Judgment Search Results Home > Cases Phrase: finance act 2005 section 18 amendment of section 54ed Court: mumbai Page 1 of about 430 results (0.094 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. .....

Star India (P) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD73(Mum.)

..... (2005) 93 ttj (del) 144 : (2005) 92 itd 1 (del), wherein, it has been held that the amendment in section 43b by finance act, 2003, was ..... contended by him that in view of the omission of the second proviso to section 43b by finance act, 2003, no disallowance can be sustained if the payments are made before ..... although applied subsequently in general is applicable only where earning of income itself cannot be said to have occurred and not otherwise and more so particularly in view of statutory change brought in section 145 of the act and notification of accounting standards thereunder which have resulted in the convergence of accounting thought on accrual, taxman's thought on 'accrual' and judicial thought on accrual.accordingly, assessee's contention that ..... appreciation of the issue, it is pertinent to reproduce the relevant portions of the definition of the term 'accrual' as per as 1 issued by the institute of chartered accountants of india, section 5(1) of the it act, 1961 and as 1 notified by the central government under section 145 (2) as under: revenue and costs are accrued, that is recognized as they are earned or incurred (and not as money is received or paid) and recorded in the financial statements ..... permissible under the amended section 145 of the act. ..... of curtailing materially the scale of the business, profession or vocation and intends to continue his business, profession or vocation for the foreseeable future.6.7 section 145(1) of the it act, 1961 was amended w.e.f. .....

Punj Lloyd Ltd. Vs. Bharat Petroleum Corporation Ltd.

Court : Mumbai

..... included in the contract price was only in respect of such taxes which were applicable and were payable by the contractor on the date of submission of bid and in view of central government having issued notification making section 88 of the finance act, 2005 applicable much later than the last date of filing bid is concerned, in my view in view of the corrigendum issued by the respondent much before the last date of submission of the bid and in view ..... of the instructions to bidder clearly indicates that the contract document shall consist of original bidding document along with its enclosures issued, amendment/corrigendum to original bidding document issued, if any, fax/letter of intent and detailed letter of award/acceptance along with enclosures ..... clause 32.2 provided that the contract document shall consist of (i) original bidding document alongwith its enclosures issued, (ii) amendment/corrigendum to original bidding document issued, if any, (iii) fax/letter of intent, (iv) detailed letter of award/acceptance along with ..... instructions to bidder provides that the respondent or the project management consultant for any reason whether at his own initiative or in response to the clarification requested by the prospective bidder may issue amendment in the form of addendum during the bidding period or subsequent to receiving the bids. ..... it is thus clear beyond reasonable doubt that the amendment in the form of addendum could be issued not only during the bidding period but even .....

The Commissioner of Income Tax-16 Vs. M/s Happy Home Enterprises and A ...

Court : Mumbai

..... the cit (appeals) observed that the provisions of section 80-ib(10) were substantially amended by finance (no.2) act, 2004 with effect from 1st april, 2005 wherein it was provided that the built up area of the shops and other commercial establishments included in the housing project should not exceed 5% of the aggregate built up area or ..... thereafter, by finance act, 2003 further amendments were made to section 80-ib(10) and read as under:- (10) the amount of profits in case of an undertaking developing and building housing projects approved before the 31st day of march 2005 by a local authority, shall be hundred per cent of the profits derived in any previous year relevant to any assessment year from such housing project if - (a) such undertaking has commenced or commences development and construction of ..... section 16 of the finance act, 1955, amended s.24(2), and as a result of the amendment ..... be important to note another amendment that was brought about by finance (no.2) act, 2004 to sub-section (14) of section 80-ib, w.e.f. ..... the provisions of section 80-ib(10) were substantially amended by way of finance (no.2) act, 2004 w.e.f ..... section 80-ib(14) was also amended by the same finance (no.2) act, 2004 and for the first time under clause (a) thereof, the words built-up area ..... view of the matter, the definition of built up area, as inserted in sub-section (14)(a) of section 80-ib by the finance (no.2) act of 2004, which came into effect from april 1, 2005, cannot be held to be retrospective. .....

Chohung Bank Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD45(Mum.)

..... the explanation does not layout a new law but only clarifies the position as it stood earlier also, and which we have discussed in earlier paragraphs that section 90(2) only authorizes central government to make agreement with foreign countries in respect of assessability and computation of income and not about rates of taxes on the income so computed as it falls in the domain of annual finance act.further, the power of parliament to make amendment in law is not assigned or compromised by virtue of dtaa being in force. ..... amendment in section 90 relating to agreement with foreign countries 54.1 through finance act, 2001, an explanation has been inserted in section 90 of the income-tax act to clarify that the charge of the tax in respect of a foreign company at a rate higher than the rate at which a domestic company is chargeable, shall not be regarded as a less favourable charge or levy of tax in respect of such foreign company, ..... it is, therefore, unacceptable to infer by the comparison of section 90 of the it act with dtaa, that dtaa will also prevail over the finance act, which is to be passed in future by the parliament. ..... ) of 1995 assessment year 1991-92]; [2005] 94 itd 401, mumbai and in the case of abn amro bank nv v. jt. ..... cit [2005] 94 ttj (mum. ..... cit [2005] 4 sot 643 itat kolkata 'e' third member bench in ita 4961/m/1999, 58 & 106/ cal. .....

The Commissioner of Income Tax-ii Vs. M/S. Brahma Associates

Court : Mumbai

..... , the special bench of the itat held that the deduction under section 80ib(10) as it stood prior to its amendment by finance (no.2) act of 2004 with effect from 01/04/2005 would be available in the following cases:-(a) where the project consisting of residential units and commercial units is approved as a 'housing project' by the local authority, then irrespective of the percentage of the commercial user in the housing project, deduction under section 80ib(10) would be allowable on the profits of the entire project;(b) where ..... the submission is that upto 1/4/2005 the legislature intended to allow deduction under section 80ib(10) to housing projects consisting of only dwelling units / residential units and with effect from 1/4/2005 the legislature decided to extend the benefit of section 80ib(10) to projects consisting of commercial establishments to the extent permitted by section 80ib(10) as amended by finance act, 2004. ..... the project is approved as residential plus commercial, the deduction under section 80ib (10) would be allowable .....

M/s. Ghodawat Energy Pvt. Ltd. Vs. The State of Maharashtra, Through t ...

Court : Mumbai

..... , from 1st april, 2005, pan masala was subject to additional duty of excise under section 85 of the finance act, 2005, as set out above ..... to the amendment made by the finance act of 2001, pan masala containing tobacco fell under chapter 21 of the schedule to the central excise tariff act, 1985. ..... the finance act 2001 carried out certain amendments for pan masala containing ..... heading 2403 was omitted from the first schedule to the ade act only with effect from 1st april, 2007, vide section 10 of the taxation laws (amendment) act, 2007 (act no.16 of 2007) read with the notification dated 29th march, 2007 ..... 1980 amendment act to the constitution, the report of the eleventh finance commission, twelfth finance commission for the period 2005-2010 and the further finance commissions. ..... then comes article 268a which was inserted by constitution (88th amendment) act, 2003 (section 2) and is titled as 'service tax levied by union and collected and appropriated by the union and the states', but this article has yet to be enforced. ..... parliament omitted chapter headings 2401, 2402 and 2403 and sub-heading and tariff item thereunder from the first schedule to ade act 1957 vide section 10, taxation laws (amendment) act, 2007 (act no.16 of 2007) effective from 1st april, 2007, without losing share of central taxes. ..... therefore, when section 10 of the taxation laws (amendment) act, 2007, was enacted to exclude tobacco from the schedule to the ade act effective from 1st april, 2007, then, that has to be .....

Rastriya Ispat Nigam Ltd. a Government of India Undertaking Through It ...

Court : Mumbai

Reported in : 2008[11]STR453; [2008]14STT328

..... the constitutional validity with regard to the extension of service tax in view of the amendment to the finance act-2000, section 116(a) and section 65(6) of the finance act-1994 to treat the recipients of the services as assessees in case of services rendered by goods transport, operators and clearing and forwarding agents is upheld (gujarat ..... amendment of act 32 of 1994 - during the period commencing and from me 16th day of july, 1997 provisions of chapter v of the finance act, 1994 shall be deemed to have had effect subject to the following modifications, namely; a) in section 65 f) for clause (6), the following clause had been subsisted, namely;(6) 'assessee' means a person liable for collecting the service tax and includes:i) his agent; orii) in relation to services provided by a clearing ..... during the pendency of the said contract, section 65 of the finance act, 1994 was substituted by section 88 of the finance act, 1997 whereby 5% service tax was introduced on various services including on clearing ..... 364 of 2004 under section 34 of the arbitration and conciliation act-1996 (for short, 'the act') whereby, the award dated 25th may, 2004 passed by the sole arbitrator in arbitration between the parties has been quashed ..... appeal filed by the original respondents against the impugned judgment dated 4th july, 2005 passed by the learned single judge in arbitration petition no. ..... by an order dated 4th july, 2005, the learned single judge has allowed the petition and set ..... [2005]274itr194 .....

Court : Mumbai

..... in support of the above submissions mr.sridharan has placed reliance upon the following materials:- (1) section 64 of the finance act, 1994, (2) section 65(105) of the finance act, 1994, (3) sections 66, 66a of the finance act, 1994, (4) the export of service rules, 2005 as amended from time to time, (5) the taxation of services (provided from outside india and received in india) rules, 2006, (6) rule 5 of the cenvat credit rules, 2004, (7) the commissioner of service tax v/s m/s sgs india private limited reported in ..... net effect is that the export of taxable service in relation to taxable services specified by section 65(105) of the finance act, 1994 and in the context of performance of services as are specified in category (iii) of sub-rule (1) of rule (3) of the export of service rules, 2005, would come within the purview of the rule as this stood at the relevant time only if the conditions are satisfied and these conditions are to be found in rule 3(2). ..... thus, the legal fiction created by section 66a of the finance act, 1994 applies to the export of service rules, 2005 also. ..... it is, therefore, submitted that if the appellants are relying upon the payment of service tax under the reverse charge mechanism under section 66a of the finance act, 1994, then, it cannot be considered as export of service within the meaning of rule 3(2)(a) of the export of service rules, 2005. .....

Commissioner of Central Excise Pune-ii Vs. M/S. I.J. Mathu Foods Pvt. ...

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

..... 6.8 we also noticed that there has been an amendment by way of inserting section 66a in the service tax provisions by the finance act, 2006 w.e.f.18.4.2006. ..... the tribunal has held that in view of insertion of section 66a of the finance act, 1994, offshore services cannot be subjected to service tax prior o 18.4. ..... the respondents were registered as deemed service provider under section 68(2) of the finance act, 1994 under the category of business auxiliary service. ..... ), the honble high court of bombay also held that recipient in india liable to service tax for service received from abroad only from 18.4.2006 after enactment of section 66a of the finance act, 1994. ..... patil learned advocate appearing on behalf of the respondent submits that the recipient of overseas service not liable to pay service tax for period prior to 18.4.2006 before insertion of section 66a of the finance act, 1994. ..... this circular will be relevant till the amendment brought out in service tax laws by insertion of section 66a w.e.f. ..... such offshore services are liable for tax consequent to the amendment w.e.f. ..... 338 (tri.lb) has held that the taxable service provided by the non-resident or from outside india, who does not have any office in india, having been specified as taxable service w.e.f.1.1.2005 under notification no. ..... australia during the period 2004-05 and 2005-06. .....