Judgment Search Results Home > Cases Phrase: taxation laws amendment act 2001 Page 1 of about 123,834 results (0.177 seconds)

Commissioner of Income Tax Vs. Emilio Ruiz Berdejo and ors.

Court : Mumbai

Reported in : (2010)228CTR(Bom)145

..... of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of september, 2000 and 15th day of ..... the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day june, 2000, the 15th day of september, 2000 and the 15th ..... , the revenue is before this court under section 260a of the act, raising third substantial question of law extracted hereinabove warranting consideration on the rival submissions sketched hereinbelow.rival submissions ..... having seen the aforesaid scheme of the act and law laid down by the apex court, the further question which needs consideration is : the consequences of failure to deduct advance tax in whole or part or after deducting, one fails to pay the tax under the act, then such person is made liable to pay simple interest at certain percentage for every month or part of a month on such amount from .....

Shamanur Kallappa and Sons and ors. Vs. State of Karnataka, by Its Sec ...

Court : Karnataka

Reported in : (2004)189CTR(Kar)132; ILR2003KAR2140

..... main grievance in these petition, appears to be the insertion of the words 'produced and manufactured in india' immediately after the word 'sugar' in the entry 31-b of fifth schedule to the act as it existed prior to april 1998 with a retrospective deeming date by the state legislature by karnataka taxation laws (amendment) act 2001 (act no. ..... karnataka taxation laws (amendment) act, 2001 (act no. ..... counsel would submit that even assuming that the decision of the apex court in state trading corporation is not distinguishable on facts, the retrospective amendment with a validation clause made is only to make good the deficiency in the language employed in entry 31-b of the fifth schedule to the act, otherwise the state is obliged to refund taxes that are collected for the periods 1.4.1992 and onwards, based on the entry that existed from ..... 2001, entry 31-b is amended specifying that 'sugar' produced or manufactured alone would be exempt under the entry and thereby excluding 'imported sugar' from the exemption contemplated under entry 31-b of the fifth schedule to the act. ..... 5 of 2001), the entries relating to entry 31-b is recasted and the same is as under:- 'sugar (produced or manufactured in india) as described from time to time in column 3 of the first schedule to the additional duties of excise (goods of special importance) act, 1957, but excluding confectionery and the like'.the amendment specifies that the words '(produced or manufactured in inda)' shall be deemed always to have .....

Cit Vs. Motor General Finance Ltd

Court : Delhi

Reported in : (2002)173CTR(Del)123

..... and the assessed has paid the amount of shortfall on or before 15-3-2001, in respect of the installment of advance tax due on 15-6-2000, 15-9-2000 and 15-12-2000.explanation.in this section, 'tax due on the returned income means the tax chargeable on the total ..... finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000, and the assessed has paid the amount of shortfall on or before 15-3-2001, in respect of the installment of advance tax due on 15-6-2000, the 15-9-2000, and 15-12-2000 :provided also that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income, where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2001 ..... total income determined on the basis of such reassessment or recomputation exceeds the tax on the total income determined under sub-section (1) of section 143 or on the basis of the earlier assessment aforesaid.explanation (inserted by direct taxes law (amendment) act, 1987, and omitted by direct taxes law (amendment) act, 1989, with effect from 1-4-19891. .....

Assistant Commissioner of Income Vs. Norasia Lines (Malta) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2007)292ITR31(Coch.)

..... to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in respect of the installment of advance tax due on the 15th day of june, 2000, the 15th day of september, 2000 and 15th day of december, 2000. ..... in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of march, 2001 in respect of the installment of advance tax due on the 15th day of june, 2000, the 15th day of september, 2000 and the 15th day of december, ..... sections were amended by the direct tax laws (amendment) act, 1989 w.e.f ..... discussion, the bench held as under: sections 234a and 234b were inserted by the direct tax laws (amendment) act, 1987 w.e.f. ..... a view to simplifying them and also to remove the discretion given to the assessing authority which had led to litigation and consequent delay in realization of the dues, the amendment act substituted the old provisions by a simple scheme of payment of mandatory interest for the defaults mentioned therein, [para 52]. .....

M/s. MRF Ltd., Vs. The Deputy Commissioner of Income-Tax,

Court : Chennai

..... apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of september, 2000 and 15th day of december, 2000. ..... shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of september, 2000 and the 15th day of december, 2000 ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory." 28. ..... dcit, where the assessee had treated the receipt of cash assistance as capital receipts, which was subsequently amended to be business receipt by the finance act, 1990, it was held that in such cases interest under sections 234b and 234c was not chargeable. .....

The Commissioner of Income Tax, Delhi-ii, New Delhi Vs. Motor General ...

Court : Delhi

Reported in : [2002]254ITR449(Delhi)

..... -section shall apply to any shortfall in thepayment of the tax due on the returned incomewhere such shortfall is on account of increase in therate of surcharge under section 2 of the finance act,2000 (10 of 2000), as amended by the taxationlaws (amendment) act, 2001 and the assessed haspaid the amount of shortfall on or before the 15th dayof march, 2001, in respect of the installment ofadvance tax due on the 15th day of june, 2000, the15th day of september 2000 and 15th day ofdecember, 2000. ..... of theborrowings had been diverted by the assessed to itsnon-business purposes is in our opinion not a findingof fact, but was an inference drawn by the tribunalon the basis that the interest paid on the capitalborrowed was not in law an allowable deductionfrom the profit, in case the profit minus depreciationwas in excess of the withdrawals made by thepartners and in such a case, the withdrawals made bythe partners and in such a case, the withdrawalsshould be deemed to be ..... in this view of the matter,notwithstanding the fact that we find considerableforce in the question of law urged by mr.bhattacharyya, learned counsel appearing for theappellant, but, on the materials on record and on theamplitude of the question, which had been referredto the high court, we find it difficult to entertainand decide the contention ..... are of theview that the question is one purely of law as to theconditions required by section 36(1)(iii) of theincome tax act and has been referred to us for adecision by the .....

The Commissioner of Income Tax Vs. Kamy Software Solutions (P) Ltd.

Court : Chennai

Reported in : (2008)214CTR(Mad)403

..... provisions of section 271(1)(c)(iii) prior to april 1, 1976, and after its amendment by the taxation laws (amendment) act, 1975 with effect from april 1, 1976, the later provisions being applicable to the assessment year in question, are substantially the same except that in place of the word 'income' in sub-clause (iii) to clause (c) of section 271 prior to its amendment by the taxation laws (amendment) act, 1975, the expression 'amount of tax sought to be evaded' have been substituted ..... of 2004, dated 12.2.2004) issued by the central board of direct taxes, and in the light of the categorical exposition of law as to the scope and ambit of section 271c of the act in the above said judgment of the supreme court, the revenue has not made out any case. ..... the sine qua non which was there prior to or after the amendment on april 1, 1976, was the fact that there must be a positive income resulting in tax before any penalty could be levied continued ..... cit : [2004]265itr562(sc) wherein it was held (page 569):one of the amendments made to the abovementioned provisions is the omission of the word 'deliberately' from the expression 'deliberately furnished inaccurate particulars of such ..... jeevan lal sah : [1994]205itr244(sc) this court dealt with the amendment of section 271(1)(c) made in the year 1964 to hold (page 248):even after the amendment of 1964, the penalty proceedings, it is evident, continue to be ..... explanation was inserted by the finance act, 2001 with effect from 1st april, 2001. .....

K. Rajendran Pillai and ors. Vs. Union of India (Uoi) and ors.

Court : Kerala

Reported in : [2007]292ITR277(Ker)

..... courts have referred to section 17(2)(vi) introduced by the taxation laws (amendment) act, 1984 with effect from april 1, 1985, and its later deletion by the finance act, 1985, retrospectively to neutralize the provision as originally ..... by the third respondent company directly to the financial institution from which the petitioners and other employees availed of house building loan is a perquisite falling under sub-clause (iv) of section 17(2) of the act, because under the terms of the loan, as admitted in this case, the financial institution can directly claim the interest subsidy from the third respondent, if default is committed by the petitioners and ..... clause, sub-rule (7), introduced in rule 3 of the income-tax rules, 1962, prescribed under new sub-clause (vi) of section 17(2), introduced by the finance act, 2001, with effect from april 1, 2002, that government proposes to introduce tax on interest incentive only from the assessment year 2002-03 onwards. ..... though i have upheld the proposal of the company to deduct tax on interest subsidy as perquisite under section 17(2)(iv) of the act, i feel in order to avoid discrimination, interest subsidy of this nature has to be treated outside of the scope of section 17(2)(iv) of the act until 2002-03 and petitioners should be held to be eligible for exemption from tax on interest subsidy paid by the company ..... was filed in 2001 and ever since there was stay against deduction of tax on the interest subsidy borne by the company on the loans .....

Plastiblends India Ltd., a Company Incorporated Under the Companies Ac ...

Court : Mumbai

Reported in : (2009)223CTR(Bom)291; [2009]178TAXMAN397(Bom)

..... he further submits that the right of the assessee to disclaim depreciation is based on the interpretation of provisions of section 32(1) and 43a of the act which continued till the assessment year 2002-2003, when explanation to section 5 was inserted by the finance act 2001 with effect from 1.4.2002 and, therefore, the tribunal erred in holding that omission of section 34(1) by taxation laws (amendment and miscellaneous provisions) act, 1986 changed the legal complexion. ..... omission of section 34(1) by the taxation laws (amendment & miscellaneous provisions) act, 1986 leads to the conclusion that assessee has no option to not to claim depreciation. ..... at the behest of the assessee, the present appeal is filed under section 260-a of the income-tax act, 1961 (hereinafter referred to as 'the act' for short), arising from the order of the income-tax appellate tribunal ('the tribunal' for short) dated 30.3.2007 raising the following substantial question of law.whether on the facts and in the circumstances of the case, the tribunal was justified in coming to the conclusion that depreciation allowance ought to be deducted while ..... he further reiterated that explanation 5 to section 32 of the act as inserted by the finance act, 2001 with effect from 1st april, 2002 clearly demonstrates that prior thereto depreciation could not be thrusted on an assessee. ..... hence, thrusting depreciation under section 32 of the act is illegal and bad in law.14. .....

Vahid Paper Converters and ors. Vs. Ito and ors.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD165(Ahd.)

..... we find that the above decision given by the supreme court was for asstt year 1974-75, when section 34 was on the statute book, which is omitted by the taxation laws (amendment & miscellaneous provisions) act, 1986 with effect from 1-4-1988, as per section 34, the assessee was entitled to depreciation under section 32 only if the prescribed particulars have been furnished by the assessee ..... with the matter, we may state that the revenue has contended that explanation 5 to section 32 introduced by the finance act, 2001 with effect from 1-4-2002 is retrospective while the learned representatives of the assessees have contended that the amendment is prospective. ..... 3416/a.2004 m/s shivarn ito, vpi shri snl shri pk ay:-1999- multiplast, ward-4, agrawal, ambastha, 2000 daman daman advocate seniior dr-------------------------------------------------------------------------------------23 3417/a/2004 m/s shivam ito, vpi " shri pk ay:-2000- multiplast, ward-4, ambastha, 2001 daman daman seniior dr-------------------------------------------------------------------------------------24 3724/a/2004 m/s essel ito, vapi shri snl ay:-1999- industries ward-4, agrawal, 2000 daman advocate-------------------------------------------------------------------------------------25 3725/a/2004 m/s essel " " " ay:-2000- industries-------------------------------------------------------------------------------------26 3726/a/2004 m/s essel .....