Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 91 to 112 interest tax Page 8 of about 1,332 results (0.184 seconds)

Commissioner of Income-tax, Madras Vs. Sundaram Industries Private Ltd ...

Court : Chennai

Reported in : [1969]71ITR380(Mad)

..... that for making an order under section 23a the mere existence of jurisdiction and the consequential exercise of such jurisdiction by themselves are not sufficient, if the third factor, namely, that the directive of the income-tax officer in issuing an order under section 23a satisfies the test of reasonableness as is normally and commercially understood, is not established.in the light of the above well-settled guidelines, the relevant provisions of the finance acts of 1955 and 1956 have to be read ..... 'in the instant case, while it is necessary to consider the scope of the retroactive operation of the amendment caused by the finance act of 1955 and 1956, it should also be remembered that section 23a is in the natural of a penal provision and necessarily the onus is on the revenue to prove that the ingredients of the section are satisfied before an order is made thereunder. ..... by such substitution, which, according to section 28 of the finance act of 1956, shall be deemed to have come into force on the 1st day of april, 1955, the finance act of 1956 is expressly retroactive. ..... the distribution was so effected in accordance with the letter and procedure as was in force on the date of distribution which but for the supervening amendment of section 23a by the finance acts of 1955 and 1956, appears to be in order. ..... (2) whether the amendment made to section 23a by the finance act, 1956, could not be applied to the assessee company for the assessment year 1955-56 ? .....

Futura Fibres and Futura Polymers Vs. Cce

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Tamil Nadu

..... such demands are not affected by the amendments made to section 65 by parliament under section 116 of the finance act, 2000 and consequently they are hit by the apex court's ruling in laghu udyog ..... taken or anything done or purported to have been taken or done at any time during the period commencing on and from the 16th day of july 1997 and ending with the day, the finance act, 2000 received the assent of the president shall be deemed to be valid and always to have been valid for all purposes, as validly and effectively taken or done" vide ..... but these rules were held to be ultra vires sections 65 and 66 of the finance act, 1994 by the hon'ble supreme court in the case of laghu udyog ..... assessees has submitted that, as the subject show-cause notices were issued after 12/05/2000 (the date on which the finance act, 2000 received presidential assent), the demands of service tax raised therein are hit by the apex court's ruling in laghu udyog bharati vs uoi [1999 (112) e.l.t. ..... demands are barred by limitation prescribed under section 73 of the finance act, 1994. ..... in order to get over the supreme court's ruling, parliament amended section 65 ibid in relation to the limited period 16.07.1997 to 16.10.1998 under section 116 of the finance act, 2000, whereby recipients of `goods transport' service and `clearing and forwarding' service were defined ..... the demands raised by the department, in these cases, are far beyond the period of limitation prescribed under section 73 of the finance, 1994".4. .....

The Additional Commissioner, Central Excise, Madurai Vs. M/s. Strategi ...

Court : Chennai Madurai

..... cause notice, dated 30.05.2005, was issued on the ground that they are liable to pay service tax on the value of the service rendered by them under the category of "erection, commissioning or installation services" during the period from 01.07.2003 to 31.10.2003, under the proviso to section 73(1) of the finance act, 1994. ..... therefore, it is clear that before the amendment to section 65(39a) under finance act, 2005, installation of plumbing, drain laying or other installations for transport of fluids was not included within the definition of "erection, ..... it could be seen from the amendment to section 65(39a), introduced under finance act, 2005, that the definition of "erection, commissioning or installation" was extended so widely as to include (i) electrical and electronics devices, (ii)plumbing, (iii)heating, ventilation or air-conditioning, (iv) thermal insulation, (v) lift and escalator, and (vi) ..... by section 90 of the finance (no.2) act, 2004, section 65(28) was omitted and a new section 65(39a) was inserted with ..... by section 88 of the finance act, 2005, section 65( ..... engaged only in the business of laying down pipelines and that therefore the same would not come within the purview of the expression "plant, machinery or equipment" so as to attract the provisions of section 65(29) of the finance act, 2003. ..... section 65(105)(zzd) of the finance act, 1994 defined "taxable services" to mean "any service provided to a customer, by a commissioning and installation agency in relation to .....

K. Sunil Kini Vs. Income Tax Officer, Ward 2(2),

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2006)6SOT139(Bang.)

..... if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process any article or thing'.this was not done.in the case of r.k. ..... according to the provisions of section 234b, interest can be charged in reassessment only such interest has been charged in the assessment made initially under section 143(1) or 143(3). ..... therefore, the assessments completed under section 147 in both the cases could not be regarded as regular assessments and interest under the above sections could not be charged. ..... since no interest under section 234b had been charged in the case of the assessee under section 143(1), such interest should not have been charged in the reassessment.in the case of kangra bairi co. v. ..... cit (2004) 90 itd 124 (chd-trib), chandigarh bench of tribunal held as under: "as regards questions as to whether interest under section 139(8)/215/ 234a/234b was chargeable in view of the fact that assessments completed by the assessing officer under section 146 were not regular assessments, emphasis was on 'regular assessment'. ..... it is ordered accordingly.the next issue relates to levy of interest under section 234b. ..... interest under these sections can be charged only at the time of completing regular assessments. .....

Commissioner of Income-tax Vs. Industrial Promotion and Investment Cor ...

Court : Orissa

Reported in : (1992)103CTR(Ori)222; [1993]199ITR761(Orissa)

..... the original explanation which was inserted by the finance act, 1970, with effect from april 1, 1966, was omitted by the finance act, 1974, with effect from april 1, 1975. ..... there have been substitutions and insertions by the finance act, 1979, with effect from april 1, 1980 ; the finance act, 1981, with effect from april 1, 1982. ..... industrial or agricultural development in india or by a public company formed and registered in india with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in india for residential purposes, an amount not exceeding forty per cent, of the total income (computed before making any deduction under chapter via) carried to such reserve account : provided ..... a new explanation was inserted by the finance act, 1979, with effect from april 1, 1980. ..... on being moved by the revenue under section 256(1) of the income-tax act, 1961 (in short, 'the act'), the income-tax appellate tribunal, cuttack bench, cuttack (in short, 'the tribunal'), has referred the following questions to this court : ' 1. ..... with effect from april 1, 1985, there has been an amendment by the finance act of 1985 (central act no. ..... 2) act, 1971, with effect from april 1, 1972 and the finance act, 1974, with effect from april 1, 1975. ..... but, subsequently, it has undergone several amendments by the finance act, 1966, with effect from april 1, 1966 ; the finance (no. .....

All India Haj Umrah Tour Organizer Association Mumbai Vs. Union Of Ind ...

Court : Supreme Court of India

..... the taxable territory is defined in clause 52 of section 65b of the finance act to mean the territory to which the provisions of the relevant chapter service tax statutory provisions containing sections 64 to 114 of the finance act apply. ..... for the purposes of this sub- section, the expression, (a) account means an account bearing interest to the depositor, and includes a non-resident external account and a non-resident ordinary account; (b) banking company shall have the same meaning as assigned to it under clause (a) of section 45a of the reserve bank of india act, 1934 (2 of 1934); (c) financial institution shall have the same meaning as assigned to it in clause (c) of section 45-i of the reserve bank of india act, 1934 (2 of 1934); (d) non-banking financial company ..... railways, airways and travel agencies for the purpose of securing travelling facilities for pilgrims; (vii) to generally look after the welfare of the pilgrims; (viii) to publish such proceedings of the committee and such matters of interest to pilgrims as may be determined by bye-laws made in this behalf by the committee; (ix) to discharge such other duties in connection with haj as may be prescribed by the central government. ..... that the government would have sufficient supplies of edible at hand in order to feed the market, the learned attorney-general says, it was considered desirable and in the public interest to reduce the rate of customs duty to 5 per cent on the imports made by the state trading corporation. .....

The Commissioner of Income Tax Vs. Godaveri (Mannar) Sahakari Sakhar K ...

Court : Mumbai

Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)

..... financial institution as set out therein, any sum payable by the assessee as interest or any loan advances from a scheduled bank as set out therein and ..... the first proviso was also amended by the finance act, 2003 with effect from 1st april, 2004 by omitting the following words:referred to in clause (a) or clause (c) or clause (d) or clause (e) or clause (f).the section as it stood before the finance act, 2003, treated payments in respect of tax, duty, cess or fee, payment made to an employee, as bonus or commission or services rendered as set out therein any sum payable by the assessee as interest on any loan or borrowing from any public ..... any sum referred to in clause (b) be allowed unless such sum has actually been paid during the previous year on or before the date as defined in the explanation below clause (va) of sub-section (1) of section 36.the second proviso was substituted by finance act, 1989 with effect from 1st april, 1989 and read as under:provided further that no deduction shall in respect of any sum referred to in clause (b) be allowed unless such sum has actually ..... respect of assessment year 1991-92 and tax appeal no. .....

M/S. Ponds India Ltd. Vs. Collector of Central Excise, Madras

Court : Supreme Court of India

Reported in : AIR1997SC1708; 1997(58)ECC1; 1997(90)ELT3(SC); JT1997(1)SC729; 1997(1)SCALE484; (1997)2SCC577; [1997]1SCR541

..... there was no levy for a long period of time of special excise duty until it levied with effect from 1st march, 1978, under the provisions of section 37 of the finance act, 1978, which read thus:(1) in the case of goods chargeable with duty of excise under the central excise act as amended from time to time, read with any notification for the time being in force issued by the central government in relation to the duty so chargeable there shall ..... for the period 1st march, 1987, until 28th february, 1988, special excise duty had been levied under a provision in the finance act, 1987, similar to that quoted, but during this period, by reason of a notification issued under the provisions of rule 8 of the central excise rules with simultaneous effect, there was a total exemption from the ..... under the terms of the finance acts, special excise duty is so levied as to cease to have effect at the close of the financial ..... special excise duty was being levied from 1963 upto 1971 by various finance acts passed from time to time. ..... the provisions of these finance acts, insofar as the levy of special excise duty is concerned, ..... scw 1353, the said goods manufactured by the appellants prior to 28th february, 1988, and cleared after 1st march, 1988, were not liable to the fresh special excise duty levied by the finance act, 1988. ..... in the finance acts of 1987 and 1988, however, the rate of special excise duty was raised to ten per cent but then notifications were issued exempting the duty on all goods .....

Mathurdas Govinddas Vs. G.N. Gadgil, Income-tax Officer, Special Inves ...

Court : Gujarat

Reported in : (1964)0GLR746; [1965]56ITR621(Guj)

..... the newly added sub-section (4) could not be relied upon by the revenue for reviving the right of the income-tax officer to take action in such cases, because that sub-section operated to revive the right to reopen assessment which was barred by reason of the expiration of the period of eight years specified in sub-section (1)(a) before its amendment by the finance act, 1956, and not by reason of the expiration of the outside limit of 31st march, 1956, specified in sub-section (1a). ..... the effect of this provision was that even if the right of the income-tax officer to reopen an assessment under sub-section (1)(a) as it stood prior to its amendment by the finance act, 1956, was barred by reason of the expiration of the period of eight years at the date when the amendment came into force, the income-tax officer could, after the amendment, issue notice at any time for reopening such assessment under sub-section (1)(a). ..... belan, that once the right of the income-tax officer to proceed under sub-section (1)(a) as it stood prior to its amendment by the finance act, 1956, was barred by reason of the expiration of the period of eight years, it was not revived by the deletion of the time-limit of eight years from sub-section (1)(a). .....

Commnr. of Income Tax, Jalandhar-i Vs. Shri Rajiv Bhatara

Court : Supreme Court of India

Reported in : (2009)222CTR(SC)209; [2009]310ITR105(SC); JT2009(4)SC39; 2009(3)SCALE16; (2009)13SCC315; [2009]178TAXMAN285(SC)

..... reading section 2(1) of the finance act, 2001, it is clear that the term `income tax' as used in section 2(1) and proviso to section 2(3) of the said act did not include the amount of surcharge. ..... though parliament was aware of rate of tax prescribed by section 113 and yet in the various finance acts, parliament has sought to levy surcharge on the tax in the case of block assessment. ..... section 4(1) prescribes the subject matter of the tax and the rate of that tax is prescribed by the legislature, either under the act as in the case of section 113 or vide the finance act.7. ..... according to the assessee, prior to 1.6.2002, the position was ambiguous as it was not clear even to the department as to whether surcharge was leviable with reference to the rates provided for in finance act of the year in which the search was initiated or the year in which the search was concluded or the year in which the block assessment proceedings under section 158bc were initiated or the year in which block assessment order was passed. ..... to clear that doubt precisely, the proviso has been inserted in section 113 by which it is indicated that finance act of the year in which the search was initiated would apply. ..... section 158bb is required to be read with section 4 of the act, then the relevant finance act of the year concerned would automatically stand attracted to the computation under chapter xiv-b. .....