Judgment Search Results Home > Cases Phrase: finance act 2007 section 132 amendment of section 37 Court: chennai Page 10 of about 1,799 results (0.963 seconds)

R.M. Chinniah Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)103ITD479(Chennai)

..... is liable to pay advance tax at the threshold tax limit under section 208-rs. 1,500. as a result of the amendment of section 208 by the finance act (no. 2) 1996 the threshold tax limit has been raised from rs. 1,500 to rs. 5,000 w.e. ..... for this assessment year under consideration.hence, he submitted that when there is no liability to pay advance tax under section 208 interest under section 234b cannot be charged.5. on the other hand, the learned departmental representative submitted that the finance act (no. 1) 1996 is applicable for the period 1st april, 1988 to 30th sept., 1996, the assessee ..... offered by the assessee for non-payment of advance tax.13. further, the finance act, 2001 wherein new explanation was inserted with retrospective effect from 1st april, 1989 which lays down that in section 234b 'assessed income' means the tax on total income determined under section 143(1) or on regular assessment as reduced by the tds amount. this .....

Ms. Shanti Logistics (P) Limited Vs. the Assistant Commissioner of Inc ...

Court : Chennai

..... brought to the provisions, it is relevant to note that the appeal before this court is relating to the assessment year 2007-08. the provisions as it stood during the relevant year has to be seen.finance act, 2008 amending section 40(a)(ia) with effect from 1.4.2005section 40(a)(ia)amounts not deductible.40. "notwithstanding anything to ..... of the case, the tribunal is right in law in not considering the issue raised by the revenue in its grounds of appeal that the provisions of finance act, 2010 in section 40(a)(ia) is retrospective or not?2. whether the tribunal is right in law in holding that the additional evidence filed by the revenue is admissible ..... . in considering the claim of the assessee for the assessment year 2007-08, the commissioner of income tax (appeals) referred to the contention taken by the assessee as regards the amendment brought forth with effect from 1.4.2005 under the finance act, 2008, mitigating the rigour of section 40(a)(ia) and the circular dated 27.3.2009 that .....

Nilgiris Potato Growers Co-operative Marketing Society Ltd. Vs. Commis ...

Court : Chennai

Reported in : [1978]111ITR375(Mad)

..... iv)on the next rs. 15,000 of the residual income9%(v)on the balance of the residual income10%the rest of the provision need not be extracted. section 2(8) of the same finance act, 1963, provides :'(8) for the purposes of paragraphs a and c of part i of the first schedule, the expression `residual income' means the amount ..... to the full logical extent, viz., that there could be no two views possible in the relevant provisions of the finance act, 1963, so that the error in the calculation of tax in the original assessment was a patent one.section 81(1)(c) provides that income-tax shall not be payable by a co-operative society in respect of the ..... been made to set out how the calculation of tax made in the original assessment under section 143(3) was wrong and how the calculation made under section 154 is correct.'it, however, considered elaborately the various provisions of the income-tax act and the finance act, 1963, and came to the conclusion that there was a mistake in the calculation of .....

Commissioner of Income-tax Vs. Soundararaja Finance Ltd.

Court : Chennai

Reported in : [2006]283ITR559(Mad)

..... be noted that the first proviso to section 32 was omitted by the finance act, 1995 with effect from april 1, 1996. prior to the omission, the first proviso as inserted by the finance act, 1966 with effect from april 1, 1966 and amended by the finance act, 1983 with effect from april 1, ..... learned standing counsel for the revenue, who submitted that if the asset is used for less than 180 days, the third proviso to section 32(1) would operate. here the issue is related to the question that if the individual worth of the asset is less than rs ..... cent. ?2. the facts leading to the above question of law are as under :(i) the assessee is a hire-purchase and lease finance company. the assessment year is 1992-93 and the corresponding accounting year ended on march 31, 1992. the assessee-company filed its return of ..... p.p.s. janarthana raja, j.1. the present appeals are filed under section 260a of the income-tax act, 1961 by the revenue, in i. t. a. no. 1724/ mds/97, passed by the income-tax appellate .....

Kbace Tech Pvt. Ltd. and Others Vs. Cce/Cst, Bangalore and Others

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

..... the cenvat credit rules, 2004, have been made by the central government in exercise of the powers conferred by section 37 of the central excise act, 1944 and section 94 of the finance act, 1994. the provisions of the finance act, 1994 continue to govern the field of service tax in the absence of a separate law enacted by the parliament ..... dated 11.12.2008 that the invoices/challans/bills should be complete in all respect. this circular was issued with reference to notification no.41/2007 dated 06.10.2007 as specific services eligible for refund under the notification has been specified. thus, a stricter requirement exists under the said notification for ascertaining the actual ..... the department. the impugned periods in respect of these appeals vary from case to case but broadly fall within the time-frame from april 2006 to september 2007. 2. the seven service tax assessees involved in this group of twelve appeals have exported various output services. they have taken credit of service tax paid .....

Commissioner of Income Tax Vs. T.V. Sundaram Iyengar and Sons

Court : Chennai

Reported in : (1998)148CTR(Mad)17

..... of the tribunal, second question of law has bee referred to us at the instance of the revenue.9. sec. 2 the finance (no. 2) act, 1977 provides the rate of income-tax and surtax, but under the proviso of s. 2 of the said finance act, it is provided that where an assessee, being a company, had made, during -the financial year commencing ..... the industrial development bank of india under the scheme in accordance with s. 2(1)(b) of the finance (no. 2) act, 1977 and becomes eligible to get the same deducted from the surcharge levied on the assessee-company. we hold that the assessee was judtified in its claim that ..... end of the financial year which ended on 31st march, 1977. thus, the assessee had satisifed the requirements of the proviso of s. 2(1)(b) of the finance (no. 2) act, 1977 and as the statutory conditions are complied with by the assessee company, the assessee is eligible to get the credit for the deposit made by the company with .....

Commissioner of Income-tax Vs. B.C. Kothari

Court : Chennai

Reported in : (1986)53CTR(Mad)176; [1986]160ITR27(Mad)

..... 8. sub-clauses (ii) and (iii) are not relevant for our purpose. this amendment by addition of sub-clause (ib) was also made by the finance act, 1972. by the same finance act, in section 59, it was provided as follows : 'certain casual ad non-recurring receipts not to be included the total income for the assessment year 1972-73. - ..... question which falls for consideration is whether the income from horse racing in question when it was received on february 27, 1972, qualifies for this exemption under section 59 of the finance act, 1972. according to the assessee, the income must be treated as having been received by him in the financial year 1971-72 and, therefore, it was ..... source of income of rs. 38,079 and that previous year was the deepavali year ending deepavali, 1972. 7. the learned counsel has contended that when section 59 of the finance act, 1972, referred to a casual and non-recurring receipt of the previous year relevant to the assessment year commencing on the 1st day of april, 1972 .....

Commissioner of Income-tax, Tamil Nadu-iii Vs. Salem Co-operative Cent ...

Court : Chennai

Reported in : (1981)17CTR(Mad)306; [1981]132ITR612(Mad)

..... pt. i of the first schedule to that act. in that cases to which paras. a, b, c and e of that part applied ..... to be assessed, the assessee would be liable to surcharge under the relevant finance act is open to the commissioner on the facts here.in order to appreciate the point, it is necessary for us to refer to the relevant provisions of the finance act. section 2 of the finance act, 1963, provides for the charge of income-tax at the rages specified in ..... to pass its order on october 30, 1975. however, the relevance of the interpretation placed by the supreme court with reference to the identical provision of the finance act cannot now be open to question. as the matter before the tribunal arose only with reference to the assessees liability to the additional surcharge and as this matter .....

Commissioner of Income-tax Vs. Tamil Nadu Industrial Investment Corpn. ...

Court : Chennai

Reported in : [1999]107TAXMAN16(Mad)

..... income.8. the legislative history makes the provision clear; when clause (viii) of section 36(1) was introduced, a deduction was granted loran amount not exceeding 10 per cent of the total income carried to such special reserve. when it was amended by the finance act, 1966, the limit was raised to 25 per cent in the case of financial ..... under this clause, be deemed to have been transferred to the reserve account in the accounts of the first mentioned previous year.'but this explanation was omitted by the finance act, 1974, with effect from 1-4-1975. the omission was made with a view to facilitate the building up of internal resources or, financial corporation of joint financial ..... the current profits to the special reserve account at 55 per cent of the taxable income. it is with that object in view the explanation was omitted by the finance act, 1975 with effect from 14-1975, and if we accept the contention urged on behalf of the assessee that it is open to the assessee to reply upon .....

K.N. Chari Rubber and Plastics Pvt. Ltd. Vs. the Commissioner of Wealt ...

Court : Chennai

Reported in : (2002)178CTR(Mad)483; [2003]260ITR164(Mad)

..... as the memorandum of association of the company mentions the leasing of the properties of the company as one of it's objects. sub clause (vi) of section 43 of the finance act stipulates that what is to be excluded is a factory which is 'used by the assessee for the purpose of its business'. here it cannot be said ..... holding that the factory building at avadi cannot be treated as business asset used for the purpose of business of the appellant company as per interpretation of section 40(3)(vi) of the finance act, 1983, in the facts and circumstances of the case ?'the assessment years are 1986-87 to 1988-89.2. the assessee which is a closely ..... company and such inclusion is against the intention of the legislature ? 2. whether, the tribunal was right in holding that the expression 'motor cars' occuring in section 40(3)(vii) of the finance act, 1983 leaves no ambiguity in interpretation and as such, motor cars forming part of plant and machinery in the block of assets for depreciation under .....