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Binani Industries Limited Vs. Assistant Commissioner of Commercial Tax ...

Court : Karnataka

Subject : Sales Tax

Acts : Constitution of India - Articles 142 and 304; Karnataka Sales Tax Act, 1957 - Sections 3, 3(1), 3(2) 3A, 5(1), 5(3), 5(5), 5(6), 5C, 6, 6(2), 12A, 21 and 22A; Karnataka Sales Tax (Amendment) Act, 1985 - Sections 5C; Karnataka Sales Tax (Amendment) Act, 1992 - Sections 5C ;Karnataka Taxation Laws (Amendment) Act, 1996 - Sections 6(2); Karnataka Sales Tax Rules - Rule 6(4); Income Tax Act, 1961 - Sections 52(2) and 119; ;Customs Act, 1962; Central Excise Act, 1944 - Sections 37B; ;Finance Act, 1964; Karnataka Taxation Laws (Second Amendment) Act - Sections 6(2); Customs Act, 1985 - Sections 151A

Reported in : [2006]145STC24(Kar)

:The understanding of the law at the earliest point of time of its enactment cannot be ignored. The Finance Act, 1964, amended Section 52(2) of the Income-tax Act, 1961 : this was understood in a particular manner by the

Additional Commissioner of Income-tax, Mysore Vs. M. Ranga Pai and ors ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 2(24), 15, 45, 46, 47, 48, 49, 50, 51, 52, 52(2), 53, 54, 54B, 54C, 54D, 55, 55(2), 119 and 263

Reported in : ILR1975KAR1207; [1975]100ITR413(KAR); [1975]100ITR413(Karn)

be its fair market value of the date of its transfer.' 14. Sub-section (2) was inserted by the Finance Act of 1964 with effect from April 1, 1964. The provision existing in section 52 of the Act before

Assistant Controller of Estate Duty and ors. Vs. Prayag Dass Agarwal

Court : Supreme Court of India

Subject : Other Taxes

Acts : Estate Duty Act, 1953 - Sections 5(1), 35, 51, 52, 52(1), 52(3), 85 and 85(1); Constitution of India - Articles 136 and 226; Estate Duty Rules - Rule 18; Finance Act, 1910 - Sections 48, 56, 56(1) and 56(2); Direct Taxes (Amendment) Act, 1964 - Sections 52; Central Boards of Revenue Act, 1963 - Sections 2; Finance (Amendment) Act, 1946 - Sections 49, 50 and 51; Finance (Amendment) Act, 1949; Finance (Amendment) Act, 1975 - Sections 22

Reported in : AIR1981SC1263; (1981)22CTR(SC)118; [1981]129ITR404(SC); 1981(1)SCALE786; (1981)3SCC181; [1981]3SCR576; 1981(13)LC513(SC)

1870).9. Section 52 of the Act was substituted by a new Section 52 by the Direct Taxes (Amendment) Act, 1964. The new section reads thus :52. Payment of duty by transfer of property-(1) The Central Government may, on … introduced into the Act, it was not accepted by the Indian Finance Minister. Section 49 of the British Finance Act 1946 (9 & 10 Geo 6 C. 64) provided that the Commissioners of Inland Revenue could accept any

M. Ethurajan Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1998)65ITD87(Mad.)

It was pointed out that in view of the amendment in the provisions of section 271(1)(c) by the Finance Act, 1964 and the insertion of Explanation 1 by the Finance Act, 1975 the ratio of the said Supreme Court … Road Property : Valli - Investment Rs. 3,25,000 Stamp, etc. Rs. 45,000 Rs. 3,70,575 -------------- Stamp, etc. Rs. 52,575 Rs. 4,27,575 --------------(c) Jewellery Rs. 1,48,000 ------------ However, the CIT (Appeals) has confirmed the penalty in respect of

Commissioner of Income-tax Vs. Central Bank of India Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(10), 2(24), 45, 52, 52(2), 85A, 108, 115 and 119

Reported in : (1990)92BOMLR31; [1990]185ITR6(Bom)

and the Memorandum explaining its provisions.13. Mr. Dalvi then drew our attention to the Explanatory Notes to the Finance Act, 1965, issued under Circular No. 3-P dated, October 11, 1965. It is not disputed that this Circular was … [1981]131ITR597(SC) , the Supreme Court dealt with a circular dated July 7, 1964, issued by the Central Board of Direct Taxes relating, inter alia, to … in K. P. Varghese v. ITO : [1981]131ITR597(SC) . The Supreme Court was concerned with the interpretation of section 52(2). Literally interpreted, it said, the provision suggested that the Legislature had imposed a liability to tax on an

Commissioner of Income-tax Vs. Lionel Edwards Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 45, 52, 52(1) and 52(2); ;Finance Act, 1964

Reported in : [1980]124ITR416(Cal)

the I.T. Act, 1961, were in existence at the material time, the same having been incorporated by the Finance Act, 1964, with effect from the 1st April, 1964. Section 52, prior to the amendment, read as follows :' 52.

K.P. Varghese Vs. Income Tax Officer, Ernakulam and anr.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 4, 5, 14, 45, 48, 52, 52(1), 52(2), 119 and 148; Constitution of India - Article 19(1); Gift Tax Act, 1958); Indian Income Tax Act, 1922 - Sections 2(6-A), 5(8) and 12(1-B); Finance Act, 1964 - Sections 13(2); Finance Act, 1955

Reported in : AIR1981SC1922; (1981)24CTR(SC)358; [1981]131ITR597(SC); 1981(3)SCALE1315; (1981)4SCC173; [1982]1SCR629

only one provision which is now numbered as Sub-section (1) and it was by Section 13 of the Finance Act 1964 that Sub-section (2) was added in that section with effect from 1st April 1964. 5. Now on these … whether understatement of consideration in a transfer of property is a necessary condition for attracting the applicability of Section 52 Sub-section (2) of the Income Tax Act 1961 (hereinafter referred as the Act) or it is enough for

Anchor Line Ltd. Vs. Income-tax Officer.

Court : Mumbai

Subject : Direct Taxation

Reported in : [1984]10ITD63(Mum)

allowance.3. Section 44B of the Income-tax Act, 1961 (the Act) which was inserted in the Act, by the Finance Act, 1975, with effect from the assessment year 1976-77, made a special provision for computing profits and gains of … the two circulars of the CBDT issued on 7-7-1964 and 14-1-1974 explaining the scope and object of section 52(2) of that Act were binding on the department in the administration and implementation of section 52(2). It was

Addl. Commissioner of Income-tax, Delhi-i Vs. Mrs. Avtar Mohan Singh

Court : Delhi

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 2, 4 and 4(1); Income Tax Act, 1961 - Sections 2(14), 2(22A) and (24), 14, 45, 46, 47, 48, 49, 50, 51, 52, 52(1) and (2), 53, 54, 54B and D, 55, 55A, 119 and 256(1)

Reported in : (1982)27CTR(Del)32; [1982]136ITR645(Delhi)

s. 119 of the Act is also in the same strain. It read : 'Section 13 of the Finance Act, 1964, had introduced a new subsection (2) in section 52 of the Income-tax Act with a view to countering

Commissioner of Income-tax Gujarat-iii Vs. Bhavnagar Chemical Works (1 ...

Court : Gujarat

Subject : Direct Taxation

Reported in : [1983]140ITR61(Guj)

and Regulation) Act, 1951.The Finance Act, 1964 (see Income Tax Reports, Volume 52, 1964, Statutes computation at p. 5) provided by s. 2 for income-tax … the assessee-company claimed export profit rebate aggregating to Rs. 35,148 under the provision of s. 2(5)(a)(ii) of the Finance Act, 1964. The ITO, in the original assessment order, allowed the assessees claim to export profit rebate as regards the … the Tribunal was right in law in holding that the condition precedent for the issue of notice under section 148 read with section 147(b) of the Income-tax Act, 1961 was not fulfilled and the notice was without