Judgment Search Results Home > Cases Phrase: finance act 2001 section 49 substitution of new sections for section 92 Court: chennai Page 1 of about 150 results (0.138 seconds)

Commissioner of Income Tax Vs. Pallava Granite Industries Ipvtltd

Court : Chennai

..... for the revenue referred to the definition of 'manufacture' as existed prior to substitution under the finance act, 2000, with effect from 01.04.2001 and submitted by reason of the omission of such a definition, the assessee's case of processing of granites and polishing granites, could not be treated as one of manufacture for the purposes of claiming deduction under section 10b of the income tax act ..... 'manufacture' was omitted from section 10b of the income tax act with effect from 01.04.2001, yet under section 2(29ba) inserted with effect from 01.04.2009 under the finance (no.2) act, 2009, 'manufacture' ..... name and character, we do not find any justifiable ground to accept the plea of the revenue solely by the reason of the absence of definition of 'manufacture' under section 10b of the income tax act, during the relevant assessment years namely, 2003-04, 2004-05 and 2005-06, that the terms 'manufacture' has to be read in a restricted way that the processing could ..... thing:- a) resulting in transformation of the object or article or thing into a new and distinct object or article or thing having a different name, character and use; or b) bringing into existence of a new and distinct object or article or thing with a different chemical composition or integral structure.8 ..... understanding as to the scope of the expression that the expression 'manufacture' would include every process, which would ultimately result in the production of new article having a different character in view.10. .....

Arun Excello Foundations (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2007)(3)269

..... first of all, we have to go through the legislative history of the provision, as this provision was brought out by the finance bill, 1999 in substitution of new section for section 80-ia. ..... 1st april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. ..... (ii) the learned cit(a) ought to have appreciated that there was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... in order to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. ..... 1st april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... 1st april, 2000 and the same reads as under: liberalisation of tax holiday to approved housing projects--under section 80-ia of the it act, profits of approved housing projects where the development and construction commences on or after 1st oct. ..... 1st april, 2001 and finance act, 2003 w.e.f. .....

The Director of Income-tax (Exemptions) Vs. Paramartha Bhushanam, Sri ...

Court : Chennai

Reported in : (2003)182CTR(Mad)380

..... the appellate tribunal also held that section 11(4a) of the act as inserted by finance act, 1983 with effect from 1.4.1984 would not apply as by finance (no.2)act, 1991 the provision has been substituted and the provisions of section 11(4a) as substituted by finance (no.2) act, 1991 with effect from 1.4.1992 would apply for the earlier assessment years in question also. ..... thanthi trust : [2001]247itr785(sc) considered sections 13(1)(bb) and section 11(4a) of the act and held that section 13(1)(bb) of the act would apply to the assessment years prior to 1984-85 and section 11(4a) of the act originally enacted would operate for the assessment years from 1984-85 to 1991-92 and section 11(4a) of the act as substituted with effect from 1.4.1992 would operate for the assessment years 1992-93 onwards and that is the reason why the supreme court, while considering the claim of grant of exemption under section 11 of the act, considered the matter ..... samyuktha gowda saraswatha sabha : [2000]245itr242(mad) and the unreported decision of this court in t.c.no.235 of 1997, dated 12.11.2001 (the director of wealth-tax (exemptions), madras v. ..... samyuktha gowda saraswatha sabha : [2000]245itr242(mad) and an unreported decision of this court in t.c.no.235 of 1997 dated 12.11.2001 (the director of wealth-tax (exemptions), madras v. .....

All India Union Bank Officers and Others Vs. Union of India, rep. by i ...

Court : Chennai

..... prayer: petitions under article 226 of the constitution of india praying for the issuance of a (i) writ of declaration declaring that the amendment to section 17(2) of the income tax act, 1961 as amended by finance act 2007, as also circular dated 15.2.2008 issued by the 4th respondent bank are unconstitutional, ultra vires and null and void (wp.no.7869 of 2008) (ii) writ of declaration declaring that the amendment to section 17(2) of the income tax act, 1961 as amended by finance act 2007 and circular dated 14.1.2008 issued by the 4th ..... , by the amendment under finance (no.2) act, 2009, three items under clauses (vi), (vii) and (viii) were substituted for the existing clause (vi). ..... (ii) under the income tax (twenty second amendment) rules 2001, the entire rule 3 was substituted by a new rule 3, consisting of 7 sub-rules with each sub-rule again sub-divided into several clauses with provisos ..... clause (i) of sub-rule (7) of rule 3 of the income tax rules, 1962, inserted with effect from 1.4.2001 under the income tax (twenty second amendment) rules, 2001, read as follows:- "(7) in terms of provisions contained in sub-clause (vi) of sub-section (2) of section 17, the following other fringe benefits or amenities are hereby prescribed and the value thereof shall be determined in the manner provided hereunder: (i) the value of the benefit to the assessee resulting from the provision of ..... with effect from 1.4.2001, a new rule 3 was substituted under the income tax (22nd amendment) rules, 2001 .....

Ags Entertainment Private Limited Vs. Union of India

Court : Chennai

..... 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 the provisions of section 65(105)(zzzzt) of the finance act, 1994 is beyond the legislative competence of the union of india under article 248 of the constitution of india, and void being repugnant to article 14 and 19(1)(g) of the constitution of india and accordingly ..... the finance act, 2012 introduced section 66b as the new charging section with effect from 1.7.2012 for the levy of service tax on all services other than those ..... no.9 in the notification no.25/2012 is substituted as under:- services provided by way of temporary transfer or permitting the use or enjoyment of copyright (a) covered under clause (a) of sub-section (1) of section 13 of the copyright act, 1957, relating to original literary, dramatic, musical or artistic works; or (b) of cinematograph films for exhibition in a cinema hall or cinema ..... state of andhra pradesh, (2001) 4 scc629 the hon'ble supreme court held as under:- a 'goods', may be a ..... 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 .....

G.V.Matheswaran Vs. the Union of India

Court : Chennai

..... the judgment reported in air2004sc3757 tamil nadu kalyana mandapam association versus union of india (t.n.kalyana mandapam case, for brevity) and air2007sc2990 all india federation of tax practitioners versus union of india (all india federation of tax practitioners case, for brevity).14 in t.n.kalyana mandapam case, challenge was made to sub-section (i) of section 67 of the finance act, 1994, in and by which, service tax was levied in relation to service provided by a mandap ..... union of india represented by secretary to government ministry of finance new delhi 2 the commissioner central excise and service tax gobichettipalayam 3 the gobichettipalayam municipality represented by its commissioner gobichettipalayam respondents prayer in w.p.no.16400 of 2013: writ petition filed under article 226 of the constitution of india, seeking a writ of declaration, declaring the provisions of section 65(90a) and section 65(105)(zzzz) of the finance act, 1994 as ultra vires and unconstitutional and unenforceable. ..... 16 in the decision reported in 2010 (4) lw626 infotech software dealers association versus union of india, ministry of finance, department of revenue, central board of excise and customs.new delhi-1 and 4 others.two writ petitions were filed seeking to declare section 65(105)(zzzze) of chapter v of the finance act, 1994 (as amended by the finance act 2 of 2009) as null and void in and by which, an information technology software is also brought under the meaning of taxable service .....

Commissioner of Income-tax Vs. L.G. Balakrishnan

Court : Chennai

Reported in : [2002]255ITR339(Mad)

..... on the facts and in the circumstances of the case and having regard to the provisions of rule 9(5) of part iv of the first schedule to the finance act, 1979, the appellate tribunal was right in holding that there was neither an obligation on the assessee to return the net agricultural loss for the earlier years in the assessment of those years nor a duty was enjoined on the income-tax officer to determine the losses and hence ..... express prohibition, an assessee is not to be denied the benefit of set off provided for in rule 9 of part iv of the first schedule to the finance act, 1979, as long as the assessee is able to show that he had incurred loss from his agricultural activities in the earlier assessment years after a computation made in accordance with the requirements of the rules provided in the relevant finance acts and that such loss had not been set off against the ..... . allowing the assessee to claim set off of the losses determined after applying the rules of the earlier finance acts for those years against the agricultural income of the previous year relevant to the assessment year commencing on the 1st day of april, 1979, does not result in any denial of revenue due to ..... despite the absence of provisions similar to sections 80 and 139(3) with regard to the need for having the loss determined in the relevant assessment year before claiming the right of carry forward of the loss to subsequent assessment years, the revenue contended before the tribunal that loss in .....

Commissioner of Income-tax Vs. Madras Motor and General Insurance Co. ...

Court : Chennai

Reported in : [1975]99ITR243(Mad)

..... the finance act of 1964 amended this provision by substituting the following clause (iv):'if the assessee is a company, any dividend received by it from an indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends (including dividends on preference shares) within india.'13. ..... while deleting the provisions of section 99, finance act, 1968, by section 31(3) omitted the words 'received by it' with effect from 1st april, 1962.14. ..... we, therefore, hold that the assessee is entitled to rebate under section 99(1)(iv) as amended by the finance act, 1964, on the entire gross amount of rs. ..... in this case the assessee claimed that the entire dividend income should be exempted from levy of corporation tax by virtue of the provisions of section 99(1)(iv) read with the finance act, 1964, paragraph d, part ii. ..... section 44 which enjoins the computation of income of an insurance company without reference to the different heads of income, has obviously a direct bearing on the process of computation of income ; but it has no bearing on the determination of the rate of tax which is prescribed by the relevant finance act. ..... this rule has employed a similar language as contained in section 99(1)(iv) as amended by the finance act and for the reasons stated above the dividend income is also exempt from surtax. .....

The Commissioner of Income Tax Vs. Asoka Betelnut Co. Pvt. Ltd.

Court : Chennai

Reported in : (2003)180CTR(Mad)178

..... buildings used by the company as factory, godown, warehouse, hotel or office for the purposes of its business or as residential accommodation for its low paid employees will be excluded from net wealth'.a reading of the speech of the finance minister shows that section 40 of the finance act was introduced as a tax avoidance measure and the sub section (3) of section 40 of the finance act shows that the levy of wealth tax is not confined to assets transferred to closely held companies by the director of the company or his relatives. ..... the submission of the learned counsel for the assessee that all building used for the purpose of the business is exempt is not acceptable and the acceptance of the said submission would mean that the expression in section 40(3)(vi) of the finance act, factory, godown, warehouse, hotel or office used for the purpose of business would become redundant. ..... we are unable to accept the submission of the learned counsel for the assessee that section 40(3) of the finance act is not intended to cover the commercial asset owned by the assessee. ..... hence we are unable to accept the submission of the learned counsel for the assessee that the charge under section 40 of the finance act 1983 is confined to the assets transferred to closely held companies by director or his relatives as it includes within its sweep all the assets whether commercial or non-commercial belonging to the closely held companies listed in sub section 3 of section 40 of finance act. 8. .....

Kasturi and Sons Ltd. Vs. Union of India Rep. and ors.

Court : Chennai

..... by the respondents, it is stated that the services done by outsourcing agencies are to be treated as business auxiliary service as defined under section 65(19) of the finance act, 1994 as substituted by the finance (no.2) act, 2004 and the definition information technology service includes computer software, system networking, data processing, etc. ..... 178 elt 22 (sc) = (2005) 1 scc 308] and observed that software being goods, any service in relation to maintenance or repairing or servicing of software is liable for service tax under section 65(105)(zzg) read with section 65(19) of the finance act, 1994 and hence, the circular is in supercession of earlier circulars.5. ..... the writ petition is for declaration to declare the circular dated 7.10.2005 issued by the second respondent, the central board of excise and customs as ultra vires section 83 of finance act, 1994 read with sections 37b and 65(19) of the central excise act, 1944 and is in violation of articles 14, 19(1)(g) and 265 of the constitution of india insofar ..... based on the impugned circular of the second respondent, the third respondent is insisting for payment of service tax on maintenance charges payable to the company in denmark and therefore, the impugned circular is challenged on various grounds including that the same is ultra vires section 83 of the finance act, 1994 and section 37b of the central excise act, 1944, that when the section itself takes away the maintenance of software from the purview of service tax, the .....