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Commnr. of Income Tax, Jalandhar-i Vs. Shri Rajiv Bhatara

Court : Supreme Court of India

Reported in : (2009)222CTR(SC)209; [2009]310ITR105(SC); JT2009(4)SC39; 2009(3)SCALE16; (2009)13SCC315; [2009]178TAXMAN285(SC)

..... in the present case, the assessing officer has applied the rate of surcharge at 17% which rate finds place in para a of part i of schedule i to the said finance act of 2001, therefore, surcharge leviable under finance act was a distinct charge, not dependent for its leviability on the assessee's liability to pay income tax but on assessed tax.13. ..... reading section 2(1) of the finance act, 2001, it is clear that the term `income tax' as used in section 2(1) and proviso to section 2(3) of the said act did not include the amount of ..... according to the assessee, prior to 1.6.2002, the position was ambiguous as it was not clear even to the department as to whether surcharge was leviable with reference to the rates provided for in finance act of the year in which the search was initiated or the year in which the search was concluded or the year in which the block assessment proceedings under section 158bc were initiated or the year in which ..... 158bb is required to be read with section 4 of the act, then the relevant finance act of the year concerned would automatically stand attracted to the computation under chapter xiv-b. ..... 2002), finance act, 2001 was applicable to block assessment under chapter xiv-b in relation to the search initiated on 6.4.2000 and accordingly surcharge was leviable on the tax.14. ..... the purpose of chapter xiv is to lay down a special procedure for assessment of surcharge cases with a view to combat tax evasion and also to expedite and simplify assessments in search .....

Cit Vs. Rajiv Bhatara

Court : Supreme Court of India

..... , the assessing officer has applied the rate of surcharge at 17 per cent which rate finds place in para a of part i of schedule i to the said finance act of 2001, therefore, surcharge leviable under finance act was a distinct charge, not dependent for its leviability on the assessees liability to pay income-tax but on assessed tax.13. ..... section 2(1) of the finance act, 2001, it is clear that the term income-tax' as used in section 2(1) and proviso to section 2(3) of the said act did not include the ..... according to the assessee, prior to 1-6-2002, the position was ambiguous as it was not clear even to the department as to whether surcharge was leviable with reference to the rates provided for in finance act of the year in which the search was initiated or the year in which the search was concluded or the year in which the block assessment proceedings under section 158bc were initiated or the ..... to be read with section 4 of the act, then the relevant finance act of the year concerned would automatically stand attracted to the computation under chapter xiv-b. ..... proviso to section 113 (inserted vide finance act, 2002 with effect from 1-6-2002), finance act, 2001 was applicable to block assessment under chapter xiv-b in relation to the search initiated on 6-4-2000 and accordingly surcharge was leviable on the tax.14. ..... the purpose of chapter xiv is to lay down a special procedure for assessment of surcharge (sic-search) cases with a view to combat tax evasion and also to expedite and simplify .....

Satyabhushan Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2004)84TTJ(Bang.)165

..... sub-section (3) of section 2 of finance act, 2000 read as under : "in cases to which the provisions of chapter xii or chapter xii-a or sub-section (1a) of section 161 or section 164a or section 167b of the it act apply, the tax chargeable shall be determined as provided in that chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that chapter or section, as the case may be : provided that the amount of income-tax computed in accordance with the provisions of sections 112 and 113, shall be increased by a surcharge for ..... 2001-02 is 75.67 per cent, 83.17 per cent and 74.25 per cent.similar expenses should be allowed and only balance income is to be considered for block assessment. ..... rate of surcharge 1990-91 8% 1991-92 8% 1992-93 12% 1993-94 12% 1994-95 12% 1995-96 nil 1996-97 nil 1997-98 nil 1998-99 nil 1999-2000 nil 2000-2001 10% for some of these assessment years there was no surcharge applicable and for other assessment years, the rate of surcharge was different. ..... 1990-91 to 2000-2001. ..... , 2001. ..... , 2001 agreed for assessment on basis of assets found and expenditure incurred on marriage. ..... , 2001, during the course of assessment. .....

Dy. Cit Vs. Hindustan Zinc Ltd.

Court : Rajasthan

Reported in : (2004)86TTJ(NULL)389

..... cent of book profit, the tax payable under this provision shall be 7.5 per cent of the book profit, the first proviso to section 2(8) of the finance act, 2001 reads as under :'provided that in cases to which the provisions of chapter xii or chapter xiia or section 155jb or sub-section (1a) of section 161 or section 164a or section 167b of the income tax act, apply, advance-tax' shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that chapter or section, as the case may ..... regard to the payment of advance tax and also charging of interest under sections 234b and 234c of the act in terms of the new section 115jb inserted by the finance act, 2000 with effect from 1-4-2001. ..... on the basis of the companies act had been added back to the income and thereafter the depreciation had been claimed as per the income tax rules which had been allowed by ..... companies act and this will have no impact in the computation of income under the income tax act. ..... the facts of the case, we decline to interfere with the order of the commissioner (appeals) as the comments of the auditors are with regard to the claim of depreciation under the companies act and correct depreciation has been allowed as per income tax rules.24. ..... that the observation of the auditors are not with reference to the claim of the assessee made with reference to the accounts submitted for income-tax purposes but are with reference to the accounts drawn up on the basis of the companies act. .....

Commissioner of Income Central Ii Vs. Suresh N. Gupta

Court : Supreme Court of India

Reported in : (2008)214CTR(SC)274; [2008]297ITR322(SC); JT2008(1)SC208; 2008(1)SCALE99; (2008)4SCC362; 2008AIRSCW1066

..... the act; that, assessment under chapter xiv-b is made for the 'block period' as against assessment of income of the 'previous year' under section 4(1) of the act; that, under chapter xiv-b 'undisclosed income' is assessed at 60% in terms of section 158ba(2) read with section 113 as against taxation of normal income at the rates prescribed in the relevant finance act; that, the provisions of the finance act are not found in the block assessment scheme under chapter xiv-b up to 1.06.2002 and, therefore, according to the assessee, finance act, 2001 was not applicable to chapter ..... any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of this act in respect of the total income of the previous year of every person:provided that where by virtue of any provision of this act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be ..... the provisions of section 2(1) of the finance act, 2001, which is made subject to sub-section (3) of that section, the-assessee is entitled to claim that income-tax on his undisclosed income to be calculated by applying the rate or rates as prescribed in the finance act, 2001, but he cannot claim that the amount of income-tax so determined should not be increased by addition .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 or deducting income-tax under section 192 from income chargeable under the head "salaries" or computation of the "advance tax" payable under chapter xvii-c in a case not falling under section 115a or section 115b or section 115bb or section use or section 164 or section 164a or section 167b, the rates or rate of income-tax specified in this behalf in the finance act of the relevant year, and for the purposes of computation of the "advance ..... so part iii of the finance act, 2001 contains rates for the assessment year 2002-03.the relevant finance act(s) from 1996 to 2001 referred to surcharge in the context of section 113 as under:____________________________________________________________________________________________finance act relevant section of 'a' 'b' relevant section 'c' 'd' finance act of finance act____________________________________________________________________________________________finance (no.2) first proviso to 15% nil second proviso to 7.5% nilact, 1996 section 2(3) refers section 2(8) to rate in part i refers to rate in part iii____________________________________________________________________________________________finance act, first proviso to 7.5% nil nil n.a. .....

Harish Krishnakant Bhatt Vs. the Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)91ITD311(Ahd.)

..... it was introduced by finance act 2001 with retrospective effect from 1-4-1962 and it reads as under:- "14a-for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act." 11. ..... in the case of the company and therefore section 14a does not apply, we may observe that income tax is a levy on a person and not on the income though it is charged in respect of total income and this is evident from the charging section 4 which provides that where any central act enacts that income tax shall be charged for any assessment year at any rate or rates, income tax at that rate or those rates shall be charged for that year in accordance with and subject to the provisions (including provisions ..... it reads as under: "115-o (1) notwithstanding anything contained in any other provision of this act and subject to the provisions of this section, in addition to the income tax chargeable in respect of the total income of a domestic company for any assessment year, any amount declared, distributed or paid by such company by way of dividends (whether interim or otherwise) on or after the 1^st day of june, 1997, whether out of current or accumulated profits shall be charged to additional income-tax (hereafter referred to as tax on distributed profits) at the rate of ten per cent. .....

Seapearl Enterprises Vs. Dy. Cit, Cirecle-i, Alleppey

Court : Kerala

Reported in : [2006]155TAXMAN483(Ker)

..... 'explanation 1 : in this section 'assessed tax' means the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income.from 1-4-1989: the explanation as printed above was substituted with retrospective effect from 1-4-1989 by the finance act, 2001. ..... 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 ..... , where, in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of (one and one-half per cent) (with effect from 1-6-2001 one and one-fourth per cent) for every month .....

Hindustan Sanitary Engineers Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)96TTJ(Asr.)460

..... the meaning of "assessed tax", as substituted by the finance act, 2001 with retrospective effect from 1-4-1989, has done away with the earlier clauses (a) and (b) of explanation-1. ..... is made, to the date of such regular assessment on the amount equal to the assessed tax or on the amount by which the advance tax paid falls short of the assessed tax, expianation-1 to sub-section (1) gives the meaning of the assessed tax as the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii ..... section 208 but has failed to pay such tax or an advance tax paid by such assessee under the provisions of section 210 is less than 90% of the assessed tax, the assessee shall be liable to pay simple interest at the specific rate for every month or part of the month comprised in the period from 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 .....

Commissioner of Income Tax Vs. Emilio Ruiz Berdejo and ors.

Court : Mumbai

Reported in : (2010)228CTR(Bom)145

..... nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of september, 2000 ..... in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income;(ii) any relief of tax allowed under section 90 on account of tax paid in a country outside india;(iii) any relief of tax allowed under section 90a on account of tax paid in a specified territory outside india referred to in that section;(iv) any deduction, from the indian income-tax payable, allowed under section 91, on account of tax paid in a country outside india; and .....