Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 3 to 72 income tax Court: supreme court of india Page 2 of about 547 results (0.112 seconds)

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 .....

Association Of Old Settlers Of Sikkim Vs. Union Of India

Court : Supreme Court of India

..... 4.17that in the year 2008, the government of india, gave in to the demands of the state of sikkim, and passed an amendment to the income tax act, by the finance act, 2008, wherein clause 26aaa was introduced in section 10 of the income tax act, and the persons of indian origin in sikkim were treated differently from the sikkim subjects and persons who had become citizens of india by the sikkim citizenship 10 amendment order 1989. ..... order of even number dated the 8th april, 1991; or (iii) any other individual, whose name does not appear in the register of sikkim subjects, but it is established beyond doubt that the name of such individual's father or husband or paternal grandfather or brother from the same father has been recorded in that register;4.18 it appears that in view of section 10(26aaa) of the income tax act, 1961, effectively 94% of the residents of sikkim are exempted from payment of income tax under the income tax act, 1961. ..... name is recorded in the register of sikkim subjects immediately before 26th april, 1975, or an individual whose name is included in the said 72 register by virtue of the government of india orders dated 07th august, 1990 and 08th april, 1991, or also an individual whose name does not appear in the said register but, it is established beyond doubt that name of such individual s father or husband or paternal grandfather or brother from the same father has been recorded .....

Ashwani Kumar Aggarwal, in Re. Vs.

Court : Supreme Court of India

Reported in : [1992]195ITR861(SC)

..... vide notification dated december 20, 1991, the chairman, settlement commission, directed that, in order to determine the scope of the statutory of the income-tax settlement commission regarding reduction and waiver of interest under sections 234a, 234b and 234c of the income-tax act, 1961, and to minimise litigations arising therefrom, this issue shall be heard by the special bench as constituted above in the case of the applicant as well. ..... 1/45/tech/90/sc, dated december 3, 1991, to examine legal issues arising from the amendments made to chapter xixa of the income-tax act, 1961, and corresponding provisions of the wealth-tax act, 1957, by the finance act (no. ..... in the memorandum explaining the provisions of the finance bill (page 344), it has been stated that in terms of section 119(2) (a), the government proposed to give the board the powers to relax the rigours of section 234a and 234b (later, with effect from april 1, 1991, section 234c as well). ..... his argument was that if the interest chargeable under section 234a, 234b and 234c was mandatory and could not be waived, the word 'interest' brought into section 245d(6)by the finance act, 1987, with effect from june, 1, 1987, would not has been retained after the amendment of the act by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989 (sic). ..... he then pointed out to 'notes on clause of finance bill, 1990' available at [1990] 182 itr 313. .....

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. .....

Rajasthan State Electricity Board Jaipur Vs. The Dy. Commissioner of I ...

Court : Supreme Court of India

..... memorandum explaining the provisions 13 of the finance bill with retrospective effect was to the following effect: the provisions of section 143(1-a) of the income tax act provide for levy of twenty per cent additional income tax where the total income, as a result of the adjustments made under the first proviso to section 143(1)(a), exceeds the total income declared in the return. ..... return was filed by the assessee on 31.12.1991, prior to which date the taxation laws (amendment) act, 1991 had come into operation. ..... taxation laws (amendment) act, 1991 in section 32 third proviso was inserted to the following effect: provided also that, in respect of the previous year relevant to the assessment year on the 1st day of april, 1991, the deduction in relation to any block of assets under this clause shall, in the case of a company, be restricted to seventy-five per cent of the amount calculated at the percentage, on the written down value of such assets, prescribed 12 under this act immediately before the commencement ..... of the taxation laws (amendment) act, 1991. 15. .....

Engineering Analysis Centre Of Excellence Private Limited Vs. The Comm ...

Court : Supreme Court of India

..... under section 90a, whichever is applicable by virtue of the provisions of section 90, or section 90a, as the case may be; 4. ..... to be an assessee in default under any provision of this act ; xxx xxx xxx 14(37a) rate or rates in force or rates in force , in relation to an assessment year or financial year, means xxx xxx xxx (iii) for the purposes of deduction of tax under section 194lba or section 194lbb or section 194lbc or section 195, the rate or rates of income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the central government under section 90, or an agreement notified by the central government ..... secondly, insofar as section 9(1)(vi) of the income tax act relates to computer software, explanation 3 thereof, refers to computer software for the first time with effect from 01.04.1991, when it was introduced, which was then amended vide the finance act 2000. .....

M/S. Continental Construction Ltd. Vs. Commissioner of Income-tax, Cen ...

Court : Supreme Court of India

Reported in : AIR1992SC803; (1992)2CompLJ50(SC); (1992)101CTR(SC)386; [1992]195ITR81(SC); JT1992(1)SC140; 1992(1)SCALE65; 1992Supp(2)SCC567; [1992]1SCR57

..... reserve account for distribution by way of dividends or profits or for any other purpose which is not a purpose of the business of the assessee, the deduction originally allowed under sub-section (1) shall be deemed to have been wrongly allowed, and the income-tax officer may, notwithstanding anything contained in this act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment; and the provisions ..... that the approval accorded by this letter is only for the purpose of section 80-o of the income-tax act, 1961, and should not be construed to convey the approval of the central government or central board of direct taxes or any other statutory authority under the government for any other purposes.20. ..... administration, government of iraq, baghdad, on 17.12.1980 for the purpose of section 80-o of the income-tax act, 1961, for the assessment years 1982-83. ..... in the circumstances of the case, the tribunal was right in holding that notwithstanding the approvals granted by the board to the seven agreements for the purpose of section 80-o, for the purpose of assessment for assessment year 1983-84, the income arising from these contracts have to be brought under section 80-hhb of the income-tax act, 1961?3. ..... even while the assessee's applications for approval to the kharkh & diwaniya contracts were pending, the finance act, 1982 had amended the act to insert section 80-hhb with effect from 1.4.1983.21. ..... 2) act, 1991 and ..... the sixth edition (1991). .....

Assistant Commissioner of Income Tax Vs. Rajesh Jhaveri Stock Brokers ...

Court : Supreme Court of India

Reported in : AIR2007SC2163; (2007)210CTR(SC)30; [2007]291ITR500(SC); JT2007(8)SC494; 2007(8)SCALE396; 2007(2)LC0725(SC)

..... --for the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely:(a) where income chargeable to tax has been underassessed ; or(b) where such income has been assessed at too low rate ; or(c) where such income has been made the subject of excessive relief under this act or under the indian income-tax act, 1922 (11 of 1922); or(d) where excessive loss or depreciation allowance has been computed.explanation 2. ..... with effect from april 1, 1998, the second proviso to section 143(1)(a) was substituted by the finance act, 1997, which was operative till june 1, 1999. ..... 2) act of 1991 an intimation sent to the assessee under section 143(1)(a) was deemed to be an order for the purposes of section 246 between june 1, 1994, to may 31, 1999, and under section 264 between october 1, 1991, and may 31, 1999. ..... 2) act of 1991 with effect from october 1, 1991, and subsequently with effect from june 1, 1994, by the finance act, 1994, and ultimately omitted with effect from june 1, 1999, by the explanation as introduced by the finance (no. ..... as a result of insertion of the explanation to section 143 by the finance (no. ..... ito : [1991]191itr662(sc) , for initiation of action under section 147(a) (as the provision stood at the relevant time) fulfillment of the two requisite conditions in that regard is essential. .....

M/S Fibre Boards (P) Ltd Bangaloare Vs. Cit Bangalore.

Court : Supreme Court of India

..... , the finance act which omitted the whole of chapter xxii-b of which section 280y(d) is a part, in its notes on clauses stated: clause 46 seeks to omit chapter xxii-b of the income-tax act relating to tax credit certificates ..... mehta, learned senior advocate appearing on behalf of the assessee argued before us and pointed out that chapter xxii-b of the income tax act, prior to 1.4.1988, contained section 280za which when read with the definition of urban area in section 280y(d) gave to a person who shifted from an urban area to another area, a tax credit certificate with reference to the amount of tax payable by the company on income tax chargeable under the heading capital gains and would be given relief accordingly. ..... section 54g of the income tax act inserted by the finance act, 1987 with effect from 1.4.1988 reads as follows ..... if a person still possesses any tax credit certificates granted under section 280z or section 280zc, he shall be allowed to utilize the same up to 31st march, 1991. ..... the tax credit certificates granted under section 280z or section 280zc and not presented so far for payment or adjustment of tax liability can, however, be presented before the assessing officer up to 31st day of march, 1991, for the said purposes. ..... advances amounted to rs.1,11,42,973/- in the year 1991-1992. ..... , (1991) 3 scr64 where a division bench of this court held that one particular conclusion of a bench of seven judges was per incuriam see: the discussion at pages 80, 81 and 91 of the said .....

Rasila S. MehtA. Vs. Custodian, Nariman Bhavan, Mumbai

Court : Supreme Court of India

..... findings of the idg read as under: "3.5.2 on the basis of reliable and specific information, action under section 132 of the income tax act was taken on 23.07.1993, during which shares valued at rs. ..... were notified on the basis of information/complaint received from the ministry of finance in which the janakiraman committee report was cited and relied upon.e) on 25.01.1994, an amendment was carried out in the act, wherein, section 9-a was inserted to confer civil jurisdiction to the special court. ..... the custodian is satisfied, after such inquiry as he may think fit, that any contract or agreement entered into at any time after the 1st day of april, 1991 and on and before the 6th june, 1992 in relation to any property of the person notified under sub-section (2) of section 3 has been entered into fraudulently or to defeat the provisions of this act, he may cancel such contract or agreement and on such cancellation such property shall stand attached under this ..... all of them are very well attained and qualified and do business in their individual capacities and possess a sound and thorough knowledge of investments, finance and are authorized agents of the unit trust of india or members of the recognized stock exchange in bombay. ..... of fact, deferred and future incomes have been financed in advance by the float. ..... appreciate that all my family members have been financed through my business operations. ..... on-the-floor, trading, dealing in money market, share handling, accounts, finance, etc. .....