Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 91 to 112 interest tax Page 7 of about 1,332 results (0.167 seconds)

Container Tea and Commodities, Represented by Its Partner Vs. Commissi ...

Court : Chennai

..... cess rs.56,323/-) for the period from 01/10/04 to 30/09/09 should not be demanded from them under section 73(1) of the finance act, 1994, (iii) an interest at the appropriate rate should not be demanded from them under section 75 of the finance act, 1994, (iv) penalties should not be imposed on them under section 76, 77 and 78 of the finance act, 1994." 3. ..... to the tune of rs.37,16,942/- (rupees thirty seven lakh sixteen thousand nine hundred and forty two only) demanded in the show cause notice in no.v/bas/15/20/2012 st.adj [scn sl.no.07/2012 (adc)] dated 14.03.2012, being service tax on the taxable value received for the said service during the period 01.10.2004 to 31.03.2011, from m/s.container tea and commodities, coonoor under proviso to section 73(2) of chapter v of the finance act, 1994; (ii) i demand appropriate interest on the amount demanded at s.no. ..... (i) above from m/s.container tea and commodities, coonoor, under section 75 of the finance act 1994; (iii) (a) i impose a penalty @ rs.200/- per day on m/s.container tea and commodities, coonoor, for non-registration of their service till such date by which they obtain service tax registration certificate, under section 77 of the finance act 1994; (iii) (b) i impose a penalty of rs.5,000/- on m/s.container tea and commodities, coonoor, under section 77 of the finance act, 1994 for non filing of the st3 returns; (iv) i impose a penalty of 1,72,70,465/- on m/s.container tea .....

The Khatau Makanji Spg. and Weaving Co. Ltd. Vs. Commissioner of Incom ...

Court : Mumbai

Reported in : AIR1956Bom733; (1956)58BOMLR885; ILR1957Bom22; [1956]30ITR841(Bom)

..... 3, income-tax act, be cause what the finance act does is to effectuate as it were section 3, income-tax act, and when we turn to section 3, which is the charging section, it imposes a charge on the total income of the previous year of the assessee.the rate at which this charge is to be imposed is not laid down in the income-tax act at all-and, as section 3 provides, that charge has to be fixed; by the central act. ..... it is because of this that in-come-tax is levied at different rates under the relevant finance act.with regard to the additional tax on excess dividend, it is quite clear that, that tax is not levied with reference to any rate in relation to the total income of the assessee company, and the very short question that we have to consider and decide is whether it is open to parliament, looking to the language of section 3, to levy a tax upon an assessee at a rate which has no relation whatsoever to the total income.4. ..... tax to be levied must be a tax on income and the power of parliament is equally clear and that is to fix the rate at which income-tax is to be charged upon the total income of the previous year of the assessee.in our opinion, the provision of the finance act travels beyond the ambit of section 3, and if parllament has done so then no effective charge can be made on the total income of the previous year of the assessee under the provisions of the finance act which deals with additional tax .....

Jindal thermal Power Company Limited (Formerly Jindal Tracteble Power ...

Court : Karnataka

Reported in : (2006)203CTR(Kar)381; [2006]286ITR182(KAR); [2006]286ITR182(Karn)

..... appearing for the respondents submitted that in view of the amendment to section 115jb by finance act, 2000 the respondent was required to pay advance tax and non-payment of advance tax would attract imposition of interest under sections 234-b and 234-c of the act and amendment of provisions of section by finance act, 2002 the respondent was required to pay advance tax and non-payment of advance tax would make the petitioner liable to pay interest and the amendment of the section of by finance act, 2002 is only clarificatory and the circular had ..... provided that in cases to which the provisions of chapter xii or chapter xii-a or section 115jb or sub-section (1a) of section 161 or section 164 or section 164a or section 167b of the income tax act apply, 'advance tax' shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that chapter or section, as the case may be.provided further that the amount of income-tax computed in accordance with the provisions of sections 112 and 113 of the income tax act shall be increased by a surcharge for purposes of the union or surcharge as ..... it is further averred that section 115j ceased to be effective from the assessment year 1991-92. .....

Commissioner of Income Central Ii Vs. Suresh N. Gupta

Court : Supreme Court of India

Reported in : (2008)214CTR(SC)274; [2008]297ITR322(SC); JT2008(1)SC208; 2008(1)SCALE99; (2008)4SCC362; 2008AIRSCW1066

..... to which the provisions of chapter xii or chapter xii-a or sub-section (1a) of section 161 or section 164 or section 164a or section 167b of the income-tax act apply, the tax chargeable shall be determined as provided in that chapter or that section and with reference to the rates imposed by sub-section (1) or the rates as specified in that chapter or section, as the case may be:provided that the amount of income-tax computed in accordance with the provisions of sections 112 and 113 shall be increased by a surcharge for purposes of the ..... against assessment of 'total income' under section 4(1) of the act; that, assessment under chapter xiv-b is made for the 'block period' as against assessment of income of the 'previous year' under section 4(1) of the act; that, under chapter xiv-b 'undisclosed income' is assessed at 60% in terms of section 158ba(2) read with section 113 as against taxation of normal income at the rates prescribed in the relevant finance act; that, the provisions of the finance act are not found in the block ..... without giving effect to set off of brought forward losses under chapter vi or unabsorbed depreciation under sub-section (2) of section 32;(b) of a firm, returned income and, total income assessed for each of the previous years falling within the block period shall be the income determined before allowing deduction of salary, interest, commission, bonus or remuneration by whatever name called, to any partner not being a working partner:provided ..... , 1991-92 to .....

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade ..... aforesaid karnataka high court as on date on this subject which has a binding force on us, we hold that the proviso to sub-section (3) of section 40 of the finance act, 1983 inserted by the finance act, 1988 is retrospective in nature and is applicable for the assessment year 1984-85 onwards and applies to all the years under consideration ..... union of india [1991] 189 itr 70 was followed for coming to the conclusion that first proviso inserted by the finance act, 1987 with effect from 1-4-1988 in section 43b of the income-tax act, 1961 is retrospective and clarificatory in nature.reliance was also placed on the decision of the ..... pointed out the reasons why revised return was filed for the assessment year 1982-83 on account of debit of interest and why the stock-in-trade has been reduced for the assessment year 1984-85 by passing reverse entries to the interest account which has been wrongly debited to the development expenses account and by debiting it to the profit and loss ..... [1993] 112 taxation 500, it has been held that the amendment to section 40(3)(vi) of the finance act, 1983 made by the finance act, 1986 was certainly curative and .....

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

..... the provisions of section 271(1)(c)(iii) prior to 1.4.1976, and after its amendment by the finance act, 1975 with effect from 1.4.1976, later provisions being applicable to the assessment year in question, being substantially the same except that in place of the word 'income' in sub clause (iii) to sub clause (c) of section 271 prior to its amendment by finance act, 1975, the expression 'amount of tax sought to be evaded' have been substituted. ..... learned counsels appearing in different appeals filed by the assessee assailed the impugned judgment by contending that provisions of section 271(1)(c)(iii) prior to 1.4.1976 and after its amendment by the finance act, 1975 with effect from 1.4.1976, later provisions being applicable to the assessment year in question, being substantially the same, the high court in the impugned order erred in distinguishing prithipal singh's case (supra), and ..... though the legislature was conscious that the provisions of section 143 (1a) and 271(1)(c) are pari materia and were similarly interpreted by different high courts, while section 143(1a) was amended by finance act, 1993 with retrospective effect from 1.4.1989, the provisions of section 271(1)(c) have been amended much later by finance act, 2002 with prospective effect from 1.4.2003.29. ..... niranjan : [1991]187itr280(mad) , cit v. n. .....

Tata Sky Limited Vs. the State of Uttarakhand and ors.

Court : Uttaranchal

..... .-(5) with effect from the date notified under section 137 of the finance act, 2001 (14 of 2001), there shall be levied a service tax at the rate of five per cent of the value of the taxable services referred to in sub-clauses (za), (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi), (zj), (zk), (zl), (zm), (zn) and (zo) of clause (90) of section 65 and collected in such manner as may be prescribed.a perusal of the provisions of the finance act, 2002 reveals, that as hitherto before (under the finance act 2001) service tax at the rate of five per cent of the value of taxable service was leviable on a ..... -(5) with effect from the date notified under section 137 of the finance act, 2001, there shall be levied a service tax at the rate of five per cent of the value of the taxable services referred to in sub-clauses (za), (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi), (zj), (zk), (zl), (zm), (zn) and (zo) of clause (72) of section 65 and collected in such manner as may be prescribed.a perusal of the aforesaid provisions reveals, that for the first time under the finance act, 2001, tax at the rate of five per cent of the value of taxable services was levied on a broadcasting agency ..... in so far as the procedural aspect of the matter is concerned, interested parties were to be required to submit an application to the secretary, ministry of information and broadcasting. ..... .(b) the franchisee will keep an interest-free deposit of rs .....

P.C. Joshi, Indian Citizen, A practicing Advocate and Others Vs. Union ...

Court : Mumbai

..... in this notification it has been provided that the central government is satisfied that it is necessary in the public interest to exempt the taxable services from the whole of the service tax leviable thereon under section 66b of the finance act and at clause (6) the services provided to any person other than a business entity by an individual as an advocate or a person represented ..... within 14 days of completion of services, the provisions of section 77 of the finance act 1994 and the provisions of section 89 of the finance act 1994 as inserted by the finance act 2011 to the extent they require advocates to issue invoices at all, to issue invoices within 14 days of the completion of assistance, relating to levy of penalty under section 77 of the finance act 1994 for not issuing of invoices and prosecution provisions under section 89 of the finance act 1994 to the extent they relate to requirement of issuing invoice ..... petition under article 226 of the constitution of india, the petitioner, a practicing advocate prays for the following reliefs:- (a) declare the impugned provisions in section 65(105) (zzzzm) of the finance act, 1994 as inserted by the finance act, 2011 as null and void and ultra vires the constitution of india and/or section 66 of the finance act, 1994 and/or be pleased to strike down the said provisions as ultra vires, arbitrary and violative of articles 13, 14, 19(1)(g), 246, 265 and 268a ..... and another reported in (1991) 2 scc 48 will ..... reported in (1991) 2 supreme .....

Jodhana Real Estate Development Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1996)54TTJ(JP.)552

..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as wta ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had retrospective operation. ..... the learned cwt(a), after hearing the assessee as well as the ao, held that the amendment brought about by the finance act, 1988 was effective from 1st april, 1989 and hence the assessee could not claim any exemption for the assessment years under ..... is also accepted that with the passing of finance act, 1983, the assessee became liable to wealth-tax and accordingly started filing its wt returns. ..... erlanger : "no suitor has any vested interest in the course of procedure, nor any right to complain, if during the litigation the procedure is changed, provided, of course, that no injustice is done." ..... 7 has been held to be a machinery section and schedule iii referred to therein a procedural ..... 172 to 176/jp/1991 by the revenue are treated as allowed for statistical purposes and wta ..... 138 to 142/jp/1991 by the assessee are partly allowed, wta ..... , 1991 for all the five years, the comparative position of valuation in respect of each property stood as follows : .....

Jodhan Real Estate Development Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1996)56ITD90(JP.)

..... but interestingly, section 40(4) of the finance act, 1983, which referred to section 7(3) of the w.t. ..... reference to section 7(3) of the wealth-tax act, as regards the value determined by the d vo, has been specifically made in section 40(4) of the finance act, 1983.18. ..... on account of the revival of levy of wealth-tax in the case of closely held companies by section 40 of the finance act, 1983, the assessee filed its return of wealth for the assessment year 1984-85 on 30-3-1985 declaring total wealth of rs. ..... in the instant case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule-ill to the wealth-tax act for all the years under consideration.20. ..... the learned cwt(a) also decided on the valuation of the properties involved, and after his combined order dated 28-2-1991 for all the five years, the comparative position of valuation in respect of each property stood as follows:----------------------------------------------------------------------------asst. ..... 172 to 176 / jp /1991 by the revenue are treated as allowed for statistical purposes and wta nos.312 to 316/ jp/1994 by the assessee are treated as partly allowed. ..... 138 to 142/jp/1991 by the assessee are partly allowed, wta nos. .....