Judgment Search Results Home > Cases Phrase: finance act 2001 section 49 substitution of new sections for section 92 Page 8 of about 4,202 results (0.172 seconds)

Moser Baer India Ltd. Vs. the Additional Commissioner of Income Tax an ...

Court : Delhi

Reported in : (2009)221CTR(Del)97; [2009]316ITR1(Delhi); [2009]176TAXMAN473(Delhi)

..... a view to provide a detailed statutory framework which can lead to computation of reasonable, fair and equitable profits and tax in india, in the case of such multi-national enterprises, the act has substituted section 92 with a new section, and has introduced new sections 92a to 92f in the income tax act, relating to computation of income from an international transaction having regard to the arm's length price, meaning of associated enterprise, meaning of international transaction, computation of arm's length price, maintenance ..... finance act, 2001 ..... determine the alp in relation to an 'international transaction' in accordance with sub-section (1) and (2) of section 92c only if he is of the opinion that any of the circumstances as indicated in sub-clause (a) to sub-clause (d) of sub-section (3) of section 92c prevail.the circumstances, broadly being, that the price charged or paid for international transaction has not been determined as prescribed under sub-section (1) and (2) of section 92c or, the assessee has not kept information and documents of its international ..... the alp on the basis of the material or information or document available with him he shall give an opportunity by serving upon the assessee a show cause notice fixing thereby a date and time for the said purpose.under sub-section (4) of section 92c the assessing officer can proceed to compute the total income of the assessee only after the alp has been determined by the assessing officer as per the provision of sub .....

Commissioner of Income-tax Vs. Kerala Electric Lamp Works Ltd. and Cro ...

Court : Kerala

Reported in : (2003)183CTR(Ker)182; [2003]261ITR721(Ker)

..... . clause 21 of the finance bill seeking to amend section 32 of the income-tax act relating to depreciation is reproduced as hereunder (see [2001] 248 itr 121) :'sub-clause (a) seeks to insert a new explanation 5 in clause (ii) of sub-section (1) of the said section so as to clarify that the provisions of sub-section (1) of section 32 shall apply whether or not the assessee has claimed the deduction for depreciation in computing his total income.sub-clause (b) seeks to substitute sub-section (2) so as to provide that where full effect cannot be given to the depreciation allowance in any ..... previous year owing to there being no profits or gains chargeable .....

Doson Chemicals Pvt. Ltd. and anr. Vs. State of Assam and ors.

Court : Guwahati

..... it reads :'with reference to the subject mentioned above, i would like to inform you that only new industrial unit will get the benefit of sales tax concession.the new industrial unit defined under section 2(2) of the assam industries (sales tax concessions) act, 1987 as follows :'new industrial unit' means an industrial unit for the setting up of which all the effective steps have been completed on or after the 15th october, 1982, but before 31st march, 1990.since ..... in para 7 of its judgment the supreme court while considering the notification issued by the government in exercise of power under section 7 of the bihar finance act, 1981 had held that such notification would not entitle the state government to deny any benefit which is otherwise available to an industrial unit under the incentive policy itself. ..... the appellant has not challenged the vires of the 1987 act, since the 1986 act has been substituted by another act in 1987, the doctrine of promissory estoppel cannot be invoked to compel the government to carry out the promise which is contrary to the statute.12. ..... sahewalla has also brought to our notice the judgment and order dated march 27, 2001 passed by honourable chief justice mr. n.c. ..... state of assam [2001] 123 stc 366 (gauhati). ..... this appeal was conclusively heard on april 21, 2001. .....

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 .....

Nicholas Piramal India Limited Vs. Cultor Food Science Inc. and ors.

Court : Andhra Pradesh

Reported in : AIR2003AP254; 2003(1)ALT312

..... court should be minimal in view of section 16 of the act, when section 16 of the act applies only to domestic arbitrations but does not apply to international arbitrations covered by new york convention, which are governed by section 45 of the act, corresponding to section 3 of foreign awards (recognition and enforcement) act, 1961 (1961 act).the contention of the learned counsel for 1st respondent is that law relating to arbitration covered by new york convention remained the same, as under 1961 act, even after the coming into force of ..... at page 3 'lines 18 and 19' delete the sentence reading 'whatever strong words they are made, are not sufficient to establish fraud or misrepresentation the allegation of fraud' and substitute the sentence 'in however strong words they might have been made, are not sufficient to establish fraud or mispresentation and so the allegations relating to fraud'. ..... mainly on the ground that distinction between the powers of the court vis-a-vis the arbitrator appointed under domestic arbitration as per sections 8 and 16 of the arbitration and conciliation act, 1996 (the act) and the arbitration that takes place under new york convention as per sections 44 and 45 of the act was not kept in view while passing the order dated 12-12-2001 sought to be reviewed. ..... raise all the pleas before it and observed that the tribunal itself can decided the plea relating to its jurisdiction, and in view of the decision of the supreme court in sundaram finance limited v. .....

Delhi Development Authority Vs. Bhagat Construction Co. (P) Ltd. and a ...

Court : Delhi

Reported in : 2004(3)ARBLR548(Delhi)

..... order dated 5th october, 2001.the next question arising for consideration is that whether the respondent could appoint an arbitrator after the court has been seized of the request for appointment of an arbitrator, made through a petition under section 11(6) of the arbitration and conciliation act, 1996. mr. ..... well established principle of law that the court will not substitute its own opinion for that of the arbitrator. ..... court held that in case, before an arbitrator is appointed if the opposite party files an application under section 11 seeking the appointment of an arbitrator then the right of the party to appoint an arbitrator ceases.'8 ..... : air1963sc395 , the court observed :'.....the constitution bench of the supreme court while considering the requirement of communication of an order for it to become legally effective observed as under :'thus it is of essence that the order had to be communicated to the person who would be affected by that order before the state and that person can be bound ..... it is also well settled that for the opinion taken and the decision rendered by the arbitrator, this court will not substitute its own view, even if this court comes to a different conclusion, until and unless the decision of the arbitrator is manifestly perverse or has been arrived at on the basis of wrong application ..... finance ..... that the decision of appointment was taken on 30th august, 2001 and as such the court should take cognizance of the same and a new arbitrator need not be appointed. .....

Commissioner of Income Tax ??? I Vs. M/S Aar Ess Exim Pvt. Ltd.

Court : Delhi

..... case may be, shall be allowed from the total income of the assessee : provided that where in computing the total income of the undertaking for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the finance act, 2000, the undertaking shall be entitled to the deduction referred to in this sub-section only for the unexpired period of aforesaid ten consecutive assessment years : [provided [further]. ..... thereafter, by finance (no.2) act of 2009, with effect from 1 st april, 2009, the term manufacture has been defined in sub-section 29ab to section 2 to mean a change in a non-living physical object or article or thing 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 or use; or bring into existence a new and a distinct object or article or thing with a different chemical composition or integral structure. ..... the said explanation was added by finance act, 2001 w.e.f. ..... the supreme court in graphic company india limited versus collector of customs, (2001) 1 scc549and union of india versus delhi cloth and general mills company limited, air1963sc791has held that manufacture has to be understood to mean transformation of goods into a new commodity commercially distinct and separate, and having its own character, use and name whether it be the result of one or several processes. .....

Tedco Investment and Financial Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... singh 's case (supra) was misplaced.it was further stated that the reliance on section 43d substituted by finance act, 1999 with effect from 1-4-2000 was also misplaced which is in respect of public financial institutions, scheduled banks and is not applicable to non-banking financial companies.5.8 it was argued that even previously prior to the introduction of the above section, the rbi as an apex bank has been issuing circulars as prudential norms as ..... the first appellate authority, with regard to the registration, it was contended on behalf of the assessee that the rbi rejected the application filed for registration as nbfc and the appellate authority has set aside the case to be decided afresh for registration purposes on 11-7-2001 which was still pending before the rbi.4.2 the assessee further placed before the first appellate authority an application filed with the rbi which is ..... based on this legal position, the contention was that due to the new section 45ja with effect from 9-1-1997, the prudential norms issued by the ..... itr 89 special bench order of the delhi bench of the tribunal for the contention that consistency is not the only principle to be considered.new laws and new facts have to be evaluated and cannot be forgotten.6.6 attention was invited to 150 itr 520 (sc)(sic) for the contention that to perpetuate an error is not heroism. ..... this is an appeal filed by the assessee against the order dated 1-2-2002 of cit(a)-xix, new delhi pertaining to 1998-99 assessment year.2. .....

Harinagar Sugar Mills Ltd. and anr. Vs. the State of Bihar and ors.

Court : Patna

..... proviso, runs as follows : '2 (c) 'entry of goods' with all its grammatical variations and cognate expressions means entry of goods into a local areas from any place outside the local area or any place outside the state for consumption : provided that in case of such goods which are liable to tax under section 12(1) of the bihar finance act, 1981, entry of goods shall mean entry of goods into local area from any place outside the ..... the cases, which are companies registered under the indian companies act and are engaged in the manufacture and sale of sugar, have filed the present writ applications for quashing the notification dated 25-7-2001, issued by the government in exercise of poser under sub-section (1) of section 3 of the bihar tax on entry of goods into local areas for consumption, use or sale therein act, 1993 (hereinafter referred to as 'the act') in respect of the scheduled goods listed therein so far as the same ..... . sub-section (3) of section 3 of the act has been substituted, which provides that the liability to pay tax shall only be at the point of first entry into a local area. 12 ..... the aforesaid purchased goods are neither consumed nor used as raw material for the manufacture of new commodity nor for sale to any other person. ..... . 12 new items included in the schedule, apart from six items which were included earlier, are (1) tobacco, (2) emulsion paints, (3) timber and plywood, (4) sanitary fittings, (5) air conditioner, air cooler and air circulators, (6) marble, marble .....

State of Assam and ors. Vs. Chhotabhai Jethabhai Patel Tobacco Product ...

Court : Guwahati

..... same impose entry tax on the specified goods, which formed subject-matter of the writ petitions, by upholding contention that the provisions of sub-section (4) of section 3 of the 2001 act having suffered from the vice of excessive delegation, same having empowered the state government to add by issuing notification, new items in the schedule for the purpose of levying entry tax on such items, is wholly impermissible in law and cannot survive, and also by holding that the imposition of entry ..... sub-section (1) of section 3, which is the charging section, has also been substituted by a new sub-section (1), which provides that there shall be levied and collected an entry tax on the entry of goods specified in the schedule into any local area for consumption, use or sale therein at such rate, not exceeding 20 per centum, as the state government may by notification, fix in this behalf and different rates may be fixed for different class or classes of specified goods and such tax shall be paid ..... a number of petitions, by various writ petitioners, came to be filed challenging the legality and validity of various notifications issued by the government of assam, finance (taxation) department, in exercise of powers conferred under sub-section (4) of section 3 of the impugned act by way of addition to schedule to the act, certain goods as 'specified goods' including cigarette, churat, khaini, gudka, smoking mixture, etc. .....