Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 section 98 charge of securities transaction tax Court: mumbai Page 10 of about 198 results (0.110 seconds)

Mr. Damodar Narcinva Naik, Vs. Union of India (Uoi) and ors.,

Court : Mumbai

Reported in : 2006(1)ALLMR657; 2006(1)BomCR224; 2006(1)MhLj761

..... order dated 24.03.1999, the customs authorities rejected the declaration of the petitioners in toto on the ground that as per the aforesaid clarification dated 28.10.1998 issued under section 96 of the finance (no.2) act of 1998, the petitioners were not eligible to avail the benefit of kvss in respect of the duty and interest payable on the raw materials lying in the ..... ' from the aforesaid section 88(f)(ii) of the finance act, 1998 it is seen that any person disputing the correctness of the customs duty as well as the penalty / interest demanded from him, could file a declaration under kvss, and if his ..... the 1st day of september, 1998, but on or before the 31st day of december, 1998, a declaration to the designated authority in accordance with the provisions of section 89 in respect of tax arrear, then, notwithstanding anything contained in any direct tax enactment or indirect tax enactment or any other provision of any law for the time being in force, the amount payable under this scheme by the declarant shall be determined at the rates specified ..... is payable under the indirect tax enactment(i) in a case where the tax arrear comprises fine, penalty or interest does not include duties (including drawback of duty, credit of duty or any amount representing duty) or cesses, at the rate of fifty per cent, of the amount of such fine, penalty of interest, due or payable as on the date of making a declaration under section 88; (ii) in any other case, at the rate of fifty per cent, of .....

Mafatlal Fine Spg. and Mfg. Co. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1994)117CTR(Bom)246; [1994]206ITR578(Bom)

..... application :not to current assessment years.citation :finance act 1974 s.16(c)income tax act 1961 s.33export market development allowance--export licence fees, export freight charges and insurance chargesheld :no weighted deduction is allowable in respect of the said items.--m. h. ..... 16(c) of the finance act, 1974 not entitled to development rebate even though order for the plant which accessories were related to had been placed before 1-12-1973. ..... 16(1)(c) of the finance act, 1974. ..... 16 of the finance act, 1974. ..... 16 of the finance act, 1974, which permits allowance of development rebate only on those machineries for which orders had been placed before 1-12-1973. ..... cit (1993) 202 itr 731 (bom)followed.application :not to current assessment years.citation :income tax act 1961 s.35b .....

State of Bombay Vs. Nagindas Maneklal and anr.

Court : Mumbai

Reported in : AIR1956Bom89; (1955)57BOMLR913; ILR1956Bom31

..... the plaintiffs' case is that each of these properties was separately assessed for the urban immoveable property tax leviable under section 22, bombay finance act up to 1946-47 on the annual letting value of that property.in the bills for 1947-48 and 1948-49, the tax was, however, claimed at the higher rate of 7 1/2 per cent, on the total annual letting value of all the three properties. ..... the contention of the state was that all the properties were parts of one building and that consequently under the second proviso to section 22, bombay finance act, the urban immoveable property tax could be assessed on the annual letting value of the building as a whole. ..... section 22, bombay finance act, 1932, is in the following terms:--'there shall, subject to the provisions of section 23, be levied and paid to the state government a tax on buildings and lands, hereinafter called the 'urban immovable property tax' at such rate not exceeding seven per cent, of the annual letting value of the buildings or lands in such area or areas as may be notified by the state government in the official gazette:provided that(1) such tax shall be levied and paid to the state government at such ..... the question for consideration therefore is whether they are three buildings or whether they are three tenements in one building within the meaning of proviso 2 to section 22, bombay finance act.the answer to this will depend on the meaning to be given to the words 'building' and 'tenement' used in this proviso.4. .....

Commissioner of Income-tax, Poona Vs. Jalgaon District Central Co-oper ...

Court : Mumbai

Reported in : (1982)30CTR(Bom)206; [1983]143ITR326(Bom); 1984TAXLR212

..... section 3 of the said finance act runs as follows :'notwithstanding anything contained in the provisions of chapter vii or chapter viii-a or section 110 of the income-tax act or sub-section (5) of section 2 of this act, in calculating any relief, rebate or deduction in respect of income-tax payable on the total income of an assessee which includes any income on which no income-tax is payable or in respect of which a deduction of income-tax is admissible under any of the aforesaid provisions, no account shall be taken of the additional surcharge.'5. ..... 2 of the said finance act provides that :'(1) subject to the provisions of sub-sections (2), (3), (4) and (5) for the assessment year commencing on the april 1, 1963, - (a) income-tax shall be charged at the rates specified in part i of the first schedule and, -... ..... the question referred to us for our determination in this reference is as follows :'whether, on the facts and in the circumstances of the case and having regard to the provisions of section 3 of the finance act, 1963, the tribunal erred in law in holding that additional surcharge was not leviable against the assessee for the assessment year 1963-64 ?'2. ..... even if the surcharge is but an additional mode or rate for charging income-tax, the finance act, 1963, authorises by its terms the levy of additional surcharge on income which is so exempt from income-tax. .....

The Commissioner of Income Tax And#8211; 10 Vs. M/S. Indian Oil Corpor ...

Court : Mumbai

..... the object of introducing the explanation 2 to section 234d of the act has been explained in the memorandum explaining the provisions of the finance bill 2012 inter alia as under: under the existing provisions of section 234d of the income tax act (inserted with effect from 1st june, 2003, vide the finance act,2003), where any refund has been granted to the assessee under sub-section(1) of section 143 and subsequently on regular assessment, no refund or lesser amount of refund is found due to the ..... any case, consequent to the addition of explanation-2 by finance act, 2012 which is declaratory of the law there can be no manner of doubt that section-234d of the act is to be applied retrospectively even to the period prior to the assessment year 2004-05. 13) mr. ..... in a recent decision of the court, it has been held that the provisions of section 234d inserted with effect from 1st june, 2003 would be applicable from the assessment year 2004-05 only and accordingly no interest could be charged for earlier assessment years even though the regular assessments for such years were framed after 1st june,2003 or refund was granted for those years after the said ..... the appeal is admitted on the following question of law:- whether the tribunal was right in holding that interest under section 234d is chargeable from assessment year 2004-05 only and it could not be charged for earlier assessment years, even though regular assessments for such earlier assessment years are framed after 1/6/2003? .....

Commissioner of Income-tax, Bombay City-ii Vs. Neo Pharma Private Ltd.

Court : Mumbai

Reported in : (1982)28CTR(Bom)223; [1982]137ITR879(Bom); [1982]10TAXMAN218(Bom)

..... f of the later finance acts, which rates were applicable to what was known as an ' ..... 2(7) of the finance act, 1966, either by itself or by some one under its supervisory control ..... the finance act, 1966, defines an 'industrial company' ..... the first schedule to the finance act, 1965. ..... two questions have been referred to us for our determination :'(1) whether, on the facts and in the circumstances of the case, the assessee-company is a manufacturing company, entitled to rebate at higher rates under the relevant finance acts ? ..... definitions in the other relevant finance acts are in pari materia with ..... on the facts and in the circumstances of the case, the business of the assessee consisted mainly in the manufacture or processing of goods for the purpose of section 104 of the income-tax act, 1961 ?'4. ..... ito allowed a concessional rate of tax to the assessee in respect of the other assessment years under consideration and charged income-tax at 55 per cent. ..... respect of these services, the assessee agreed to pay to pharmed a charge at a fixed rate, which was inclusive of pharmed's share of ..... the assessee which paid the hire charges for the machinery and the plant. ..... it was submitted by him that the idea of giving a concessional rate of tax was to give relief only to such companies as had invested their own funds in the purchase of plant and machinery and hence, in the present case, the assessee was not entitled to ..... the assessee paid service charges to pharmed which, in turn, packed the goods on behalf of .....

Metal Rolling Works Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1982)31CTR(Bom)116; [1983]142ITR170(Bom)

..... a dealer in import entitlements and alternatively contended that the said receipts were exempt from the levy of income-tax under section 10(3) of the said act as being of a casual and non-recurring nature, the assessee claimed that, in any event, the said amounts constituted export profit eligible for rebate of tax under the aforesaid section of the finance act, 1966, for the assessment year 1966-67, and the aforesaid section of the finance act, 1967, for the assessment year 1967-68. ..... 1,71,982 for the assessment year 1967-68, arising on account of sale of import entitlements, were : (a) items of capital receipts or (b) items of casual and non-recurring nature and hence exempt from income-tax under section 10(3) of the income-tax act, or (c) an item of export profits or export sales eligible for rebate from income-tax under section 2(5)(a)(i) or 2(4)(a)(ii) of the finance act, 1966, or 1967, has been rightly rejected ? ..... the assessee's claim for rebate under the aforesaid sections of the respective finance acts was also rejected by the tribunal. ..... by reason of exports of aluminium circles manufactured by the assessee, the assessee secured import entitlements which, however, it sold for a total sum of rs. ..... it is enough to note that a person who secured import entitlements was entitled to use the same for the import of raw materials to be used in the exporter's own factory or factories or to sell the import entitlements to any other manufacturer who manufactured products covered by the .....

Commissioner of Income-tax Vs. Godfrey Philips India Limited

Court : Mumbai

Reported in : (1986)52CTR(Bom)32; [1986]161ITR684(Bom); [1986]25TAXMAN29(Bom)

..... of dividends' means the aggregate of the following amounts, namely :-(a) the amount, if any, by which the 'relevant amount of distributions of dividends' by the company as computed in accordance with explanation 1 to item i of paragraph f of part i of the first schedule to the finance (no.2) act, 1967 (20 of 1967), exceeds its total income (reduced by the amount of capital gains, if any, relating to capital assets other than short-term capital assets included therein) assessable for the assessment year commencing on the ..... (b) in addition, where the company is -(i) a company in which the public are substantially interested, or (ii) a company as is referred to in clause (iii) of sub-section (2) or clause (a) or clause (b) of sub-section (4) of section 104 of the income-tax act, or(iii) such a company as is exempt from the operation of section 104 of the said act by a notification issued under the provisions of sub-section (3) of that section, on so much of the total income as does not exceed the relevant amount of distributions of dividends by the company.... ..... the income-tax officer applied the provisions contained in sub-clause (b) of part i of paragraph f of the first schedule to the finance act, 1968, and calculated the total dividend declared during the relevant previous year to be rs. ..... 15,50,000 and charged additional tax at the rate of 7.5 per cent. .....

Commissioner of Income-tax, Bombay City Vs. Jalgaon Electric Supply Co ...

Court : Mumbai

Reported in : (1956)58BOMLR42; [1955]28ITR826(Bom)

..... when we turn to clause (ii) of the proviso to paragraph b of the first schedule to the finance act of 1951, which deals with this additional income-tax, which, as we pointed out in the last references (i.t.r. no. ..... 56,326 : and therefore according to the computation under the proviso to part b of the finance act there was a declaration of excess dividend to the extent of rs. ..... by the excess dividend, which, as we will presently point out, shall be deemed to be out of undistributed profits of prior years, were liable to tax, that they were in fact taxed, that they paid tax at a certain rate, and inasmuch as that rate fell short of five annas per rupee, the difference between the rate at which the tax was actually paid and the rate of five annas per rupee should now be paid by the assessee company by way ..... whatever validity this argument may have is destroyed when we turn to the mode of computing this additional tax as laid down in the act itself; and the mode is that for the purposes of clause (ii) of the above proviso, the aggregate amount of income-tax actually borne by the excess dividend shall by determined as follows : 'the excess dividend shall be deemed to be out of the whole or such portion of the undistributed profits of one or more years immediately preceding the previous ..... what the company really did was that instead of taking these amounts to depreciation which was a permissible deduction under the income-tax act, it distributed the profits as dividends. .....

M/S.Malaysian Airlines. M/S.Saudi Arabian Airlines. and ors Vs. the Un ...

Court : Mumbai

..... counsel for the revenue while relying upon the provisions of the finance act, 1979 submit that the subsection (3) of section 38 of the act would be applicable immediately upon failure to pay tax as envisaged under section 35(2) of the said act read with rule 4 of the ftt rules. ..... it is essential for the 'prosecution' to establish that the 'accused' had the necessary guilty intention or in other words the requisite 'mens rea' to commit the alleged offence with which he is charged before recording his conviction, the obligation on the part of the directorate of enforcement, in cases of contravention of the provisions of section 10 of fera, would be discharged where it is shown that the "blameworthy conduct" of the delinquent had been established by wilful contravention by him of the ..... the aforesaid order dated 28th october, 2003, petitioner invoked revision jurisdiction under section 129dd of the customs act, 1962 ("customs act" for short) before the joint secretary to the government of india, department of revenue, new delhi on 31st december, 2003, which came to be dismissed vide order dated 30th november, 2004.15. ..... s.e.b.i., (2004) 11 scc 641 observed as under:"..........the provisions of section 15h of the act mandate that a penalty of rupees twenty five crores ..... corollary, the order of the respondent no.4, dated 14th june, 1999 imposing penalty of rs.24,000/ on the petitioners (in w.p.no.3269/2004), for want of challenge at the instance of revenue has become final and binding. .....