Judgment Search Results Home > Cases Phrase: finance act 2007 section 127 amendment of section 32n Page 92 of about 7,535 results (0.656 seconds)

Marine Engg. Services (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1990)34ITD77(Mad.)

..... refer to an assessee who is mainly engaged in the manufacture of articles as in the definition of an industrial company in the finance act. therefore, a reading of the provisions of section 32a confines it to a case of an assessee whose business is manufacture of articles.11. it was then contended on behalf of ..... and windows etc. could not be considered eligible for the investment allowance under section 32a. a comparison of the wording of this section with those sections 80j and 80hh as well as the definition of 'industrial company' in the finance act shows that this section 32a does not incorporate the defintion of a factory as in 80j or ..... these three appeals claiming that it is entitled to investment allowance under section 32 a, deduction under section 80j and concessional rate of tax under the provisions of the finance act.5. we may first consider the claim of the assessee for the deduction under section 80j in respect of profits and gains from newly established industrial undertaking .....

Bank of Credit and Commerce Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)37ITD293(Mum.)

..... the expression "whichever is the least" is used because three different types of expenses were considered possible at the point of time when this section was first introduced, i.e., by finance act, 1976 with effect from 1-6-1976. one such possibility which is spelt out in clause (b) is the average of head office ..... may be, apply in computing the income chargeable under the head "income from other sources". this would mean that the finance act, 1976 has amended section 58 of the act to secure that the ceiling prescribed under section 44d will be applicable even in cases where income by way of royalties or technical service fees received under the approved ..... in india by inflating their claims in respect of head office expenses. with a view to getting over these difficulties, the finance act, 1976 has inserted a new section 44c in the income-tax act laying down certain ceiling limits for the deduction of head office expenses in computing the taxable profits in the case of non-resident .....

Coimbatore Insulation Tapes (P) Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)84ITD459(Chennai)

..... intended to cover receipts from sources other than the actual conduct of the business also for the purpose of the definition of 'industrial company' in section 2(8)(c) of the finance act, 1976.8. the assessee had been allowed depreciation on plant and machinery, while computing the income of business for the earlier years. by ..... to the assessee even on the income earned by leasing out the factory premises, the assessee would be entitled to tax at the lower rate. section 2(8)(c) of the finance act, 1976, states as under : "industrial company" means a company which is mainly engaged in the business of generation or distribution of electricity or ..... that was the main contention of the learned departmental representative.shri babu also drew our attention to the definition of industrial company appearing in section 2(8)(c) of the finance act, 1976, and submitted that for qualifying as an industrial company the assessee should be mainly engaged in the business of manufacture or processing of .....

National Agricultural Co-op. Vs. Joint Cit, Spl. Range 14

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)4SOT862(Delhi)

..... way of cash compensatory support became taxable retrospectively with effect from 1-4-1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. levy of additional tax bears all the characteristics of penalty.additional tax was levied as the assessee ..... mentioned therein is chargeable to income-tax under the head 'profit and gains of business or profession'. clause (iii)(b) in section 28 was inserted by the finance act of 1990. finance bill which ultimately became the finance act received assent of the president of india on 31-5-1990. clause (iii)(b) was given retrospective operation with effect from 1 ..... year 1988-89, a sum of rs. 1,31,41,030 by way of cash assistance. since clause (iii)(b) was inserted in section 28, though having retrospective operation by the finance act, 1990, the assessee did not include this income in its return, which, as noted above, was filed on 29-12-1989.the assessing .....

Bengal Rowing Club and Anr. Vs. Commissioner of Service Tax, Kolkata a ...

Court : Kolkata

..... , a members club is outside the purview of such taxation. the issue as to whether a members club is liable to pay service tax under sections 65, 66 and 67 of the finance act, was considered by the jharkhand high court. in ranchi club limited (supra) it has held that, a members club is not liable to pay ..... the case of proprietary club. learned senior advocate for the petitioners draws the attention of the court to sections 66 and 67 of the finance act, 1994 as amended by the finance act, 2008. he submits that, section 66 provides for the charge of service tax. section 67 lays down the valuation of taxable services for charging service tax. he contends that ..... , section 67 sub-section (1)[i].,[ii].and [iii].requires a consideration to be passed. in the case of a .....

ScIndia Steam Navigation Co. Ltd. Vs. Commissioner of Income Tax, Bomb ...

Court : Mumbai

Reported in : AIR1955Bom230; (1955)57BOMLR98; [1954]26ITR686(Bom)

..... 1946 that imposed a liability upon the assessee to pay tax on this income at the rate mentioned in that act. when we turn to the finance act of 1946, sub-section (9) of section 11 makes-this provision:'for the purposes of this section and of the rates of tax imposed thereby, the expression 'total income' means total income as determined for ..... the appellant or his daughters, nor assessment of such income, until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorised the present assessment. by sub-section (1) of section 6, indian finance act, 1939, income-tax for the year beginning on 1-4-1939, is directed to be ..... charged at the rates specified in part i of sch. ii, and rates of super-tax are also provided for, and by sub-section (3) it is provided that 'for .....

Commissioner of Income Tax Vs. N.J. Pavri

Court : Mumbai

Reported in : (1999)153CTR(Bom)134

..... gratuity received by an employee of a statutory corporation was equated to gratuity received by employees of central government, state government or local authority. sec. 10(10) as amended by the finance act, 1974, consists of three sub-clauses. retiring gratuities received by the employees of central government, state government and local authority are fully exempted ..... a maximum of twenty-four thousand rupees or fifteen months salary so calculated, whichever is less; 'a bare reading of the above section as it stood before amendment by finance act, 1974, shows that gratuity payment to employees of the government, local authority or a statutory corporation was totally exempted from payment of income ..... of rs. 30,000 will apply in relation to all other gratuities under s. 10(10)(iii) whether received from statutory corporations or private employers. the finance act, 1974, has come into force w.e.f. 1st april, 1975.5. in the light of the above discussion, submissions made by the learned counsel .....

Punjab Business and Supply Co. Pvt. Ltd. and anr. Vs. the Income Tax O ...

Court : Punjab and Haryana

Reported in : (1991)99PLR225

..... restospective effect.4. mr. a k. mittal, learned counsel for the respondent, on the other hand stated that the explanation inserted by finance act of 1987 to sub section (i) of section 194a simply explains the existing provisions of law and had not created any new offence and that under the merchantie accounting system the accused- ..... had committed any offence. he also relied upon explanatory notes on the provisions relating to direct taxes while introducing the finance act 1987 figuring at page 87 (1987) 168 i. t. r. in the section of statutes. mr. sibal also relied upon the decisions of toe apex court in the commissioner of income tax, madras ..... and the proceedings resulting therefrom inter alia, on the ground that before the amendment of section 194a vide finance act, 1987, which came into force on 1-6-1987, there was no provision like the present explanation to sub section (!) of this section making the crediting of any interest to any account whether called 'interest payable account' or .....

Larsen and Toubro Ltd., Mumbai Vs. State of Bihar and ors.

Court : Supreme Court of India

Reported in : 2003(3)BLJR2228

..... of the said provision the tax cannot be levied, the appellants before them were entitled to succeed. the supreme court quashed the assessment orders.18. section 21 of the bihar finance act reads as under:'21. taxable turnover.--(1) for the purpose of this part the taxable turnover of a dealer shall be that part of his ..... mean that price, upon calculation of the entire payment payable to the contractor on satisfactory completion of the contract. the 'works contract' is defined under section 2 (ww) of the binary finance act, 1981. it reads as under:'2(ww) 'works contract' means any agreement for carrying out for cash or deferred payment or other valuable consideration the ..... and penalty is not only confiscatory in its nature but is also had because no follow up legislation to section 21 (1) of the bihar finance act has been enacted nor the rules to make section 21 (1) of the bihar finance act workable have been made. according to the petitioners, the amount already paid by them towards the tax .....

Home Solution Retail India Ltd. Vs. Union of India (Uoi) and ors.

Court : Delhi

Reported in : 2009BusLR378(Del); (2009)223CTR(Del)191; 2009(164)LC297(Delhi); 2009(237)ELT209(Del); [2009]17STJ143(Delhi); 2009[14]STR433; [2009]20STT129; (2009)22VST508(Delhi)

..... india, new delhi is challenged. it is alleged that by virtue of the said notification and circular a completely erroneous interpretation is placed on section 65 (90a) and section 65 (105) (zzzz) of the finance act, 1994 as amended by the finance act, 2007. it is further alleged that because of this incorrect interpretation, service tax is sought to be levied on the renting of immovable property ..... legislature. as such, the said provisions would have to be declared as un-constitutional.4. the said notification dated 22/05/2007 is an exemption notification purportedly issued in exercise of the power conferred by sub-section (1) of section 93 of the finance act, 1994. by virtue of the said notification, the central government exempted the 'taxable service of renting of immovable property', referred .....