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Shreeniwas and Sons Vs. Income-tax Officer, b Ward and ors.

Court : Kolkata

Subject : Direct Taxation

Acts : Finance Act, 1965 - Section 24(7); ;Income Tax Act, 1961 - Sections 2(43), 156, 220(2), 220(3), 221, 221(1) and 264

Reported in : 78CWN561,[1974]96ITR562(Cal)

The petitioner was the owner of Amritanagar Selected Colliery situated at Ranigunj. By a declaration dated December 4, 1965, the petitioner made a voluntary disclosure under Sub-section (3) of Section 24 of the Finance (No. 2) Act … Section 220(2) of the Income-tax Act, 1961, in respect of the amount of tax payable under the said Finance Act and the provisions contained in Section 220(2) of the said Act can be invoked only by the Commissioner

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

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

Commissioner of Income-tax Vs. India Steamship Co. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 43 and 43(1)

Reported in : [1992]196ITR917(Cal)

expenditure, but the intention of the Legislature as contained in Explanation 8 to Section 43(1) inserted by the Finance Act, 1986, is that the benefit of such capitalisation would be denied on and from the assessment year 1974-75.

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

the learned Accountant Member. Further I find that the aforesaid provision came into force in the statute by Finance Act, 1986 with retrospective effect from 1-4-1974. Admittedly, that provision was not in existence while Hon'bte Supreme Court and … statute and the said decision was pronounced with reference to assessment years 1965-66 and 1966-67, with regard to capitalisation of interest expenditure. Therefore, the ratio … interest expenditure. Therefore, the ratio of the decision cannot be made applicable after insertion of various explanations below section 43(1) of the income-tax Act, 1961. (vi) It is to further add that the assessee has de-capitalised various expenditure

Commissioner of Income-tax, U.P.-ii Vs. Bazpur Co-operative Sugar Fact ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Co-Operative Societies Act, 1912 - Sections 2, 6 and 43; Uttar Pradesh Co-operative Societies Rules, 1936 - Rules 8, 10 and 11

Reported in : AIR1988SC1263a; (1988)70CTR(SC)94

cl. (i)(b) of the second proviso to paragraph D of Part II of the first schedule to the Finance Act, 1956. The findings of the Income-tax Officer were upheld by the Appellate Assistant Commissioner and the Appellate Tribunal, … recommendation, at a general meeting of the respondent held on 30th June, 1965, bye-law 50 was amended to run as follows :There shall be established … registered amendment of the bye-laws. Section 6 deals with the conditions for the registration of a co-operative society. Section 43 confers upon the State Government power to make rules for registered societies to carry out the purposes of

Tata Teleservices Vs. Union of India

Court : Gujarat

Subject : Education

3.1 The respective petitioners have also prayed to declare that section 201 of the Act as amended by Finance Act, 2014 (Act No.2 of 2014) is prospective and does not apply to the proceedings where period of passing … of S. S. Gadgil v. M/s. Lal and Co., reported in AIR 1965 SC 720 (Para 12 and 13) as well as in the case … conferred upon the Income Tax Officer to assess a person as an agent of a foreign party under Section 43 within two years from the end of the year of assessment. But authority of the Income Tax Officer

i.T.C. Limited Vs. Commissioner of Income-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 32(1), 40A(8), 43, 43(6), 80J and 263; ;Finance (No. 2) Act, 1965

Reported in : [1994]205ITR126(Cal)

be unsound. At the time, the proviso was inserted in the present Act by the Finance (No. 2) Act, 1965, with retrospective effect from April 1, 1962, there was no scheme for initial depreciation over and above the … of depreciation in respect of certain assets. By the amendments made by the Income-tax (Amendment) Act, 1946, the Finance Act, 1955, and the Finance Act, 1956, certain initial depreciation was allowed in respect of buildings newly erected or … the deduction available under Section 80J of the Act. 'Written down value' is defined by Clause (6) of Section 43. The said definition is as under :'(6) 'Written down value' means, -- (a) in the case of assets

India Pistons Repco Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Land Acquisition

Reported in : (1988)26ITD413(Mad.)

cost of the assets purchased within the meaning of Section 43(1). An Explanation has been added by the Finance Act, 1986 with effect from 1-4-1974 to the effect that interest paid in connection with acquisition of an asset … the Bills Rediscounting Scheme of the Industrial Development Bank of India. The scheme v, as introduced in April, 1965 in terms of the powers vested in the Industrial Development Bank of India under Section 9(1)(b) of its

Madhya Pradesh Financial Corporation Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : State Financial Corporations Act, 1951 - Sections 3 and 43; Income Tax Act, 1961 - Sections 154; Finance Act, 1964

Reported in : [1981]132ITR884(MP)

Tribunal to justify this assumption. Learned counsel for the department brought to our notice the provisions of the Finance Act, 1964, which prescribe the rate of tax. There is, however, no provision in the Finance Act, 1964, providing … 1964, providing for the levying of tax on the dividend distributed by a company. Under the provisions of Section 43 of the State Financial Corporations Act, 1951, for the purpose of income-tax, the assessee is to be treated … by the assessee in each of the two assessment years 1964-65 and 1965-66, which were partly distributed out of the profits earned by the assessee