Court : Mumbai
..... been provided that the report has to be furnished by the specified date. the word 'furnish by' were substituted for the words 'obtain before' by the finance act of 1995. section 271b provides that if a person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or submit a ..... the contention that was urged on behalf of the petitioner by learned counsel is that the obligation to furnish the tax audit report under section 44ab by the date specified was inserted by the finance act, 1995 with effect from 1 july 1995. it is urged that prior to the amendment the requirement was to obtain the tax audit ..... , the assessing officer may impose a penalty as stipulated therein. in section 271b, as it now stands, the requirement is that the tax audit report has to be furnished as required under section 44ab. the requirement to furnish the report has been brought in by the finance act of 1995 with effect from 1 july 1995. prior thereto, the requirement .....
Tag this Judgment!Court : Mumbai
Reported in : (1998)61TTJ(Mumbai)282
..... 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-section (3), (5) and (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 ..... 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 ..... amended with effect from 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 conforming to section 40 of the finance act. on the other hand, the learned departmental representative submitted the following arguments. in view of the .....
Tag this Judgment!Court : Mumbai
..... heard the learned app for the respondent no.2. 2. present application for bail is preferred by the applicant in the matter of offence punishable under section 89 read with section 90 of the finance act, 1994. 3. during the arguments it is submitted on behalf of the applicant that he is the director of m/s. prashant transport exchange division ..... and the managing director of m/s. naidu's infracon private limited. he was arrested on 22nd january, 2014 at 9:00 p.m. under section 89 read with section 90 of the finance act, 1994 for non-payment of service tax for the period from 2010 to december, 2013. 4. prior to discussing the rival submissions, the factual position ..... same within six months from the due date shall be punishable with imprisonment for a term upto seven years; and section 90 of the finance act, 1994 specifies that the offence under section 89(1)(d)(ii) of the finance act, 1984 shall be cognizable. according to the respondent no.1 the exact amount evaded by the applicant is yet to .....
Tag this Judgment!Court : Mumbai
..... heard the learned app for the respondent no.2. 2. present application for bail is preferred by the applicant in the matter of offence punishable under section 89 read with section 90 of the finance act, 1994. 3. during the arguments it is submitted on behalf of the applicant that he is the director of m/s. prashant transport exchange division ..... and the managing director of m/s. naidu's infracon private limited. he was arrested on 22nd january, 2014 at 9:00 p.m. under section 89 read with section 90 of the finance act, 1994 for non-payment of service tax for the period from 2010 to december, 2013. 4. prior to discussing the rival submissions, the factual position ..... same within six months from the due date shall be punishable with imprisonment for a term upto seven years; and section 90 of the finance act, 1994 specifies that the offence under section 89(1)(d)(ii) of the finance act, 1984 shall be cognizable. according to the respondent no.1 the exact amount evaded by the applicant is yet to .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]237ITR472(Bom)
..... employee of a statutory corporation was equated to gratuity received by the employees of the central government, state government or local authority. section 10(10) as amended by the finance act, 1974, consists of three sub-clauses. retiring gratuities received by the employees of the central government, state government and local authority are ..... subject to a maximum of twenty-four thousand rupees or fifteen months' salary, whichever is less. the finance act, 1974, was brought into force to remove anomalies in the above provision. accordingly, after the finance act, 1974, section 10(10) read as follows during the relevant assessment year 1977-78 :'(10)(i) any death-cum ..... of twenty-four thousand rupees or fifteen months' salary so calculated, whichever is less ;'5. a bare reading of the above section as it stood before the amendment by the finance act, 1974, shows that gratuity payable to the employees of the government, local authority or a statutory corporation was totally exempted from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)241ITR43(Mum.)
..... of dividends mentioned earlier and that would be income by way of dividends from a domestic company which is included in the gross total income." this part of the section added by finance act of 1974, w.e.f. 1st april, 1972, has given rise to the present dispute.70. then we come to the third part of the ..... by an indian company from a foreign company in consideration for its supply of technical know-how or technical services under approved agreements.sec. 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of royalties, etc. the department's circular no. 72, dt. 6th january, 1972 ..... the provisions of s. 80-o w.e.f. 1st april, 1972, before amendment by the finance act of 1974 and s. 80-o after the amendment by the finance act of 1974 would be extremely useful in appreciating the intention of the legislature : "sec. 80-o as inserted by finance act, 1967, w.e.f. 1st april, 1968. - where the gross total income of an .....
Tag this Judgment!Court : Mumbai
..... the undertaking, the legislature introduced sub section 9a in section 80ia by finance act 1998 with effect from 1-4-1999. by finance act, 1999, section 80ia(9a) has been renumbered as section 80ia(9).24.the object of amending section 80ia by finance act 1998 as is evident from the memorandum explaining the provisions in the finance bill 1998 [231 itr (st ..... chapter vi-a. with a view to prevent the taxpayer taking undue advantage of the existing provisions of the act, section 80ia was amended by finance act 1998 so that the deductions allowed under section 80ia and various sections under heading 'c' of chapter vi-a are restricted to the profits of the business of the undertaking ..... derived from the business. however, the dispute is in computing the deduction under section 80hhc in view of the insertion of section 80ia(9) by the finance act, 1998. according to the revenue, section 80ia(9) mandates that the deduction under section 80hhc has to be computed not only on the profits of the business .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD231(Mum.)
..... computers indian mfr. ltd. [1991] 187 itr 580. there the bombay high court was explaining the scope of explanation (c) to section 263 of the income-tax act as amended by the finance act 1989 with retrospective effect from 1-6-1988. the court in that case had to interpret the words "and shall extend and shall be ..... reads as under: aerated waters in the manufacture of which blended flavouring concentrates in any form are used.the explanation to the item was inserted by the finance act with effect from 1-4-1988 and such explanation would not be applicable and, therefore, to be ignored while dealing with this issue. the explanation defines the ..... deemed always to have been extended (emphasis supplied)". the language is similar to the language used in explanation to item no. 5 of 11th schedule. the court in that context held that explanation to sub-section .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
..... these factors have been considered by the commissioner (appeals) in the impugned order and considering the same as reasonable, he exercised the powers conferred under section 80 of the finance act, 1994 and waive the penalties. 7. the learned dr failed to counter the findings of the commissioner (appeals) mere saying that the ignorance of ..... by the department and the respondent has failed to adduce any reasonable cause for dropping the penalty against him. he further submitted that as per section 80 of the finance act, penalty can be dropped only when the assessee proves that there was reasonable cause for the said failure. hence, the penalty is imposable. 4 ..... , member (judicial) revenue has filed this appeal against the impugned order wherein penalties imposed on the respondents were dropped by exercising powers confirmed under section 80 of the finance act, 1994. 2. the brief facts of the case are that the respondent was engaged in providing service relating the rent a cab scheme operator .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
..... conditions contained in the notification. two show-cause notices were issued for demand of rs.3,70,492/- under section 73(1) of the finance act, 1994. interest under section 75 of the finance act, 1994 and penalty under the provisions of section 76, 77 and 78 of finance act, 1994 was also proposed. the same was adjudicated by the adjudicating authority and he confirmed the demand, interest and ..... to 30.9.2006 and there was an excess deposit of service tax of rs.1757/- during the period 1.10.2006 to 31.3.2007, but the penalties of rs.1,95,863/- was confirmed under section 76 and 78. aggrieved from the same, the appellants are before me. 3. the learned consultant appearing on behalf of the appellants submits that .....
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