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J.K. Industries Ltd. and anr. Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Reported in : [2008]143CompCas325(SC); (2008)5CompLJ369(SC); (2007)213CTR(SC)301; [2008]297ITR176(SC); 2007(13)SCALE204; [2007]80SCL283(SC); 2007AIRSCW7443

..... at present, the taxes that can be deducted are income tax, fringe benefit tax (fbt), minimum alternate tax (mat). similarly, any surcharge or cess levied by the finance act as a percentage of such taxes will also be deductible. according to learned counsel, gross receipts of any company can be reduced by following items to arrive at profits ..... in preparation of their accounts for the financial year 2001-02 onwards.3. on 7.12.06 the central government prescribed as 22 under section 211(3c) of the companies act by the companies (as) rules 2006. before that date, as 22, when issued in 2001, was challenged in writ petitions filed before madras, karnataka, calcutta and gujarat high ..... para 33 of as 22 companies are required to rework the entire liability from the beginning of the existing assets. for example, in the case of indian railway finance corporation ltd., provision is required to be made in respect dtl of rs. 940.55 crores. the transitional provision took place for the year ended 2001-02. .....

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... and from assessment year 1962-63. section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. section 14a as so amended reads now as ..... 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 2006-07. 7. section 14a has been inserted in the income tax act, by section 11 of the finance act, 2001, with retrospective effect from 1-4-1962, i.e., for .....

Ajay Gupta Vs. Commissioner of Income Tax

Court : Delhi

Reported in : (2007)210CTR(Del)116; 2007(97)DRJ317; [2008]297ITR125(Delhi)

..... cases where the last of the authorisations for search under section 132 was executed during the financial year commencing on the 1st day of april, 2004 ..... it would be expedient to prescribe a higher rate of interest under section 132b(4) than that prevailing for refunds under section 244a. further, section 153b prescribes a period of two years for completion of assessment or reassessment by the assessing officer which vide the finance act, 2006 has been further reduced to a period of 21 months in those ..... they were seized after satisfaction of the tax liability existing against such person. at that time, i.e. prior to the amendments brought about by the finance act 2002, section 132b(4)(b) envisaged payment of simple interest at the rate of 15 per cent per annum on the retained money computed 'from the date immediately .....

Commissioner of Income Tax Vs. Mrs. C. Malathy

Court : Chennai

Reported in : (2008)214CTR(Mad)173

..... notice; in the circumstances, the order of the tribunal is unsustainable and liable to be set aside.7. a perusal of the proviso to section 148 inserted by finance act, 2006 with effect from 1.10.1991 reads as follows:section 148: issue of notice where income has escaped assessment -(1) ...provided that in a case --(a) where a return has been furnished during the ..... filed pursuant to a notice shall be treated as if such a return were a return required to be furnished under section 139. learned standing counsel appearing for the appellant herein pointed out that by finance act, 2006, a proviso has been inserted to section 148, as per which, where a return has been furnished during a period commencing on 1st of october 1991 and .....

Conwood Agencies (P.) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... expenditure incurred by the assessee in relation to income, which does not form part of the total income under the income tax act.sub-sections (2) and (3) have been inserted in section 14a of the income-tax act by the finance act, 2006. sub-section (2) provides that the assessing officer shall determine the amount of expenditure incurred in relation to such income which does not form ..... and 1996-97. the reasoning given by the learned commissioner (appeals) in his order for the assessment year under appeal therefore needs apprecia-tion. besides, sub-sections (2) and (3) have been inserted in section 14a by the finance act, 2006.hence the effect of those provisions insofar as they apply to the pending matters has also to be considered.7. deductions otherwise admissible under .....

Prakash Heat Treatment and Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... been provided in sub-sections (2) and (3) of section 14a of the income tax act. it is no longer open to the assessing officer to apply his discretion in ..... that all expenses connected with the exempt income have to be disallowed under section 14a regardless of whether they are direct or indirect, fixed or variable and managerial or financial in accordance with law. in this connection, the provisions of sub-section (2)/(3) of section 14a inserted by the finance act, 2006 deserve to be noted.8. the procedure for computation of disallowance has now .....

Dy. Cit Vs. Seksaria Biswan Sugar Factory

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the assessee in relation to income which does not form part of the total income under the income tax act. sub-sections (2) and (3) have been inserted in section 14a of the income tax act by the finance act, 2006.sub-section (2) provides that the assessing officer shall determine the amount of expenditure incurred in relation to such ..... of disallowance has now been provided in sub-sections (2) and (3) of section 14a of the income tax act, it is no longer open to the assessing officer to ..... with the exempt income have to be disallowed under section 14a regardless of whether they are direct or indirect, fixed or variable and managerial or financial in accordance with law. in this connection, the provisions of sub-section (2)/(3) of section 14a inserted by the finance act, 2006 deserve to be noted.9. the procedure for computation .....

Shri Kiran Nagji Nisar Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)300ITR286(Mum.)

..... 01.04.1989 is not relevant in the present case because of the retrospective amendment w.e.f.01.10.1991 made by the finance act, 2006 in section 148. as per this amendment, such notice under section 143 (2) issued after this specified period of 12 months is also valid if the same is issued before the completion of the assessment, in cases, ..... the order of learned cit (a), wherein, a clear finding is given by him that notice under section 143 (2) was indeed not issued to the assessee. following submissions were made by him: a) it is submitted that amendment to section 148 by the finance act, 2006 w.r.e.f. 01.10.1991 does not help the case of the revenue because as ..... per this amendment also, notice issued under section 143 (2) can be issued late but before the expiry of time limit for making the .....

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... to matters arising with effect from assessment year 2006-07.9. section 14a has been inserted in the income tax act, section 11 of the finance act, 2001, with retrospective effect from 1-4-1962, i.e., for and from assessment year 1962-63. section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. section 14a as so amended reads now as ..... assessment year beginning on or before the ist day of april, 2001. (*inserted as section 14a (without numbering) in the income tax act by the finance act, 2001 with retrospective effect from 1-4-1962.** inserted by the finance act, 2006 and consequently all the clauses of section 14a were numbered. -inserted by the finance act, 2002.) 10. in the matter before us, we are not concerned with the proviso .....

Punjab State Cooperative Supply and Marketing Federation Limited Vs. U ...

Court : Punjab and Haryana

Reported in : (2006)206CTR(P& H)194; [2007]290ITR15(P& H)

..... not within the period of limitation. against the order passed by the cit(a), the revenue went in appeal before the tribunal, which is pending.3. vide finance act, 2006, section 148 has been amended w.e.f. lst oct., 1991. the said provision before and after the amendment is as under:before amendment148. issue of notice where income has escaped ..... . the legislature with a view to remedy the situation, carried out amendment vide finance act, 2006 w.e.f. 1st oct., 1991 upto 30th sept., 2005, validating notice and assessment/reassessment/recomputation if the same were beyond the time specified under section 143(2) but within the time specified under section 153(2).6.2 in national agricultural co-operative marketing federation of india ltd .....