Judgment Search Results Home > Cases Phrase: finance no 2 act 1977 section 6 amendment of section 11 Page 75 of about 11,008 results (0.115 seconds)

Pabhojan Tea Estate Vs. The Union of India, Represented by the Secreta ...

Court : Guwahati

..... choudhury, learned senior counsel for the petitioner, that even if the expression interest had been mentioned in section 157 (3) of the finance act 2003, yet it would not have improved the case of revenue for sustaining the demand for interest. ..... to put it differently, firstly, there is no provision made to levy/ charge interest in the finance act, 2003: secondly, substantive provision relating to levy/ charging of interest from central excise act is not made applicable to finance act, 2003 and thirdly, by virtue of section 157(3), only provisions relating to penalty, refund and exemption contained in central excise act are made applicable to finance act, 2003. ..... he pointed out that in the absence of any charging section to levy interest in the finance act 2003, no demand for interest could be raised by the revenue. ..... coming now to the facts of this case, when we examine the provisions of finance act 2003 keeping in view the aforesaid principle of law, then we find that there is no substantive provision contained in the finance act 2003 to charge/levy interest on delayed payment of additional excise duty payable under section 157 ( 1 ) ibid. ..... one per kg in accordance with the provisions of section 157 of the finance act 2003 in addition to other duties payable in law failing which it was recoverable in accordance with the provisions of central excise act by virtue of section 157 (3) ibid. ..... the fourth schedule of the act was accordingly amended. .....

Dharampal Satyapal Ltd. Vs. Union of India (Uoi) and ors.

Court : Guwahati

..... of seven years from 1.4.1993 in accordance with clause 10.4(i)(b) of the industrial incentive policy, 1993 and whether the notification issued by the government of bihar dated 2.4,1994 in exercise of power under section 7 of the bihar finance act to the extent it indicates 'who has not availed of any facility or benefit under any industrial promotion policy' is valid as being contrary to the policy resolution of 1993. ..... in this view of the matter, any notification issued by government order in exercise of power under section 7 of the bihar finance act, if is found to be repugnant to the industrial policy declared in a government resolution, then the said notification must be ..... while dealing with the question, the issuance of notification under section 7 of the bihar finance act, the apex court held that - 'it is true that issuance of such notifications entitles the industrial units to avail of the incentives, and benefits declared by the ..... benefits of the central excise tax was withdrawn on pan masala containing chewing tobacco is contrary to the policy decision taken by the government it is pertinent to mention the government has not changed nor amended the policy, the policy remains the same of declaring the region as total tax free zone for the industries set up and commence production on or after 24.12.1997 or which have increase in installed capacity ..... the ministry of finance to amend the rules/ ..... that the ministry of finance was requested to amend rules/notifications, etc. .....

Commissioner of Income-tax, Poona Vs. Jalgaon District Central Co-oper ...

Court : Mumbai

Reported in : (1982)30CTR(Bom)206; [1983]143ITR326(Bom); 1984TAXLR212

..... question referred to us for our determination in this reference is as follows :'whether, on the facts and in the circumstances of the case and having regard to the provisions of section 3 of the finance act, 1963, the tribunal erred in law in holding that additional surcharge was not leviable against the assessee for the assessment year 1963-64 ?'2. ..... section 3 of the said finance act runs as follows :'notwithstanding anything contained in the provisions of chapter vii or chapter viii-a or section 110 of the income-tax act or sub-section (5) of section 2 of this act, in calculating any relief, rebate or deduction in respect of income-tax payable on the total income of an assessee which includes any income on which no income-tax is payable or in respect of which a deduction of income-tax is admissible under any of ..... 2 of the said finance act provides that :'(1) subject to the provisions of sub-sections (2), (3), (4) and (5) for the assessment year commencing on the april 1, 1963, - (a) income-tax shall be charged at the rates specified in part i of the first schedule and, ..... 3 thereof, make it perfectly clear that the additional surcharge under the said finance act is to be levied irrespective of whether the income of an assessee is exempt from tax or not, provided the assessee has income which can be said to be residual income within the meaning of the term in the said finance act, and the assessee is liable to the levy of additional surcharge provided the residual income exceeds .....

Hindustan Lever Ltd. Vs. Commissioner of Income-tax, Bombay City-i

Court : Mumbai

Reported in : (1979)12CTR(Bom)55; [1980]121ITR951(Bom); [1980]3TAXMAN390(Bom)

..... profits and gains on such exports, the amount of qualifying income shall be taken as the excess of the amount of the profits and gains so ascertained in accordance with the provisions of the income-tax act, 1961 (xliii of 1961) (hereinafter referred to as the act), and included in the total income over the aggregate of the amount of any portion thereof on which income-tax or super-tax is not payable and the amount in respect of which a deduction of ..... aggregate of the amount of any portion thereof on which income-tax or super-tax is not payable and the amount in respect of which a deduction of income-tax or super-tax has been granted under any provision of the act), the fraction being proportional to the value of the turnover of such exports in relation to the total turnover of the business of which such exports form a part. ..... it is perhaps on that limited footing that the madras high court upheld the assessee's contention as regards the inclusion of this amount for the purposes of obtaining the benefit of a comparable provision in the finance act, 1966. ..... 2(5)(a)(i) of the finance act, 1966, and in the decision question no ..... before the tribunal which held that the cash subsidy and sale proceeds of import entitlements were profits from export business on which the assessee was entitled to the rebate under the provisions of the finance act, 1966. ..... 2) act, 1962 (2) whether the benefit of the provision of section 2(5) of the finance (no. ..... : [1977]107itr168(mad) , which may now be considered .....

The Commissioner of Central Excise Vs. Maha Laxmi Sugar Mills Company ...

Court : Uttaranchal

Reported in : (2008)219CTR(Uttranchal)393

..... on the facts and circumstances of the case, we hold that though penalty can be imposed under section 77 of the finance act, 1994, for violation of section 70 of said act, even for the period prior to 31.03.2000, but in the present case the same was not justified, for reasons discussed above.8. ..... collecting the service tax who has not furnished the return within the time allowed under sub-section (1) or sub-section (2) or having furnished a return under sub-section (1) or sub-section (2) discovers any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time before the assessment is made.section 77 of the finance act, 1994, provides the penalty for violation to furnish the prescribed returns as mentioned in section 70, quoted above, and reads as under:77. ..... following substantial question of law has been raised by the revenue in this appeal:whether, the penalty under section 77 of the finance act, 1994 in respect of default in submitting st-3 return for period prior to 31.03.2000, even though the same was filed on 23.01.2002 i.e. ..... allegation against the assessee is that it violated the provisions of section 70 of the finance act, 1994, as it failed to furnish half yearly returns in the prescribed form st-3 for the quarter ending on december 1997. ..... long after the amendment in the statute with retrospective effect came into force vide finance act, 20003. .....

The Commissioner of Income Tax, Bombay City I, Bombay Vs. Narsee Nagse ...

Court : Supreme Court of India

Reported in : AIR1960SC1232; [1960]40ITR307(SC); [1960]3SCR988

..... then came the finance act of 1949 which continued the act for another year and under s ..... section 48 of the income-tax act, as amended and applied to the act, does not affect the operation of s ..... the finance act of 1950 did not continue the act and it thus came to an end except for liabilities which had already arisen or accrued under the act.14. ..... of the taxable profits, which in later years was fixed at a lower figure by the finance acts of 1948 and 1949. ..... after the finance act of 1948 the accounting year, if it was a calendar year, became divided into two parts and both were assessable in the assessment year beginning with april 1, 1948, and, therefore, notice had to be given in the ..... 2(4) added by the finance act of 1948 would affect this ..... other changes made by the finance act of 1948 were in s ..... by succeeding finance acts, the year 1941 was changed to 1942, 1943, 1944, 1945 and ..... for the chargeable accounting period after that date was to be fixed by the annual finance act and by s. ..... 10 of the finance act the rate of tax for the chargeable accounting period up to the end of march, 1947, remained at 16 2/3 per ..... this in view we may now see what changes were made by the finance act of 1948. ..... the taxable profits, and in respect of any chargeable accounting period beginning after that date, be equal to such percentage of the taxable profits as may be fixed by the annual finance act. ..... thus business profits tax rates also were to be fixed by the annual finance act as were the income-tax rates. .....

State of Bombay Vs. Nagindas Maneklal and anr.

Court : Mumbai

Reported in : AIR1956Bom89; (1955)57BOMLR913; ILR1956Bom31

..... the plaintiffs' case is that each of these properties was separately assessed for the urban immoveable property tax leviable under section 22, bombay finance act up to 1946-47 on the annual letting value of that property.in the bills for 1947-48 and 1948-49, the tax was, however, claimed at the higher rate of 7 1/2 per cent, on the total annual letting value ..... consideration therefore is whether they are three buildings or whether they are three tenements in one building within the meaning of proviso 2 to section 22, bombay finance act.the answer to this will depend on the meaning to be given to the words 'building' and 'tenement' used in this proviso.4 ..... the state was that all the properties were parts of one building and that consequently under the second proviso to section 22, bombay finance act, the urban immoveable property tax could be assessed on the annual letting value of the building as a whole. ..... section 21, bombay finance act states that 'building and lands' have the same meanings as they have in the corresponding municipal act ..... section 22, bombay finance act, 1932, is in the following terms:--'there shall, subject to the provisions of section 23, be levied and paid to the state government a tax on buildings and lands, hereinafter called the 'urban immovable property tax' at such rate not exceeding seven per cent, of the annual letting value ..... been heard together, as they involve a common point of law relating to the interpretation -of section 22, bombay finance act, 1932.2. .....

Andhra Pradesh Paper Mills Ltd. Vs. Asstt. Collector of Central Excise ...

Court : Andhra Pradesh

Reported in : 1985(4)ECC289; 1984(17)ELT300(AP)

..... is, that poster paper is totally exempted from levy of excise duty from 16-3-1976 to 18-6-1980 by virtue of the amendment of tariff item 17 by finance act 2 of 1976, and secondly, that poster paper has become dutiable under tariff item no. ..... a public limited company registered under the companies act and licensed under the central excises and salt act, 1944, manufactures different varieties of paper including 'poster paper' which are excisable goods within the meaning of section 2(d) of the central excise act. ..... section 37, power is given to the central government to make rules to carry into effect the purpose of the act and also with regard to the particular matters mentioned in sub-section (2), clause (xvii) of section 37(2) empowers the government, to make rule providing for exempting any goods from the whole or any part of the duty imposed by this act. ..... main tariff item 17, paper and paper board of all sorts, covers poster paper also, poster paper is also excisable goods under section 2(d) read with section 3(1) of the act. ..... section 3 of the said act provides for levy and collection of excise duty and it reads as ..... according to the definition in section 2(d), 'excisable goods' means goods specified in the first schedule as being subject to a ..... (1-a) the provisions of sub-section (1) shall apply in respect of all excisable goods other than salt which are produced or manufactured in india by, or on behalf of, government as they apply in respect of goods which are not produced or .....

Saruplchand and Hukumchand Vs. Union of India and Another.

Court : Madhya Pradesh

Reported in : [1953]23ITR382(MP)

..... , 1950, in so far as they authorise the levy of the tax on income accruing in madhya bharat in the period prior to 26th january, 1950, are ultra vires; (4) whether the notice issued to the petitioners under section 22 of the act requiring them to submit a return ..... section 13 of the finance act or of the other provisions of that act by which the indian income-tax act was amended and made applicable to part b states.learned counsel for the petitioners also urged that the income-tax act has no retrospective operation and that when the act was made applicable to this state only from 1st april, 1950, it cannot be construed so as to permit taxation under the act ..... of the rajasthan high court is accepted, then one is led to the strange conclusion that the state law is to continue in force under section 13 of the finance act for the levy, assessment and collection of the tax on income accruing not only in the year from 1st april, 1948, to 31st march, ..... section 3 read with section 2(14a) of the act, the income accruing to the petitioner in the accounting year 1949-50 in madhya bharat is liable to tax; (2) whether if the said income is not liable to tax, the income-tax officer, indore, can assess tax on the petitioners income which accrued to them in part a states during the year ending on 31st march, 1950; (3) whether the provisions of the indian income-tax act, 1922, as amended by the indian finance act .....

The Commissioner of Income Tax And#8211; 10 Vs. M/S. Indian Oil Corpor ...

Court : Mumbai

..... the object of introducing the explanation 2 to section 234d of the act has been explained in the memorandum explaining the provisions of the finance bill 2012 inter alia as under: under the existing provisions of section 234d of the income tax act (inserted with effect from 1st june, 2003, vide the finance act,2003), where any refund has been granted to the assessee under sub-section(1) of section 143 and subsequently on regular assessment, no refund or lesser amount of refund is found due ..... in view of the declaratory amendment to section 234d of the act by the addition of explanation 2 thereto any doubt with regard to the word is having a past signification has been set at ..... this submission of the respondent-assessee would require limiting the clear words of a declaratory amendment in an explanation 2 to section 234d of the act which specifically provides that it shall also apply to an assessment year commencing before 1/06/ ..... explanation 2 to section 234d of the act is a declaratory/clarificatory amendment. ..... more aspect of the matter which must be borne in mind is that till such time as the assessment proceedings are completed in respect of any assessment year, the amendment made to the act would be applicable even in case of pending proceedings. ..... , the amendment did not exclude such cases from the operation of the section. ..... this amendment make it cleat that it shall apply assessment years even prior to ..... this amendment will take effect retrospectively from the 1st day of june, 2003 .....