Judgment Search Results Home > Cases Phrase: finance act 2012 central chapter iii direct taxes Court: mumbai Page 1 of about 763 results (0.148 seconds)

Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... taxman 335, where it was observed that the amount of deduction under section 80mm should be worked out with reference to gross income. section 80ab, inserted by the finance (no. 2) act, 1980, provides that the deduction under section 80mm should be worked out with reference to net income. section 80ab has been made effective from april 1, 1981 ..... been decided on merits; (iv) that 80-o deduction has to be in accordance with the law, viz. the provision as contained in the income-tax act, 1961 and the central board of direct taxes could not have excluded amounts paid to sub-contractors, since the c.b.d.t. has not appreciated the legal implications thereof; (v ..... the above, the following reasoning emerges as that of the learned lower authorities:- (i) that the assessee-company had not put forward true and correct facts before the central board of direct taxes or, in any case, had put forward incomplete facts, particularly with reference to sub-contracting of certain jobs abroad; (ii) if true and .....

Daga Containers (P.) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)6SOT666(Mum.)

..... on by him in the previous year relevant to that assessment year. the relevant observations of their lordships are extracted hereunder, for the sake of reference : "6. the finance act, 1972, in the first instance, inserted a new item of the enumeration of income in section 2(24) by inserting clause (ix) therein. it has made any winnings ..... however, that no portion of the loss shall be carried forward for more than four assessment years immediately succeeding the assessment year for which the loss was first computed.' the central board of direct taxes in circular no. 138, dated 17-6-1974, explained the scope of the said section in the following terms : '34. carry forward and ..... of income except his winnings from races nor is it allowed to be carried forward to be set off against income from any source in any subsequent year.the finance act, 1974, has amended section 74a so as to provide that the losses incurred by owners of race horses in the activity of owning and maintaining such horses, .....

Commercial Corporation of India Ltd. Vs. Income-tax Officer and Others

Court : Mumbai

Reported in : [1993]201ITR348(Bom)

..... draw of lucky ticket. 3. the state governments and the union territories running lotteries are, therefore, requested to deduct tax at source at the rates prescribed by the annual finance act in respect of 'lotteries or crossword puzzles' from 'lucky dip' prizes by lottery agents. 4. this clarification may please be brought to the notice of all concerned ..... in an amount exceeding rs. 5,000 shall, at the time of payment thereof, deduct income-tax thereon at the rates in force. section 115bb inserted by the finance act of 1986, with effect from april 1, 1987, says that where the total income of an assessee includes any income by way of winnings from any lottery, the ..... mr. kakodkar says that it is not a circular by the central board of direct taxes which is to construe, execute and enforce tax law but a circular issued by the ministry of finance which does not administer the income-tax act, nor is it an authority under the act. 58. mr. kakodkar is right in pointing out that instructions issued .....

Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. 14 of 2001 issued by the central board of direct taxes, which reads as under: 25. no deduction for expenditure incurred in respect of exempt ..... income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07.9. section 14a has been inserted in ..... income against taxable income. 25.1 certain incomes are not includible while computing the total income, as these are exempt under various provisions of the act .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. 14 of 2001 issued by the central board of direct taxes, which reads as under: 25. no deduction for expenditure incurred in respect of exempt ..... income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07. 7. section 14a has been inserted in ..... income against taxable income. 25.1 certain incomes are not includible while computing the total income, as these are exempt under various provisions of the act .....

American Bureau of Shipping Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (2003)185CTR(Bom)168; [2003]263ITR590(Bom)

..... executive and general administration as may be prescribed.' 6. section 44c was inserted by section 10 of the finance act no. 66 of 1976, with effect from june 1, 1976. the object and the scope of section 44c was explained by the central board of direct taxes vide circular no. 202 dated july 5, 1976 (see [1976] 105 itr ..... total income/average adjusted total income. the expression 'adjusted total income' has been defined to mean the total income computed in accordance with the provisions of the act without giving effect to the stipulated allowance/deduction. now in the present case, the adjusted total income is nil on account of the loss suffered by the assessee ..... income of the assessee. explanation.--for the purposes of this section,--(i) 'adjusted total income' means the total income computed in accordance with the provisions of this act, without giving effect to the allowance referred to in this section or in sub-section (2) of section 32 or the deduction referred to in section 32a or .....

Harinarayan G. Bajaj Vs. Union of India (Uoi), Through Secretary, Mini ...

Court : Mumbai

Reported in : 2008(1)ALLMR604; 2008(2)BomCR780; [2009]147CompCas579(Bom); [2008]82SCL79(Bom)

..... provides for continuation of orders issued under the enactments repealed and reenacted. they read as under: 6. effect of repeal.where this act, or any central act or regulation made after the commencement of this act, repeals any enactment hitherto made or hereafter to be made, then, unless a different intention appears, the repeal shall not ( ..... 1994 regulations are not triggered. it is submitted that neither change in control nor indirect acquisition triggers the provisions of the 1994 regulations. in the case of shirish finance and investment (p) ltd. v. m. sreenivasulu reddy and ors. (herbertsons case) reported in (2002) 2 comp lj 386 (bom), the court found ..... (mauritius) investment ltd. (incorporated under the laws of mauritius), which had agreed to acquire voting equity share capital of an indian registered company, viz., srf finance ltd., and, therefore, the impugned order was passed by s.e.b.i. rejecting the petitioner'scomplaint, though the fact remains that no shares of sesa .....

LandT Finance Limited Vs. M/s. Saumya Mining Ltd and Others

Court : Mumbai

..... that the provisions of bengal money lenders act, 1940 are not applicable and that the rbi act, 1934 would govern the parties, learned counsel placed reliance on the judgment of gujarat high court in the case of radhe estate developers vs. mehta integrated finance company limited, reported in 2012(1)gujarat law reporter, 14. reliance ..... lending in any manner; (iii) such other non-banking institution or class of such institutions, as the bank may, with the previous approval of the central government and by notification in the official gazette, specify. under section 45i-a no non-banking financial company can commence or carry on the business of ..... , there does not appear to us to be any inconsistency between the state act and the central acts. before any repugnancy can arise, the following conditions must be satisfied: 1. that there is a clear and direct inconsistency between the central act and the state act. 2. that such an inconsistency is absolutely irreconcilable. 3. that the inconsistency .....

Union of India (Uoi) and ors. Vs. Bennett Coleman and Co. Ltd. and ors ...

Court : Mumbai

Reported in : 1988(3)BomCR581a; (1987)89BOMLR485

..... without further enquiry, it may refer the matter to the commission established under the act for enquiry. the commission is obliged to report the result of the enquiry to central government, and the central government must pass an order thereon. the scheme of finance on the strength of which approval has been obtained may not be modified except with ..... establishment of a new undertaking as it may think fit.(d) no scheme of finance on the strength of which the establishment of a new undertaking has been approved by the central government shall be modified except with previous approval of the government'. 11. by act no. 30 of 1984, sub-section (1) of section 22 was substituted ..... issuing any order, or(c) granting any exemption,under this act, i relation to any matter, impose such conditions, limitations or restrictions as it any think fit'.13. under sub-section (2) of section 54, the central government has the power to modify a scheme of finance submitted to it in such manner as it thinks fit .....

Dr. Vikhe Patil Foundation’s Vikhe Patil Memorial School ...

Court : Mumbai

..... means , a child belonging to, - (i) the scheduled caste, the scheduled tribe; and (ii) child with disability; defined in section 3 and 4 of amended act, 2012. (c) child belonging to weaker section ? means a child including a child belonging to the vimukta jatis and nomadic tribes (vjnt), other backward classes (obc) and special ..... school till the completion of elementary education. chapter iii deals with the duties of appropriate government, local authority and parents ? to establish school, sharing of finance and other responsibility. section 8 describes duties of appropriate government and local authorities, including to ensure that the children belonging to weaker section ? and the ..... be required by the appropriate government or the local authority, as the case may be. ? 8. the rte central rules 2010 are framed by central government in view of section 38 of the rte act. chapter v of these rte rules describe responsibilities of schools and teachers ? with regard to the admission of .....