Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 Page 7 of about 31,552 results (0.075 seconds)

Commissioner of Income Tax Vs. Pooshya Exports (P) Ltd.

Court : Chennai

Reported in : (2003)179CTR(Mad)557

..... -clause (ii) of clause (b) of sub-section (2) of section 80hhc has been done by the finance act 2 of 1991, w.e.f.. ..... confirmed the finding of the cit(a) as to the activities of the petitioner in quarrying and mining granite blocks as a manufacturing activity as such entitled to the investment allowance under section 32a of the it act and also confirmed the finding of the cit(a) with regard to deduction under section 80hhc though not on the ground on which it has been granted by the cit(a) but on the ground that the ..... an explanation was therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable under clause ..... , first proviso was added to section 43b by finance act, 1987. ..... 2) act of 1991 to section 80hhc is only prospective and effective from 1st april, 1991, and for ..... 2) act, of 1991 from 1st april, 1991, onwards such benefit was extended to the ..... 2) act, of 1991 to sub-section ..... 2) act, of 1991 the said provision was and ..... act of 1991 ..... act 2 of 1991 ..... act, of 1991 ..... 2) act, of 1991, cannot, by any stretch of imagination, be considered as retrospective in nature in the absence of any express provision to conclude ..... assessment years under consideration in that case was 1991-92 to 1993-94 subsequent to the amendment brought by finance (no. ..... 1st april, 1991, whereby the processed minerals and ores specified in twelfth schedule to the act have been excluded from the exclusion clause contained .....

Housing and Urban Development Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)102TTJ(Delhi)936

..... act was reintroduced by finance act, 1991 ..... relied by the assessee's counsel to state that it will not be legally acceptable to include interest on securities, bonds and debentures within the definition of interest under section 2(7) of the act, cannot be taken a basis for arriving at the conclusion on the question under reference inasmuch as that order was rendered by the division bench by mowing the majority view of the co-ordinate benches of ..... new definition brought in statute after its amendment in 1991 was not for enlarging the scope of levy in any manner whatsoever but the scope of amendment was only to cover various entities as referred in the speech by the hon'ble finance minister.from the foregoing discussion we are therefore, of the considered view that interest under the act is confined to interest on loans and advances only ..... finance act, 1978 applicability of the act was withdrawn.later on by finance act ..... act was made applicable to schedule banks and idbi, ifci, irci and icici, it was again withdrawn by finance act ..... finance act ..... finance act ..... from the following speech of finance minister given at the time of introducing the act, it can be inferred that interest on deposit is not to be included in the definition of interest under this act: these institutions would reimburse themselves ..... act, 1991, the act ..... 1991 credit institutions were specifically empowered to vary the rate of lending so as to reimburse of the extra charge going to fall on them by the introduction of the act .....

Sri Chaitanya Educational Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)106ITD256(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, apex court held that every statute is prima facie prospective unless it is expressly or by necessary implication made to have ..... would have to be examined in the appellate proceedings, if instituted by the assessee.7.6 in the light of the foregoing discussion, we find that the commissioner has no power to cancel the registration, prior to insertion of sub-section (3) of section 12aa by the finance act, 2004 with effect from 1.10.2004 nor does the said amendment have any retrospective operation and as such the impugned order dated 26.7.2004 has no legal sanctity ..... . the exclusion of stock in trade from the ambit of levy of wealth-tax on assets of closely held companies in section 40(3) of the finance act, 1983 could not per se be regarded as an "obvious omission" nor is giving it immunity from the levy of wealth-tax necessary for reasonably interpreting the ..... . union of india was solely on the basis that there was conflict between each of sections 65, 66, 68(1a) and 71 of the finance act, 1994, as amended in 1997 on the one had and clauses (xii) and (xviii) of rule 2(1)(d) of the service tax rules, 1994, on ..... 2)act, 1991 with effect from 1.10:1991, the hon'ble rajasthan high court held that the proviso inserted by the finance .....

Assistant Commissioner of Income Vs. U. P. National Mfg Ltd. (Asstt. C ...

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... act, 1961 (hereinafter called as "the act"), as a result of finance act, 1991, which received the assent of the president of india on 27th september, 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 1st october, 1991 ..... this case that in the context of penalty provisions "reasonable cause" would mean a cause which is beyond the control of the assessee and means a cause which prevents a reasonable man of ordinary prudence acting under normal circumstances, without negligence or inaction or want of bona fide, advances the assessee's case rather than the revenue's case because in the present cases the assessees were neither negligent nor remained ..... 2) act, 1991, bill for which was introduced in the parliament on 24th july, 1991, and assent of the president of india was accorded on 27th september, 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 ..... act, 1991 ..... 1991, by the finance ..... 194h of the act which were operative only during the period 1st october, 1991 to 30th may, 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 1st october, 1991 but before the 1st day of june, 1992, to a resident, any income by way of commission not being ..... act, 1961, for the financial year 1991 .....

Jai Mica Supply Co. (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD96(Kol.)

..... it was only the finance act, 1991, when section 80hhc(2)(b) was amended and the said items ..... difference of opinion between the members, we refer the following point to the hon'ble president, tribunal, under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the assessee was eligible for deduction under section 80hhc of the it act, 1961, for the assessment year under consideration (1990-91) in respect of export of fabricated mica products, particularly as amendment in section 80hhc(2)(b) ..... 2) act, 1991, as under : "clause 28 seeks to amend section 80hhc of the it act, relating to deduction ..... act of 1991 ..... 2) act, 1991, that by the amendment of section 80hhc(2)(b) the legislature sought to extend the benefit of deduction under section 80hhc in respect of profits derived from export ..... 1st april, 1991, and, therefore, the interpretation that the deduction under the said section was permissible even before the amendment is logically not acceptable.reference has been made to the following statement of the finance minister while proposing the amendment in the parliament--"i also propose to extend the concession ..... whether; on the facts and in the circumstances of the case, the assessee was eligible for deduction under section 80hhc of the it act, 1961, for the assessment year under consideration (1990-91) in respect of export of fabricated mica products, particularly as amendment in section 80hhc(2)(b) was effective from 1st april, 1991 (asst. yr. .....

The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

..... if the guidelines issued by reserve bank of india could suo moto overrule, the specific provision of section 145 of it act, 1961, there was no need of introducing section 43d by the finance act, 1991 and later on modify it by extending the benefit to some more class of assessees by the finance act, 1999. ..... reserve bank of india guidelines could not override the mandatory provision of section 145 of the act.referring to the legislative intention for inserting section 43d, he submitted that the finance act, 1991, inserted a special provision w.e.f. ..... range x has held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia) which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or trade ..... the finance act, 1999, whereas nbfcs take advantage of this provision without any finance act/amendment to income-tax act/any specific provision in the income-tax act to ..... later on through the finance act, 1999, the benefit of this provision was extended to public companies engaged in providing long term finances to housing projects as approved ..... under which banks and public financial institutions take advantage of this provision w.e.f.01.04.1991 and public companies engaged in providing long term finances to housing projects w.e.f. .....

Commissioner of Income Tax Vs. Sahara India Savings and Investment Cor ...

Court : Allahabad

Reported in : (2003)185CTR(All)136; [2003]264ITR646(All)

..... however, by finance act, 2 of 1991, section 4 was renumbered as sub-section (1), and sub-section (2) was inserted which states :'notwithstanding anything contained in sub-section (1) but subject to the other provisions of this act, there shall be charged on every credit institution for every assessment year commencing on and from the 1st day of april, 1992, interest-tax in respect of its chargeable interest of the previous year at the rate of three ..... is to say, a company which receives any deposit under any scheme or arrangement, by whatever name called, in one lump sum or in statements by way of contributions or subscriptions or by sale of units or certificates or other instruments or in any other manner; or(vi) a miscellaneous finance company, that is to say, a company which carries on exclusively, or almost exclusively, two or more classes of business referred to in the preceding sub-clauses;'it may be mentioned that clause (va) of section 2(5b) was inserted by the finance act, 1992, from 1st april, 1993.15. .....

Goa Carbon Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT152(Mum.)

..... part tv of the first subject : scope of the term 'mineral oil'- item 3 of the part iv of the first schedule to the finance act, 1964, item 3 of part iii of the first schedule to the finance act, 1965, and item 3 in both the fifth and sixth schedules to the income tax act, 1961 a question has been raised whether a company carrying on the business of refining crude oil into motor spirit, aviation spirit, kerosene and ..... are not eligible for the export incentive deduction with effect from 1-4-1991 as per finance (no, 2) act of 1991. ..... 1991 explaining the scope of the term 'mineral oil'-item 3 of the part iv of the 1st schedule to the finance act, 1964, item 3 of part 111 of 1 st schedule to the finance act, 1965 and item 3 in both the fifth & sixth schedules to the income tax act ..... crude if would quality, for higher rebate in respect super-tax available in relation to the profits and gains attributable to the business of manufacture and production of' mineral oil under the finance act, 1964, and the finance act, 1965, provided the other conditions specified in this behalf are fulfilled.2. ..... finance act, 1964, arid the finance act ..... since, no exception on the lines of 'mineral and ores' (since 1991, the export of processed 'mineral and ores' specified in the xii schedule are now eligible for deduction under section 80hhc) for processed mineral oil has been made in the income tax act, it appears that benefits of section 80hhc cannot be given to the assessee (the calcined petroleum coke appears .....

S.E. Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2004)88ITD620Agra

..... "credit institution" inserted by the finance act, 1991 w.e.f. ..... assessment order for the assessment year 1998-99, wherein the assessing officer has given the finding that the closing stock shown in the balance sheet is running stock in the amounts financed to the hirers, which clearly indicates that the stock is a capital stock and not the revenue stock and the same has not been disclosed in the trading and profit and ..... the finance charges accruing or arising to hire purchases finance company are in the nature of interest as defined in section 2(7) of the interest-tax act, and, therefore, chargeable to interest-tax act.13 ..... to be in the nature of finance transaction, then interest on such financing transactions shall be chargeable to interest-tax act.15. ..... acting under these instructions, the assessing officers have been treating all the hire-purchase transactions as mere financing transactions without distinguishing between a true hire-purchase transaction and a financing ..... transactions entered into by the hire-purchase companies and other credit institutions are generally in the nature of financing transactions and hence the hire chargers earned in the transactions would be in the nature of interest chargeable to tax under the interest-tax act, 1974. ..... finance charges relating to the so called hire purchase transactions are, in fact, interest on loans and advances and the same have been rightly held to be chargeable under the interest-tax act ..... 1991 in section 2(5b)(i) of the act .....

Commissioner of Income Tax Vs. Vijaya Bank

Court : Karnataka

Reported in : (2005)199CTR(Kar)329; [2006]285ITR97(KAR); [2006]285ITR97(Karn)

..... ' the court has further noticed as under :'in the present case, if one construes section 2(7) in the context of the object of the act and the scheme of the act, it is clear that the main section 2(7) applies only to loans and advances and not to the gross amount of interest received from the rbi on dated government securities and that deletion of the exclusionary clause by the finance (no.2) act of 1991 had no effect on section 2(7) as the exclusionary clause was only clarificatory in nature. ..... it has also ruled in the order that the interest on securities cannot be brought to tax but only the interest on loans and advances are chargeable to tax as amended by the finance act. ..... 2) act of 1991 had no consequence on the main section 2(7). ..... 2) act, 1991, read as under :'2(7) 'interest' means interest on loans and advances made in india and includes- . ..... 2) act, 1991 w.e.f. ..... in our case also, the main section 2(7) of the interest-tax act shows that the word 'interest' meant interest on loans and advances and not interest on securities/ debentures and, therefore, the deletion of the exclusionary clause by the finance (no. ..... of any credit sanctioned for being availed in india; and(b) discount on promissory notes and bills of exchange drawn or made in india, but does not include- (i) interest referred to in sub-section (1b) of section 42 of the reserve bank of india act, 1934 (2 of 1934);(ii) discount on treasury bills;' the said section substituted by finance (no. .....