Court : Mumbai
Reported in : 2009(111)BomLR3617; (2009)225CTR(Bom)140; [2009]317ITR66(Bom); [2009]184TAXMAN400(Bom)
..... finance act, 2007 - explanatory notes on provisions relating to direct taxes' purports to provide the identical reason for the said amendments to chapter xix-a of the act. ..... sub-section (1) of section 245d; or(ii) an application made under section 245c has not been allowed to be proceeded with under sub-section (2a) or further proceeded with under sub-section (2d) of section 245d; or(iii) an application made under section 245c has been declared as invalid under sub-section (2c) of section 245d; or(iv) in respect of any other application made under section 245c, an order under sub-section (4) of ..... means--(a) in respect of an application referred to in clause (i), the day on which the application was rejected;(b) in respect of an application referred to in clause (ii), the 31st day of july, 2007;(c) in respect of an application referred to in clause (iii), the last day of the month in which the application was declared invalid;(d) in respect of an application referred to in clause (iv), on the date on which the time or period specified in sub-section (4a) of section 245d expires. ..... (iii) while there was no mandatory time limit provided by the act within which the settlement commission was obliged to pass a final order of settlement under section 245d(4), under the then existing section 245d(4a), the period of ..... (iii) confidential material/information disclosed in strict confidence to the commission being made available to the assessing officer to be used not only for making assessments .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(4)BomCR258; (2008)220CTR(Bom)649; [2009]311ITR46(Bom)
..... (cgp) would give rise to a charge to tax in india.iii) the provisions of section 195 of the income tax act, 1961 (the act) and the impugned show cause notice are not extra-territorial in their operation;iv) the petitioner would be an assessee in default even in accordance with the language of section 201 prior to the amendments made by the finance act, 2008; andv) the amendments made by the finance act, 2008 are not violative of article 14 of the constitution. ..... its subsidiaries amounting to inr 25 billion (pound 292 million), which entitle the holder to a redemption premium of approximately 13% per annum.concurrently with the acquisition of cgp, the group granted put options exercisable between 8 may 2010 and 8 may 2011 to members of the essar group of companies that will allow the essar group to sell its 33% shareholding in hutchison essar to the group for us$5 billion or to sell between us$1 billion and us$5 billion worth of hutchison ..... section 191 provides that even where there is failure to deduct tax in accordance with the provisions of that chapter, 'income-tax shall be payable by the assessee direct'. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2009(168)LC87(SC); 2009(240)ELT641(SC); JT2009(11)SC8; 2009(11)SCALE446; (2009)9SCC193; [2009]18STJ323(SC); [2009]22STT54; 2009(7)LC3257(SC)
..... 2) act, 2004 (23 of 2004);(vii) the additional duty leviable under section 3 of the customs tariff act, equivalent to the duty of excise specified under clauses (i), (ii), (iii), (iv), (v) and (vi);(viii) the additional duty of excise leviable under section 157 of the finance act, 2003 (32 of 2003);(ix) the service tax leviable under section 66 of the finance act; and(x) the education cess on taxable services leviable under section 91 read with section 95 of the finance (no. ..... , unless the context otherwise requires,-(k) 'input' means-(i) all goods, except light diesel oil, high speed diesel oil and motor spirit, commonly known as petrol, used in or in relation to the manufacture of final products whether directly or indirectly and whether contained in the final product or not and includes lubricating oils, greases, cutting oils, coolants, accessories of the final products cleared along with the final product, goods used as paint, or as packing ..... notwithstanding anything contained in these rules,-(a) a first or second stage dealer, dealing exclusively in goods falling under chapter 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62 or 63 of the first schedule to the tariff act, may, at his option, remove such goods, whether or not after undertaking activities such as packing, repacking, on payment of an amount equal to the duty of excise, which is leviable on such goods at the rate applicable on the date of removal .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2008)218CTR(SC)433; [2008]305ITR1(SC); JT2008(10)SC17; 2008(11)SCALE540; (2008)9SCC434; 2008AIRSCW6285; 2008(6)Supreme520; 2008(11)SCALE540
..... prior to the amendment by finance act, 2002, section 10(20) of the income-tax act, 1961 provided as under:chapter iiiincome which do not form part of total incomeincomes not included in total income.10. ..... thereof including programmes undertaken by such marketing committees for the maintenance of markets, sub-markets, check posts and other sites in the market areas; (ii) undertake the planning and development of markets for agricultural produce; (iii) administer the market development fund; (iv) issue direction to marketing committees in general or to one or more marketing committees in particular with a view to ensuring improvement thereof; (v) any other function specially entrusted to it by this ..... of the marketing committees- (1) subject to the provisions of this act, it shall be the duty of a marketing committee: (i) to implement the provisions of this act, and rules, regulations and bye-laws made there under for the market area; (ii) to provide such facilities for marketing of notified agricultural produce therein as the board may, from time to time, direct; (iii) to perform other functions as may be required in relation to the superintendence, direction and control of markets, or for regulating and control of markets .....
Tag this Judgment!Court : Delhi
..... 234 to the explanation inserted by the finance (no.2) act, 1998, with retrospective effect from july 1, 1995, it declares for removal of doubt that assessment under chapter xiv-b shall be to regular assessment for each of the previous year in the block period; total undisclosed income in the block period would not regular assessment; and income assessed under chapter xiv-b shall not be included in the regular assessment of the previous years. ..... by order dated 6th september, 2010 ita8952008 was admitted and the following substantial question of law was framed for consideration, with the direction that the two itas would be heard together:-"ita no.169/2005+connected appeal page 2 of 77 whether the itat was correct in law in deleting an addition of rs.51,10,000/- being the undisclosed income although the assessee himself admitted in his statement before the income tax authorities that he had paid money to buy ..... (iii) the respondent-assessee before the commissioner of income tax (appeals) had stated that their forefathers may have helped forefathers of mr. ..... : afore-stated appeals under section 260-a of the income tax act, 1961 ( act for short) have been preferred by the revenue, the commissioner of income tax, delhi (central)-iii.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)106ITD193(Mum.)
..... 2 that the above explanation brought under section 115j(1a) by the direct tax laws (amendment) act, 1989 with effect from the asst. yr. ..... when sections 115ja and 115jb were reintroduced and substituted later, the same object was declared by the finance minister in the parliament which again reflected in similar terms in the relevant circulars and notes on clauses and the memorandum explaining the objects of amending the provisions. ..... the imbalance between the deduction under chapter vi-a and deductions under clauses (i) to (ix) of the explanation to section 115ja is inherent in the statute itself. ..... it has been made very clear while introducing clause (iii) to explanation under section 115j that the mat scheme should not take away the benefits given under section 80hhc. ..... (iii) under section 115j or whether only on the manner of computation specified in those sections should be followed to quantify the amount of deduction. ..... (iii) under section 115j(1a), which provided for deduction under section 80hhc etc ..... 1988-89 to 1990-91 stood as follows as far as the matter of section 80hhc deduction is concerned: (iii)... ..... (iii) to section 115j was introduced to provide section 80hhc deduction computed in the manner prescribed under section 80hhc(3) ..... (iii) to reduce the book profit by the profit eligible for deduction under section 80hhc, which were to be computed with reference to book profit as per p&l a/c inasmuch as such old provisions specifically provided that deduction was to be computed in .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2005SC3020; (2005)4CompLJ440(SC); (2005)194CTR(SC)428; 2005(99)ECC377; 2005(182)ELT33(SC); [2005]274ITR194(SC); JT2005(Suppl3)SC389; (2005)4SCC214; 2006[3]STR608; 200
..... 66 read with section 65(41)(j) and (ma) chapter v of the finance act 1994 do not seek to levy tax on goods or passengers. ..... phrases 'clearing and forwarding agent' and 'goods transport operator' were defined as follows:(j) 'clearing and forwarding agent' means any person who is engaged in providing any service, either directly or indirectly, connected with clearing and forwarding operations in any manner to any other person and includes a consignment agent'(m) 'goods transport operator' means any commercial concern engaged in the ..... (18), the following clauses had been substituted, namely:-'(18a) 'goods carriage' has the meaning assigned to it in clause (14) of section 2 of the motor vehicles act, 1988;(18b) 'goods transport operator' means any commercial concern engage in the transportation of goods but does not include a courier agency;:(iii) in clause (48), after sub-clause (m), the following sub-clause had been inserted namely:-'(ma) to a customer, by a goods transport operator in relation to carriage ..... following clause had been substituted namely:-(6) ' ' means a person liable for collecting the service tax and includes--(i) his agent; or(ii) in relation to services provided by a clearing and forwarding agent, every person who engages a clearing and forwarding agent and by whom remuneration or commission (by whatever name called) is paid for such services to the said agent; or(iii) in relation to services provided by a goods transport operator, every person who pays or .....
Tag this Judgment!Court : Delhi
..... 234 to the explanation inserted by the finance (no.2) act, 1998, with retrospective effect from july 1, 1995, it declares for removal of doubt that assessment under chapter xiv-b shall be to regular assessment for each of the previous year in the block period; total undisclosed income in the block period would not regular assessment; and income assessed under chapter xiv-b shall not be included in the regular assessment of the previous years. ..... by order dated 6th september, 2010 ita8952008 was admitted and the following substantial question of law was framed for consideration, with the direction that the two itas would be heard together:-"ita no.169/2005+connected appeal page 2 of 77 whether the itat was correct in law in deleting an addition of rs.51,10,000/- being the undisclosed income although the assessee himself admitted in his statement before the income tax authorities that he had paid money to buy ..... (iii) the respondent-assessee before the commissioner of income tax (appeals) had stated that their forefathers may have helped forefathers of mr. ..... : afore-stated appeals under section 260-a of the income tax act, 1961 ( act for short) have been preferred by the revenue, the commissioner of income tax, delhi (central)-iii.2. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (2007)(115)ECC27
..... the provisions of section 68 of the chapter v of the finance act, 1994 (32 of 1994) in as much as they had not paid service tax on taxable service i.e. ..... the basis of amended section 73 of the finance act, 1994 for recovery of the service tax payable by the appellant as receipt of services from goods transporter operator for the period from 16.11.1997 to 2.6.1998.the specific allegations in the show cause notice is as under: whereas, the amended section 73 [73(1) to be precise] reads as under: where any service tax has not been levied or paid or has ..... of the chapter v of the finance act, 1994 (32 ..... or to disclose wholly or truly all material facts required for verification of the assessment under section 71, the value of taxable service has escaped assessment or has been under assessed, or service tax has not been paid or has been short paid or any sum has erroneously been refunded, or (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on ..... any other case, the date on which the service lax is to be paid under this chapter or the rules made thereunder, (ii) in a case where the service tax is provisionally assessed under this chapter or the rules made thereunder, the date of adjustment of the service tax after the final assessment thereof, (iii) in a case where any sum, relating to service tax has erroneously been refunded the date of such refund. ..... this application for stay is directed against the order in appeal dated 10.7.06 which upheld .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)112TTJ(Delhi)917
..... of the rbi act: chapter iii-b to ovemde other jaws--the provisions of this chapter shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force of any instrument having effect by virtue of any such law.in exercise of the powers conferred by section 45ja of the rbi act, 1934, non-banking financial companies prudential norms (reserve bank) directions, 1998 were ..... relation to such debts, shall be chargeable to tax in the previous year in which it is credited by the public financial institution or the scheduled bank or the state financial corporation or the state industrial investment corporation or the public company to its p&l a/c for that year or, as the case may be, in which it is actually received by that institution or bank or corporation or company, whichever is earlier.in the rbi act, 1934, chapter iii-b contains provisions relating to non-banking institutions receiving deposits ..... the said explanation was inserted by finance act, 2001, with retrospective effect from 1st april, 1989, and hence ..... to section 36(1)(vii) was not there as it was brought by the finance act, 2001 w.e.f. ..... act does not distinguish between a non-banking finance company accepting the public deposits which is governed by the prudential norms issued by rbi and other non-banking finance companies or even other persons charge-able to tax under the it act, there is no presumption in favour of the exemption of the few from the incidence of a general tax .....
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