Judgment Search Results Home > Cases Phrase: finance act 2005 schedule 12 twelfth schedule Court: kolkata Page 1 of about 111 results (0.064 seconds)

Jai Mica Supply Co. Pvt. Ltd. Vs. Commissioner of Income Tax, West Ben ...

Court : Kolkata

..... export out of india shall not include any transaction by way of sale or otherwise, in a shop, emporium or any other establishment situate in india, not involving clearance at any customs station as defined in the customs act, 1962 (52 of 1962); (b) export turnover means the sale proceeds, received in, or brought into, india by the assessee in convertible foreign exchange in accordance with clause (a) of sub-section (2) of any goods or ..... within the purview of goods and merchandise which are minerals and ores, the same should not get the benefit of section 80hhc of the act whereas from very next assessment year, if the exported goods and merchandise are found to be of the nature of the processed minerals as indicated in twelfth schedule of the amended act, those should get the benefit of deduction. 12. ..... was of the view that by virtue of amendment made by finance act, 1991, the appellants products were not covered by section 80hhc ..... the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962); provided that in relation to any assessment year commencing on or afte4r the 1st day of april, 1991, the expression total turnover shall have efffect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28; the following clause (baa) shall be inserted by the finance (no.2) act, 1991, w.e.f. ..... (3) by the finance (n0.2) act, 1991, w.e.f. ..... following explanations shall be inserted by the finance (no.2) act, 1991 w.e.f. .....

Jai Mica Supply Co. (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD96(Kol.)

..... finance act, 1991, when section 80hhc(2)(b) was amended and the said items were benefited (specified in schedule ..... to add that the mere fact that the restriction on grant of deduction under section 80hhc was not available in respect of processed minerals specified under xiith schedule upto 31st march, 1990, it cannot be presumed that the restriction for deduction under section 80hhc also applied to such processed mineral products which are commercially ..... difference has been formulated : "whether; on the facts and in the circumstances of the case, the assessee was eligible for deduction under section 80hhc of the it act, 1961, for the assessment year under consideration (1990-91) in respect of export of fabricated mica products, particularly as amendment in section 80hhc(2)(b) was effective from 1st ..... the deduction under the said section was permissible even before the amendment is logically not acceptable.reference has been made to the following statement of the finance minister while proposing the amendment in the parliament--"i also propose to extend the concession under section 80hhc to the export of processed minerals. ..... this concession is being extended, is being provided in a new twelfth schedule to the it act. ..... from 1st april, 1991, section 80hhc(2)(b) was amended to read as under : (ii) minerals and ores (other than processed minerals and ores specified in the twelfth schedule). ..... processed minerals and ores specified in twelfth schedule are eligible for relief under this section .....

Grosvenor Place Estates Ltd. Vs. Roberts (inspector of Taxes).

Court : Kolkata

Reported in : [1963]49ITR408(Cal)

..... (langs case) the crown had no priority for what was merely a debt having regard to rule 21(2), and not an assessed tax, priority being confined to the latter.accordingly, by section 26 of the finance act, 1927, the law was altered and rule 21(2) was replaced by the provision which is now section 170(2) of the statute of 1952. ..... heyworth talbots argument that the effect of the amendment made in 1927 to what is now section 170 of the income-tax act, 1952 (formerly rule 21 of the all schedules rules) has been inevitably to liberate persons in the position of the appellants from any liability to assessment for income-tax in such circumstances as have ..... it will be observed that parliament, in making this amendment, though it had before them the language of rule 19 of the all schedule rules (now section 169 of the act of 1952) did not thinks fit to introduce into the amended rule 21 the language of the sub-section 1(a) of section 169 : 'no assessment shall be made on the person entitled to the interest ..... think, upon the short and single question : are the words of sub-section (1) of section 36 of the present act - 'statements of profits or gains under schedule d shall, unless an assessment thereon is required to be made by the special commissioners, be laid before the additional commissioners' - such as to produce the effect, when read in conjunction with section 170 of the act, that the only assessment which may now lawfully be made in respect of rent payable under a long lease is .....

C. H. W. (Huddersfield) Ltd. Vs. Inland Revenue Commissioner. Spencer ...

Court : Kolkata

Reported in : [1965]58ITR444(Cal)

..... the house was clearly influenced by the provisions of paragraph 4 of the first schedule of the finance act, 1922 (now reproduced in section 250 of the income tax act, 1952), which enables the special commissioners to require the company to furnish a statement for any year or other period for which the companys accounts have been made up of the names and addresses and particulars of ..... as regards the direction, it so happens in this case, as i say, that the competence of the apportionment means that the appellant company is not a 'subsidiary' company within the meaning of section 256 of the act, and therefore a direction becomes possibl : see in particular on this point section 256(4) and the proviso thereto.i confess that i have struggled against this conclusion, but in vain. ..... the crucial question is whether, on the assumption that the appellant company is a company within the scope of section 245 of the act of 1952, could more than half the income of the period april 1, 1956, to january 31, 1957, be apportioned to the appellants mr. ..... in dealing with the complicated sections of the income tax acts i always find it helpful to take a simple illustration of how they work. ..... finance trust ltd. v. .....

Littlewoods Mail Order Stores Ltd. Vs. Inland Revenue Commissioners Sa ...

Court : Kolkata

Reported in : [1970]75ITR327(Cal)

..... was deductible by land securities in paying the rentcharges, but also whether, if land securities had been a trading company and one had to compute its profits under case i of schedule d, the deduction of the rentcharges would have been prohibited on the ground that they were payments of a capital and not a revenue character. ..... acquired in consideration of payments wholly of an income character, but that it was possible to have a rentcharge charged on land only part of which was a rentcharge for the purpose of the income tax acts and that the payor was only entitled to deduct tax under section 177 from that part of it which represented interest, as opposed to payment of the capital value..... ..... but its relevance to the present case is this : that although land securities was not a trading company and, therefore, not chargeable to income tax under case i of schedule d, the relevant profits tax legislation required its profits to be computed as if it were, subject to certain refinements which i need not, i think, explore. ..... interest had been used to calculated the amount of the rentcharges (rather like finance charges in a hire-purchase case). ..... understood to be that deduction of the rentcharges in computing the assessable profits was prohibited by section 14(1) of the finance (no. ..... for the purposes of that section, it was irrelevant to inquire whether they contained a capital element, and that the rentcharges were not payments of a capital nature within section 14(1) of the finance (no. .....

F. S. Securities Ltd. Vs. Inland Revenue Commissioners.

Court : Kolkata

Reported in : [1965]58ITR756(Cal)

..... view, and need not repeat them.so far my conclusion would be that looking at these dividends by themselves it could not be said that they were charged under schedule d; that they were therefore not earned income; that consequently under section 257(2) of the act they were 'investment' income; and that since they were the main part of the companys income for the period in question, the company was for that ..... on that assumption the question is whether these dividends totally 1,686,198 pounds gross were income charged under schedule b or schedule d, and were they immediately derived from the carrying on of a trad if so, they will be earned income and the company will not be an ..... other view is reasonable open on the facts, though one must say a little more on this aspect of the matter later.under schedule d the calculation of the trading profit which is to be taxed necessarily involves an arithmetical exercise in which expenses will be set against ..... this field, therefore, it is advantageous to be a trading company and disadvantageous, as a rule, to be an investment company.the legislature originally defined an 'investment company' by section 20 of the finance act, 1936. ..... and ending for the moment with cenlon finance company ltd. v. ..... finance ..... finance trust ltd ..... finance trust ltd ..... finance trust ltd ..... fall to be taken into account as trading receipts in computing the profits or gains of the trade for the purpose of assessment under that case' - this is, case i; and section 4 of the finance (no. .....

A. and J. Kucklow Ld. (In Liquidation) Vs. Inland Revenue Commissioner ...

Court : Kolkata

Reported in : [1955]28ITR850(Cal)

..... to the period from september 1 to november 15 inclusive.the appeal of the company against the 'direction' made upon the company had, pursuant to the first schedule to the finance act, 1922, gone for hearing before the board of referees, and from the board (which confirmed the direction) upon a case stated to finlay j. ..... tucker referred us to the regulations contained in the first schedule to the finance act, 1922, and to the amendments of those regulations contained in section 31(7) of the act of 1927 and observed with force that there was nothing in those amendments to make the regulations in the least appropriate to the automatic liability alleged to have been introduced by sub-section (4) of ..... ld.the point now having been fully argued on both sides, i am of opinion for the reasons already given that the effect of section 31(4) of the finance act, 1927, having regard to its context, is not automatic, but that it is open to a company in liquidation, if it can, to resist a direction on the facts and to insist on the crown proving its case in accordance with the ..... by the crown and fully argued before us (to which some reference has already appeared), namely, that in the case of the broken period ending with the liquidation of a company within section 21 of the finance act, 1922, the effect of the amending sub-section (4) of section 31 of the finance act, 1927, is to render a direction once given inescapable, or (to use the words used during the argument) 'mandatory' and 'automatic. .....

Balai Chand Seal Vs. K.M. Chakravarti and ors.

Court : Kolkata

Reported in : AIR1966Cal81,69CWN273,[1966]17STC300(Cal)

..... acharva contended, the bill had not the coverage or the recommendation from the governor, he further contended that bullion and gold ornaments were subject-matters of different items in the schedule to the bengal finance (sales tax) act, 1941 (namely, items22 and 23 respectively); the recommendation from the governor for amendment was obtained only in respect of item 23 (gold ornaments) and not in respect of item 22 (bullion and specie); the amendment gave a completely ..... on august 18, 1955, there was a bill published in the calcutta gazette, extraordinary, entitled the bengal finance (sales tax) (second amendment) bill, 1955, of which clause 13 was couched in the following language:'in the schedule to the said act,--(a) in item 8 the word 'sugar' shall be omitted; and (b) the following items shall be omitted, namely:(1)(2)'23. ..... the specification was, however, of little utility to the petitioner because up to september 24, 1955, bullion and specie were exempted from sales tax under item 22 of schedule of exempted goods read with the provisions of section 6 of the bengal finance (sales tax) act, 1941.3. ..... that of the rajpramukh, either by the raj-pramukh or by the president; (c) where the recommendation or previous sanction required was that of the president, by the president.' 16. in the instant case, the assent of the governor to the bengal finance (sales tax) (second amendment) act, 1955 was published in the calcutta gazette, extraordinary, on september 19, 1955 .....

Mapp (inspector of Taxes) Vs. Oram.

Court : Kolkata

Reported in : [1969]71ITR354(Cal)

..... , either in regard to other exemptions or reliefs or allowances, or in regard to cases where there are special provisions with the object of bringing the income of non-residents within the ambit of the income tax act.in section 22 of the finance act, 1920, which provides for allowances in the case of dependent relatives, the phrase 'whose total income from all sources does not exceed pound 50 a year' appears, and it was said that, as 'total ..... no schedules of the income tax act, schedule 'e' or schedule 'd', or any other schedule, that are applicable, because the foreign income is not subject to tax under the income tax acts, so that it is impossible for the crown to establish what proportion of the gross income should be assessable, then the difficulty disappears if, as lord macmillan says, the 'income' referred to in the relevant section or subsection is construed to mean income chargeable with tax under the british income tax or finance acts.again, ..... relevant provision for the purposes of this case, as there is in schedule 5 to that finance act, 1957, in relation to the foreign income of british corporations. ..... new york, and it was held that the settlor, who was entitled to the income of the settlements and had a power to revoke the settlements, was not liable to income tax under section 20(1) of the finance act, 1922, except in respect of income of the settlement which was remitted to the united kingdom.lord macmillan said :'...........he pays on the amount actually brought home. .....

Tata Motors Limited and anr. Vs. the State of West Bengal and ors.

Court : Kolkata

..... reported in (1983) 4 scc 45 court held that for judging the validity of section 5(3) of the bihar finance act, 1981 (which levied a surcharge to be paid by a dealer) the court has to determine whether in pith and substance the law is relatable to entry 54 list ii (tax on sale or purchase of goods) and not entry 33 of list iii (trade and ..... the state government shall return equivalent quantum of land to unwilling owners, who have not accepted the compensation from the land described in part i and the part ii to the schedule and the rest of the land shall be utilized by the government for socio-economic development, employment generation, industry and for other public purpose of the state.49. ..... ) under which essential commodities act 1955 was enacted and as such the question of repugnancy between section 5(3) of the bihar finance act, 1981 and paragraph 21 of the drugs (price control) order made under the essential commodities act did not arise.469. mr. ..... reported in (2012) 1 scc 66 where it reiterates the land of which possession has been taken cannot be returned following inter alia in syed akbars case (supra) reported in (2005) 1 scc 558. ..... sardana reported in (2005) 7 scc 584 cannot stand in the way.306. ..... reported in (2005) 2 scc 515 and those have no manner of application in the present case.457. mr. ..... reported in (2005) 2 scc 515 and further relied on rajib sarins case (supra) in support of his contention.323. .....