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M/S T T K Prestige Ltd Vs. The Union of India Reptd by Its Finance Sec ...

Court : Karnataka

..... /amenity on the employee. confer not tax issue a writ, order or direction more particularly in the nature of a writ of declaration to declare section 115 wa to wl of the income as introduced by the finance act, 2005, with effect from 01.04.2006 vide annexure-a as ultra vires article 14, 19 (1) (g) and 265 of the constitution of india ..... value of certain fringe benefits. the provisions relating to levy of this tax are contained in chapter xii-h (sections 115w to 115wl) of the income-tax act, 1961. this circular seeks to provide a harmonious, purposive and contextual the provisions of the finance act, 2005 relating to the fbt so as to further the objective of this levy. interpretation of 2. objective in comparison .....

In Re: South West Mining Ltd.

Court : Authority for Advance Rulings

Reported in : (2005)198CTRAAR195

..... indian companies act, 1956; income tax act, 1961 - sections 5(2), 9 and 245q(1); finance act, 2005 - sections 7, 9, 9(1) and 195 income deemed to accrue or arise in india--fees for technical servicesservicesthe applicant is the owner ..... tax applicable to the consultant on its deemed income would be lower of the two rates viz., rates given in part ii of schedule i to the finance act, 2005, or para 2 of article 12; that is, whichever is more beneficial. (1) that the services rendered by the met-chem inc., canada, is ..... to be deducted at source is concerned, it is common knowledge that the rates of tax are prescribed in part ii of schedule i to the finance act, 2005; item 2(b)(vi) is the relevant item which gives the rate of tax. it would be apt to refer to para 2 of article ..... (2) that the rate of tax applicable for the purpose of tds would be the lesser of the rates prescribed under finance act, 2005 or in para 2 of article 12 of the treaty, that is whichever is more beneficial to the applicant. .....

In Re: the Population Council Inc.

Court : Authority for Advance Rulings

..... is "income-tax on fringe benefits". section 115w of the act defines the expressions 'employer' and 'fbt'. there is a common ground that ..... question that arises for consideration is: 'whether on a true interpretation of section 115wa of the act the applicant is liable to pay the fbt'.6. here it will be of interest to note that by finance act, 2005, chapter xii-h (containing sections 115wa and 115wb) is inserted in the act w.e.f. 1st april, 2006. the caption of the chapter ..... shah mohammed quadri, j. (chairman), a.s. narang and a. sinha, members income tax act, 1961 - sections 2(17), 4, 5, 5(2), 10(23c), 11, 12aa, 13(7), 28, 29, 30 to 43d, 115bbc, 115w, 115wa, 115wa(1), 115wa(2), 115wb, 115wc and 245q(1); finance act, 2005 warburton v. loveland (1832) 2d. & cl. 480; the duke of buccleuch (1889) 15 .....

Commissioner of Income Tax Vs. Kuruvilla Abraham

Court : Chennai

..... also found that the paintings can be considered as capital asset only with effect from 1.4.2008 by virtue of the finance act 2007 and the relevant assessment year being 2005-2006, the paintings were not excluded under the definition of section 2(14) as the personal effects . therefore, the tribunal rejected the appeal filed by the revenue.13. we find that the ..... consideration of the relevant provisions under the income tax act 1922, read with section 2(4a). on the other hand, the present case involving the assessment year 2005-2006 deals with section 2(14) of the income tax act, 1961, which was amended under the finance act 2007, as discussed supra. therefore, when section 2(14) of the 1961 act had only excluded jewellery from the purview of personal .....

G.T.C. Industries Ltd. Vs. the Dy. Cit, Spl. Rg. 50

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... aspect. second,which is independent of and without prejudice to the aforesaid, the explanation has now been inserted in clause (vii) of sub-section (1) of section 36 by the finance act 2001 with retrospective effect from 1.4.1989. the learned judicial member holds the view that the retrospective legislation was not in existence at the ..... the provisions contained under section 154 of the income-tax act, 1961, and basing on the amendment made to section 36(1), clause (viii), which was amended by finance act, 2001? 2. the hon'ble third member, nominated by the hon'ble president, income-tax appellate tribunal, vide his order dated 30.5.2005 has concurred with the ..... the provisions contained under section 154 of the income-tax act, 1961, and basing on the amendment made to section 36(1), clause (viii), which was amended by finance act, 2001? 2. the hon'ble third member, nominated by the hon'ble president, income-tax appellate tribunal, vide his order dated 30.5.2005 has concurred with the .....

Gtc Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD86(Mum.)

..... aspect. second, which is independent of and without prejudice to the aforesaid, the explanation has now been inserted in clause (vii) of sub-section (1) of section 36 by the finance act, 2001 with retrospective effect from 1-4-1989. the learned judicial member holds the view that the retrospective legislation was not in existence at the ..... also ignored the binding decisions of the larger benches of the supreme court. (v) reference to explanation inserted in clause (vii) of sub-section (1) of section 36 by the finance act, 2001 with retrospective effect from 1-4-1989 has been made in the order proposed by the learned judicial member for the proposition that the ..... the provisions contained under section 154 of the income-tax act, 1961, and basing on the amendment made to section 36(1), clause (vii), which was amended by finance act, 2001? 2. the hon'ble third member, nominated by the hon'ble president, income-tax appellate tribunal, vide his order dated 30-5-2005 has concurred with the .....

Tata Tea Ltd. Vs. Assistant Commissioner of Income-tax

Court : Kerala

Reported in : [2010]189TAXMAN303(Ker)

..... years 2001-02 and 2002-03 to which these appeals relate, exemption was declined for the reason that by the finance act, 2000 the definition of 'manufacture' which included 'processing' contained in section 10b was deleted with effect from 1-4-2001. the department's stand is that manufacture or production had ..... pisciculture, poultry, sericulture, viticulture and mining.this court also noticed that the definition of 'manufacture' contained in section 2(r) of the special economic zones act, 2005, was incorporated later under section 10aa of the income-tax act with effect from 10-2-2006, which is as follows:'manufacture' means to make, produce, fabricate, assemble, ..... , pisciculture, poultry, sericulture, viticulture and mining.the finding of this court is that the purpose of incorporation of section 2(r) of the special economic zones act, 2005 into section 10aa of the income-tax act is to provide a liberal meaning to the word 'manufacture' which takes in even blending, refrigeration etc. it .....

Girnar Industries Vs. Commissioner of Income-tax

Court : Kerala

Reported in : [2010]187TAXMAN136(Ker)

..... profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the finance act, 2000, the undertaking shall be entitled to deduction referred to in this sub-section only for the unexpired period of the aforesaid ten consecutive assessment years:provided further ..... can be treated as a manufacturing activity only after the definition clause of 'manufacture' contained in section 2(r) of the special economic zones act, 2005 is incorporated in the provisions of section 10aa of the income-tax act with effect from 10-2-2006. even though first appeal was allowed by the cit (appeals ..... pisciculture, poultry, sericulture, viticulture and mining.it is worthwhile to refer to the definition of 'manufacture' contained in section 2(r) of the special economic zones act, 2005, which is incorporated later under section 10aa of the income-tax act with effect from 10-2-2006. it reads as follows:2(r) 'manufacture' means to make, produce, .....

R and B Falcon (A) Pty Ltd. Vs. Commissioner of Income Tax

Court : Supreme Court of India

Reported in : 2008BusLR469(SC); (2008)216CTR(SC)289; [2008]301ITR309(SC); 2008(8)SCALE223; 2008AIRSCW4096

..... to the place of work and back is liable to fringe benefit tax?5. chapter xii of the act providing for income tax on fringe benefits was inserted by the finance act, 2005. it came into force with effect from 1.4.2006.6. section 115w defines 'employer' and 'fringe benefit tax'. 'fringe benefit tax' (fbt) has been defined as ..... a tax chargeable under section 115wa.section 115wa(1) provides for the basis for charge of fringe benefit tax in the ..... its retrospective operation, held:16. the departmental understanding of the effect of the 1999 amendment even if it were assumed not to bind the respondents under section 119 of the act, nevertheless affords a reasonable construction of it, and there is no reason why we should not adopt it.17. as was affirmed by this court in .....

Shree Choudhary Transport Co. Vs. Income Tax Officer

Court : Supreme Court of India

..... for the previous expressions carrying various provisions of the act, by the finance (no.2) act, 2004, w.e.f. 01.10.2004. 10 sub-section (2) was inserted by the finance act, 2002. 11 sub-section (3) was inserted by the finance (no.2) act, 2004, w.e.f. 01.04.2005. 26 to in that sub-section does not deduct the whole or any part of ..... has rightly been disallowed. 11.5. the learned counsel has also argued that the proviso to section 40(a)(ia) of the act, as inserted by the finance act, 2014, does not apply to the case at hand pertaining to the assessment year 2005-2006 and hence, the 21 argument for curative benefit with reference to the said proviso does not ..... would amount to punishing the assessee for no fault of his. the high court further observed that section 11 of the said finance act, inserting sub-clause (ia), did not provide that the same was to become effective from the assessment year 2005-2006. we may usefully reproduce the opinion of the calcutta high court in the case of piu .....