Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 Court: supreme court of india Page 1 of about 1,778 results (0.116 seconds)

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

Court : Supreme Court of India

..... amended by the finance (no.2) act, 1991 w.e.f ..... further amended by the finance (no.2) act, 1991, w.r.e.f. ..... regarding the statutory provisions it was submitted that the words trade, commerce or business in the proviso to section 2(15) of the it act cannot be read in isolation and have to be seen in context of charitable purpose and, even after a series of amendments - from the finance act, 2008 to finance act, 2015 there is essentially, no change in the basis of determination of what amounts to a trade, commerce or business and therefore the tests as laid down in surat art silk (supra) still holds the ..... . learned senior counsel further relied on the explanatory notes to the provisions of the finance act, 2008, specifically towards amendment made to section 2(15) of the it act, aimed at streamlining the definition of charitable purpose as discussed in para 595 and the ratio ..... . finance act 2008, finance act 2009, finance act 2012 and finance act 2015) do not throw light by way of statement of objects and reasons ..... about to the it act, 1961 (finance act, 1983 and 1991) 20. ..... about to the it act, 1961 (finance act, 1983 and 1991) ............................... 17 e. ..... it was registered as a charitable gpu category society in 58 inserted by finance (2) act, 2014 and amended by finance act, 2020 59 (1996) 2 scc549 the court had cited article 25(1) of the universal declaration of human rights and article 11(1) of the international covenant on economic, social and cultural rights, 1966 and relied .....

Commissioner of Income Tax Vs. M/S Classic Binding Industries

Court : Supreme Court of India

..... section 80-ia was inserted by the finance (no.2) act, 1991, with effect from 1st april, 1991. ..... as mentioned above, section 80-ic was inserted by the finance act, 2003 with effect from april 01, 2004. ..... , section 80-ic came to be inserted by virtue of finance act, 2003, applicable with effect from 1st april, 2004. ..... this backdrop, the question is as to whether these assessees, who had availed deductions @ 100% for first five years on the ground that they had set up a manufacturing unit as prescribed under sub-section (2) of the act, can start claiming deductions @ 100% again for next five years as they had undertaking substantial expansion during the period mentioned in sub- section (2)?. ..... the only question which needs to be answered in these appeals is as follows: whether an assessee who sets up a new industry of a kind mentioned in sub-section (2) of section 80-ic of the act and starts availing exemption of 100 per cent tax under sub-section (3) of section 80-ic (which is admissible for five years) can start claiming the exemption at the same rate of 100% beyond the period of ..... 80-ic was inserted by the finance act, 2003 w.e.f. ..... the case of hycron electronics, dismissed the appeals by a composite order dated 11th august, 2016 for assessment year 2011-12 and assessment year 2012-13 by holding that assessee is eligible for deduction under section 80 of the act @ 25% of the profit derived from industrial undertaking for these years and not @ 100% of deduction claimed by the assessee.12. .....

Mahabir Industries Vs. Principal Commissioner of Income Tax

Court : Supreme Court of India

..... section 80-ia of the act was originally introduced in the year 1991 by the finance (no.2) act, 1991 w.e.f. ..... commissioner of income tax, west bengal, calcutta1 has held that the true test for ascertaining whether industrial undertaking is formed by reconstruction of business already in existence (which was the expression used in section 15c of 1922 act), is not whether the new industrial undertaking connotes expansion of the existing business of the assessee but whether it is a new and identifiable undertaking separate and distinct from existing business. ..... interestingly, another provision in the form of section 80-ic was inserted by finance act, 2003 w.e.f. ..... along with this provision, section 80-ib was also introduced for the first time by the same finance act, 1999. ..... this section was amended by the finance act, 1999 w.e.f. ..... having faced with this situation, he raised an altogether different argument for consideration by referring to section 15c of the income tax act, 1922 (hereinafter referred to as the 1922 act ), which was also a provision which granted exemption from income in respect of newly established industrial undertaking. ..... in nutshell, those undertakings or enterprises, which fulfill the conditions mentioned in sub-section (4) of section 80-ia of the act, are entitled to total deductions of their profits, which means, no tax is payable and the period for which such undertakings or enterprises are exempted from payment of tax is ten consecutive assessment years. .....

Plastiblends India Limited Through Its Chairman and Managing Director ...

Court : Supreme Court of India

..... any business of an industrial undertaking or a hotel or operation of a ship or developing, maintaining and (2008) 297 itr176 (2009) 310 itr3927 8 it may be mentioned that section 80-ia inserted by the finance (no.2) act, 1991 and was amended from time to time. ..... court, the high court noticed that section 80-ia is a 19 code by itself and deduction allowable under section 80-ia is a special deduction which is linked to profits, unlike deductions contained in chapter iv of the act which are linked to investment.17) the aforesaid conclusion of the full bench is based on the judgments of this court and there is no reason to disagree with the same, on finding that the judgments of this ..... the scope of deduction under chapter vi-a nor the said decision can be read to mean that by disclaiming current depreciation, the assessees can claim enhanced deduction under any other provisions in the act.14) after removing the applicability of mahendra mills on the aforesaid grounds, the high court proceeded to consider as to whether it can be said that the quantum of deduction allowable under section 80-ia ..... recasted and substituted by finance act, 2001 and certain amendments ..... 2 (2000) 243 itr56section 32 was amended by finance act, 2001 and explanation 5 was2) the assessment years ..... the judgment of this court in mahendra mills limited has been knocked off by the parliament with the addition of explanation 5 to section 32 vide finance act, 2001. ..... in force before its amendment vide finance act, 2001. .....

Central Board of Direct Taxes and ors. New Delhi Vs. Oberoi Hotels (In ...

Court : Supreme Court of India

Reported in : 1998IVAD(SC)411; AIR1998SC1666; (1998)146CTR(SC)222; [1998]231ITR148(SC); JT1998(2)SC717; 1998(2)SCALE516; (1998)4SCC552; [1998]2SCR501

..... income-tax, : [1990]183itr1(sc) , wherein this court was considering the contention that circular of 1965 of the central board of direct taxes was binding on the authorities under the act and should have been relied upon by the high court in support of the court's construction of section 40(b) to accord with the understanding of the provision made manifest in the ..... . respondent was of the view that the second agreement did not qualify for approval under section 80-0 of the act since the crux of the management service agreement was that the petitioners would take over responsibility for the working and management of the foreign company for a stipulated period ..... . 2) act, 1991 and that too, with effect from april 1, 1992, which is proposing to substitute the word 'technical or professional services' in place of the word 'technical services' now ..... , the sale is an export sale within the meaning of section 5(1) of the central sales tax act (export sales) the state may not get any revenue but larger national interest is served thereby ..... as those relating to managements, organisation, sales finance and accounts, will not qualify for this ..... above that after the amendment of section 80-0 by finance (no ..... that 'professional services' have been brought within the scope of section 80-0 only by an amendment by the finance (no ..... 6, 1972 which dealt with the scope and effect of amendment of section 80-0 which was substituted in place of earlier one by finance (no ..... changes introduced by the finance (no. .....

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

..... the 1994 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 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. ..... 89a was subsequently re-enacted by the finance act 1983 as section 8q-hhc of the act. ..... relief in respect of export turnover was granted for the first time by the finance act 1982 by the introduction of section 89a in the act. ..... 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 of diamonds. ..... if we 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 ..... 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 and ores .....

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. ..... :119 (1) the board may, from time to time, issue such orders, instructions and directions to other income-tax authorities as it may deem fit for the proper administration of this act, and such authorities and all other persons employed in the execution of this act shall observe and follow such orders, instructions and directions of the board:provided that no such orders, instructions of directions shall be issued-(a) so as to require any income-tax authority ..... the explanation is as under:explanation : for the removal of doubts, it is hereby declared that the power of the board to issue orders, instructions or directions under this act shall include and shall be deemed always to have included the power to issue instructions or directions (including instructions or directions to obtain the previous approval of the board) to other income-tax authorities for the proper composition of ..... the explanation empowers the board to issue orders, instructions or directions for the proper composition of the offences under section 279(2) of the act and further specifically provides that directions for obtaining previous approval of the board can also be issued. .....

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 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. ..... 1.4.88, by the finance act, 1991, enacts overriding provision and takes care of a situation -where the capital gains arise from the transfer of a capital asset, being a transfer by way of compulsory acquisition and the compensation for ..... a business carried on by him, such conversion or treatment; [or](v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or(vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has ..... therefore, with a view to remove these difficulties, the finance act 1987 inserted section 45(5) to provide for taxation of additional compensation in the year of receipt instead of in the year of ..... section 155(16) by the finance act, 2003 (32 of 2003), ..... stated hereinabove is reinforced by the newly inserted clause (c) in section 45(5) by the finance act, 2003 w.e.f.1.4.2004. ..... by the finance act, 1987, ..... section 45(5) stood incorporated by finance act 1987 w.e.f. 1.4.88. ..... is - why was section 45(5) inserted by the finance act, 1987, w.e.f. 1.4.88? .....

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

..... 1991, the existing section 90 was renumbered as sub-section (1) and sub-section (2) was inserted by finance act, 1991 ..... concept in the following words:'it is, i think, necessary to consider what, if any, legal concept is involved in the use of this popular and pejorative word, i apprehend that, if it has any meaning in law, it means acts done or documents executed by the parties to the 'sham' which are intended by them to give to third parties or to the court the appearance of creating between the parties legal rights and obligations different from the actual ..... the provisions of the statute can best be implemented and what measures, substantive as well as procedural would have to be incorporated in the rules or regulations for the efficacious achievement of the objects and purposes of the act, it is not for the court to examine the merits or demerits of such a policy because its scrutiny has to be limited to the question as to whether the impugned regulations fall within the scope of the ..... on the scope of the doctrine of stare decisis with reference to halsbury's law of england and corpus juris secundum, pointing out that a decision which has been followed for a long period of time, and has been acted upon by persons in the formation of contracts or in the disposition of their property, or in the general conduct of affairs, or in legal procedure or in other ways, will generally be followed by courts of higher ..... the finance act, 1972 (act 16 of 1972) modified section 90 and brought .....

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

..... finance act, 1991 ..... india, not involving clearance at any customs station as defined in the customs act, 1962 (52 of 1962); (b) 'export turnover' means the sale proceeds, received in, or brought into, india by the assessee in convertible foreign exchange in accordance with clause (a) of sub-section (2) of any goods or merchandise ..... purposes of this section,--(a) 'convertible foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder;(aa) 'export out of india' shall not include any transaction by way of sale or otherwise, in a shop, emporium or any other establishment situate in ..... (52 of 1962); (ba) 'total turnover' shall not include 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) ' ..... under the original section as inserted by finance act, 1983, the head note stated ..... inserted by finance act, 1985 .....