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Commissioner of Income Tax Vs. Jindal Exports Ltd. and ors.

Court : Delhi

Reported in : (2009)221CTR(Del)8; [2009]314ITR137(Delhi); [2009]179TAXMAN391(Delhi)

..... 1 after section 234b(1) (as it stood prior to the amendment introduced by the finance act, 2006) to mean the 'tax on the total income' determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income.40. ..... amount is likely to go down further with the downward revision of corporate tax rate to 35 per cent and abolition of surcharge...45.4 the act also inserts a new section 115jaa to provide for a tax credit scheme by which the mat paid can be carried forward for set off against regular tax payable during the subsequent five year period subject to certain conditions:(1) when a company pays tax under mat, the tax credit earned by it shall be an amount which is the difference between ..... other provisions of this section, where, in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of one and one-half per cent for every month or part of a month comprised in the period .....

Suresh Chand Talera Vs. Commissioner of Income Tax

Court : Madhya Pradesh

Reported in : (2006)201CTR(MP)153; [2006]282ITR341(MP)

..... 1996-97, the finance act, 1996, clearly provides under chapter ii, section 2 that the net agricultural income shall be taken into account in the manner provided therein for the purpose of determining the rates of income-tax applicable to the income of the assessee. ..... (1)--where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of, this act in respect of the total income of the previous year of every person. ..... the aforesaid charging section thus provides that where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with and subject to the provisions of the act in respect of the total income of the previous year of any person. ..... in view of the said clear provisions in section 4 of the act, chapter ii and section 2 of the finance act, 1996, we have no doubt in our mind that agricultural income of an assessee has to be taken into consideration for the purpose of determining rate of tax that is applicable to his income. ..... , 2006 and the tribunal may either hear the appeal on that day or fix a date of hearing and thereafter decide the issue. .....

In Re: R and B Falcon (A) Pty Ltd.

Court : Authority for Advance Rulings

Reported in : (2007)289ITR369AAR

..... have been provided by the employer to his employees, if the employer has, in the course of his business or profession (including any activity whether or not such activity is carried on with the object of deriving income, profits or gains) incurred any expense on or made any payment for, the following purposes, namely- the following clause (q) shall be inserted after clause (p) in sub-section (2) of section 115wb by the finance act, 2006 w.e.f. ..... charge of fringe benefit tax - (1) in addition to the income-tax charged under this act, there shall be charged for every assessment year commencing on or after the 1st day of april, 2006, additional income-tax (in this act referred to as fringe benefit tax) in respect of the fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year at the rate of thirty per cent on the ..... 104 in the said circular shows that it is not liable to fbt and that subsequently section 115wb(3) of the act was amended by finance act, 2006 to exclude from the operation of fbt any free or subsidized transportation facility provided by the employer to his employees for journeys by the employees from their residence to the place of work or such place of ..... said to be the precursor of the clause inserted by the finance act, 2006 in sub-section (3) of section 115wb of the act and the answer thereto read as follows: 104. ..... finance act, 2005 chapter xii-h which comprises of sections 115w to 115wl, was inserted in the act .....

Shree Choudhary Transport Co. Vs. Income Tax Officer

Court : Supreme Court of India

..... tax in accordance with the provisions of chapter xvii-b on any such sum but is not deemed to be an assessee in default under the first proviso to sub-section (1) of section 201, then, for the purpose of this sub-clause, it shall be deemed that the assessee has deducted and paid the tax on such sum on the date of furnishing of return of income by the resident payee referred to in the said proviso.16 *** *** the aforesaid amendment by the finance (no.2) ..... for the revenue has further contended that the amendment to section 40(a) of the act with insertion of sub-clause (ia) by the finance (no.2) act, 2004 with effect from 01.04.2005 directly applies to the assessment year 2005-2006; and for the appellant having failed to deduct tax at source from the payment made to the sub-contractors for the work of ..... relation to the expenses that had already been incurred and paid by the assessee; that disallowance under section 40(a)(ia) of the act of 961 as introduced by the finance (no.2) act, 2004 with effect from 01.04.2005 is applicable to the case at hand relating to the assessment year 2005-2006; and that the benefit of amendment made in the year 2014 to the provision in question is not available to ..... (ia) of section 40(a) of the act, as inserted by the finance (no.2) act, 2004 with effect from 01.04.2005, is applicable only from the financial year 2005-2006 and, hence, is not applicable to the present case relating to the financial year 2004-2005; and, at any rate, whole of the rigour of this .....

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

..... chapter xii of the act providing for income tax on fringe benefits was inserted by the finance act, 2005. ..... (1) in addition to the income-tax charged under this act, there shall be charged for levy assessment year commencing on or after the 1st day of april, 2006, additional income-tax (in this act referred to as fringe benefit tax) in respect of the fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year at the rate of thirty per cent on the value of such fringe benefits. ..... aar by reason of its judgment and order dated 13.12.2006 holding that the company is liable to pay fringe benefit tax for providing transportation and movement of offshore employees for their residence and home countries outside india to the place of rig and back, opined that(1) the exemption provision contained in sub-section (3) of section 115wb is ..... it is engaged in the business of providing mobile offshore drilling rig (modr) along with crew on a day rate charter hire basis to drill offshore wells. ..... the taxes to be levied on the fringe benefit provided or deemed to have been provided by an employer to employees during the previous year is at the rate of 30 per cent on the value of such fringe benefits. ..... it came into force with effect from 1.4.2006.6. .....

In Re: the Population Council Inc.

Court : Authority for Advance Rulings

..... -(1) in addition to the income-tax charged under this act, there shall be charged for every assessment year commencing on or after the 1st day of april, 2006, additional income-tax (in this act referred to as fringe benefit tax) in respect of the fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year at the rate of thirty per cent on the value of such fringe benefits. ..... that sub-section (1) of section 115wa of the act, quoted above, provides that: (i) there shall be charged for every assessment year commencing on or after the 1st day of april, 2006 additional income-tax (in this act referred to as fbt); (ii) the tax is in respect of fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year; (iii) the tax is leviable on the value of such fringe benefits @ 30 per cent; and (iv) this is in addition to the income-tax charged under the ..... 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. ..... the caption of the chapter is "income-tax on fringe benefits". ..... 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. ..... we are not concerned with the rest of the provisions of the chapter here. .....

T and T Motors Ltd Vs. Assistant Commissioner of Income

Court : Delhi

..... to the income tax charged under this act, there shall be charged for every assessment year commencing on or after the 1st day of april, 2006, additional income tax (in this act referred to as fringe benefit tax) in respect of the fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year at the rate of thirty ..... have been provided by the employer to his employees, if the employer has, in the course of his business or profession (including any activity whether or not such activity is carried on with the object of deriving income, profits or gains) incurred any expense on, or made any payment for, the following purposes, namely:-- ita 899/2010 page 4 of 15 xxxx (b) provision of hospitality of every kind by the employer to any person ..... under section 260a of the income tax act, 1961 (act, for short) involves the ..... chapter xiih under the heading "income tax on fringe benefits" was inserted by finance act ..... being the expenditure by way of payment to any advertising agency for the purposes of clauses (i) to (v) above; (vii) being the expenditure on distribution of samples either free of cost or at concessional rate; and (viii) being the expenditure by way of payment to any person of repute for promoting the sale of goods or services of the business of the employer, shall not be considered as expenditure on sales promotion including publicity;".9. ..... not employees and are not deemed to be employees under any of the provisions of chapter xiih. .....

Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year ..... sub-section (1) (as originally inserted (without numbering of the sub-section) by the finance act, 2001 with retrospective effect from 1-4-1962) and sub-section (2)/(3) (inserted by the finance act, 2006 with consequential numbering of the clauses of section 14a) of section 14a. ..... view of section 14a inserted in the income tax act with retrospective effect from 1-4-1962, pro rata expenses on account of interest relatable to investment in shares for earning exempt income from dividend are to be disallowed against taxable income and only the net dividend income is to be allowed exemption after deducting the expenses; and two, the expression "expenditure incurred by the assessee in relation to income which does not form part of the total income" in section 14a has to be given ..... computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act. .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year ..... sub-section (1) (as originally inserted(without numbering of the sub-section by the finance act, 2001 withretrospective effect from 1-4-1962) and sub-section (2)/(3) (inserted bythe finance act, 2006 with consequential numbering of the clauses ofsection 14a), of section 14a. ..... in view of section 14a inserted in the income tax act with retrospective effect from 1-4-1962, pro rata expenses on account of interest relatable to investment in shares for earning exempt income from dividend are to be disallowed against taxable income and only the net dividend income is to be allowed exemption after deducting the expenses; and two, the expression "expenditure incurred bj' the assessee in relation to income which does not form part of the total income" in section 14a has to be given ..... computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act. .....

M/S.Medical Land, Trichur Vs. Commissioner of Income Tax,kochi

Court : Kerala

..... as far as the second issue, namely the claim of depreciation allowance also was concerned, the tribunal took note of the words "or any expense, deduction or allowance claimed under this act which is found to be false" added to the definition of the undisclosed income vide section 158b(b) of the act by the finance act, 2002 with effect from 01/7/1995 which clinched the issue against the assessee ..... the value of construction on the statement of the i.t.a.no.221 of20122 assessee under section 132 (4) alone when the assessee had led in evidence on the prevailing cost of construction which stood at a much lesser rate and ought not the tribunal have accepted the said evidence being material available on record and facts and accepted the same de hors the statement of the assessee under section 132 (4) of the i.t ..... . the assessing officer or the commissioner (appeals) in the course of any i.t.a.no.221 of201226 proceedings under this chapter may direct that a person shall pay by way of penalty a sum which shall not be less than the amount of tax leviable but which shall not exceed three times the amount of tax s leviable in respect of the undisclosed income determined by the assessing officer under clause( c ) of section 158 bc" sub-section (3) provides for certain conditions to be ..... . assistant commissioner of income tax [(2006) 284 itr470(mad)] has taken the view that the expenditure claimed therein by the assessee was found by the assessing officer to be unreasonable and there was no finding .....