Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 2 income tax Court: chennai Page 16 of about 392 results (0.073 seconds)

Salem District Sound System Association Vs. Union of India (Uoi)

Court : Chennai

Reported in : 2001(131)ELT6(Mad); 2006[2]STR383; [2007]6STT267

..... commissioner, who is the 3rd respondent herein, has invited the attention of the association to section 88 of the finance act, 1997, providing for levy of service tax on the services rendered by pandal or shamiana contractors, which is brought under service tax net with effect from 1-8-1997, vide notification no. ..... here that section 65, as was framed under the finance act 1997, underwent a change in the finance act 1998 which came into effect from 16-10-1998 and under the new section 65, the definitions of 'pandal or shamiana' and 'pandal or shamiana contractors' as also 'taxable service', defined under section 65(41)(o) were ..... by the petitioner association on the ground that it is only without jurisdiction and baseless, as the provisions of the finance act, levying tax on the basis of section 65(27) of the service tax. ..... that these provisions were introduced by the finance act, 1997, with effect from 1-8- 1997. ..... the petition, which would have ordinarily been rendered infructuous, because of the change in the sub-section of the law, which we have indicated above, would not be rendered infructuous as, even otherwise, if the provisions are applicable to the members of the petitioner association, they would be required to pay the tax atleast for the period indicated above and, therefore, the petition does not become infructuous. ..... language of the statute does not permit the inclusion of the persons providing sound service into the tax net, via section 65(27) of the act as it then was. .....

Tvs Motor Company Ltd., (Formerly Known as Tvs Suzuki Ltd.), Rep. by I ...

Court : Chennai

Reported in : (2007)209CTR(Mad)334; [2007]293ITR394(Mad)

..... however, the assessing officer issued notice under section 148 of the income-tax act to reopen the assessment and ultimately, withdrew the relief granted under section 80hh of the act by the impugned order dated 27.3.2003. ..... assessment year 1995-96, the assessing officer had set off the unabsorbed depreciation and investment allowance carried forward while computing the relief under section 80hh of the income-tax act, 1961. ..... the declaration of the petitioner has to be presumed as if it was never made and consequently, the petitioner cannot claim that the matter should not be reopened, as it is a case falling under the provisos to section 90(1) of the finance( no. ..... it cannot be stated that the matter covered by the order under section 90(1) of the finance ( no. ..... of the learned counsel for the petitioner that the order passed under section 90(1) of the finance ( no. ..... on the short point, whether the immunity under the kar vivad samadhan scheme gets affected by the reopening of assessment, and to appreciate the same in proper perspective, it is apt to refer the relevant portion of section 90 of the finance ( no. ..... when section 90(3) of the finance ( ..... under section 90(3) of the kar vivad samadhan scheme (finance ( ..... present case, the reopening of assessment was made to decide the question of eligibility of the petitioner for deduction under section 80hh of the act, which material was not available before the designated authority while granting certificate under section 90(1) of the finance ( no. .....

The Commissioner of Income Tax Vs. Sree Annapoorna Gowrishankar Metals ...

Court : Chennai

Reported in : (2003)182CTR(Mad)466; [2003]262ITR497(Mad)

..... as far as the merits of the case are concerned, it depends upon the interpretation of section 2(7)(g) of the finance act, 1986 which reads as under:- 'trading company' means a company whose business consists mainly in dealing in goods or merchandise manufactured, produced or processed by a person other than that company and whose income attributable to such business included in its gross total income (as defined in section 80b of the income-tax act) is not less than fifty one per cent of the amount of such gross total income. ..... the tribunal, following its earlier order rendered in the assessee's own case, held that as per section 2(7)(g) of the finance act, 1986, the assessee is not a trading company and is liable to be taxed at the rate of 55% and not at 60% as levied by the income-tax officer in the order of rectification. ..... , he resorted to rectification proceedings under section 154 of the income tax act and treated the company as a trading company and levied the tax at the rate of 60%. ..... itr 12, which has been relied upon by the assessing officer to initiate rectification proceedings is concerned, the case dealt with the definition, 'industrial company' within the meaning of section 2(7)(d) of the finance act, 1986. ..... a trading company is not satisfied and hence, the tribunal was correct in holding that the assessee company is a non-trading company and it does not fall within the definition of the expression, 'trading company' as defined in section 2(7)(g) of the finance act. 6. .....

M/S.Shree Suthan Promotors Vs. Commissioner of Central Excise, Trichy

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

..... in the present appeal is only to the imposition of penalties under section 76, 77 and 78 of chapter v of the finance act, 1994 the demand of service tax together with interest stands paid and is not challenged. 2. ..... the penalty under section 76, i do not see force in the submission of the assessee that they had a reasonable cause for failure to register and file returns and pay tax, as the reason adduced by them is ignorance of law and interpretation of statutory provisions, which is not sufficient to extend the section 80 of the finance act, 1994. ..... is thus partly allowed by setting aside the penalty under section 78, reducing the penalty under section 76 and upholding penalty under section 77 of the finance act, 1994. ..... set aside the penalty imposed under section 78 of the finance act, 1994. ..... submission that penalty imposed under the provisions of section 78 is not sustainable for the reason that the penalty under the above mentioned provision can be imposed only if service tax has not been levied or paid or has been short-levied or short-paid or erroneously refunded, due to fraud or collusion or wilful mis-statement or suppression of facts or contravention with intent to evade payment of service tax and review show-cause notice issued by the ..... although the notice states that the assessees got registered, filed returns and paid service tax only after detection by the department by the department, this averment is not enough to hold that the notice has alleged fraud or suppression of .....

Cce, Salem Vs. M/S. Devi Constructions

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

..... the revenue is aggrieved by the setting aside of penalties imposed on the assessees herein under the provisions of sections 76 and 78 of the finance act, 1994, on the ground that the assessees had established reasonable cause for failure to pay the service tax leviable within time, and extended the protection under section 80. 2. ..... in these circumstances it cannot be held that the assessees were guilty of suppression with intention to evade payment of tax so as to make them liable to penalty under sections 76 and 78 of the finance act, 1944. ..... section 80 of the finance act provides that notwithstanding anything contained in the provisions of sections 76, 77 and 78, no penalty shall be imposable on the assessee for any failure referred to in the said provisions if the assessee proves that there was reasonable cause for the said failure. ..... the commissioner (appeals) has therefore rightly extended the protection under section 80 of the finance act. ..... i am also informed that the hon ble madras high court has granted interim stay against the levy of service tax, as prayed for by the association in its petition before the high court. ..... the commissioner (appeals) has noted that the assessees had obtained registration certificate well before the issue of levy of tax arose and that there was a confusion in the mind of the assessee since southern region petroleum corporation contractors welfare association was taking steps to move the high court regarding levy of service tax. .....

Khan Bahadur C.K. Mamad Keyi Vs. the Commissioner of Income-tax

Court : Chennai

Reported in : (1943)2MLJ364

..... 880 (or any portion of it) being urban immovable property tax ,paid under the bombay finance act is not an admissible deduction under section 9(1)(iv) or 9(1)(v) in computing the income from property under section 9 of the income-tax act?2. ..... the first place the assessee says that as a charge is created by this section he is entitled to the deduction under clause (iv) of sub-section (1) of section 9 of the income-tax act. ..... respect of the financial year 1940-41 he contended that he was entitled to deduct, when calculating his income assessable under section 9 of the income-tax act, the sum of rs. ..... if the tax does not constitute ' land revenue ' within the meaning of section 9(1)(v) of the income-tax act in respect of lands outside the city of bombay it does not constitute land revenue within the ..... is not an annual charge within the meaning of section 9 of the income-tax act. ..... our opinion the urban immovable property tax of the bombay presidency is in no way different so far as the income-tax act is' concerned from taxes levied by a municipality. ..... the term ' land revenue ' is not defined in the income-tax act, or, as far as we are aware, in any other ..... (sub-section (1) of section 9 says that the tax shall be payable by an assessee under the head ' income from property ' in respect of the bona fide annual value of property consisting of buildings or lands appurtenant thereto, of which he is the owner, other than such portions of the property as he may occupy for the purpose of his .....

C K Mamad Keyi Vs. Commissioner of Income-tax, Madras.

Court : Chennai

Reported in : AIR1944Mad10; [1943]11ITR484(Mad)

..... any portion if it) being urban immovable property tax paid under the bombay finance act is not an admissible deduction under section 9(1)(iv) or 9(1)(v) in computing the income from property under section 9 of the income-tax act ? ..... place the assessee says that as a charge is created by this section he is entitled to the deduction under clause (iv) of sub-section (1) of section 9 of the income-tax act. ..... of the financial year 1940-41 he contended that he was entitled to deduct, when calculating his income assessable under section 9 of the income-tax act, the sum of rs. ..... if the tax does not constitute 'land revenue' within the meaning of section 9(1)(v) of the income-tax act in respect of lands outside the city of bombay it does not constitute land revenue ..... an annual charge within the meaning of section 9 of the income-tax act. ..... section 24-b of the bombay finance act, 1932, does not create 'an annual charge' ..... the urban immovable property tax of the bombay presidency is in no way different so far as the income-tax act, is concerned from taxes levied by a municipality. ..... the term 'land revenue' is not defined in the income-tax act, or, as far as we are aware, in any ..... 'sub-section (1) of section 9 says that the tax shall be payable by an assessee under the head 'income from property' in respect of the bona fide annual value of property consisting of buildings of lands apparent thereto of which he is the owner, other than such portions of the property as he may occupy for the purpose of .....

C.i.T. Vs. Chennai Kaithari Corporation (Private) Ltd.

Court : Chennai

Reported in : [1971]79ITR462(Mad); (1963)IMLJ93

..... the tribunal thought that such a distinction was apparent in the income-tax act itself, having regard to the previous finance act of 1955, where a different phraseology was employed in this ..... under the finance act of 1955, the rate of income-tax leviable in the case of every company was 4 annas in the rupee and a rebate of 1 anna per rupee was allowed on the amount of the excess, where the total income, as reduced by 7 annas in the rupee and by the amount, if any, exempt from income-tax, exceeded the amount of any dividends, including dividends payable at a fixed rate declared in respect of the whole or part of the previous year for the ..... in the finance act of 1956, the rate of income-tax on companies was 4 annas in the rupee with no ..... the income-tax officer applied the provisions of the finance act of 1956, as the total dividend declared came to ..... taking all of these circumstances into consideration, we are of the view that the finance act of 1956 did apply and that the reduction of the rebate for the reasons stated was ..... was contemplated under that finance act in respect of super-tax. ..... on the application of the commissioner of income-tax under section 66(1) of the act, the tribunal has submitted the question set out above for the determination of this ..... credited in the accounts of the shareholders of the company, was a distribution of dividend as contemplated by the finance act of 1956 '2. ..... which the company was entitled to was reduced in the mariner specified in the finance act. .....

Commissioner of Income-tax Vs. Orient Marine Products Pvt. Ltd.

Court : Chennai

Reported in : (1995)127CTR(Mad)207; [1995]214ITR44(Mad)

..... before us, learned standing counsel for the department submitted that if a company is mainly engaged in the business of manufacture and processing of goods, it would qualify itself to be described as an industrial company under section 2(8)(c) of the finance act, 1974, and the tax should be levied at a concessional rate of 55 per cent. ..... the assessee has claimed relief under section 80j of the income-tax act (hereinafter referred to as the 'act'), on the basis of capital employed of rs. ..... whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the assessee is entitled to relief under section 80j of the income-tax act, 1961, for the assessment year 1974-75 2. ..... in respect of the machinery installed by it as per section 33(1)(b)(b)(i)(b) of the income-tax act for the assessment years 1974-75 3. ..... moreover, in view of item 30 in schedule v of the income-tax act, 1961, which item covered processed (including frozen) fish and fish products, a person who owned machinery or plant engaged in the manufacture or production of processed fish (including frozen) and fish products was entitled to development rebate under section 33 at a higher rate. ..... on appeal, the appellate assistant commissioner pointed out that the goods of the assessee are covered by item 50 of schedule v of the income-tax act which speaks of process (including frozen fish and fish products). .....

Chillies Export House Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Reported in : (1997)140CTR(Mad)9; [2000]241ITR162(Mad)

..... according to the assessee it is engaged in the 'business of processing of goods' and so entitled to the concession rate of income-tax as per the finance act. ..... 2(6)(c) of the finance act, 1971, and it was not entitled to concessional rate of tax 2. ..... 2(6)(c) of the finance act, 1971. ..... it appears that since in a cold storage there was only an act of preservation without any positive action this court was inclined to take the view that the company running the cold storage is not an industrial company and no process of fumigation required positive action. ..... 256(2) of the it act, 1961 (hereinafter to be referred to as 'the act'), the tribunal has stated a case and referred the following common question of law for our consideration : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the ..... this tax case reference relates to the asst. .....