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“rate or rates in force”

Chapter I - PreliminarySection 2 - DefinitionsSection 2(37A)9 judgments

The decision most relied on for rate or rates in force is 158 Taxman 71 (SC) and Oopal Diamond v. ACIT-19(2) Mumbai (144 Taxmann.com 184), cited in 10 judgments on BharatTax.

Leading authorities on rate or rates in force

158 Taxman 71 (SC) and Oopal Diamond v. ACIT-19(2) Mumbai
144 Taxmann.com 184 · 2022 · Reported
10
citing judgments

The estimation of profit at 3% for diamond trading is considered just and fair, especially when supported by industry reports and when the revenue has not appealed against such an estimation.

Judgments citing rate or rates in force

Ms Rana Ayyub Shaikh, Navi Mumbai vs. DCIT (Central Circle) 6(2), Mumbai

In the result, appeals filed by the assessee are dismissed

ITA 2283/MUM/2023[2022-23]Status: DisposedITAT Mumbai29 Apr 2025AY 2022-23

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

For Appellant: Shri P.J. Pardiwala & Ms. Ritu Punjabi, A/RsFor Respondent: Shri Ashok Kumar Ambastha, Sr. D/R
Section 175Section 56(2)(x)

each completed previous year or part of any previous year included in such period shall be chargeable to tax at the rate or rates in force in that assessment year, and separate assessments shall be made in respect of each such completed previous year or part

Ms Rana Ayyub Shaikh, Navi Mumbai vs. DCIT (Central Circle) 6(2), Mumbai

In the result, appeals filed by the assessee are dismissed

ITA 2282/MUM/2023[2021-22]Status: DisposedITAT Mumbai29 Apr 2025AY 2021-22

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

For Appellant: Shri P.J. Pardiwala & Ms. Ritu Punjabi, A/RsFor Respondent: Shri Ashok Kumar Ambastha, Sr. D/R
Section 175Section 56(2)(x)

each completed previous year or part of any previous year included in such period shall be chargeable to tax at the rate or rates in force in that assessment year, and separate assessments shall be made in respect of each such completed previous year or part

Ms Rana Ayyub Shaikh, Navi Mumbai vs. DCIT (Central Circle) 6(2), Mumbai

In the result, appeals filed by the assessee are dismissed

ITA 2281/MUM/2023[2021-22]Status: DisposedITAT Mumbai29 Apr 2025AY 2021-22

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

For Appellant: Shri P.J. Pardiwala & Ms. Ritu Punjabi, A/RsFor Respondent: Shri Ashok Kumar Ambastha, Sr. D/R
Section 175Section 56(2)(x)

each completed previous year or part of any previous year included in such period shall be chargeable to tax at the rate or rates in force in that assessment year, and separate assessments shall be made in respect of each such completed previous year or part

Dy. Commissioner of Income Tax, Cir 1(3)(1), Income Tax Department vs. Skate Trades and Agencies Private Limited, Raichur Street Mumbai

In the result, the appeal of the assessee is dismissed

ITA 1663/MUM/2024[2017-18]Status: DisposedITAT Mumbai16 Apr 2025AY 2017-18

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhaildy. Commissioner Of Income Tax, Circle-1(3)(1), Room No.535, Aayakar Bhawan, M.K. Road, Churchgate ............... Appellant Mumbai - 400020

For Appellant: NoneFor Respondent: Shri Bhangepatil Pushkaraj, Sr.DR
Section 115BSection 142(1)Section 143(2)Section 250

repetitive, if we reproduce the same. However, for the purpose of completeness, it is essential to mention here the definition of "rate or rates in force" in relation to F.Y. has been defined under Section 2(37A) of the Act, which provides as under : Section ... Income Tax Act, 1961 (37A) "rate or rates in force" or "rates in force", in relation to an assessment year or financial year, means— (i) for the purposes of calculating income-tax under the first proviso to subsection (5) of section 132, or computing the income

Shree Vishwakarma Sutradhar Sampati Trust, Bikaner vs. Income Tax Officer, Exemption, Bikaner

In the result, appeal of the assessee is partly allowed in above terms

ITA 305/JODH/2024[2017-2018]Status: DisposedITAT Jodhpur28 Mar 2025AY 2017-2018

Bench: Hearing On The Case.

For Appellant: Shri Amit Kothari (CA)For Respondent: Shri Karni Dan, Addl. CIT
Section 11Section 11(1)(a)Section 12ASection 143(2)Section 250

Sampati Trust, Bikaner. We further note that the tax rates applicable is specified in Sec. 2(37A) which states that “rate or rates in force” or “rates in force”, in relation to an assessment year or financial year, mean the rate or rates

J. P. Marketing Mehsana, Mehsana vs. The ITO, Ward-1, Mehsana

In the result, all the appeals of the assessee are allowed

ITA 987/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad10 Jan 2025AY 2017-18

Bench: Smt.Annapurna Gupta & Ms. Suchitra Raghunath Kamble

Section 147Section 250(6)

each completed previous year or part of any previous year included in such period shall be chargeable to tax at the rate or rates in force in that assessment year, and separate assessments shall be made in respect of each such completed previous year or part

Spectra Equipment Private Limited, Hyderabad vs. Income Tax Officer, Ward 3(1), Hyderabad

In the result, the appeal of the assessee is dismissed

ITA 500/HYD/2023[Assessment Year 2017-18]Status: DisposedITAT Hyderabad18 Dec 2024

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdiaassessment Year: 2017-18 Spectra Equipment Private Vs. The Income Tax Officer, Ward 3(1), Limited, Hyderabad. Hyderabad. Pan No.Aaccs8677C. (Appellant) (Respondent) Assessee By: Ms. Akanksha, C.A. For Shri Sunil Kumar Jain, C.A. Revenue By: Ms. Narmada, Cit-Dr For Shri Madan Mohan Meena, Sr.D.R. Date Of Hearing: 11.12.2024 Date Of Pronouncement: 18.12.2024

For Appellant: Ms. Akanksha, C.AFor Respondent: Ms. Narmada, CIT-DR for Shri Madan Mohan Meena
Section 115BSection 131Section 133(6)Section 143(1)Section 143(3)Section 68

repetitive, if we reproduce the same. However, for the purpose of completeness, it is essential to mention here the definition of “rate or rates in force” in relation to F.Y. has been defined under Section 2(37A) of the Act, which provides as under : Section ... Income Tax Act, 1961 (37A) "rate or rates in force" or "rates in force", in relation to an assessment year or financial year, means— (i) for the purposes of calculating income-tax under the first proviso to sub- section (5) of section 132, or computing the income

Darius Cavasji Shroff, Mumbai vs. Deputy Commissioner of Income Tax Circle 16(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 4731/MUM/2024[2021-22]Status: DisposedITAT Mumbai29 Nov 2024AY 2021-22

Bench: Smt. Beena Pillai & Smt. Renu Jauhridarius Cavasji Shroff V/S. Dcit, Circle 16(2) Moonlight, Flat No. 8, 158, बनाम Aayakar Bhavan, M.K. M. Karve Road, Road, Mumbai-400020 Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aacps7090J Appellant/अपीलार्थी .. Respondent/प्रतिवादी

For Appellant: Ms. Priyanka JainFor Respondent: Shri. R. R. Makwana
Section 143(1)Section 172Section 174Section 174ASection 175Section 176Section 192Section 2(1)Section 2(9)Section 250

which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be charged, deducted or computed at the rate or rates

Vivek Shiksha Samiti, Jaipur vs. ITO, Exemption - 1, Jaipur

In the result ground no. 2 raised by the assessee stands

ITA 1134/JPR/2024[2014-15]Status: DisposedITAT Jaipur18 Oct 2024AY 2014-15

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 1134 & 1135/JPR/2024 fu/kZkj.k o"kZ@Assessment Years : 2014-15 & 2016-17 Vivek Shiksha Samiti Jobner Road, Kalwar, VIA Jhotwara, Jaipur. cuke Vs. The ITO, Exemption-1, Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABTV0361Q vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Mukesh Khandelwal (C.A.) jktLo dh vksj ls@ Revenue by : Shri Gatum Singh Choudhary

For Appellant: Shri Mukesh Khandelwal (C.A.)For Respondent: Shri Gatum Singh Choudhary (JCIT)
Section 143(1)

profits or gains; We further note that the tax rates applicable is specified in Sec. 2(37A) which states that “rate or rates in force” or “rates in force”, in relation to an assessment year or financial year, mean the rate or rates