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All India Union Bank Officers and Others Vs. Union of India, rep. by i ...

Court : Chennai

..... 2008) (ii) writ of declaration declaring that the amendment to section 17(2) of the income tax act, 1961 as amended by finance act 2007 and circular dated 14.1.2008 issued by the 4th respondent bank are unconstitutional, ultra vires and null and void (wp.no.10050 of 2008) (iii) writ of declaration declaring that the amendment to section 17(2) of the income tax act, 1961 as amended by finance act 2007 and also circular dated 2.1.2008 issued by the 4th respondent bank are unconstitutional, ..... dated 7.12.2007 issued by the 4th respondent bank are unconstitutional, ultra vires and null and void (wp.no.10052 of 2008) (v) writ of declaration declaring that the amendment to section 17(2) of the income tax act, 1961 as amended by finance act 2007 and also circular dated 16.7.2007 issued by the 4th respondent bank are unconstitutional, ultra vires and null and void (wp.no.10053 of 2008) (vi) writ of declaration declaring that the amendment to section ..... difference between section 17(2)(vi) as it stood before 1.4.2010 and section 17(2)(viii) as it stands after 1.4.2010 is the absence of a reference to the fringe benefits chargeable to tax under chapter xii-h found within brackets in section 17(2)(vi) ..... accommodations in the township of jamshedpur, approached the jharkhand high court, challenging the validity of rule 3 of the income tax rules, as amended by the notification of the central board of direct taxes dated 25.9.2001. ..... rule 3(7)(i), which is directly attributable to section 17(2)( .....

Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

..... contended that section 194bb of the act which relates to deduction of tax at source (tds) for winnings from horse races was inserted by finance act, 1978 and with regard to applicability of section 194bb to stake money, circular no.240 dated 46 17.05.1978 came to be issued by the central board of direct taxes and as per clause 25(1)f of the said circular it has been clearly indicated that section 194bb of the act would not apply to stake money ..... mysore and they have filed these writ petitions challenging the demand raised by the respective income tax officers (tds) who have issued notices to them as to why they have not deducted income tax while making payment of stake money to the owners of the horses as required under the provisions of chapter xvii/section 194b of the income tax act, 1961 (hereinafter referred to as act for short) and as to why they should not to be treated as defaulters. ..... be exercised by the high court not only for issuing writs in the nature of mandamus, habeas prohibition, and certiorari for the enforcement of any of the fundamental rights contained in part iii of the constitution but also for any other purpose .15. ..... to r-12) writ petitions are filed under article 226 and 227 of the constitution of india, praying to quash the notices dated 20.12.2012 and 7.1.2013 issued by r-3 for the years 2006-07,2007-08, 2008-09, 2009-10, 2010-11, 2011-12 vide annexure-b, b1, b2, b3 as being unconstitutional and ultra-vires the provisions of the income tax 1961 and etc. .....

Bharmpal Panchal and Another Vs. Union of India and Others

Court : Mumbai

..... sub-section (2), or sub-section (2b), of section 28, till the date of payment of such duty: provided that in such cases where the duty becomes payable consequent to issue of an order, instruction or direction by the board under section 151-a, and such amount of duty payable is voluntarily paid in full, without reserving any right to appeal against such payment at any subsequent stage, within forty-five days from the ..... meant for providing a chance to a tax-evader who wants to turn a new leaf as recommended by the direct taxes inquiry committee, popularly known as the wanchoo ..... may, with a view to settle the claim even under the 2nd scn and the 3rd scn (as amended), on 26th august, 2013 the petitioners filed separate applications under section 127b of the said act before the settlement commission by admitting the entire amount of differential duty as demanded in the said 2nd and 3rd scns of rs.18,38,658/- and rs.1,62,70,028/- respectively and inter alia submitted that since section ..... 127b(1) was amended, by finance (no.2) act, 2014, that reference to ..... (1) any importer, exporter or any other person (hereinafter referred to as the applicant in this chapter) may, in respect of a case, relating to him make an application, before adjudication to the settlement commission to have the case settled, in such form and in such manner as may be specified by rules, and ..... 2010 ..... in october 2010, the directorate of revenue intelligence commenced investigations into the imports of old and used cranes .....

Pankaj Oil Mills Vs. Commissioner of Income-tax, Gujarat

Court : Gujarat

Reported in : AIR1978Guj226; [1978]115ITR824(Guj)

..... from what has been observed in the report of the direct taxes administration enquiry committee in paragraphs 3.55, 3.56 and 3.58 of chapter iii, which reads under : '3.55. ..... direct taxes administration enquiry committee have also made a few suggestions on this subject in chapter iii ..... the board have carefully considered the points involved and their decisions thereon are given below : point (i) : under clause (a) of the proviso to explanation 2 to section 24(1) of the income-tax act, the income-tax officers exclude from the category of speculative transaction only a 'hedging purchase' transaction entered into with reference to specific contracts for sale of goods but do not so exclude a 'hedging sale' transaction made against ..... 24(1), it is necessary that the raw materials or merchandise in respect of which the forward transactions have been made by the assessee must have a direct connection with the goods manufactured of the merchandise sold by him, and the raw materials in respect of which the assessee has entered into forward transactions must be the same raw material which ..... the direct taxes administration enquiry committee as well as the cbr have also recognized that hedging transactions are permissible and they are genuine hedging transactions which are out of speculative transactions even if ..... the central board of revenue had put too rigid and restrictive an interpretation on this provision, which is not in accord with the spirit of the assurance given by the finance minister. .....

The Director of Income Tax Exemptions Vs. Al-Ameen Charitable Fund Tru ...

Court : Karnataka

..... the exemption entitlement under section 11 of the act is based on application of income and permissible accumulations and the balance of income , if any, is treated as income which is not applied for objects of the trust and is brought to tax under chapter iii of the act. ..... . the apex court in the said judgment, while interpreting the proviso, whether to be applied retrospectively or prospectively, has considered the notes on clauses appended, the finance bill and the understanding of the central board of direct taxes in this regard ..... s.parthasarathy, advocate for c/r) this appeal is filed under section 260-a of income tax act 1961, to set aside the order passed by the itat, bangalore in ita no.889/bang/2009 dated 30.06.2010 confirming the order passed by the income tax officer, exemption-1, bangalore, in the interest of justice and equity. ..... similarly, in ita nos.233-234/2013, ita no.1/2013, ita no.433/2013, ita no.414/2010, on the assessment orders denying exemption under section 11 read with section 10(23c) of the act and making an addition of income on account of disallowance of depreciation, the assessee preferred appeals which were allowed in favour of the assessee. ..... in ita no.414/2010: between the director of income-tax exemptions, c.r. ..... ita nos.233-234/2013,1/2013,431/2013, 430/2013,414/2010,56/2013,108/2014 in ita no.62/2010: between1 2. ..... for the purpose of narrating the facts, we are considering ita8no.62/2010. ..... sujatha ita no.62/2010 c/w. .....

The Director of Income-tax Exemptions and Another Vs. Al-Ameen Charita ...

Court : Karnataka

..... (ii) where a trust or an institution has been granted registration under clause (b) of sub-section (1) of section 12aa or has obtained registration at any time under section 12a [as it stood before is amendment by the finance (no.2) act, 1996] and the said registration is in force for any previous year, then, nothing contained in section 10 [other than clause(1) and clause (23c) thereof] shall operate to exclude any income derived from the property ..... of the act is based on application of income and permissible accumulations and the balance of income , if any, is treated as income which is not applied for objects of the trust and is brought to tax under chapter iii of the act. ..... judgment, while interpreting the proviso, whether to be applied retrospectively or prospectively, has considered the notes on clauses appended, the finance bill and the understanding of the central board of direct taxes in this regard. ..... is filed under section 260-a of income tax act 1961, to set aside the order passed by the itat, bangalore in ita no.889/bang/2009 dated 30.06.2010 confirming the order passed by the income tax officer, exemption-1, bangalore, in the interest ..... similarly, in ita nos.233-234/2013, ita no.1/2013, ita no.433/2013, ita no.414/2010, on the assessment orders denying exemption under section 11 read with section 10(23c) of the act and making an addition of income on account of disallowance of depreciation, the assessee preferred appeals which were ..... facts, we are considering ita no.62/2010. .....

Assistant Commissioner of Income Vs. Yokogawa India Ltd.

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2007)111TTJ(Bang.)548

..... total income of the undertaking for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the finance act, 2000, the undertaking shall be entitled to deduction referred to in this sub-section only for the unexpired period of the aforesaid ten consecutive assessment years: provided further that where an undertaking initially ..... referred in chapter iii are not assessable at all, while incomes in chapter vii are assessable though taxes are not ..... 10a is a part of the chapter iii of the it act and the heading of chapter hi is incomes which do not ..... submissions by submitting as under: (i) the words 'total income' or 'profits' in section 10a should be read as referring to commercial profits; (ii) in the alternative, if the provisions of chapter iv-d are applicable, the process of ascertaining the total income where section 10a deduction is also involved would comprise of the following: (a) first, compute the profits and gains derived by the stpi ..... in view of above discussion, we hold that learned cit(a) was justified in directing the ao to allow exemption under section 10a without setting ofi loss of non-l0a unit and consequentially allowed carry forward of such ..... of such articles or things or computer software: provided also that no deduction under this section shall be allowed to any undertaking for the assessment year beginning on the 1st day of april, 2010 and subsequent years. .....

Bezbaruah Tea Co. (P.) Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

..... section 10 in chapter iii of the income-tax act, 1961, gives a list of incomes which cannot ..... particular tea company should be taken within the scope of section 2(7)(c) of the finance act, 1982, to enable the assessee-company to receive the lower rate. ..... learned counsel for the assessee-company had drawn our attention to section 2(7)(c) of chapter ii of the finance act, 1982, where industrial company has been defined as follows : ' 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or ..... in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities includes in its total income of its previous year as computed before making any deduction under chapter vi-a of the income-tax act is not less than 51 per cent. ..... expression 'manufacture' has in ordinary acceptation a wide connotation ; it means making of articles, or material commercially different from the basic components, by physical labour or mechanical process ; and a manufacturer is a person by whom or under whose direction and control the articles or materials are made.'8. dr. ..... concessional rate of tax a company must mainly engage itself in the manufacture or processing of goods specified in the aforesaid provisions either personally or by someone under its supervisory control or direction.'11. ..... case, there will be no direction as to costs. .....

Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD421(Mum.)

..... do as and when the said decision is available and then to invoke section 154 of the act for the purpose; (ii) that the approval of the central board of direct taxes under section 80-0 of the act cannot be made a subject matter of appeal since no appeal is provided for the purpose; (iii) that if the aac/cit(a) could not decide 80-o approval and directions of the central board of direct taxes, ipso facto, this issue cannot be before the it at since before the it at issues ..... of section 80aa, which was, to repeat, made retrospective in effect as from 1-4-1968 and section 80ab, which was made prospective in effect as from 1-4-1981 by the same finance (no.2) act, 1980.their lordships quoted extensively from the finance minister's address to the parliament at the time of introduction of finance (no.2) bill and concludingly the high court observed that, 'interpretation of a statutory provision is always a question of law on which reasons stated by the mover of the ..... /85-ftd government of india ministry of finance department of revenue foreign tax division central board of direct taxes, new delhi, the 19th august ..... in this view of the matter for deduction under section 80m, section 80aa is to be taken note of while for deductions under section 80 as contained in chapter via, section 80ab is to be taken note of; (viii) that the very fact that finance (no. ..... 601/29 taxman 82 at page 615 has brought out the difference while quoting from the finance minister's speech that the law made, viz. .....

Om Parkash Rajinder Kumar Vs. K.K. Opal

Court : Punjab and Haryana

Reported in : AIR1967P& H464; [1967]19STC153(P& H)

..... different language by lord romer in the judgment of the privy counsel reported in , chapter iii of the income-tax act headed 'taxable income' contains the various provisions with reference to which taxable income is ..... scheme of the income-tax; act and its corelation to the finance act of each year. ..... referred to in that sub-section, he may require such dealer by notice in writing to keep such accounts including records of sale as he may subject to anything that may be prescribed in that behalf in writing direct(2) every registered dealer shall,(a) in respect of goods, exceeding ten rupees in value in any one transaction, sold by him or on his behalf, issue to the person to whom they are sold, a cash memorandum ..... course of export of goods out of the territory of india or of goods specified in his certificate of registration for the use by him in the manufacture in punjab of any goods other than goods declared tax free under section 6, for sale in punjab and on sales to a registered dealer of containers or other material for the packing of such goods:provided that in case of such sales, a declaration duly filled ..... below:--'the contention of the learned counsel for the appellant is that during the relevant year 1939-40 the income was not chargeable to tax as a fact and that the retrospective operation of the finance act for that relevant year by virtue of a latter legislation does not make a difference for this purpose. ..... the finance act of each year impose the obligation for the payment .....