Judgment Search Results Home > Cases Phrase: finance act 2001 section 49 substitution of new sections for section 92 Page 1 of about 4,202 results (0.242 seconds)

instrumentarium Corporation Vs. Director of Income-tax(international T ...

Court : Authority for Advance Rulings

..... . the provisions of transfer pricing were first introduced by substituting sections 92 to 92f for the then existing section 92 by finance act 2001; however, they were also substituted by new set of provisions - section 92 to 92 f - by the finance act 2002 w.e.f ..... :- (a) whether, in view of the provisions of article 25(1) of the double taxation avoidance agreement entered into by the government of india with the government of finland (hereinafter for the sake of brevity, referred to as the india-finland tax treaty ) in exercise of the powers conferred upon it by section 90(1) of the income-tax act, 1961 (hereinafter referred to as the act ), the applicant, being a company incorporated in finland and accordingly both a national as well as a tax resident of finland, is not subject to the rigours of the ..... rahul krishna mitra, ca appeared for the applicant; after pointing out the salient features of section 92, 92(1), 93(3) and the legislative intent in introducing the new transfer pricing legislation, he submitted that provisions of the treaty would override the provisions of the act in regard to the rate of interest as being more favourable to the applicant as per section 90(2) of the act; in regard to the transaction of granting loan of rs. .....

In Re: Instrumentarium

Court : Authority for Advance Rulings

Reported in : (2005)193CTRAAR347

..... . the provisions of transfer pricing were first introduced by substituting sections 92 to 92f for the then existing section 92 by finance act, 2001; however, they were also substituted by new set of provisions-ss ..... following two additional questions : (a) whether, in view of the provisions of article 25(1) of the dtaa entered into by the government of india with the government of finland (hereinafter for the sake of brevity, referred to as the "india-finland tax treaty") in exercise of the powers conferred upon it by section 90(1) of the it act, 1961 (hereinafter referred to as the "act"), the applicant, being a company incorporated in finland and accordingly both a national as well as a tax resident of finland, is not subject to the rigours of the transfer ..... rahul krishna mitra, chartered accountant, appeared for the applicant; after pointing out the salient features of sections 92, 92(1), 93(3) and the legislative intent in introducing the new transfer pricing legislation, he submitted that provisions of the treaty would override the provisions of the act in regard to the rate of tax applicable on interest as being more favourable to the applicant as per section 90(2) of the act; in regard to the transaction of granting loan of rs. .....

Milton Polyplast Vs. Commissioner of C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

..... under the erstwhile rule 57-i(1)(ii) was legally not valid as the rules have been substituted with new cenvat rule and therefore the proceedings could not continue and even under section 38a of cea, 1944 was not acceptable because as regards the continuation of proceedings arising under modvat scheme; clause 131 of finance act, 2001 has introduced a saving and validating provision in the act itself by inserting section 38a. ..... of mppl and shri satish kulkarni, were found to have played an active role in the evasion of duty by substituting the duty paying documents of as-304 grade steel of sail and rolling grade/other grade of steel in place of as-304 grade steel and as such, they were found to be liable for imposition of penalty under rule 57-i(4) of cer, 1944, and their active role has been established in aiding and abetting ..... the registered dealers as as-304 grade steel, where cross-checking with sail documents were not possible since purchase orders were now isswed to the registered dealers for supply of ss coils without mentioning quality and thickness of the steel coil and the registered dealers in turn also did not mention such details of the ..... to inspect the documents, but they had never responded or indicated or were serious about taking inspection and therefore wanted to put unwarranted blame on the department for violating the principles of natural justice and being inspected vide their letter dated 19-7-2002, 55% of the copies of invoices issued by the rds and copies .....

Commissioner of Income Tax, Delhi-I Vs. M/S. Container Corporation of ...

Court : Supreme Court of India

..... the new explanation to section 80-ia(4) of the it act as is substituted by the finance act, 2001 reads as under: for the purpose of this clause infrastructure facility means- (a) a road including toll road, a bridge or a rail system; (b) a highway project including housing or other activities being an integral part of the highway project; (c) a water supply project, water ..... benefit of section 80ia of the it act much before the finance act, 2001 which came into force on 01.04.2002 and exemption for the period of 10 years cannot be curtailed or denied by any subsequent amendment regarding the eligibility conditions under the period is modified 15 or specific provision is made that the benefit from 01.04.2002 onwards shall only be claimed by the existing eligible units if they fulfill the new conditions.21) moving further to the issue whether the icds can be termed as inland ..... ports so as to entitle deduction under section 80-ia of the it act. .....

Honeywell International (India) Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)108TTJ(Delhi)924

..... the resultant figure is the 'total income', with reference to which the tax is payable under the provisions of the act.section 10a of the act, as substituted by the finance act, 2000, w.e.f.1st april, 2001, provides for deduction in respect of profits and gains derived by the eligible industrial undertaking from export of articles or things or computer software for a period of 10 consecutive assessment years beginning with the assessment year in which the undertaking begins to manufacture or produce such articles or things or computer software.the provisions ..... 2001-02 and subsequent years.the aforesaid amendment by the finance act is consistent with the new scheme of tax holiday under section 10a of the act, which is a deduction provision as opposed to earlier provisions of section 10a, which provided for exemption of profit and gains of the eligible undertaking. ..... 2009-10, the provisions of section 10a and section 10b have been substituted by new provisions. ..... in terms of the new provisions of section 10a of the act, provided for deduction in respect of profits derived from export of computer software, being the profits of the business, which bear the same turnover, remaining profit/loss of the undertaking is to be set-off as per the provisions of sections 70, 71 and 72(1) of the act.it is emphasized that there was never any restriction in the scheme of deduction under section 10a of the act as substituted by the finance act, 2003 w.e.f. .....

G.D. Builders Vs. Uoi and anr.

Court : Delhi

..... by finance act, 2001 with effect from 16th july, 2001, section 67 was substituted by a new comprehensive section. ..... the term construction service was defined in section 65 clause (30a) as under finance act (no.2) of 2004 as: construction service means,(a)construction of new building or civil structure or a part thereof; or (b) repair, alternation or restoration of, or similar services in relation to, building or civil structure, which is(i) used, or to be used, primarily for; or (ii) occupied, or to be occupied, primarily with; or (iii) engaged, or to be engaged, primarily in, commerce or industry, or work intended for commerce or industry, but does not include road, airport, railway, transport terminal, bridge, tunnel, long distance pipeline and ..... pipe work, duct work and sheet metal work, thermal insulation, sound insulation, fire proofing or water proofing, lift and escalator, fire escape staircases or elevators; or (b) construction of a new building or a civil structure or a part thereof, or of a pipeline or conduit, primarily for the purposes of commerce or industry; or (c) construction of a new residential complex or a part thereof; or (d) completion and finishing services, repair, alteration, renovation or restoration of, or similar services, in relation to (b) and (c); or (e) turnkey projects including engineering, procurement and construction .....

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

Court : Kerala

Reported in : [2006]155TAXMAN483(Ker)

..... the patna high court confirmed by the supreme court in the above referred decisions, the demand of interest based on assessed income is perfectly in order by virtue of the amendment to the act by finance act, 2001 whereunder explanation 4 was omitted from section 234a and explanation i was substituted by the new explanation specifically providing for levy of interest with reference to tax assessed under sub-section (1) of section 143 or regular assessment. ..... 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 ..... relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this section.explanation 4 : omitted with retrospective effect from 1-4-1989 by finance act, 2001 was as follows:'explanation 4: in this sub-section 'tax on the total income as determined under sub-section (1) of section 143 or on regular assessment' shall, for the purposes of computing the interest payable under section 140a, be deemed to be tax on total income .....

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... finance act, 2001, has substituted the existing section 92 by new section ..... additional evidence either oral or documentary before the tribunal, but if the tribunal requires any documents to be produced or any witness to be examined or any affidavit to be filed to enable it to pass orders or for any other substantial cause, or, if the income-tax authorities have decided the case without giving sufficient opportunity to the assessee to adduce evidence either on points specified by them or not specified by them, the tribunal ..... assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub-section, and the assessing officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the business or profession of the assessee or the benefit derived by or accruing to him there ..... ' similarly it is pertinent to take stock of sub-section (3) of section 92, which provides that: the provisions of this section shall not apply in a case where the computation of income under sub- section (1) or the determination of the allowance for any expense or interest under that sub-section, or the determination of any cost or expense allocated or apportioned, or, as the case may be, contributed under sub-section (2), has the effect of reducing the income chargeable to tax or increasing the loss, .....

Sea Pearl Enterprises Vs. Deputy Commissioner of Income Tax

Court : Kerala

Reported in : (2006)204CTR(Ker)81

..... 1 is substituted by finance act, 2001 with retrospective effect from 1st april, 1989.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 xvif on any income which is subject to such deduction or collection and which is taken into account in computing such ..... 3 ; where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this section.explanation 4 omitted with retrospective effect from 1st april, 1989 by finance act, 2001 was as follows:explanation 4 : in this sub-section, 'tax on the total income as determined under sub-section (1) of section 143 or on regular assessment' shall, for the purposes of computing the interest payable under section 140a, be deemed to be tax on total income as declared in the ..... 1 was substituted by the new explanation specifically providing for levy of interest with reference to tax assessed under sub-section (1) of section 143 or regular assessment. .....

Surindra Engg. Co. Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2007)(117)ECC199

..... cannot be invoked when a rule is substituted by a new rule ..... cases are saved by section 38a of the central excise act, 1944 introduced by section 131 of the finance act, 2001, on the wrong assumption that the larger bench decision was based on concession and therefore not binding precedent, and that therefore the larger bench decision is required to be followed, is not tenable for the reason that, before the larger bench, no argument was advanced as in the case of sunrise structural, that section 38a will not cover a case of substitution (in the sunrise ..... case it has been held that section 38a .....