Court : Mumbai
Reported in : 2009(111)BomLR1905; (2009)223CTR(Bom)441; [2009]318ITR252(Bom); [2009]180TAXMAN494(Bom)
..... the deduction as per the provisions of sub-section (1b) of section 80hhc of the act and not export profits calculated as per sub-section 3 and 3a of section 80hhc without applying the restrictions contained in sub-section 1b of section 80 hhc as contended on behalf of the assessee. section 80 hhc sub-section 1b was introduced by the finance act with effect from 1.4.2001 so as ..... also the order of the special bench in dy. commissioner, range iii v. simcom ltd. was pleased to dismiss the appeal preferred by the revenue by order dated 30.11.2007. it is this order which is the subject matter of the present appeal.3. at the hearing of this appeal on behalf of the revenue, it has been submitted as .....
Tag this Judgment!Court : Mumbai
Reported in : [1964]52ITR254(Bom)
..... issued at any time notwithstanding that at the time of the issue of the notice the period of eight years specified in that sub-section before its amendment by clause (a) of section 18 of the finance act, 1956 (18 of 1956), had expired in respect of the year to which the notice relates.' 6. turning to the first ..... further condition that the necessary satisfaction of the central board of revenue was obtained for issuing the notice. section 34(1b) also has been introduced by the finance act, 1956, and sub-section (4) was added by the indian income-tax (amendment) act, 1959, with effect from 12th march, 1959. to these provisions we would advert later. the position ..... on the escaped concealed income of the war years after the amendment of section 34(1)(a) by the finance act, 1956. now, the changes effected in section 34(1)(a) by the finance act, 1956, were that the period of limitation of eight years for issuing notice under section 34(1)(a) was omitted, and, instead, it was expressly provided .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1959Bom477; (1959)61BOMLR618; ILR1959Bom1256
..... or a writ of mandamus or a writ of prohibition raises a rather important question of the construction of section 35 (10) of the income-tax act. sub-section (10) of section 35 was introduced by amendment brought about by the finance act, 1956. we shall have occasion to refer to the amendment little later in our judgment. the facts succinctly ..... of the same argument. it will be convenient to set out here section 28 of the finance act of 1956 whereby section 35(10) was introduced for the first time in the income-tax act:'the amendments made in the income-tax act by section 4 and clause (b) of section 15 shall be deemed to have come into force on the 1st ..... contravention of certain fundamental rights there guaranteed and being in violation of the provisions of section 265 of the constitution. one of the contentions set out in the petition is that the provisions of section 35(10) being added only by the finance act of 1956 had no application to the case of the mills company because to apply .....
Tag this Judgment!Court : Mumbai
Reported in : [2001]116TAXMAN418(Bom)
..... service are liable to recover tax and pay the same to the central government under section 68 of the act. the service tax was introduced by the finance act, 1994. the ambit of the act was widened by the finance act, 1998 substituting section 66 of the act thereby including service provided by the architects and practising chartered accountants, etc.2. the ..... thereof contains the scheme and provisions relating to the tax. by the finance act, 1997, section 65 was substituted so as to include a wide variety of services. section 116 of the finance act, 1998 substituted section 66 of the finance act, 1994. while a few services covered by the 1997 act were excluded from purview of the service tax, a few more ..... to pay service tax even if their clients do not pay their fees is completely misplaced. it is pointed out by the respondents that as per section 68 of the finance act, 1998, and rule 6 of service tax rules, 1994, in case the clients pay amount less than that billed to them, the assessee .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)30CTR(Bom)245; [1983]142ITR697(Bom)
..... ltd. : [1980]126itr377(bom) . in that case our high court was required to consider the definition of 'industrial company' as laid down in the finance act, 1966. under the finance act, 1966, an 'industrial company' was defined as follows :''industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity ..... industrial company. this language is different from the language used in cl. (iii)(a) of para. d of pt. ii of the first schedule to the finance act., 1964, where there is no reference to construction of ships or any other construction activity. mr. joshi strongly relied upon this decision and submitted that the ..... cwt : [1969]74itr465(delhi) . in that case the court was required to construe the provisions of s. 45(d) of the w.t. act, 1957. under the explanation to that sub-section, for the purpose of cl. (d) : 'an industrial undertaking' was defined as 'an undertaking engaged in the manufacture, production or processing of goods .....
Tag this Judgment!Court : Mumbai
Reported in : (1994)122CTR(Bom)259; [1994]206ITR548(Bom)
..... the assessee as clearing, forwarding and shipping agents constitutes a profession. this controversy assumes importance in view of the fact that under the relevant finance act of 1976 and finance (no. 2) act, 1977, the rate of income-tax was lower for a registered firm whose total income included income derived from profession carried on by it, ..... 101) : 'the activity of a share broker is nothing but business activity which falls within the expression 'business' as defined in clause (13) of section 2 of the act. it does not fall within the expression 'profession' even if it is interpreted in the broader sense to include many of the activities which were earlier not ..... the business of clearing and forwarding operations. it was also authorised to transact its business at the cochin custom house under the terms of section 202 of the sea customs act and the rules made thereunder. licence was also issued under the said provision. the question arose whether the establishment of the appellant, who .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)168CTR(Bom)24; [2002]256ITR401(Bom)
..... are liable to recover tax and pay the same to the central government under section 68 of the act. the service tax was introduced by the finance act, 1994. the ambit of the act was widened by the finance (no. 2) act of 1998 substituting section 66 of the act thereby including service provided by the architects and practicing chartered accountants, etc. 2 ..... contains the scheme and provisions relating to the tax. by the finance act, 1997, section 65 was substituted so as to include a wide variety of services. section 116 of the finance (no. 2} act, 1998, substituted section 66 of the finance act, 1994. while a few services covered by the 1997 act were excluded from the purview of the service tax, a few ..... taxable services referred to in sub-clauses (c),(e) and (f) of clause (48) of section 65 and collected in such manner as may be prescribed. (3) with effect from the date notified under section 88 of the finance act, 1997 (26 of 1997), there shall be levied a service tax at the rate of five per .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)100ITD217(Mum.)
..... 495 dated 22-9-1987 (168 itr (st.) 87) issued by the cbdt by way of explanatory notes to the amendments brought in by the finance act, 1987. in section 70 of the act, the circular has stated that the distinction between short term and long term capital assets, though conforming to the principle of equity of taxation, has led ..... of setting off against other sources except against long term capital gains. this position existed upto the assessment year 1987-88.37. thereafter, the finance act, 1987 brought an amendment in section 70 with effect from 1-4-1988. the amendment removed the isolation in respect of the set off of long term capital loss and made ..... year were substantially different from the law prevailed for the assessment years 1995-96 and 1996-97, pertaining to the cases under consideration. the finance act, 1987 has amended the provisions of section 70 and the amended law should apply to the impugned assessment years 1995-96 and 1996-97 which are different from the law relating to .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Reported in : (2004)(117)LC307Tri(Mum.)bai
..... pursuant to the amended rule. same view was taken by the larger bench in the case of chemco pulp & tissue v. cce . the cegat was concerned with section 112 of the finance act, 2000 which held that hsd oil is not an input under rule 57a or under rule 57b retrospectively from 1995. relying on a similar explanation to ..... section 112 of the finance act, the cegat held no penalty could be imposed on the assessees who were denied the credit of duty paid on the hsd oil. this decision was followed in ..... been relied upon in the present case to continue the proceedings. explanation to section 132 of the finance act, 2001 states that no penalty is imposable on any person by virtue of section 132 since the present proceedings are saved and being continued by virtue of section 132 of the finance act, 2001. when rule 9 and 49 was amended in 1982 retrospectively from 1944 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD287(Mum.)
..... asset (bella vista property) can be said to be belonging to the assessee-company within the meaning of sub-section (2) of section 40 of the finance act, 1983.sub-sections (3), (5) & (6) of section 40 of the finance act cover all the assets with which we are concerned in this appeal, bella vista, which not only comprises of ..... said provisions in order to determine what is 'net wealth' held by the company apart from what is stated in sub-section (3) of section 40 of the finance act, without themselves examining the provisions of the finance act and by proper discussion of the provisions, they did not come to the conclusion whether the propositions laid down in park ..... amended w.e.f. 1-4-1988 as can be seen from clause (5)(b) of section 40 of the finance act which categorically excludes application of any provisions of the wealth-tax act not confirming to section 40 of the finance act. on the other hand, the learned departmental representative submitted the following arguments. in view of the .....
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