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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

Commissioner of Income-tax Vs. English Electric Company Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80E and 80I; Income Tax (Amendment) Act, 1968; Finance Act, 1972; Finance (No. 2) Act, 1980

Reported in : (1980)17CTR(Mad)312; [1981]131ITR277(Mad)

on the question set out already.3. Section 80E was introduced in the statute by Section 14 of the Finance Act of 1966. Before the introduction of this provision, under the Finance Act of 1965, in the case of … this section) does not exceed Rs. 25,000, the rate of income-tax in the case of such companies being 45% as against the rate of 55% applicable in the case of other companies. The deduction under this section

Appraiser, Madras Customs Vs. Tamil Nadu Newsprint Papers Ltd.

Court : Chennai

Subject : Customs

Acts : Customs Tariff Act, 1975; ;Central Excise Act; Central Excise Rules, 1944 - Rule 8(1); Customs Act, 1962 - Sections 25, 25(1) and 157

Reported in : 1988(36)ELT272(Mad)

only one year from 1st April of a year to the 31st March of the next year. The Finance Act relevant in this case is the Finance Act, 1983. Section 45 thereof provided for levy and collection of … as per Heading No. 84.66 of the Customs Tariff Act, 1975, and Project Imports (Registration of Contracts) Regulations, 1965 with the Custom House, Madras, for clearance of the good imported for initial setting up of a paper

indo Asian Switchgears (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1985)12ITD65(Delhi)

as the profit of the export business of the assessee for the purposes of a rebate under the Finance Act, 1965. The observations of the Gujarat High Court were to the effect that the sale of such entitlements was … it. Capital gain resulting from the sale of an asset like goodwill cannot be subjected to tax under Section 45 of the Act. For the same reason, the sale of the import entitlement also did not lead to

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 … of this section,-- (a) Section 5, Clause (a) of Sub-section (2) of Section 7 and Clause (d) of Section 45 of that Act and Part II of Sen. I to that Act shall not apply and shall have

Jones (Respondent) Vs. Garnett (Her Majesty's Inspector of Taxes) (App ...

Court : House of Lords

Subject : Land Acquisition

increasingly stringent conditions) until a general abolition of the relief (for surtax purposes) by section 12 of the Finance Act 1965. The general rule now (for all income tax purposes, though subject to some limited exceptions) is that in … in the distribution of assets on a winding up, to block a special resolution, to complain under section 459 of the Companies Act 1985. These are all rights over and above the right to income. The ordinary

The Appraiser, Appraising Department (Group Ii), Madras Customs, Custo ...

Court : Chennai

Subject : Customs

Reported in : 1988(17)ECC119

one year from 1st of April of a year to the 31st March of the next year. The Finance Act relevant in this case is the Finance Act, 1983. Section 45 thereof provided for levy and collection of … as per heading No. 84.66 of the Customs Tariff Act, 1975, and Project Imports (Registration of Contracts) Regulations, 1965 with the Custom House, Madras, for clearance of the goods imported for initial setting up of a paper

J.K.K. Angappan and Bros. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 220(2); Finance Act, 1965 - Sections 68; Finance (No. 2) Act, 1967 - Sections 1, 46 and 156

Reported in : [1973]91ITR513(Mad)

Ramanujam, J. 1. The petitioners made a voluntary disclosure of income under Section 68 of the Finance Act, 1965. The tax payable on the income so voluntarily disclosed amounted to Rs. 15,55,500. The said tax was due … on August 5, 1967. But, this may be duo to the fact that Sections 2 to 36 and 45 and 46 deal with direct taxes and as such they should operate only from the commencement of the

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

Kanta Mehta Vs. Union of India and Others

Court : Delhi

Subject : Company

Acts : Reserve Bank of India Act, 1934 - Sections 45-I, 45J, 45K, 45L, 45M, 45S, 45S(1), 45S(2), 58A(1), 58A(7), 58A(8), 58B and 58B(5A); Banking Laws (Amendment) Act, 1983 - Sections 10; Constitution of India - Articles 14, 19, 19(1) and 246; Kerala Money Lenders Act; Banking Regulation Act, 1949 - Sections 5 and 8; Banking Regulation (Amendment) Act, 1956 - Sections 12; Banking Regulation (Amendment) Act, 1959 - Sections 17 and 18; Banking Regulation (Amendment) Act, 1968 - Sections 10A and 10A(5); Banking Regulation (Amendment) Act, 1984 - Sections 18, 21, 22(3), 24, 30 and 227; Banking Laws (Miscellaneous Provisions) Act, 1965; Companies Act, 1956 - Sections 58A; Companies (Acceptance of Deposits) Rules, 1975 - Rules 2 and 3; Companies (Acceptance of Deposits) (Amend

Reported in : [1987]62CompCas769(Delhi)

support the necessity for the impugned legislation. The suggestion was made that because of the failure of Sanchaita Finance Firm, resulting in ruination of a large number of depositors as reported in State of West Bengal v. … institutions, Chapter III-B was inserted in the Reserve Bank of India Act by the Banking Laws (Miscellaneous Provisions) Act, 1965. Powers were conferred on the Reserve Bank of India to issue suitable directions to regulate and monitor the … connected writ petitions challenge the constitutional validity of Chapter II-C read with section 58B (5A) of the Reserve Bank of India Act, 1934, introduced by … petitioner's contention is that the provisions of the said Chapter, particularly section 45S read with section 58B (5A) are vocative of the petitioner1`s fundamental rights