Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 2 income tax Court: chennai Page 10 of about 392 results (0.074 seconds)

Sree Lotus Exports Vs. Commissioner of Central Excise, Trichy

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

..... further, as per the provisions of section 78 of the finance act, 1994, penalty under section 76 cannot be imposed, when penalty under section 78 has been imposed. ..... 2.0 in view of the above reasons, we humbly request that the adjudicating authority may kindly pass an appropriate order under the provisions of section 74 of the finance act, 1994 by rectifying the error. ..... 3) i find that as per section 74 of the finance act, 1994, an application for rectification can be filed within a period of two years from the date of which the order stated to have contained errors was passed. ..... under such circumstances, we are eligible to pay the penalty at the reduced rate of 25% of the penalty as per the provisions of section 78 of the finance act, 1994. ..... for reasons recorded below, i waived predeposit of penalty imposed upon the assessees (entire service tax demand has been paid together with interest) and proceeded to decide the appeal itself at this stage with the consent of both sides, as the issue lies within a narrow compass. 2. ..... (i) there is no mandatory requirement which stipulates to mention that the benefit of reduced penalty (25%) would be available if the tax along with interest is paid in full within 30 days of the receipt of the order in original. ..... 27.9.2010 is reproduced herein below:- sub : service tax - passing of order in original dated 28.11.2008 - clarification - regarding. ..... 2.0 we have paid the entire service tax amount of rs.55,832/- along with interest of rs.7,293/-. .....

Sujatha Films P. Ltd. Vs. the Commissioner of Income Tax

Court : Chennai

Reported in : (2006)202CTR(Mad)553; [2006]284ITR503(Mad)

..... the provisions of section 153 have been amended by the finance act, 1989 and as per the amended provision, the time limit is one year from the end of the financial year in which the return of income or a revised return of income is filed by the assessee.8 ..... srihari, despite the attachment of the loan under section 226(3) of the income-tax act, 1961 and despite the agreement between the assessee and the debtor that no interest shall be chargeable or payable on the loan from 1.3.85 and that the same was assessable as the assessee's income according to the system of mercantile accounts followed by it?2 ..... srihari could not have paid a single paisa to the assessee after attachment by the income tax department under section 226(3) of the income tax act. ..... income tax appellate tribunal, madras, 'a' bench, referred the matter under section 256(1) of the income tax act at the instance of the assessee, for opinion of this court, raising the following questions of law:1 ..... on 21.2.1985, the income tax department served a notice under section 281b of the act prohibiting the said sri ..... within one year from the date of filing the return, the time limit prescribed under section 153(1)(c) of the income tax act. ..... wallace garden,iii street,madras-600 006.dear sirs,sub: loan taken from you and interest payable thereon - reg.ref: letter from income-tax officer, company circle iv(1), madras dt.25.2.1985 your letter dt.1-3-1985 - ---------------------------------------please refer to your letter cited above. .....

Tamilnadu Kalyana Mandapam Owners Association Vs. Union of India and o ...

Court : Chennai

Reported in : 2001(133)ELT36(Mad); [2002]253ITR250(Mad); (2001)2MLJ629; 2006[2]STR438

..... shortly stated, the case of the petitioners before us is that this tax and the provisions therefor in sections 65, 66 and 67 of the finance act are firstly beyond the 'legislative competence' of the union of india as, in fact, in pithand substance, this tax amounts to a 'tax on land and buildings', which is covered by entry 49 of the state list (list ii) of the seventh schedule to the constitution of india. ..... learned counsel then invited our attention to the definition of the word 'caterer', which is defined in section 65(10) of the finance act, which reads as under : ''caterer' means any person who supplies, either directly or indirectly, any food, edible preparations, alcoholic or non-alcoholic beverages or crockery and similar articles or accoutrements for any purpose or occasion ;' 39. ..... slate of rajasthan : [1962]1scr517 , the provisions of a state law levying a tax on passengers and goods under entry 56 of list i were assailed on the ground that the state was, in the guise of taxing passengers and goods, in substance and reality taxing the income of the stage carriage operators or, at any rate, was taxing the 'fares and freights', both outside of its powers. ..... surat art silk cloth manufacturers association : [1980]121itr1(sc) , where the speech made by the finance minister while introducing the exclusionary clause in section 2, clause (15), of the act was relied upon by the court for the purpose of ascertaining what was the reason for introducing that clause.' 34. .....

Commissioner of Wealth Tax Vs. P. Devasahayam

Court : Chennai

Reported in : (1998)144CTR(Mad)313; [1999]236ITR885(Mad)

..... 2(7)(c) of finance act, 1973 was to give concession in the rate of income-tax to manufacturing concerns. ..... 2(7)(c) of finance act, 1982, and was accordingly entitled to the concessional rate of income-tax. ..... 2(6)(d) of the finance act, 1968, and that the assessee is an 'industrial company' within the meaning of the definition contained in that section ? ..... the particular provision of the finance act with which we are concerned here prescribes specific rates of tax and the assessee seeks to be included within the definition of the term 'industrial company', so as to get the benefit of the lesser rate of taxation. ..... ) the value, as determined in the prescribed manner, of the interest of the assessee in the assets (not being any land or building or any rights in any land or building or any asset referred to in any other clause of this sub-section) forming part of an industrial undertaking belonging to a firm or an aop of which the assessee is a partner or, as the case may be, a member); 9. ..... (1a), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee - (xxxi) the value, as determined in the prescribed manner, of assets (not being any land or building or any rights in any land or building or any asset referred to in any other clause of this sub-section) forming part of an industrial undertaking belonging to the assessee; explanation - for the purposes of cl. .....

Commissioner of Income-tax Vs. Poly-ene General Industries

Court : Chennai

Reported in : [1976]104ITR242(Mad)

..... following question has been referred:'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the assessee-firm was entitled to relief provided for under section 2(5)(a)(iii) of the finance acts, 1964 and 1965?'4. ..... only point taken before the tribunal was based on the interpretation of section 2(5)(a)(iii) of the finance acts, 1964 and 1965. ..... (ii) of section 2(5)(a) provided that where an assessee whole total income included any profits and gains derived from the export of any goods out of india, was engaged in the manufacture of any articles in any industry specified in the first schedule to the industries (development and regulation) act, 1951, and if he had exported after a particular date such articles out of india, he would be entitled, in addition to the deduction of tax referred to in sub-clause (i), to a further deduction from the amount of tax ..... the relevant provision of the finance act was designed to give an incentive to ..... the exporters using the vary same polythene bags for the purpose of their export of tobacco and on such a clear finding the assessee was entitled to the relief provided under the said provisions of the finance act.3. ..... the assessee claimed rebate under section 2(5)(a)(iii) of the finance acts, 1964 and 1965, on the ground that polythene bags manufactured by it were actually exported out of india by the persons by whom they were purchased and as such the said exports were eligible for the relief .....

Commissioner of Wealth Tax Vs. Alfred and Berg Co. (i) (P) Ltd.

Court : Chennai

Reported in : (2004)186CTR(Mad)494

..... matter to the tribunal by holding that the presence of the object clause in the memorandum of association is alone not sufficient and the tribunal should consider whether the building was a business asset or not with reference to section 40(3)(vi) of the finance act, 1983 and also with reference to the terms of the lease deed under which the property was let out. ..... the wto applied section 40(3)(vi) of the finance act, 1983 and held that the let out portion of the building was assessable to wealth-tax, which was confirmed by the cwt(a). ..... the tribunal also has to consider the terms of section 40(3)(vi) of finance act and then examine the question and even if it is commercial asset, it has to be considered whether it is excludible from the levy of wealth-tax. ..... out portion of the building fell within one of the objects of the company and therefore the portion let out by the assessee was a business asset and the same was exempt under the provisions of section 40(3)(vi) of the finance act, 1983. ..... it is stated that during the relevant assessment years in question, the assessee had let out portion of the building to the tenants and realised rental income from the portion of the building let out to the tenants. ..... the tribunal has stated the case and referred the following question of law under section 27(1) of the wt act, 1957 in relation to the asst. .....

Mohabir Enterprises Vs. Commissioner of Central Excise

Court : Chennai

..... , had been reduced to rs.4 lakhs under section 35-f of the central excise act (hereinafter referred to as 'the act') made applicable to the service tax as per section 83 of the finance act and the balance amount was waived, is called in question, seeking to quash the same as unlawful, arbitrary and not sustainable in ..... passed the impugned order, dated 22.1.2013, in pre-deposit-cum-appeal order no.62/2013 (m-st(pd)) (in a.no.366/2012 (m-st)), thereby directing the petitioner to pay the amount of rs.4 lakhs as pre-deposit in cash on or before 12.2.2013 under section 35-f of the act, made applicable to service tax as per section 83 of the finance act and the balance amount was waived. ..... , against which, the petitioner filed a statutory appeal under section 85 of the finance act, 1994, before the first respondent-appellate authority, along with petition for stay/waiver of pre-deposit of service tax, interest and penalty and the said appeal was numbered as a.no.366/ ..... it is the case of the petitioner that a show cause notice in no.608/2009, dated 30.11.2009 was issued by the second respondent to the petitioner, requiring the petitioner to show cause as to why a sum of rs.47,93,649/- towards service tax, should not be demanded under section 73(1) of the finance act, 1994, apart from demand of interest. ..... contested the classification and taxability of impugned services under the category "survey and exploration of mineral services" as defined under section 65(104a) of the finance act, 1994.4. .....

First Leasing Co. of India Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2001)75ITD197(Chennai)

..... these appeals are filed by the assessee, a limited company and are instituted against the orders of the commissioner central-ii, chennai.the commissioner had invoked his powers under section 263 of the income tax act, 1961 (hereinafter referred to as the act) and had withdrawn the extra-shift allowance granted by the assessing officer on the machinery's that are leased by the assessee company to various lessees.the commissioner applied the decision of the tribunal in shri leasing ..... it had extended additional depreciation in respect of new machines or plant that has been installed after the 31-3-1980 but before the 1-4-1985 and this is allowable to the extent of fifty per cent of the depreciation allowable on such machines or plant. ..... in the order of the assessing officer and the same cannot be said to an error prejudicial to the interest of the revenue, in the light of the circulars /instructions of the board and the decision of the supreme court in shaan finance (p) ltd. ..... in the case, however, of hire of machinery, it was provided that the owner is entitled to depreciation.the hon'ble supreme court in shaan finance (p) ltd. ..... shaan finance (p) ltd. ..... the tribunal in shri leasing & industrial finance co. ..... the tribunal in shri leasing & industrial finance co. ..... has challenged the said order both on legal validity and on merits.the proposal for the formation of a special bench to resolve the controversy was mooted on the reasoning that the decision in shri leasing& industrial finance co. .....

Sri V.G. Ramachandiron Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)284ITR53(Chennai)

..... the commissioner of income-tax (appeals) relying on the second proviso to section 10(10c) of the act held that "irrespective of the object for which the second proviso to clause (10c) of section 10 had been enacted, the fact remains that the proviso unambiguously states that where exemption "thereunder" has been already allowed to an employee in one assessment year, no such exemption can ..... as per section 10(10c) any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 ..... to solve this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding ..... over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 w.e.f. ..... it is pertinent to mention here that even while clause (10c) has since been amended by the finance act, 2003, so as to make it applicable not only to any amount "received" but also to any amount "receivable", the second proviso has not been altered in any manner; and, ..... will take effect from april 1, 2004, and will, accordingly, apply in relation to the assessment year 2004-2005 and subsequent years.further the memo explaining provisions of finance bill 2003 as reported in 260 itr at page 197 (statutes) explained in clause 6(b) - it is proposed to provide that any amount, not exceeding five lakh .....

R.M. Chinniah Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)103ITD479(Chennai)

..... further, the finance act, 2001 wherein new explanation was inserted with retrospective effect from 1st april, 1989 which lays down that in section 234b 'assessed income' means the tax on total income determined under section 143(1) or on regular assessment as reduced by the tds amount. ..... section 209 of the act, after amendment by the amending act, 1987 lays down the method of computing advance tax payable during a financial year as follows: (a) where the calculation is made by the assessee for paying the advance tax, either of his own accord or on the basis of the estimate of his current income after the assessee is served with a notice by the ao under section 210(3) or (4) for payment of advance tax, income-tax on the current income shall be calculated at the rates in force in that financial year. ..... (d) the income-tax calculated under any of the above clauses shall, in each case, be reduced by the amount of income-tax which would be deductible at source under any provisions of the act on any income which has been included in the current/total income determined under any of the above clauses.section 234b(1) inserted by the direct tax laws (amendment) act, 1987 w.e.f. ..... 1st april, 1988 lays down that tax shall be payable in advance during any financial year in accordance with the provisions of sections 208 to 219 of the it act in respect of total income of the assessee which would be chargeable to tax for assessment year immediately following that financial year. .....