Judgment Search Results Home > Cases Phrase: finance act 2001 section 91 insertion of new section 271g Sorted by: recent Page 1 of about 883 results (0.098 seconds)

Singapore Airlines Ltd. Vs. C.i.t.,delhi

Court : Supreme Court of India

..... of section 194h of the income tax act, 1961 ( it act ) as introduced by the finance act, 2001, with ..... in certain cases: notwithstanding anything contained in the provisions of clause (b) of sub section (1) of section 271, section 271a, section 271aa, section 271b, section 271ba, section 271bb, section 271c, section 271ca, section 271d, section 271e, section 271f, section 271fa, section 271fb, section 271g, clause (c) or clause (d) of sub section (1) or sub section (2) of section 272a, sub section (1) of section 272aa, or sub section (1) of section 272bb or sub section (1a) of section 272bb or sub section (1) of section 272bbb or clause (b) of sub page 47 of 53 section (1) or clause (b) or clause (c) of sub section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the ..... spurred by the reintroduction of section 194h in the it act by the finance act, 20015, the revenue sent out notices to the ..... cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income tax thereon at the rate of five per cent: provided that no deduction shall be made under this section in a case where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year to the ..... act has, therefore, inserted a new section 194h relating to deduction of tax at source from income by way of commission (not being insurance commission referred to in section .....

Godrej and Boyce Manufacturing Co.Ltd. Vs. Dy.Commr. of I.T.Mumbai and ...

Court : Supreme Court of India

..... while answering the said question this court considered the object of insertion of section 14a in the income tax act by finance act, 2001, details of which have already been noticed. ..... on the other hand, the learned solicitor general of india, who has argued the case on behalf of the revenue has laid before the court the position of law prior to insertion of section 14a of the act by the finance act of 2001. ..... section 14a as originally enacted by the finance act of 2001 with effect from 1.4.1962 is in the same form and language as currently appearing in sub-section (1) of section 14a of the act. ..... the object behind the introduction of section 14a of the act by the finance act of 2001 is clear and unambiguous. ..... therefore, it is proposed to insert a new section 14a so as to clarify the intention of the legislature since the inception of the income-tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income-tax act. 16. ..... no expenditure was incurred to earn the dividend income cannot be accepted and why the orders of the tribunal for the earlier assessment years were not acceptable to the assessing officer, particularly, in the absence of any new fact or change of circumstances. ..... (ashok bhushan) new delhi may8 2017 ----------------------- [1]. .....

Cce., Ahmedabad Vs. M/S. Om Sai Engg Works and Others

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Ahmedabad

..... following proviso inserted in section 78 of the finance act, 1994 ..... table, the original adjudicating authority imposed penalties under section 78 of the finance act, 1994 (hereinafter referred to as the act) on the respondents for evasion of service tax during the said periods, but did not impose penalty on them under section 76 of the act relying upon the following decisions:(i). ..... section 78 of the act has been amended by the finance act, 2008 and the amendment provides that in case where penalty for suppressing the value of taxable service under section 78 is imposed, the penalty for failure to pay service tax under section ..... sections is imposable as rightly held by kerala high court in krishna poduval (supra), the appellant cannot contend that once penalty is imposed under section 78, there should not have been any penalty under section 76 of the finance act ..... entire agreement with the view expressed by the high court that section 11ac of the central excise act, 1944, is prospective in operation and the illegality committed prior to insertion of section 11ac in the act, cannot be the subject matter of penalty under the said provision. ..... (both cited supra) need to be followed since the view taken therein is better in point of law which, unequivocally, hold that section 11ac of the act being a penal provision providing for mandatory penalty cannot have retrospective operation as such it cannot be invoked in a case where the period of dispute or ..... central excise, new delhi [2002 ..... 2001 ..... 2001 .....

Commissioner of Income Tax Vs. P.i. Industries Ltd.

Court : Rajasthan

Reported in : (2009)221CTR(Raj)259

..... it was also considered, that a new section 35dda has been inserted by the finance act, 2001 w.e.f. ..... appeal was admitted on 29th march, 2007 by framing following substantial question of law:whether in the facts and circumstances of the case, the tribunal was in error in allowing the entire claim of deduction under section 37(1) of the amount paid by the assessee towards the dues of its employees whose services were brought to an end under the voluntary retirement scheme ?3. ..... however, the insertion of the said section gives emphasis to the point, that nature of payment on account of vrs is an expenditure, which needs amortization, and no such provision was found in the act for the earlier period, whereby the claim could be ..... , the above discussion shows that it is consistently established legal position, that the expenditure of the nature, as is involved in the present case, is clearly allowable as revenue expenditure under section 37(1) of the act, and we do not find any ground to take any contrary view.16. ..... was held, that such expenditure had been incurred on account of commercial expediency in order to facilitate carrying on business, and was held to be allowable under section 37(1) of the act, and that, it was not of capital nature.12. ..... 907 in the relevant year being the expenditure claimed under section 37(1) of the it act, being the amount paid by the assessee, under the approved voluntary retirement scheme (vrs), which scheme was approved under section 10(10c) vide order dt. .....

Banswara Syntex Ltd. Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)108ITD48(Jodh.)

..... one chapter xiib, containing section 115jb, was inserted by the finance act, 1987 (11 of 1987), ..... now, section 115jb which provided special provisions for payment of tax by certain companies has been inserted by finance act 2000, ..... same clause (viii) in explanation to section 115ja by the finance act, 1997, w.e.f. ..... section 115jb was brought on the statute by finance act 200, ..... the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the s aid amount was withdrawn) under the explanation to section 115ja (2); or (ii) the amount of income to which any of the provisions of chapter iii, containing sections 10 to 13a, applies, if any such amount is credited to the profit and loss account; or (iii) the amount of loss brought forwards or unabsorbed depreciation, whichever is less as per books of ..... this section reads as under: (1) notwithstanding anything contained in any other provision of this act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 2001, is less than seven and one-half per ..... , 1.4.2001, as has already been ..... provision was relevant in respect of any previous year relevant to the a.y.commencing on or after 1st day of april 1997 but before 1st day of april 2001. ..... 1.4.2001.this provides for a special provision for payment of tax by certain .....

Jct Limited Vs. Income-tax Appellate Tribunal and ors.

Court : Delhi

Reported in : 101(2002)DLT303

..... 1 october 1998 and the two provisos to sub-section (2a) of section 254 of the act, by the finance act, 2001 w.e.f.1 june 2001, respectively providing for levy of fees on the application for stay of demand and fixing the time limit for disposal of an appeal where an order of stay is ..... tax in india; neither any assessment in respect of the said amount has been made on merrill lynch nor the petitioner has been treated as their agent under section 162 of the act and, thereforee, ti cannot be made liable for deduction of tax at source on the expenses incurred; and that the order passed by the assistant commissioner was otherwise barred by limitation. ..... classicus on the subject, while dealing with the issue of power of the tribunal to grant stay, their lordships of the supreme court said that 'the statutory power under this section carries with it the duty in proper cases to make such orders for staying recovery proceedings pending an appeal before the tribunal, as will prevent the appeal if successful, from being ..... tribunal to grant stay of recovery has now been recognised by the legislature also by the insertion of sub-section 7 in section 253 of the act by finance (no.2) act, 1998, w.e.f. ..... section 133-a of the income-tax act, 1961 (for short the act) was conducted at the business premises of the petitioner at new ..... of india is to the order, dated 23 may 2002, passed by the income-tax appellate tribunal new delhi (for short the tribunal) directing the petitioner to pay a sum of rs. .....

Jct Ltd. Vs. Itat, Delhi Bench, and ors.

Court : Delhi

Reported in : [2002]258ITR291(Delhi)

..... 2) act, 1998, with effect from 1-10-1998, and the two provisos to sub-section (2a) of section 254 of the act, by the finance act, 2001, with effect from 1-6-2001, respectively, providing for levy of fees on the application for stay of demand and fixing the time limit for disposal of an appeal where an order ..... ; neither any assessment in respect of the said amount has been made on merrill lynch nor the petitioner has been treated as their agent under section 162 of the act and, thereforee, it cannot be made liable for deduction of tax at source on the expenses incurred; and that the order passed by the assistant commissioner was otherwise barred by limitation ..... while dealing with the issue of power of the tribunal to grant stay, their lordships of the supreme court said that (headnote) : 'the statutory power under this section carries with it the duty in proper cases to make such orders for staying recovery proceedings pending an appeal before the tribunal, as will prevent the appeal, if successful, from being ..... section 133a of the income tax act, 1961 (hereinafter referred to as 'the act'), was conducted at the business premises of the petitioner at new ..... stay of recovery has now been recognised by the legislature also by the insertion of sub-section (7) in section 253 of the act by the finance (no. ..... india is to the order, dated 23-5-2002, passed by the income tax appellate tribunal, new delhi (hereinafter referred to as 'the tribunal'), directing the petitioner to pay a sum .....

M/s Shriram Investments Vs. The Commissioner Of Income Tax Iii Chennai

Court : Supreme Court of India

..... order dated 21st july 1993, the cit (appeals) dismissed the appeal on the ground that in view of section 139(5) of the it act, the revised return filed on 29th october 1991 was barred by limitation. ..... section 10b(8) and furnishing the declaration as required under section 10b(8) in the revised return of income which was much after the due date of filing the original return of income under section 139(1) of the income-tax civil appeal no.6274 of 2013 page 6 of 7 act, cannot mean that the assessee has complied with the condition of furnishing the declaration before the due date of filing the original return of income under section 139(1) of the act ..... itat entertained the claim as permissible, even though for the first time before the itat, in appeal under section 254 of the 1961 act, by relying on the dictum of this court in national thermal power co. ..... section 139(5) of the it act, at the relevant time, read thus: (5) if any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the ..... and 11 of the said decision in the case of wipro finance ltd1 read thus:- 10. ..... george masih) new delhi; october ..... raising of a new ground concerning the claim already mentioned in the returns and not an inconsistent or contrary plea or a new claim. .....

Union Of India Vs. Rajeev Bansal

Court : Supreme Court of India

..... reassessment notices issued between 1 april 2021 and 30 june 2021 under the old regime on the ground that: (i) sections 147 to 151 stood substituted by finance act 2021 from 1 april 2021;26 (ii) in the absence of any saving clause, the revenue could initiate reassessment proceedings after 1 april 2021 only in accordance with the provisions of the new regime since they were remedial, beneficial, and meant to protect the rights and interests of the assesses;27 and ..... 1st day of october, 1991 and ending on the 30th day of september, 2005 in response to a notice served under this section, and (b) subsequently a notice has been served under clause (ii) of sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time limit for making the assessment, re-assessment or recomputation as specified ..... it is well-known that when a statute levies a tax it does so by inserting a charging section by which a liability is created or fixed and then proceeds to provide the machinery to make the liability effective. ..... 115 (2001) 8 scc24page 77 of 112 part e observed that according to order 20 rule 14(1) of the code of civil procedure 1908, the right of pre-emption becomes a vested right and can only be taken away by a known method of law. ..... state of maharashtra, (2001) 8 scc257[31]. .....

Chief Commissioner Of Central Goods And Service Tax Vs. M/s Safari Ret ...

Court : Supreme Court of India

..... it is to be added that all these decisions are based upon the interpretation of the phrase machinery or plant under section 41 of the finance act, 1971 which was applicable and there appears no such distinction for grant of allowance on different heads as provided under section 32 of the income tax act. ..... with the change of scientific, commercial and economic conditions and ways of life new species of property, both tangible and intangible gaining enormous values have come into existence and new means of reaching and subjecting the same to contribute towards public finance are being developed, perfected and put into practical operation by the legislatures and courts of this country, of course within constitutional limitations.109. ..... its progress is one of constant growth and development in keeping with the advancing economic and social conditions; and the fiscal intelligence of the state has been advancing concomitantly, subjecting by new means and methods hitherto untaxed property, income, service and provisions to taxation. ..... to be taken into consideration on the principle that the literal construction of a statute must be adhered to unless the context renders it plain that such a construction cannot be put on the words in question this is what is stated in webster's third new international dictionary: civil appeal no.2948 of 2023 etc. ..... (sanjay karol) new delhi; october 3, 2024. ..... commissioner of customs, new delhi23 and commissioner of income tax, west bengal 1, calcutta v. .....