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Aditya Chemicals Ltd. Vs. Commissioner of Income-tax

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 .....

The South Indian Bank Ltd. Vs. The Commissioner Of Income Tax

Court : Supreme Court of India

..... is whether section 14a, enables the department to make disallowance on expenditure incurred for earning tax free income ..... a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of april, 2001.12. the sub-section (2) and (3) were introduced to the main section by the finance act, 2006 with effect from 01.04.2007.13. the question therefore to be answered ..... is not allowed as a deduction while calculating total income for the concerned assessee.6. section 14a was introduced to the income tax act by the finance act, 2001 with retrospective effect from 01.04.1962. page 3 of 22 the new section was inserted in aftermath of judgment of this court in the case of rajasthan state warehousing .....

The Mavilayi Service Cooperative Bank Ltd. Vs. Commissioner Of Income ...

Court : Supreme Court of India

..... in tune with the judgment of this court in kerala state coop. mktg. federation ltd. [(1998) 5 scc48 22. with the insertion of sub-section (4) by the finance act, 2006, which is in the nature of a proviso to the aforesaid provision, it is made clear that such a deduction shall not be 41 admissible to ..... important questions as to deductions that can be claimed under section 80p(2)(a) (i) of the income-tax act, 1961 ( it act ); and in particular, whether these assessees are entitled to such deductions after the introduction of section 80p(4) of the it act by section 19 of the finance act, 2006 (21 of 2006) with effect from 01.04.2007. it may be ..... footing and will continue to be exempt from tax under section 80p of the income tax act. however, i propose to exclude all other cooperative banks from the scope of that section.37. likewise, a circular dated 28.12.2006, containing explanatory notes on provisions contained in the finance act, 2006, is also important, and reads as follows:56. .....

Shree Choudhary Transport Co. Vs. Income Tax Officer

Court : Supreme Court of India

..... rightly been disallowed. 11.5. the learned counsel has also argued that the proviso to section 40(a)(ia) of the act, as inserted by the finance act, 2014, does not apply to the case at hand pertaining to the assessment year 2005-2006 and hence, the 21 argument for curative benefit with reference to the said proviso does ..... to punishing the assessee for no fault of his. the high court further observed that section 11 of the said finance act, inserting sub-clause (ia), did not provide that the same was to become effective from the assessment year 2005-2006. we may usefully reproduce the opinion of the calcutta high court in the case of piu ..... rent, royalty were inserted in the year 2006. 52 such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. *** *** *** *** *** (ii) after the amendment by finance act, 2010 40. amounts not deductible.-. notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall .....

CADD Centre Vs. Assistant Commissioner of Income-tax, City Circle -II ...

Court : Chennai

..... contemplated in the facts of this case. hence, this decision is not applicable. (iii) (2006) 287 itr 0404 (suvardhan v. commissioner of income tax) ". . . the finance act, 1987, with effect from 1-4-1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of a ..... call for tax at the hands of the authorities." this decision is not applicable to the facts of this case. the finance act, 2001, has amended clause (xiii) of section 47 of the income tax act to provide that any transfer of a capital asset, from an association or persons or body of individuals to a company, ..... necessary to look into the definition of transfer under section 2(47), and also section 45(4) and section 47(13) of the income tax act, dealing with capital gains. 13.1 section 2(47) of the income tax act, 1961 (as amended by finance act 2013), dealing with "transfer" reads as under: 2. in this act, unless the context otherwise requires: 1 to 46 .....

Doodhganga Co-operative Credit Society Ltd. Vs. The Commissioner of In ...

Court : Karnataka Dharwad

..... (including providing credit facilities) carried on by a co-operative society with its members shall be included in the definition of income ?. section 2(24(viia)) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of income as under: profits and gains of any business of ..... budget speech explaining the reasons for withdrawal of tax benefits to some societies by way of insertion of sub-section 80p(4) and insertion of new sub-clause (viia) in clause (24) of section 2 definition of income by the finance act, 2006, with effect from 1.4.2007, is as under: the co-operative banks are functioning at par ..... profits and gains of business attributable to any one or more of such activities. section 80p(4) which came to be introduced in the statute by the finance act, 2006, with effect from 1.4.2007, reads as under: 80p(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary .....

Commissioner of Income-tax, Belgaum Vs. Shri Laxmi Credit Souhard Saha ...

Court : Karnataka

..... banking (including providing credit facilities) carried on by a co-operative society with its members shall be included in the definition of "income".' section 2(24)(viia) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of "income" as under: "profits and gains of any business ..... budget speech explaining the reasons for withdrawal of tax benefits to some societies by way of insertion of sub-section 80p(4) and insertion of new sub-clause (viia) in clause (24) of section 2 definition of "income" by the finance act, 2006, with effect from 1.4.2007, is as under: 'the co-operative banks are functioning at par ..... and gains of business attributable to any one or more of such activities. section 80p(4) which came to be introduced in the statute by the finance act, 2006, with effect from 1.4.2007, reads as under: 80p(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary .....

Doodhganga Co-Operative Vs. The Commissioner of Income Tax

Court : Karnataka Dharwad

..... (including providing credit facilities) carried on by a co-operative society with its members shall be included in the definition of income . section 2(24(viia) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of income as under: profits and gains of any business of banking ..... budget speech explaining the reasons for withdrawal of tax benefits to some societies by way of insertion of sub-section 80p(4) and insertion of new sub-clause (viia) in clause (24) of section 2 definition of income by the finance act, 2006, with effect from 1.4.2007, is as under:20. the co-operative banks are functioning at par ..... and gains of business attributable to any one or more of such activities. section 80p(4) which came to be introduced in the statute by the finance act, 2006, with effect from 1.4.2007, reads as under:22. 80p(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary .....

Verizon Communications Singapore Pte Ltd. Vs. Income Tax Officer of In ...

Court : Chennai

..... decision reported in (2007) 288 itr408(ishikawajama-harima heavy industries ltd. v. director of income tax) an explanation was inserted below sub-section 2 of section 9, with effect from 01.06.1976 under finance act, 2007 to get over the decision of the supreme court. hence this decision of the delhi high court is distinguishable and has no ..... arise or accrue in india, and the non-resident would be liable to be taxed by reason of section 5(2)(b) of the income tax act. by finance act, 2010, with effect from 01.06.1976, the explanation inserted by finance act, 2007 was substituted with retrospective effect from 01.06.1976 that income of a non-resident shall be ..... and hence, the receipts are taxable as 'royalty' under section 9(1)(vi) read with explanation 2 of the income tax act. he held that by reason of the amendment to section 9(1) with effect from 01.04.1976, under finance act 2010, the reliance on the decisions reported in (2006) 282 itr273(bharat sanchar nigam ltd. and another v. .....

Commissioner of Income Tax Vs. Kuruvilla Abraham

Court : Chennai

..... also found that the paintings can be considered as capital asset only with effect from 1.4.2008 by virtue of the finance act 2007 and the relevant assessment year being 2005-2006, the paintings were not excluded under the definition of section 2(14) as the personal effects . therefore, the tribunal rejected the appeal filed by the revenue.13. we find that the ..... consideration of the relevant provisions under the income tax act 1922, read with section 2(4a). on the other hand, the present case involving the assessment year 2005-2006 deals with section 2(14) of the income tax act, 1961, which was amended under the finance act 2007, as discussed supra. therefore, when section 2(14) of the 1961 act had only excluded jewellery from the purview of personal .....