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The Commissioner of Income-tax, M.P., Nagpur and Bhandara Vs. Parmanan ...

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Finance Act, 1960 - Sections 2(6); Income Tax Act, 1922 - Sections 2(6AA), 14(2) and 16(1)

Reported in : AIR1978MP80; [1979]119ITR219(MP); 1978MPLJ355

in the case of each partner by including the special surcharge of Rs 32,400 in accordance with the Finance Act, 1960 (Act No. 13 of 1960). On behalf of the assessee it had been contended that the exemption granted … Act, 1960. The Commissioner rejected the objection taking the view that the definition of 'earned income' contained in Section 2 (6AA) of the Act read along with the other relevant provisions including Sub-Section (6) of Section 2 of

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 … as a company by notification dated September 30, 1982, issued by the Central Board of Direct Taxes under Section 2(h)(iii) of the Wealth-tax Act with retrospective effect from the assessment year 1974-75 and thereby the assessee-club became inexigible

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

Lloyds Insulations (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2002)80ITD465(Delhi)

closely-held companies was chargeable to tax under 1957 Act but later on by virtue of Section 13 of Finance Act, 1960, wealth of such companies was exempted from the provisions of 1957 Act. However, the wealth of such companies … Act, 1944 fin short Excise Act) and, therefore, assessee was not entitled to tax credit certificate under Section 280ZD of 1961Act with reference to such excise duty. He has also relied on the decision of the Tribunal

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

1st of April 1960 by the Finance Act of 1960 which received the assent of the President on 20th of April, 1960.Section 1 (2) of that Act provided that the provisions of that Act were to come … 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

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 … in which the public are substantially interested' shall have the meaning assigned to it in Clause (18) of Section 2 of the Income-tax Act. (2) For the purposes of Sub-section (1), the net wealth of a company shall

Commissioner of Income-tax Vs. Mahasamund Kissan Co-operative Rice Mil ...

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1922 - Sections 14(3); Income Tax Act, 1961 - Sections 81; Finance Act, 1960

Reported in : [1976]103ITR499(MP)

not taxable under Section 14(3) of the Income-tax Act, as it stood prior to its amendment by the Finance Act, 1960, which came into force with effect from April 1, 1960. It was contended that the amended section would … is not marketed as such. The counsel sought to rely on the definition of agricultural produce given in Section 2(1)(i) of the 'M.P. Agricultural Produce Markets Act, 1960' which takes us to the Schedule where against entry No.

Maharashtra State Co-operative Bank Limited and anr. Vs. the State of ...

Court : Mumbai

Subject : Banking

Acts : Code of Civil Procedure (CPC) , 1908 - Sections 9 - Order 1, Rule 1; Maharashtra Co-operative Societies Act, 1960 - Sections 2(2), 2(10), 60 and 70; National Bank for Agricultural and Rural Development Act, 1981 - Sections 2; Banking Regulation Act, 1949 - Sections 18, 24 and 56; Multi-State Co-operative Societies Act, 1984 - Sections 3 and 5; Constitution of India - Article 226

Reported in : 1997(3)BomCR4

on the business of banking and its primary object must be to finance other Co-operative Societies in the State. Otherwise how can a society be … State, advising/directing deploying of funds by all Urban Co-operative Banks under section 70 of the Maharashtra Co-operative Societies Act, 1960, (State Co-operative Act for short) and the licence given by the Reserve Bank of India (R.B.I. for short) … legality and validity of the Notification dated 30th December 1995 issued by the State of Maharashtra purportedly under section 2(u) of the National Bank for Agricultural and Rural Development Act, 1981 (NABARD Act for short) declaring Respondent Nos.

Sunder Transport and anr. Vs. the Regional P.F. Commissioner

Court : Mumbai

Subject : Labour and Industrial

Acts : Employees' Provident Funds and Miscellaneous Provisions Act, 1952 - Sections 2A; Sales Tax and Shops and Establishments Act; Income Tax Act; Partnership Act; Workmen of the Straw Board Manufacturing Co. Ltd., (1974) I LLJ 499

Reported in : (1993)ILLJ811Bom

partners. Business of the firm consists of letting out of premises on rent and commission agency. Similarly, Bafna Finance is - a separate firm registered with the Registrar of Firms. It comprises of four partners. All these … doubts, Section 2-A was incorporated in the Act by Act 46 of 1960 with effect from 31.12.1960. Section 2-A declares, for removal of doubts, that … Fund Commissioner, Bombay for the purpose of determining the liability under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 ('the Act') and asked to pay the provident funds dues with effect from 31.1.1975. A common Code

The Budhewal Co-operative Sugar Mills Ltd. Vs. Commissioner of Income ...

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2009)225CTR(P& H)261; (2009)156PLR215

inserted thereto and the exemption provision was made very wide. Amendments were made to the aforesaid provision by Finance Act, 1960. The amendment curtailed the general exemptions which were enjoyed by co-operative societies till then and, therefore, exemption was … manufacture and sale of sugar out of the sugarcane grown by its members, can be denied deduction under Section 80P(2)(a)(iii) of the IT Act, 1961 on the ground that processing involves use of power ?2. While doing