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Ahmed Ibrahim Sahigra Dhoraji Vs. Commissioner of Wealth Tax, Gujarat

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2, 17, 16(3), 27 and 29(1); Finance Act, 1965 - Sections 68, 68(1), 68(2), 68(3), 68(4), 68(5), 68(6) and 68(7); Income Tax Act, 1922 - Sections 3; Income Tax Act, 1961 - Sections 4; Excess Profits Tax Act, 1940; Business Profits Tax Act, 1947; Companies (Profits) Surtax Act, 1964; Finance Act, 1951; Finance Act, 1953

Reported in : AIR1981SC1562; (1981)21CTR(SC)356; [1981]129ITR314(SC); 1981(1)SCALE694; (1981)3SCC77; [1981]3SCR402

respect of income-tax payable on the concealed income disclosed by the assessee pursuant to Section 68 of the Finance Act, 1965 is deductible under Section 2(m) of the Wealth-tax Act, 1957, in computing the net wealth of the assessee … of net wealth and the statements filed therewith in the status of an individual to wealth-tax under Section 16(3) of the Act during the assessment years 1957-58 to, 1964-65 on various dates between January 15, 1960 and

Balkrishna Binani Vs. Commissioner of Income Tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 3 and 4; Wealth Tax Act, 1957 - Sections 2

Reported in : (1979)9CTR(Bom)62; [1980]121ITR442(Bom)

facts and in the circumstances of the case any part of the tax paid u/s 68 of the Finance Act, 1965, was a 'debt owed' on the relevant valuation dates within the meaning of s. 2(m) of the Wealth-tax … no such liability for payment of tax on the concerned valuation dates as the liability under the charging section of the Income-tax Acts could only be attracted if the income disclosed could be said to have formed … for the year 1962-63 by the order of the Income-tax Officer dated 16th October 1962. For the assessment year 1963-64 for which the previous year

Shankerlal Gafurbhai Patel Vs. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 16(1), 27 and 27(1); Income Tax Act, 1961 - Sections 2(14) and 193; Gold Control Act; Taxation Law (Amendment) Act, 1962; Finance (No. 2) Act, 1965; Taxation Law (Amendment and Miscellaneous Provisions) Act, 1965

Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)

Taxation Laws (Amendment) Act, 1962 :'To exempt 6 1/2% Gold Bonds, 1977.'21. Subsequently, by the Finance (No. 2) Act, 1965, with effect from 1.4.1965, 7% Gold Bonds, 1980 were added in the said provision and thereafter under Taxation … assessment for the A.Y. 1981-82 was completed on 19.3.83 accepting net wealth at Rs.2,96,604/- under sub-section (1) of section 16 of the Wealth Tax Act.4.1 Subsequently a notice under sec. 17(1) of the Wealth Tax Act was issued

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 issued … achieve the obvious intention of the Legislature and produce a rational construction. 16. In Varghese's case [1981]131ITR597(SC) ,the Supreme Court dealt with a circular dated … S.P. Bharucha J.1. This is a reference made at the instance of the Revenue, under the provisions of section 256(1) of the Income-tax Act, 1961. It raises, in regard to the assessment year 1967-68, the following question

Cloth Traders (P) Ltd. Vs. Additional C.i.T., Gujarat-i Overruled

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 12, 57, 80A to 80D, 80M, 85A, 99, 99(1) and 257; Indian Income tax Act, 1922 - Sections 8, 16, 56A and 60A; Finance Act, 1953; Finance (Amendment) Act, 1965 - Sections 99; Finance (Amendment) Act, 1966 - Sections 85A; Finance (Amendment) Act, 1967; Finance (Amendment) Act, 1968 - Sections 31, 31(2) and 31(3)

Reported in : AIR1979SC1691; (1979)10CTR(SC)393; [1979]118ITR243(SC); (1979)3SCC538; [1979]3SCR984

upto the close of the assessment year 1964-65 and by an amendment made by Finance Act 10 of 1965, Section 99, Sub-section (1) was omitted and Chapter VI-A and Section 85A were introduced in the present Act with … introduced as Section 56A in the Indian Income-tax Act, 1922 (hereinafter referred to as the Old Act) by Finance Act, 1953. It is not necessary to make any detailed reference to this provision since there is no decided … applies. Such interest shall, however, be included in the total income of the assessee for the purposes of Section 16 of the Indian Income-tax Act, 1922.11. The argument of the Revenue was that the exemption from income tax

M/s. Bharti Airtel Ltd. Vs. The Commissioner of Central Excise

Court : Mumbai

Subject : Service Tax

amount of Rs.2,04,39,093/- under provisions of Rule 14 of the Credit Rules read with Section 73 of the Finance Act,1994. In respect of towers and parts thereof, prefabricated building, printers and office chairs, the Commissioner observed that the … (e) M/s. J.K. Cotton Spinning and Weaving Mills Co. Ltd. Vs. Sales Tax Officer, Kanpur and Anr., (AIR 1965 SC 1310); (f) CCE Vs. Jay Engineering Works Ltd., (1989(39) ELT 169 (S.C.) (g) Indus Towers Ltd. Vs. … for the period in dispute:-YearsTowerShelterOthersTotal2004-05174368801478938Chair - 298,738Printer - 1,224,53720,439,1002005-0644142943 441429432006-071591920315384719 313039222007-082658803428174029 54762063Total104087060450376861523282150648028 16. Mr. Sridharan, learned Senior Counsel on behalf of the Appellant has made

State of Karnataka and ors. Vs. Thirumala Distilleries

Court : Karnataka

Subject : Excise

Acts : Karnataka Excise Act, 1965 - Sections 16(3), 22, 23, 36 and 45; Karnataka Excise (Distillery and Warehouse) Rules, 1967 - Rules 24, 25, 26 and 34; Karnataka Excise (Excise Duties and Fees) Rules, 1968 - Rule 2; Evidence Act, 1872 - Sections 3, 4, 17 and 114; Constitution of India

Reported in : 2004(6)KarLJ194

99, replacing earlier legislation). Further it was pointed out that the capital gains tax legislation (starting with the Finance Act, 1965) does not contain any provision corresponding to Section 460. The intention should be deduced, therefore, it was said, … a reference may be made to Sections 16, 22, 23, 36 and 45 of the Karnataka Excise Act. Section 16, which deals with the establishment of distilleries and warehouses prescribes that the Excise Commissioner may with the previous

George Da Costa Vs. Controller of Estate Duty in Mysore, Bangalore

Court : Supreme Court of India

Subject : Other Taxes

Acts : Estate Duty Act, 1953 - Sections 2(16), 5 and 10; Customs and Inland Revenue Act, 1881 - Sections 38(2); Customs and Inland Revenue (Amendment) Act, 1889 - Sections 11; Finance Act, 1965

Reported in : AIR1967SC849; [1967]63ITR497(SC); [1967]1SCR1004

was not justified. We are unable to accept this argument as correct. The amendment brought about by the Finance Act, 1965 was effective only from April 1, 1965 and was not retrospective. We think that the insertion of the … included in the estate of the deceased as property passing of deemed to pass on his death under section 10 of the Act ?' 3. The High Court answered the question in the affirmative, holding that the

Commissioner of Wealth-tax Vs. R.D. Chand and

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 14(1) and 18(1); Wealth Tax (Amendment) Act, 1964; Finance Act, 1969

Reported in : [1977]108ITR787(AP)

Once again, the provisions of Section 18 of the Wealth-tax Act. were amended by Section 24 of the Finance Act, 1969, and Clauses (i) and (ii) of the Wealth-tax (Amendment) Act, 1964, were substituted by the following Clauses … (b) has without reasonable cause failed to comply with a notice under Sub-section (2) or Sub-section (4) of Section 16 ; or (c) has concealed the particulars of his assets or deliberately furnished inaccurate particulars of his assets … under Section 18(1)(a) of the Act as it stood on April 1, 1965.5. The legal representative appealed to the Appellate Assistant Commissioner who did not

Commissioner of Wealth-tax Vs. Smt. V. Pathummabi

Court : Kerala

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 18(1); Wealth Tax (Amendment) Act, 1964; Finance Act, 1969

Reported in : [1977]108ITR689(Ker)

is, under Section 18(1)(i) of the Wealth-tax Act, 1957, as it stood prior to its amendment by the Finance Act, 1969 ?'2. The returns for the two years 1964-65 and 1965-66 should have been filed by the assessee … (b) has without reasonable cause failed to comply with a notice under Sub-section (2) or Sub-section (4) of Section 16 ; or (c) has concealed the particulars of his assets or deliberately furnished inaccurate particulars of his assets