Court : Chennai
Reported in : [2008]305ITR418(Mad)
..... such amount shall be ignored, and the actual cost thereof shall be taken to be twenty-five thousand rupees.9. section 32a of the income-tax act deals with investment allowance which was inserted by the finance act, 1976, with effect from april 1, 1976. sub-section (1) of the said section provides that in respect of a ship or an ..... if the business is carried on by an indian company and the business so carried on is for the time being approved for the purposes of this clause by the central government....(2a) the deduction under sub-section (1) shall not be denied in respect of any machinery or plant installed and used mainly for the purposes of business ..... and prejudicial to the interests of the revenue. the commissioner of income-tax has correctly exercised his revisionary power vested with him under section 263 of the income-tax act and, hence, the order passed by the tribunal is not in accordance with law and the same should be set aside.6. learned counsel appearing for the assessee .....
Tag this Judgment!Court : Chennai
Reported in : (2008)217CTR(Mad)263; 2008[10]STR436; (2008)14VST307(Mad)
..... rs. 1,000 under section 77 and rs. 71,200 under section 78 and rs. 500 under section 75a of the finance act, 1994.3. the petitioner challenged the same by way of appeal before the commissioner of central excise (appeals), trichy. the second respondent took up the appeal and passed final order on april 2, 2007 in appeal ..... students under distance education programme run by certain universities would not fall within the definition of 'commercial training or coaching' as defined under section 65(26) of the finance act. in my considered opinion, that is the main question to be answered in the appeal, which is now pending before the first respondent-tribunal. therefore, in this ..... writ petition, i cannot express any opinion as to whether the activities of the petitioner would fall within the ambit of section 65(26) of the finance act or not. the tribunal has been prima facie satisfied that the petitioner is not entitled for absolute stay and that is how taking a very lenient view has .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Chennai
Reported in : [2006]129CompCas670(Mad)
..... to the facts of this case and in that event, the petitioner has got an effective remedy of appeal under sub-section (7) of section 45ia before the central government and, therefore, the writ petition is liable to be dismissed on the ground of alternative remedy. 7. as a decision on the challenge to the impugned ..... in the same group;(iii) all other non-banking financial companies; and(2) the book value of debentures, bonds, outstanding loans and advances (including hire-purchase and lease finance) made to, and deposits with--(i) subsidiaries of such company; and(ii) companies in the same group,to the extent such amount exceeds ten percent, of (a) above ..... 1998; that the company failed to produce the documents/information required by the reserve bank of india and thereby violated the provisions of section 45n(2) of the act. however, the impugned order was passed on other grounds namely, that the nof of the company continued to be negative as against the required statutory minimum level of .....
Tag this Judgment!Court : Chennai
Reported in : 2004CriLJ2802
..... learned counsel appearing for a2 and a3 would contend that both of them have availed the advantage of a scheme brought out by the revenue department of the central government i.e., finance act ( no.2) of 1998. the said scheme is called kar vivad samadhan scheme, 1988 (hereinafter referred to as 'the scheme'). according the learned counsel ..... 3.to 3.5): and persons who are absolutely prohibited from making any declaration under the scheme [clauses (iii),(iv) and (v) of section 95 of the finance act].(see para 3.6)' para 3.6 deals with bar against certain persons who cannot make declaration. the persons who are absolutely prohibited from making any declaration under the ..... mentioned in para 3.2 of the scheme. under para 3.2 under the caption who cannot make declaration, the following are mentioned: '3.2 section 95 of the finance act provides for: tax arrear, whether under direct tax enactment or indirect tax enactment, in respect of which a person cannot make declaration [clauses (i) and (ii) .....
Tag this Judgment!Court : Chennai
Reported in : 2001(78)ECC584; 2001(133)ELT265(Mad); 2006[2]STR513
..... services provided by the outdoor caterer. in so far as the services provide by the 'mandap keeper', the said services which were provided for in finance act, 1977 were continued in finance act no. 2/98 which was brought into with effect from 16-10-1998. however, the services provided by the outdoor caterer, who was defined ..... furnish or cause to be furnished to the central excise officer in the prescribed form and verified in the prescribed manner a quarterly return within fifteen days of the end of the preceding quarter giving various particulars required under the said provision. this finance act was substantially amended by finance act, 1997 and number of other services were ..... under the provisions of chapter v. this tax was to apply to all the 'taxable services' provided after the commencement of chapter v. section 66 of the finance act, 1994 is a charging section. few other provisions would be necessary to be seen. section 65(16) as it stood then defined the 'taxable service' while, .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Chennai
Reported in : 2001(131)ELT14(Mad); [2002]254ITR717(Mad); (2001)2MLJ581; 2006[2]STR466; [2007]6STT183
..... also chartered engineers. by those letters, the petitioner had wanted to know from the concerned authority as to whether its members were liable to register under the finance act. the assistant commissioner, service tax cell, by his reply dated august 28, 1997, specifically pointed out that the services offered by every consulting engineer comes ..... is that their services of evaluation cannot be deemed to be 'taxable service'.4. in this backdrop, it will be better to see the impugned provisions of the finance act. section 65(13) is the definition clause, defining the term 'consulting engineer'. it reads as follows ;' 'consulting engineer' means any professionally qualified engineer or an ..... c. no. iv/16/29/97-stc.2. the respondent, commissioner of central excise, chennai, by his letter dated may 1, 1998, informed the chairman of the institution of valuers that as per sub-clause (g) of clause (41) of section 65 of the finance act, 1994, as amended, the term 'taxable service' has been defined as .....
Tag this Judgment!Court : Chennai
Reported in : 2001(131)ELT529(Mad); (2001)2MLJ366; 2006[2]STR375; [2007]6STT358
..... clients, in whose interest and at whose instance the said advertisements are published or flashed, as the case maybe.4.1. chapter v of the finance act, 1994 introduced levying of tax on services. by amendments made in 1996, the levy of this service tax was extended to the services provided by the ..... this letter was that firstly, it was contradictory to section 67(d) of the finance act, 1994 (hereinafter referred to as 'the act') and secondly, that the letter was providing something more and going beyond the real scope of the act in defining the 'valuation of taxable services' and was as such, bad in law ..... central excise and customs act, the instructions could be issued only for two purposes, viz., (i) uniformity and classification of goods; and (ii) with respect to the levy of excise duty on such goods. the contention is that both these eventualities were not available for issuing the impugned circular.6. the learned senior counsel then contends that under section 95 of the finance act .....
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