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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) of … of tax. According to this submission, the charging section remains what it was under the I.T. Act, i.e., Section 3 of the Indian I.T. Act, 1922, or Section 4 of the I.T. Act, 1961. According to this submission,

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

amount disclosed under Section 68 of the Finance Act 1965, arose not under that Finance Act but under Section 3 of the Indian Income-tax Act, 1922.2. Having regard to the assessment years in question, the second question should … 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

income-tax Officer, a-ward, Indore Vs. Gwalior Rayon Silk Manufacturin ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Finance Act, 1965 - Sections 3; Income Tax Act, 1961 - Sections 220(2) and 220(3)

Reported in : [1975]101ITR457(SC)

was granted by the Income-tax Officer, Sub-section (2) of Section 220 of the Act was amended by the Finance Act, 1965, by which the rate of interest was increased from 4% to 6% per annum. In view of this … of the Act and the order passed by the Income-tax Officer must be construed as one made under Sub-section (3) of Section 220 of the Act. 8. It was suggested before the High Court that the order of

Commissioner of Wealth-tax Vs. Girdhari Lal

Court : Delhi

Subject : Direct Taxation

Acts : Finance Act, 1965 - Sections 68, 68(1) and 68(3); Wealth Tax Act, 1957 - Sections 2; Income Tax Act, 1961; Income Tax Act, 1922

Reported in : [1975]99ITR79(Delhi)

assessed of the income-tax paid by the firm on the amounts disclosed voluntarily under Section 68 of the Finance Act, 1965, is a debt under Section 2(m) of the Wealth-tax Act, 1957, on the dates of valuation for the … 1965, he shall, notwithstanding anything contained in the said Acts, be charged income-tax at the rate specified in Sub-section (3) in respect of the amount so declared if he-- .... (2) The declaration shall be made to the

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)

ITR 322 (SC), wherein it has been held that levy of such excise duty under Section 80 of Finance Act, 1965, was different from the levy of excise duty under Central Excises and Salt Act, 1944 fin short Excise … brought within the mainstream by Finance Act, 1992, w.e.f. 1st April, 1993, by insertion of Sub-section (2) of Section 3 of 1957 Act. In this connection, he also drew our attention to Notes on Clauses Nos. 91, 100

C.K. Babu Naidu and C.K. Sundara Raja Naidu Vs. Wealth-tax Officer and ...

Court : Kerala

Subject : Direct Taxation

Acts : Finance Act, 1965 - Sections 68; Wealth Tax Act, 1957 - Sections 2, 3 and 17

Reported in : [1971]82ITR410(Ker)

facts and raise a common question of law. They are, therefore, disposed of by this single judgment.2. The finance Act, 1965, which was published in the Gazette of India on 11th May, 1965, provided a scheme in Section 68 … 1965, he shall, notwithstanding anything contained in the said Acts, be charged income-tax at the rate specified in Sub-section (3) in respect of the amount so declared if he,-- (i) pays the amount of income-tax as computed at

Commissioner of Wealth-tax Vs. B.K. Sharma

Court : Allahabad

Subject : Direct Taxation

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

Reported in : [1977]110ITR902(All)

Finance Act, 1965, would be allowed in computing the assessee's wealth on the relevant valuation dates ?'4. Under Section 3 of the Wealth-tax Act, wealth-tax is payable by a person for every financial year on his net wealth … law. The question in short is whether the tax levied upon a person under Section 68 of the Finance Act, 1965, is a legitimate deduction in the computation of his net wealth upon which tax is to be levied.2.

Commissioner of Wealth-tax, Gujarat-i Vs. Ahmed Ibrahim Sahigara

Court : Gujarat

Subject : Excise

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

Reported in : [1974]93ITR288(Guj)

reference raises a short but interesting question of law relating to the construction of section 68 of the Finance Act, 1965. The question is not free from difficulty and it has caused us some anxiety to reach our conclusion. … 1965, he shall, notwithstanding anything contained in the said Acts, be charged income-tax at the rate specified in sub-section (3) in respect of the amount so declared if he - (i) pays the amount of income-tax as computed

Jamnaprasad Kanhaiyalal Vs. Commissioner of Income Tax, M.P., Bhopal

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 68, 139, 256 and 257; Voluntary Disclosures of Income and Wealth Act, 1976 - Sections 18; Indian Income Tax Act, 1922; Finance Act, 1965 - Sections 24, 24(1), 24(3), 24(6) and 24(8)

Reported in : AIR1981SC1759; (1981)23CTR(SC)146; [1981]130ITR244(SC); (1981)3SCC441; [1981]3SCR849

Tax shall be entitled to his costs of the reference. Direct Taxation - disclosure - Section 24 of Finance Act, 1965, Section 68 of Income Tax Act, 1961 and Section 18 of Voluntary Disclosures Of Income and Wealth Act, 1976 … limited purpose, defined by this Court in Income-Tax Officer, A-Ward Sitapur v. Murudhar Bhagwan Das. : [1964]52ITR335(SC) , 346. Viewed in the light of that principle it is apparent that the finality enacted by Sub-section (8) of

Commissioner of Wealth-tax Vs. K. Ravindranathan Nair

Court : Kerala

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2; Finance Act, 1965 - Sections 68; Voluntary Disclosure of Income and Wealth Act, 1976 - Sections 3(1)

Reported in : (1989)78CTR(Ker)34; [1989]177ITR1(Ker)

Bench decision dealt with the liability of an assessee on a declaration made under Section 68 of the Finance Act, 1965, In second appeal, the Income-tax Appellate Tribunal concurred with the decision of the Commissioner of Income-tax (Appeals), by … assessee is entitled to claim deduction of the tax liability in respect of the disclosure made under Section 3(1) of the Voluntary Disclosure of Income and Wealth Act, 1976?' 2. The respondent is an assessee to wealth-tax.