Judgment Search Results Home > Cases Phrase: finance act 2002 section 10 amendment of section 14a Court: us supreme court Page 1 of about 28 results (0.158 seconds)

Commissioner of Income Tax 5 Mumbai Vs. M/S. Essar Teleholdings Ltd. T ...

Court : Supreme Court of India

..... in the above case, this court considered the amendments made by the finance act, 2002 to section 271(1)(c)(iii) of the act. ..... although section 14a was made effective from 01.04.1962 but proviso was immediately inserted by finance act, 2002, providing that section 14a shall not empower assessing officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessees under section 154, for any assessment year beginning on or before 01.04.2001. ..... by finance act, 2002, a statutory provision was also inserted by way of proviso to section 14a. ..... when section 14a was inserted by finance act, 2001, it 26 was with retrospective effect with effect from 01.04.1962 where as finance act, 2006, by which sub section (2) and sub section (3) to section 14a were inserted, it was with effect from 01.04.2006 which was mentioned in clause 1(2) of finance act, 2006 which was to the following effect: 1(2). ..... applying the principles of statutory interpretation for interpreting retrospectivity of a fiscal statute and looking into the nature and purpose of sub section (2) and sub section (3) of section 14a as well as purpose and intent of rule 8d coupled with the explanatory notes in the finance bill, 2006 and the departmental understanding as reflected by circular dated 28.12.2006, we are of the considered opinion that rule 8d was intended to operate prospectively.49. .....

Maxopp Investment Ltd.. Vs. commr.of i.t New Delhi

Court : Supreme Court of India

..... finance act, 2006, the aforesaid provision was amended whereby it was renumbered as sub-section (1) and sub-sections ..... it is necessary to keep in mind the objectives behind this provision, we reproduce that part of the discussion hereunder: objective behind insertion of section 14a15 the object behind the insertion of section 14a in the said act is apparent from the memorandum explaining the provisions of the finance bill 2001 which is to the following effect:- 16 certain incomes are not includable while computing the total income as these are exempt under ..... though, section 14a was inserted by the finance act, 2001, but ..... aforesaid problem that the legislature has not only inserted section 14a by the finance (amendment) act, 2001 but also made it retrospective, i.e. ..... (iv) conversely, interest paid on funds borrowed for investment in shares representing controlling interest does not represent expenditure incurred for earning dividend income and is not allowable under section 57(iii) of the act (prior to introduction of section 14a).29) basing their case on the aforesaid principles, it was argued that when the shares were acquired, as part of promoter holding, for the purpose of acquiring controlling interest in the ..... proviso was also added by amendment vide finance act, 2002 which was to operate ..... relevant to the assessment year 2002-03, the assessee incurred total ..... appellant filed return for the previous year relevant to the assessment year 2002-03, declaring income of rs.78,90,430/-. .....

Commissioner of Income-tax, Kerala Vs. K. Srinivasan

Court : Supreme Court of India

Reported in : AIR1972SC491; [1972]83ITR346(SC); (1972)4SCC526; [1972]2SCR309

..... on a reference being sought the following question of law was referred to the high court :-whether the words 'income tax' in the finance act of 1964 in sub-section (2)(a) and sub-section (2)(b) of section 2 would include surcharge and additional surchargethe high court answered the question in the negative and m favour of the assessee.3. ..... although under the act section 4 is the charging section income tax can be charged only where the central act which, in the present case, will be the finance act enacts that income shall be charged for any assessment year at the rate or rates specified therein. ..... section 2 of the finance act 1971 is to the effect that the provisions of section 2 and of the first schedule to the finance act 1970 shall apply in relation to income tax for the assessment year or as the case may be the financial year commencing on the first day of april 1971 as they apply in relation to income tax for the assessment year commencing on first day of april 1970 with certain modifications set out in the section. ..... section 3(1) of that act read :subject to the provisions of this section the rates of income tax and rates of super tax...imposed by sub-section (1) of section 7 of the indian finance act 1940 shall, in respect of the year beginning on the first day of april 1940 be increased by a surcharge for the purpose of the central government....similar phraseology was employed in respect of surcharge on super tax. .....

State of West Bengal Vs. Calcutta Club Limited

Court : Supreme Court of India

..... in the result, these petitions are allowed and it is hereby declared that section 65(25a), section 65(105) (zzze) and section 66 of the finance (no.2) act, 1994 as incorporated/ amended by the finance 60 act, 2005 to the extent that the said provisions purport to levy service tax in respect of services purportedly provided by the petitioner club to its members, to ..... the impugned judgment dated 15th march, 2012 by the high court of jharkhand set out the relevant provisions of the finance act, 1994 (hereinafter referred to as the finance act ), by which service tax was levied on members clubs, and arrived at the conclusion that such clubs stand on a different footing from proprietary clubs, as has been held in young men s ..... finance (no.2) act, 2004 brought 13 new services under service tax which included reintroduction of service tax on 3 services and also made applicable service tax on risk cover in life insurance under the life insurance service, whereas this service was introduced in the year ..... . the finance act, 2002 further levied service tax ..... 11 scc811: (2002) 40 sta154(sc)] ..... 11 scc811: (2002) 40 sta154(sc)] ..... of the notice, the respondent club submitted a representation and the assessing authority required the respondent club to appear before it on 18-10-2002. ..... of commercial taxes issued a notice to the respondent club assessee apprising it that it had failed to make payment of sales tax on sale of food and drinks to the permanent members during the quarter ending 30-6-2002. .....

M/s. Total Environment Building Systems Pvt Ltd. Vs. The Deputy Commis ...

Court : Supreme Court of India

..... in these appeals relates to the levy of service tax on composite works contract prior to the amendment made to the finance act, 1994 in the year 2007 by which section 65(105) (zzzza) was introduced which gives the definition to the expression works contract. ..... said case it was held that service tax on composite works contract was not leviable prior to the amendment made to the finance act, 1994, in the year 2007, whereas according to her, in fact, it was leviable even prior thereto and the amendment made to the finance act, 1994, in the year 2007 by insertion of section 65(105)(zzzza) is only clarificatory in nature. ..... that the observations and the findings recorded by this court in the case of larsen and toubro limited (supra) that there was no service tax leviable on works contracts prior to the amendment by the finance act, 2007 is fundamentally erroneous and contrary to, and in the teeth of the well settled principles laid down by previous judgments, including the judgments passed by larger benches of this court referred to hereinabove. ..... in the present appeals is, whether service tax could be levied on composite works contracts prior to the introduction of the finance act, 2007, by which the finance act, 1994 came to be amended to introduce section 65(105) (zzzza) pertaining to works contracts?.5. ..... [(2002) 4 scc234, after considering series of earlier ..... , (2002) 4 scc234(paragraph 22), it is observed and held by this court that doctrines of precedents and stare decisis are the .....

Tamil Nadu Kalyana Mandapmam Am Assn. Vs. Union of India (Uoi) and ors ...

Court : Supreme Court of India

Reported in : AIR2004SC3757; (2004)4CompLJ108(SC); 2004(3)CTC63; (2004)188CTR(SC)297; 2004(93)ECC353; 2004(167)ELT3(SC); [2004]267ITR9(SC); [2004(4)JCR66(SC)]; JT2004(4)SC568; (2004)3MLJ

..... that this court may be pleased to issue a writ of declaration or any other appropriate writ, order or direction in the nature of a writ of declaration declaring that the provisions of chapter v of the finance act, 1994 and, in particular, sections 66, 67(o) and rule 2(1)(d)(ix) of the service tax rules, 1994 and other provisions insofar as it relates to kalyana mandapmam ams and mandapmam -keepers are illegal, ultra vires and unenforceable and liable to be struck ..... the commissioner of central excise, service tax vide trade notice no.9/97 dated 01.07.1997 informed all the concerned persons that as per clause 19 of section 65 of the finance act, 1994 'mandapmam ' means any immovable property as defined in section 3 of the transfer of property act, 1882 and includes any furniture, fixtures, light fittings and floor coverings therein let out for consideration for organising any official, social or business ..... however, under section 68 of the finance act, 1994 as amended by the finance act, 1997 read with rule 2(1)(d)(ix) of the service tax rules, 1994, the service provider (in the present case the mandapmam -keeper) is expected to collect ..... by the high court of judicature at madras whereby the division bench of the madras high court dismissed the writ petition of the appellant-association and held sections 66, 67(o) of the finance act, 1994 and rule 2(1)(d)(ix) of the service tax rules, 1994 and other provisions related to kalyana mandapmam ams and mandapmam -keepers to be intra vires of .....

South African Property Owners Association Vs. the Council of the City ...

Court : South Africa Supreme Court of Appeal

..... the local community to submit, within a time which, taking into account the relevant circumstances, must be reasonable, representations in connection with the amended budget and accompanying documents and the amended rates proposed (s 22(a) of the finance act) and provide these documents to the national treasury and the relevant provincial treasury (s 22(b) of the finance act); (6) after the submissions have been received the council must consider them and then give the mayor an opportunity to respond to the ..... the indicative revenue per revenue source for the two financial years following the budget year (s 17(1)(a) and (c) of the finance act); (2) the draft resolutions accompanying the budget approving the budget and imposing the municipal tax and setting the municipal tariffs must be amended to reflect the amended rates (s 17(3)(a)(i)and (ii) of the finance act); (3) the measurable performance objectives for revenue from each source and the projection of cash flow for the budget year ..... thereafter the proposed amendments to the budget should have been set out in the tabled budget to comply with the relevant sections of the finance act and the documents as they were to be amended, together with the mayors statement, published in the prescribed manner, and the local community invited to submit, within a time, which in the circumstances was reasonable, representations in connection with the amended rates and the amended budget. .....

M/S. Ponds India Ltd. Vs. Collector of Central Excise, Madras

Court : Supreme Court of India

Reported in : AIR1997SC1708; 1997(58)ECC1; 1997(90)ELT3(SC); JT1997(1)SC729; 1997(1)SCALE484; (1997)2SCC577; [1997]1SCR541

..... there was no levy for a long period of time of special excise duty until it levied with effect from 1st march, 1978, under the provisions of section 37 of the finance act, 1978, which read thus:(1) in the case of goods chargeable with duty of excise under the central excise act as amended from time to time, read with any notification for the time being in force issued by the central government in relation to the duty so chargeable there shall be ..... for the period 1st march, 1987, until 28th february, 1988, special excise duty had been levied under a provision in the finance act, 1987, similar to that quoted, but during this period, by reason of a notification issued under the provisions of rule 8 of the central excise rules with simultaneous effect, there was a total exemption from the ..... under the terms of the finance acts, special excise duty is so levied as to cease to have effect at the close of the financial ..... excise duty was being levied from 1963 upto 1971 by various finance acts passed from time to time. ..... the provisions of these finance acts, insofar as the levy of special excise duty is concerned, ..... scw 1353, the said goods manufactured by the appellants prior to 28th february, 1988, and cleared after 1st march, 1988, were not liable to the fresh special excise duty levied by the finance act, 1988. ..... in the finance acts of 1987 and 1988, however, the rate of special excise duty was raised to ten per cent but then notifications were issued exempting the duty on all goods .....

Commissioner of Income Central Ii Vs. Suresh N. Gupta

Court : Supreme Court of India

Reported in : (2008)214CTR(SC)274; [2008]297ITR322(SC); JT2008(1)SC208; 2008(1)SCALE99; (2008)4SCC362; 2008AIRSCW1066

..... two points arise for determination: whether on the facts and circumstances of this case, the finance act, 2001 ('fa' for short) was applicable to 'block assessment' under chapter xiv-b in respect of the search carried out on 17.1.2001; secondly, whether the proviso inserted in section 113 by the finance act, 2002 is clarificatory?whether finance act, 2001 was applicable to block assessment under chapter xiv-b up to 1.06.2002:5. ..... we accordingly answer the above question in favour of the revenue and against the assessee.whether insertion of the proviso in section 113 by the finance act, 2002 was applicable to search up to 31.5.2002:25. ..... the total undisclosed income of the block period determined under section 158bc, shall be chargeable to tax at the rate of sixty per cent.proviso inserted vide finance act 2002 w.e.f. ..... we also quote herein below section 113 with and without the proviso inserted vide finance act, 2002 w.e.f. ..... this argument is founded on the basis that until the amendment in section 113 w.e.f. ..... according to the assessee, there was a conference of chief commissioners which had suggested to the central government to amend section 113 with retrospective effect. .....

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

..... was conscious that the provisions of section 143 (1a) and 271(1)(c) are pari materia and were similarly interpreted by different high courts, while section 143(1a) was amended by finance act, 1993 with retrospective effect from 1.4.1989, the provisions of section 271(1)(c) have been amended much later by finance act, 2002 with prospective effect from 1.4.2003.29. ..... of these decisions that section 143(1a) was amended by the finance act, 1993 in exactly the same manner as the finance act, 2002 amended section 271(1)(c) and explanation 4(a) ..... section 271(1)(c) and the subsequent amendments carried out in the said section with effect from 1.4.1976 (as amended by the taxation laws (amendment) act, 1975) and the amendment by finance act, 2002 (with effect from 1.4.2003) on the interpretation of which the entire controversy in the present ..... section 271(1)(c) as it stood prior to its amendment by the finance act, 2002, requires to be carefully compared with the said explanation as amended by the finance act, 2002 ..... it may be noted that the amendment made to section 271 by the finance act, 2002 only stated that the amended provision would come into force with ..... sub-clause (iii) of section 271(1)(c) after its amendment by finance act, 2002 with effect from 1.4.2003 and the amendment to clause (a) of explanation 4 are reproduced below:(iii) in the cases referred to in clause (c), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed three times .....