Advanced Search Results

income-tax Officer Vs. P. Peddaiah

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1992)40ITD319(Hyd.)

then have reflected back into Entry 82 of List I of the Constitution (hereinafter called Constitution).(ii) By the Finance Act, 1989, a new Explanation has been inserted at the end of Section 2(1A) of the Income-tax Act, 1961

Atul Drug House Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 3, 5, 80A, C, J and U, 81 and 104; Finance Act, 1968 - Sch. I, Part I and Para. F

Reported in : [1995]216ITR584(Bom)

so declared amounted to Rs. 3,90,000. Such excess dividend entailed an additional income-tax under the provisions of the Finance Act, 1968. The Income-tax Officer, however, failed to take note of this fact at the time of the assessment … at the time of the assessment proceedings. He thereupon initiated rectification proceedings under section 154 of the Income-tax Act, 1961. The assessee resisted the proceedings. The assessee contended that the declaration of dividend of Rs. 6,90,000 was out … additional income-tax at the rate of 7.5 per cent. amounting to Rs. 29,250. This levy has been upheld by the Tribunal. Hence, at the instance

Commissioner of Income Tax Vs. Bhavnagar Bone and Fertiliser Co. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 28 and 260(1); Finance Act, 1971 - Sections 2(6)

Reported in : (1987)59CTR(Guj)116; [1987]166ITR316(Guj)

holding that the assessee was an 'industrial company' within the meaning of clause (c) of sub-section (6) of section 2 of the Finance (No. 2) Act, 1971 2. Whether, on the facts and in the circumstances of the … of the Financed Act so as to qualify for lower rate of tax as stipulated under the said Finance Act.' It was the duty of the Tribunal to discuss the evidence which was led by the assessee-company and … 'Tribunal') has referred to us for our opinion the following three questions under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as the 'Act') : '1. Whether, on the facts and in the circumstances of the

Commissioner of Income-tax Vs. M. Shajahan

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 10, 10(30) and 10(31); Finance Act, 1988

Reported in : [1996]221ITR594(Ker)

the Income-tax Act because now it has to be noted that Section 10(31) has been inserted by the Finance Act, 1988, with effect from April 1, 1989, to exclude the amount of subsidy received from the Rubber Board … reference to various decided cases. The Division Bench also considered the provisions of Section 10 of the Income-tax Act 1961, relating to incomes not included in the total income. The court specifically considered the provisions of Section 10(30) … defined could not be assumed oh interpretation. Learned counsel submitted that the definition of the term 'income' in Section 2(24) of the Income-tax Act, 1961, is inclusive and this is so held by the Supreme Court in no

Bhawanidas Binani Vs. Commissioner of Wealth-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2; Finance Act, 1965 - Sections 68; Income Tax Act, 1961

Reported in : [1980]124ITR783(Bom)

and in the circumstances of the case, any part of the tax paid under Section 68 of the Finance Act, 1965, was a ' debt owed ' on the relevant valuation dates within the meaning of Section 2(m) … involve application of both Section 3 of the said Act as well as Section 4 of the I.T. Act, 1961. Section 3 of the Act of 1922 reads as follows: '3. Charge of income-tax.--Where any Central Act enacts that

Ahmedabad Manufacturing and Calico Printing Co. Ltd. Vs. Commissioner ...

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 256(2) and 269A; Finance Act, 1961 - Sections 2(5)(1); Finance (Amendment) Act, 1964 - Sections 5; Finance (Amendment) Act, 1965 - Sections 2(5); Income Tax (Determination of Export Profits) Rules, 1964 - Rule 2; Income Tax (Determination of Export Profits)(Amendment) Rules, 1964 - Rule 2

Reported in : (1981)25CTR(Guj)263

order as to costs. Direct Taxation - profit and gains derived from activity - Section 2 (5) of Finance Act, 1961 - profit and gains can be said to be derived from activity if activity has direct nexus with

Shri Bhagwandas JaIn Vs. Addl. Commissioner of Wealth-tax

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2 and 3; Indian Income Tax Act, 1922 - Sections 3; Income Tax Act, 1961 - Sections 4; Finance Act, 1965 - Sections 68

Reported in : [1979]116ITR347(MP)

Tribunal was right in holding that neither the tax liability at the rate applicable in accordance with the Finance Act of the year concerned on the disclosed income included on assessment nor at the rate of 60% prescribed … the 1st day of March, 1965, under the Indian Income-tax Act, 1922 (XI of 1922), or the Income-tax Act, 1961 (43 of 1961), or (b) which has escaped assessment for any assessment year for which an assessment has … a common question of law. These eight references under Sub-section (1) of Section 27 of the W.T. Act, 1957, are by the Income-tax Appellate Tribunal, … common question of law. These eight references under Sub-section (1) of Section 27 of the W.T. Act, 1957, are by the Income-tax Appellate Tribunal, Jabalpur

Lohia Machines Ltd. and anr. Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(8), 2(33), 5, 11, 28 to 43A, 43(6), 80A to 80VV, 84, 84(1), 295(1), 295(2) and 296; Finance Act, 1980 - Sections 15C, 80H, 80I, 80J, 80J(1), 80J(2), 80J(3), 84 and 84(1); Income Tax Rules, 1962 - Rule 19, 19A, 19A(2) to (4), 19A(5), 19(1), 19(1A), 19(3) and 19(6); Indian Income Tax Act, 1922 - Sections 15C(1), 15C(2), 51C and 59(1); Taxation Laws (Amendment) Ordinance, 1949; Indian Income tax (Computation of Capital of Industrial undertakings) Rules, 1949 - Rule 3 and 3(1); Business Profits Tax Act, 1947 - Sections 13; Taxation Laws (Extension to Merged States and Amendment) Act, 1949 - Sections 13, 15C, 15C(1), 15C(2), 15C(4), 15C(6) and 34(2); Finance (Amendment) Act, 1976 - Sections 29; Finance (Amendment) Act, 1967; State Financial Corporati

Reported in : AIR1985SC421; (1985)1CompLJ249(SC); (1985)44CTR(SC)328; [1985]152ITR308(SC); 1985(1)SCALE115; (1985)2SCC197; [1985]2SCR686; [1985] 1 SCR 192

computed in accordance with the provisions of the Second Schedule" and the Second Schedule after its amendment by Finance Act 66 of 1976 does not provide for inclusion of borrowed monies and debts in computation of the capital … Rules 1962 which have been framed by virtue of the authority conferred under Section 295 of the Income-tax Act 1961. Section 295 lays down: (1). The Board may subject to the control of the Central Government, by notification in … Act 1949 did not choose to make any change in this position but continued the same Rules under Sub-section (2) of Section 34 of the Taxation Laws (Extension to Merged States and Amendment) Act, 1949. The Legislature thus

Hindustan Lever Ltd. Vs. Commissioner of Income-tax, Bombay City-i

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961; Finance Act, 1962 - Sections 2(5); Income Tax (Determination of Export Profits) Rules, 1962 - Rule 2(3)

Reported in : (1979)12CTR(Bom)55; [1980]121ITR951(Bom); [1980]3TAXMAN390(Bom)

of this reference. 24. There will be an order accordingly. (i) Direct Taxation - assessment - Income Tax Act, 1961, Section 2 (5) (i) of Finance Act, 1962 and Rule 2 (3) of Income Tax (Determination of Exports Profits) Rules,

Commissioner of Income-tax Vs. Gwalior Rayon Silk Manufacturing (Weavi ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 36(1), 37 and 80E; Finance Act, 1963 - Sections 2(5); Companies (Profits) Surtax Act, 1964

Reported in : [1999]237ITR253(Bom)

costs. (i) Direct Taxation - revenue expenditure - Section 28, 36 (1), 37 and 80E of Income Tax Act, 1961, Section 2 (5) of Finance Act, 1963 and Companies (Profits) Surtax Act, 1964 - whether Tribunal justified in deleting certain