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Commissioner of Wealth-tax Vs. Kodaikanal Club

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1983 - Sections 40, 40(1), 40(6) and 40(7); Wealth Tax Act, 1957 - Sections 2, 3 and 21AA; Finance Act, 1960 - Sections 13; Societies Registration Act, 1860; Income Tax Act, 1961 - Sections 2(17) and 2(18)

Reported in : (2003)181CTR(Mad)534; [2003]260ITR617(Mad)

assessable entities are individual, Hindu undivided family and company. In the year 1960, by Section 13 of the Finance Act, 1960, the levy of wealth-tax on the wealth of companies came to be excluded with effect form the assessment

Sait Nagjee Purushotham and Co. (P.) Ltd. Vs. Third Additional Income- ...

Court : Kerala

Subject : Direct Taxation

Reported in : [1964]51ITR33(Ker)

came into force on the 1st day of April, 1956.I may also indicate at this stage that by section 13 (2) of the Finance Act, 1959 (Act XII of 1959), sub-section (10) of section 35 of the Indian … Act shall apply accordingly.Section 35 (10), which was incorporated in the main Act by section 19 of the Finance Act, 1956 (Act XVIII of 1956), is as follows :'Where, in any of the assessments for the years beginning … the accounting year ending November 1, 1948.Under exhibit P-1 dated 15th September, 1960, the Income-tax Officer issued the notice under section 35 (10). He refers

State of Kerala Vs. Alex George and anr. Etc.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Kerala Finance Act, 1987 - Sections 1(2) and 3(2); Kerala Plantations Tax Act, 1960 - Sections 2(9), 3, 3(1), 3(3), 4(2), 5, 6A, 8, 9, 9A, 13, 14 and 27; State Finance Act, 1987; Kerala Plantations (Additional Tax) Rules, 1960 - Rule 16; Kerala Plantations (Additional Tax) Amendment Act, 1967; Kerala General Sales Tax Act, 1963; Kerala Motor Vehicles Taxation Act, 1976; Central Excise Act, 1944

Reported in : (2004)192CTR(SC)581; [2004]271ITR290(SC); JT2004(10)SC104; 2005(1)KLT164(SC); 2004(9)SCALE545; (2005)1SCC299

dated 28.8.1998 raises the question as to the true scope and operation of Section 1(2) of the Kerala Finance Act, 18 of 1987 substituting Schedule-I to the Kerala Plantations Tax Act 1960 w.e.f. 1.7.1987.2. Since the aforestated question … as 'the 1960 Act'). Under assessment order dated 6.9.1988, the said firm was assessed to tax @ Rs. 130/- per hectare for the period from 1.4.1987 to 30.6.1987 and at the revised rate of Rs. 350/- per

The Commissioner of Wealth-tax Vs. Fagun Co. P. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 7(2), 7(3), 27(3) and 45; Finance Act, 1983 - Sections 3, 40 and 40(3); Income Tax Act - Sections 2, 32A and 32A(2; Finance Act, 1960 - Sections 13; Finance Act, 1992

Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836

1983. Earlier, wealth-tax was leviable on companies under Section 3 of the Finance Act. Section 13 of the Finance Act, 1960 provided that wealth-tax is not leviable on a company with effect from April 1, 1960. Later, by the

Chunnilal Onkarmal (P.) Ltd. and anr. and Sir Sarupchand Hukamchand Pv ...

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957; Finance Act, 1983 - Sections 40; Constitution of India - Article 14; Finance Act, 1960 - Sections 13; Companies Act

Reported in : (1994)121CTR(MP)116; [1996]221ITR459(MP)

company at the rate or rates specified in Schedule I thereof. By virtue of Section 13 of the Finance Act, 1960, it was provided that notwithstanding anything contained in the Wealth-tax Act, 1957, no tax shall be charged in

Arvind N. Mafatlal Vs. T.A. Balakrishnan, Deputy Controller of Estate ...

Court : Mumbai

Subject : Direct Taxation

Acts : Estate Duty (Amendment) Act, 1958 - Sections 53, 59 and 62; Estate Duty (Controlled Companies) Rules, 1953 - Rule 15; Income Tax Act

Reported in : [1968]67ITR449(Bom)

merely to determine the two outstanding assessments, but also to certify whether under section 58 (5) of the Finance Act 1960, that the tax charged by the assessments for the years 1943-44 to 1953-54, should carry interest or not. … was also filed a valuation report dated 10th December, 1956. The replies to the questions were given on 13th February, 1959. The petitioner has also alleged that in the meanwhile a number of hearings took place at

Commissioner of Income-tax, Delhi and Rajasthan Vs. Mazdoor Kisan Sahk ...

Court : Rajasthan

Subject : Direct Taxation

Acts : Income-tax Act, 1922 - Sections 10(2) and 14(3); Income-tax (Amendment) Act, 1960

Reported in : AIR1970Raj252; [1970]75ITR253(Raj); 1969()WLN365

of the assessee became taxable by the amendment of Section 14 (3) of the Act made by the Finance Act, 1960 and this amendment could not take away the vested right of the assessee exempting its business income from … that decision was binding on the Tribunal. The third point relating to disallowance of development rebate on Rs. 13,239 was decided in favour of the assessee on the ground that the defect of not creating necessary reserve

Nawn Estates (P.) Ltd. Vs. Commissioner of Income-tax, West Bengal

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1922 - Sections 66(1)

Reported in : [1977]106ITR76(SC)

per cent to 90 per cent in respect of investment companies by means of Section 11 (ii) of Finance Act, 1960 (No. 13 of 1960) with effect from April 1, 1960.24. In 1961, a radical change in the law

Walchand Nagar Industries Ltd. Vs. V.S. Gaitonde, Income-tax Officer, ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1922 - Sections 33A and 35

Reported in : [1962]44ITR260(Bom)

additional income-tax was charged in respect of dividends distributed in excess of the specified limit mentioned in the Finance Act, 1950. This additional income-tax is hereinafter, for brevity's sake, referred to as 'excess dividend tax.' The matter was … the Commissioner dismissed the revision application by his order dated December 15, 1960. The petitioner has, therefore, approached this court by this petition praying for … well summarised in the placitum, which is in the following terms : 'The effect of the provision that section 13 of the Amendment Act shall be deemed to have come into force on April 1, 1952, was that

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)102ITD101(Mum.)

be owner of the property in terms of Section 22 r/w Section 27 of the IT Act, 1961.40. Finance Act, 1960 (No. 13 of 1960), Section 13 states that "notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of