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Commissioner of Income-tax Vs. Southern Petro Chemical Industries Corp ...
Chennai
Jun-12-1998
Direct Taxation
Income Tax Act, 1961 - Sections 32, 33 and 33(1); Finance Act, 1974 - Sections 16
(1999)151CTR(Mad)188; [1998]233ITR391(Mad)
Section 33(1)(a) of the Act.9. The first appellate authority relied upon the provisions of Section 16 of the Finance Act, 1974. Before referring to Section 16 of the Finance Act, 1974, it is necessary to notice that the … of the Finance Act, 1974, is not envisaged to override the provisions of Section 33 of the Income-tax Act, 1961. Therefore, the view of the Appellate Tribunal that the user is not a prerequisite condition for the grant
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Vippy Solvex Products P. Ltd.
Madhya Pradesh
Oct-05-2004
Direct Taxation
Finance Act, 1974 - Sections 16; Income Tax Act, 1961 - Sections 33, 33(5), 256 and 256(1)
[2005]273ITR375(MP)
inter alia, on the ground that the same does not satisfy the requirement of Section 16(c) of the Finance Act, 1974. The assessee felt aggrieved of this order filed an appeal to the Commissioner of Income-tax (Appeals). By … A.M. Sapre, J.1. This is a reference made under Section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue (Commissioner of Income-tax), by the Tribunal to this court for answering the
Tag this Judgment! AI Brief & AskNew Excelsior theatre Pvt. Ltd. Vs. Commissioner of Income-tax
Mumbai
Dec-10-1993
Direct Taxation
Income Tax Act, 1961 - Sections 33, 33(4) and (5) and 34(3); Finance Act, 1974 - Sections 16
[1994]210ITR570(Bom)
The claim was made under section 33(4) of the Income-tax Act, 1961, read with section 16(c) of the Finance Act, 1974. This claim has been disallowed by the Tribunal. Hence, at the instance of the assessees, the following
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Travancore Electro-chemical Industries Ltd. Vs. Commissioner of Income ...
Kerala
Nov-11-1994
Direct Taxation
Income Tax Act, 1961 - Sections 37, 80J, 214 and 246; Surtax payable under Companies (Profits) Surtax Act, 1964; Finance Act, 1974 - Sections 16
[1995]214ITR195(Ker)
facts and in the circumstances of the case, and also on an interpretation of Section 16(c) of the Finance Act, 1974, is the assessee entitled to development rebate on the eight items listed in paragraph 2 of the … Income-tax Act on the excess of the advance tax payments is appealable under Section 246(c) of the Income-tax Act, 1961. The Tribunal held against the assessee relying on an unreported decision in Income-tax References No. 80 and 81
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Anglo India Jute Mills Co. Ltd.
Kolkata
Dec-03-1990
Direct Taxation
Income Tax Rules, 1962; ;Finance Act, 1974 - Section 16; ;Income Tax Act, 1961 - Section 33
[1993]202ITR104(Cal)
is common ground that this ancillary equipment was not ordered before December 1, 1973. Section 16 of the Finance Act, 1974, clearly provided that development rebate would not be admissible in the case of machinery or plant which … Ajit K. Sengupta, J.1. In this reference under Section 256(1) of the Income-tax Act, 1961, for the assessment year 1975-76, the following questions of law have been referred for the opinion of this
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Lokmat Mews Papers Pvt. Ltd.
Mumbai
Dec-19-1994
Direct Taxation
Income Tax Act, 1961 - Sections 33, 33(5) and 263; Finance Act, 1974 - Sections 16
[1995]216ITR199(Bom)
the opinion that the assesses-company was not entitled to development rebate in view of section 16(c) of the Finance Act, 1974, initiated proceedings under section 263 of the Act and after hearing the assesses, passed an order directing … Dr. B.P. Saraf, J.1. By this reference under section 256(1) of the Income-tax Act, 1961, made at the instance of the Revenue, the following question of law has been referred by the Income-tax
Tag this Judgment! AI Brief & Ask20th Century Finance and Consultancy Services Limited Vs. Khanna Rayon ...
Mumbai
Oct-24-1991
SICA
Contract Act, 1872 - Sections 148; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 22(1); Transfer of Property Act, 1882 - Sections 3
1991(4)BomCR301
the alleged lease agreement is nothing but hire purchase agreement or loan finance agreement. The first question, therefore, which arises for consideration of the Court … plaintiff has been claiming depreciation in respect of the suit machinery as owners thereof as permissible under Income-tax Act, 1961. The defendant had been paying rental as agreed to the plaintiff till March 1988.11. Lease financing is a … or otherwise should remain intact. An enquiry into the affairs of the defendant company within the contemplation of section 16 of the 1985 Act is undoubtedly pending. No order is yet passed by the Board under section 17(3)
Tag this Judgment! AI Brief & AskAll India State Bank Officers Federation and State Bank of India Offic ...
Mumbai
Nov-13-2006
Direct Taxation
Income Tax Act, 1961 - Sections 2(24), 4, 5(1), 10, 10(14), 10(26), 14, 15, 16, 17(1), 17(2), 17(3), 80B, 80CCD, 80D and 119 - Schedule - Rules 6, 11(2) and 11(4); Finance Act, 1988; Finance Act, 2000; Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948 - Sections 3G; Employees' Provident Funds and Miscellaneous Provisions Act, 1952 - Sections 6C; Insurance Regulatory and Development Authority Act, 1999 - Sections 3(1) and 36(1); Income Tax Act, 1922 - Sections 4(3) and 7(1); Madras General Sales Tax Act - Sections 5; Tamil Nadu Sales Tax Act; Constitution of India - Articles 14 and 21
(2006)206CTR(Bom)562; [2007]288ITR614(Bom)
total income shall be classified under the following heads of income:(A) Salaries (B) Interest on securities (omitted by Finance Act, 1988 w.e.f. 1-4-1989)(C) Income from house property (D) Profits and gains of business or profession (E) Capital gains … of the latter part of Clause (v) of the first proviso to Section 17(2) of the Income Tax Act, 1961 [appearing in the section after Clause (vi)] to the extent it treats the medical reimbursement above Rs. 15,000/- … Section 15 deals with various factors which constitute the income chargeable to income tax under the head 'salaries'. Section 16 lays down that income chargeable under the head 'Salaries' shall be computed after making deductions mentioned therein. Section
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. N.S.M. Sankarapandian
Chennai
Jan-24-1996
Direct Taxation
Income Tax Act, 1961 - Sections 15, 16 and 16(1), 64 and 64(1) and 28;
(1997)142CTR(Mad)62; [1996]222ITR289(Mad)
retains the same character of the income of the firm as profit.' 8. Explanation 2 added by the Finance Act, 1992, from April 1, 1993, in section 15 makes it clear that the salary received by a partner … the Tribunal referred the following question for the opinion of this court under section 256(1) of the Income-tax Act, 1961 : 'Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in … Appellate Tribunal was correct in law in holding that the assessee is entitled to claim standard deduction under section 16(i) of the Income-tax Act, 1961, from the sums paid as salary by the firms in which he and
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Vippy Solvex Products P. Ltd.
Madhya Pradesh
Nov-05-1996
Direct Taxation
Income Tax Act, 1961 - Sections 33, 256(1) and 256(2); Finance Act, 1974 - Sections 16
[1998]230ITR92(MP)
dated May 25, 1971, in respect of plant and machinery installed after May 31, 1974. Section 16of the Finance Act, 1974, however, provided that the benefit of the scheme would be available in some exceptional cases even in … N.K. Jain, J.1. The Commissioner of Income-tax, Bhopal, has made an application under Section 256(2) of the Income-tax Act, 1961 (for short, 'the Act'), seeking a direction to the Income-tax Appellate Tribunal, Indore Bench, Indore, to state the … exceptional cases even in respect of plant and machinery installed after May 31, 1974. The relevant Clause of Section 16 of the Act of 1974 thus reads as under (see [1974] 94 ITR 46) :'(c) any machinery or
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