Judgment Search Results Home > Cases Phrase: finance act 2001 chapter 2 rates of income tax Sorted by: recent Court: andhra pradesh Page 1 of about 53 results (0.109 seconds)

M/S.Aurobindo Pharma Limited, Hydera Vs. Commissioner of Income T

Court : Andhra Pradesh

..... 80hhc of the income tax act, 1961 (for short the act) was added through finance act, 1985 in this ..... on an application submitted under section 256(1) of the act, the tribunal referred the two questions mentioned above: sr.s.ravi, learned senior counsel appearing for the applicant submits that the interpretation placed on section 80hhc of the act, by the income tax appellate commissioner and the tribunal is contrary to law and ..... 1 (2003) 260 itr371(bom) 2 (2007) 295 itr228(sc) 3 (2012) 343 itr89(sc) the honble sr.justice l.narasimha reddy and the honble sr.justice challa kodanda ram r.c.no.78 of 2000 judgment: (per lnr, j.the income tax appellate tribunal, hyderabad bench referred the following questions to this court, through its order, dated 24.01.2000: 1. ..... justice l.narasimha reddy and the honble sr.justice challa kodanda ram r.c.no.78 of 2000 11-07-2014 m/s.aurobindo pharma limited, hyderabad..applicant commissioner of income tax.respondent !counsel for the applicant: sr.s.ravi counsel for respondent: sr.s.r.ashok head note: ?. ..... in the subsequent judgment in acg associated capsules pvt.ltd.versus commissioner of income tax , the honble supreme court held that the question as to the deductions to be made under the clause did not fall for consideration in k.ravindranathan nairs case (2 supra).the result is that the view expressed ..... the chapter undergoes phenomenal change in every ..... cannot state with precession, the total categories of deductions that are permissible under chapter vi-a. .....

R.Damodar Red Vs. the Commissioner of Income Tax and Anoth

Court : Andhra Pradesh

..... him, the petitioner is under obligation to pay the amount at 50% of the arrears of taxm, under clause (a)(iv) of section 88 of the finance act, 1998 (for short the act).it was also stated that when doubt arose in this behalf, clarification was sought from the central board of direct taxes (cbdt).and through letter, dated 03.09.1988, clarification was given; and the impugned order was passed in accordance with the same. ..... read: (iii) in the case where tax arrear includes income-tax, interest payable or penalty levied, at the rate of thirty-five percent of the disputed income for the persons referred to in clause (i) or thirty per cent of the disputed income for the persons referred to in clause (ii) ..... l.narasimha reddy and the honble sr.justice challa kodanda ram w.p.no.4202 of 1999 08-07-2014 r.damodar reddy.petitioner the commissioner of income tax and another.respondents counsel for the petitioner: sr.a.v.krishna kowndinya counsel for respondents: sr.j.v.prasad head note: ?.cases referred: 1. ..... covers not only the cases under the income tax act but also the cases under other taxation ..... standing counsel for the income tax department, on the other hand, submits that the impugned order was passed strictly in accordance with the provisions of the act and the scheme. ..... not satisfied with the relief granted therein, the petitioner approached the income tax appellate tribunal, hyderabad (for short the tribunal) by filing a ..... introduced the scheme by substituting chapter iv through the act. .....

Commissioner of Income-tax Vs. B. Narasimha Rao

Court : Andhra Pradesh

Reported in : 2003(4)ALT244; (2003)185CTR(AP)219; [2003]263ITR62(AP)

..... for the opinion of this court :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law/in holding that the share income of the assessee's minor children was assessable in the firm under section 182(3) of the income-tax act and that it could not be included in the hands of the non-resident assessee in his individual assessment under section 64(1)(iii) of the act ?'2. ..... income-tax officer assessed the share income of the minors derived from the firm in the hands of the parent (assessee) under section 64(1)(iii) of the income-tax act, 1961 (for short 'the act ..... and 144 and subject to the provisions of sub-section (3), in the case of a registered firm, after assessing the total income of the firm, -- (i) the income-tax payable by the firm itself shall be determined ; and (ii) the share of each partner in the income of the firm shall be included in his total income and assessed to tax accordingly. ..... , it is imperative to notice under section 64(1)(iii) of the act, as it stood prior to its omission by the finance act, 1992, with effect from april 1, 1993 :'64. ..... partners of a registered firm is a non-resident, the tax on his share in the income of the firm shall be assessed on the firm at the rate or rates which would be applicable if it were assessed on him personally, and the tax so assessed shall be paid by the firm . . ..... the relevant time, no doubt, is a part of chapter xvi containing special provisions applicable to firms. .....

Y.S.C. Babu and Vs. Chairman and Managing Director, Syndicate Bank and ...

Court : Andhra Pradesh

Reported in : 2001(5)ALT706; (2002)173CTR(AP)151; [2002]253ITR1(AP); [2002]120TAXMAN88(AP)

..... as provided under section 192, the income of every employee has to be estimated for the financial year in question and thereafter after giving effect to the exemptions that are available not only under section 10(10c) but also under any other provisions of the act, one has to compute the average income-tax on the basis of the rates in force for the financial year and at that rate, the tds has to be effected on the amount paid at the time of such ..... the finance act, 1987, inserted clause (10c) in section 10 to provide that any payment received by an employee of a public sector company at the time of his voluntary retirement in accordance with any scheme which the central government may, having regard to the economic viability of the public sector undertaking and other relevant circumstances, approved in this behalf, shall be exempt from tax. ..... of ex gratia under the vrs, by estimating the entire income chargeable under the head of income 'salaries' for the financial year 2001-02 in question and also arriving at the average rate at which the tax was to be deducted at source.17. ..... sub-chapter (b) of chapter xvii contains provisions of sections 192 to 206b dealing with deduction of at tax source in different situations contemplated thereunder. .....

Y.S.C. Babu Vs. Chairman and Managing Director, Syndicate Bank

Court : Andhra Pradesh

Reported in : [2001]120TAXMAN88(AP)

..... year in question and thereafter, after giving effect to the exemptions that are available not only under section 10(10c) but also under any other provisions of the act, one has to compute the average income-tax on the basis of the rate in force for the financial year and at that rate, tds has to be effected on the amount paid at the time of such payment.11. the resultant position emerging from the above discussion is that the ..... the finance act, 1987, inserted clause (10c) in section 10 to provide that any payment received by an employee of a public sector company at the time of his voluntary retirement in accordance with any scheme which the central government may, having regard to the economic viability of the public sector undertaking and other relevant circumstances, approve in this behalf, shall be exempt from tax. ..... petitioners that the petitioners are not paid the entire compensation payable to them in the relevant financial year 2000-2001 and, therefore, only 50 per cent of the compensation paid by the bank management under the vrs should be treated as salary paid and that the remaining 50 per cent of the compensation payable to the petitioners in future in yearly instalments cannot be treated as chargeable income during the relevant financial year is not well founded. ..... sub-chapter (b) of chapter xvii contains provisions of sections 192 to 206b of the act dealing with deduction of tax at source in different situations contemplated thereunder. .....

Smt. K. Durga Rani and Another Vs. Appropriate Authority and Another.

Court : Andhra Pradesh

Reported in : [1998]231ITR472(AP); [1998]100TAXMAN492(AP)

..... immovable property under the provisions of section 269ud requires to be supported by reasons in writing and such reasons must be germane to the object for which chapter xx-c was introduced in the income-tax act, namely, to counter attempts to evade tax.the conclusion that the provisions of chapter xx-c are to be resorted to only where there is significant undervaluation of the immovable property to be sold in the agreement of sale with a view to evade tax finds support from the decision of this court in the case of k. p. ..... 88 issued by the central board of direct taxes of the government of india, ministry of finance, department of revenue and the counter-affidavit filed by the under secretary, central board of direct taxes, department of revenue, observed that (page 548 ..... spite of all these, the land rate as per the engineering report comes to ..... 2,500 as the rate fixed by the government for the purpose of stamp duty as the said rate was fixed on august 1, 1996, while the agreement of sale was executed on may ..... prior to the date of the guidelines rate issued by the government. ..... the rate prevailed as on november 29, 1994, cannot be compared with the rate prevailing as ..... the guidelines rates for road ..... is an important arterial road and this fact can be clearly seen that the guideline rate suggested for road no. ..... as basis for the purpose of ascertaining the fair market value.the appropriate authority was also of the view that for the purpose of stamp duty the guidelines rate was fixed at rs. .....

K. Durga Rani and anr. Vs. Appropriate Authority, It Dept., Bangalore ...

Court : Andhra Pradesh

Reported in : 1998(3)ALD133

..... purchase of the property relying on the historic legislative background for enacting chapter xx-c, and the instruction no.iass issued by the central board of direct taxes of the government of india, ministry of finance, department of revenue and the counter-affidavit filed by the under-secretary central board of direct taxes, department of revenue and it was observed that:'the powers of compulsory purchase conferred under the provisions of chapter xx-c of the income tax act are being used and intended to be used only in cases where ..... the appropriate authority was also of the view that for the purpose of stamp duty the guidelines rate was fixed at rs.2,500/- in road no.58 and therefore, the value of the land should have been assessed at rs.2,500/-. ..... evidently, the appropriate authority has committed a mistake of fact in taking rs.2,500/- as the rate fixed by the government for the purpose of stamp duty as the said rate was fixed on 1-8-1996 while the agreement of sale was executed on 27-5-1996 i.e. ..... road no.36 in jubilee hills is an important arterial road and this fact can be clearly seen that the guidelines rate suggested for road no.36 ranges from rs.3,000/-to rs.4,000/- per sq. ..... further in road no.62 as well as road no.58 the guidelines rate fixed by the government for the purpose of stamp duty is rs.2,500/-and that the price paid by mr. r.s. ..... (v) the market value guidelines fixed by the state government show that the rate in road no.58, jubilee hills area is rs.2,500/- per sq. .....

Shankarlal Vs. Income-tax Officer and ors.

Court : Andhra Pradesh

Reported in : (1998)144CTR(AP)424; [1998]230ITR536(AP); [1998]99TAXMAN500(AP)

..... of commencement of this scheme; (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the it act or to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the it act or in any finance act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to as the voluntarily disclosed income) at the rates specified hereunder, namely - (i) in the case of a declarant, being a company or a firm, at the ..... chapter iv of the finance act, 1997, does not contain any section enabling the cbdt to issue any clarifications. ..... chapter iv of the finance act, 1997, introduced the scheme which was notified to come into force from 1st july, 1997, and to be in force until 31st december, 1997. ..... the cit has filed a counter-affidavit stating that the power to make a search under chapter xiii-c of the it act has not been kept in abeyance, and therefore, a search was conducted in the premises of the petitioner and his five brothers when unaccounted cash of rs. ..... construed in this way, income which was a subject of an assessment under chapter xiv-b would not be eligible for the benefit and the ban would operate for the block of 10 previous years preceding the previous year in which a search was conducted because that will be the block period for which assessment would be made under chapter xiv-b of the it act. .....

Suman Savings and Investments Private Ltd. Vs. Commissioner of Income- ...

Court : Andhra Pradesh

Reported in : [1998]229ITR727(AP)

..... this was noticed by the commissioner of income-tax, who, in exercise of his power under section 263(1) of the income-tax act, held that the assessee's principal business was that of conducting chits and that it was not a financial company, therefore, the provisions of section 40a(8) of the income-tax act ought to have been made applicable and thus, by his order dated july 15, 1985, he directed the income-tax officer to redo the assessment. ..... bhaskara rao, learned counsel for the petitioner, strenuously contends that the assessee satisfies the requirement of section 40a(8), explanation (c)(iv), of the income-tax act, and, therefore, the tribunal erred in holding that the assessee is not a financial company. 4. ..... to appreciate the contentions of learned counsel for the parties, it would be useful to read here section 40a(8), explanation, (c)(iv), of the income-tax act on which reliance is placed by both the sides. ..... what is contended by sri bhaskara rao is that in a financial company, loans are advanced, so also, in a chit fund company; further, submits learned counsel, the words 'or otherwise' in sub-clause (iv) mean 'providing of finance in any form' and as the chit fund company provides finance to the public, it has to be treated as a financial company provides finance to the public, it has to be treated as a financial company. ..... a perusal of section 45-i(c)(v) of the reserve bank of india act shows that the definition contained therein was for the purpose of chapter iii-b of that act. .....

K. Ganga Raju and Others Vs. Gram Panchayat Board and Others

Court : Andhra Pradesh

Reported in : AIR1997AP339; 1997(3)ALT678

..... case, the supreme court was only considering the power of the gram panchayat to levy fee for according permission for construction of a building and the supreme court clearly held that there is no provision in the act empowering the gram panchayat for levying such fee and further, there is no quid pro quo. ..... further, as contended by the learned government pleader, the income from each coconut tree is more than rs. ..... gram panchayats act deals with 'taxation and finance'. ..... ii was contended in the writ petition that the amount levied is 'fee' but not 'tax' and hence cannot be enhanced unless there is quid pro quo. ..... but, in the present case, section 69 (i v) of the act empowers the gram panchayat for levying fee for use of the poramboke land under the control of (he gram panchayat ..... thus, there is a specific provision in the act which empowers the gram panchayat for levying fee for use of the poramboke land under its control ..... chapter iv of the a. p. ..... the supreme court held that there is no provision in the act for imposition of such fees. ..... section 69 enumerates the power of the gram panchayats to levy tax, fee and other subjects. ..... there is no dispute that the money value has gone down and the inflation rate is up. ..... the learned single judge held that theamount levied by the gram panehayat on the appellants is not a tax and only a fee. ..... gram panchayats act and, therefore, ihe said judgment squarely covers the present case.6 ..... if it is a tax, the panchayat has no power to levy tax for grant of licence. .....