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Commissioner of Wealth-tax, Gujarat-i Vs. Ahmed Ibrahim Sahigara
Gujarat
Dec-21-1972
Excise
Income Tax Act 1961 - Sections 4; Finance Act, 1965 - Sections 68; ;Wealth Tax Act, 1957 - Sections 2
[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. … as computed at the said rate, or (ii) furnishes adequate security for the payment thereof in accordance with sub-section (4) and undertakes to pay such income-tax within a period, not exceeding six months, from the date of the
Tag this Judgment! AI Brief & AskBalkrishna Binani Vs. Commissioner of Income Tax
Mumbai
Jun-27-1978
Direct Taxation
Income Tax Act, 1961 - Sections 2(45), 3 and 4; Wealth Tax Act, 1957 - Sections 2
(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 … - although it is not possible to say that amount of income tax under charging Section 3 or Section 4 it must be regarded as income tax paid in lieu of such income tax - it would be
Tag this Judgment! AI Brief & AskBhawanidas Binani Vs. Commissioner of Wealth-tax
Mumbai
Jun-27-1978
Direct Taxation
Wealth Tax Act, 1957 - Sections 2; Finance Act, 1965 - Sections 68; Income Tax Act, 1961
[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 … 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, the income-tax liability of the assessee was assessed and
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Ahmed Ibrahim Sahigra Dhoraji Vs. Commissioner of Wealth Tax, Gujarat
Supreme Court of India
Apr-07-1981
Direct Taxation
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
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 4 of the Income-tax Act, 1961.3. The assessee, who is the appellant in these appeals, had been assessed on … 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
Tag this Judgment! AI Brief & AskRambhai Jethabhai Patel Vs. Commissioner of Income-tax, Gujarat-i
Gujarat
Jun-28-1976
Direct Taxation
Income Tax Act, 1961 - Sections 2(30), 2(46), 6(6), 24(7), 113, 113(1), 113(3), 113(4), 113(5), 143, 146, 147, 155, 155(1) and 263; Finance Act, 1965
[1977]108ITR771(Guj)
enacted, section 113 took the place of section 17, sub-section (1), of the Act of 1922. By the Finance Act, 1965, section 113 was deleted from the Act with effect from April 1, 1965, and section 2, sub-section (46), of … at the instance of the assessee, the above-mentioned three questions have been referred to us for our opinion. 4. It may be pointed out that a provision similar to section 113 of the Act of 1961 was
Tag this Judgment! AI Brief & AskCommissioner of Wealth-tax Vs. B.K. Sharma
Allahabad
Jul-11-1975
Direct Taxation
Finance Act, 1965 - Sections 68; Income Tax Act, 1961 - Sections 4; Wealth Tax Act, 1957 - Sections 2 and 3
[1977]110ITR902(All)
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. … assessment of concealed income and the rate of tax. The income so declared was chargeable to income-tax under Section 4 of the Income-tax Act, 1961, which is the charging section. In other words, the assessee was liable for
Tag this Judgment! AI Brief & AskShri Bhagwandas JaIn Vs. Addl. Commissioner of Wealth-tax
Madhya Pradesh
Apr-15-1978
Direct Taxation
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
[1979]116ITR347(MP)
the disclosed income included on assessment nor at the rate of 60% prescribed under Section 68 of the Finance Act, 1965, was deductible in arriving at the net wealth of the assessee '2. The assessee is a HUF, which … and other association of persons or the partners of the firm or the members of the association individually.' Section 4 of the I.T. Act, 1961, reads: '4. (1) Where any Central Act enacts that income-tax shall be charged
Tag this Judgment! AI Brief & Askincome-tax Officer, a-ward, Indore Vs. Gwalior Rayon Silk Manufacturin ...
Supreme Court of India
Sep-18-1975
Direct Taxation
Finance Act, 1965 - Sections 3; Income Tax Act, 1961 - Sections 220(2) and 220(3)
[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
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. India Textile Agency Ltd.
Kolkata
Jan-14-1977
Direct Taxation
Income Tax Act, 1961 - Sections 5(1), 51 and 256(1); ;English Finance Act, 1965 - Section 47(1) to 47(4); ;Income Tax Act, 1952 - Section 157
[1981]132ITR481(Cal)
was only the net dividend ; but the English Finance Act, 1965, amended the previous law. Under Section 47(1) to (4) of the English Finance Act, 1965, the dividend income of a shareholder in an English company … 18, art. 17).6. We have now to consider the provisions of Section 47(1) and (3) of the English Finance Act, 1965. Section 47(1) is as follows :' Except as otherwise provided by this Part of this Act, corporation tax shall
Tag this Judgment! AI Brief & AskCommissioner of Wealth-tax Vs. Surendra Paul
Kolkata
Nov-19-1986
Direct Taxation
Wealth Tax Act, 1957 - Sections 4(1), 7(1) and 7(2); ;Wealth Tax Rules, 1957 - Rule 2, 2A to 2G; ;Finance Act, 1965 - Sections 24 and 68
(1987)61CTR(Cal)244,[1987]168ITR208(Cal)
by the firm of Aminchand Pyarelal, of which the assessee is a partner, under Section 68 of the Finance Act, 1965, and under Section 24 of the Finance (No. 2) Act, 1965, have to be deducted from the net … in the partnership firm of M/s. Aminchand Pyarelal, of which the assessee was a partner, the provisions of Section 4(1)(b) and Section 7(1) of the Wealth-tax Act, 1957, were applicable and the provisions of Section 7(2)(a) of the
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