Judgment Search Results Home > Cases Phrase: finance act 2007 section 132 amendment of section 37 Court: mumbai Page 6 of about 4,156 results (0.257 seconds)

The Commissioner of Income Tax and Another Vs. V.S. Dempo and Co. Pvt. ...

Court : Mumbai

..... of the demurrage charges of rs.1,08,53,980 payable to foreign shipping company on which tax has not been deducted, in view of the provisions of section 172(8) introduced by the finance act, 1997 with retrospective effect from april 1, 1976? (d) whether the circular issued by the central board of direct taxes dated september 19, 1995, ..... ) after the expiry of nine months from the end of the financial year in which the return under sub-section (3) is furnished: provided that where the return under sub-section (3) has been furnished before the 1st day of april, 2007, such order shall be made on or before the 31st day of december, 2008.] (5) for the purpose ..... of determining the tax payable under sub-section (4), the [assessing] officer may call for such accounts or documents as he may .....

Bank of India Ltd. Vs. Commissioner of Income-tax, Bombay City Ii

Court : Mumbai

Reported in : [1969]39CompCas238(Bom)

..... up its reserve fund with the share premium amounts received by it, for the purpose of complying with the provisions of the said section 17, that the legislature has, by the explanation to the finance acts of 1956, 1957 and 1958, required the maintenance of a separate share premium account. this argument of mr. joshi appeared attractive on ..... . g. n. joshi has strenuously urged against the construction which we have placed upon the explanation in the finance acts in question. mr. joshi's argument was founded mainly on the provisions of section 17 of the banking companies act of 1949 which, as it stood at the material time, read as follows : 'every banking company incorporated ..... for the purpose of availing itself of the rebate in regard to super-tax granted by the finance acts in question, it is not necessary for us to consider the contention of mr. palkhivala that section 78 of the companies act of 1956 applies only to published accounts which would include the balance-sheet and that, in view .....

Commissioner of Income-tax Vs. Ambalal Kilachand and (Late) Tulsidas K ...

Court : Mumbai

Reported in : (1995)124CTR(Bom)252; [1994]210ITR844(Bom)

..... cannot be added back to his income in the absence of any such provision in our income-tax act, 1961. 12. the law in the united kingdom after 1973 is governed by the finance act, 1972. under the finance act, 1972, section 84 provides that where a company resident in the united kingdom makes a qualifying distribution after april 5, ..... an amount of corporation tax (to be known as 'advance corporation tax') in accordance with this section. under sub-section (2) of section 84, this corporation tax is payable at the rate prescribed therein. under section 85 of the u. k. finance act, 1972, advance corporation tax paid by a company in respect of any distribution shall be set ..... this decision at any length because we do not have to consider whether the assessee is entitled to double taxation relief under section 91 or not. 17. looking to the provisions of the finance act, 1972, under which corporation tax is payable by the company for which the recipient of the distribution resident in the united .....

Star Television News Limited Vs. Union of India (Uoi) Through the Secr ...

Court : Mumbai

Reported in : 2009(111)BomLR3617; (2009)225CTR(Bom)140; [2009]317ITR66(Bom); [2009]184TAXMAN400(Bom)

..... petition the petitioners seek to challenge the constitutional validity and legality of the provisions of section 245ha(1)(iv) and section 245ha(3) of the income tax act as inserted by finance act, 2007 (hereinafter referred to as f.a. 2007) with effect from 1st june, 2007 as being ultra vires and violative of article 14 of the constitution of india. ..... to dispose of the application and it could as far as possible do within four years, by the finance act, 2007, a time limit has been set out under section 245d(4a). another relevant aspect of the f.a. 2007 is that if the settlement commission is unable to pass final settlement order on 31st march, 2008 ..... such other particulars as may be prescribed the other provisions of the section need not be adverted to. section 245d sets out the procedure to be followed by the commission on receipt of an application under section 245c. before its substitution by finance act 2007 sub-section (1) mandated the settlement commission to call for a report from .....

Commissioner of Income-tax, Bombay City Ii Vs. Donald Miranda and ors.

Court : Mumbai

Reported in : AIR1959Bom33; (1958)60BOMLR910; ILR1958Bom1134; [1959]35ITR103(Bom)

..... 12. the second case is identical on facts, the only difference being that the court was now considering not any statutory rule but a section of the finance act of england, and section 35 of that act dealt with the repayment with which we are concerned and the language used was identical with the language of rule 4 that where any person ..... must necessarily follow by reason of its being a statutory income. 15. a similar view seems to have been taken of a somewhat identical provision in the finance act of 1946, section 11(14), by the calcutta high court in mcgregor and balfour ltd. v. commissioner of income-tax. the calcutta high court was considering repayment made to ..... the spending power of the people should not increase because that might lead to inflation, and from this point of view, what the legislature provided by section 10 of the indian finance act was a provision for voluntary deposit which was not to exceed 1/5th of the amount of the excess profits tax, and the government agreed at .....

Anand Estate (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Reported in : (2009)223CTR(Bom)288; [2009]316ITR94(Bom)

..... excluded. in this case admittedly the assessee is closely-held company and as such for the purpose of computing net wealth it will be the provisions of section 40(3) of the finance act, 1983 which are relevant. once there is a finding of fact recorded by the authorities below that the assessee was not using the building for his ..... the following substantial questions of law:i. whether on the facts and in law the hon'ble tribunal erred in not deciding the issue in the explanations to section 40 of the finance act, 1983.ii. whether on the facts and in the law the hon'ble tribunal erred in not accepting that the principal business of the appellant is warehousing ..... we have heard learned counsel for the parties. insofar as the closely-held company is concerned, by virtue of finance act, 1983, section 40 as introduced deals with revival of levy of wealth-tax in the case of closely-held companies. section 40(3)(vi) is relevant for our discussion and the same reads as under:40(3)(vi) building or .....

Commissioner of Income Tax Vs. Western India Pharmaceutical Services P ...

Court : Mumbai

Reported in : [1998]230ITR96(Bom)

..... on pharmaceutical capsules cannot be regarded as the business of processing goods within the meaning of cl. (c) of sub-s. (9) of s. 2 of the finance act, 1976, and a company engaged in such activity cannot be regarded as an 'industrial company'. in our view, by printing of manufacturers' names, the pharmaceutical capsules cannot ..... amounts to processing of goods within the meaning of the definition of 'industrial company' as contained in s. 2 of the finance act, 1976. the tribunal has held that the activity of printing manufacturers' names on pharmaceutical capsules amounts to processing of goods and the company engaged in the above ..... be said to be mainly engaged in the business of processing of goods within the meaning of the definition of an industrial company under s. 2 of the finance act, 1976 ?' 2. the only business of the assessee in this case is printing manufacturers' names on pharmaceutical capsules. the question is whether the above activity .....

Commissioner of Income-tax Vs. Central Bank of India Ltd.

Court : Mumbai

Reported in : (1990)92BOMLR31; [1990]185ITR6(Bom)

..... be if it is to bind the officials of the revenue. furthermore, the paragraph states that the finance act, 1966, which it explains, has not made any change in section 85a. implicitly, therefore, it refers to the earlier circular explaining the finance act, 1965, paragraph 19 whereof we have already analysed.22. we are, in the circumstances, unable ..... officials of the revenue.18. now, the first sentence of paragraph 19 of the circular explaining the provisions of the finance act, 1965, states that, in view of the merger of super-tax and income-tax, section 85a has been introduced 'providing, in substance, that income-tax will chargeable on the inter-corporate dividends referred to ..... was computed with reference to total income excluding capital gains. this was because the average rate for the purposes of section 85a had to be computed with reference to the rate prescribed by the finance acts whereas the rate in respect of income by way of capital gains was, in so far as companies were concerned .....

Commissioner of Income-tax, Bombay City I Vs. Agarwal and Company

Court : Mumbai

Reported in : [1970]77ITR894(Bom)

..... mr. joshi's submission that, though the finance act, iii of 1956, made section 12b an operative part of the income-tax act on december 21, 1956, the assessee had effected the above transaction (in april, 1956) with the object of avoidance or reduction ..... entirely nugatory in respect of such prior or antecedent transactions. he admitted that the present section 12b was enacted by the finance act iii of 1956, and became law on december 21, 1956. he admitted that section 12b as re-enacted by this finance act came into effect and was operative as from april 1, 1957. he rightly submitted that ..... april 26, 1956, when the present transaction was effected, the proviso quoted above and section 12b imposing capital gains tax was not operative and was not in existence. by the finance act, iii of 1956, the capital gains tax was imposed and section 12b was made operative as from april 1, 1957. it is extremely difficult to accept .....

In Re: Byramshaw K. Illava

Court : Mumbai

Reported in : (1944)46BOMLR129

..... the shareholder in that year.' now, that has to be read for the present purpose in conjunction with the finance act of 1939, section 6(4) (b), which provides :(4) notwithstanding anything contained in sub-section (i) or sub-section (2) where more than half of the total income of any individual or hindu undivided family consists of income ..... applicable for the year 1938.4. the income-tax officer rejected the assessee's claim that his case fell under section 6(4) (b) of the finance act, but in appeal the assistant commissioner thought that the section covered the case, and from his decision the commissioner of income-tax appealed to the tribunal, and the tribunal reversed ..... this' court has been put on a slightly different ground. he relies on sub-section (5) of section 6 of the finance act, which provides :in respect of income to which sub-section (4) applies, the provisions of section 17 of the indian income-tax act, 1922, shall apply to the assessment to be made for the year beginning on .....