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Commissioner of Income-tax, Gujarat I Vs. Ahmedabad Manufacturing and ...

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 30, 34, 37, 40, 147 and 148; Finance Act, 1965

Reported in : [1977]106ITR159(Guj)

purpose of taxation. He further held that rebate under clause 1(b)(ii) of Paragraph F of Schedule I of Finance Act, 1965, had been wrongly allowed at the rate of 35 per cent. in the original assessment order but on … the case, the Tribunal was justified in law in upholding the Appellate Assistant Commissioner's order cancelling reassessment under section 147(b) read with section 148 of the Income-tax Act, 1961 ?' 2. We are concerned in this case … of section 10(4) of the Indian Income-tax Act, 1922, comparable to section 40(a)(ii) of the Act of 1961. The Privy Council had held that the

Commissioner of Income-tax Vs. Tecalemit (Hind) Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 40; ;Finance Act, 1965

Reported in : (1982)26CTR(Cal)28,[1982]137ITR285(Cal)

item No. 21 in Part III of the list of articles and things in the Schedule to the Finance Act, 1965. The departmental representative stated that the AAC was wrong in allowing the relief while the assessee's counsel said … Tribunal erred in law in holding that motor car allowance was not a perquisite within the meaning of Section 40(c)(iii) merely because it was paid in cash and, therefore, the ceiling in Section 40(c)(iii) could not apply

Karnataka State Beverages Corpn. Ltd. Vs. Commissioner of Income-tax

Court : Karnataka

Subject : Direct Taxation

as Section 40(a)(iib) is concerned, the learned counsel would submit that the said sub-clause was inserted by the Finance Act, 2013 with effect from 1.4.2014 and the said section specifically disallows any amount paid by way of privilege … of the order for the Assessment Year 2012-2013. (xiv) Amendment made in Section 24 of the Karnataka Excise Act, 1965 is illegal. 3. The learned counsel for the petitioner would contend that the several reasons assigned by the

Hajee K. Assainar Vs. Commissioner of Income-tax, KeralA.

Court : Kerala

Subject : Direct Taxation

Reported in : [1971]81ITR423(Ker)

was introduced in section 27(1) of the Act by virtue of an amendment of that section effected by section 40 of the Finance Act, 1964. It is expressly stated in section 1(2) of the Finance Act, 1964, that … the provisions of section 271(1)(c) of the Act as they stand after the amendments effected therein by the Finance Act, 1964. By the said amendment the word 'deliberately', which originally occurred in clause (c) of sub-section (1), was … order passed by the Inspection Assistant Commissioner of Income-tax on February 20, 1965. It is no doubt true that if a statute deals merely with

Additional Commissioner of Income-tax Vs. Abhai Maligai

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80G(2) and 88(6)

Reported in : [1978]113ITR737(Mad)

was introduced in Section 271(1) of the Act by virtue of an amendment of that section effected by Section 40 of the Finance Act, 1964. It is expressly statedin Section 1(2) of the Finance Act, 1964, that Sections … Section 80G(2)(b) of the Act. 7. Explanation 5 to Section 80G(2) of the Act was inserted by the Finance Act, 1976, with effect from 1st April, 1976, probably with the object of getting over the effect of decisions … order passed by the Inspecting Assistant Commissioner of Income-tax on February 20, 1965. It is no doubt true that if a statute deals merely with

Commissioner of Income-tax Vs. C.W.S. (India) Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 30 to 43D and 80HHC; Income Tax Rules, 1962 - Rule 8; Finance Act, 1965

Reported in : (2000)158CTR(Ker)529; [2000]246ITR278(Ker)

made in computing the total income). It is to be noted that Chapter VI-A was inserted by the Finance Act, 1965, with effect from April 1, 1965. Section 80HHC is a part of Chapter VI-A. We do not find … the Act in respect of the entire export business of tea manufactured in its own estate, As only 40 per cent. of such turnover has to be taken for income-tax purposes, deduction under Section 80HHC in respect

inductotherm (India) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)75TTJ(Ahd.)728

and Salts Act, 1944, and not in respect of special excise duty levied under section 80 of the Finance Act, 1965. On a parity of reasoning from the aforesaid decision of Supreme Court, it was contended by the learned … 1990-91 is rejected.The next common ground relates to allowability of wealth-tax on specified business assets under Explanation to section 40(a)(iia) of the Income Tax Act, 1961. The assessee claimed deduction of Rs. 1,05,122 in assessment year 1989-90 and

Jiyajeerao Cotton Mills Ltd. Vs. Income-tax Officer, c Ward and ors.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80E and 154; ;Finance Act, 1965

Reported in : [1981]130ITR710(Cal)

that soda ash is one of the items mentioned in Part III of the First Schedule to the Finance Act, 1965, and the appellant was, therefore, entitled to a special rebate of 35 per cent. on the profits and … the gross or commercial profits and not the net or taxable profits. 40. In view of the decision of the Supreme Court in Cambay Electric … claiming such rebate. 4. On or about the 27th February, 1970, respondent No. 1 completed the assessment under Section 143(3) of the I.T. Act, 1961, whereby the overall total income of the appellant was computed at Rs.

Commissioner of Income Tax Vs. JaIn Construction Co. and ors.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (1999)156CTR(Raj)290

of law on the subject was still not satisfactory, thus section 40(b) has again been substituted by the Finance Act of 1992, which reads as follows :'Section 40 : Notwithstanding anything contrary to section 30 to 38, the … simplication and certainty in computation of income. Instructions contained in para 2 of the circular of the year 1965 have been brought in the statute, thereby the doubts, if any, with respect to subject circular have been

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)102ITD101(Mum.)

right to occupy premises belonging to a co-operative housing society are taxable assets under Section 40 of the Finance Act, 1983 in the case of a private limited company? Assessee has filed its return of wealth on 9th