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Jodhana Real Estate Development Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1996)54TTJ(JP.)552

..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as wta nos ..... the learned cwt(a), after hearing the assessee as well as the ao, held that the amendment brought about by the finance act, 1988 was effective from 1st april, 1989 and hence the assessee could not claim any exemption for the assessment years under consideration ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had retrospective ..... it is also accepted that with the passing of finance act, 1983, the assessee became liable to wealth-tax and accordingly started filing its wt ..... 40(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy ..... the effect of the amendment was that the newly inserted schedule iii was made mandatory and applicable to determine the value of the assets ..... 7 has been held to be a machinery section and schedule iii referred to therein a procedural provision ..... 7 was substituted by a new s. 7. .....

Jodhan Real Estate Development Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1996)56ITD90(JP.)

..... however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy ..... be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for section 87 of the finance act, 1988 specifically provides that the amendment will be with effect from 1-4-1989. ..... on account of the revival of levy of wealth-tax in the case of closely held companies by section 40 of the finance act, 1983, the assessee filed its return of wealth for the assessment year 1984-85 on 30-3-1985 declaring total wealth ..... instant case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule-ill to the wealth-tax act for all the years under consideration.20. ..... the only effect of keeping this redundancy in section 40 of the finance act is that schedule-ill would be applicable in the case of the ..... the effect of the amendment was that the newly inserted schedule-ill was made mandatory and applicable to determine the value of ..... from 1-4-1989, the entire section 7 was substituted by a new section 7. .....

Commissioner of Income-tax, Madras Vs. Sundaram Industries Private Ltd ...

Court : Chennai

Reported in : [1969]71ITR380(Mad)

..... the mere existence of jurisdiction and the consequential exercise of such jurisdiction by themselves are not sufficient, if the third factor, namely, that the directive of the income-tax officer in issuing an order under section 23a satisfies the test of reasonableness as is normally and commercially understood, is not established.in the light of the above well-settled guidelines, the relevant provisions of the finance acts of 1955 and 1956 have to be read and interpreted in the instant case. ..... 'in the instant case, while it is necessary to consider the scope of the retroactive operation of the amendment caused by the finance act of 1955 and 1956, it should also be remembered that section 23a is in the natural of a penal provision and necessarily the onus is on the revenue to prove that the ingredients of the section are satisfied before an order is made thereunder. ..... by such substitution, which, according to section 28 of the finance act of 1956, shall be deemed to have come into force on the 1st day of april, 1955, the finance act of 1956 is expressly retroactive. ..... the distribution was so effected in accordance with the letter and procedure as was in force on the date of distribution which but for the supervening amendment of section 23a by the finance acts of 1955 and 1956, appears to be in order. ..... (2) whether the amendment made to section 23a by the finance act, 1956, could not be applied to the assessee company for the assessment year 1955-56 ? .....

Futura Fibres and Futura Polymers Vs. Cce

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Tamil Nadu

..... in order to get over the supreme court's ruling, parliament amended section 65 ibid in relation to the limited period 16.07.1997 to 16.10.1998 under section 116 of the finance act, 2000, whereby recipients of `goods transport' service and `clearing and forwarding' service were defined as "assessees". ..... such demands are not affected by the amendments made to section 65 by parliament under section 116 of the finance act, 2000 and consequently they are hit by the apex court's ruling in laghu udyog bharati (supra). ..... that "any action taken or anything done or purported to have been taken or done at any time during the period commencing on and from the 16th day of july 1997 and ending with the day, the finance act, 2000 received the assent of the president shall be deemed to be valid and always to have been valid for all purposes, as validly and effectively taken or done" vide ..... but these rules were held to be ultra vires sections 65 and 66 of the finance act, 1994 by the hon'ble supreme court in the case of laghu udyog bharati (supra). ..... counsel for the assessees has submitted that, as the subject show-cause notices were issued after 12/05/2000 (the date on which the finance act, 2000 received presidential assent), the demands of service tax raised therein are hit by the apex court's ruling in laghu udyog bharati vs uoi [1999 (112) e.l.t. ..... even otherwise, the demands are barred by limitation prescribed under section 73 of the finance act, 1994. .....

Commissioner of Service Tax Vs. Japan Airlines International Co. Ltd.

Court : Delhi

..... whether the custom, excise and service tax appellate tribunal (cestat) in an appeal under sub-section (2) and (2a) of section 86 of the finance act, 1994 read with applicable provisions of the central excise act, 1944, can examine and go into the question of application of mind on merits by the committee of chief commissioners or commissioners?. (2). ..... 2.8 the respondent / assessee, was issued a demand-cum-show cause notice dated 16.04.2010, pursuant to a service tax audit conducted between 08.09.2009 to 10.09.2009, in which, allegations levelled were of the following nature : (i). ..... therefore, given the underlying rationale behind section 86(2), unless the manner in which the authorization has been granted by the committee of chief commissioners is arbitrary or based on irrelevant information, the court ought not to interfere with the administrative functioning of the concerned authority, nor impose a new and onerous requirement of an independent detailed and personal consideration by the chief commissioners themselves, ignoring the context, i.e. ..... * in the high court of delhi at new delhi judgment reserved on:13. .....

The Additional Commissioner, Central Excise, Madurai Vs. M/s. Strategi ...

Court : Chennai Madurai

..... by section 90 of the finance (no.2) act, 2004, section 65(28) was omitted and a new section 65(39a) was inserted with effect from ..... therefore, it is clear that before the amendment to section 65(39a) under finance act, 2005, installation of plumbing, drain laying or other installations for transport of fluids was not included within the definition of "erection, commissioning or ..... it could be seen from the amendment to section 65(39a), introduced under finance act, 2005, that the definition of "erection, commissioning or installation" was extended so widely as to include (i) electrical and electronics devices, (ii)plumbing, (iii)heating, ventilation or air-conditioning, (iv) thermal insulation, (v) lift and escalator, and (vi) such ..... by section 88 of the finance act, 2005, section 65(39a) ..... they were engaged only in the business of laying down pipelines and that therefore the same would not come within the purview of the expression "plant, machinery or equipment" so as to attract the provisions of section 65(29) of the finance act, 2003. ..... they are liable to pay service tax on the value of the service rendered by them under the category of "erection, commissioning or installation services" during the period from 01.07.2003 to 31.10.2003, under the proviso to section 73(1) of the finance act, 1994. ..... section 65(105)(zzd) of the finance act, 1994 defined "taxable services" to mean "any service provided to a customer, by a commissioning and installation agency in relation to commissioning .....

K. Sunil Kini Vs. Income Tax Officer, Ward 2(2),

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2006)6SOT139(Bang.)

..... 75 lakhs was taxed as business income relying on clause (va) of section 28 inserted into the statute book by finance act, 2002, with effect from 1-4-2003.the commissioner (appeals), in the first appeal, had accepted the assessee's claim that the receipt in question is a capital receipt.however, he was of the view that the receipt is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by finance act, 1997. ..... the words 'right to carry on any business', were inserted by the finance act, 2002 which are effective from 1-4-2003.it is the appellant's case that the amendment effected by the finance act, 1997 has no bearing on the assessment under consideration.firstly, section 55 is not a charging section. ..... if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process any article or thing'.this was not done.in the case of r.k. ..... the words 'right to manufacture, produce or process any article or thing were inserted by the finance act, 1997 with effect from 1-4-1998. ..... 75 lakhs referred to is liable to be taxed in view of amendment of clause (a) of sub-section (2) of section 55 effected by the finance act, 1997. .....

Commissioner of Income-tax Vs. Industrial Promotion and Investment Cor ...

Court : Orissa

Reported in : (1992)103CTR(Ori)222; [1993]199ITR761(Orissa)

..... a new explanation was inserted by the finance act, 1979, with effect from ..... was of the opinion that the assessee was entitled to deduction of 4d per cent, of the total income under section 36(1)(viii) of the act, but limited the same to the reserve created of rs. ..... on being moved by the revenue under section 256(1) of the income-tax act, 1961 (in short, 'the act'), the income-tax appellate tribunal, cuttack bench, cuttack (in short, 'the tribunal'), has referred the following questions to this court ..... in view of this conclusion, the revenue moved for a reference under section 256(1) and, as aforestated, two questions have been referred to this ..... in holding that the deduction permissible under section 36(1)(viii) of the act was to be calculated on the assessee's total income as it stood before the deduction allowable under section 36(1)(viii) of the act. ..... dispute as to what would be the quantum of deduction, it is relevant to refer to section 36(1)(viii) of the act as it stood at the relevant time.'36. ..... facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that the total income on which deduction under section 36(1)(viii) of the income-tax act, 1961, has to be computed must be calculated before deducting relief allowable under section 36(1)(viii) ?' 2. ..... question the legality of the latter view, but carried the matter in appeal so far as the direction of the commissioner relating to deduction under section 36(1)(viii) of the act was concerned. .....

All India Haj Umrah Tour Organizer Association Mumbai Vs. Union Of Ind ...

Court : Supreme Court of India

..... the taxable territory is defined in clause 52 of section 65b of the finance act to mean the territory to which the provisions of the relevant chapter service tax statutory provisions containing sections 64 to 114 of the finance act apply. ..... submitted that as service rendered to haj pilgrims is not a part of the negative list under section 66-b of the finance act, 1994, it is taxable from 1st july 2012.26. ..... by exercising the power under section 66c of the finance act, the 2012 rules were enacted and were brought into force with effect from 1st july 2012 ..... sub- section (1) of section 64 of the finance act provides that the relevant chapter extends to the whole of india except the state 27 of jammu and ..... this group of petitions, we are concerned with the negative service tax regime, which was introduced with effect from 1st of july 2012 by incorporation of sections 66b and 66c by the finance act, 2012. ..... place of provision generally - the place of provision of a service shall be the location of the recipient of service: provided that in case of services other than online information and database access or retrieval services (inserted vide notification 46/2012- service tax) where the location of the service receiver is not available in the ordinary course of business, the place of provision shall be the location of the provider of service. ..... commissioner of service tax, new 3 2007 (7) scc52713 delhi4 ..... ravikumar) new delhi; july 26, 2022 ..... there is no justification for granting a new exemption. .....

The Commissioner of Income Tax Vs. Godaveri (Mannar) Sahakari Sakhar K ...

Court : Mumbai

Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)

..... by the finance act of 1987 in section 43b inserting, inter alia, the first proviso was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific situation.it had been argued before the supreme court, that looking to the curative nature of the amendment made by the finance act of 1987, the proviso inserted by the amending finance act of ..... referred to in clause (b) be allowed unless such sum has actually been paid during the previous year on or before the date as defined in the explanation below clause (va) of sub-section (1) of section 36.the second proviso was substituted by finance act, 1989 with effect from 1st april, 1989 and read as under:provided further that no deduction shall in respect of any sum referred to in clause (b) be allowed unless such sum ..... 1987 should be given retrospective effect and be read as forming part of ..... the finance act, 1983 inserted section 43b as the government ..... section 43b was inserted by the finance act .....