Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 Page 6 of about 31,552 results (0.070 seconds)

C.S. Mathur Vs. Central Board of Direct Taxes and ors.

Court : Delhi

Reported in : 1998IVAD(Delhi)550; 1998(45)DRJ450; [1999]235ITR769(Delhi)

..... (bom) maintained in lpa by the db of the same high court : [1988]170itr136(bom) (later on upheld by the supreme court also) which persuaded the parliament into amending section 80o by the finance act ( 2 of 1991) whereby cases like the present one have been specifically covered under section 80o by enlarging its scope and inasmuch as section 80o specifically covers such a case and that too by the amendment brought in ..... it cannot be said that the amendment introduced in section 80o by the finance act of 1991 is so inconsistent with the provisions of section 80rra as to rebut the ..... originally stood, underwent a change by the finance act no.2 of 1991 (w.e.f. ..... inserted in the income-tax act, 1961 by the finance act, 1975 (25 of 1975) ..... the finance act, 1987 (11 of 1987) vide section 37 thereof introduced the two categories in the present form providing for ..... substituted by the finance act, 1977 w.e.f. ..... and hence is entitled to deduction equal to 75% of the remuneration received for service rendered by him to the companies outside india and brought into india by him in accordance with the foreign exchange regulation act, 1973 and rules made thereunder.according to the respondent the petitioner is entitled to deduction equal to 50% only under section 80o.10. ..... petitioner) shall provide to mannesman/krupp from time to time advice, information on finance, industrial, business and economic matters relating to india as would be useful to mannesman/krup and its affiliated company in relation to its .....

C. S. Mathur Vs. Central Board of Direct Taxes and anr.

Court : Delhi

Reported in : (1998)147CTR(Del)75

..... 80-o by the finance act of 1991 is so inconsistent with the provisions of s. ..... 80-o by the finance act (2 of 1991) whereby cases like the present one have been specifically covered under s. ..... 80rra was inserted in the it act, 1961, by the finance act, 1975 (25 of 1975) w.e.f. ..... the finance act, 1987 (11 of 1987) vide s. ..... 1st april, 1975, and was then substituted by the finance act, 1977, w.e.f. ..... 80-o as it originally stood, underwent a change by the finance act no. ..... in our opinion, employment as a technician for the purpose indicated by shri palkhivala could also be an object of the act and in such a case the fee received by a consultant or a technician would also come within the purview of the section concerned ..... , petitioner) shall provide to mannesmann/krupp from time to time advice, information on finance, industrial, business and economic matters relating to india as would be useful to mannesmann/krupp and its affiliated company in relation to its business investment in india.'2. ..... cbdt : [1996]220itr120(delhi) , the assessed was to advise and act as a consultant to the company on terms relating to formulation of plant and programmes for the development, staffing and equipment of certain system in the company ..... the presumption is, however, rebutted and a repeal is inferred by necessary implication when the provisions of the later act are so inconsistent with or repugnant to the provisions of the earlier act 'that the two cannot stand together'. ..... the ministry of finance vide its letter dt .....

Commissioner of Income-tax Vs. Krishi Utpadan Mandi Samiti

Court : Allahabad

Reported in : [2010]186TAXMAN460(All)

..... the proviso to clause (a) has been substituted by the finance act, 1991 with effect from 1-10-1991 and provides that if an application for registration of the trust is made after the specified period, the commissioner may register the trust or institution from the date of creation of the trust or the establishment of the institution ..... allowances including allowances for leave, gratuities, compassionate allowance, medical aid and contributions towards provident fund and pensions of the officers and servants employed by or for it;(iii) expenses of and incidental to elections under this act;(iv) the principal amount of or interest on loans and advances referred to in clause (x) of sub-section (2) of section 16;(iv-a) the rent of and taxes on any land and building in possession of the committee;(v) expenses on collection, maintenance, dissemination ..... after the amendment in section 10(20) brought by the finance act, 2002, the assessees were required to get registration under section 12a with ..... had itself submitted that it was aware of the fact that section 10(29) was omitted and since it wanted exemption under section 11 of the act, it should have filed the application for registration immediately after the finance act, 2002 came into force i.e. ..... 10(29) were deleted by the finance act, 2002 with effect from 1-4-2003 ..... finance act, 1983 with effect from 1st april, 1984, legislature has omitted the words 'not involving the carrying on of any activity for profit' from section 2(15) of the act .....

M.S. Hameed Vs. Director of State Lotteries

Court : Kerala

Reported in : [2001]114TAXMAN394(Ker)

..... 194g had been introduced by the finance act, 1991, effective from 1-10-1991. ..... reference had been made to the finance act, 1992, as seen, published in (1992) 195 itr ..... three petitioners, who are directly affected by the said directions have approached this court for quashing the said proceedings mainly on the plea that section 194g of the income tax act, 1961 (hereinafter referred to as 'the act') cannot have application on the facts of the case, and consequently, the stand taken by the government is illegal, and warrants interference. ..... sa(3)/i6065/97/dsl(2) dated 29-12-1999.i am to invite a reference to the letter cited and to inform you as follows:section 194g of the income tax act, 1961 specifically imposes a liability on person responsible for paying to any person who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize on such tickets in all amount ..... the counsel also referred to the instructions of the central board of direct taxes in (1991) 192 itr 1999 and contended that it had never been visualised that in the case at hand a tax under section 194g was justified ..... (1) any person who is responsible for paying, on or after the 1st day of october, 1991 to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize (by whatever name called) on such tickets in an amount exceeding one thousand rupees shall, at the time .....

Unit Trust of India, Mumbai and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Reported in : 2001(3)BomCR673; 2002(1)MhLj301

..... he contended that the finance act of 1991 has been enacted much after the enactment of the uti act, 1963 and, therefore, the act of 1991 amending the interest tax act was a subsequent law vis-a-vis uti act, 1963. mr. ..... he further contended that the communication dated 11th october, 1991, in effect, seeks to give exemptions to uti from the provisions of interest tax act although the parliament enacted finance act of 1991 by which uti has been treated as a credit institution for the purposes of the interest tax act and, therefore, the circular dated 11th october, 1991 was in violation of provisions of the interest tax act. ..... in the present matter, on facts, we find that after finance act of 1991, uti sought the opinion of the central board of direct taxes. ..... the department was fully aware of the finance act of 1991. ..... when the parliament enacted the finance act with effect from 1st october, 1991 uti and lic were brought expressly within the purview of the interest tax act thereby the parliament impliedly repealed section 32 of the uti act to the extent of the interest income which is made taxable under the interest tax act. ..... that, the said communication dated 11th october, 1991, in effect, gave exemption to uti from the provisions of the interest tax act particularly when with effect from 1991, uti was treated by the parliament as the credit institution by enacting the finance act (no. .....

Sahara India Savings and Investment Corporation. Ltd. Vs. Asstt. Cit

Court : Allahabad

Reported in : [2001]79ITD56(NULL)

..... of the special counsel for the department referred to definition of interest in section 2(7) and stated that upto the amendment by the finance act of 1991 interest was specifically excluded and that exclusion being not retained in the amended definition of section 2(7) which would mean that it stood ..... even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the learned counsel further submitted that in coming to this conclusion, they have decided ..... advances here mean advances in the nature of loans.prior to the amendment by the finance act of 1991 with effect from 1-10-1991 the definition of interest in section 2(7) of the interest tax act stood as under :'interest' means interest on loans and advances made in india and includes :(a) commitment charges on unutilised portion of any credit sanctioned for being availed of in india; and(b) discount ..... the point at issue is whether in the absence of a specific exclusion in the newly inserted definition of interest by the finance act, 1991 can it be said that interest on securities would now stand covered and to decide the issue submitted that in the present definition, as stated earlier, since interest on securities is not .....

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... arguments of the special counsel for the department referred to definition of interest in section 2(7) and stated that upto the amendment by the finance act of 1991 interest was specifically excluded and that exclusion being not retained in the amended definition of section 2(7) which would mean that it stood included within the definition of interest ..... even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the ld- counsel further submitted that in coming to this conclusion, they have decided the matter on merits and not based ..... the point at issue is whether in the absence of a specific exclusion in the newly inserted definition of interest by the finance act, 1991 can it be said that interest on securities would now stand covered and to decide the issue submitted that in the present definition, as stated earlier, since interest on securities is not specifically included nor specifically excluded, it ..... though this was a judgment rendered prior to the amendment by the finance act of 1991, the ratio of this judgment is still relevant for the purpose of determining whether interest earned on investment in securities/ debentures would fall within the meaning of loans and .....

Bhagwan Dass Khanna Enterprises Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2001)78ITD151(Delhi)

..... securing the benefit under section 80hhd for all the segments of the tourism industry, section 80hhd was amended by the finance act, 1991, w.e.f.1-4-1992, by inserting, inter alia.explanation to sub-section (2) and sub-section (2a), which read as under ..... the nature of the amendments made in section 80hhd by the finance act, 1991 in the light of the legal propositions set out in para ..... " if the amendment in section 80hhd, introduced by the finance act, 1991 is considered in the light of the above propositions, it would emerge that the same having been introduced to remedy unintended consequences, ..... assessee's contention that the explanation inserted by finance act, 1991, w.e.f.1-4-1992, was only clarificatory in nature. ..... the concerned parties, the explanation was introduced by the finance act, 1991. ..... 80hhd(2), although inserted by the finance act, 1991, w.e.f. ..... or not.9.1 on a careful consideration of the facts and circumstances of the case in its entirety and in view of the foregoing discussion we hold that the above referred amendments made by the finance act, 1992 by introducing explanation to section 80hhd(2) and sub-section (2a) are retrospective in nature. ..... encountered in ascertaining the true nature of a provision, the statement of objects or the explanatory notes on clauses relating to the amendment can be usefully referred.the relevant note on clauses in the finance bill, 1991 which introduced the amendments under consideration in section 80hhd, has been reproduced in para 4 above. .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... cit 271 itr 322 sc, the apex court, examining the retrospective or otherwise nature of the amendment to the provisions of section 80hhc by the finance act, 1991, whereby the benefit of section 80hhc has been extended to a specific kind of mineral, held that every statute is prima facie prospective unless it is expressly or by necessary implication made to have retrospective ..... , therefore, must be interpreted as it reads, with no additions and no subtractions, on the ground of legislative intendment or otherwise.12.67 applying the above ratio decidendi to the case on hand, we have to hold that as neither section 2(1) nor section 2(8) of the finance acts brings to tax, by way of a distinct and separate charge, the undisclosed income of a block period computed as per chapter xivb and as levy of surcharge in block assessments cannot be brought within the ambit of these charging ii sections, ..... case wherein the revenue seeks to press into service the proviso of section 113 brought on to the statute book with effect from 1.6.2002, so as to levy surcharge enabled by the insertion of proviso below section 113 by the finance act, 2002, expressly with effect from 1.6.2002 on tax levied in block assessments, wherein search has commenced prior to 1.6.2002.12.33 on the issue whether the legislature in question is retroactive or declaratory in nature, we may examine the ..... act, 1991 with effect from 1.10.1991, the hon'ble rajasthan high court held that the proviso inserted by the finance (no .....

Assistant Commissioner of Income Tax Vs. U. P. National Manufacturing ...

Court : Allahabad

Reported in : (2001)69TTJ(All)503

..... as a result of newly inserted provisions of section 194h of the income tax act, 1961 (hereinafter referred to as 'the act'), as a result of finance act, 1991, which received the assent of the president of india on 27-9-1991, all these respondents were under an obligation to deduct and pay the tax at source @ 10 per cent from all payments or payables on account of commission after 1-10-1991.2.2. ..... is not liable to discharge the obligation and for this purpose we consider it necessary to consider the provisions of section 194h of the act which were operative only during the period 1-10-1991 to 30-5-1992, and were in the following terms :'194h-(1), any person, not being an individual or an huf, who is responsible for paying on or after the 1-10-1991 but before the 1-6-1992, to a resident, any income by way of commission not being insurance commission referred to in section 194d or brokerage ..... 2) act, 1991, bill for which was introduced in the parliament on 24-7-1991, and assent of the president of india was accorded on 27-9-1991; it is quite clear that the petitioners were not only very diligent and quick enough in exercising the right but were diligent and careful and serious even after furnishing the petitions and that is ..... 2) act, 1991, with effect from 1-10-1991, which provides for tds in respect of payment of commission to the various parties with effect from 1-10-1991. .....