Judgment Search Results Home > Cases Phrase: finance no 2 act 1977 schedule iii third schedule Page 5 of about 5,168 results (0.137 seconds)

Dr. R.P. Patel Vs. Assistant Director of Income Tax (investigation) an ...

Court : Kerala

Reported in : (2005)194CTR(Ker)12; [2005]273ITR386(Ker)

..... such assessments or reassessments.from the above it is clear that the seized amount and assets retained under section 132(5) can be applied for setting off of existing liability under the it act and other acts referred to in clause (iii) of section 132(5) and also towards tax liability determined on regular assessment or on reassessment completed for all the assessment years relevant to the previous years for which order under section ..... the allegation of procedural violation under section 132b(1)(iii) read with third schedule to the act in the encashment of seized assets, namely, ivps ..... petitioner to avail kvss benefit for 1994-95 because after the expiry of the time prescribed for payment in the notice of demand issued under section 156 of the act, second respondent was free under section 132b(1)(i) to adjust cash available on encashment of ivps towards liability due for any other assessment years, including the year 1994-95. ..... petitioner and the statutory requirement for payment of advance tax before the end of the financial year and admitted tax along with return under section 140a of the act, the second respondent rightly adjusted advance tax and the tax due under the return and revised return filed by the petitioner for the asst. yr. ..... its amendment by finance act, 2002, w.e.f. ..... the ground that there was no demand subsisting as on the date of making the applications, which is the condition for granting the benefit under the scheme prescribed under section 90(1) of the finance (no. .....

Jayaswals Neco Ltd. Vs. Commissioner of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2005)(188)ELT281Tri(Mum.)bai

..... 30/97 has been retrospectively amended by section 127(1) of the finance act, 2003 read with si. no. ..... 30/97 by section 127(1) of the finance act, 2003 read with si. no. ..... 7 of the third schedule thereof. ..... he also refers to budget circulars of 2002 and 2003 and the retrospective amendments made through the finance bill, 2003 to exclude add from calculation of value for sad. ..... 7 of the third schedule thereto. ..... 1,33,14,373/-(iii) special customs duty (scd) rs. ..... (iii) in the absence of any bond for scd and sad and any post importation machinery for scd and sad, the demand for the same is not maintainable. .....

Dr. R.P. Patel Vs. Asstt. Dit (investigation) and ors.

Court : Kerala

Reported in : [2005]144TAXMAN79(Ker)

..... therefore, the allegation of procedural violation under section 132b(1)(iii) read with third schedule to the act in the encashment of seized assets, namely, ivps also, does not ..... of the request by the petitioner and the statutory requirement for payment of advance tax be ore t e end of the financial year and admitted tax along with return under section 140a of the act, the second respondent rightly adjusted advance tax and the tax due under the return and revised return filed by the petitioner for the assessment year 1995-96 from out of encashed value of ivps. ..... (1) the assets retained under sub-section (5) of section 132 may be dealt with in the following manner, namely :(i) the amount of the existing liability referred to in clause (iii) of the said subsection and the amount of the liability determined on completion of the regular assessment or reassessment for all the assessment years relevant to the previous years to which the income referred to in clause (i) of ..... on going through section 132b before its amendment by finance act, 2002, with effect from 1-6-2002, i find there is some substance in the contention raised by the petitioner in so far as adjustment of cash recovered on encashment of ivps for the year 1994-95 is concerned where adjustments are seen ..... -95 and 1995-96 on the ground that there was no demand subsisting as on the date of making the applications, which is the condition for granting the benefit under the scheme prescribed under section 90(1) of the finance (no. .....

Commissioner of Income Tax Vs. Vijaya Bank

Court : Karnataka

Reported in : (2005)199CTR(Kar)329; [2006]285ITR97(KAR); [2006]285ITR97(Karn)

..... however, according to the assessee they are bound by the banking regulation act in the matter of maintaining the balance sheet and in the balance sheet, as per section 29 of the banking regulation act and in accordance with the third schedule therein, the assessee-bank has got to make investments to permissible percentage and enter the same under the head 'investment' even though there are other heads in the balance sheet like advances and ..... has further noticed as under :'in the present case, if one construes section 2(7) in the context of the object of the act and the scheme of the act, it is clear that the main section 2(7) applies only to loans and advances and not to the gross amount of interest received from the rbi on dated government securities and that deletion of the exclusionary clause by the finance (no.2) act of 1991 had no effect on section 2(7) as the exclusionary clause was only clarificatory in nature. ..... iii of the banking regulation act, 1949, as also under section 13(l)(d) and section 11(5) of the it act. ..... portion of any credit sanctioned for being availed in india; and(d) discount on promissory notes and bills of exchange drawn or made in india, but does not include- (i) any amount chargeable to income-tax under the provisions of it act, under the head 'interest on securities';(ia) interest referred to in sub-section (1b) of section 42 of the reserve bank of india act, 1934 (2 of 1934);(ii) discount on treasury bills; and(iii) ...(iv) ...(v)... .....

M/S. Shanti Fragrances Vs. Union of India

Court : Supreme Court of India

..... that it is expedient in the interest of the general public to do, he may, with the previous approval the central government and goods of the class or classes specified in the certificate of registration of such dealer, as being intended for use by him as raw materials in the manufacture in delhi of any goods, other than goods specified in the third schedule ..... paid; 4 (ii) sale of goods declared tax-free under section 7; (iii) sale of goods not liable to tax under section 8; (iv) sale of goods which are proved to the satisfaction of the commissioner to have been purchased within a period of twelve months prior to the date of registration of the dealer and subjected to tax under the bengal finance (sales tax) act, 1941 (bengal act vi of 1941), as it was then in force, or under this act; (v) sale to a registered dealer; of (a) of for the administrator is of opinion .....

N.M. Pardeshi Vs. Employees' State Insurance

Court : Central Administrative Tribunal CAT Mumbai

Reported in : (2005)(1)SLJ304CAT

..... " the action for the above lapse was initialed against the applicant under regulation 14 and pan iii of third schedule of esic. ..... as the applicant failed to vacate the quarter, a show cause notice under sub-section (i)-(b)(ii) of sub-section 2 of section 4 of public premises (eviction of unauthorised occupants) act, 1971, was issued on 19.03.1996 by the estate officer advising him to show cause why order of eviction should not be made. ..... "no order imposing on an employee any one of the penalties specified in regulation 11, shall be passed except in the manner and after following the procedure laid down in the third schedule. ..... the applicant was working as an insurance inspector/superintendent in the finance and accounts branch in mumbai. ..... superintendent finance and accounts branch, was allotted residential accommodation no. ..... vide letter dated 03.07.1996 and thus contended that the applicant had partly sublet the staff quarter unauthorisedly and his act failed to maintain absolute integrity and exhibited unbecoming of a corporation employee thereby violating rule 3(l)(i) and (iii) of the c.c.s. ..... by (his act, the applicant failed to maintain absolute integrity and exhibited conduct unbecoming of a corporation employee thereby violating rule 3(1 }(i) & (iii) of the c.c.s. .....

Commissioner of Income-tax, Gujarat-i Vs. Satellite Engineering Ltd.

Court : Gujarat

Reported in : [1978]113ITR208(Guj)

..... (ii) of sub-section (4) of section 80j, which as initially enacted was in pari materia with clause (ii) of sub-section (2) of section 84, the words 'a building (not being a building taken on rent or lease), have been omitted by the finance act, 1975, with effect from april 1, 1976, and, secondly, a provision for carrying forward has been made in sub-section (3) of section 80j. ..... by the finance act, 1969, the time-limit of 23 years in section 80j(4)(iii) was increased to 28 years and by the finance act, 1975, it was raised to ..... 33 of, and the third schedule to, the finance (no. ..... principal object of the provision, as observed in textile machinery corporation's case : [1977]107itr195(sc) , is to encourage setting up of new industrial undertakings by offering tax ..... ' case : [1977]107itr195(sc) , the said sub-section negatively provides that an industrial undertaking, in order to earn benefit of sub-section (1), should not be formed : (i) by the splitting up of a business already in existence; (ii) by reconstruction of a business already in existence; or (iii) by the transfer to a new business of building, machinery or plant previously used for ..... commissioner of income-tax : [1977]107itr195(sc) , the supreme court had an occasion to construe the provisions of the old ..... 's case : [1977]107itr195(sc) , the supreme court observed at page 203 : 'even if a new business is carried on but by piercing the veil of the new business it is found that there is employment of the assets of the old business, .....

Commissioner of Income-tax Vs. Appollo Tyres Ltd.

Court : Kerala

Reported in : [1999]237ITR706(Ker)

..... --for the purposes of this section, 'book profit' means the net profit as shown in the profit and loss account for the relevant previous year prepared in accordance with the provisions of parts ii and iii of the sixth schedule to the companies act, 1956 (1 of 1956), as increased by- (a) the amount of income-tax paid or payable, and the provision therefor ; or(b) the amounts carried to any reserves, by whatever name called ; or(c) the amount or amounts set ..... pointed out earlier that prior to the introduction of section 115j by the finance act, 1987, with effect from april 1, 1988, there was a provision applicable to all companies regarding the quantum of deductions in respect of certain reliefs provided under the act introduced by the finance act of 1983, with effect from april 1, 1983, i.e. ..... section 32ab inserted by the finance act, 1986, with effect from april 1, 1987, sub-sections (1), (2) and (3) thereof, relevant for the purpose of this case, read as ..... 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 effect from ..... it is relevant to note that the explanation to section 73 was inserted by the taxation laws (amendment) act, 1975, with effect from april 1, 1977, so as to treat the business of purchase and sale of shares by companies, other than investment companies, banking companies or finance companies, as speculative business. .....

Kashiram Textile Mills Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : [1995]211ITR889(Guj)

..... allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount - (a) the amount of income-tax, if any, payable, by the company in respect of any income referred to in clause (i) or clause (ii) or clause (iii) or clause (viii) of rule 1 included in the total income; (b) the amount of income-tax, if any, payable by the company under the provisions ..... so, from the aforesaid scheme of the first schedule, it appears that it extensively provides for adjustment of total income calculated under the income tax act for determining the amount which is exigible to tax for the purpose of charging surtax. ..... section 4 of the surtax act provides that, subject to the provisions of the act, on every company a tax in respect of so much of its chargeable profits of the previous year as exceed the statutory deduction shall be charged at the rates specified in the third schedule. ..... arises in the background of the fact that for the assessment year 1979-80, the assessee (kashiram textile mills private limited), inter alia, claimed that in computing chargeable profits under the companies (profits) surtax act, 1964 (hereinafter referred to as 'the surtax act'), deduction of interest payable under section 217(1a) and section 139 of the income-tax act should be reduced as provided under rule 2 of the first schedule to the surtax act. .....

Hughes (inspector of Taxes) Vs. Bank of New Zealand.

Court : Kolkata

Reported in : [1938]6ITR541(Cal)

..... . there is one other section in the finance act, 1926 which points to the same conclusion, and it is section 5 of part ii of the section schedule, which says (sub-section 1) : 'any person who is intrusted with the payment of any interest, dividends or other annual payments which are payable to ..... no ground at all consistent with ordinary principles or construction for cutting down their meaning and treating them as only applicable to case iii of schedule d, the case under which by section 49 war loan securities were taxable, if they can neither be charged under case iii schedule d nor under any case of schedule d at all.as i say, the matter is purely one of construction, and i do not think there is any authority ..... if necessary to a person who is not resident in the united kingdom, and the various rules as to interest, and so forth, which are set out in the second and third sets of rules and schedule c are rules which, as lord atkin points out, deal with substantive matter, namely, the imposition of the charge and responsibility for paying the charge upon the person entrusted and ..... consequence that the owner of the securities - in this case the bank - can only escape taxation if the tax is sought to be imposed upon him under case iii of schedule d and that he is liable to be taxed under the precisions of case i of schedule d, then it seems to me that a result is being reached which is quite contrary to the apparent meaning of the particular legislation and which, to my mind, .....