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The appellant-assessee is a company incorporated under the Indian Companies Act. Its main objective, as stated in the Memorandum of Association, is to acquire the properties in the city of Madras (now Chennai) and to let out those properties.
Upto 31/3/2005 (subject to fulfilling other conditions), deduction under Section 80IB(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under DC Rules/ Regulations framed by the respective local authority.
SRF Ltd. (the Appellant) imported Nylon Filament Yarn of 210 deniers falling under Chapter 54 of the Customs Tariff Act, 1975 and claimed nil rate of additional duty of Customs/ Countervailing Duty (CVD” by virtue of Serial No. 122 of Notification No. 6/2002-CE dated March 1, 2002 (the Notification).
The Hon’ble Supreme Court relying on the decision in case of Commissioner of Central Excise, Jaipur II Vs. Super Syncotex (India Ltd.)[2014 301 ELT 273 (S.C.)], held that after July 1, 2000, Sales tax portion collected but not paid to State Government on account of incentive scheme will form part of the transaction value of excisable goods and observed that:
On coating uncoated paper, an article with different name commercially may have emerged but it is not a distinct article with different character or use and therefore no manufacturing process was involved when uncoated printing and writing paper is coated.
Held, that the assessee company in acquiring the head leases and in granting the sub-leases was carrying on a business within its memorandum of association and that the increased salami received from the sub-lessees represented profits of that business, liable to be included in the assessable income for purposes income-tax and business profits tax.
Sultan Brothers (P) Ltd. v. Commissioner of Income Tax’ [1964 (5) SCR 807]. Whether a particular letting is business has to be decided in the circumstances of each case. It would not be the doing of a business if it was exploitation of his property by an owner.
The income derived by the company from shops and stalls is income received from property and falls under the specific head described in section 9. The character of that income is not altered because it is received by a company formed within object of developing and setting up markets.
In exercising legislative power, the legislature by mere declaration, without anything more, cannot directly overrule, revise or override a judicial decision. It can render judicial decision ineffective by enacting valid law on the topic within its legislative field fundamentally altering or changing its character retrospectively.
The question which arises for consideration in the present appeals is the constitutional validity of the retrospective amendment to Section 143(1A) of the Income Tax Act, 1961. Both the Single Judge and the Division Bench of the Gauhati High Court have held that the retrospective effect given
