Judgment Search Results Home > Cases Phrase: finance act 2007 section 132 amendment of section 37 Court: chennai Page 4 of about 1,799 results (0.241 seconds)

Commissioner of Income-tax Vs. Ajax Products Ltd. (In Voluntary Liquid ...

Court : Chennai

Reported in : [1976]104ITR375(Mad)

..... distribution of dividends cannot be reduced in accordance withclause (i)(b) and (ii) of the second proviso to paragraph d. part ii of the schedule to the finance act, 1956 '.6. section 55 of the act provides that in addition to the income-tax charged for any year, there should be an additional duty of income-tax called 'super-tax' in respect of ..... , paragraph d of the first schedule. super-tax is levied only on the total income of the previous year under section 55 of the income-tax act at the rate authorised by part ii, paragraph d of the first schedule to the finance act. the first proviso to part ii, paragraph d, gives a rebate in the rate of super-tax which is, ..... rate or rates laid down for that year by a central act. the relevant finance act for the assessment year in question is the central act 18 of 1956. section 2(1)(b) of the said act provides that rates of super-tax shall for the purpose of section 55 of the indian income-tax act, 1922, be those specified in part ii of the first .....

Assistant Commissioner of Wealth Tax Vs. Prasad Productions (P) Ltd.

Court : Chennai

Reported in : (1997)57TTJ(Mad)400

..... it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and s. 40 of the finance act, 1983, specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a production cannot be treated ..... more of such precious metals (not being any such precious metal or alloy held for use as raw material in industrial production).'the last portion of the said sub-section, i.e., not being any such precious metal or alloy held for use as raw material in industrial production has been included in the said ..... section w.e.f. 1st april, 1989. further from 1st april, 1989, a proviso was introduced to the said section, which reads as follows :'provided that this section shall not apply to any asset referred to in cls. (i), (ii), (iii), (iv), (v) or .....

Additional Commissioner of Income-tax Vs. Gordon Woodroffe and Co. (Ma ...

Court : Chennai

Reported in : [1977]110ITR880(Mad)

..... the assessment years 1963-64 to 1966-67 was claimed by the assessee as export profits entitled for the rebate under section 2(5)(i) of the finance act, 1963, and section 2(5)(a)(i) of the subsequent finance acts. the income-tax officer, while accepting the explanation of the assessee that the commission on sales was received from the foreign ..... conclusion of the tribunal that is challenged in the form of the question extracted already. 4. it is necessary to refer to the relevant statutory provisions. section 2(5)(i) of the finance act, 1963, which is the same in respect of the subsequent years also, is as follows :'(5) in respect of any assessment for the assessment ..... should be treated as profits arising from the export of hides and skins and consequently the assessee is entitled to the benefit of the rebate under section 2(5)(i) of the finance act, 1963. against the order of the appellate assistant commissioner, the department took up the matter in appeal to the tribunal. on behalf of the .....

Commissioner of Income-tax Vs. English Electric Company Ltd.

Court : Chennai

Reported in : (1980)17CTR(Mad)312; [1981]131ITR277(Mad)

..... have been charged to income-tax at the rate of 54%, assuming that the company was not entitled to any other rebate as provided in the said finance act. in 1966, section 80e was introduced and the provision, in so far as it is material, runs as follows:' deduction in respect of profits and gains from specified industries ..... income-tax has brought this matter in dispute before this court on the question set out already.3. section 80e was introduced in the statute by section 14 of the finance act of 1966. before the introduction of this provision, under the finance act of 1965, in the case of every company the total income was chargeable to tax at the rate ..... rate of 55% applicable in the case of other companies. the deduction under this section is in replacement of the rebate of tax allowed to such companies in respect of their profits and gains from the aforesaid activities under the provisions of the finance act, 1965.'5. the central board of direct taxes issued a circular as guidance for .....

R. Gowrishankar Vs. The Commissioner of Service Tax (Appeals)-I, Chenn ...

Court : Chennai

..... 2010 (5) scc 23, section 5 of the limitation act cannot be applied, beyond the condonable period. 37. section 85 of the finance act, is similar to section 128 of the customs act, 1962; section 34(3) of the arbitration and conciliation act, 1996; section 125 of the electricity act, 2003; section 35-g of the central excise act, 1944 and the statutes referred to ..... cause from filing the appeal. in the above reported case, earlier on 05.09.2007, the hon'ble division bench had considered the question, as to whether, section 5 of the limitation act, would apply to section 35 of the central excise act and by applying the above referred judgments, directed the appellate authority to consider the ..... powers to condone the delay, beyond the statutory period, provided for filing an appeal. 17. in assistant collector of central excise and customs v. marimuthu reported in 2007 (212) elt 29 (mad.), a learned single judge, while testing the correctness of an order, made in i.a.no.187 of 1999 in an unnumbered .....

Mr. Raya R. Govindarajan, Prop. Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)288ITR150(Chennai)

..... 273 of the constitution of india. the parliament in their wisdom, while enacting income tax act, 1961 left open the rate of tax on income to be decided by a central act namely, the finance act. therefore, section 4(1) refers to central act for the purpose of rate of tax. the reason for doing so is obvious. the ..... subject to the provisions of the act. section 95, which was omitted by the finance act of 1965, contained similar provision with regard to super-tax. although under the act section 4 is the charging section yet income-tax can be charged only where the central act which, in the present case, will be the finance act, enacts that income-tax shall be ..... central enactment for the purpose of fixing the rate of tax, whereas for the purpose of block assessment, section 113 provides the rate of tax itself. the learned counsel further submitted that section 113 was amended by finance act, 2002 with effect from 1.6.2002. the legislature introduced a proviso which provides for levy of surcharge .....

J.K.K. Angappan and Bros. Vs. Commissioner of Income-tax

Court : Chennai

Reported in : [1973]91ITR513(Mad)

..... 1967.5. the respondent, however, states that the contention of the petitioners proceeds on a misconception of the true scope of section 68 of the finance act of 1965 and section 46 of the finance (no. 2) act of 1967 that section 46 is intended to apply to all those cases where the declarant has not paid the admitted tax, and that the petitioners ..... liability to tax in respect of the income derived by him in the year 1949-50 in the state of rajasthan. dealing with the question as to whether section 2 of the finance act, 1950, would enable income-tax being levied on the income accrued in the year 1949-50, in the state of rajasthan, the court stated:' the case ..... shall be deemed to have come into force on the 1st day of april, 1967.' ' 46. recovery of tax on income voluntarily disclosed.--notwithstanding anything contained in section 68 of the finance act, 1965 (x of 1965),--(a) any income-tax which is payable by a person on the amount of income declared by him under the provisions of sub .....

Commissioner of Income-tax, Madras Vs. Sundaram and Company Private Lt ...

Court : Chennai

Reported in : [1964]52ITR763(Mad)

..... a dividend of rs. 30,000 out of which rs. 15,159 was held to be excess dividend. the companys total income was assessed under the finance act, 1951, read with section 2 of the finance act, 1952. as the company carried on its business in saurashtra, then a part b state, it obtained rebate under paragraph 6(iii) of the part ..... at 'too low a rate'. the rate of taxation regarding income-tax and super-tax is prescribed annually by the finance act which is a central enactment. section 3 of the income-tax act provides tha :'3. where any central act enacts that income-tax shall be charged for any year at any rate or rates tax at that or those rates ..... 55. another sum of rs. 51,000 included in the dividend distribution of the year was unconnected with the provisions of section 23a.the income-tax officer found that the proviso (ii)(b) of paragraph d(iii) of the finance act, 1956, was not properly applied in making the assessment for the year in question and that the assessee, therefore, obtained .....

Commissioner of Salem Municipal Corporation Vs. Commissioner of Centra ...

Court : Chennai

..... ,656/- being the service tax on the service rendered by them during the period from june 2007 to march 2010 and from april 2010 to march 2011 respectively, is recoverable from them under section 73(1) of the finance act, 1994 along with appropriate interest under section 75 of the act. accordingly, the superintendent of central excise vide his letters dated 01.6.2010 and 18 ..... question. however, this claim has been adjudicated by the respondent as per the relevant provisions of the act and the following order was passed: (i) proviso to section 73(1) of the finance act, 1994 is rightly invoked to demand service tax during the period from june 2007 to march 2010 and from april 2010 to march 2011; (ii) i confirm and demand an amount .....

Commissioner of Income-tax, Tamil Nadu-i Vs. Standard Motor Products o ...

Court : Chennai

Reported in : (1980)17CTR(Mad)317; [1981]131ITR300(Mad)

..... and possible use by another manufacturer in producing automobile while discouraging their use by the assessee himself, for the same purpose. the relevant provision of the finance act provides for the rebate of 35% on so much of the total income as consists of profits and gains attributable to the business of the manufacture or ..... pt. iii as did exceed rs. 10 lakhs. if the income exceeded rs. 10 lakhs, then the rebate was reduced to 26 per cent. part iii of the finance act contains several entries. we are concerned with entries nos. 5, 21, and 23, which run as follows : '5. boilers and steam generating plaints, steam engines ..... section 80-i for the assessment year 1969-70, since there is a positive income ?' 2. the assessee is a company manufacturing motor cars. the first of the assessment years under consideration is 1965-66 for which the previous year is the calendar year. in that year, the assessee claimed the relief admissible to priority industry in accordance with the finance act .....