Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 section 98 charge of securities transaction tax Court: mumbai Page 3 of about 198 results (0.163 seconds)

The Commissioner of Income Tax-16 Vs. M/s Happy Home Enterprises and A ...

Court : Mumbai

..... the matter, the definition of built up area, as inserted in sub-section (14)(a) of section 80-ib by the finance (no.2) act of 2004, which came into effect from april 1, 2005, cannot be held ..... the cit (appeals) observed that the provisions of section 80-ib(10) were substantially amended by finance (no.2) act, 2004 with effect from 1st april, 2005 wherein it was provided that the built up area of the shops and other commercial establishments included in the housing project should not exceed ..... the supreme court was called upon to decide the interpretation of section 11-b of the securities and exchange board of india act, 1992 and its retrospectivity. ..... the entire object of such deduction is to facilitate the construction of residential housing project and while approving such project when initially there was no such restriction in taxing statute and the permissible ratio for commercial user made 5 per cent to the total built-up area by way of amendment and reduction of which by further amendment to 3 per cent of the total ..... chairman of the board of sebi, exercising his powers under section 4 (3) read with section 11 and section 11-b of the sebi act, directed that the respondent (ajay agarwal director) be restrained from associating with any corporate body in accessing the securities market and also be prohibited from buying, selling or dealing in securities for a period of 5 years. ..... cit, reported in (1979) 120 itr 921 and securities and exchange board of india v/s ajay agarwal, reported .....

The Director of Income Tax Vs. Shardaben Bhagubhai Mafatlal Public Cha ...

Court : Mumbai

Reported in : (2001)1BOMLR744; (2000)164CTR(Bom)97; 2001(2)MhLj695

..... with a view to remove the hardship, the finance act, 1992 amended clause (iia) in the provision to section 13(1)(d) to provide that an asset, other than an investment or deposit mentioned in section 11(5), is held by the trust or institution which ..... of sub-section (1) of section 13 was substituted by finance act, 1983 ..... fact the amendment to section (iia) by finance act, 1992 is expressly made ..... -section (5) of section 11 continue to remain so invested or deposited after the 30th day of november, 1983; or (iii) any shares in a company (not being government company as defined in section 617 of the companies act, 1956 [1 of 1956), or a corporation established by or under a central, state or provincial act] are held by the trust or institution after the 30th day of november, 1983; proviso - ..... (i) any funds of the trust or institution are invested or deposited after the 28th day of february, 1983 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11; or (ii) any funds of the trust or institution invested or deposited before the first day of march, 1983 otherwise than in any one or more of the forms or modes specified in sub ..... the specified forms or modes of investment generally are government securities, units of uti, bonds issued by certain financial corporations, deposits in post office, savings ..... that, the charge of tax comes into play after the income has .....

Commissioner of Wealth-tax, Bombay Vs. Standard Mills Co. Ltd.

Court : Mumbai

Reported in : [1963]50ITR267(Bom)

..... joshi that having regard to the provisions of section 3 of the indian income-tax act, it is clear that the tax is not imposed on the assessee by any of the provisions of the indian income-tax act, but on the other hand the tax is imposed by the finance act passed by the central legislature. ..... a scale of fees; the total amount available for medical benefit so received by the committee was to be the limit of their liability to the panel doctors; and if the total pool was insufficient to meet all the proper charges of the panel doctors in accordance with the scale there was to be a pro rata reduction for each doctor, and on the other hand if it should be in excess of the amount required the balance was to be distributed among the ..... than, - (i) debts which under section 6 are not to be taken into account; (ii) debts which are secured on, or which have been incurred in relation to, any asset in respect of which wealth-tax is not payable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953, the expenditure-tax act, 1957, or the gift-tax act, 1958 - (a) which is outstanding on the .....

Commissioner of Excess Profits Tax, Bombay City-i, Bombay Vs. Tata Iro ...

Court : Mumbai

Reported in : [1978]115ITR538(Bom)

..... of any business to which this act applies, be charges, levied and paid on the amount by which he profits during any chargeable accounting period exceed the standard profits a tax (in this act referred to as 'excess profits tax') which shall, in respect of any chargeable accounting period ending on or before the march 31, 1941, be equal to 50% of that excess and shall in respect of any chargeable accounting period beginning after that date, be equal to such percentage of that excess as may be fixed by the annual finance act'. ..... 10(1) of the (finance) act provides thus : 'if before the july 1, 1942, or within thirty days of the date on which any excess profits tax, charged under the provisions of the excess profits tax act, 1940, at the rate of sixty-six and two-thirds per cent. ..... ii provided as follows; 'any borrowed money and debts shall be deducted, and in particular there shall be deducted any debts incurred in respect of the business for income-tax or super-tax or excess profits tax, or for advance payments due under any provision of the indian income-tax act, 1922 (xvi of 1922), or for any further sum payable in relation to excess profits tax under section 2 of excess profits tax ordinance, 1943 (xvi of 1943). ..... on this aspect of the matter, at the outset it may e stated that the charging section under the ept act, 1940, is s. .....

Volkart Brothers and ors. Vs. Income-tax Officer, Companies Circle Iv( ...

Court : Mumbai

Reported in : [1967]65ITR179(Bom)

..... joshi that the relevant finance acts in their schedules have provided that in every case in which under the provisions of the indian income-tax act, income-tax is to be charged at the maximum rate, it should be charged on the whole income at the rates specified therein. ..... january 29, 1965, by the respondent intimating to it that in its assessments for the assessment years 1958-59, 1960-61, 1961-62 and 1962-63 there were mistakes apparent from the record inasmuch as the firm had not been charged at the maximum rates of income-tax under section 17(1) of the act of 1922, corresponding to section 113 of act of 1961, and he, therefore, proposed to rectify the assessment and enhance the tax under section 154 of the indian income-tax act of 1961. ..... and the provision, if interpreted in the manner as contended for by the department, would go beyond the ambit of the charging section, which requires the income-tax to be a tax on the income and, therefore, related to income, and thus would be rendered in operative and invalid. ..... the respondent did not accept the said contentions and rectified the assessments for the said years by applying the provisions of section 17(1) of the act of 1922 to the assessments of the firm and followed the said orders made by him by issuing notices of demand on february 9, 1965. .....

R. Piyarelall Import and Export Ltd., a Company Incorporated Under the ...

Court : Mumbai

Reported in : 2006(4)BomCR637; [2006(3)JCR181]; 2006(6)MhLj123

..... as is apparent from section 116 of the finance act, 2000, all the material portions of the two sections which were found to be incompatible with the service tax rules were themselves amended so that now in the body of the act by virtue of the amendment to the word 'assessee' in section 65(5) and the amendment to section 66(3), the liability to pay the tax is not on the person providing the taxable service but, as far as the service provided by clearing and forwarding agents and goods transport operators are ..... the question is whether by enacting sections 116 and 117 of the finance act, 2000 and section 158 of the finance act, 2003, the bases on which this court struck down rule 2(1)(d), (xii) and (xvii) of the service tax rules, 1994 had been displaced or removed.21. ..... as we read the decision in laghu udhyog bharati, the basis was the patent conflict between sections 65, 66, 68(1) and 71 of the finance act, 1994 as amended in 1997 on the one hand and rules 2(1)(d) (xii) and (xvii) of the service tax rules, 1994 on the other. ..... now that the charging section itself has been amended so as to make the provisions of the act and the rules compatible, the criticism of the earlier law upheld by this court can no longer be availed of. ..... if the legislature has the power over the subject-matter and competence to make a valid law, it can at any time make such a valid law and make it retrospectively so as to bind even past transactions. .....

Elphinstone Spinning and Weaving Mills Co. Ltd. Vs. Commissioner of In ...

Court : Mumbai

Reported in : (1956)58BOMLR32; [1955]28ITR811(Bom)

..... the finance act of 1951 by section 2 provides that subject to the provisions of sub-section (3), (4) and (5), for the year beginning on the 1st day of april, 1951, income-tax shall be charged at the rates specified in part i of the first schedule, and sub-section (7) of this section emphasises the fact that for the purposes of this section and of the rates of tax imposed thereby, the expression 'total income' means total income as determined for the purposes of income-tax or super-tax as the case may be, ..... of the proviso indicates that the tax is to be charged on the total income and on nothing else : but quite apart from it, as i have pointed out earlier, the entire scheme of the income-tax act is that income-tax or super-tax is payable on the total income of the previous year and in prescribing a rate or rates applicable to the total income, which is all that section 2 of the indian finance act, 1951, purports to do in terms of the first schedule of that act, it cannot conceivably be held ..... that the legislature intended to subject to tax anything other than the total income which alone attracts .....

R.R. Paints Pvt. Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

..... in view of the retrospective amendment by section 69 of the finance act, 2010, they became entitled for such ..... section 69 of the finance act, 2010 specifically provided that the person who was availed the credit wrongly, should opt for the facility specified therein and make an application to the commissioner of central ..... (267) elt 153 (guj) wherein in a similar situation the appellant therein was allowed to reverse proportionate credit, in view of the retrospective amendment to cenvat credit rules, by finance act, 2010, which allows for reversal of proportionate credit in respect of exempted goods. 4. ..... notices both dated 28/09/2009, were issued for recovery of a sum of rs.7,77,691/- equivalent to 10% of the total price of the exempted goods under rule 6 (3) of the cenvat credit rules, 2004 along with interest thereon under rule 14 of the cenvat credit rules, 2004 read with section 11ab of central excise act, 1944. ..... revenue on the other submits that it is an admitted position that the appellant has availed cenvat credit of the service tax paid on input services both in respect of dutiable as well as exempted goods and has not maintained separate records. ..... audit of their records, it was noticed that the appellant did not maintain separate accounts as required under rule 6 (2) of the cenvat credit rules, 2004 in respect of common inputs service used in the manufacture of exempted products as well as dutiable products. ..... of penalty under section 15 (3) of the cenvat credit rules, 2004. .....

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... of the impugned block assessment has been so far examined in this order in the light of the expanded definition of "undisclosed income" inserted under section 158b(b) by the finance act, 2002, with retrospective effect from 1st july, 1995, the second situation in which undisclosed income could be conceived on the falsity of claims made by the assessee towards expense, deduction or allowance has been brought into the definition of "undisclosed income" by the finance act, 2002. ..... of undisclosed income within the meaning of the term as defined above could be made out against the assessee if any entry in the books of account or other documents or transaction representing wholly or partly income or property was not disclosed to the department and would not have been disclosed but for the search. ..... ground raised by the assessee firm is that the cit(a) has erred in holding that the assessee-firm was not entitled for the deduction under section 80-ia of the it act, 1961, for the alleged reason that the various conditions attached thereto have not been fulfilled by the assessee-firm. ..... that the two entities are entirely different having independent status, one being a defunct partnership firm and the other being a company and having different pa numbers and separately assessed to income-tax in distinct capacities.the learned counsel submitted that these vital facts are not negatived either by the assessing authority or by the cit(a). ..... 127/mum/2004 is filed ..... 76/mum/2004 is filed by the assessee .....

Maersk India Pvt. Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2008)10STR397

..... mipl to pay interest under section 75 of finance act, 1994 and also imposed penalty of equal amount under section 76 of finance act, 1994 for failure to pay service tax when it was due and also imposed penalty of equal amount under section 78 of finance act, 1994 because the charge of suppression is proved from ..... maersk india pvt ltd (hereinafter referred to as mipl for short) for providing storage of export goods to m/s maersk logistic india pvt ltd (hereinafter referred to as mlog for short) is taxable under section 65(102) of the finance act, 1994; he confirmed demand of service tax made in the show cause notice to the extent of rs. ..... instant case is whether services provided by mipl to mlog and other clients by providing space for storage of export goods comes under the heading for "cargo handling service" under section 65(23) of the finance act, 1994 and for that reason or for any other reason gets excluded from entry for "storage and warehousing services" under section 65(102) of finance act, 1944.5. ..... section 65(23) of chapter v of the finance act, 1994 (the act) defines the term "cargo handling" as under: cargo handling service means loading, unloading, packing or unpacking of cargo and includes cargo handling services provided for freight in special containers ..... section 65(102) of the finance act, 1944 defines "storage and warehousing" as under: storage and warehousing" includes storage and warehousing services for goods including liquids and gases but does not include any .....