions designed to charge higher rates of income tax on some categories of income covenants and other settlements of property in which the ..... the amendments to section 77 (in form, though not in substance, the substitution of a whole new section) were made by section 74 of and schedule 17, part iii, paragraph 27 of the 1995 act, in a part of the schedule headed " ..... "from that time cease to be held upon and with and subject to the trusts powers and provisions of the [first] settlement and shall (with all future income of the same) for all purposes become subject to the trusts powers and provisions contained in the second settlement and form part of the trust fund of the second settlement as a separate settlement ..... edwards [1982] ac 279 this house considered the meaning of "settlement" in the capital gains tax legislation, and in particular whether the establishment of a new appropriated fund leads to the creation of a separate settlement, whose trustees are a separate taxable unit (see the speech of lord wilberforce at pages 292- .....

The Chamber of Tax Consultants & Anr vs.union of India & Ors

Court : Delhi

..... ) the substituted and amended section 145 of the act [by the finance acts (fa) of 1995 and 2014 ..... section 145 of the act was substituted by the finance act, 1995 (fa) with effect from ..... the constitutional invalidity of: (i) the notification no.87/2016 dated 29th september 2016 issued by the central board of direct taxes (cbdt), department of revenue, ministry of wp (c) 5595/2017 page 1 of 53 finance, government of india whereby in exercise of the powers conferred by section 145 (2) of the income tax act, 1961 ( act ), the central government notified ten 'income computation and disclosure standards' ( icds ), as specified in the annexure to the said notification to be followed by all assessees following the mercantile system ..... it is stated to be a voluntary non-profit organization formed inter alia "(i) to spread education in matters relating to tax laws and other laws and accountancy; and allied subjects of professionals' interest (iii) to carry on activities for the extension of knowledge in the fields of tax laws and other laws, accountancy and allied subjects of professionals' interest (iv) (e) to make representations to any government or non - government authority, committees, commissions and study teams, or at conferences ..... gives its own meaning and interpretation of the law under which the tax was collected and by legislative fiat, makes the new meaning binding upon courts. ..... its registered office in mumbai and a chapter in new delhi. ..... in the high court of delhi at new delhi w.p. .....

Bidar Sahakari Sakkare Kharkhane Niyamat, Vs. Union of India (Uoi) and ...

Court : Karnataka

Reported in : [1999]237ITR445(KAR); [1999]237ITR445(Karn)

..... section was retrospectively substituted by the finance act of 1995 with effect from april 1, 1989, and the following notes on clauses while moving the bill were given in the bill (see : [1993]200itr124(delhi) ) :'sub-clause (i) seeks to substitute clause (a) of sub-section (1a) of section ..... committee were to this effect :'10.59 with a view to encouraging voluntary compliance, reducing the discretionary power of the tax administration so as to minimise opportunities for bribery, and reducing the costs of checking the expected excuses that would be submitted for almost every case of arithmetical error and prima facie inadmissible claims, it is necessary to build in a system of automatic sanction in the nature ..... the original section 4 and the new section 4 of the central excises and salt act satisfy this ..... 549, dated october, 31, : [1990]182itr1(mad) , justifying levy of additional tax as under (page 23) :'the new section 143, as substituted by the amendment act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to ..... (amendment) act, 1987, a new scheme of assessment was introduced in section 143. ..... the new clause (a) seeks to provide that where as a result of the adjustments made under the first proviso to clause (a) of sub-section (1) of section 143, the income declared by any person in the return is increased, the assessing officer shall charge additional income-tax at the .....