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Y. Venugopala Reddy Vs. Cit

Court : Karnataka

Reported in : [2003]130TAXMAN224(Kar)

..... income' when the declaration was filed by the appellant.11. 'disputed income' in relation to an assessment year, is defined in clause (e) of section 87 of the finance act as 'whole or so much of the total income as is relatable to the disputed tax.' 'disputed tax' is defined by clause (p of section 87, as the 'total ..... made by the commissioner (appeals) preferred further appeal to the income tax appellate tribunal and that appeal is pending.4. when the matter stood thus, the finance (no. 2) act, 1998 (hereinafter referred to as 'finance act') introduced the scheme called kar vivad samadhan scheme (hereinafter referred to as 'the scheme'). the same scheme is contained in chapter iv of the ..... appellant being aggrieved by the said action of the first respondent, filed an application under section 96(2) of the scheme on 1-1-1999 to the central board of direct taxes (hereinafter referred to as cbdt). before the cbdt, the appellant contended, inter alia, that the scheme is independent of the .....

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 .....

industrial Finance Corporation of India Vs. Commissioner of Income-tax

Court : Delhi

Reported in : [1998]233ITR13(Delhi)

..... deduction under chapter vi-a but before making also any deduction under the aforesaid provision, i.e., section 36(1)(viii). section 10 of the finance act, 1985, has amended section 36(1)(viii) of the act with effect from april 1, 1985, so that the total income shall be computed before making any deduction under section 36(1)(viii) also ...... ..... tribunal was expected to frame the questions based on law and not styling them as calling for an opinion on the correctness or otherwise of the circular issued by the central board of direct taxes. however, the crux of the questions is based on accepting the plea of the assessed and we would answer the question from the point ..... by the reserve bank of india, bombay, in their letter no. lfd. no. opr/1565/32-33 of 1974 dated february 1, 1974, to different financial corporations.2. the central board of direct taxes considered the matter again and in their circular letter no. 204/72/75-ita-ii dated august 13, 1979, it was clarified that the earlier view .....

Karnataka State Financial Corporation Vs. Commissioner of Income-tax

Court : Karnataka

Reported in : [1988]174ITR206(KAR); [1988]174ITR206(Karn)

..... view that the construction placed by the tribunal on the provision with due regard to the scheme and object of the act and its language is sound and correct. 15. section 10 of the finance act of 1985 (central act no. 32 of 1985) ('1985 act'), accepting the very case urged by the assessee, has suitably amended section 36(1)(viii) of the ..... act with effect from april 1, 1985. the object of the said amendment is set out in the memorandum explaining the provisions in the finance bill under 'income-tax', at ..... the total income before allowing deduction under chapter vi-a and not under section 36(1) of the income-tax act. this point has been clarified by the central board of direct taxes in a letter to the ministry of finance, department of banking in their letter f. no. 204/35/73/ita ii dated 12-11-1973.' 6. aggrieved .....

Commissioner of Income-tax Vs. Mathew M. Thomas and ors.

Court : Kerala

Reported in : [1993]201ITR494(Ker)

..... on january 21, 1982, in this court. the said appeal is still pending. pending the appeal, chapter xx-c was introduced in the income-tax act by finance act of 1986 with effect fromoctober 1,1986. under section 269rr, chapter xx-a will not apply in relation to transfer of any immovable property after september 30 ..... , 1986.2. when the appeal was heard by the division bench, reliance seems to have been placed on circular no. 455 dated may 16, 1986 (see : [1986]159itr105(cal) ) issued by the central ..... guidelines--regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes to insert chapter xx-c providing for purchase by the central government of immovable .....

Kerala State Industrial Development Corporation Ltd. Vs. Commissioner ...

Court : Kerala

Reported in : [1989]180ITR323(Ker)

..... deduction of 10% of the total income and not of the total assessed income. the appellate tribunal adverted to a portion of the said communication of the central board of direct taxes and also referred to the plea of the revenue that the above instructions have been withdrawn subsequently and at the time of making the ..... income-tax act, 1961, available to certain financial corporations providing long-term finance is to be calculated on the total income before deduction of the amount allowable under section 36(1)(viii). it has been held that ..... total income (computed before making any deduction under chapter vi-a) carried to such reserve account; provided that the corporation is for the time being approved by the central government for the purposes of this clause ;' 3. the patna and madhya pradesh high courts have held that the statutory deduction under section 36(1)(viii) of the .....

Gkw Limited and anr. Vs. State of Rajasthan

Court : Rajasthan

Reported in : AIR2008Raj90; RLW2008(2)Raj1627

..... for the petitioners that pursuant to chapter vii of the rajasthan finance act of 2006, imposition of tax is directly and indirectly on the minerals, therefore, the aforesaid enactment does not fall under entry 49 of the second list and in view of entry 50 and central act, 1957, the state government is not competent to impose taxes ..... state government.9. mr. n.m.lodha, learned additional advocate general, appearing for the state of rajasthan, supporting the legislations of chapter vii of the rajasthan finance act of 2006, submits that the state government is competent to impose tax on land in view of entry 49 of the state list in schedule vii of the ..... central legislation of mines and mineral (development and regulation) act, 1957 (for short, 'the act of 1957').4. referring to entry 86 of the list i of schedule vii of the constitution. it was further submitted that even tax on the capital value of the assets is subject-matter of competence of the union alone, hence the finance act of .....

Competent Authority (Acquisition) Vs. Smt. Lalita Todi and ors.

Court : Patna

..... circular no. 455 dt. 16th may, 1986.subject : acquisition of immovable properties under chapter xx-a of it act, 1961 - guidelines - regarding.the finance bill, 1986, has proposed that no proceedings shall be initiated under s. 269c of the it act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also ..... of transfer.with a view to achieve early finalisation of proceedings under the existing chapter xx-a of the it act, 1961, the board has decided that w.e.f. 1st april, 1986, ..... proposes to insert chapter xx-c providing for purchase by central government of immovable properties in certain cases .....

Dr. K. Jagadeesan Vs. Central Board of Direct Taxes and ors.

Court : Delhi

Reported in : [1998]231ITR755(Delhi)

..... for. the contention cannot be entertained even for a moment for two reasons. firstly, the petitioner has to thank himself for having invited the pronouncement of the central board of direct taxes. secondly, the cause of action to the petitioner has arisen only at chennai. if the chief commissioner or the director-general decline the ..... that offence under this chapter may, either before or after the institution of proceedings, be compounded by the chief commissioner or the director-general. the finance (no. 2) act, 1991, has inserted an explanationn giving it retrospective operation with effect from april 1, 1962, which reads as under :'for the removal of doubts, ..... income-tax or the director of taxes, both situated at chennai, whom the petitioner did not even approach. he filed an ill-advised petition directly to the central board of direct taxes and having suffered its dismissal, has invoked the jurisdiction of the high court at delhi, within whose territorial jurisdiction, no cause of .....

Commissioner of Income-tax Vs. Appollo Tyres Ltd.

Court : Kerala

Reported in : [1999]237ITR706(Ker)

..... contained in sections 30 to 43c. this was the position with respect to every person who is subjected to be charged under section 4 of the act. the legislature, by the finance act, 1983, introduced a new chapter--chapter vi-b--containing only one provision--section 80wa--imposing restriction on certain deductions in the case of companies, with ..... year or years arrived at after providing for depreciation in accordance with those provisions and remaining undistributed or out of both or out of moneys provided by the central government or a state government for the payment of dividend in pursuance of a guarantee given by that government : provided that- (a) if the company has ..... to the insertion of this provision, section 80wa provided for payment of tax on at least thirty per cent. of the income. studies carried out by the central board of direct taxes revealed that while the provisions of section 80wa had the effect of subjecting companies to minimum tax which they would have otherwise not paid, .....