Judgment Search Results Home > Cases Phrase: finance act 2001 section 5 amendment of section 10 Page 1 of about 16,533 results (0.122 seconds)

Binani Zinc Ltd. and ors. Vs. Commissioner of Central Excise,

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT

..... , in respect of any excisable goods under any of such rule, notification or order, and no enforcement shall be made by any court, of any decree or order relating to such action taken or anything done or omitted to be done as if the amendment made by section 131 of the finance act, 2001 had bee in force at all material times; (c) recovery shall be made of all such amounts of duty or interest of penalty or fine or credit of duty in respect of inputs or capital goods or other charges which have not been collected ..... the counsel appearing for the respective parties submitted that the appeals are to be restored in view of the amendment in the finance act of 2001 by inserting section 38a therein as well as in view of the decision of the larger bench in the case of kisan sahkari chini mills ltd. v. ..... shri nair who commenced the argument on the point at issue in these batch of applications submitted that subsequent to passing of the aforesaid orders that new section 38a was inserted under section 131 of the finance act 2001 having retrospective effect and deemed to have been inserted and effective on and from 28.2.1944, and in view of that amended section, mistake has crept in the order and same is required to be rectified.10. ..... obviously there was no mistake on the day of passing the order.but subsequently amendment inserting section 38a having retrospective operation in the finance act, 2001 converts proper order into improper.as observed by the supreme court in the case of m.k. .....

Tonira Pharma Ltd. Vs. Commissioner of C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

..... shall be deemed to be and to have always been for all purposes as validly and effectively taken or done as if the amendment by section 113 of the finance act, 2001 have been enforced at all material time and that recovery shall be made of all such amounts of duty or interest or penalty or fine or other charges which have not been collected, as if the amendment made by section 113 of the finance act, 2001 had been inforceat all material time. ..... it is contended that with effect from 11-5-2001 when sub-section (2a) was introduced in section 9a of the tariff act by section 118 of the finance act, 2001, no anti-dumping duty remained imposable on a 100% eou under the said notification. ..... even prior to 11-5-2003 when section 159a was inserted because of the provisions of section 114 of the finance act, 2001, which saves recoveries of all amounts under any notification, which had not been collected, as provided in clause (c) of section 114.30.1 in any event, the expiry of notification imposing anti-dumping duty did not at all obliterate the liability that had already arisen upon importation of the articles under the notification by virtue of section 9a(1)(5) of the act which continued to remain in force .....

Bangalore Turf Club Ltd. Vs. Union of India

Court : Karnataka

..... hence, this court is of the considered view that amendment brought about by finance act of 2001 to section 2(24) and 194b would have no bearing on the income earned from 'owning and maintaining ..... thus, while introducing explanations (i) and (ii) to section 2(24)(ix) and the words 'or card game and other game of any sort' by finance act, 2001 with effect from 01.06.2001, the speech made by the finance minister while moving for such amendment by way of insertion to these sections, can be examined as it would throw light on the true intent of the legislature ..... 8.1 he would also contend that section 194b came to be amended by finance act, 2001 whereunder 'card game and other game of any sort' has been brought under the purview of section 194b and contends that stake money from horse racing would fall within the purview of 'game of any ..... section was amended by finance act, 2001 ..... the revenue has made an attempt to contend that on account of the words 'or card game and other similar game' introduced by way of insertion to section 194b by finance act, 2001 would encompass the income by way of stake money and thereby an obligation is cast on the turf clubs to deduct the tax at source on such stake money paid to the race horse owners requires to be considered ..... thus, a conspectus reading of the provisions of the act, circulars and the speech of the finance minster would indicate that amendment brought about by finance act, 2001 had no bearing over income derived from owning and maintaining .....

Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

..... hence, this court is of the considered view that amendment brought about by finance act of 2001 to section 2(24) and 194b would have no bearing on the income earned from owning and maintaining horses ..... thus, while introducing explanation (i) and (ii) to section 2(24)(ix) and the words or card 124 game and other game of any sort by finance act, 2001 with effect from 01.06.2001, the speech made by the finance minister while moving for such amendment by way of insertion to these sections, can be examined as it would throw light on the true intent of the legislature ..... he would also contend that section 194b came to be amended by finance act, 2001 whereunder card game and other game of any sort has been brought under the purview of section 194b and contends that stake money from horse racing would fall within the purview of game of any ..... section was amended by finance act, 2001. ..... the revenue has made an attempt to contend that on account of the words or card game and other similar game introduced by way of insertion to section 194b by finance act, 2001 would encompass the income by way of stake money and 126 thereby an obligation is cast on the turf clubs to deduct the tax at source on such stake money paid to the race horse owners requires to be considered ..... thus, a conspectus reading of the provisions of the act, circulars and the speech of the finance minster would indicate that amendment brought about by finance act, 2001 had no bearing over income derived from owning and maintaining .....

Cce Vs. Oripol Industries, Utkal

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2003)(88)ECC239

..... raised by the respondent-assessee is that after the amendment by finance act, 2001 the language of sub-section (3) of section 35-a is comparable to sub-section (1) of section 35, as it stood before the amendment by finance act, 1980. ..... other hand, the learned dr would contend that when a specific power given under the statute was taken away be way of amendment in finance act 4/2001 one cannot go back to the meaning given to section 35 of the central excise or 128(2) of the customs act by the court as it would be against the legislature's intention. ..... 1998 (98) elt 584 before introducing specific provision giving power of remand in the year 1982 can be given to the present section after the amendment under the finance act, 2001 which came into force on 11.5.2001. ..... for consideration by the larger bench is whether commissioner (appeals) does have jurisdiction to remand the appeal before him after the amendment of section 35a by the finance act, 2001 w.e.f. ..... by section 128-a of the finance act, 2001 sub-section (3) of section 35-a was substituted w.e.f 11.5.2001 as follows:- "section 35-a, procedure in appeal -- (3) the commissioner (appeals) shall, after making such further inquiry as may be necessary, pass such order, as he thinks just and proper, confirming, modifying or annulling the decision or order appealed ..... the above contention he placed reliance on notes on clauses on the amendment to section 35a of the central excise act and 128-a of the customs act in the finance bill of 2001. .....

Commissioner of Central Excise Vs. Oripol Industries

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2002)LC396Tri(Delhi)

..... raised by the respondent-assessee is that after the amendment by finance act, 2001 the language of sub-section (3) of section 35a is comparable to sub-section (1) of section 35, as it stood before the amendment by finance act, 1980. ..... other hand, the learned dr would contend that when a specific power given under the statute was taken away by way of amendment in finance act, (14 of 2001) one cannot go back to the meaning given to section 35 of the central excise or 128(2) of the customs act by the court as it would be against the legislature's intention. ..... introducing specific provision giving power of remand in the year 1982 can be given to the present section after the amendment under the finance act, 2001 which came into force on 11-5-2001. ..... referred for consideration by the larger bench is whether commissioner (appeals) does have jurisdiction to remand the appeal before him after the amendment to section 35a by the finance act, 2001 w.e.f. ..... by section 128a of the finance act, 2001 sub-section (3) of section 35 a was ..... ) 1922 the apex court took the view that the speech made by the finance minister while moving the amendment introducing section 52(2) of the income tax act by way of adding sub-section (2) was extremely relevant as it throws considerable light on the object and purpose of enactment ..... of the above contention he placed reliance on notes on clauses on the amendment to section 35a of the central excise act and 128a of the customs act in the finance bill of 2001. .....

Addl. Cit Vs. Kwality Frozen Foods Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT243(Mum.)

..... the term "trademark" has been brought in section 55(2) by the finance act, 2001 through section 35 thereof.section 32 of the finance act, 2001 reads as follows: "....amendment of section 55.in section 55 of the income tax act, in sub. ..... in fact the finance act of 2001 amended section 55(2)(a) of the income tax act to include trade mark and brand names. ..... it is in order to overcome this lacuna that a further amendment was brought in by the finance act, 2001 and inserted "trademark and brand" in section 55(2). ..... the sale of trademark as such was brought into the provisions of section 55(2) through the amendment by the finance act, 2001. ..... the impugned assessment year 1995-96.therefore, the said specific amendment brought in by the finance act, 2001 with effect from assessment year 2002-03, to cover the sale of trademark also for the purpose of levy of long term capital gains would not apply in the present case. ..... therefore, the second contention regarding the retrosepctivity of the amendment brought in by the finance act, 2001 is also not sustainable in law.in the facts and the circumstances of the case, we find that the order passed by the cit (a) is just and proper and it is to be upheld.in result, the appeal filed by the revenue is liable to be ..... the first limb of the argument raised by the revenue is therefore rejected.next ground raised by the revenue is that the amendment brought in by the finance act, 2001 is explanatory in nature and therefore, retrospective in operation. .....

Suma Devi Vs. State of Kerala

Court : Kerala

Reported in : 2005(2)KLT870; [2005]142STC170(Ker)

..... constitutional validity of the amendments effected to section 7(1)(b) of the kerala general sales tax act, 1963 by sections 1 and 6(c) of the kerala finance act, 2001 (act 7 of 2001) is under challenge in these cases. ..... further they contend that the retrospective operation of the amended provisions effective from 23.7.2001 as per section 1 of the finance act, 2001 is a colourable exercise of power. ..... 60,000/- state government later introduced supplementary finance act during november 2001 amending the provisions of section 7(1)(b) of the kerala general sales tax act, which reads as follows:in section7, sub-section (1)(a) xx xx xx(b) xx xx xx(c) in clause (b), --(i) in item (i) for the letters and figures 'rs. ..... petitioners submit that sections 1 and 6(c) of the kerala finance act, 2001 (act 7 of 2001) is unconstitutional and violative of article 265 of the constitution of india and the unreasonable levy of compound tax on the persons engaging in metal crusher operations is contrary to articles 14 and 19(1)(g) of the constitution of india. ..... consequently as per the kerala finance act, (act 7 of 2001) section 7(1)(b) was introduced which reads as follows:7. ..... further section 1(2) of act 7 of 2001 was introduced to give effect to the amendment from 23rd july 2001.5. ..... having opted under section 7(1)(b) they are bound by the explanation contained in the finance act. ..... explanation was added by act 7 of 2001 to explain the meaning of the words contained in the section. .....

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

Court : Kerala

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

..... as per section 21 of the finance act, 2001, section 32 was amended as follows :'21. ..... menon, learned standing counsel appearing for the revenue, the explanation inserted by the amendment to section 32 by the finance act, 2001, with effect from april 1, 2002, would take us back to the position that whether or not the assessee claimed the deduction in respect of the depreciation, section 32 would apply. ..... was inserted as per the finance act, 2001, and the explanation itself was given effect to only with effect from the 1st day of april, 2002, and when the legislature has expressly given effect to the explanation to commence from 1st day of april, 2002, only we do not see any force in the contention raised by learned counsel appearing for the revenue that de hors the express provision the section should be given retrospective effect ..... . 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 .....

Pr. Commissioner of Income Tax-2 vs.british Motor Car Co.(1934) Ltd

Court : Delhi

..... set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from the assessment year 1997 98 up to the assessment year 2001 02 got carried forward to the assessment year 2002 03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by the finance act, 2001, and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever. ..... law urged by the revenue in the appeal is whether the interpretation of section 32(2) of the income tax act, ita10312017 page 1 of 10 1961 ( the act ) as amended by finance act, 2001, could be given effect to beyond the period of eight years, prior ..... section 32(2) of the act was amended by the finance act, 2001, and the provision so amended reads as under: where, in the assessment of the assessee, full effect cannot be given to any allowance under sub-section (1) ita10312017 page 5 of 10 less than 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 the allowance, then, subject to the provisions of sub-section (2) of section 72 and sub-section (3) of section 73, the allowance or the ..... to allow the unabsorbed depreciation allowance worked out in the assessment year 1997 98 only for eight subsequent assessment years even after the amendment of section 32(2) by the finance act, 2001, it would have incorporated a provision to that effect. .....