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Asstt. Commissioner of Income Tax Vs. Poddar Projects Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD468(Kol.)

..... 's income under the head "income from house property". the assessee's this claim was rejected by the a.o. in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head ..... . the new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. 1.4.2002 has restored the sub-section (2) of section 32 as it stood in the assessment year 1996-97, in other words, the restrictions imposed by the ..... (2(iii) as substituted w.e.f. 1.4.97. in this context, it may be observed that amended section 32(2) as substituted by the finance (no. 2) act, 1996 (w.e.f. 1.4.1997) has been substituted by the finance act, 2001, w.e.f. 1.4.2002 and status quo ante has been restored with effect from a.y. 2002-2003 .....

Wipro Limited Vs. The Joint Commissioner Of Income Tax

Court : Karnataka

..... time-limit in case of search based assessments. a second proviso is added to sub-section (5) of section 153 by the finance act, 2017. the said proviso states that where an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 requires verification 24 of any issue by way of submission of any document by ..... with the subjects and it must avoid any harassment to the assessee public, without causing any loss to the exchequer (see nokia corporation v. director of income-tax [2007]. 292 itr22(delhi hc); the state as constitutionally ordained, needs to conduct itself as a virtuous litigant and should meet honest claims; this view finds resonance in ..... an inbuilt idea of fairness to tax payers; this view finds expression in the decision of the apex court in acit vs. rajesh jhaveri stock brokers p. ltd. (2007) 291 itr500(sc). (iii) walton j.had observed in vestey v. inland revenue commissioners [1979]. ch 177 (197 198) i conceive it to be in the national .....

The Khatau Makanji Spg. and Weaving Co. Ltd. Vs. Commissioner of Incom ...

Court : Mumbai

Reported in : AIR1956Bom733; (1956)58BOMLR885; ILR1957Bom22; [1956]30ITR841(Bom)

..... at which income-tax is to be charged upon the total income of the previous year of the assessee.in our opinion, the provision of the finance act travels beyond the ambit of section 3, and if parllament has done so then no effective charge can be made on the total income of the previous year of the assessee under ..... under clause (ii) of the proviso to para b of part i of the forest schedule to the indian finance act, 1951, as applied to the assessment year 1953-54 by the indian finance act, 1953 read with section 3, indian income tax act?'we answer the question in the negative. the commissioner to pay the costs.9. reference answered in the negative. ..... contested that in order that this particular provision in the finance act should be effective it must| come within the scope of s. 3, income-tax act, be cause what the finance act does is to effectuate as it were section 3, income-tax act, and when we turn to section 3, which is the charging section, it imposes a charge on the total income of .....

M/S. Ponds India Ltd. Vs. Collector of Central Excise, Madras

Court : Supreme Court of India

Reported in : AIR1997SC1708; 1997(58)ECC1; 1997(90)ELT3(SC); JT1997(1)SC729; 1997(1)SCALE484; (1997)2SCC577; [1997]1SCR541

..... duty of excise under the central excise act as amended from time to time, read with any notification for the time being in force issued by ..... date was valid.2. special excise duty is levied under the provisions of the finance acts. there was no levy for a long period of time of special excise duty until it levied with effect from 1st march, 1978, under the provisions of section 37 of the finance act, 1978, which read thus:(1) in the case of goods chargeable with ..... reason of a notification issued under the provisions of rule 8 of the central excise rules with simultaneous effect, there was a total exemption from the levy. by the finance act, 1988, special excise duty was also levied; there was no exemption notification, so that it was payable. the question in these appeals is whether the goods which had .....

Commissioner of Income-tax Vs. Lakshmi Industries (P.) Ltd.

Court : Chennai

Reported in : [1996]222ITR36(Mad)

..... income earned by leasing out the factory and the machinery would be entitled to the concessional rate of tax under section 2(7)(c) of the finance (no. 2) act, 1977, and the finance act, 1978.6. section 2(7)(c) of the finance (no. 2) act, 1977, states as under (see : [1977]109itr1(all) : ''industrial company' means a company which ..... activities by itself during the assessment years under consideration. the assessee claimed the concessional rate of tax of 55 per cent. under section 2(7)(c) of the finance (no. 2) act, 1977, and the finance act, 1978. according to the department, inasmuch as the assessee was not mainly engaged in the manufacturing activities, it cannot be considered ..... any manufacture or processing of goods undertaken by the assessee. therefore, the assessee could not be held to be an industrial company within the meaning of section 2(8)(c) of the finance act, 1975.11. we have also come across a decision of this court rendered in cit v. first leasing co. of india ltd. : [1995] .....

Commissioner of Income Central Ii Vs. Suresh N. Gupta

Court : Supreme Court of India

Reported in : (2008)214CTR(SC)274; [2008]297ITR322(SC); JT2008(1)SC208; 2008(1)SCALE99; (2008)4SCC362; 2008AIRSCW1066

..... at 17% amounting to rs. 16504/-. we accordingly answer the above question in favour of the revenue and against the assessee.whether insertion of the proviso in section 113 by the finance act, 2002 was applicable to search up to 31.5.2002:25. in view of our findings on the first point, strictly speaking, we are not required ..... to article 271 read with entry 82 of list i of seventh schedule to the constitution of india. that power is not traceable to section 4 of the 1961 act. every year the finance act is enacted by parliament to give effect to the financial proposals of the central government. the rate at which a charge on the total ..... accordance with the provisions of chapter iv. therefore, in our view, section 4 has to be read with section 158bb. that section is not ruled out by section 158bb. if section 4 has to be read with section 158bb for computing undisclosed income then the provisions of the relevant finance act have got to be read into the block assessment scheme under chapter xiv .....

Indian National Shipowners' Association, a Company having Its register ...

Court : Mumbai

Reported in : 2009(5)BomCR369; 2009(111)BomLR1529; (2009)224CTR(Bom)197; [2009]17STJ255; 2009[14]STR289; [2009]19STT408; (2009)22VST293(Bom)

..... , 1994. the service tax provider is entitled to recover the service tax from the service consumer.7. entry (zzzy) was inserted into section 65(105) of the finance act, 1994 by the finance act, 2007. the said entry reads as under:any service provided or to be provided to any person by any other person in relation to mining ..... submitted that, therefore, the present petition is liable to be dismissed.34. we are concerned here with the scope of entry (zzzy) inserted into section 65(105) of the finance act 1994 by the finance act, 2007. the moot question is what kind of services are covered by this entry. as noticed by us hereinabove entry (zzzzj) was inserted into ..... section 65(105) of the finance act, 1994 by the finance act 2008 with effect from 16/5/08. services rendered by the 1st petitioner's members have .....

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... ). copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade ..... karnataka high court as on date on this subject which has a binding force on us, we hold that the proviso to sub-section (3) of section 40 of the finance act, 1983 inserted by the finance act, 1988 is retrospective in nature and is applicable for the assessment year 1984-85 onwards and applies to all the years under ..... the supreme court in the case of lakhmani mewal das (supra).26. the stand of the assessee was that the amendment made by the finance act, 1988 in section 40 of the finance act, 1983 would be retrospective and would be applicable for the assessment years under appeal by relying on the judgments of the patna high court in .....

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

..... between the liability to pay tax and the imposition of penalty was severed for the first time.39. it may be noted that the amendment made to section 271 by the finance act, 2002 only stated that the amended provision would come into force with effect from 1.4.2003. the statute nowhere stated that the said amendment was ..... tax on the amount by which the losses stood reduced.[emphasis supplied]28. it was because of these decisions that section 143(1a) was amended by the finance act, 1993 in exactly the same manner as the finance act, 2002 amended section 271(1)(c) and explanation 4(a). however, this amendment was retrospective with effect from 1.4.1989, not ..... year in question, being substantially the same except that in place of the word 'income' in sub clause (iii) to sub clause (c) of section 271 prior to its amendment by finance act, 1975, the expression 'amount of tax sought to be evaded' have been substituted. explanation 4 inserted for the purpose of clause (iii) where the expression .....

Tata Sky Limited Vs. the State of Uttarakhand and ors.

Court : Uttaranchal

..... accountants, cost accountants and architects was questioned by the appellants. the aforesaid tax was levied through the finance act, 1998, whereby sections 65, 66 and 68 of the finance act, 1994 were sought to be substituted, and section 67 of the finance act, 1994 was sought to be amended. by the aforesaid substitution/amendment, 'service' tax was levied on ..... service'. while adjudicating upon the controversy, the supreme court in all india federation of tax practitioners and ors. v. union of india and ors. : (2007) 7 scc 527 categorized entries in the union list of the seventh schedule of the constitution of india in two groups i.e., general entries and taxing ..... raised by the petitioner company through writ petition (m/s) no. 2562 of 2007 and writ petition (m/s) no. 353 of 2008, the term 'entertainment' was defined in section 2(g) of the entertainment act, 1979, as under:2. definitions.- in this act,-(g) 'entertainment' includes any exhibition, performance, amusement, game, sports or race .....