Judgment Search Results Home > Cases Phrase: finance act 2001 section 62 amendment of section 143 Page 1 of about 26,915 results (0.352 seconds)

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

Court : Kerala

Reported in : [2006]155TAXMAN483(Ker)

..... levied on petitioners is not consistent with the law as stated by 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. ..... income as determined under sub-section (1) of section 143' shall not include the additional income-tax, if any, payable under section 143.explanation 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 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 .....

Sea Pearl Enterprises Vs. Deputy Commissioner of Income Tax

Court : Kerala

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

..... determined under sub-section (1) of section 143' shall not include the additional income-tax, if any, payable under section 143.explanation 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 ..... on petitioners is not consistent with the law as stated by the patna high court confirmed by the supreme court in the abovereferred 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 expln. ..... the supreme court while upholding the amendment to section 80p of the act with retrospective effect from 1st april, 1968 in national agrl ..... 2003]260itr548(sc) upholding the validity of retrospective amendment to section 80p of the act, the impugned amendments are valid. ..... in other words, even prior to the amendment interest was being charged under section 234a and section 234b on assessed income and not on income returned by ..... standing counsel reported that, practically no case was reopened in kerala based on the amendment because interest originally levied based on the unamended provisions were also with reference to assessed .....

Parkash Agro Industries Vs. Dy. Cit

Court : Punjab and Haryana

Reported in : [2009]316ITR149(P& H)

..... according to the learned counsel, the aforesaid explanation 1 to section 234b of the act has been amended by the finance act, 2001 with retrospective effect from 1-4-1989 and the vires of the same stands upheld by this court in raj kumar singal v. ..... it is no doubt true that prior to the amendment brought by the finance act, 2001 which has been made effective retrospectively from 1-4-1989, the interest under section 234b of the act was chargeable with reference to the total income as had been declared by the assessee in its return and not on the assessed income. ..... explanation 1 to section 234b of the act was amended by the finance act, 2001. ..... the basis of the amended explanation when it specifically defines assessed tax as the tax on total income determined under sub-section (1) of section 143 of the act ?3. ..... the case of the assessee was processed under section 143(1) of the act and refund was made. ..... whether in view of the fact that the return of the appellant had been accepted under section 143(1) of the act, interest could be charged even on. ..... -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 xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total .....

R.M. Chinniah Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)103ITD479(Chennai)

..... further, the finance act, 2001 wherein new explanation was inserted with retrospective effect from 1st april, 1989 which lays down that in section 234b 'assessed income' means the tax on total income determined under section 143(1) or on regular ..... section 209 of the act, after amendment by the amending act, 1987 lays down the method of computing advance tax payable during a financial year as follows: (a) where the calculation is made by the assessee for paying the advance tax, either of his own accord or on the basis of the estimate of his current income after the assessee is served with a notice by the ao under section 210(3) or (4) for payment of advance tax, income-tax on the current ..... (c) where calculation is made by the ao for making an amended order under section 210(4), on the basis of a return filed or a regular assessment completed subsequently for a previous year later than that adopted in an order under section 210(3), income-tax shall be calculated on the total income declared in such subsequent return or total income determined in such subsequent regular assessment, as the case may be, at the ..... of the above clauses shall, in each case, be reduced by the amount of income-tax which would be deductible at source under any provisions of the act on any income which has been included in the current/total income determined under any of the above clauses.section 234b(1) inserted by the direct tax laws (amendment) act, 1987 w.e.f. ..... amendment of section 208 by the finance act .....

Assistant Commissioner of Vs. Smt. Nina Arora

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)80ITD348(Ahd.)

..... the retrospective amendments introduced by the finance act, 2001 in the provisions relating to levy of interest under sections 234a, 2.34b as well as section 140a. ..... section (1) of section 234a(1) has been omitted by the finance act, 2001 ..... the accounting year and any such credit erroneously given by the assessing officer treating the payment as advance-tax would be liable to be rectified by taking recourse to the provisions of section 154.thus, the statutory provision is unambiguous that while computing the interest for late filing of the return, credit is to be given only to advance-tax and tax deducted at ..... as discussed hereinafter the language of section 234a is explicit and clear words providing that interest for the late furnishing of return would be levied on the amount of tax on total income as determined under section 143(1) or 143(3) as reduced by the advance-tax ..... section is quite explicit and unequivocal in providing that interest is to be calculated on the total income as determined under section 143(1) or 143(3) as reduced by the following two payments :- any payment which is not covered as advance-tax or tax deducted at source would not be liable to be reduced while computing the interest under section ..... of murtiizcibhai mohammedbhai(supra) rendered by nagpur bench of itat(supra), it may be pointed out that the said decision has been rendered in the context of processing under section 143(1)(a) when the assessing officer is not entitled to deal with the controversial issues. .....

Shadi Ram and Sons Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2005)92ITD22Luck

..... . due to divergent views on this issue, the amendments were brought to section 234b of the act by finance act, 1995 with retrospective effect from 1.4.89 ..... . the amendment was brought by finance act ..... before the hon'ble mp high court, inter alia, on the following questions of law: "whether the income tax appellate tribunal was justified in holding that as there was no specific order for charging interest under section 234b of the act, the charging of interest under section 234b in the demand notice was illegal even though in the computation sheet (itns 150) which formed part of the assessment order, interest amounting to rs. 23,47,990/- ..... . most of the courts took the view that it was chargeable upto the date of determination of income under sub-section (1) of section 143.there was controversy even to the meaning of the words "assessed tax".whether the assessed tax meant the tax calculated on the income determined under sub section (1) of section 143 or where the regular assessment was made the tax on such assessed income ..... simple interest at the rate of two percent for every month or part of a month comprised in the period from the first day of april next following such financial year to the date of determination of total income under sub-section (1) of section 143 or regular assessment on an amount equal to the assessed tax or as the case may be on the amount by which the advance tax paid as aforesaid falls short of the assessed tax ..... . 2001 with retrospective effect from 1.4.89 .....

South Indian Bank Ltd. Vs. the Commissioner of Income Tax

Court : Kerala

Reported in : [2009]316ITR306(Ker); 2008(3)KLT326; [2009]176TAXMAN277(Ker)

..... since the scope of amendment to section 36(1)(vii) is involved, we extract hereunder clause (vii) of section 36(1) with the explanation introduced by finance act 2001 with effect from 1.4.1989.section 36(1) the deduction provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28:. ..... the contention of counsel for the appellant is that as on date of completion of proceedings under section 143(1)(a), explanation to section 36(1)(vii) was not in the statute because though introduced with retrospective effect, it was in fact brought to the statute only by finance act 2001. ..... the return filed by the assessee which is a banking company was processed under section 143(1)(a) of the income tax act and in the proceedings so issued, the assessing officer among other things made an addition of rs. ..... for easy reference, the section as it stood at the relevant time is extracted hereunder:section 143(1)(a) where a return has been made under section 139, or in respondent to a notice under sub-section (1) of section 142,:(i) if any tax or interest is found due on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying .....

Gtc Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD86(Mum.)

..... . 10,99,552 claimed by the assessee and allowed under section 143(3) proceedings by the assessing officer, can be disallowed by invoking the provisions contained under section 154 of the income-tax act, 1961, and basing on the amendment made to section 36(1), clause (vii), which was amended by finance act, 2001? 2 ..... . 10,99,552 claimed by the assessee and allowed under section 143(3) proceedings by the assessing officer, can be disallowed by invoking the provisions contained under section 154 of the income-tax act, 1961, and basing on the amendment made to section 36(1), clause (7), which was amended by finance act, 2001? 2 ..... . 10,99,552 claimed by the assessee and allowed under section 143(3) proceedings by the assessing officer, can be disallowed by invoking the provisions contained under section 154 of the income-tax act, 1961, and basing on the amendment made to section 36(1), clause (7), which was amended by finance act, 2001?" 1 ..... . (supra), was also concerned with the retrospective amendment to the provisions of section 143(1a) of the act by the finance act, 1993 with effect from 1-4-1989 which was the date upon which sub-section (1a) itself was introduced in the act .....

G.T.C. Industries Ltd. Vs. the Dy. Cit, Spl. Rg. 50

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . 10,99,552/- claimed by the assessee and allowed under section 143(3) proceedings by the assessing officer, can be disallowed by invoking the provisions contained under section 154 of the income-tax act, 1961, and basing on the amendment made to section 36(1), clause (viii), which was amended by finance act, 2001? 2 ..... 10,99,552/- claimed by the assessee and allowed under section 143(3) proceedings by the assessing officer, can be disallowed by invoking the provisions contained under section 154 of the income-tax act, 1961, and basing on the amendment made to section 36(1), clause (viii), which was amended by finance act, 2001? 2. ..... 10,99,552/-claimed by the assessee and allowed under section 143(3) proceedings by the assessing officer, can be disallowed by invoking the provisions contained under section 154 of the income tax act, 1961, and basing on the amendment made to section 36(1), clause-(7), which was amended by finance act, 2001 1. ..... 143(3) proceedings by the assessing officer, can be disallowed by invoking the provisions contained under section 154 of the income tax act, 1961, and basing on the amendment made to section 36(1), clause -(7), which was amended by finance act, 2001? 2. ..... (supra), was also concerned with the retrospective amendment to the provisions of section 143(1a) of the act by the finance act, 1993 w.e.f. .....

Gtc Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)105TTJ(Mum.)1010

..... section 255(4) of the it act, 1961, asunder, for resolving the controversy by a third member to be nominated by the hon'ble president: whether, under the facts and circumstances of the case, the provision for bad and doubtful debt of rs. 10,99,552 claimed by the assessee and allowed under section 143(3) proceedings by the ao, can be disallowed by invoking the provisions contained under section 154 of the it act, 1961, and basing on the amendment made to section 36(1) clause (vii) which was amended by finance act, ..... allowed under section 143(3) proceedings by the ao, can be disallowed by invoking the provisions contained under section 154 of the it act, 1961, and basing on the amendment made to section 36(1), clause (vii), which was amended by finance act, 2001 ..... allowed under section 143(3) proceedings by the ao, can be disallowed by invoking the provisions contained under section 154 of the it act, 1961, and basing on the amendment made to section 36(1), clause (vii), which was amended by finance act, 2001? ..... of rectification, according to the learned counsel for the assessee, was passed by the ao on 17th june, 1996.according to him, explanation to clause (vii) of sub-section (1) of section 36 was inserted by the finance act, 2001 with retrospective effect from 1st april, 1989 to the effect that any debt or part thereof written off as irrecoverable in the accounts of the assessee, shall not include ..... the retrospective amendment to the provisions of section 143(1a) of the act by the finance act, .....