Judgment Search Results Home > Cases Phrase: finance act 2001 chapter 2 rates of income tax Court: income tax appellate tribunal itat Page 1 of about 335 results (0.130 seconds)

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. .....

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. .....

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 .....

Assistant Commissioner of Income Vs. Norasia Lines (Malta) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2007)292ITR31(Coch.)

..... that 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 installment of advance tax due on the 15th day of june, 2000, the 15th day of september, ..... . - 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 ..... . - in this section, "tax due on the returned income" means the tax chargeable on the total income declared in the return of income furnished by the assessee for the assessment year commencing on the 1st day of april immediately following the financial year in which the advance tax is paid or payable, as reduced by the amount of tax deductible or collectible 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 .....

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)855

..... of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose 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.8.1 the scope and effect of this new provision was also explained by the board through ..... this additional income-tax was not charged at a scheduled rate of tax, as such, the tax suffered on the distributed amount cannot be called the tax paid by the recipient on the dividends and make the dividend income as taxable to take it out from the purview of non-taxable income in order to have an escape from the clutches of section 14a of the act. ..... the expression 'for the purpose of charge of income-tax and computation of total income' used in section 14 amply clarifies the intention of the legislature and the scheme of the it act, 1961. ..... the learned departmental representative further contended that as per section 115-0, additional tax is to be paid by the company on any amount declared, distributed by the company by way of dividend @ 12-1/2 per cent in addition to the income-tax chargeable in respect of total income to a domestic company for any assessment year. .....

Mohan T. Advani Finance (P) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... assessee carries on business for various ventures, some of which yield taxable income and others do not and business is one indivisible, the entire expenditure of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by ..... reported in ((2002) 258 itr (st) 13) by saying that through finance act, 2001 new section namely, section 14a was inserted in the income tax act retrospectively with effect from 1-4-1962 to clarify the intention of the legislature that no deduction shall be allowed in respect of any expenditure incurred by an assessee in relation to income which does not form part of the total income under the income tax act. ..... income-tax was not charged at a scheduled rate of tax, as such, the tax suffered on the distributed amount cannot be called the tax paid by the recipient on the dividends and make the dividend income as taxable to take it out from the purview of non-taxable income in order to have an escape from the clutches of section 14a of the act ..... that as per section 115-o, additional tax is to be paid by the company on any amount declared and distributed by the company by way of dividend @ 12-1/2 per cent in addition to the income-tax chargeable in respect of total income to a domestic company for any assessment .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... finance act, 2001, a new section 14a has been inserted so as to clarify the intention of the legislature since the inception of the income tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income tax act ..... section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. ..... been inserted in the income tax act, by section 11 of the finance act, 2001, with retrospective effect ..... (as originally inserted(without numbering of the sub-section by the finance act, 2001 withretrospective effect from 1-4-1962) and sub-section (2)/(3) (inserted bythe finance act, 2006 with consequential numbering of the clauses ofsection 14a), of section ..... empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment ..... 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 .....

Asia Satellite Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD478(Delhi)

..... , the charging section provides that where any central act enacts that income-tax shall be charged for in assessment year at any rates or rate, income-tax at that rate or those rates shall be charged for that year in accordance with and subject to the provisions of this act.chapter iv of the it act containing different heads starts with section 14, which provides that all incomes for the purposes of the charging to income-tax and computation of total income will be classified under the five heads enumerated therein ..... decision of the hon'ble supreme court was nullified as it is by the finance act, 2001, with the insertion of section 14a. ..... finance act, 2001 ..... the finance act, 2001, w.e.f ..... finance act, 2001, inserted section 14a with retrospective effect from 1st april, 1962, providing that 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 ..... section 3 of the it act, 1961, prior to the amendments carried on by the finance act, 1999, it was stated that first proviso to section 3(2) allowed liberty to the assessee to adopt more than one period as the "previous year" for different sources of his income. ..... itat (2001) 252 itr 482 (del) in support of the view canvassed by the learned departmental representative as regards the admissibility of the additional ground.it was stated by the learned counsel for the assessee that .....

Everplus Securities and Finance Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101ITD151(Delhi)

..... by the finance act, 2001, a new section 14a has been inserted so as to clarify the intention of the legislature since the inception of the it act, 1961, that no deduction can be made in respect of any expenditure incurred by an assessee in relation to income which does not form part of the total income under the act. ..... 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 1st day of june, 1997, but on or before the 31st day of march, 2002, whether out of current or accumulated profits shall be charged to additional income-tax (hereinafter referred to as tax on distributed profits) at the rate of ten per ..... 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: provided that nothing contained in this section shall empower the ao either to re-assess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under .....