Judgment Search Results Home > Cases Phrase: finance no 2 act 1977 section 34 amendment of act 61 of 1956 Court: chennai Page 6 of about 92 results (0.128 seconds)

Commissioner of Income-tax Vs. K.S. Venkataraman and Co. Pvt. Ltd.

Court : Chennai

Reported in : [2000]243ITR314(Mad)

..... 2) act, 1977, under section 2(7)(c) if such a construction company is able to satisfy the test set out in the explanation, namely, deriving 51 per ..... provision contains its own dictionary in the form of an explanation which must be used for deciding as to whether an assessee claiming to be an industrial company is engaged 'mainly' in any of the activities referred to in section 2(7)(c) of the finance (no. ..... cannot subscribe to the view canvassed for the revenue that the construction company per se is ineligible for claiming a status of industrial company for the purpose of section 2(7)(c) of the finance (no. ..... thereafter took note of the explanation to section 2(7)(c) of the finance (no. ..... the income of the assessee was derived from activity which could properly be regarded as manufacturing activity and, therefore, the assessee satisfied the stipulation in the explanation to section 2(7)(c) of the finance (no. ..... more of the income of the company which claims to be an industrial company is derived from any one of the activities specified in section 2(7)(c) of the finance (no. ..... company' is defined in section 2(7)(c) of the finance (no. ..... section 5(1)(xxxii) of the wealth-tax act, 1957, does not contain any explanation similar to the one found under section 2(7)(c) of the finance ..... thus took note of the possibility that the construction company could also be regarded as an industrial company for the purpose of the finance (no. ..... income is a manufacturing company for the purpose of the finance (no. .....

Commissioner of Income-tax Vs. Wheel and Rim Company of India Ltd.

Court : Chennai

Reported in : [1977]107ITR168(Mad)

..... secondly, by virtue of the fact that the amount of profits and gains derived from the export have to be ascertained only in accordance with the provisions of the income-tax act, 1961, and not independent of it, in view of the provisions contained in section 2(5)(d) of the finance act, 1966, and rule 2(2) made by the central board of direct taxes pursuant to section 2(5)(d), these two receipts have to be treated as profits referable to or derived from the said export. ..... in the first place, it is worthwhile pointing out that by virtue of section 2(5)(d) of the finance act, 1966, the profits and gains derived from the export mentioned in section 2(5)(a)(i) have necessarily to be computed in accordance with the rules made by the board in this behalf and there is no other method of computing that income ..... income-tax appellate tribunal, madras bench, under section 256(1) of the income-tax act, 1961, has referred the following question of law for the opinion of this court:'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the assessee was entitled to rebate under the provisions of clause 2(5)(a) of the finance act, 1966, on the cash subsidy of rs. ..... the finance act of 1966 by section 2(5)(a)(i) provided as follows ..... the course of the assessment year 1966-67, the assessee claimed rebate on the value of exported goods and on the two receipts referred to above based on the provisions of section 2(5)(a) of the finance act, 1966. .....

Madurai District Central Co-operative Bank Ltd. Vs. Third Income-tax O ...

Court : Chennai

Reported in : [1969]73ITR479(Mad)

..... it is next contended that the language of section 2(i)(a) (ii) of the finance act is not appropriate for levy of additional surcharge on income exempted from tax under the income-tax act. ..... section 2(1)(a)(ii) of the finance act, 1963, states that, subject to the provisions of the other sub-sections, for the assessment year commencing on the 1st day of april, 1963, income-tax shall be charged at the rates specified in part i of the first schedule and, in the cases to which paragraphs a and c of that part apply, ..... in such circumstances, the supreme court agreed with the high court of bombay that the finance act had misfired, because it did not resort to legislation which would have conformed to the subject for which the finance act was passed every year. ..... the excess dividend in that case, which was subjected to the additional tax, was not shown or not deemed by the particular finance act to be part of the total income of the previous year. ..... there was no need, therefore, for the finance act to make any deeming provision making what was not the income of the previous year as such income by a fiction ..... unless the finance act stated that after the working out of the fiction the profits of the back year or years shall ,be deemed to be a part of the total income of the previous year under assessment, the purpose of the act clearly fails. ..... , the finance act cannot validly subject to additional surcharge an income, which, under the provisions of the income tax act, was exempt and not liable to .....

The Director of Income-tax (Exemptions) Vs. Paramartha Bhushanam, Sri ...

Court : Chennai

Reported in : (2003)182CTR(Mad)380

..... the appellate tribunal, in our opinion, was not correct in holding that the effect of substitution of section 11(4a) of the act by the finance (no.2) act, 1991 as amended in 1992 was to have effect from the date of insertion of section 11(4a), that is, with effect from 1.4.1984. ..... the appellate tribunal also held that section 11(4a) of the act as inserted by finance act, 1983 with effect from 1.4.1984 would not apply as by finance (no.2)act, 1991 the provision has been substituted and the provisions of section 11(4a) as substituted by finance (no.2) act, 1991 with effect from 1.4.1992 would apply for the earlier assessment years in question also. ..... cannot be regarded as indicative of an intention on the part of the legislature to have treated what is now included as having been included at all times'.we are of the view that by applying the ratio of the decision the substituted provision of section 11(4a) of the act by finance (no.2) act of 1991 would operate with effect from 1.4.1992 and not from 1.4.1984 as held by the appellate tribunal.6. ..... on the other hand, the reading of the finance (no.2) act, 1991 shows the intention of the legislature is that the existing section 11(4a) of the act is to be substituted with effect from 1.4.1992 and not earlier. .....

Commissioner of Income-tax Vs. Commercial Laws of India Pvt. Ltd.

Court : Chennai

Reported in : [1977]107ITR822(Mad)

..... ' the expression 'industrial company' as defined in section 2(6)(d) of the said finance act is as follows i ' 'industrial company' means a company which is ..... out already, the expression 'industrial company' as defined by section 2(6)(d) of the finance act, 1968, refers to 'manufacture' or 'processing' of ..... opinion, would constitute 'processing of goods' so as to come within the scope of section 2(6)(d) of the finance act, 1968. ..... under paragraph f of the first schedule to the finance act, 1968, the rates of income-tax in the case of companies ..... was carrying on business of manufacturing or processing of goods and liable to pay income-tax as an industrial company on its total income at the rate of 55 per cent, under paragraph f of part i of the first schedule to the finance act, 1968 ?'4. ..... of the first schedule to the finance act, 1968. ..... the assessee-company was carrying on business of manufacturing goods and liable to pay income-tax as an industrial undertaking on its total income at the rate of 55 per cent, under paragraph f of the first schedule to the finance act, 1968 ? ..... under section 256(1) of the income-tax act, 1961, at the instance of the commissioner of income-tax, madras-ii, madras, the income-tax appellate tribunal has referred the following question :'whether, on the facts and in the circumstances of the case, ..... runs as follows: 'in the case of a company, other than the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956)- 1. .....

M/S. Mohan Breweries and Distilleries Ltd. and Another Vs. Commissione ...

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

..... a retrospective amendment of notification no.14/97-ce(nt), dated 03.05.1997 by section 87 of the finance act, 1997. ..... in effect, the limit of 10% ad valorem under section 87 of the finance act, 1997 would not apply in respect of credit availed under rule 57b of the rules as substituted vide notification no.6/97-ce(nt), dated 01.03. ..... high court held that section 87 of the finance act and notification no.14/97-ce(nt) (supra) are subject to the limitation provided under section 11a of the central excise act, 1944. ..... further, as per sub-section (2) of section 87 of the finance act, 1997 the present proceedings cannot ..... the demand of rs.7,60,566/- along with interest being excess credit availed for the period 23.07.1996 to 03.05.1997 under section 87 of the finance act, 1997 and rule 57i of the erstwhile central excise rules, 1944 read with section 11a of the central excise act. ..... he further submits that section 87 of the finance act, 1997 is in respect of a notification dated 03.05.1997 issued under rule 57a of ..... notice dated 01.11.1997 was issued to the assessee proposing to demand of an amount of rs.7,60,566/- along with interest as per notification no.14/97-ce(nt), dated 03.05.1997 and section 87 of finance act, 1997. ..... as per section 87 of the finance act, 1997, the restriction of credit of duties paid on the specified petroleum products as per notification, dated 03.05.1997, used as inputs in the manufacture of final products shall be deemed to prevail over all the notification with .....

Madras Bar Association and ors. Vs. Central Board of Direct Taxes and ...

Court : Chennai

Reported in : [1995]216ITR240(Mad)

..... it includes obtaining by any of such organisations supply of labour under a contract with a contractor for carrying out its work which would have fallen outside the 'work', but for its specific inclusion in the sub-section', would go to show that the words 'any work' did not carry such wide import as now sought to be ascribed to it by the impugned circular and at any rate the ratio of the decision of the ..... of course, when the proposal gets finally incorporated in the finance act that may be passed ultimately, it will have the force ..... counsel further, that the authorities concerned, in practice, resolve by resolutions or pass orders appointing a standing counsel or a chartered accountant, particularly, in the teeth of the provisions contained in the companies act to engage the services of the various institutions or professionals under consideration and that this constitutes an implied contract and, consequently, the submissions made on their liability to be proceeded against have no substance whatsoever ..... posed by the impugned circular orders is real and substantial and the consequence and effect of the constraining influence of the same upon the authorities functioning under the act, having regard to the authority which issued the same and the source of power claimed therefor, cannot be completely erased except by quashing and setting aside the ..... this necessitated an amendment to the constitution to enable the levy of sales-tax on the cost of goods supplied by the contractor, while .....

Commissioner of Income-tax Vs. T.V. Sundaram Iyengar and Sons

Court : Chennai

Reported in : [1999]97CompCas388(Mad)

..... act, 1977, and as the statutory conditions are complied with by the assessee-company, the assessee is eligible to get the credit for the deposit made by the company with the industrial development bank of india under the scheme in accordancewith section 2(1)(b) of the finance ..... act, 1977, provides the rates of income-tax and surtax, but under the proviso to section 2 of the said finance ..... the income-tax appellate tribunal, at the instance of the revenue has referred the following two questions of law for our consideration under section 256(2) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the expenses like rates and taxes paid in respect of the buildings and vehicles owned ..... made by the assessee on march 15, 1977, with the industrial development bank of india under the companies deposits (surcharge on income-tax) scheme, 1976, qualifies for the reduction of surcharge on income-tax within the scope of the proviso to section 2(l)(b) of the finance (no. ..... income-tax (appeals) found, that certain of the expenditure mentioned in the question referred to us fall outside the scope of sections 40(c) and 40a(5) of the act and his view was confirmed by the appellate tribunal. ..... , cannot be treated as perquisites for the purposes of disallowance under section 40(c)/40a(5) of the income-tax act, 1961, and hence the disallowance made on the basis of these expenses as forming part of the perquisites should .....

V. Shanmughavel and anr. Vs. Commissioner of Central Excise and ors.

Court : Chennai

Reported in : 2001(131)ELT14(Mad); [2002]254ITR717(Mad); (2001)2MLJ581; 2006[2]STR466; [2007]6STT183

..... 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 any service provided to a client, by a consulting engineer in relation to advice, consultancy or technical assistance in any manner in one or more disciplines of engineering is deemed to be a 'taxable service' ..... in the instant petition, the petitioner claims a writ of prohibition or any other writ, prohibiting the respondent from invoking the provisions of section 88, chapter vi of the finance act, 1997, for the purpose of levy and collection of service tax from the members of the petitioner institute on and from july 7, 1997, in respect of the services rendered by the petitioner's members as 'valuers' of the properties, plant ..... it is presumably this communication which is challenged in the present petition and the main contention is that the registered valuers who are acknowledged as such under section 34ab of the wealth-tax act would not be covered by the provisions of the finance act which provisions came to be made applicable by section 88, chapter vi of the finance act, 1997, for the purposes of levy and collection of service tax.3. ..... again, the term 'engineering discipline' as used in section 65(13) and section 65(48)(g) of the finance act cannot be interpreted in a manner as suggested by the .....

Commissioner of Central Excise Vs. Burn Standard Co. Ltd.

Court : Chennai

..... assessee that they were not required to make any such application on account of the reversal of the credit already taken and held that considering the amended rule as to the availability of the benefit as contemplated under section 69 of the finance act taking care of such situation and the fact that the amendment came during the pendency of the appeal, the proper course was to remand the matter back to the adjudicating authority to re-determine the credit taken ..... learned standing counsel for the appellant submitted that as per the amended provision in section 73 by the finance act, 2010, an assessee, who opts for payment in accordance with the amended provision in sub-section (1) of section 73 of the finance act, 2010, has to produce documentary evidence and necessary certificate from a chartered accountant/cost accountant, certifying the amount of input credit attributable to the inputs used in or in relation to the manufacture of final products, which are exempted ..... from the the duty, within a period of six months from the date on which the finance bill, 2010 receives the assent of the president .....