Court : Delhi
..... suspicions and treat the subscribed capital as the undisclosed income of the company."6. in our opinion, as section 68 of act, 1961 has been interpreted as recently as 2008 by a division bench of this court in divine leasing & finance ltd. (supra) after considering all the relevant judgments, we do not have to reconsider all the judgments ..... tribunal suffer from no perversity and are consistent with the law as explained by this court in commissioner of income tax v. divine leasing and finance limited (ita no. 53/2005 decided on 16th november, 2006) reported in (2007) 207 ctr (del) 38 and in particular para 16 which reads thus:"in this analysis, a distillation of the ..... precedents yields the following propositions of law in the context of section 68 of the it act. the assessee has to prima facie prove (1) the identity of the .....
Tag this Judgment!Court : Mumbai
..... due regard to all the facts and circumstances of the case. the change which is brought about by the insertion of sub sections (2) and (3) into section 14a by the finance act of 2006 with effect from 1 april 2007 is that in a situation where the assessing officer is not satisfied with the correctness of the ..... for their enforcement : (i) sub section (1) of section 14a was inserted by the finance act of 2001 with retrospective effect from 1 april 1962; (ii) sub sections (2) and (3) were inserted in section 14a by the finance act of 2006 with effect from 1 april 2007; (iii) the proviso was inserted by the finance act of 2002 with retrospective effect from 11 ..... is broadly adverted to as exempt income as an abbreviated appellation. insertion of subsections (2) and (3) to section 14a :25. subsections (2) and (3) of section 14a were inserted by an amendment brought about by the finance act of 2006 with effect from 1 april 2007. subsections (2) and (3) provide as follows :"14a(2) the assessing .....
Tag this Judgment!Court : Chennai
..... as business auxiliary service as defined under section 65(19) of the finance act, 1994 as substituted by the finance (no.2) act, 2004 and the definition information technology service includes computer software, system networking, data processing, etc., after the amendment effected in the finance act, 2006 and after 1.5.2006 only the services relating to designing or ..... denmark and therefore, the impugned circular is challenged on various grounds including that the same is ultra vires section 83 of the finance act, 1994 and section 37b of the central excise act, 1944, that when the section itself takes away the maintenance of software from the purview of service tax, the second respondent cannot ..... of computer software prior to 2006, it is not even their case that in 2007, when the amendment was brought in the finance act, it was given retrospective effect and even the altered definition of the term, goods in the amendment of 2007 in the finance act, 1994 under section 65(105)(zzg) also was .....
Tag this Judgment!Court : Allahabad
..... v. m/s. rohtas projects ltd., income tax appeal no. 26 of 2006, decided on 23.02.2006. in the said case, the court found that the tribunal had not considered the provisions of section 142a of the act which was introduced by finance act no. 2 of 2004 with retrospective effect. this again really has not answered ..... the assessing officer was not justified in making reference to the departmental valuation officer, ignoring the retrospective effect of the provisions of section 142a of the act? section 142a was inserted by the finance act, 2004 with retrospective effect from november 15, 1972. the high court, after considering various judgments, was of the view that ..... the issue. 15. the issue for consideration is, whether the assessing officer, under section 142a .....
Tag this Judgment!Court : Delhi
..... the terms "repairs" and "current repairs". the court held that the term "repairs" was wider than the expression "current repairs" as used in section 30(a)(ii). 6.2 in cit vs. escorts finance ltd [2006] 205 ctr (delhi) 574, which is an earlier judgment of this court, the court was called upon to decide as to whether the expenses incurred ..... cit(a) disallowed the expenses on the ground that they were incurred on capital account. recourse was taken to the provisions of explanation 1 to section 32 of the i.t.act, 1961 (in short i.t.act)3. in respect of both issues, the assessee filed an appeal with the income tax appellate tribunal (in short the tribunal), while the ..... , were in the nature of revenue expenditure, as contended by the assessee. the court sustained the contention of the assessee and allowed the deduction claimed under section 37(1) of the i. t. act. the court noticed the dicta of the judgments of the bombay high court in the case of cit vs david mills ltd. (income tax reference no .....
Tag this Judgment!Court : Delhi
..... case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this act."10. consequent upon the finance act, 2006, section 14a as it now stands is as under:-"expenditure incurred in relation to income not includible in total income .14a. (1) for the purposes of computing the total ..... , for any assessment year beginning on or before the 1st day of april, 2001."9. then, by the finance act, 2006, section 14a was numbered as sub-section (1) thereof and after sub-section (1) as so numbered, the following sub-sections were inserted, with effect from 01/04/2007:-"(2) the assessing officer shall determine the amount of expenditure incurred in relation to such income which .....
Tag this Judgment!Court : Karnataka
..... authority, particularly, the record relating to noting of the reason for reopening before the issue of notice under section 10 of the act and has submitted that the conduct of the assessee in not disclosing the interest part attributable to the hire purchase finance transaction in the return amounts to not merely a non disclosure of full and true material facts, but ..... dated 07.04.2006 passed in int.t.a.no.21/bang/2002, for the assessment year 1992-93 praying to set aside the said order and etc.,) 1. these five appeals by the revenue under section 21h of the interest tax act, 1974 [for short, the act] read with section 260a of the income tax act, 1961 [for short, the it act], are in respect ..... time i.e. beyond the period of 4 years from the end of the assessment year as stipulated in section 10(b) of the act and therefore dismissed the appeals of the revenue, by passing a common order dated 7-4-2006 in intta nos 21 to 24, 5 and 6/bang/2002 and 42/bang/2003, inclusive of the assessment .....
Tag this Judgment!Court : Delhi
..... noticed the amendments made in chapter xiv-b and addition by way of insertion of an explanation to section 158ba in view of the conflicting decisions or opinions expressed by various courts. the said explanation was inserted by finance (no. 2) act, 1998 with retrospective effect from 1st july, 1995 and reads as under:- "[explanation.- for the ..... and was working as a broker/agent in aluminum market. search and ita no. 190/2006 page 1 of 7 seizure operation under section 132 of the act was conducted on 27th october, 1998. thereafter, statutory notice under section 158bc of the act was issued to which the respondent assessee had filed the return dated 24th december, 1999 ..... that has been clarified in the explanation that the undisclosed income relating to that block period shall not include the income assessed in the regular ita no. 190/2006 page 6 of 7 assessment. therefore, if any income is assessed under the regular assessment that cannot be taxed twice while making the assessment of the block .....
Tag this Judgment!Court : Delhi
..... some companies w.e.f. 01.04.1983. in case the plea of the revenue is accepted, they would be a conflict between section wta 10/2006 page 18 of 21 21aa and then section 40 of the finance act, 1984, which reintroduced wealth tax on companies in a limited manner. if the interpretation of the revenue is accepted, all companies/societies were ..... interest in the club was indeterminate or unknown.".14. the supreme court in ellis bridge gymkhana (supra) has made wta 10/2006 page 14 of 21 reference to section 21aa introduced w.e.f. 01.04.1981 by finance act, 1981 and held that the said provision were inserted to bring to tax the net wealth of the association of persons ..... suspended and was partially revived in a limited way by way of section 40 of finance act, 1983). the supreme court noticed definition of the term person in the income tax act, 1922 and section 2 (31) of the income tax act, 1961, gift act, 1958 etc., and referred to the wta 10/2006 page 13 of 21 circular of the cbdt dated 29.06.1989 .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai
..... predeposit to the appellant against service tax demand of rs.1,65,53,563/- followed by levy of equal amount of penalty imposed under section 78 of finance act, 1994 (hereinafter referred to as the act) and interest on the said service tax demanded. 2. none present for appellant even though the matter was repeatedly called and stay order ..... no difference to this proposition when there was no law to tax the impugned service received from abroad prior to 18.4.2006. section 66a was incorporated into the statute book with effect from 18.4.2006 to tax the taxable services provided by foreign service providers having no permanent address or usual place of residence in india. the ..... for the service provided shall include income tax deducted at source as per terms of contract and is in accord with section 66a read with rule 7(1) of the service tax (determination of value) rules 2006 for the reason that net price of contract agreed to be paid to foreign consultant was to include income deducted at .....
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