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Commissioner of Income-tax, Gujarat Vs. Girdhardas and Company Private ...

Court : Supreme Court of India

Reported in : AIR1967SC795; [1967]63ITR300(SC); [1967]1SCR777

..... even after the amendment by the finance act, 1955, the language of the clause was found to be somewhat inapt and the legislature by the finance act 1956 recast clause(c). 8 ..... 2(6a)(c) of the income-tax act as amended by the finance act, 1956. ..... 2(6a)(c) as amended by the finance act, 1956, is fairly clear ..... by the finance act, 1955, the proviso to clause(c) was deleted and in consequence thereof the limitation relating to the period during which the profits were accumulated ceased to apply in the determination whether the amount distributed by the ..... 3 of the finance act, 1956, with effect from april 1, 1956, the following clause (c) was substituted : '(c) any distribution made to the shareholders of a company on its liquidation, to the extent to which the distribution, is attributed to the accumulated profits of the company ..... 3 of the finance act, 1955, the proviso to clause(c) was deleted and by ..... 2(6a)(c) declares that though under law, apart from the section, it would be capital and, therefore, not chargeable, it shall be regarded as dividend and taxed as such in the hands of the shareholders.' 10 ..... of the indian income-tax act, 1922, and the reasons for enacting and amending that clause. ..... reference was transferred after reorganisation of the state under the bombay state reorganisation act, 1960, to the high court of gujarat for hearing and disposal. ..... 2(6a)(c) is not a charging section which levies tax on a particular fund from out of which a limited fund is carved out by the proviso .....

P. Venkatarama Reddy Vs. the Controller of Estate Duty

Court : Supreme Court of India

Reported in : AIR1998SC2463; JT1998(5)SC1; 1998(4)SCALE200; (1998)6SCC153; [1998]3SCR806

..... language of section 34(3) is similar to the language of section 4 of the english finance act of 1894 as amended by the finance act of 1900 ..... the court, for the purposes of section 2(1) (d) of the finance act, 1894, came to the conclusion that the money received by the son under the policy did not form part of the estate of ..... the court, in examining the application of section 4 of the finance act of 1894 to decide whether the amount under the settlement could be aggregated with the other estate of the deceased-settlor, formulated a test to decide when it could be said that the property was such ..... so paid were, by the finance act, 1939, section 30, attributed to the settlor. ..... section 4 of the finance act, 1894 is as follows:'for determining the rate of estate duty to be paid on any property passing on the death of the deceased, all properties so passing in respect of which estate duty is leviable shall be aggregated so as to form one ..... taken on the insurance policies by the deceased is liable to be deducted as a debt under section 44 of the estate duty act from the general estate as distinct from the separate estate of the three insurance policies; and3 ..... of the assignment was given to the insurance company in accordance with the provisions of section 38 of the insurance act, 1938 and the assignments were registered with the insurance companies.3. ..... the facts and circumstance of the case, the tribunal was correct in law in holding that section 34(3) of the act was not applicable.set no. 3:1. .....

Commissioner of Income Tax Vs. Hindustan Elector Graphites Ltd.

Court : Supreme Court of India

Reported in : [2000]109TAXMAN342(SC); [2000]243ITR48SC

..... is true that income by way of cash compensatory support became taxable retrospectively with effect from april 1, 1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... since clause (iiib) was inserted in section 28, though having retrospective operation by the finance act, 1990, the assessee did not include this income in its return which, as noted above, was filed on december 29, ..... , any advance tax paid and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and(ii) if any refund is due on the basis of such return, it shall be granted to the assessee :provided that ..... upon which the cash compensatory support had not been included as income and had clearly offered to include the same in any assessment if the basis is shown to exist.additionally, the change in the law by amendment of section 28 took place several months after the return was filed by the assessee. ..... assessing officer assessed the company applying the amended provision of section 28 of the act thus levying additional tax under section 143(1a) of the act. ..... ) noticed that section 28 of the act was amended with retrospective effect from april 1, .....

Commissioner of Customs, Central Excise and Service Tax Vs. Federal Ba ...

Court : Kerala

Reported in : [2010]24STT416

..... the finance act, 1994 was amended section 90 of the finance ..... 2) act, 2004 introducing clauses (12) and (19) in section 65 of the finance act, ..... that the collection of telephone bills by the respondent bank for bharat sanchar nigam limited (bsnl), airtel and other companies is not business auxiliary service attracting liability for service tax falling under section 65(79) of the finance act 1994? ..... in fact cash management service is deleted from exclusion clause contained in clause (12) of section 65 with effect from 1-6-2007 and in the clarification letter issued by the central board of excise and customs the cash management service is explained as follows:at present cash management is specifically excluded from the scope ..... words we are of the view that clause (12) of section 65 covers all charging services rendered by banks. ..... cash management service remained excluded for the purpose of levy of service tax until it is deleted through an amendment with effect from 1-6-2007. ..... while clause (12) of section 65 defines banking and other financial services which specifically excludes service pertaining to cash management, clause (19) defines business auxiliary services which includes in it any customer care service provided on behalf of the client ..... rendered by the bank is not a business auxiliary service, does not appear to be correct, we feel argument of the counsel for respondent that the service essentially falls under cash management service under clause (12) of section 65 is correct. .....

Commissioner of Income-tax, Tamil Nadu-iii Vs. Salem Co-operative Cent ...

Court : Chennai

Reported in : (1981)17CTR(Mad)306; [1981]132ITR612(Mad)

..... section 2 of the finance act, 1963, provides for the charge of income-tax at the rages specified in ..... ito : [1975]101itr24(sc) has examined the identical provisions of the finance act, 1963, and has come to the conclusion that even where some income was exempt, the exemption was liable to be withdrawn by the finance act and that the efficacy of that exemption given under the i.t. ..... the relevance of the interpretation placed by the supreme court with reference to the identical provision of the finance act cannot now be open to question. ..... is to be assessed, the assessee would be liable to surcharge under the relevant finance act is open to the commissioner on the facts here.in order to appreciate the point, it is necessary for us to refer to the relevant provisions of the finance act. ..... the aac as well as the tribunal were alive to the fact that the question which was to be considered was only in that context of the provisions of the finance act, levying additional surcharge. ..... as being payable with reference to the income of the year under consideration under the provisions of the finance act to be noticed presently. ..... one of the contentions which was sought to be taken was that the case fell within the scope of section 7 and the other contention was that this court had also to consider whether the valuation of the property was correct ..... be an over-refinement of the position to hold that each aspect of a question is itself a distinct question for the purpose of section 66(1) of the act. .....

Commissioner of Income-tax Vs. Tamil Nadu Industrial Investment Corpn. ...

Court : Chennai

Reported in : [1999]107TAXMAN16(Mad)

..... . when it was amended by the finance act, 1966, the limit was raised to 25 per cent in the case of financial corporations ..... explanation was omitted by the finance act, 1975 with effect from 14-1975, and if we accept the contention urged on behalf of the assessee that it is open to the assessee to reply upon the surplus reserve of earlier years, it will defeat the object behind the legislative intention in deleting the explanation to section 36(1 )(viii) ..... any opinion on the correctness of the view expressed by the punjab arid mariana high court except to point out that under section 36(1)(viii), the special reserve should riot only be created out of the income chargeable to tax but must be carried ..... appellate tribunal was right in holding that the reserve created for earlier years was not available to make good the deficiency in subsequent year within the meaning of section 36(1)(viii) of the income tax act, 1961 and therefore, the claim, should be allowed only to the extent of rs. 17,75,000 as against the claim of rs ..... . cit , wherein the punjab arid haryana high court dealt with a case of deduction under section 80c of 'the act arid the court held that the amount of lic premium need not come out of the inncome chargeable to ..... . : [1980]123itr619(mad) , this court has take a view that under the explanation to section 34(3) (if the act, the deduction of development rebate should not be denied by reason only, that the amount debited to the profit and loss account of the relevant previous year and .....

Commissioner of Wealth-tax Vs. Champa Properties Ltd.

Court : Kolkata

Reported in : [1994]206ITR567(Cal)

..... 5,88,138 could not be assessed to the wealth-tax under sub-section (3) of section 40 of the finance act, 1983, in the assessment years 1984-85 and 1985-86, respectively ?' ..... section 40 of the finance act has revived, in a limited way, the levy of wealth-tax on companies which was suspended by the finance act, ..... some funds for acquiring the assets, but, by no stretch of imagination, can it be said that undischarged liabilities towards municipal taxes can be treated as a debt secured on one or more assets taxable under clause (viii) of sub-section (3) of section 40 of the finance act, 1983. ..... the undischarged liabilities towards municipal taxes could not be treated as a debt secured on one or more assets taxable under clause (viii) of sub-section (3) of section 40 of the finance act, 1983. ..... limited, were assessable to tax for the assessment years 1984-85 and 1985-86 under section 40 of the finance act, 1983. ..... it appears that the wealth-tax officer made addition under clause (viii) of sub-section (3) which is as under :'any other asset which is acquired or represented by a debt secured on any one or more of the assets referred to in clause (i) to clause ..... in this reference under section 27(1) of the wealth-tax act, 1957, for the assessment years 1984-85 and 1985-86, the following questions of law have been referred to this court ..... as 'application of income' and, therefore, not deductible in determining the annual letting value of the property under sections 22 and 23 of the income-tax act. .....

In Re: Assessment of Behari Lal Mullick

Court : Kolkata

Reported in : AIR1927Cal553,103Ind.Cas.609

..... it will be observed that the words 'total income' which occur in the finance act are defined as the total amount of income, profits and gains from all sources to which this act applies continued in the manner laid down in section 16, and it is clear that section 16 which deals with certain specific exemptions has meaning only with reference to the amount of the income of the ..... section 7 of the finance act (12 of 1922) provides:income-tax for the year beginning on the first day of april 1922 shall be charged at the rates specified in part i of the third schedule.and specifies that 'total income' in this schedule means 'total income' as defined in clause (15) of section 2 of the indian income-tax act ..... been made by the finance act in this manner, section 3 of the income-tax act is attracted. ..... of all income, profits and gains of the previous year of every individual company, firm and hindu undivided family;(2) tax at that rate shall be deducted in accordance with and subject to the provisions of this act from all salaries payable in that year on account of the income-tax, if any, to become chargeable in respect thereof for the following year; and(3) tax at the maximum rate shall be deducted in accordance with and ..... of understanding the law upon this question under the english acts prior to the finance act 1926, it makes no difference whether we examine the act of 1842 (5 and 6 vict. ..... now, the act of 1922 (11 of 1922) purports to consolidate and amend the law relating to income-tax and .....

Kashiram Agarwalla Vs. Collector of 24-parganas and Others.

Court : Kolkata

Reported in : [1958]33ITR800(Cal)

..... the federal court had to deal with a notification under section 2(1) by which the governor of bihar directed that the indian income-tax (amendment) act, 1939 (vii of 1939), the income-tax law (amendment) act, 1940 (xii of 1940), the excess profits tax act, 1940 (xv of 1940), and the indian finance act, 1940 (xvi of 1940), shall be deemed to have ..... finance acts enacting the rates for assessment were extended to the excluded area, where the business of the joint family was carried on, under section 92(1) of the government of india act, several days later than the day when the day when the act ..... commissioners; section 21(1) of the (english) finance act of 1936 ..... further contended that even assuming that the scheduled offences and the persons charged with the commission thereof could properly form a class in respect of which special legislation could be enacted, section 4 of the act is discriminatory and void, vesting, as it does, an unfettered discretion in the provincial government to choose any particular case of a person alleged to have committed an offence ..... to me to have received support, i hold that the different finance acts which were extended to kalimpong where the business was carried on, several days after this did not affect the validity of the assessment.the next ground urged is that the present proceeding before the collector was barred by the provisions of section 46(7) of the income-tax act. ..... section 5(1) of that act, after section 34 of the income-tax act was amended .....

Vishvakarma Paper and Boards Ltd. Vs. the Commissioner of Central Exci ...

Court : Uttaranchal

..... 1.4.93 in accordance with clause 10.4(i)(b) of the industrial incentive policy, 1993 (hereinafter referred to as 'the industrial policy') and whether the notification issued by the government of bihar dated 2nd of april, 1994 in exercise of power under section 7 of the bihar finance act to the extent it indicates 'who has not availed of any facility or benefit under any industrial promotion policy' is invalid as being contrary to the policy resolution of 1993. ..... examining the notification dated 2nd of april, 1994, issued by the government of bihar in exercise of power conferred by clause (b) of sub-section (3) of section 7 of the bihar finance act, 1981, the high court further came to the conclusion that the notification so far as it imposes a condition that the facility of sales tax exemption on purchase of raw material will be available only to those industrial ..... coming to the second question, namely the issuance of notification by the state government in exercise of power under section 7 of the bihar finance act, it is true that issuance of such notifications entitles the industrial units to avail of the incentives and benefits declared by the state government in its own ..... in our considered opinion the expression 'such conditions and restrictions as it may impose' in sub-section (3) of section 7 of the bihar finance act will not authorise the state government to negate the incentives and benefits which any industrial unit would be otherwise entitled to under the general .....