Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 2 income tax Court: chennai Page 15 of about 392 results (0.111 seconds)

C.Rajan Vs. Union of India

Court : Chennai

..... india, a letter was issued on 24.2.2012 to keep the show cause notice in abeyance; and (vi) the failure of the respondents to make even a formal denial of the specific allegation that one ms.omita paul, working in the ministry of finance, was pressurising the director general-- all put together, confirms that at least those administratively superior to the writ petitioner, were not happy about the show cause notice issued by him to jsw steels.43. ..... , cannot go into disputed questions of fact, by looking into any contra evidence that the petitioner may rely upon; and (vi) that once a trap was laid and a person caught red-handed, a presumption under section 20 of the prevention of corruption act arises and hence the same can be rebutted only by leading evidence before the trial court and not by pleadings before a writ court. ..... these prayers are made, as i have pointed out earlier, on the ground that the petitioner, as an honest, committed and pro-active officer of the indian revenue service, exposed multi million rupees tax evasion and fraud of two powerful industrial houses and that with a view to thwart further proceedings against those industrial houses, a conspiracy was hatched to fix him in a complaint of demand and acceptance of illegal ..... the averments contained in paragraphs 4 to 9, it appears that the petitioner joined as a probationer trainee in october 1980, completed his training in january 1982 and got posted as senior superintendent of central excise, baroda. .....

Commissioner of Income Tax Vs. Kuruvilla Abraham

Court : Chennai

..... case involving the assessment year 2005-2006 deals with section 2(14) of the income tax act, 1961, which was amended under the finance act 2007, as discussed supra. ..... against the order of the income tax appellate tribunal "b" bench, dated 17.7.2009, in i.t.a no.1376/mds/2008, under section 260a of the income tax act, 1961 for the assessment years ..... in order to consider the said issue, it is relevant to quote section 2(14) of the income tax act as it existed during the relevant assessment year as hereunder:- "2(14) "capital asset means property of any kind held by an assessee, whether or not connected with his business or profession, but does not ..... on the other hand, as could be seen from the memorandum explaining the provisions of the finance bill 2007 as also the notes and clauses of the finance bill 2007, as extracted by the commissioner of income tax (appeals) in his order, it is very clear that the amendment was intended to take effect from 1st april 2008 and will accordingly apply in relation to the assessment ..... that the assessee therein was held liable to tax on the capital gains derived by the sale of sovereigns, silver bars and rupee coins, under section 12b of the indian income tax act 1922, read with section 2(4a). ..... he also found that under section 2(14) of the income tax act the paintings were included in the definition of capital asset only with ..... was rendered by taking into consideration of the relevant provisions under the income tax act 1922, read with section 2(4a). .....

Commissioner of Income-tax Vs. Revathi Equipment Ltd.

Court : Chennai

Reported in : (2008)219CTR(Mad)51; [2008]298ITR67(Mad)

..... this appeal is filed under section 260a of the income-tax act, 1961, by the revenue, against the order of the income-tax appellate tribunal, bench 'd', chennai ..... 353 (delhi) where the assessee had treated the receipt of cash assistance as capital receipts, which was subsequently amended to be business receipt by the finance act, 1990, it was held that in such cases interest under sections 234b and 234c was not chargeable. ..... for the revenue submitted that section 35dda was introduced by the finance act, 2001, with effect from april ..... since the provision came for the first time by the finance act, 2001, the assessee could not have envisaged that he would become liable for payment of tax even against the vrs payments, which were otherwise allowable in view of the ..... under section 35dda was introduced for the first time by the finance act, 2001 ..... mad) in spite of the fact that a new provision under section 35dda was introduced first time by the finance act of 2001 and the same was made effective from april 1, ..... from a reading of the above, it is clear that the tribunal had taken a view that the finance bill introduced was passed in both the houses of parliament, receiving the assent of the hon'ble president ..... it is a common knowledge that the finance bill is introduced on february 28, 2001, and the same is made into the act after passing the bill in both the houses of parliament and receiving the assent of the hon'ble president of india some where in may or june, which means till that date .....

Devi Constructions Vs. the Commissioner of Central Excise (Appeals)

Court : Chennai

Reported in : (2008)221CTR(Mad)72; 2008[12]STR691; [2009]19STT461; (2008)18VST415(Mad)

..... addition to the above said amount, the original authority has also imposed penalty which is equal to the amount of service tax under section 76 of the act, a similar amount of penalty under section 78 of the finance act, 1994 apart from imposing penalty f rs. ..... to be termed as construction service, the respondent held that it should be deemed to be a construction by the petitioner besides other construction activities and in that view of the matter, passed the interim order directing payment of the entire service tax along with 50% of the penalty levied under sections 76, 77 and 78 of the finance act, 1994, less the amount already paid by the petitioner.8. ..... 500/- imposed under section 77 of chapter v of finance act, 1994; and 50% of penalty of ..... 3,65,215/- imposed under section 76 of chapter v of finance act, 1994; 50% of the penalty amount of ..... 000/- under section 77 of the finance act, 1994.6 ..... 429/- which has been arrived at on the basis of gross amount received by the petitioner during the period from 10.9.2004 to june, 2006 as per the services provided by it under section 73(2) of the finance act, 1994.5. ..... /- imposed under section 78 of chapter v of finance act, 1994.4. ..... assailing the said order of the original authority, the petitioner has approached the respondent being the appellate authority under section 35f of the central excise act, 1944 and it is, when the matter was argued for admission, the respondent has passed the above said interim order which is impugned in this writ .....

Elgi Electric and Industries (P) Ltd. Vs. the Deputy Commissioner of I ...

Court : Chennai

..... prayer: appeal filed under section 260a of the income tax act, 1961 as against the order of the income tax appellate tribunal, chennai bench 'd' dated 28th february 2005 in i.t.a.no ..... sub section (2) itself was omitted subsequently by the finance act, 1997 with effect from 1.4.1998 ..... "the above-said provision was however omitted by the finance act 1997 with effect from 1.4.1998. ..... it is seen from the reading of section 37 that the ceiling which was there for grant of deduction on the entertainment expenditure under sub section (2) and (2a) was however removed by the substitution of sub section (2) under finance act of 1992 with effect from 1.4.1993. ..... the provision of law thus standing, relevant to the assessment year 1994-95, we hold that the assessee is entitled to claim deduction on the said amount of rs.1,50,520/- disallowed as entertainment expenditure under section 37(2a), as allowable as per section 37 read with explanation (iii).in the result, the tax case appeal filed by the assessee stands partly allowed in respect of question no.3 alone. ..... during the relevant assessment year herein in this case, reads as under:"(2) notwithstanding anything contained in sub-section (1), any expenditure in the nature of entertainment expenditure incurred by any assessee during any previous year commencing on or after the 1st day of april 1992, shall be allowed as follows:-(a) where the amount of such expenditure does ..... the commissioner of income tax (appeals) affirmed the view of the assessing .....

Commissioner of Income-tax Vs. P.A. Venkataraman

Court : Chennai

Reported in : [2000]246ITR773(Mad)

..... the question is as to whether the words 'total income' in sub-paragraph ii of paragraph a in part iii of the finance act, 1986, which refers to the income of the individual would also include the income of other persons whose income is required to be treated as part of his income under section 64 of the income-tax act, 1961, which occurs in chapter v of the income-tax act, is the question that arises for consideration in this reference.2. ..... kochammu amma, peroke : [1980]125itr624(sc) , after examining section 64 of the income-tax act, held that it is clear from section 64 of the act that though the share of the spouse or minor child in the profits of a partnership firm in which the assessee is a partner is not the income of the assessee, but is the income of such spouse or minor child, it is liable to be included in computing the total income of the assessee and it would be assessable to tax in the hands of the assessee. ..... kochammu amma, peroke : [1980]125itr624(sc) .8. ..... as has been held by the supreme court, section 5 of the income-tax act is subject to the other provisions of the act including section 64 and, therefore, income which is required to be included in the income of the assessee though not includible strictly in terms of section 5 of the act nevertheless should be regarded as part of the total income.10. .....

Adar Tea Produce Co. Ltd. Vs. Assistant Commissioner of Income Tax

Court : Chennai

Reported in : [2000]106TAXMAN222(Mad)

..... however, the claim of the petitioner for depreciation has become inadmissible due to the modification of definition of the term 'plant' in section 43(3) as amended by the finance act, 1995 with retrospective effect and the result was that the petitioner became liable to tax on income computed without allowing the claim for depreciation made by the petitioner in respect of additional value of the plant. ..... for the purpose of the business or profession but does not include tea bushes or livestock;'the reason for the above amendment is explained in the notes on clauses of the finance bill, 1995 vide (1995) 212 itr 298 and 299 and the relevant notes on clauses read as under:'clause 12 seeks to amend sub-section (3) of section 43 of the income tax act relating to definition of 'plant' for purposes of sections 28 to 41.it is proposed to exclude tea bushes from the ambit of the definition of 'plant'. ..... income tax officer : [1980]123itr727(guj) and any other parts of the act which throw light upon the intention of the legislature and which may serve to show that the particular provision ought not to be construed as it would be if considered alone and apart from the rest of the act - per lord herschell, colquhoun v. ..... national taj traders (1980) 121 itr 535, , cit v. ..... national taj (1980) 121 itr 535 . ..... simpson : [1980]122itr283(mad) . .....

Areva T and D India Ltd. Vs. Assistant Commissioner of Income Tax and ...

Court : Chennai

Reported in : (2008)220CTR(Mad)156; [2009]177TAXMAN192(Mad)

..... again amended by the finance act of 2007 with retrospective effect from 1st april, 2006, which reads as follows:explanation: for the purposes of this section-(a)'cost', in relation to any long-term specified asset, means the amount invested in such specified asset out of capital gains received or accruing as a result of the transfer of the original asset;(b)'long-term specified asset' for making any investment under this section during the period ..... , a company formed and registered under the companies act, 1956 (i of 1956), and notified by the central government in the official gazette for the purposes of this section.from this amendment it is clear that the tax benefit under section 54ec of the act is not available on long-term capital gains which are invested on or after 1st april, 2006, in the bonds of national bank for agriculture and rural development, national housing bank and small ..... because of the amendment, the tax benefit under the said section is available thereafter only on those long-term capital gains which are invested on or after 1st april, 2006, in the bonds of rural ..... the benefit of tax exemption is only with respect of long-term capital gains invested in the bonds which are redeemable after three years and issued by the national highways authority of india or by the rural ..... provision, if the amount of long-term capital gain arises from the transfer and is invested in the long-term specified asset, then the petitioner company need not pay capital gains tax. .....

Secretary, Ministry of Finance, Government of India, New Delhi and ors ...

Court : Chennai

Reported in : 1983(14)ELT2184(Mad)

..... ' in view of this amendment and the introduction of explanation 11 by the finance act, 1979, there is now no dispute that after the finance act, 1979, the porcelain shell manufactured by the respondents for being used as components of lighting arresters will not be liable to excise duty under ..... all that a bench of the delhi high court held in that case was that it was apparent that the legislative intent for levy and collection of excise duty under the central excise act and the rules was that no duty was leviable on intermediate products if they were not end products by themselves provided the end product was obtained by one continuous uninterrupted integrated process as opposed to ..... ' from the above decision of the supreme court it is clear that in order to attract excise duty under section 3 of the act the goods that are manufactured must be goods which are ordinarily bought and sold in the market and are known as such to ..... by the finance act, 1979, an explanation was added to item 23-b which is as follows :- ..... collector of central excise, 1978 elt j 180 for the proposition that an excise is a tax on the production or manufacture of goods and it is not necessary to attract excise duty that the goods should be ..... on the file of the superintendent of central excise, guindy mixed range, madras-32, and quash the order passed on 27-1-1973/5-2-1973 by the ministry of finance, government of india, new delhi, in their order no. ..... union of india, 1980 elt 327; collector of central excise .....

K.R. Palanisamy and ors. Vs. Union of India (Uoi) and ors.

Court : Chennai

Reported in : (2008)219CTR(Mad)323; [2008]306ITR61(Mad); [2009]180TAXMAN253(Mad)

..... even the special provision, which provides for collection of income-tax on profits and gains from trading in goods specified under sections 44ac and 206c of the it act on a presumptive basis have been upheld by the supreme court in the case of union of india and anr. v. a. ..... has been made before any other authority, court or the high court,the ao may refer the valuation of the capital asset to a valuation officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16a, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23a, sub-section (5) of section 24, section 34aa, section 35 and section 37 of the wt act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the ao under sub ..... in all these cases, the constitutional validity of section 50c of the it act, 1961 introduced by finance act, 2002 with effect from the asst. yr. ..... had it been held that the scheme of 1980 was within the authority given by the act, we would have rejected the challenge to the act and the scheme under article 14 of the constitution.36. ..... union of india : [1980]3scr1042 .for the foregoing reasons, all the writ petitions are liable to be dismissed and accordingly they are dismissed. .....