Court : Rajasthan
Reported in : (1996)132CTR(Raj)203
..... (st) 1] issued in this regard reads as under :explanatory notes on the provisions of the finance act, 1990 - modifications of provisions relating to exemption of income from exports :27.1 at present exporters are given incentives by way of cash compensatory support (ccs), drawback of duty ..... question no. 2 is concerned, after the reference made by the tribunal, the law on the point has been amended and an explanatory note on the provisions of the finance act, 1990 was issued modifying the provisions relating to exemption of income from export. the circular no. 572, dt. 3rd aug., 1990 [printed at (1990) 87 ctr ..... provision regarding the taxability of these incentives received by the exporters, new cls. (iiia), (iiib) and (iiic), have been inserted in s. 28 of the it act to provide that the profit on sale of import entitlement licences, ccs and drawback of duty respectively shall be chargeable to income-tax under the head 'profits and gains .....
Tag this Judgment!Court : Rajasthan
Reported in : [2003]259ITR92(Raj)
..... points urged by the party or decided by the appellate authority. 6. however, the controversy has been now resolved by introducing the explanation clause (c) to section 263(1) of the income-tax act by way of amendment. the explanation was substituted by the finance act, 1988, with retrospective effect from june 1, 1988, in clause (c) of the explanation was amended by the ..... finance act, 1989. the amendment is retrospective in nature (with effect from june 1, 1988), as is clear from the reading of the said explanation. we may refer to the amendment made in section 263(1) of the income-tax act, which reads as follows : 'explanation.--for the removal of doubts, it .....
Tag this Judgment!Court : Rajasthan
Reported in : [1996]217ITR355(Raj)
..... for loss of capital is a capital receipt : what is received as profit in a trading transaction is taxable income'.5. besides the definition of income under section 2(24) was amended by the finance act, 1990, wherein profits on sale of import licences, cash assistance and draw back on customs or excise duty have been included within the definition of income. in ..... respect of cash assistance,' sub-clause (vb) was added from april 1, 1967, which provided 'any sum chargeable to income-tax under clause (iiib) of section 28'. clause (iiib) was added by the finance act, 1990, retrospectively from april 1, 1967, and the income chargeable to income-tax under the head 'profits and gains of business or profession' included cash assistance (by .....
Tag this Judgment!Court : Rajasthan
Reported in : [2009]180TAXMAN333(Raj)
..... court in manubhai a. sheth v. n.d. nirgudkar, second ito : [1981]128itr87(bom) , an explanation-was added by the finance act, 1989, with effect from 1-4-1970, to clause (1a) of section 2 which read thus:explanation. - for the removal of doubts, it is hereby declared that revenue derived from land shall not include and ..... '. clause (14) of section 2 defined 'capital asset' to mean 'property of any kind held by an assessee...but does not include agricultural land in india....'. the words 'agricultural land in india' were substituted by the finance act, 1970, with effect from 1-4-1970, to read thus:(iii) ..... (see karimtharuvi tea estates ltd. v. state of kerala : [1963]48itr83(sc) ).it is in this background that the impugned amendments in the 1961 act may be seen. clause (1a) of section 2 defined 'agricultural income' to mean, inter alia, 'any rent or revenue derived from land which is situated in india and is used for agricultural purposes .....
Tag this Judgment!Court : Rajasthan
Reported in : (2004)86TTJ(NULL)389
..... 7.5 per cent of the book profit, the first proviso to section 2(8) of the finance act, 2001 reads as under :'provided that in cases to which the provisions of chapter xii or chapter xiia or section 155jb or sub-section (1a) of section 161 or section 164a or section 167b of the income tax act, apply, advance-tax' shall be computed with reference to the rates ..... is with regard to the payment of advance tax and also charging of interest under sections 234b and 234c of the act in terms of the new section 115jb inserted by the finance act, 2000 with effect from 1-4-2001. it is stated that conceptually section 115jb differs from the erstwhile section 115ja which provides for mat on companies so far as it does not deem .....
Tag this Judgment!Court : Rajasthan
Reported in : (1987)61CTR(Raj)57; [1987]164ITR249(Raj)
..... the words 'held by the assessee' were omitted by the finance act, 1975, with effect from april 1, 1975. this was done with a view to secure that the exemption from wealth ..... of certain assets.--subject to the provisions of sub-section (1a), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee--.....' 7. it may be stated that clause (xxa) was inserted by the finance act, 1975, with effect from april i, 1975. ..... -tax in respect of shares in an indian company is available even in cases where the shares, though owned by the assessee, are not registered in his name. section 21a deals with assessment in .....
Tag this Judgment!Court : Rajasthan
Reported in : 2009(235)ELT818(Raj)
..... not apply where duty has become payable prior to the date on which finance bill,2001 was passed. present case being governed by sub-section 2c of section 11, issuance of notice under section 11 was not barred.11. we may at once observe, that the finance bill 2001 became finance act no. 14 of 2001, w.e.f. 11.5.2001, while ..... learned tribunal dt. 15.4.2004. the appeal was admitted on 24.5.2005, by framing the following substantial questions of law:(i) whether any discretion vests on the authorities under the central excise act in quantifying the penalty imposable under section 11ac of the central excise act, 1944?(ii) whether in appeal filed by the revenue against the order ..... as to what was the relevant date, inasmuch as in the earlier part we have found, that the order confirming the duty under section 11a of the act was passed; by the adjudicating authority on 13.8.2005. then, the relevant thing to be noticed is, as observed above, the machino montell's case was a case on facts, depending .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)127CTR(Raj)413; [1995]213ITR98(Raj)
..... treating him as the assessee in default. sub-section (1a) of the said section fastens the liability to pay simple interest at the rate of 12 per cent. per annum on the amount of tax from the date on which the tax was deductible till the date the tax was actually paid. the finance act of 1966 has made certain amendments by which ..... it was held that the employer could not be deemed to be an assessee in default within the meaning of section 201 of the income-tax act, 1961, for not deducting at source tax payable on the amount. the provisions of section 201 require deduction of tax at source in respect of the matters referred to therein and failure to deduct the ..... questions of law arising out of its order dated december 3, 1986, in respect of the assessment year 1980-81 under section 256(1) of the income-tax act, 1961 :'(1) whether the tribunal was right in concluding that interest under section 201 need not be levied on the assessee for non-deduction of tax at source for payment covered under .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR1960Raj294
..... directors at all. they having done so, the directors themselves should be deemed to have created the charge, and thus infringed section 8 of the insurance act. section 13 of the rct habilitation finance administration act of course provides that the assets created from the loan shall, notwithstanding any law or usage to the contrary, be deemed to ..... deposited this amount with the reserve bank of india for the purpose of carrying on the life insurance business under section 98(2) of the act. it is submitted that by virtue of section 13 of the rehabilitation finance administration act, there was a charge attached to the loan itself, and, therefore, it should not have been taken by ..... their own created such a charge. the charge was created by operation of law and it was no fault of the directors if section 13 of the rehabilitation finance administration act had an overriding effect notwithstanding any law or usage to the contrary.7. it is next contended that the directors should not have taken .....
Tag this Judgment!Court : Rajasthan
Reported in : 2001(3)WLC62
..... (mentioned in the appended schedule) raise an interesting question of law in the matter of one lime tax scheme introduced by way of insertion of section 3(1b) of the finance act, 1989 (act no. 6 of 1989)(2). the questions for our consideration are that:-(1) whether, fresh assessment is permissible under the law in respect of ..... in 1964 or when it came into force in 1973 and, therefore, sections 13, 15 and 15b of the act cannot and need not be compared with section 3 (1b) of the act which has been subsequently introduced by the rajasthan ordinance of 1988 or by the finance act, 1989; and, the two provisions deal with altogether separate situations. land and ..... introduced in 1964 or when it came into force in 1973 and, therefore, sections 13, 15 and 15b cannot and need not be compared with section 3(1b) of the act which has been introduced subsequently by the rajasthan ordinance of 1988 or by the finance act, 1989; and, the two provisions deal with separate situations altogether. (5) the .....
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