Judgment Search Results Home > Cases Phrase: finance act 2006 chapter ii rates of income tax Court: chennai Page 1 of about 91 results (0.170 seconds)

Commissioner of Income-tax Vs. P.A. Venkataraman

Court : Chennai

Reported in : [2000]246ITR773(Mad)

..... sub-paragraph ii of paragraph a of part iii of the finance act, 1986, prescribes the rates of income-tax in respect of a hindu undivided family which at any time during the previous year has at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of april, 1987, exceeds rs. ..... the words used in the finance act, 1986, are with reference t'o a member of a hindu undivided family for the purpose of making the income of such a hindu undivided family subject to the tax at a higher rate.11. ..... the reference to total income in the finance act, 1986, is the total income as computed under the income-tax act. ..... in order to determine the scope of the total income one has to look into the provisions of the act, and once it is found that the total income as determined under the act exceeds the amount specified in the finance act, 1986, in sub-paragraph ii of paragraph a of part iii that sub-paragraph will apply.14. ..... the question is as to whether the words 'total income' in sub-paragraph ii of paragraph a in part iii of the finance act, 1986, which refers to the income of the individual would also include the income of other persons whose income is required to be treated as part of his income under section 64 of the income-tax act, 1961, which occurs in chapter v of the income-tax act, is the question that arises for consideration in this reference.2. .....

India Leather Corporation (P.) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Reported in : (1989)77CTR(Mad)18; [1989]179ITR170(Mad)

..... of the assessee under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), the following question has been referred for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee-company was not an industrial company within the meaning of clause 2(6)(c) of chapter ii of the finance act, 1970 ?' 2. ..... scheme of the concession so made available, it becomes necessary, in any given case, to ascertain the income which is referable or relatable to the manufacturing activities and other activities, and if the requirements of section 2(6)(c) read with the explanation are fulfilled, only then, the benefit of the concessional rate of tax can be availed of by the assessee as an industrial company. 5. ..... however, the appellate assistant commissioner was of the view that the average rate of interest has to be ascertained in a different manner and he found that the assessee had been borrowing large funds from banks as well as on its own securities and that a total ..... that, as in this case, the assessee has a trading unit as well as a manufacturing unit, but what should be fulfilled for treating a company as an industrial company is that 51% of its total income, without deductions, should be referable or attributable to its manufacturing activities, failing which the company cannot be considered to be an industrial company for purposes of subjecting it to the concessional rate of tax. .....

Madurai District Central Co-operative Bank Ltd. Vs. Third Income-tax O ...

Court : Chennai

Reported in : [1969]73ITR479(Mad)

..... section 2(1)(a)(ii) of the finance act, 1963, states that, subject to the provisions of the other sub-sections, for the assessment year commencing on the 1st day of april, 1963, income-tax shall be charged at the rates specified in part i of the first schedule and, in the cases to which paragraphs a and c of that part apply, income-tax shall be further increased by an additional surcharge for purposes of the union calculated in the manner provided in the schedule. ..... what the finance act fails to do is to make them ' total income ', so as to take in the rate which is prescribed for the total income in the proviso. ..... it is next contended that the language of section 2(i)(a) (ii) of the finance act is not appropriate for levy of additional surcharge on income exempted from tax under the income-tax act. ..... , the finance act cannot validly subject to additional surcharge an income, which, under the provisions of the income tax act, was exempt and not liable to charge. ..... chapter vii itself is captioned 'income forming part of total income on which no income-tax is payable '. ..... section 81, which is found in chapter vii relating to income forming part of total income on which no income-tax is payable, provides that income-tax shall not be payable by a co-operative society in respect of profits and gains of business carried on by it, this exemption being subject to certain conditions. .....

Commissioner of Income Tax Vs. Rashmi Kamdar

Court : Chennai

Reported in : (1996)131CTR(Mad)277; [1996]217ITR559(Mad)

..... , but before we proceed further in this case, we may remind ourselves that the income-tax is charged in respect of the total income of the previous year or previous years, as the case may be, of every person at any rate or rates for any assessment year in accordance with the central act in that particular assessment year. ..... income-tax during the previous year, if his total income exceeded the maximum amount which is not chargeable to tax is required to furnish a return of his income or the income of such other persons during the previous year in the prescribed form and verified in the prescribed manner and set forth such other particulars as may be prescribed - (a) in the case of every person whose total income or the total income of any other person in respect of which he is assessable under the act, includes any income ..... 56(1) the it act says, - 'income of every kind which is not to be excluded from the total income under this act shall be chargeable to income-tax under the head 'income from other sources', if it is not chargeable to income-tax under any of the ..... the assessment year commencing on the first day of april, 1972, that income-tax would be charged at the rates specified in part i of the first schedule. ..... the it act, 1961, by the finance act, 1972, parliament expressly provided that when the total income of any person is to be computed for the previous year relevant to the assessment year commencing on 1st april, 1972, any income falling within ..... chapter iii of the said act .....

V. Krishnan Vs. M.S. Dhananjayan and Others

Court : Chennai

..... the income tax act, 1961 has been amended in the year 1986 by finance act chapter xxc and thereby introduced section 269 ul ..... as per the amended provision of income tax act, 1961, the income tax department has become the owner. ..... by virtue of section 269 ue (1) of income tax act, the central government has become the owner on 9.1.1989 ..... after obtaining no objection certificate from the income tax department, the defendant has left to america and the first plaintiff has given a legal notice and the same has not been served and further, the first plaintiff has always been ready ..... the defendant has to obtain income tax clearance certificate before execution of sale deed ..... prayer in o.s.a.no.193 of 2007: this appeal is preferred under order xxxvi rule 9 of o.s.rules r/w clause 15 of the letters patent act against the order of this court dated 31.10.2006 in c.s.no.1269 of 1994, insofar as the judgment and decree relates to the findings that the appellant is guilty of abuse of process of court and consequently imposing a cost of) 1 ..... it is agreed in the agreement of sale that before execution of sale deed, the defendant has to obtain no objection certificate from the concerned income tax department. ..... , it is agreed in the sale agreement that before execution of sale deed in favour of the first plaintiff, the defendant has to obtain no objection certificate from the concerned income tax department. ..... the suit property is situate near boat club road and the present rate per ground is rs.19 lakhs. .....

G.S.R. Krishnamurthi Vs. M. Govindaswamy, Income-tax Officer

Court : Chennai

Reported in : (1992)104CTR(Mad)143; [1992]195ITR137(Mad)

..... the petitioner for the offences under the indian penal code, 1860, is not legally permissible, as there is no section for such prosecution under section 279(1) of the income-tax act, 1961, and if the complaint had been filed limited to offence under the income-tax act alone, there was a possibility of such offences being compounded under the benevolent provisions adumbrated in sub-section (2) of section 279 and the launching of prosecution for offences ..... as amended reads as follows : 'any proceeding under this act before an income-tax authority shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 and for the purposes of section 196 of the indian penal code, 1860 (45 of 1860), and every income-tax authority shall be deemed to be a civil court for the purposes of section 195, but not for the purpose of chapter xxvi of the code of criminal procedure, 1973 (2 of ..... administration of this country, which happened to consider this aspect of the matter and rendered a decision, which, at the present juncture, i feel is purely academic consequent to the amendment of section 136 of the income-tax act that came into being by the finance act, 1985, with retrospective effect from april 1, 1974. 19. ..... particular assessment year is chargeable to tax at the rates then in force and, in the process of 'carry forward and set off of loss', the amount of concealed income will go in reducing the loss for the particular year and thereby consequently producing a tax effect. .....

Sai enterprises Vs. Customs Central Excise and Service Tax Settlement ...

Court : Chennai

..... act by inserting chapter xiva by finance act 1998, is to give a reprieve to an applicant who comes forward before the commission by making full and true disclosure and this commission was set up on similar lines, as that of the commissions already functioning under the income tax act ..... the commission to reopen the completed proceedings in appropriate cases, while section 127f confers the powers upon the commission which are vested in an officer of the customs under the act and in terms of section 127h, the commission can grant immunity from penalty and prosecution with or without condition, when it is satisfied that the applicant has made a ..... - (1) any importer, exporter or any other person (hereinafter referred to as the applicant in this chapter) may, in respect of a case, relating to him make an application, before adjudication to the settlement commission to have the case settled, in such form and in such manner as may be ..... the applications contained full and true disclosure of the manner in which additional duty liability has been derived as required under section 127b of the act and also fulfils all the criteria under section 127b of the act and in particular whether any case is pending in the appellate tribunal or any court. ..... in terms of the above provision in an application filed under section 127b of the act, the applicant is required to make a full and true disclosure of his duty liability, which he had failed to disclose before the proper officer, he is required to explain .....

The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

..... cit, wherein it has been held (i) that provisions of chapter iiib of rbi act, 1934, override the provisions of section 145(2) of the act because of non-obstante clause appearing in section 45q; (ii) that the income-tax act, 1961, is a general act, whereas reserve bank of india act is a special act; (iii) that it was not the case of the department that there was excess delegation of ..... 2000 through the finance act, 1999, whereas nbfcs take advantage of this provision without any finance act/amendment to income-tax act/any specific provision in the income-tax act to that effect ..... respectfully following the decision of jurisdictional high court, it is held that assessee is entitled for higher rate of depreciation on leased vehicles.accordingly, we uphold the order of id cit(a) on this issue ..... if the assessee had paid over the entire amount received by it as deposits towards sales tax to the state government, it would still have been open to assessee to seek refund if the assessee wishes to claim such refund on the ground that the tax had been levied at a higher rate than the rate permissible. ..... next issue relates to change in method of accounting income on hire purchase transactions from sum of digits to internal rate of return method. ..... it is reported that several unincorporated bodies were advertising aggressively through various media soliciting deposits from public by offering high rates of interest and other incentives. ..... next issue relates to higher rate of depreciation on leased vehicles. .....

T. Rajkumar and Others Vs. Union of India, Rep. by its Secretary, New ...

Court : Chennai

..... (5) notwithstanding anything contained in any other provisions of this act, where any person located in a notified jurisdictional area is entitled to receive any sum or income or amount on which tax is deductible under chapter xvii-b, the tax shall be deducted at the highest of the following rates, namely: (a) at the rate or rates in force; (b) at the rate specified in the relevant provisions of this act; (c) at the rate of thirty per cent. ..... as follows : "text of press release dated 1.11.2013 issued by the ministry of finance cyprus notified as a notified jurisdictional area under section 94-a of the income-tax act,1961 ; all parties to the transaction with a person in cyprus shall be treated as associated enterprises and the transaction shall be treated as an international transaction resulting in application of transfer-pricing regulations including maintenance of documentations section 94-a was introduced in the income-tax act, 1961, through the finance act, 2011, in respect of transactions with persons located in notified jurisdictional area .....

Frontier Offshore Exploration Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

..... time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force: (2) where the person responsible for paying any such sum chargeable under this act (other than salary) to a non-resident considers that the whole of such sum would not be income chargeable in the case of the recipient, he may make an application to the assessing officer to determine by general or special order, the ..... for direct payment of income-tax by the assessee where provision is not made under the chapter for deducting income-tax at the time of ..... provisions of section 44bb are contained in chapter iv of the income-tax act. ..... 40(a)(i) very clearly uses the expression "in accordance with the other provisions of chapter xvii-b", which would include section 201 also and would include the expression "the whole or any part of the tax", which has been inserted in section 201 by the finance act. ..... section 4, which is the charging section and submitted that any tax shall be charged for any assessment year as prescribed under the various central act, which is generally in the form of finance act. ..... words means, if some expenditure has been incurred for the purpose of business, where payment for the same has been made to a non-resident and tax to be deducted in accordance with the provisions of chapter xvii-b has not been deducted, then such deduction cannot be allowed, even if expenditure was incurred for the purpose of business. .....