Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 3 to 72 income tax Court: karnataka Page 1 of about 534 results (0.090 seconds)

Mithy Granite (P.) Ltd. Vs. Income-tax Officer

Court : Karnataka

Reported in : ILR2004KAR790; [2004]266ITR151(KAR); [2004]266ITR151(Karn)

..... in this connection, it is useful to extract the relevant portion of the circular dated may 22,1984, which reads as hereunder :'section 80hhc has been inserted in the income-tax act, 1961, by the finance act, 1983, and the deduction under this provision is admissible in relation to assessment year 1983-84 and subsequent years. ..... 2) act of 1991 which came into force with effect from april 1, 1991, clarified the position that granites which are cut and polished cannot be treated as minerals to deny the benefit extended under sub-section (1) of section 80hhc of the act. ..... 2) act of 1991, minerals which are cut and polished are excluded from the purview of sub-section (2)(b)(ii) of section 80hhc of the act. ..... 2) act of 1991, it is not permissible to take the view that cut and polished minerals are excluded from the purview of minerals under sub-section (2)(b)(ii) of the act. ..... 2) act of 1991, it must be held that the amendment was made not for the first time to extend the benefit for export of cut and polished granites, but it should be held as reiterating the position which was already found in section 80hhc(2)(b)(ii) of the act. ..... that this court in the case of god granites [1999] 240 itr 343 has only taken the view that the benefit of the circular dated november 1,1995, would be available for the assessment years 1991-92 onwards; and a similar view is also taken by the madras high court in the case of pooshya. .....

Commissioner of Income-tax Vs. Surinder Kumar Khanna

Court : Karnataka

Reported in : [2001]250ITR673(KAR); [2001]250ITR673(Karn); [2001]119TAXMAN574(Kar)

..... the income-tax appellate tribunal has referred the following question of law arising out of its order dated may 29, 1997, for the assessment year 1992-93 :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in directing the assessing officer to allow deduction under section 80hhc in respect of export of blocks of granite, cut and polished to certain extent only, for the assessment year ..... of 1996, in the case of god granites, therefore, the income-tax appellate tribunal held that the assessee is entitled to the deduction under section 80hhc. ..... during the course of the further appeal filed by the assessee before the income-tax appellate tribunal, the income-tax appellate tribunal noticed that in the accounts of the assessee for the relevant year, expenses to the extent ..... however refused by the assessing officer on the ground that the assessee exports merely blocks of granite without getting them cut and polished as is required under the provisions of the twelfth schedule to the income-tax act, 1961. ..... the commissioner of income-tax (appeals) upheld the order of ..... the tribunal, therefore, reversed the decisions of the lower authorities and directed that the deduction under section 80hhc be allowed to the asses see on the export of granite blocks, as per the provisions ..... act of 1991 ..... only with effect from april 1, 1991, the words 'other than processed minerals and ores specified in the twelfth schedule' were added by the finance (no. .....

Commissioner of Income Tax Vs. Vijaya Bank

Court : Karnataka

Reported in : (2005)199CTR(Kar)329; [2006]285ITR97(KAR); [2006]285ITR97(Karn)

..... as under :'in the present case, if one construes section 2(7) in the context of the object of the act and the scheme of the act, it is clear that the main section 2(7) applies only to loans and advances and not to the gross amount of interest received from the rbi on dated government securities and that deletion of the exclusionary clause by the finance (no.2) act of 1991 had no effect on section 2(7) as the exclusionary clause was only clarificatory in nature ..... any credit sanctioned for being availed in india; and(d) discount on promissory notes and bills of exchange drawn or made in india, but does not include- (i) any amount chargeable to income-tax under the provisions of it act, under the head 'interest on securities';(ia) interest referred to in sub-section (1b) of section 42 of the reserve bank of india act, 1934 (2 of 1934);(ii) discount on treasury bills; and(iii) ...(iv) ...(v)... ..... that the interest on securities cannot be brought to tax but only the interest on loans and advances are chargeable to tax as amended by the finance act. ..... therefore, keeping in mind the object and the scheme of the act we have to interpret section 2(7) of the interest-tax act, 1974, which defines 'interest' to mean interest on loans and advances including commitment charges, discount on promissory ..... referred to us is whether tribunal is right in holding that the reopening of assessment under section 10 of the interest-tax act is bad in law [sic-this is the first question, wrongly said as second .....

Commissioner of Income Tax Vs. God Granites

Court : Karnataka

Reported in : (1999)156CTR(Kar)327

..... without burdening this judgment with various citations of the supreme court of india interpreting section 119 of the income tax act it can be said that the circulars issued by the cbdt are binding on the authorities and other persons employed in the execution of the income tax act and they are required to observe and follow the instructions and directions issued by ..... income for the assessment year 1991-92 (financial year 1st april, 1991 to 31st march, 1992) was filed by the assessee declaring the income as nil in view of the claim of deduction under section 80hhc of the act. ..... filed by the association of exporters of granite that cbdt had misunderstood the import of the finance act no. ..... 2 of 1991 bringing about the amendment to the provision of section 80hhc of the act by inserting twelfth schedule in the correct perspective the cbdt revised its opinion and issued the subsequent circular extending the benefit to the exporters of cut and polished granite blocks and not ..... act 1991 ..... profits from the export sales of granite outside india entitling the petitioner to the benefit of section 80hhc as amended by finance (no. ..... act of 1991 ..... act of 1991 ..... authority concluded that the deduction on the basis of the subsequent circular cannot be allowed for the assessment year 1991-92 and hence declined to interfere with the order of the assessing authority.27. ..... with effect from ist april, 1991, the words 'other than processed minerals and ores specified in the twelfth schedule' were added by finance (no. .....

Lipton India Limited and Another Vs. State of Karnataka and Others

Court : Karnataka

Reported in : ILR1994KAR1848

..... of the aforesaid contentions, the following points were submitted by sri chidambaram, learned senior counsel, for our consideration in support of these appeals : (1) the government policy, annexure a and the notification, annexure b under section 8a of the act have to be harmoniously construed and if they are so construed, there will be no conflict between the two and therefore, the word 'output' as employed by annexure a will give colour to the word ..... disregard of the eligibility of the 1st appellant for exemption from payment of sales tax in terms of the government order dated september 27, 1990, exemption notification dated june 19, 1991, issued under section 8a of the act and the eligibility certificate dated december 1, 1992, the 4th respondent issued three notices under section 12b(2) of the act for the months of april, may and june, 1993, dated august 12, ..... case it has been clearly laid own by the supreme court that even if both government orders granting exemption from sales tax under the kerala general sales tax act, may be considered to have been issued under section 10 of the act, still the second notification curtailing the benefit of first notification would govern new industries set up after the issuance of ..... . the industrial company was defined by section 2(7)(c) of the finance act, 1973, as an industry to mean a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction ..... income- .....

The Commissioner of Income Tax, Karnataka (Central) Vs. M/s. RNS Infra ...

Court : Karnataka

..... also to be noticed that the legislature in its wisdom removed the provision of sub-section (1a) of section 245d by finance act (no.2), 1991. ..... under the existing provisions of sub-section (1) of section 245d of the income-tax act, the settlement commission, on receipt of an application under section 245c, has to call for a report from the commissioner and on the basis of the materials contained in such report and having regard to the nature and circumstances of the case ..... is said to have been conducted at the business premises of the respondent and the residential premises of its directors, by the income tax department, in exercise of power under section 132 of the income tax act, 1961 (hereinafter referred to as the it act', for brevity) as on 16.2.2012. ..... light of the above contentions, the point that arises for consideration is, whether the settlement commission on receipt of an application under section 245c, and on receipt of the report called for from the commissioner of income tax, adjudicate on the report so filed and assign reasons in order to allow the application to be proceeded with. ..... (emphasis supplied) even assuming that the settlement commission has glossed over the initial report submitted by the commissioner of income tax (cit), as the procedure contemplates a further report to be submitted by the cit, after examination of the annexure to the application, statements and other documents accompanying such annexure and on the basis of a further enquiry, if any, all of .....

The Commissioner of Income Tax Vs. M/S Rns Infrastructure Limited

Court : Karnataka

..... also to be noticed that the legislature in its wisdom removed the provision of sub-section (1a) of section 245d by finance act (no.2), 1991. ..... under the existing provisions of sub-section (1) of section 245d of the income-tax act, the settlement commission, on receipt of an application under section 245c, has to call for a report from the commissioner and on the basis of the materials contained in such report and having regard to the nature and circumstances of the ..... is said to have been conducted at the business premises of the respondent and the residential premises of its directors, by the income tax department, in exercise of power under section 132 of the income tax act, 1961 (hereinafter referred to as the it act , for brevity) 3 as on 16.2.2012. ..... light of the above contentions, the point that arises for consideration is, whether the settlement commission on receipt of an application under section 245c, and on receipt of the report called for from the commissioner of income tax, adjudicate on the report so filed and assign reasons in order to allow the application to be proceeded with. ..... (emphasis supplied) even assuming that the settlement commission has glossed over the initial report submitted by the commissioner of income tax (cit), as the procedure contemplates a further report to be submitted by the cit, after examination of the annexure to the application, statements and other documents accompanying such annexure and on the basis of a further enquiry, if any, all of .....

Commissioner of Income-tax and anr. Vs. Karnataka Vidyuth Kharkhane Lt ...

Court : Karnataka

Reported in : [2009]313ITR345(KAR); [2009]313ITR345(Karn)

..... with regard to limitation, considering the provisions of income-tax prevailing then, held that the notice issued under section 143(2) of the income-tax act on the assessee was clearly barred by limitation. ..... by considering the amended provisions of section 148, we are of the opinion that the notice issued under section 143(2) of the income-tax act by the revenue on the assessee was well within ..... is in regard to the limitation prescribed for the revenue to issue notice under section 143(2) and section 147 of the income-tax act. ..... 1331/bang/2002 raising the following substantial question of law:whether, the tribunal was correct in holding that the assessment order dated march 26, 2002, passed under section 147 of the act after notice under section 148 of the act was issued on the assessee on october 11, 1999, and served on the assessee on october 30, 1999, was void as it was passed beyond a period of twelve months without taking into consideration the saving provision, ..... the respondent-assesses being aggrieved by the order passed by the commissioner of income-tax (appeals) filed an appeal before the income-tax appellate tribunal, bangalore bench 'a' raising three questions, out of which question ..... the course of arguments, it is brought to our notice that under the finance act, 2006, a proviso is introduced to section 148 with retrospective effect on october 1, 1991. ..... appeal is by the revenue challenging the order passed by the income-tax appellate tribunal, bangalore bench, in i.t.a. no. .....

Dr. S. Reddappa and ors. Vs. Union of India and ors.

Court : Karnataka

Reported in : (1998)149CTR(Kar)521

..... day of march of the financial year :provided further that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of(a) restricting the amount of deduction under the third proviso to clause (ii) of sub-section (1) of section 32;(b) increase in the rate of surcharge under section 2 of the finance act, 1990 (12 of 1990), as amended by the taxation laws (amendment) act, 1991 (2 of 1991),and the assessee has paid the amount of shortfall,(i) where it is a domestic company ..... and(1) the case falls under clause (a) as part of the instalment of advance tax which is immediately due ;(2) the case .....

Sri G.J.Fernandez. Vs. the Assistant Commissioner

Court : Karnataka

..... as the tolal turnover is defined for the purposes of this section alone, which means it shall not include the following receipts:-(a) freight and insurance attributable to che transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962(b) indirect taxes as held by the apex court in the case of commissioner of income tax vs madras motors limited/m.m.forgings ltd [(2002) vol.257 60](c) what is excluded under (baa).all othei incomes are included in the total turnover. ..... wliiic calculating "business profits" the same had to be done in terms of section 28 to section 44d of the income tax act alone. ..... for the first time, the expression "profits of the business" stood defined to mean the "profits of the business" as computed under the head "profits and gains of business'' under sections 28 to 44d of the income tax act.therefore, before giving deduction under section 80hiic(3)(a). ..... provisions like sections 70 and 71 of the income-tax act were excluded. ..... after passing of the order, the assessee filed an application for rectification of the said order relying on a judgment of the division bench of this court in the case of the commissioner of income tax (appeals) ii, bangalore vs m/s rajesh art jewellers in itrc nos.29 30/2002 disposed of on 7.4.2005, on the ground that though the said judgment was cited, the said judgment is not referred to the said rectification application also came to be ..... by the finance act lno.2) act. ..... 1991 with effect from april 1 .....