Judgment Search Results Home > Cases Phrase: finance act 2005 section 18 amendment of section 54ed Court: income tax appellate tribunal itat mumbai Page 5 of about 98 results (0.068 seconds)

Chohung Bank Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... finance act and the dtaa if it was possible to levy tax at a higher rate on the foreign companies then there was no need to amend section 90.3 ..... 4948/m/05 (supra) held that explanation to section 90(2) introduced by the finance act, 2001 with retrospective effect from 1-4-1962 is an integral part of the section, which clearly laid down that the charging of a foreign company at a higher rate will not be regarded as less favourable as compared to domestic company ..... that in terms of the provisions of article 25(2) of the dtaa between india and korea, india cannot levy tax on the indian permanent establishment of a korean enterprise at a rate higher than the rate applicable to: further, explanation to section 90 provides that if the foreign company (permanent establishment) is charged tax at a rate higher than a domestic company then the same is not to be considered as less favourable charge for the foreign company. ..... cit (2005) 4 sot 643 (tm) the kolkata tribunal has specifically observed that the explanation to section 90 has been inserted with the intention of overriding the provisions of the non-discrimination of the dtaas ..... at the time of hearing, the learned counsel for the assessee fairly conceded that the only issue in both the appeals is covered against the assessee by the decision dated 25-11-2005 of the itat 'd' bench in ita no. ..... the facts of the assessee's case are identical with that in the assessment year 2002-03, wherein, the tribunal vide order dated 25-11-2005 in ita no. .....

Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... view of the matter, the comparison of lower tax rates under section 115a, for the non-resident taxpayers, with higher tax rates under the finance act, for resident taxpayers, is irrelevant. ..... 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income by way of royalties and fees for technical services received by foreign companies from indian ..... by the same finance act, section 115a was also ..... section 44d was brought on the statute, with effect from 1-4-1976, by the finance act ..... the special bench did not see, and very appropriately so, any need to adjudicate on this ground, because irrespective of whether or not provisions of section 40(a)(i) laying down disallowance of expenditure in respect of which tax withholding liability is not discharged by the assessee, apply to the assessee, there was no tax withholding requirement on payments from branch office to head office, or ..... at the outset, learned counsel fairly accepts that post 2004 amendments in explanation to section 90(2) of the income tax act, there are decisions against the assessee on this issue by various benches of ..... director of it (2005) 98 ttj (kol)(sb) 295 : (2005) 97 itd 89 (kol)(0) wherein, on materially identical provision, the special bench has held that provisions of section 40(a)(i) are not applicable in the case of interest paid by ..... boston consulting group (p) ltd (2005) 93 ttj (mumbai) 293 : (2005) 94 itd 31 (mumbai) has observed as follows .....

Sumit Bhatttacharya Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113CTR(Mum.)633

..... tax consequences with respect to an exercise by a united states person under the laws of the particular country other than the united states of which such a person is a resident and/or citizen.optionees who are subject to section lg(b) of the securities exchange act of 1934, as amended (the "exchange act"), including officers of the company, may not realize taxable income from the exercise of nonstatutory stock options for periods of up to six months after exercise ..... the amendment brought about by the finance act, 1999, according to the learned counsel, was not retrospective.therefore, until the amendment bringing to tax the stock option benefit was put into ..... ): when section 17(2)(iiia) was introduced by finance act, 1999, ..... . sidhwa (supra).according to the learned counsel, hon'ble supreme court's judgment in the case of emil webber (supra) has no bearing on the issue before us.we are again taken through section 56 to highlight the contention that in order that an income can fall under the residuary head, it must not come under any other head of income from clause (a) to (e) which is ..... it is pointed out that it was only by the finance act, 1999, that provisions to tax benefit arising under an employee stock option plan was introduced for the ..... . cit (2005) 96 ttj (del) (sb) 1 : (2005) 95 itd 269 (del) (sb) wherein it is held that when all the monies received by the assessee are subject to tds, he cannot be said to have committed default in not paying the advance tax and he is entitled .....

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD226(Mum.)

..... the court came to this conclusion on analysing the language of section 23a as well as the amendment introduced by the finance act, 1959 which, according to the high court, intended the revised percentages to be applicable only prospectively from 1-4-1960.the court further observed that tax cannot be levied by implication.the court, therefore, ..... we may elucidate by referring to legislative changes.section 40(c)(iii), as amended by the finance act, 1964, put a ceiling of one-fifth of salary, on all expenditure on employees resulting in benefit ..... the amendment contained in the finance act, 1955, in respect of section 2(6c)(iii) was thus applicable to the assessment year 1955-56 and was rightly invoked by the income ..... however, by section 11 of the finance act, 1959, the said statutory percentages were amended to 50 per cent and 65 per cent respectively, with ..... cheque, the parliament did specify that payments made after 31-3-1969 would be hit by the said provision.however, the"parliament has also specified in respect of a number of other fiscal provisions, particularly annual amendments to the 1961 act brought through the finance acts that certain provisions would be applicable with effect from specified assessment years. ..... thus, the said case was decided on the language of section 23a of the 1922 act and of the finance act, 1959 and does not lay down any general proposition regarding the applicability of law as on 1st april to the assessment year (irrespective of the previous year .....

R.M. Enterprises, Mittal Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... " in section 80-i of the act is not fatal so as to deny the assessees the benefit of deduction provided in that section, that the expression " article or thing" used in section 80-i of the act should not be confined to movable properties only, as, according to him, that expression, ..... to impress upon us that the business of building construction is an " industrial activity" and, therefore, the assessees are to be treated as-an " industrial undertaking " contemplated under section 80-i of the act, that there is a difference between an "industrial company" considered in certain reported decisions while dealing with the rate of tax applicable to such company provided in the annual finance act and an " industrial undertaking " with which we are concerned in these appeals, that the absence of the word " construction ..... appeals before the president of the income-tax appellate tribunal, with a request to constitute a larger bench and had proposed the following question : "whether the terms ' article ' or ' thing' used in sections 80hh, 80-i and 80j of the act are synonymous with the word ' goods' used in the definition of ' industrial company' in the finance act and whether the high court decision referred to above would equally apply in both the cases?" 2. .....

Trustees of Bhandari Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)37ITD222(Mum.)

..... the reliance by the revenue on the definition of the term "record" as was inserted by the finance act, 1988 with effect from 1-6-1988, as amended by the finance act, 1989 and the statement of the learned author shri palkhivala in his commentary on income-tax law ..... subsequently modified by the finance act, 1989 with retrospective effect from 1-6-1988 (the day when the definition of the term "record" was inserted by the finance act, 1988) to the following effect: record shall include and shall be deemed always to have included all records relating to any proceedings under this act available at the time of examination by the commissioner.prior to the insertion of the explanation (b) below section 263(1), it has ..... in reply to the submissions on behalf of the revenue, the learned counsel for the assessee submitted that the amended provisions of section 263 incorporating definition of the term "record" would not be applicable to the proceedings prior to 1-6-1986 and, in this connection, reliance was placed on the judgment of the bombay high court in ..... been held that the word "record" in section 263(1) could not mean the record as it stood at .....

Ginners and Pressers Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD185(Mum.)

..... in my opinion", therefore, it could not be given retrospective effect particularly in view of the specific provision in the finance act that it would be effective from a date when the amended provisions received the assent of the president, which, as aforesaid, was admittedly after 31st of may, 1989 or even after the filing of the return by the assessee in november 1989 ..... i have heard the parties and considered their rival submissions.section 272a(2)(c) reads as under: (c) to furnish in due time any of the returns, statements or particulars mentioned in section 133 or section 206 or section 206a or section 206b (or section 206c) or section 285b; he shall pay, by way of penalty, a sum which shall not be less than one hundred rupees, but it may extend to two hundred rupees for every day during which the failure continues.a proviso to this section was added by finance (no. ..... the fact that the legislature under the income-tax act has retained this power to itself and has not parted it to the rule-making authority is evident from the various provisions contained in sections 139, 249, 253, 256, the pre-amended and post-amended section 206.section 206, as it stood at the relevant time, also provides for the limitation but for preparing the return only ..... conditions, being repugnant, the court held, had to be disregarded and must give way to the substantive provisions of the act contained in section 36(1)(iv) of the act....the special bench of the tribunal in the case of arnar dye chem. .....

Bank of America Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD1(Mum.)

..... the appellant company had succeeded before the assessing officer in convincing him that the rate of 65 per cent provided under the income-tax act read with the finance act is to be restricted to 60 per cent as difference in the rate of tax of the domestic companies and the rate of tax applicable to other companies exceeds the ..... however, under section 90 of the income-tax act, 1961 the central government is empowered to enter into an agreement with the government of any country outside india for the granting of relief in respect of income on which have been paid both income-tax under this act and income-tax in that country or for avoidance of the double taxation income under this act and under the corresponding law ..... the learned dr, was thus justified in invoking his jurisdiction under section 263 and setting aside the orders of the assessing officer.7 ..... contended that the orders passed by the cit under section 263 may be cancelled and those of the assessing ..... the learned counsel for the assessee contended that section 90 of the income-tax act also provides that the laws in force in either country will continue to govern the assessment and taxation of income in the respective countries except where provisions to the contrary have ..... officer for the respective assessment years in regard to rate of tax were erroneous insofar as prejudicial to the interests of the revenue.we, accordingly, set aside the orders of the cit under section 263 for assessment years 1992-93, 1993-94 and 1994-95. .....

Mashreque Bank Vs. Dy. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in this view of the matter, the comparison of lower tax rates under section 115a, for the non-resident tax payers, with higher tax rates under the finance act, for resident tax payers, is irrelevant. ..... 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income byway of royalties and fees for technical services received by foreign companies from indian concerns.... ..... by the same finance act, section 115a was also introduced. ..... section 44d was brought on the statute, with effect from 1 -4-1976, by the finance act, 1976. ..... therefore, for the reasons stated above while dealing with the netherlands double taxation avoidance agreement, we hold that no tax was required to be deducted under section 195 of the act from the payment of interest by the pe to its head office or other offshore branches of the assessee-enterprise, bank of tokyo. ..... the rates of income-tax to be applied in respect of such income have been specified in new section 115a of the income tax act and are as follows: (iii) income by way of fees for technical services received by a foreign company from an indian concern in pursuance of an approved agreement made on or after 1-4-1976, will be charged to tax at the rate of 40 per cent on the ..... this may be one of the other alternate reasons for not invoking the provisions of section 40(a)(i) of the income tax act for disallowing the payment of interest in computing the income of the assessee through the pe .....

Bachhraj Factories Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)56ITD225(Mum.)

..... before the cit (appeals) the assessee submitted that it had paid this tax under section 40 of the finance act, 1983 and that the explanation to section 40(a)(iia) specifically excludes any tax chargeable with reference to the value of any particular asset of the business or profession. ..... in view of the aforesaid, we are of the opinion that the tax chargeable from the assessee under section 40 of the finance act, 1983 is part of wealth-tax chargeable under the wealth-tax act, 1957 itself and there is no deviation of the scheme of charging wealth-tax by reviving the levy of wealth-tax on companies by the finance act, 1983 with effect from 1-4-1984.12. ..... the companies were earlier exempted by section 13 of the finance act, 1960 from the levy of wealth-tax and thus there was no wealth-tax chargeable in respect of a company prior to the introduction of section 40 by the finance act, 1983 with effect from 1-4-1984. ..... for the purpose of section 40 of the finance act, 1983, 'net wealth' is defined in sub-section (2) which reads as under: (2) for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to in sub-section (3), wherever located, belonging to the company on the valuation date is in excess of the aggregate value of all the debts owed by the company on the valuation date which are secured on, or which have been incurred in relation .....