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Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)102TTJ(Ahd.)375

..... in so far as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-81, the claim of bad debt can be allowed only if the debt is written off by passing entries in the accounts of the debtor. ..... the assessee thereafter filed application under section 154 of the income-tax act and contended that explanation to section 36(1)(vii) applied in this case was introduced, by the finance act, 2001 with retrospective effect from 1.4.1989. ..... keeping in view the explanation below section 36(1)(vii) inserted by the finance act 2001 with effect from 1.4.1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under section 37(1)(vii) of the it. ..... the validity of levy of additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. ..... 130-itr-95 and 143-itr-166 laid down the proposition that if the assessee posts debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with. ..... cit 130 itr 95, as per the law prevalent on the date of filing of return i.e. ..... 2,63,130. .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 2) act, 1991 with retrospective effect from 1.4.1972; insertion of section 14-a by the finance act, 2001 with retrospective effect from 1.4.1962; explanation to section 36(1)(viii) by finance act, 1992 with retrospective effect from 1.4.1987 and so on ..... was remarkable and significant that the provisions of section 94(7) were inserted by the same finance act, 2001 that introduced the provisions of section 14a with retrospective effect from 1.4.1962. ..... 'c' relates to the provisions of section 14a of the act.these provisions have been inserted by the finance act, 2001 with retrospective effect from 1.4.1962. ..... the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read 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:" on a plain reading of the above quoted provision we find that if any part of the expenditure claimed by the assessee as deduction ..... in any case, under the provisions of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962, a suitable part of the purchase price of ..... in that case forward stripping had been banned by the finance act, 1960, but the house of lords did not think that the subsequent amendment should prejudice or cloud the process of thinking and the ..... and 268 itr 130 (orr.). ..... 130 .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... the dividend received by the assessee from mutual funds having been excluded from total income by virtue of the provisions of section 10(33) could not, therefore, be caught in the net of tax by operation of the provisions of section 14-a.the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read 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 ..... entire transaction could take place in the manner desired because unlike joint stock companies governed under the provisions of companies act, 1956, a mutual fund could distribute income from out of the funds received by it, which were essentially in the nature of subscription funds.referring to the provisions of section 94(7) introduced by the finance act, 2001, the learned special counsel argued that initially it laid down the condition of holding of securities three months prior and ..... itr 383, 401 (sc): it was pointed out that if the benefit on account of a concessional loan had amounted to a benefit, there was no need for parliament to have inserted clause (vi) in section 17(2) of the act by the taxation laws (amendment) act, 1984.the learned counsel addressed us on the reliance placed by the department on the judgment of honble supreme court in the case of cit v. ..... cit & others (2004) 268 itr 130 (orissa) there was purchase and lease back ..... 268 itr 130 (ori.) .....

Vijaya Bank Vs. Commissioner of Income Tax and anr.

Court : Supreme Court of India

..... supposedly written off by the assessee-bank was a mere provision and the same could not be equated with the actual write off of the bad debt, as per the requirement of section 36(1)(vii) of the income tax act, 1961 ['1961 act', for short] read with explanation thereto which explanation stood inserted in 1961 act by finance act, 2001 with effect from 1st april, 1989. ..... according to him, prior to finance act, 2001, many assessees used to take the benefit of deduction under section 36(1)(vii) of 1961 act by merely debiting the impugned bad debt to the profit and loss account and, therefore, the parliament stepped in by way of explanation to say that mere reduction of profits by debiting the amount ..... [see page 5 of the paper book], that, in view of the insertion of the explanation vide finance act, 2001, with effect from 1st april, 1989, the decision of the gujarat high court in the case of ..... the said amendment indicates that before april 1, 1989, even a provision could be ..... cit : (1981) 130 itr 95 (guj)] such state of law prevailed up to and including ..... [1981] 130 itr 95 (gujarat), the cit(a) was right in coming to the conclusion that, since the assessee had written off the impugned bad debt in it's books by way of a debit to the profit and loss account simultaneously reducing the corresponding amount from loans and advances or debtors depicted on the asset side in the balance sheet at the close of the year, the assessee was entitled to deduction under section 36(1)(vii) of 1961 act. .....

Ags Entertainment Private Limited Vs. Union of India

Court : Chennai

..... w.p.no.1676 of 2013 is filed under article 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 of the constitution of india declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the constitution of india. ..... respondents w.p.no.29398 of 2010 is filed under article 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the constitution of india. ..... state of andhra pradesh, (2001) 4 scc629 the hon'ble supreme court held as under:- a 'goods', may be a tangible property or an intangible one. ..... no.b.11/1/2001-tru dated 9.7.2001 in which it has been clarified that service tax, in the case of financial leasing including equipment leasing and hire-purchase, will be leviable only on the lease management fees/processing fees/documentation charges recovered at the time of entering into the agreement and on the finance/interest charges recovered in equated monthly installments and not on the principal amount). .....

G.V.Matheswaran Vs. the Union of India

Court : Chennai

..... 33 w.p.nos.14887, 19322, 20982 and 24804 of 2010 are filed seeking a writ of prohibition prohibiting the respondents from (a) giving effect to the provisions of section 65(90a) read with section 65(105)(zzzz) of the finance act, 1994 as amended by the finance act, 2007 and finance act, 2010 (b) levying or attempting to levy, collect or recover from the petitioner, any service tax under the said provisions and (c) levying or attempting to levy, collect or recover from the land owners of the petitioner, any service ..... 32 w.p.nos.24586 and 24588 of 2010 are filed seeking to declare that (i) the impugned provisions, i.e.section 65(105)(zzzz) read with section 65(90-a) of the finance act, 1994, as amended by the finance act, 2010, as null and void and ultra vires and violative of entry 49, list-ii, seventh schedule, articles 14, 19 and 246(3) of the constitution of india, (ii) section 76(a)(6)(h) and section 77 of the finance act, 2010 as null and void and ultra vires the constitution of india insofar as the petitioners are concerned; and (iii) the notification ..... 51 w.p.no.8932 of 2011 is filed by the tamil nadu slum clearance board, seeking to declare the provision of sub-section 9(a) of section 65 of the finance act, as amended by the finance act, 2007, as invalid and this court is not inclined to go into the same as the said provision is intra vires of the constitution in view of the decision taken by this court in paragraph no.30 above, following the decision in home solutions .....

Commissioner of Income-tax, Kerala Vs. K. Srinivasan

Court : Supreme Court of India

Reported in : AIR1972SC491; [1972]83ITR346(SC); (1972)4SCC526; [1972]2SCR309

..... on a reference being sought the following question of law was referred to the high court :-whether the words 'income tax' in the finance act of 1964 in sub-section (2)(a) and sub-section (2)(b) of section 2 would include surcharge and additional surchargethe high court answered the question in the negative and m favour of the assessee.3. ..... although under the act section 4 is the charging section income tax can be charged only where the central act which, in the present case, will be the finance act enacts that income shall be charged for any assessment year at the rate or rates specified therein. ..... section 2 of the finance act 1971 is to the effect that the provisions of section 2 and of the first schedule to the finance act 1970 shall apply in relation to income tax for the assessment year or as the case may be the financial year commencing on the first day of april 1971 as they apply in relation to income tax for the assessment year commencing on first day of april 1970 with certain modifications set out in the section. ..... section 3(1) of that act read :subject to the provisions of this section the rates of income tax and rates of super tax...imposed by sub-section (1) of section 7 of the indian finance act 1940 shall, in respect of the year beginning on the first day of april 1940 be increased by a surcharge for the purpose of the central government....similar phraseology was employed in respect of surcharge on super tax. .....

Kanoria Industries Ltd. Vs. Union of India (Uoi)

Court : Karnataka

Reported in : 2005(190)ELT295(Kar)

..... provisions of law or rule and therefore there was no occasion at all for the parliament to have enacted a validating levy and if there was no occasion, the very provisions of section 112 of the finance act, 2000 cannot be sustained inasmuch as it is the submission of learned counsel for the petitioners that there was no cause of action for the parliament to make such a law, ..... has been deprived of modvat credit to which the petitioners are otherwise entitled to in terms of the rules governing allowing of modvat credit, only because of the provisions of section 112 of the finance act, 2000, the petitioners are entitled to question the legality of this provision and further submits that even the supreme court while disposing of the review petition in the case ..... court had earlier dismissed the appeal of the revenue as against this order, nevertheless, the revenue having brought to the notice of the supreme court the provisions of section 112 of the finance act, 2000, which was enacted as a validating legislation and which had now virtually taken away any benefit or concession that had been given to an assessee under the ..... have continued to reap the benefit of modvat credit and the petitioner therefore feeling aggrieved by this endorsement as also the provision of section 112 of the finance act, 2000, has challenged the constitutional validity of this statutory provision and for quashing the consequential endorsement and further direction for restoration of the modvat credit entry.4. .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

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

..... dcit 83 itd 398 had occasion to consider the applicability of the amended provisions of section 254(2a) inserted by the finance act, 2001 with effect from 1.6.2001, to the matters where stay had already been granted prior to that date. ..... . 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 ..... there is no distinct and independent charge whereby surcharge can be said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and definitely ascertainable, in order to be treated as an independent and distinct levy/charge which is .....

Karvy Consultants Limited Vs. Government of India

Court : Andhra Pradesh

Reported in : 2006[]STR75

..... information technology service' means any service in relation to designing, developing or maintaining of computer software, or computerized data processing or system networking, or any other service primarily in relation to operation of computer systems.section 65(19), as amended by finance act, 2004 with effect from 10-9-2004, reads thus :-business auxiliary service' means any service in relation to :-(i) promotion or marketing or sale of goods produced or provided by or belonging to the client; ..... in this writ petition, the petitioner seeks a declaration that section 65(19) of the finance act, 1994, as amended by the finance act of 2003, has no application to the petitioner's service namely 'registrar and transfer agency ..... the show cause notice was issued after strictly construing section 65(19) of the finance act, 2003, that the functions of the registrar and share transfer agent is a service rendered which is in the nature of incidental or auxiliary support service rendered in ..... transfer agent, is in the nature of incidental or auxiliary support service in the sale of goods (securities) belonging to the client and falls within the purview of section 65(19)(iv) of the finance act, 2003, that the impugned show cause notice merely demanded service tax on service charges collected by the petitioner towards such services rendered from 1-7-2003 to 31-1-2004, that .....