Judgment Search Results Home > Cases Phrase: finance act 2002 section 74 amendment of section 194a Page 1 of about 40 results (0.134 seconds)

M/S New Okhla Industrial Development Authority Vs. Commissioner Income ...

Court : Supreme Court of India

..... have held that noida is not a local authority within the meaning of section 10(20) of the income tax act as amended by the finance act, 2002 w.e.f. ..... with regard to income tax deduction at source under section 194a, the revenue has referred to its appeal in special leave petition (c) no.34530 of 2016 commissioner of income tax tds ..... which are payable towards interest on the payment of lump sum lease premium, in terms of the lease which are covered by section 194 a are covered by the exemption under section 194a(3)(f) and therefore, not subjected to tds. ..... to the appeals filed by the revenue, insofar as the question relating to exemption under section 194a(3) (iii)(f) by virtue of notification dated 24.10.1970, i.e. ..... court further 7 held that interest income of the noida and greater noida is exempted under the notification dated 22.10.1970 issued under section 194a(3)(iii)(f) of the income tax act. ..... was further 6 contended that the interest received by them is exempt under section 194a(3)(iii)(f) of the income tax act and they are exempted from payment of any tax on the interest.4. ..... that noida is covered by the notification dated 22.10.1970, the judgment of the delhi high court holding that noida/greater noida is entitled for the benefit of section 12 194a(3)(iii)(f) has to be approved.13. ..... the greater noida and noida is not a local authority within the meaning of section 10(20) and further they are also not entitled for the benefit of notification issued under section 194a(3)(iii)(f). .....

m/s.karnataka Power Transmission Vs. The Deputy Commissioner Of

Court : Karnataka

..... it is further contended that even prior to the amendment to section 201(1) of the act by finance act, 2008, the law that existed at the relevant point of time provided for deduction of tax at source and section 200 of the act during the relevant period clearly attracted even in cases where the tax was not ..... have also noticed the circular no.1/2009 dated 27.03.2009 relied on by the revenue to point out that the said amendment by finance act 2008 was introduced to clarify the term person envisaged in section 200 of the act. ..... as could be seen from these provisions, prior to passing of the finance act, 2008, the provisions of section 200 mandated that the amount of tax deducted should be paid to the credit of the central ..... same is 23 clarified by the finance act, 2008 with retrospective effect from 1.6.2002. ..... the said finance bill, 2008 bringing in the above amendment with retrospective effect from 1.6.2002 received the assent of the president of india only on 10.05.2008 ..... this amendment is given retrospective effect from 1.6.2002 and has received the assent of the president of india on ..... amendment is made applicable with retrospective effect from 01.06.2002. ..... the circumstances, the assessee falls outside the scope of section 194a read with section 200 of the act during 28 the relevant assessment years. ..... subsequent to passing of finance act, 2008, though with retrospective effect from 01.06.2002, the term any such person that existed in the old provision was substituted by the terms any .....

Punjab Business and Supply Co. Pvt. Ltd. and anr. Vs. Income-tax Offic ...

Court : Punjab and Haryana

Reported in : (1991)100CTR(P& H)290; [1991]188ITR550(P& H)

..... these petitions, the petitioners seek the quashment of the respective complaints and the proceedings resulting therefrom, inter alia, on the ground that, before the amendment of section 194a, vide finance act, 1987, which came into force on june 1, 1987, there was no provision like the present explanation to sub-section (1) of this section making the crediting of any interest to any account, whether called 'interest' payable account' or 'suspense account', would amount to crediting the ..... mittal, learned counsel for the respondent, on the other hand, stated that the explanation inserted by the finance act of 1987 to sub-section (1) of section 194a simply explains the existing provisions of law and had not created any new offence and that, under the mercantile accounting system, the accused-petitioner was bound to ..... sibal, learned senior advocate, further elaborated this point contending that this explanation has created a penal offence by filling up the lacuna in the existing provisions of section 194a of the income-tax act and that its operation would be prospective and not retrospective as the provisions of law at the time of commission of the offence had to be seen in order to ascertain whether ..... the question then arises as to whether it can be read in the un-amended provisions of section 194a of the income-tax act that the crediting of the interest in the interest payable account would be deemed to be payment to the different depositors and the company would be liable for .....

M.S. Hameed and ors. Vs. Director of State Lotteries and ors.

Court : Kerala

Reported in : [2001]249ITR186(Ker)

..... three petitioners, who are directly affected by the said directions have approached this court for quashing the said proceedings mainly on the plea that section 194g of the income-tax act cannot have application on the facts of the case and, consequently, the stand taken by the government is illegal, and warrants interference. ..... reference had been made to the finance act, 1992, as seen published in [1992] 195 itr ..... section 194g of the act had been introduced by the finance (no ..... (3) where any such certificate is given, the person responsible for paying the income referred to in sub-section (1) shall, until such certificate is cancelled by the assessing officer, deduct income-tax at the rates specified in such certificate or deduct no tax, as the case may be : ..... i am to invite a reference to the letter cited and to inform you as follows : section 194g of the income-tax act, 1961, specifically imposes a liability on the person responsible for paying to any person who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize on such tickets in all ..... likewise section 194a concerns payments of certain types of interests, section 194b deals with winnings from lottery or crossword puzzle, section 194c deals with payments to contractors, section 194d deals with similar payments arising as is similar commission, sections 194 h, i, j, k, l also refer to deduction of income-tax on payments under the respective heads. .....

Shri Jagannath Temple Managing Committee Vs. Commissioner of Income-ta ...

Court : Orissa

Reported in : AIR2008Ori37; (2008)218CTR(Ori)568; [2008]299ITR56(Orissa)

..... institutions whose income is unconditionally exempt under section 10 and who are statutorily not required to file return of income as per the provisions of section 139 are:xxx xxx xxx(v) body or authority referred to in clause (23bba).section 139(4c) was inserted by the finance act, 2002 w.e.f. ..... after pointing out the aforesaid features of the said act, the learned counsel for the petitioner submitted that keeping in view the said provision, exemption was allowed under section 10(23bba) of the income-tax act which was introduced in the year 1979 by the finance act with retrospective effect from 1st april, 1962.section 10 of the income-tax act provides that in computing the total income of previous year of any person, any income indicated in any ..... under the amendment, the income of the body or authority which is created under the central or state act for administering public religious or charitable bodies under section 10(23bba) are ..... also issued notices to the bankers asking them to give show cause for non-deduction of taxes at source under section 194a of the said act on interest income for term deposit receipts kept with them in the name of chief administrator, shri jagannath temple. ..... considering the said amendment of section 139(4c) the aforesaid circular of the central board of direct taxes ..... would be clear that while incorporating the aforesaid amendment, the union parliament did not include therein, a 'body' covered under section 10(23bba) such as, the present petitioner. .....

Coimbatore District Central Co-operative Bank Ltd. Vs. Income-tax Offi ...

Court : Chennai

..... the changes that were made to section 194a right from 1.4.67 upto 1.6.2015 could be summarized, without enlarging the scope of the discussion, as follows: (i) under finance act no.2 of 1967, section 194a was amended with retrospective effect from 1.4.67 to exclude any income credited or paid to a banking company to which the banking regulation act, 1949 apply, including a co-operative society engaged in carrying on the business of banking as well as co-operative land mortgage bank. ..... but the expression "co-operative bank" is defined in the multi-state co-operative societies act, 2002 under clause (f) of section 3 to mean a multi-state co-operative society which undertakes banking business. ..... the expression "co-operative society" is defined in section 3(h) of the multi-state co-operative societies act, 2002 to mean a society registered or deemed to be registered under any law relating to co-operative societies for the time being in force in any state. 26. ..... therefore our answer to the second substantial question of law would be that none of the state or central enactments such as the tamil nadu co-operative societies act, 1983, the multi-state co-operative societies act, 2002, the reserve bank of india act, 1934, the banking regulation act, 1949 and the national bank for agriculture and rural development act, 1981 make any distinction between a co-operative society engaged in carrying on banking business and a co-operative bank. 46. .....

Bhagani Nivedita Sah. Bank Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)87ITD569(Pune.)

..... credit society and a cooperative society engaged in carrying on business of the banking, it was held as under : the position as it stood before the amendment of section 194a by the finance act, 1996 was to the effect that all co-operative societies engaged in carrying on the business of banking were given the exemption ..... it is to be submitted that once there were certain amendments or insertions in section 194a after finance act, 1971, the said circular will automatically become redundant ..... with reference to the income credited or paid by a branch of the banking company or the co-operative society, or the public company as the case may be;] 7. thus, sub-clause (b) of proviso of sub-section (3) to section 194a specifies that if any person has made time deposits with a co-operative society engaged in carrying on business of banking and the said society has credited or paid interest upto 10,000 rupees then the said co- ..... of tax at source by cooperative bank is concerned, the same reads as under : sub : tds on interest on deposits - section 194a(3)(v) of income-tax act, 1961 : in view of the provisions of section 194a(3)(v) the urban co-operative banks registered under concerned state co-operative act are exempted in respect of tds on interest credited or paid by co-operative society to a member thereof or to any other ..... [2002] 253 itr 705 that if the assessee has committed the default in not deducting the tax or short deduction of tax the charging of interest under ..... [ .....

Ags Entertainment Private Limited Vs. Union of India

Court : Chennai

..... further submitted that insofar as inter-state sales are concerned, section 2(g) of central sales tax act has been amended by finance act,2002 inserting various clauses of deemed sale in terms of article 366 ..... is filed under article 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 of the constitution of india declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the constitution of india. ..... 2011 is filed under article 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the constitution of ..... 2010 is filed under article 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the constitution of india .....

G.V.Matheswaran Vs. the Union of India

Court : Chennai

..... 33 w.p.nos.14887, 19322, 20982 and 24804 of 2010 are filed seeking a writ of prohibition prohibiting the respondents from (a) giving effect to the provisions of section 65(90a) read with section 65(105)(zzzz) of the finance act, 1994 as amended by the finance act, 2007 and finance act, 2010 (b) levying or attempting to levy, collect or recover from the petitioner, any service tax under the said provisions and (c) levying or attempting to levy, collect or recover from the land owners of the petitioner, any service ..... 32 w.p.nos.24586 and 24588 of 2010 are filed seeking to declare that (i) the impugned provisions, i.e.section 65(105)(zzzz) read with section 65(90-a) of the finance act, 1994, as amended by the finance act, 2010, as null and void and ultra vires and violative of entry 49, list-ii, seventh schedule, articles 14, 19 and 246(3) of the constitution of india, (ii) section 76(a)(6)(h) and section 77 of the finance act, 2010 as null and void and ultra vires the constitution of india insofar as the petitioners are concerned; and (iii) the notification ..... 51 w.p.no.8932 of 2011 is filed by the tamil nadu slum clearance board, seeking to declare the provision of sub-section 9(a) of section 65 of the finance act, as amended by the finance act, 2007, as invalid and this court is not inclined to go into the same as the said provision is intra vires of the constitution in view of the decision taken by this court in paragraph no.30 above, following the decision in home solutions .....

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. .....