Judgment Search Results Home > Cases Phrase: finance act 2001 section 49 substitution of new sections for section 92 Page 9 of about 4,202 results (0.169 seconds)

Malwa Texturising (P) Ltd. Vs. Cit

Court : Madhya Pradesh

Reported in : (2006)204CTR(MP)555

..... thereafter, the assessee filed an application under section 254(2) of the act for correction of the said order dated 26-11-2001 of the tribunal and the ground taken in the said application filed by the assessee was that under sub-section (4) of section 90 of the finance (no. ..... 8/ind/2003 and after hearing learned counsel for the parties at length, the tribunal allowed the said ma by the impugned order dated 16-1-2004 and substituted paras 10 to 12 of its appellate order dated 26-11-2001 with new paras 10 and 11 holding that as the assessee had opted for kvss 1998 and had paid the taxes settled thereunder, the appeal has to be treated as dismissed.6. ..... malwa textunsing (p) ltd, (2006) 204 ctr (mp) 549) holding that the aforesaid order dated 16-1-2004 passed by the tribunal was outside the scope and purview of section 254(2) of the act which was confined only to rectification of any mistake apparent from the record and have set aside the said order dated 16-1-2004 of the tribunal. ..... or notice giving rise to the tax arrear before any authority or tribunal or court, then, notwithstanding anything contained in any other provisions of any law for the time being in force, such appeal or reference or reply shall be deemed to have been withdrawn on the day on which the order referred to in sub-section (2) is passed :provided that where the declarant has filed a writ petition or appeal or reference before any high court or the supreme court against .....

Commissioner of Income Tax Vs. Malwa Texturising (P) Ltd.

Court : Madhya Pradesh

Reported in : (2006)204CTR(MP)549; [2007]292ITR488(MP)

..... (2) the tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record amend any order passed by it under sub-section (1) and shall make such amendment if the mistake is brought to its notice by the assessee or the ao:provided that an amendment which has the effect of enhancing an assessment or reducing a refund or otherwise increasing the liability of ..... the assessee, shall not be made under this sub-section unless the tribunal has given notice to the assessee of its intention to do so and has allowed the assessee a reasonable opportunity of being heard.thus, under the aforesaid sub-section (2) of section 254 of the act, the tribunal can only rectify any mistake apparent from the record and cannot rehear an appeal and reverse ..... (2) whether any ground was made out for entertaining the application made under section 254 of it act and if so, whether these grounds satisfy the requirement of section 254 of it act, entitling the tribunal to rectify their main order passed in appeal?7. ..... 2001 of the tribunal and the ground taken in the said application filed by the assessee was that under sub-section (4) of section 90 of the finance ..... , 2004 and substituted paras 10 to 12 of its appellate ..... , 2001 with new paras 10 and 11 holding that as the assessee had opted for kvss, 1998 and had paid the taxes settled thereunder, the appeal has to be treated .....

Premier Ltd. (formerly known as M/s. Premier Automobiles Ltd. Through ...

Court : Mumbai

..... payment or erroneous refund, as the case may be, was on the basis of any approval, acceptance or assessment relating to the rate of duty on or valuation of excisable goods under any other provisions of this act or the rules made thereunder, a central excise officer may, within [one year] from the relevant date, serve notice on the person chargeable with the duty which has not been levied or paid or which ..... no.289/96/cx-9 which specifies that the interest on delayed payment have to be collected at the rate of 20% per annum from the date of new section 11a came into force and that such interest would be payable only on the actual amount in balance and not on the original amount payable. ..... of the powers conferred by section 11aa of the central excise act, 1944 (1 of 1944) and in supersession of the notification of the government of india in the ministry of finance (department of revenue) no.18/ ..... mention here that the respondents are not claiming interest for the period from april 1998 to june 2001 and in fact the petitioners cannot expect largesse in the ..... or paid or has been short-levied or short-paid or erroneously refunded by reason of fraud, collusion or any willful mis-statement or suppression of facts, or contravention of any of the provisions of this act or of the rules made thereunder with intent to evade payment of duty, by such person or his agent, the provisions of this subsection shall have effect, [as if, for the words [one year], the words five years were substituted. .....

Mansarovar Commercial Pvt. Ltd. Vs. Commissioner Of Income Tax Delhi

Court : Supreme Court of India

..... taken us through the relevant provisions under the income tax act, 1922 (section 4a), section 6(3) of the act (existed prior to 01.04.2017) and section 6(3) of the act substituted by finance act w.e.f. ..... however subsequently, by virtue of section 26 of the finance act, 1989 the act was made applicable to the state of sikkim from the previous year relevant to the assessment year commencing from 1st april, 1990, thereby extending the date of applicability of the act by one year from the date specified in the notification dated 23rd ..... court has allowed the said appeals preferred by the revenue and has quashed and set aside the common order dated 08th january, 2002 passed by the income tax appellate tribunal, new delhi (for short, itat ) for assessment years 1987-88, 1988-89 and 1989-90 and restored the orders passed by the assessing officer, upheld by the commissioner of income tax (appeals ..... he has taken us through the findings recorded by the assessing officer in the assessment order, findings of the cit(a) vide order dated 30th march, 2001, findings recorded by the itat vide order dated 8th january, 2002 and the findings recorded by the high court including the findings recorded regarding the issue pertaining to service of notice and levy ..... ranchi club limited, (2001) 247 itr209taking the view that levy of interest was under section 234a, b & c of the act, without a direction by the ao in the assessment order is not ..... of 67 came to be dismissed vide order(s) dated 30th march, 2001. .....

Akriti Media (P) Ltd. Vs. Asstt. Cit

Court : Delhi

Reported in : (2004)89TTJ(Del)836

..... on the basis of such books of account, no part of the share capital can be assessed as undisclosed income by invoking the provisions of section 68 particularly when entire share capital has been received by account payee cheques from genuine identifiable parties whose complete addresses have been furnished during the ..... initiated proceedings, under section 158bc read with section 158bd and issued notice calling for the block return on 23-3-2001. ..... search operations were conducted by the it authorities under section 132 of the income tax act on the premises of shri alok agarwal who is a ..... on the basis of the above facts, learned counsel submitted that provisions of section 68 are not inviolable inasmuch as the assessed has already discharged the onus of establishing the genuineness of the share capital duly reflected in the regular ..... under the said chapter is not intended to be a substitute for regular assessment. ..... chapter xiv-b of the income tax act, 1961, lays down a special procedure for assessment of search cases and provides for assessment of undisclosed income as a ..... ]236itr73(guj) has been explicitly enacted into the block assessment scheme by *the legislature by insertion of the explanationn below section 158baq) by the finance (no. ..... appeal filed by the assessed is directed against block assessment order dated 28-6-2002, made by assistant commissioner, circle 11, new delhi for the block. ..... the particulars of shri govind mishra, 234, dda office complex, jhandewalan extension, new delhi.9. .....

American Hotel and Lodging Association Educational Institute (Earlier ...

Court : Delhi

Reported in : (2006)206CTR(Del)601; [2007]289ITR46(Delhi)

..... be included - (1) to (23bbe) xxx xxx xxx(23c) any income received by any person on behalf of - (i) to (v) xxx xxx xxx (vi) any university or other educational institution existing solely for educational purposes and not for purposes of profit, other than those mentioned in sub-clause (iiiab) or sub-clause (iiiad) and which may be approved by the prescribed authority, or(via) xxx xxx xxxthere are certain provisos to ..... or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) (a) applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent of its income is accumulated on or after the 1st day of april, 2002, the period of the accumulation of the amount exceeding ..... any university or other educational institution, hospital or other medical institution which is wholly or substantially financed by the government, under the new sub-clauses (iiiab) and (iiiac) inserted in section 10(23c) of the income-tax act by the finance (no. ..... substituted so as to empower the prescribed authority to call for information or to hold such enquiry as it deems fit before the university or other educational institution or a hospital is approved for exemption under clause (23c) of section ..... up to march 30, 2001, to transfer their ..... 2001 ..... specified investments, i propose to give them time up to march, 2001. .....

Mr. R.B. Bahutule, Pharma Chem Vs. Commissioner of Central Excise,

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2004)(166)ELT233Tri(Mum.)bai

..... 4,500/- has been imposed under section 77 of the finance act, 1994 (f.a. ..... coming to the question whether there is a discretion with the adjudicating authorities not to impose the minimum penalty under the said section 76 for delay in paying the service tax and also for imposition of penalty for non registration and delay in filing return, i find that some of the earlier decisions of the tribunal have looked at case laws relating to other legislations. ..... rule made thereunder, who fails to pay such tax shall pay in addition to paying such tax, and interest on that tax in accordance with the provisions of section 75, a penalty which shall not be less than one hundred rupees but which may extend to two hundred rupees for every day during which such failure continues, so, however, that the penalty under this clause shall not exceed the amount of service tax that ..... 94 as substituted by finance (no. ..... 274 to claim that since this is a new tax, no penalty should have been imposed. ..... chandigarh - 2001 (134) e.l.t. ..... milan tent palace - 2001 (131) e.l.t. ..... calcutta-i - 2001 (133) e.l.t. ..... 27/09/2001, penalty was reduced to rs. ..... 29/08/2001, it was decided to reduce the penalty of rs. ..... 07/02/2001, it has been held that the penalties are mandatory and that the lower authorities has no discretion in reducing the penalty. ..... - 2001 (129) e.l.t. ..... 02/02/2001, it is held that the minimum penalty was rs. ..... milan tent palace - 2001 (1.31) e.l.t. .....

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. .....

Sial Sbec Bioenergy Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)83TTJ(Delhi)866

..... pertaining to rehabilitation), section 72a(7)(a)(3) (provisions relating to carry forward and set off of cumulative loss and unabsorbed depreciation allowance in amalgamation or demerger), section 10(6) as inserted in the year 1961 and omitted by finance act, 1993, section 10(5)(b) prior to its omission by finance act, 2002, section 32a investment allowance, section 80rra. ..... to the learned counsel, the said section stands deleted by the finance act, 1967. ..... 5 added to section 32 by the finance act, it is obligatory on the assessee to claim depreciation and if not claimed the ao will first deduct the depreciation and then arrive at the ..... -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 for that previous year or owing to the profits or gains chargeable being less than the allowance, the depreciation allowance or part thereof to which effect has not been given shall be added to the amount of allowance for depreciation for the following previous year, or for the succeeding previous years ..... clause 21 of the finance bill seeking to amend section 32 of the it act relating to depreciation is reproduced as hereunder : 'sub-clause (a) seeks to insert a new expln. ..... in this connection the finance bill, 2001 clearly spells out that this amendment will take effect from 1st april, 2002 and will, accordingly, apply in relation to the asst. ..... 2001 .....

Vijay JaIn Vs. Investnet Securities India Ltd.

Court : Mumbai

Reported in : 2003(1)ALLMR818; 2003(2)BomCR488; [2003]116CompCas164(Bom); [2003]43SCL177(Bom)

..... it was impermissible for the single judge while exercising jurisdiction under section 34 of the act to substitute his views for that of ..... /transactions showed that a contract did exist between the parties and each contract note which had been issued clearly contained an agreement for arbitration and a provision for reference to arbitration; (ii) there was a running account between the parties from december 1999 to august 2000; a demand was sent in march 2001 and the claim to arbitration was, therefore, within the period of limitation; (iii) the signatures of mr. j.p. goenka ..... . under section 9 of the securities contracts (regulation) act, 1956, a recognised stock exchange is entitled to make bye-laws inter alia for the regulation and control of contracts and to provide for terms and conditions and incidents of contracts : the forms of contracts and for regulations for entering into and for the performance of contracts including ..... in the arbitral proceedings is that the petitioner was a constituent of the respondent and that commencing from the year 1999 the respondent executed for and at the instance of the petitioner transactions in shares of the companies listed on the national stock exchange (nse) from time to ..... a fortiori or with greater force to a challenge to an arbitral award under section 34 of the act of 1996 because the avowed object of parliament in enacting the new act was to reduce judicial intervention in arbitral proceedings and with arbitral awards to ..... in bfil finance .....