Judgment Search Results Home > Cases Phrase: the kerala finance act 2003 Court: gujarat Page 7 of about 848 results (0.062 seconds)

inductotherm (India) Pvt. Ltd. (Formerly Inductotherm India) Vs. James ...

Court : Gujarat

Reported in : (2007)212CTR(Guj)195

..... as per first schedule of finance act, the tds on royalty payment in case of a domestic company, where the royalty agreement is made before 01.06.1997 is @ 30%. ..... in these two petitions along with the civil application, the petitioner has challenged the proceedings in consequence of the notices issued under section 263 and section 148 of the income tax act, 1961 (for short `the act') by the commissioner of income tax for revision of the assessment order passed under section 143(3) of the act and by the assessing officer for reopening the same assessment order. ..... the interest on bank deposits and debenture is also `income from other sources' as has been held by high court in the following case.i) : [2001]253itr43(ker) ii) : [1982]135itr390(ker) iii) : [2003]262itr669(ker) the hon'ble kerala high court has further held that interest income does not constitute business income for the purpose of computation of deduction under section 80hhc.the hon'ble supreme court in the case of pandian chemicals ltd. v. ..... cit : [2003]262itr278(sc) has held that interest on deposits is not a profit `derived from export of goods.therefore, the entire interest of rs. .....

S.R. Koshti Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : (2005)193CTR(Guj)518; [2005]276ITR165(Guj)

..... the reasons which have weighed with the respondent commissioner while passing the impugned order under section 263 of the act are; (i) that the revised return filed on 24-9-2002 was beyond the period of limitation prescribed under section 139(5) of the act; (ii) the order dated 27th march 2003 passed under section 154 of the act by the assessing officer was prejudicial to the interests of revenue inasmuch as the income assessed in the said order was much lower than the taxable income earned by the petitioner during the year and shown in form no. ..... it was the case of the petitioner that the order made by the assessing officer under section 154 of the act was in order and if the same was found to be incorrect, the petitioner be assessed on the basis of revised return filed on 24th september 2002 and grant the relief admissible under the provisions of section 10(10c) of the act, directing the assessing officer to issue further refund along with admissible interest at appropriate rate under section 244a of the act. ..... under section 143, the following explanation was inserted by finance act, 1994 w.e.f. ..... 'on a plain reading of the said explanation, which was omitted by finance act, 1999 w.e.f. .....

Bhagwatilal G. Shah Vs. Commissioner of Income Tax

Court : Gujarat

Reported in : (2005)196CTR(Guj)8; [2005]277ITR277(Guj)

..... he also invited attention to the amendment brought on the statute book with effect from 1st april 2002 by the finance act, 2001, whereunder clause (iii) came to be inserted in section 17(3) of the act, to contend that, till 31st march 2002, any compensation received from a person other than an employer or a former employer, could not be treated as 'profits in lieu of salary' so as to make it liable to tax under the head 'salaries'. ..... paid became apparent, it had to be taxed as salary though termed as compensation, and the payment was in fact in substitution of the salary which the assessee would have received if he had not resigned from the indian institute of management.6.1 in relation to the payment made to shri raval, it was contended that the assessee had to establish that the payment was made wholly and exclusively for the purposes of earning income and the term 'exclusively' would take within its sweep a situation whereby an assessee ..... commissioner of income tax : [2003]260itr261(guj) .7. .....

G.K. Choksi and Co. Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : (2001)171CTR(Guj)396; [2001]252ITR863(Guj)

..... 202, dated july 5,1976 (see [1976] 105 itr 17), issued by the central board of directtaxes by way of explanatory notes on the provisions relating to directtaxes as amended by the finance act, 1976, to point out that the said circular while dealing with the amendment in section 32(1)(iv) of the act hasused the word 'taxpayer' in para. ..... patel, learned advocate, assailed the order of the tribunal by referring to the opening portion of section 32(1) of the act, wherein the legislature has specifically used the expression 'business or profession' and contended that clause (iv) was to be governed by the opening portion of the section and further that it was not necessary for the legislature to repeat both the words in each and every clause, the legislature having used both the words in the beginning of the section. ..... after referring to the definition of the term 'business' and 'profession' the apex court has dealt with the scheme of the act commencing from section 14 onwards which enumerates the heads of income and after referring to sections 28 to 44b of the act states that (page 305): 'sections 28 to 44b of the act constitute the fascicule of provisions dealing generally with the computation of income from business and profession although not all those provisions are applicable to income from a profession.', . .....

Panorama Builders Pvt. Ltd. C/o West INN Ltd. Vs. Union of India (UOi) ...

Court : Gujarat

Reported in : (2005)196CTR(Guj)515; [2007]291ITR294(Guj)

..... the legislature stepped in and substituted the said expression 'free from all encumbrances' by the finance act, 1993 with retrospective effect from 17.11.1992 by the portion in parenthesis. ..... simultaneously, by the very same finance act and with retrospective effect from the said date i.e. ..... under sub-section (1) of section 269ud is made by the appropriate authority in respect of an immovable property referred to in sub-clause (i) of clause (d) of section 269ua, such property shall, on the date of such order, vest in the central government free from all encumbrances'.on a plain reading of the provision it is apparent that once an order under section 269ud(1) of the act is made by the appropriate authority in respect of immovable property, as defined under section 269ua(d)(i) of the act, such property shall vest in the central government free from all encumbrances ..... ultimately on 18th september,2003 income tax department moved an application before debt recovery tribunal praying for a direction qua sbi to hand over the original title deeds of the property in question.8. ..... in the meantime, on 24th january,2003 respondent no. ..... was followed up by similar written request made on 2nd january,2001, 5th january,2001, 10th january,2001, 12th march,2001, 16th may,2001, 21st january,2002, 5th december,2002 and 12th june,2003.7. .....

Noble Institute (Education) Pvt. Ltd. Vs. Union of India (Uoi)

Court : Gujarat

Reported in : 2006[3]STR497

..... the date on which the service tax was made leviable under the provisions of section 66 of the finance act, 1994. ..... though a show-cause notice has been challenged in the petition and in normal circumstances, the court would have disposed of the petition on the ground that it is premature, looking to the facts of the case, in our opinion, it requires some consideration and, therefore, we dispose of the same by giving certain directions.4. ..... looking to the facts of the case, we direct that the petitioner shall give reply to the demand notice dated 29.6.2005 and the show cause notice dated 23.11.2005 which has been issued during the pendency of this petition and the concerned authority shall finally adjudicate the issue.5. ..... 12880 of 2005 filed in the present petition, the authorities believe that the service tax will have to be paid even if the amount is received by the assessee before 1.7.2003, because services in respect of the amount so received are rendered after 1.7.2003. ..... it is not in dispute that the amount which is to be made taxable by the respondent authorities was received by the petitioner before 1.7.2003. ..... the question involved in the petition is whether service tax is to be paid on the amount recovered by an assessee before 1.7.2003 i.e. ..... it appears to be the case of the respondent authorities that because of a circular dated 5.11.2003, which is at annexure 2.5 in civil application no. .....

Commr. of C. Ex. and Cus. Vs. Schott Glass India Pvt. Ltd.

Court : Gujarat

Reported in : (2009)223CTR(Guj)502; 2009[14]STR146; [2009]21STT111; (2009)25VST319(Guj)

..... the service tax, which has been imposed by way of finance act, 1994 (the act), levies service tax as provided in section 64(3) of the act to all taxable services provided on or after commencement of chapter 97 (sic)(chapter v) of the act. ..... it is also an accepted position that at the point of time when the services were rendered by the service provider and received by the respondent the liability was not cast on the recipient of the services. ..... it was submitted that the impugned order dated 3-8-2007 made by cestat overlooks the fact that by virtue of amendment of relevant rule of the service tax rules, 1994 (the rules) the liability to pay service tax has been shifted to the recipient of the service w.e.f. ..... after 16-5-2002 the liability cannot be fastened on the recipient of the services as the taxable event had already occurred paste (sic) and raising of invoices and/or making of payment cannot be considered to be a taxable event. ..... whether or not, at the time of realization of payment for the taxable service provided, the provisions of rule 2(1)(d)(iv) had come into force, making the service receiver liable for payment of service tax in respect of taxable services provided by a non-resident or a person who is from outside india and who does not have any office/establishment in india?2. ..... cestat has found that admittedly, the services were received by respondent between november, 2001 and march, 2002 while the invoice has been raised and settled in september, 2003. .....

Commissioner of Income Tax Vs. Manoharsinhji P. Jadeja

Court : Gujarat

Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; [2006]281ITR19(Guj)

..... the taxation of other assets wherein no cost of acquisition is envisaged : tenancy rights, state carriage permits and, looms hours by the finance act, 1994 with effect from 1st april 1995; right to manufacture, produce or process any article or thing by the finance act 1997 with effect from 1st april 1998; trademark or brand name associated with business by the finance act 2001 with effect from 1st april 2002; and right to carry on any business by the finance act 2002 with effect from 1st april 2003 ..... the explanation under the said section it was submitted that in the case where the capital asset became the property of the assessee by the mode specified in sub-clause (iii)(a) of sub-section (1) of section 49 the cost of acquisition was to be deemed the cost for which the previous owner of the property acquired it, and as per explanation the expression 'previous owner' meant the last previous owner of the capital asset who acquired the property by a mode of acquisition other than that referred to in any of the clauses mentioned in sub-section (1) of section 49 of the act ..... however, it requires to be noted that by the finance act, 1987 w.e.f. .....

Commissioner of Income-tax Vs. Ravjibhai Harkhabhai Savalia

Court : Gujarat

..... 1.4.2004) section 155(16) by the finance act, 2003 (32 of 2003), have been enacted. 35. ..... in fact, what we have stated hereinabove is reinforced by the newly inserted clause (c) in section 45(5) by the finance act, 2003 w.e.f. ..... section 45(5) read as a whole (including clause "c") not only deals with re-working as urged on behalf of the assessee but also with the change in the full value of the consideration (computation) and since the enhanced compensation/consideration (including interest under section 28 of the 1894 act) becomes payable/paid under 1894 act at different stages, the receipt of such enhanced compensation/consideration is to be taxed in the year of receipt subject to adjustment, if any, under section 155(16) of the 1961 act, later on. ..... 1.1 this court vide order dated 13.12.2007 admitted the appeals for consideration of following substantial questions of law; "(i) whether on the facts and in the circumstances of the case the appellate tribunal was right in holding that the alleged amount of compensation cannot be brought within the meaning of income u/s 45(5) of the income, tax act, 1961? ..... when the court/tribunal directs payment of enhanced compensation under section 23(1a), or section 23(2) or under section 28 of the 1894 act it is on the basis that award of collector or the court, under reference, has not compensated the owner for the full value of the property as on date of notification." 3. mr. t.p. .....

Commissioner of Income Tax Vs. India Gelatine and Chemicals Ltd.

Court : Gujarat

Reported in : (2005)194CTR(Guj)492; [2005]275ITR284(Guj)

..... cit, : [1982]137itr616(guj) and particularly on the finding given in the said decision that the cash subsidy is directly concerned with the export of the goods and eligible for rebate under section 2(5) of the finance act, 1964. ..... on the other hand, the contention of the assessee was that the subsidy was granted by the government for development of industries in backward areas and it was not given to reduce the cost of plant and machinery although the costs of the assets including the building and plant and machinery was a measure for determining the quantum of subsidy.this court held that the cost of the fixed assets was only a measure of quantifying the subsidy payable to the assessee but the subsidy was provided for dealing with the problems ..... jameel leathers and uppers : [2000]246itr97(mad) the madras high court was concerned with this very question and the court on an analysis of the relevant provisions and the decisions of the hon'ble supreme court interpreting the expression 'derived from' laid down the following principles which are embodied in the headnote which correctly reflects the principles laid down in the judgment:-'sections 80j and 80hh of the income-tax act, 1961, use the expression 'derived from'. ..... (2003) 261 itr 737 which followed jameel leathers.5. .....