Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 section 98 charge of securities transaction tax Page 1 of about 1,840 results (0.076 seconds)

The Director of Income Tax (international Taxation Vs. Goodyear Tire a ...

Court : Delhi

..... the charge of securities transaction tax is given in section 98 of chapter vii of finance (no.2) act, 2004, which, to the extent relevant, is quoted hereunder:98. ..... we may point out that chapter vii of the said finance (no.2) act, 2004 pertains to securities transaction tax. ..... reading the said provisions together with section 10(38) of the said act, it is apparent that income arising from the transfer of a long term capital asset, if it is an equity share in a company or a unit of an equity oriented fund, where the transaction of sale of such equity share is chargeable to securities transaction tax, then such income would be exempt. ..... section 97(13) of the said finance act defines taxable securities transaction in the following manner:(13) taxable securities transaction of transaction means a (a) purchase or sale of an equity share in a company or a derivative or a unit of an equity oriented fund, entered into in a recognized stock exchange; or (b) sale of a unit of an equity oriented fund to the mutual fund.3. ..... was that the transfer of the 74% shares to the singapore company, which was without any consideration, even if the same was for consideration would be exempted from income-tax in view of the specific provisions of section 10(38) read with chapter vii of the finance (no.2) act, 2004 . .....

Commissioner of Income Tax Vs. Herbalife International India Pvt. Ltd.

Court : Delhi

..... for the purposes of this sub-clause, commission or brokerage shall have the same meaning as in clause (i) of the explanation to section 194h; (ii) fees for technical services shall have the same meaning as in explanation 2 to clause (vii) of sub-section (1) of section 9; (iii) professional services shall have the same meaning as in clause (a) of the explanation to section 194j; (iv) work shall have the same meaning as in explanation iii to section 194c; (ib) any sum paid on account of securities transaction tax under chapter vii of the finance (no. ..... 2) act, 2004 section 40 (a) (i) of the act provided for disallowance of payments made to non-residents where tax is not deducted at source, whereas a similar payment to resident did not result in such disallowance. ..... the debts of the business or profession are allowed as a deductionin computing the amount with reference to which such tax is charged, but does not include any tax chargeable with reference to the value of any particular asset of the business or profession; (iii) any payment which is chargeable under the head salaries , if it is payable outside india and if the tax has not been paid thereon nor deducted therefrom under chapter xvii-b; (iv) any payment to a provident or other .....

Airport Retail Pvt. Limited Vs. Union of India and ors.

Court : Delhi

..... airport services were brought into net of tax by virtue of the finance act, 2004 with effect from 10.09.2004 with the introduction of clause (zzm) to section 65(105) of the act. ..... letting out of premises or whether it was an arrangement in the nature of joint venture where the petitioner had agreed to perform a part of the obligation of dial, would not be relevant for determining the charge of service tax on the transaction for the period prior to 01.06.2007, as even if it is assumed that the transaction was simply letting out of the immovable property as contended by the learned additional solicitor general, it is apparent that prior to 01.06.2007, the same was not exigible to service ..... the relevant part of the said order is quoted below: so far as section 65(105)(zzm) is concerned, the matter is covered by the circular dated 19th september, 2004 issued by the central board of customs & excise, which clarifies that "airport services includes only items like navigation, security and parking services and does not include the activity of letting (sic cutting) out a part of the airport premises (sic services). ..... court, by an order dated 05.11.2012, disposed of the said applications with a direction to the petitioner to furnish a bank guarantee of `42,36,52,066/- in favour of the registrar general of this court for securing the amount as none of the directors of the petitioner company were within the jurisdiction of this court and the petitioner itself had no assets in this country. .....

Assistant Commissioner of Income Vs. Visharad Automobiles Financiers

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)108ITD294(Delhi)

..... has maintained that such hire purchase transactions are nothing other than financing transactions entered into by the company carrying on the business of financing and that the charges accrued or arisen from such transactions are in the nature of interest as defined in section 2(7) of the interest-tax act, which interest is chargeable to interest-tax. ..... 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 rbi act, 1934; 9.1 therefore, "interest" in section 2(7) of the interest-tax act, 1974, means interest on loans and advances made in india, other than the two items mentioned in the section.9.2 section 4 of the interest-tax act, 1974, is the charging section.as per section 4(2) interest-tax, would be charged in respect of chargeable interest of every credit institution.9.3 chargeable interest has been defined ..... bench of the hon'ble supreme court was that the intention of the assessee in obtaining the hire purchase and the allied agreements was to secure the return of loans advanced to the customer and no real sale of the vehicle was intended by the customer to the assessee. ..... , 2004, the ao observed, inter alia, that as per the definition of "interest" in the interest-tax act, "interest" means interest on loans and advances and includes commitment charges on unutilized portion of any credit sanctioned for being availed of and it has specifically excluded ..... del/2004, ..... 2004, ..... 2004 .....

Deep Hire Purchase (P) Ltd. Vs. Cit

Court : Punjab and Haryana

Reported in : [2005]144TAXMAN417(Punj& Har)

..... interest-tax act, 1974 (hereinafter referred to as 'the act'), read with section 260a of the income tax act, 1961, against the common order of the income tax appellate tribunal, arnritsar bench, amritsar (for short 'the tribunal'), dated 31-3-2004, relating to the assessment years 1992-93 and 1993-94.for the assessment year 1992-93, the assessee had filed its return under the act on 21-2-1992, declaring chargeable interest as under :rs.(i) hire-purchase charges ..... routinely treating all hire-purchase transactions as mere financing transactions, the assessing officer may be advised to examine each transaction in the above light and charge interest-tax in such of those transactions which are not in the nature of hire-purchase.a careful reading of the extracts of the above circular divulges that all the hire-purchase transactions cannot be construed as financing transactions and it is not open to the department to levy tax on the hire charges resulting,ftom genuine hire ..... . otherwise, the tribunal has accepted the assessee's claim that hire-purchase charges earned on hire-purchase transactions cannot be treated as interest under the act.we also do not find any merit in the contention of counsel for the assessee that the ..... further observed that the hire-purchase agreement and the endorsement in the registration book that the vehicle was financed by the assessee, are only to secure the recovery of the money advanced so that the customers do not transfer the vehicles without getting .....

Deep Hire Purchase P. Ltd. Vs. Commissioner of Interest-tax (Appeals)

Court : Punjab and Haryana

Reported in : (2005)195CTR(P& H)174; [2005]274ITR69(P& H)

..... thus, the commissioner of interest-tax (appeals) held that the hire-purchase transactions, in substance, were arrangements for lending money and that the hire charges earned in such transactions were in the nature of interest within the meaning of section 2(7) of the act. ..... he further observed that the hire-purchase agreement and the endorsement in the registration book that the vehicle was financed by the assessee, are only to secure the recovery of the money advanced so that the customers do not transfer the vehicles without getting 'no dues clearance' from the assessee-company. ..... 194 and 195 of 2004 filed by the assessee under section 21 of the interest-tax act, 1974 (for short 'the act'), read with section 260a of the income-tax act, 1961, against the common order of the income-tax appellate tribunal, amritsar bench, amritsar (for short 'the tribunal'), dated march 31, 2004, relating to the assessment years 1992-93 and 1993-94.2. ..... aggrieved by the aforesaid orders of the commissioner of interest-tax (appeals), the assessee filed two appeals against the said orders before the tribunal which have been disposed of vide the impugned order dated march 31, 2004. .....

Dy. Cit, Special Range 4 Vs. Volex Finance and Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... in the earlier years, the case of the department is that the vehicles were registered in the assessee's name only as security for the advance given by the assessee to the users of the vehicles and the transaction was thus only a finance transaction in respect of which the assessee is chargeable to tax on the interest and no depreciation in respect of the vehicles was allowable as claimed.the facts relating to the grounds are ..... the fact that in the registration certificate issued,under the motor vehicles act, the assessee was shown as the owner cannot come to the assessee's aid as it is a neutral fact in the sense that even if the transaction was a money-lending transaction on the security of the vehicle, it is the assessee which would be shown as the registered owner so that its interests are safe and the customer who is in ..... relying on the order of the commissioner (appeals), submitted that the assessee remained the owner of the vehicles throughout the transactions, that the ownership was never transferred to the customer, that even in the registration certificate issued under the motor vehicles act the assessee was described as the owner, that a reading of the lease document as a whole clearly indicated that the ..... department, one arising from the assessment order passed under section 143(3) and the other arising from the order passed by the assessing officer under section 154 of the act.13. ..... , such as, "purpose of advance", "finance charges", "rate of interest", "amount required" ..... 2004 .....

Sushila vs.airport Authority of India & Anr

Court : Delhi

..... division bench was required to examine as to whether section 65 (105)(zzm) of the finance act, 1994 as amended by the finance act, 2010 w.e.f. ..... the petitioners in the said batch of petitions as to who would ultimately be liable to pay service tax, the court expressed a view that since both, the petitioners and the respondent/aai were questioning the leviability of service tax on the subject transaction and appeals against the order passed by the commissioner, service tax were pending adjudication before the appropriate fora, it was for the said fora to decide the said ..... lastly, the court separately dealt with each case where the respondent/aai was holding a security deposit/bank guarantee or had recovered service tax from the petitioners therein and in the case of the appellant before us, the following direction were issued:-" the respondent aai had awarded the contract to the petitioners for ..... appropriate forum to decide as to whether service tax would be leviable on garbage collection charges and if the answer is in the affirmative, who would be liable to pay service tax more so, when the appellant/petitioner has not even impleaded the service tax authorities as a party in the writ petitions ..... 1.4.2004 that had extended the definition of taxable services to be provided to any person, by airports authority or by any other person, in any airport or a civil enclave: .provided that the provisions of section 65a shall not apply to any service when the same is rendered wholly within the .....

R.S. Gupta and Co. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2007)8STR630

..... in this context, he draws our attention to the amendment to the finance act, 2004 with effect from 10.9.04 by which the services of sub-broker were brought into the net of service tax by including them in the definition for whatever services rendered by them by way of collecting the brokerage was not rendered by them as stock broker.3. ..... having heard both the sides and perused the records, we find that vide section 65(105) of the finance act, 1994 (as amended) taxable service means any service provided to a exchequer of a stock broker in connection with the sale or produce of security listed on a recognized stock exchange. ..... i find that, the demand has been confirmed on the ground that "the service provider has acted as share broker while making transaction with their clients and has charged a certain amount for providing services the same is liable to service tax. ..... further, section 65(101) defines 'stock broker' to mean a stock broker who has either made an application for registration or is registered as a stock broker in accordance with the rules and regulations made under the securities and exchange board of india act, 1992 (15 of 1992). ..... in this regard, i find that, they have provided services of stock broker while making transactions with their clients, they acted as share broker and has charged brokerage for providing such services, therefore, the adjudicating authority has rightly hold that such amount is liable to be service tax. .....

Vikas Sales Corporation and Another, Etc. Etc. Vs. Commissioner of Com ...

Court : Supreme Court of India

Reported in : AIR1996SC2082; 1997(57)ECC1; JT1996(5)SC482; 1996(4)SCALE622; (1996)4SCC433; [1996]Supp2SCR204; [1996]102STC106(SC)

..... before the definition of the expression 'securities' in clause (h) of section 2 of the securities contracts (regulation) act was amended by act 15 of 1992, the definition reads thus :(h) 'securities' include-(i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate;(ii) government securities;(iii) rights or interests in securitiesby the said amendment act, sub-clause (iia) was added in the said definition, which reads :(iia) such other instruments as may be declared by the central government ..... the last submission urged by sri vaidyanathan is that these licences/scrips constitute securities within the meaning of clause (h) of section 2 of the securities contracts (regulation) act, 1956, and therefore, stand excluded from the definition of 'goods' contained in tamil nadu, kerala and karnataka sales tax acts as well as central sales tax act. ..... the question in that case was whether lottery tickets are 'goods' within the meaning of and as defined in the tamil nadu general sales tax act and bengal finance (sales tax) act, 1941. .....