Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 3 to 72 income tax Court: supreme court of india Page 1 of about 547 results (0.277 seconds)

Y.P. Chawla and Others Vs. M.P. Tiwari and Another

Court : Supreme Court of India

Reported in : AIR1992SC1360; (1992)2CompLJ36(SC); (1992)103CTR(SC)400; [1992]195ITR607(SC); JT1992(2)SC429; 1992(1)SCALE760; (1992)2SCC672; [1992]2SCR440

..... it is not necessary for us to go into this question because the legal position has altered to the advantage of the revenue by the introduction of an explanation to section 279 of the act by the finance act (2) of 1991 which has been made operative with effect from april 1, 1962. ..... he along with other directors of the said company was prosecuted under section 276-b of the act on the charge that he committed defaults in depositing the income tax deducted from the salaries of the employees of the company during the assessment years 1979-80 to 1982-83, m.l. ..... both tiwari and passi, applied to the commissioner, income-tax, invoking his power under section 279(2) of the act and seeking composition of the offences against them. ..... income-tax officer : [1981]131itr597(sc) has held that circulars issued by the central board of direct taxes under section 119(1) of the act are binding on all officers and persons employed in the execution of the act even if they deviate from the provisions of the act. ..... whether the central board of direct taxes, (the board) under section 119 of the income-tax act, 1962 (the act) can issue instructions to control the discretion of the commissioner of income-tax under section 279(2) of the act, to compound the offences is the short question for our consideration.3. m.p. .....

Commissioner of Income-tax Vs. Bhaskar Picture Palace

Court : Supreme Court of India

..... section 245d of the income-tax act, 1961, as it stood prior to 1991 ..... -section ..... section ..... section if the commissioner objects to the application being proceeded with on the ground that concealment of particulars of income on the part of the applicant or perpetration of fraud by him for evading any tax or other sum chargeable or imposable under this act, has been established or is likely to be established by any income-tax ..... section in 1991 ..... section (1a) was removed from the statute book subsequent to 1991 ..... authority, in relation to the case : provided that where the settlement commission is not satisfied with the correctness of the objection raised by the commissioner, the settlement commission may, after giving the commissioner an opportunity of being heard, by order, allow the application to be proceeded with under sub-section ..... section unless an opportunity has been given to the applicant of being heard. ..... section ..... 1991, sub-section (1a) was omitted and sub-section (1) read thus :'on receipt of an application under section ..... income-tax ..... 1991 of section 245d, whereby sub-section ..... section ..... section under which the order is passed : 245d(l) of the income-tax act ..... section (1a) from those where the settlement commission had rejected the vapplications for the reasons that are stated in sub-section ..... income-tax settlement commission , found that, having regard to the omission of sub-section .....

Union of India (Uoi) and anr. Vs. Azadi Bachao Andolan and anr.

Court : Supreme Court of India

Reported in : (2004)1CompLJ50(SC); (2003)184CTR(SC)450; [2003]263ITR707(SC); JT2003(Suppl2)SC205; 2003(8)SCALE287; (2004)10SCC1

..... in 1991, the existing section 90 was renumbered as sub-section (1) and sub-section (2) was inserted by finance act, 1991 with retrospective effect from april 1, 1972. ..... section 4 of the income tax act, 1995 (mauritian income-tax act) provides that, subject to the provisions of the act, income-tax shall be paid to the commissioner of income-tax by every person on all income other than exempt income derived by him during the preceding year and be calculated on the chargeable income of the person at the appropriate rate specified in the first schedule.73. ..... section 49a of the income-tax act, 1922 enabled the central government to enter into an agreement with the government of any country outside india for the granting of relief in respect of income on which, both income-tax (including super-tax) under the act and income-tax in that country, under the income-tax act and the corresponding law in force in that country, had been paid. ..... with the government of any country outside india- (a) for the granting of relief in respect of income on which have been paid both income-tax under this act and income-tax in that country, or (b) for the avoidance of double taxation of income under this act and under the corresponding law in force in that country, or (c) for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under this act or under the corresponding law in force in that country, or investigation of cases of such evasion or avoidance .....

Commissioner of Income-tax, Faridabad Vs. Ghanshyam (Huf)

Court : Supreme Court of India

Reported in : (2009)224CTR(SC)522; [2009]315ITR1(SC); JT2009(9)SC445; 2009(9)SCALE657; (2009)8SCC412; [2009]182TAXMAN368(SC); 2009(6)LC2930(SC)

..... the scope and effect of the above amendments made in section 45, as also insertion of section 54h, by finance act 1991, has been elaborated in the following portion of the departmental circular no. ..... the controversy in the present batch of civil appeals pertains to the interpretation of section 45(5) of the income-tax act, 1961, as it stood prior to 1.4.2004.facts in the lead mattercivil appeal no. ..... we also quote hereinbelow section 45(1) of the 1961 act as it stood prior to 1.4.2004 which reads as under:45 - capital gains(1) any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections [***] [54, 54b, [***] [54d, [54e, [54ea, 54eb,] 54f [, 54g and 54h]]]]], be chargeable to income-tax under the head 'capital gains', and shall be deemed to be the income of the previous year in which the transfer took place.11. ..... persons are unable to avail of the exemption for roll- over of capital gains, within the specified time period through investment in specified assets.section 45 of the income-tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset by way of compulsory acquisition under any law shall be charged to tax in the previous year in which the compensation is first received.this amendment takes effect retrospectively from st 1 april, 1988. .....

Gem Granites Vs. Commissioner of Income-tax, Tamil Nadu

Court : Supreme Court of India

Reported in : (2004)192CTR(SC)481; [2004]271ITR322(SC); 2004(9)SCALE647; (2005)1SCC289

..... to the appellant's contention can also be drawn from the 1984 circular which reads thus:'export of cut and polished diamonds and gem stones - whether eligible for deduction under section 80 hhc'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. ..... circular also speaks of the finance act 1991 extending the benefit of section 80 hhc to export of processed minerals and ores mentioned in the 12th schedule to the act.16. ..... the introduction of the phrase 'other than' in clause (b) of sub-section 2 of section 80 hhc in 1991 in our opinion, indicates the carving out of a specific class from the generic class of 'minerals ..... were to hold that the word 'minerals' in sub-section 2(b) never included processed minerals then the 1991 amendment excepting processed minerals from the exclusionary effect of the sub section would be rendered meaningless and an exercise in futility.14. ..... it is clear from the language used that the cbdt gave its understanding of sub-section 2(b) of section 80hhc as it stood prior to the 1991 amendment with regard to diamonds and gem stones alone having regard to the peculiar facts and features relating to the export and import ..... in keeping with the object of the section, processed granite should not be included within the exclusion of sub-section (2)(b) of section 80-hhc (as it stood prior to 1991) by holding it to be a 'mineral .....

Kerala State Industrial Development Corpn. Ltd. Vs. Commissioner of In ...

Court : Supreme Court of India

Reported in : (2003)180CTR(SC)192; [2003]259ITR51(SC); (2003)11SCC363

..... its decision were (page 332) : '(1) whether, on the facts and circumstances of the case, on account of incorporation of section 145 of the income-tax act, 1961, with effect from october 1, 1991, in section 21 of the interest-tax act, 1974, and the overriding effect of section 21 over section 5, by which the interest-tax has to be levied only on the interest income computed, based on the method of accounting regularly employed by the assessee, the appellate tribunal was correct in law in concluding ..... computation of the interest on accrual basis, rejecting the cash system of accounting accepted for the assessment under the income-tax act, 1961 (2) whether, on the facts and circumstances of the case, on account of doctrine of incorporation, section 145 of the income-tax act, 1961, having been incorporated in section 21 of the interest-tax act, 1974, when the assessee maintains books of account on cash system and being assessed under the cash system ..... even if there were any ambiguity in the matter, the budget speech of the minister of finance while introducing the finance bill, has in paragraph 97 stated (see [1991] 190 itr89, 114) : 'the new tax will be levied on the gross amount of interest received by all banks, financial institutions and non-banking financial companies in the corporate ..... the act were amended by the finance act ..... the finance minister's speech can be relied upon to throw light on the object and purpose of the particular provisions introduced by the finance bill has .....

K.K. Doshi and Co. Vs. Cit

Court : Supreme Court of India

order1. the main point in this appeal is as to whether the amendment to section 80hhc of the income tax act, 1961, brought about by the finance (no. 2) act, 1991, with effect from 1-4-1992, is prospective in nature or is retrospective.2. this court in the case of p. r. prabhakar v. cit : [2006]284itr548(sc) , relying upon circular no. 621 19-12-1991, issued by the central board of direct taxes (cbdt), has held that the amendment in question is prospective in nature and the same is binding on the revenue.3. in view of circular no. 621 19-12-1991 issued by the central board of direct taxes and the aforesaid judgment of this court, these appeals are accepted and the orders passed by the high court of bombay are set aside leaving the parties to bear their own costs.4. the appeals stand allowed in the above terms.

Assistant Commissioner Of Income Tax (exemptions) Vs. Ahmedabad Urban ...

Court : Supreme Court of India

..... it also takes in such property held only 7 section 4 of finance act, 1953 added proviso to section 4(3)(i); it reads as follows: provided that such income shall be included in the total income [(a) if it is applied to religious or charitable purposes without the taxable territories, but in the following cases, namely: (i) where the property is held under trust or other legal obligation created before the commencement of the-indian income-tax (amendment) act, 1953 (xxv of 1953), and the income therefrom is applied to such purposes without the taxable territories; ..... 01.04.1990; and further amended by the finance (no.2) act, 1991, w.r.e.f. ..... changes brought about to the it act, 1961 (finance act, 1983 and 1991) 20. ..... relevant changes brought about to the it act, 1961 (finance act, 1983 and 1991) ............................... 17 e. ..... for the next period (1984-85 to 1991-92), noting that section 11(4) continued to be in existence [despite section 11(4a) being inserted (as originally enacted w.e.f ..... . section 11(4a) as amended by the finance (no.2) act, 1991 ..... . therefore, 117 (1975) 3 scr783118 (1960) 3 scr837119 (1991) 1 scr93872 the restriction imposed by parliament against charities prohibiting them from carrying on activities of profit do not apply to the first six ..... . purna municipal corporation 1991 (supp1) scr183 municipal corporation, amritsar ..... court noticed that the appeals covered three distinct periods- (i) 1979-80 to 1983-84, (ii) 1984-85 to 1991-92, and (ii) 1992-93 to 1996-97. .....

Commissioner, Income Tax, Thiruvananthapuram Vs. K. Ravindranathan Nai ...

Court : Supreme Court of India

Reported in : 2008BusLR26(SC); (2007)213CTR(SC)227; [2007]295ITR228(SC); JT2007(12)SC504; 2007(13)SCALE134; 2007AIRSCW7112

..... computation of export incentive under section 80hhc(3) of the income tax act, 1961 ('i.t. ..... under the original section as inserted by finance act, 1983, the head note stated 'deduction in respect of export turnover'. ..... similarly, by finance act, 1991 w.e.f. ..... freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962):provided that in relation to any assessment year commencing on or after the 1st day of april, 1991, the expression total turnover shall have effect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28; (baa) 'profits of the business' means the profits of the business as computed under the head profits ..... the said head note was inserted by finance act, 1985 w.e.f. 1.4.86. ..... and gains of business or profession as reduced by (1) ninety per cent of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 or of any receipts by way of brokerage, commission, interest ..... thereafter, it was amended in 1986, 1988, 1989, 1990, 1991, 1992, 1994, 1999, 2000, 2003 and 2005. .....

Jeyar Consultant and Investment Pvt. Ltd. Vs. Commissioner of Income T ...

Court : Supreme Court of India

..... given facts and circumstances, as they appear on record, are stated in the summary form herein below: finance act of 1983 introduced section 80hhc of the income tax act, providing incentives to exporters and deductions for persons involved in the export business. ..... the commissioner (appeals), however, dismissed the appeal of the assessee principally on the ground that under section 246 of the income tax act, an order of the assessing officer giving effect to the order of the itat is not an ..... sikri, j.what is the correct method of computation of deductions under section 80hhc(3) of the income tax act, 1961, in the given facts and circumstances, is the question which needs an answer in the ..... against the assessment order was dismissed by the commissioner of income tax (appeals), madras vide order dated 17.08.1991. ..... from the export business, assessee had earned the foreign exchange and once it was found that overall there were profits, the following formula contained in section 80hhc became applicable: |profit of the |x |export turnover | |business | | | | | |total turnover |11) he also referred to the "provisions relating to direct taxes" stated in the finance (no.2) bill, 1991 presented in the budget of 1991-1992 and referred to the provisions contained therein which relates to incentives for earning foreign exchange. ..... amendment will take effect from the 1st day of april, 1991 and will, accordingly, apply in relation to the assessment year 1991- 1992 and subsequent years."12. mr. .....