Court : Supreme Court of India
Reported in : (2008)218CTR(SC)433; [2008]305ITR1(SC); JT2008(10)SC17; 2008(11)SCALE540; (2008)9SCC434; 2008AIRSCW6285; 2008(6)Supreme520; 2008(11)SCALE540
..... note indicates that amc (s) is covered by the explanation and, therefore, amc(s) is entitled to the continuance of the benefit of exemption even after finance act, 2002. further, in the explanation to section 10(20) there are three items - item (i) refers to 'panchayat', item (ii) refers to 'municipalities' whereas item (iii) refers to 'municipal ..... : whether agricultural marketing committee [amc (s)] is a 'local authority', so as to be entitled to the benefit under section 10 of the 1961 act after insertion of the explanation in section 10(20) vide finance act, 2002 w.e.f. 1.4.2003.25. before analyzing the above question, we quote herein below a comparative chart containing ..... , also failed.8. aggrieved by the decision of the tribunal, the appellant moved the high court by way of income tax appeal no.819/2006 under section 260a of the 1961 act. by impugned decision dated 2.6.06, delhi high court following its earlier judgment in the case of agricultural produce market committee, azadpur v. .....
Tag this Judgment!Court : Delhi
Reported in : [2009]177TAXMAN31(Delhi)
..... that there was no satisfaction recorded in the assessment order. the tribunal had not examined the question of penalty on merits.2. section 271 of the act has been amended by the finance act of 2008 by the introduction of sub-section (1b) with retrospective effect from 1-4-1989. in view of the said amendment, this matter would have to be decided on ..... arises from the tribunal's order dated 14-12-2006 wherein the tribunal had relied on the decision of this court in cit v. ram commercial enterprises ltd. : [2000]246itr568(delhi) and held that imposition of penalty under section 271(1)(c) of the income-tax act, 1961 (hereinafter to be referred as 'the act') was bad in law in view of the fact .....
Tag this Judgment!Court : Karnataka
Reported in : ILR2009KAR2437; [2009]183TAXMAN209(Kar); 2008(4)KCCR2801; 2008AIHC236(Kar)
..... above.3. the writ petition was filed on 5.1,2006. the financial year of 2005-2006 came to an end on 31.3.2006. there is no interim order in favour of the petitioner. learned counsel for the petitioner submitted that as per section 80-c of the income tax act as amended by the finance act 2005, the petitioner was entitled to deposit, a sum ..... (one of the specified savings under section 80-c of income tax act) with the 6th respondent section 80-c of the income tax act was amended by the finance act, 2005 increasing the permissible deduction from rs. 70,000/- to rs, 1,00,000/- for the financial year 2005-06 (commencing from 1.4.2005 to 31.3.2006) during the financial year 2005-06 the .....
Tag this Judgment!Court : Delhi
Reported in : (2008)219CTR(Del)397; [2008]306ITR182(Delhi)
..... the assessee placed reliance on the decisions of this court in the case of instalment supply pvt. ltd. (supra) and cit v. escorts finance ltd. 2006 (205) ctr delhi 574. in cit v. escorts finance ltd. (supra) this court was considering the amount spent on providing wooden partition, painting, glass work etc. in leased premises so as ..... [2007]293itr201(sc) . however, we find that decision of the supreme court was in relation to the expression 'current repairs' used in section 31(i) of the said act, which reads as under:section 31 repairs and insurance of machinery, plant and furniture. in respect of repairs and insurance of machinery, plant or furniture used for the purposes ..... no new asset was brought into existence. 5. the said expenditure was disallowed by the assessing officer because in his view explanation (1) to section 32(i) of the said act would come into play. according to the assessing officer, the expenditure was to be treated as capital expenditure as it had been incurred on .....
Tag this Judgment!Court : Chennai
Reported in : (2008)220CTR(Mad)156; [2009]177TAXMAN192(Mad)
..... amount invested in the bonds issued by the above authorities is exempted from the purview of the capital gains.9. subsequently, the section 54ec of the act was amended by the finance act, 2006, which reads as follows:explanation: for the purposes of this section(a) 'cost', in relation to any long-term specified asset, means the amount invested in such specified asset out of capital ..... and vehemently contended that the notification issued under section 54ec of the it act, 1961 is not ultra vires the said provisions of section 54ec. it was further contended that section 54ec envisages the investor to invest the capital gains on sale of long-term capital assets in specified assets to be eligible to claim exemption. the finance act, 2006 restricted the scope and limited the meaning of .....
Tag this Judgment!Court : Delhi
Reported in : [2009]177TAXMAN66(Delhi)
..... and disposed of by the tribunal on 30-8-2007. in view of the retrospective amendment to the provisions of section 148 with effect from 1-10-1991 by virtue of the finance act, 2006, the question with regard to the issuance of notice under section 143(2) was no longer relevant. in this background, the learned counsel for the assessee had no objection to ..... dated 6-2-2003 passed by the commissioner of income-tax (appeals) in which an additional ground was raised that the assessment was bad in law as the notice under section 143(2) had not been served within the statutory period.3. the tribunal had admitted the said ground and restored the issue to the file of the commissioner of income .....
Tag this Judgment!Court : Delhi
Reported in : [2009]310ITR224(Delhi); [2009]178TAXMAN433(Delhi)
..... of the common order dated 15.02.2008 passed by the income-tax appellate tribunal under section 254(2) of the income-tax act, 1961 (hereinafter referred to as 'the said act') in respect of miscellaneous application nos. 611, 612 and 613/del/2006. the rectification applications had been filed by the assessee in respect of the tribunal's ..... while passing the said order dated 31.08.2005. the tribunal, in the impugned order, noted that the said decision of the supreme court in the case of shaan finance pvt. ltd. (supra) had been referred to. however, inadvertently the same remained to be considered by the tribunal while disposing of the appeals by the said order ..... (delhi) and commissioner of income-tax v. nagpur golden transport co. : [1998]233itr389(delhi) which had been impliedly overruled by the supreme court decision in shaan finance pvt. ltd. (supra).3. by virtue of the impugned order, the tribunal has accepted the fact that it had not considered the decision of the supreme court in shaan .....
Tag this Judgment!Court : Delhi
Reported in : (2009)222CTR(Del)430; [2009]312ITR22(Delhi); [2009]177TAXMAN168(Delhi)
..... present appeal, it would be sufficient, if a note is made of the fact that the section was amended by the finance act, 1992 with effect from 01.04.1993, thereafter by the finance act, 1993 with effect from 01.04.1994, then the finance act, 1994 with retrospective effect from 01.04.1994 and with effect from 01.04.1995, then ..... rajiv shakdher, j.1. these appeals under section 260a of the income tax act, 1961 (hereinafter referred to as the 'act') are preferred by the revenue against a common judgment dated 05.01.2007 passed by the income tax appellate tribunal (hereinafter referred as the 'tribunal') in ita no. 313/del/2006 and ita no. 3509/del/2003, in respect ..... the ratio of the judgment of the supreme court in goetz (india) ltd v. cit : [2006]284itr323(sc) was not applicable.11. in these circumstances, the tribunal, in our view, has correctly held that the assessee is entitled to deduction under section 80-ib(3)(i), in regard to other industrial undertakings, the provision of which are pari- .....
Tag this Judgment!Court : Delhi
Reported in : (2009)226CTR(Del)308; [2009]183TAXMAN369(Delhi)
..... . and ors. (it appeal no. 211 of 2006 and other connected matters, directed that the individual cases be listed before the appropriate bench for hearing and disposal. the full bench, in its judgment has noted that, pending the reference, sub-section (ib) has been inserted in section 271 of the income tax act, 1961 by the finance act, 2008. it was also observed that the said ..... which limited itself only to the question of recording of satisfaction and did not go into the question on merits, in view of the amendment brought about in section 271 by virtue of finance act, 2008, these matters would have to be remitted to the tribunal for consideration on merits. consequently the impugned orders passed by the tribunal, in each of these appeals .....
Tag this Judgment!Court : Kerala
Reported in : (2009)227CTR(Ker)97; [2009]20STT1; (2009)24VST185(Ker)
..... , an association of non-banking financial companies, and petitioners 2 and 3 its members, have filed this writ petition challenging the constitutional validity of section 137 of the finance act, 2001 by which service tax is introduced on 'banking and other financial services' which includes 'equipment leasing and hire purchase'. the provisions providing ..... is payable on the value of taxable service pertaining to leasing and hire-purchase transactions, government of india has vide notification no. 4/2006-st, dated 1-3-2006 granted exemption on 90 per cent representing interest income earned by the service provider. therefore, according to respondents, while considering the constitutional ..... (1993)1scc364 and several other decisions and both sides relied on the decision of the supreme court in bharat sanchar nigam ltd v. union of india [2006] 3 stt 245 whereunder the supreme court has considered in detail the scope of levy of sales tax on works contract, catering, telephone services, etc. .....
Tag this Judgment!