Court : Kerala
Reported in : [2009]312ITR96(Ker)
..... . ramachandran nair, j.1. these appeals filed by the revenue under section 260a of the income-tax act, 1961, are against the common order of the tribunal holding that interest-tax is not payable under the interest-tax act, 1974, as amended by the finance (no. 2) act of 1991, on interest on government securities received by the respondent-banks. we have heard senior counsel appearing ..... for the income-tax department for the appellant and counsel appearing for the respondent-assessee in all these cases.2. the short question arising for consideration is whether interest .....
Tag this Judgment!Court : Karnataka
Reported in : (2006)203CTR(Kar)381; [2006]286ITR182(KAR); [2006]286ITR182(Karn)
..... of the act and under the said provision where the total income computed under the provisions of the act is found to he less than 30% of the book profit, the total income ..... tax is not paid on the tax payable under section 115j of the act. it is further averred that section 115j ceased to be effective from the assessment year 1991-92. the scheme of mat, however, was revived effective from the assessment year 1997-98 by the finance (no. 2) act, 1996 by insertion of a new charging section 115ja into chapter xiib ..... levy of interest under section 234-b and 234-c of the act for non-payment of advance tax. the learned counsel submitted that there was no liability to pay tax in advance prior to the amendment introduced by finance act, 2002. what was payable was tax of 7 1/2% tax on such book profit and in the absence of any provision .....
Tag this Judgment!Court : Kerala
Reported in : [2009]183TAXMAN68(Ker)
..... contended that if it is re-opened, the entire matter should be reopened under the karvivad samadhan scheme. in this connection, we refer to section 90 of the finance (no. 2) act, 1998 (ext. p1) which reads as follows:90. time and manner of payment of taxarrear. - (1) within sixty days from the date of receipt of ..... 94 was completed and arrears with interest were due for payment. while demands were pending, central government introduced a scheme called 'karvivad samadhan scheme, 1998 by finance act 2 of 1998 with a view to provide a chance to the assessee to pay off the arrears at a compounded rate with substantial concessions. it is contended that ..... . here, admittedly, the petitioner did not include interest. therefore, instead of making full assessment rejecting declaration in toto, second proviso to section 90 of the finance act was used and only amended certificate was issued for the reasons stated. in fact, what was done was that petitioner though given the benefit of karvivad samadhan .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(5)BomCR416; (2009)223CTR(Bom)382; [2009]313ITR128(Bom); [2009]184TAXMAN314(Bom)
..... be limited to the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts account made under that clause.the finance act, 2001 inserted the following explanation after the proviso to section 36(1(vii):explanation - for the purposes of this clause, any bad debt or part thereof written ..... the supreme court in ratan melting & wire industries (supra) was pleased to observe that looking at it another angle a circular which is contrary to statutory provisions has really no existence in law. it is, therefore,, ultimately for the court to declare the law and while so declaring it will take into consideration the circular issued by the board ..... satisfied before the deduction under section 36(1)(vii) could be allowed viz.:(i) the debt in respect of which the deduction is claimed, is a bad debt.(ii) such debt is written off in the account of the assessee for the previous year.on the other hand on behalf of the assessee it was submitted that while .....
Tag this Judgment!Court : Mumbai
Reported in : (2009)227CTR(Bom)115; [2009]180TAXMAN595(Bom)
..... is as follows:whether in the facts and in the circumstances of the case and on a correct interpretation of section 21(1a) inserted by finance (no. 2) act, 1980, the appellate tribunal was justified in holding that the assessee was liable to tax on the excess of the value of the corpus of ..... the commitment of sir jamsetjee jejeebhoy of settling in trust the aforesaid government promissory notes and mazagaon castle and in view of such expressed desire, the government enacted act no. xx of 1860 which created a trust comprising the aforesaid government promissory notes and mazagaon castle for the benefit of the future baronets who were to hold ..... revenue commissioner, accountant general and sub-treasurer of the presidency of bombay were appointed as statutory trustees of the trust for the purposes of the said act.(c) by act no. xi of 1893, the british government conferred the title of baronetcy on another eminent citizen of bombay shri dinshaw m. petit on similar conditions regarding creation .....
Tag this Judgment!Court : Delhi
Reported in : (2002)177CTR(Del)369; [2002]258ITR485(Delhi)
..... . ltd.'s case : [1985]155itr120(sc) . after the decision in cloth traders' (p) ltd.'s case : [1979]118itr243(sc) , two sections 80aa and 80ab were introduced by the finance (no. 2) act, 1980. while section 80aa was to have retrospective effect with effect from april 1, 1968, section 80ab was to have operation with effect from april 1, 1981. section 80aa had ..... in distributors (baroda) p ltd.'s case : [1985]155itr120(sc) answered the question in favor of the revenue and against the assessed.' 10. so far as the question no. 2 is concerned, cit (a) and the learned tribunal appears to have lost sight of the definition of 'gross total income'. 'gross total income' means the total income computed in ..... on the facts and in the circumstances of the case, the directions of the tribunal are not against the specific provisions of section 80a of the i.t. act?'2. the assessment year in question in 1976-77.the assessed submitted a return showing its income at a loss of rs. 23,612/- which was computed in .....
Tag this Judgment!Court : Chennai
Reported in : III(2003)BC469; [2004]118CompCas82(Mad); 2003(3)CTC95; (2003)2MLJ220
..... possible, shall apply with necessary modifications as if the said provisions and the rules referred to the amount of debt due under the recovery of debt act instead of tax under the income-tax act. rule 39 of the income-tax (certificate proceedings) rules, 1962 (hereinafter referred to as 'the itcp rules') deals with the delivery of immovable ..... 39 and 40 of the income-tax (certificate proceedings) rules, 1962 read with section 29 of the recovery of debts act. section 29 of the recovery of debts act, which occurs in chapter v of the act relating to the recovery of debt determined by tribunal, provides that the provisions of the second and third schedules to the ..... these two writ appeals are filed under clause 15 of letters patent against the common order passed by the learned single judge in w.p. nos. 19700/2000 and 20725/2000 dated 23.7.2001.2. the appellants are the tenants of the properties covered in the notice issued by the second respondent. according to the appellants, the properties .....
Tag this Judgment!Court : Kerala
Reported in : [2009]180TAXMAN444(Ker)
..... ext.p1 assessment order, which was subjected to challenge before the income-tax appellate tribunal. while that appeal was pending, by the finance (no. 2) act of 1998, a scheme was introduced by the parliament, by name, kar vivad samadhan scheme, whereby on a declaration made by an assessee in accordance with the provisions ..... contention.6. in answer to the contentions of the revenue, the counsel for the petitioner would contend that if section 90 of the finance act is read as a whole, it is clear that there is no prohibition in an assessee retracting from the declaration filed under the scheme. he would further submit that the fact that he had not ..... scheme was computed, which is illegal according to the petitioner, in so far as before making the adjustment of the refund no prior intimation as stipulated in section 245 of the income-tax act was issued to the petitioner.2. after passing of ext.p3 order, the tribunal without reference to ext.p3 order, allowed the petitioner's appeal against .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2008)214CTR(SC)1; [2008]297ITR429(SC); JT2008(1)SC46; 2007(14)SCALE645; 2007(8)Supreme386; 2008AIRSCW315; 2008(1)SCC674; 2008(4)KCCRSN284
..... articles or things specified in the eleventh schedule. (8b) notwithstanding anything contained in sub-section (8) or the notification of the government of india in the ministry of finance (department of revenue) no. g.s.r. 870(e), dated the 12th june, 1986, issued thereunder, the provisions of this section shall apply in respect of, - (a)(i) a ..... transferred by the assessee to the government, a local authority, a corporation established by a central, state or provincial act or a government company as defined in section 617 of the companies act, 1956 or (1 of 1956); or (ii) where the sale or transfer of the ship, aircraft, machinery or plant is made in connection with the amalgamation ..... to be granted in different assessment years. 4. sections 32a and 43a(1) of the act read as under:section 32a- investment allowance. (1) in respect of a ship or an aircraft or machinery or plant specified in sub-section (2), which is owned by the assessee and is wholly used for the purposes of the business .....
Tag this Judgment!Court : Chennai
Reported in : (2009)224CTR(Mad)286; [2009]314ITR200(Mad)
..... objects of encouraging the export of indian technical know-how and augmentation of foreign exchange resources of the country. although, after the amendment of section 80o by the finance (no. 2) act, of 1991 the words 'technical or professional services' had been inserted in the place of the words 'technical services', in a matter of the present nature ..... matter related to the year 1970 the court did not send the matter back to the cbdt for fresh appraisal.)after the amendment of section 80o by the finance (no. 2) act, of 1991, the words 'technical or professional services' have been inserted in the place of the words 'technical services'. the amendment was only of clarificatory ..... first question of law is answered in affirmative in favour of the assessee and against the revenue.7. questions of law nos. 2 and 3 can be considered together. the ingredients of section 80o of the act for allowing the deduction are:(i) that the assessee should have income by way of royalty, commission, fees or any .....
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