Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 3 to 72 income tax Court: karnataka Page 10 of about 534 results (0.094 seconds)

Commissioner of Income Tax TDS, HMT Bhavan, Bangalore and Another Vs. ...

Court : Karnataka

..... the delhi high court in the case of commissioner of income tax vs nhk japan broadcasting corporation (2008) 305 itr 137, was dealing with a similar case under section 201 of the income tax act. ..... it was only by the finance act, 2009 that sub-section (3) was inserted, initially providing for a period of limitation of two years from the end of the financial year in which the statement is filed; and four years from the end of the financial year in which the ..... it may be noted, by finance (no.2) act, 2014, sub-section (3) has further undergone an amendment with effect from 1.10.2014, whereby limitation of 7 years period from the end of the financial year has been provided. ..... then by finance act, 2012, the period of 4 yearsmentioned in clause (ii) of sub-section (3) was amended as 6 yearsto be given effect from 1.4.2010. ..... in the alternative, he submitted that even if it is held that proceedings are to be initiated within a reasonable time, then too, the period of seven years from the end of the financial year, as has been provided for by the finance act, 2014, would be the reasonable time. ..... with regard to the applicability of the amendment made by the finance act, 2009 with effect from 1.4.2010, it was also clarified to be from the assessment year 2011-12 and subsequent years. .....

Commissioner of Income-tax and anr. Vs. Wipro Ltd.

Court : Karnataka

Reported in : [2009]319ITR156(KAR); [2009]319ITR156(Karn)

..... the revenue is in appeal under section 260a of the income-tax act, 1961 against the order dated july 31, 2002, passed by the income-tax appellate tribunal, bangalore bench, in appeal i. t. a. no. ..... even the cost of acquisition as 'nil' came to be introduced in the 1961 act by the finance act, 1999, only with effect from april 1, 2000. ..... moreover, the meaning of the words 'specified securities' in sub-clause (iiia) was defined or explained for the first time, vide the finance act, 1999, with effect from april 1, 2000. ..... there is nothing in the memorandum to the finance act, 1999, to say that this new mechanism would operate retrospectively. ..... the mechanism introduced for the first time under the finance act, 1999, by which 'cost' was explained in the manner stated above was not there prior to april 1, 2000. ..... been admitted on the following substantial questions of law:(a) whether the tribunal was correct in holding that the assessee-company was not liable to deduct tds under section 192 of the act over the issue of its shares under a stock option plan to its employees at a concessional rate as it cannot be treated as a perquisite (salary) and, therefore, the assessee cannot be treated as a defaulter under section 201(1) of the act and consequently no interest under section 201(1a) of the act can be levied ? ..... (c) whether the tribunal was correct in holding that section 17(2)(iiia) of the act was not clarificatory in nature and was not applicable to the current assessment year ?5. .....

State of Mysore by General Manager, Mysore Implements Factory Vs. Unio ...

Court : Karnataka

Reported in : AIR1968Kant237; AIR1968Mys237; (1968)1MysLJ178

..... jasjit singh, : 1964crilj234 rested on the enunciation that the central board of revenue exercising appellate power under section 190 of the sea customs act and the central government invested with revisional power under section 191 were tribunals from whose decisions an appeal under article 136 of the constitution was possible gajendragadkar c. j. ..... again, by finance act xiii of 1963, another clause was added to item 26-aa. ..... the central government functioned as a tribunal when it disposed of the revision petition under section 36 of the excise act, and, a tribunal which disposes of a revision petition in the exercise of power conferred on it cannot be a disputant in the dispute which it decides. ..... by finance act xx of 1962, item 26-aa was added to that schedule. ..... revision by central government- the central government may on the application of any person aggrieved by any decision or order passed under this act or the rules made thereunder by any central excise officer or by the central board of revenue, and from which no appeal lies, reverse or modify such decision or order. ..... the description of the unspecified products as 'other rolled, forged, or extruded shapes and sections' clearly demonstrates that the named ones are shapes or sections, and, it appears to us that those words have a technical meaning which we shall presently discuss. ..... the foundation of the demand was clause (i) of item 26-aa as it was when it was introduced into the schedule by the finance act of 1962. .....

Mangalore Chemicals and Fertilizers Ltd. and ors. Vs. Assistant Collec ...

Court : Karnataka

Reported in : 1986(8)ECC6; 1985(5)LC2554(Karnataka); 1986(23)ELT48(Kar)

..... urged that the explanation added to section 4(4)(d)(ii) of the act by section 47 of the finance act, was beyond the legislative competence of ..... that the trade notice issued by the collector did no more than to clarify the true effect of section 4 of the act vis-a-vis the exemption notification and thus help in the proper assessments and the enhanced levy was authorised by the explanation added to section 4(4)(d)(ii) of the act from 1-10-1975 by section 47 of the finance act. 10. w.p. ..... petitions insofar as they challenge the validity of the explanation to section 4(4)(d)(ii) of the act added by section 47 of the finance act of 1982. ..... removal to the place of delivery should be excluded from such price; (iv) of course, these principles cannot apply where the tariff value has been fixed in respect of any excisable goods under sub-section (2) of section 3; (v) on a proper interpretation of the definition of 'related person' in sub-section (4)(c) of section 4, the words 'a relative and a distributor of the assessee' do not refer to any distributor but they are limited only to a distributor who is a relative of the assessee within the ..... therefore, subject always to the legislative competence of the taxing authority, the said tax can be levied at a convenient stage so long as the character of the impost, that is, it is a duty on the manufacture ..... section 4 envisages a method of collection tax at the point of the first sale effect ..... a tax payer subject is entitled only to such benefit as .....

Y. Venugopala Reddy Vs. Commissioner of Income Tax and anr.

Court : Karnataka

Reported in : (2003)183CTR(Kar)260

..... question that arises for consideration and decision is whether the sum of money paid by the appellant under section 140a of the act towards the tax arrears (which includes the income-tax and interest payable) should be taken as payment towards tax or towards interest, for the purpose of the scheme in order to find an answer to the above question it will be profitable to notice first the relevant provisions of the scheme contained in the finance act, as also the clarification given by the cbdt. 9. ..... 'disputed income' in relation to an assessment year, is defined in clause (e) of section 87 of finance act as 'whole or so much of the total income as is relatable to the disputed tax. ..... the court also held that the rule that payments would first be adjusted towards interest and then towards principal (income-tax) based on the explanation to section 140a(1) of the act and general law would be inapplicable to matters covered by the scheme, in that case, the assessee had paid rs. ..... the relevant portion of section 88 of the finance act relating to settlement of tax payable reads as follows : '88. ..... 76,190, respectively, under section 140a of the act and paid tax in respect of the income, the ito determined the income of the petitioner-firm of rs. ..... section 140a of the act contemplates payment of tax on the admitted income furnished by an assessee in the self-assessment and the payment of tax on such income before furnishing the return. .....

indus Towers Ltd Vs. the Deputy Commissioner of Commercial Taxes and O ...

Court : Karnataka

..... no provision of the v.p act or the said finance act, 1994 or the constitution of india is brought to our notice to hold that rentals collected by dot from the subscriber cannot be subjected to tax as is done under the u.p ..... in support of this argument, reliance is placed upon the fact that under the income-tax law, depreciation of the value of the film as an income-earning asset is allowed over a period of three years only and thereafter the income-tax department treats the book value of the asset as having been completely exhausted by such depreciation ..... the respondent filed writ petition seeking declaration that the tax levied, exercising power under section 5-e of the act on the hire charge collected during the period 1988-89, was illegal and ..... the assessee was served with a notice under section 39(1) of the karnataka value added tax, 2003, (hereinafter referred to as the kvat act), wherein it was proposed to re-assess the tax liability for the period from april 2008 to may ..... ((1990) 077 stc 0182) dealing with the taxable event under the provisions of the andhra pradesh general sales tax act (6 of 1957) held as under: "the taxable event under section 5-e is the transfer of the right to use any goods. ..... hence the transfer of right to use passive infrastructure from indus to mobile operator is a 'sale' as defined under section 2(29)(d) of kvat act and the consideration received by indus for allowing the use of passive infrastructure forms part of sale consideration liable for vat. .....

Commissioner of Service Tax, Service Tax Vs. M/S. Scott Wilson Kirkpat ...

Court : Karnataka

..... will be observed that section 34 of the income-tax act contemplates four different cases in which the power to assess escaped income has been give. ..... the dgst circular, the taxable services for which the payment is received in india in convertible foreign exchange is exempted from the whole of service tax under section 66 of the finance act, 1994. ..... authorities have not followed the dgst circular according to which the taxable services for which the payment is received in india is convertible foreign exchange is exempted from the whole of service tax under section 66 of the finance act, 1994. ..... of tax is to be understood in the sense it is suggested, section 35g and 35l, has not application at all to the finance act. ..... of section 83 of the finance act, 1994 ..... in the case of finance act 1994, the rate of service tax payable is uniform to all ..... of the finance act 1994 for the first time provided for law of service tax. ..... which led us to give a comprehensive meaning to the word assessment in section 13(i) of the finance act, 1950, operate equally with regard to the saving provisions under present consideration. 18 ..... while applying these provisions to the finance act, 1994, we have to substitute for the word goods the word ..... there is no provision in the finance act, 1994 for determination of the aforesaid ..... wilson kirkpatrick (india) private limited the assessee is providing taxable services under the category of consulting engineer service and are duly registered under the finance act, 1994. .....

P.V. Nayak Vs. Syndicate Bank and anr.

Court : Karnataka

Reported in : [1979]49CompCas931(Kar); (1979)IILLJ176aKant

..... given to the corporation for accommodation granted, is punishable with imprisonment for a term which may extend to two years or with fine which may extend to two thousand rupees or with both and the act also further provides that any person, who without the consent of the corporation, uses the name of the corporation in any prospectus or advertisement is also liable for punishment. ..... the said case, the supreme court held that the oil & natural gas commission, the life insurance corporation and the industrial finance corporation, all of which are constituted under the law governing their constitution, are 'authorities' within the meaning of that word ..... the state it was contended that the oil and natural gas commission as well as the industrial finance corporation was not granted immunity from taxation and therefore the liability to be taxed would indicate that the corporation was not a state authority. ..... applied the ratio of the rajasthan electricity board's case, : (1968)illj257sc , in coming to the conclusion as to whether the oil and natural gas commission, the life insurance corporation and the industrial finance corporation, all of which are constituted by law, fall within the definition of the word 'authority' as defined in art. ..... (iii) section 8 : this section brings the syndicate bank and other new banks brought into existence by the act fully under the control and direction of ..... to article 289 which speaks of exemption of property and income of a state from union taxation. .....

M/s. Hindustan Petroleum Corporation Ltd. and Another Vs. Union of Ind ...

Court : Karnataka

..... the petitioners have assailed amendment made to section 35f of the central excise act, 1944 (hereinafter referred to as the act', for the sake of brevity), as amended by section 105 of the finance act (no.2) 2014 (hereinafter referred to as 2014 act', for the sake of convenience) with effect from 6/8/2014, which provides for monetary pre-deposit of 7.5% for first appeals and 10% for second appeals on the total tax or tax and penalty, demanded for entertaining such appeals. 3 ..... (except to nepal or bhutan) without payment of duty; (d) credit of any duty allowed to be utilised towards payment of excise duty on final products under the provisions of this act or the rules made thereunder and such order is passed by the commissioner (appeals) on or after the date appointed under section 109 of the finance (no.2) act, 1998: provided further that the appellate tribunal may, in its discretion, refuse to admit an appeal in respect of an order referred to in clause (b) or clause (c) or clause (d) where- (i) in ..... this writ petition is filed under articles 226 and 227 of the constitution of india praying to quash section 35f of the central excise act of 1944 as amended by section 105 of the finance act of 2014 and the said section 105 of the finance act of 2014 as being unconstitutional. ..... commissioner of income tax, delhi [1997(3) scc 472] ..... commissioner of income tax, delhi (supra), it has been held that a proviso, is inserted to remedy unintended consequences and to make the provision workable .....

Varalakshmi Enterprises and anr. Vs. State of Karnataka and anr.

Court : Karnataka

Reported in : [1998]111STC800(Kar)

..... ', 'sub-heading' and 'chapter' means respectively a heading, sub-heading and chapter in the schedule to the central excise tariff act, 1985, the section and chapter notes and the general explanatory notes of the said schedule shall, so far as may be, apply to the interpretation ..... sales tax [1980] 45 stc 197 it is observed by the apex court :'..............it is elementary that section 43 of the madhya pradesh general sales tax act, 1958, providing for imposition of penalty is penal in character and unless the filing of an inaccurate return is accompanied by a guilty mind, the section cannot be ..... additional duties of excise (goods of special importance) act, 1957 was amended by finance act, 1995 and heading 58.06 was worded as under :'narrow woven fabrics (other than tulles, other ..... the proposed amendment seeks to substitute the tariff descriptions with the corresponding proposed descriptions in the schedule to the central excise tariff act, 1985 and restructure the duty rates in respect of unmanufactured tobacco, cigars and cheroots, fabrics of silk, wool, cotton and man-made fibres, special woven fabrics, tufted ..... of excise duties shall be made according to the award of the finance commission in this respect contained in their report.'8. ..... the statements of objects and reasons of the finance bill, 1995 the tariff entry has been brought in consonance with the first schedule to the customs tariff act, 1975. ..... duties broadly follows the pattern recommended by the second finance commission. .....