Judgment Search Results Home > Cases Phrase: finance act 2012 central chapter iii direct taxes Court: income tax appellate tribunal itat chennai Page 1 of about 11 results (1.272 seconds)

Parkside Holdings Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2003)86ITD252(Chennai)

..... relevant to the assessment year 1992-93 or not. in this connection reliance of the learned counsel for the assessee on section 43(2), section 43b, the finance bill, 1976, the central board of direct taxes circular no. 261 dated 8-8-1979 and the decision of the gujarat high court in kangold (india) ltd.'s case (supra), ..... assessee had not filed the details before the assessing officer even though the same might have been filed before the first appellate authority. section 80a of the income tax act, which controls the whole of sections failing under chapter via, states that in computing the total income of an assessee, there shall be allowed from his gross total ..... dated 19-12-1995 of the commissioner (appeals), coimbatore.briefly stated, the facts of the case are that while framing the assessment under section 143(3) of the act the assessing officer found that the assessee had paid the following amounts as donation : sri devi podar. foundation, coonoor vide receipt no. 001 dated 31-3-1992 b .....

The Asst. Commissioner of Income Vs. Real Image Media Technologies

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2008)(2)362

..... is important and disallowance cannot be made if such duty or tax is not payable at all. he argued that service tax was a central tax which was introduced by making provisions in chapter v of the finance act, 1994 and provides for the month of levy, circumstances on which the levy would arise and the manner of payment etc. service ..... tax on or before due date for filing of return of income it was submitted as under: service tax a central tax that was introduced by making provisions in chapter v of the finance act, 1994 (section 64 to section 96). the act provides the method of levy, the circumstances in which the levy would arise, inter alia, the manner of payment ..... . if an assessee had not preferred any claim towards service tax, there was no question of disallowing the same. secondly, it was argued that section 67 of the finance act which deals with the service tax was amended with effect from 6.10.1998 and provided that the duty of paying service tax is on the person providing the service .....

The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

..... sr. departmental representative submitted that reserve bank of india guidelines could not override the mandatory provision of section 145 of the act.referring to the legislative intention for inserting section 43d, he submitted that the finance act, 1991, inserted a special provision w.e.f. 01.04.1991, for recognition of income in case of a public ..... reserve bank should also be empowered to give to any financial institution or institutions directions in respect of matters, in which the reserve bank as the central banking institution of the economy may be interested from the point of view of control of the credit policy. the reserve bank powers in relation to commercial ..... to the provisions of sub-section (2) be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. (2) the central government may notify in the official gazette from time to time accounting standards to be followed by any class of assessee or in respect of any class of .....

Mr. Raya R. Govindarajan, Prop. Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)288ITR150(Chennai)

..... 270 and 273 of the constitution of india. the parliament in their wisdom, while enacting income tax act, 1961 left open the rate of tax on income to be decided by a central act namely, the finance act. therefore, section 4(1) refers to central act for the purpose of rate of tax. the reason for doing so is obvious. the rate of ..... in the objection of the assessee that there cannot be any levy of surcharge since there was no reference about central act in section 113 of the i.t. act. in our considered opinion, since the parliament has enacted finance act, 2001 providing the levy of surcharge in respect of the income tax levied under section 113, the lower authority ..... provides the rate of tax itself. the learned counsel further submitted that section 113 was amended by finance act, 2002 with effect from 1.6.2002. the legislature introduced a proviso which provides for levy of surcharge as levied by the central act. therefore, if at all any surcharge that can be levied, it may be levied only in .....

The Income Tax Officer, T.D.S. - Vs. Raj Television Network Ltd.,

Court : Income Tax Appellate Tribunal ITAT Chennai

..... available on record which was filed by the assessee before the acit., co. circle.38. sub-section (2) of section 90 of the i.t. act which is reproduced above mentions that where the central govt. has entered into an agreement with the govt. of another country outside india under sub-section (1) for granting relief of tax, or as ..... use of equipment such as transponder falls within the existing definition of royalty, then there was no need to amend the definition of royalty in the proposed amendment by finance bill 2001 by which new clause has been inserted. at the cost of repetition, we may also add that section 40(a)(i) would be applicable if the ..... assessee.39. we may examine the above question involved in this case from another angle and refer here that finance bill 2001 was introduced recently in explanation (2) of section 9(iva), according to which in section 9 of the i.t. act, sub-section (1), clause (iv) under explanation (2), the following clause has been inserted in the definition .....

Frontier Offshore Exploration Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

..... then referred to section 4, which is the charging section and submitted that any tax shall be charged for any assessment year as prescribed under the various central act, which is generally in the form of finance act. in respect of total income. he then referred to section 2(45). which is the definition section and defines "total income" as amount of ..... xvii-b", which would include section 201 also and would include the expression "the whole or any part of the tax", which has been inserted in section 201 by the finance act. 2001 with retrospective effect from 1.4.1962. therefore, whatever may be the impact of the absence of the expression "the whole or any part of the tax" ..... even for the first time to supply plant and machinery, etc. which was used in the business of oil exploration or production. since the provision was introduced by the finance act, 1987 w.e.f. 1.4.1987.therefore, it was applicable in the year before us.7. the ld. senior counsel for the assessee then referred to the .....

Sirius Shipping Co. Ltd. Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2002)257ITR38(Chennai)

..... . circular no. 636 dated august 31, 1992 (see [1992] 198 itr (st.) 1), deals with the scope and effect of the amendment made in the finance act, 1992. in the said circular against paragraph no. 24.2 it is mentioned as under : "it was noticed that shipping companies have diversified into trading, real estate business, ..... in clause (b) of sub-section (2) of section 33ac. in circular no. 636, dated august 31, 1992 (see [1992] 198 itr (st.) 1) (paragraph 24.2), the central board direct taxes has observed that shipping companies have diversified into trading, real estate business, etc., and were claiming deduction under this section even in respect of their income from ..... legislature was not intending to make the ownership of ship a pre-condition at the threshold level for claiming deduction under section 33ac. even in the circulars issued by the central board of direct taxes, namely, circular no. 554 of february 13, 1990 (see [1990] 183 itr (st.) 130) and no. 636 of august 31, 1992 (see [1992] .....

Anjuga Chit Funds (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)113ITD67(Chennai)

..... 173/mds/2004 is that the cit(a) ought to have allowed the loss of rs. 95,222 and the same is allowable as per amended provision of the act by the finance act, 2002.the brief facts of the case are that the ao has computed the undisclosed income as follows: now, the assessee is telling that the ao has not ..... dec, 1998 for which common search warrant was issued and also common panchnama was drawn in respect of m/s anjuga chit funds (p) ltd. and m/s anjuga finance & investments. aggrieved, the assessee is in appeal before us.the learned counsel for the assessee submitted that since a common warrant was issued in the joint names of two ..... case of southern herberts ltd. v.director of it (inv.) and ors. . further, we have gone through section 13 of the general clauses act, 1897 which reads as follows: 13. gender and number-in all central acts and regulations, unless there is anything repugnant in the subject or context: (1) words importing the masculine gender shall be taken to include females; .....

The Income-tax Officer, M/S. Sarvodaya Mutual Ward I(1) Vs. Benefit Tr ...

Court : Income Tax Appellate Tribunal ITAT Chennai

..... -trusts and individual shgs are working. shgs are working at grassroot level in villages. the assessee-trusts arrange finance to these grassroot level shgs by availing funds from snbfcl. as already stated, snbfcl arranges the finance from statutory institutions and nationalized banks. 7. the issues involved in all these appeals, which are common, arise ..... are directed against the orders passed by the commissioner of income-tax(appeals)-ix at chennai on 29-2-2012. the appeals arise out of the assessments completed under section 143(3) of the income-tax act, 1961. 3. the assessee is a prominent ngo working among the rural folk in different parts of india ..... , working in tamil nadu, are under the common umbrella of m/s.sarvodaya nano banking finance company limited (snbfcl for short). snbfcl is approved by the reserve bank of india for carrying out the activities of micro financing. snbfcl obtains loans from statutory corporations like sidbi and nationalized banks. snbfcl obtains loans from .....

P.K. Ganeshwar Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2004)91TTJ(Chennai)970

..... of letter of credit for import of machinery. one of the documents that was objected to by the senior departmental representative, mr. ravi, a letter from central warehousing corporation, it was submitted has been placed only to highlight the fact of the intention to import machinery, which machinery after import could not be ..... parties had confirmed that they did not insist for any security and had not made any record of the same in their books because they had finance arrangement with their respective bankers and that they had removed the goods from godowns without informing their bankers because the arrangement was one of hypothecation and ..... assessments on undisclosed income consequent to the search conducted and with reference to assets seized during search conducted within the meaning of section 132 of the act. the background of the enactment indicated that the provisions that existed earlier of framing of summary assessments that required to be followed by regular assessments resulted .....