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Commissioner of Income-tax (Central) Vs. Oriental Co. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 5(1), 8, 91, 194 and 198

Reported in : (1981)25CTR(Cal)75,[1982]137ITR777(Cal)

such income is only franked investment income if the recipient is a company resident in the United Kingdom. (Finance Act, 1965 Section 48(1)). Such a company is not chargeable to corporation tax thereon (Finance Act, 1965, Section 50(2)(a)), and so

CochIn Company Vs. Commissioner of Income-tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33(1) and 33(1A); Finance Act, 1966 - Sections 2(5) and 2(7)

Reported in : [1978]114ITR822(Ker)

the export of any goods or merchandise out of India within the meaning of Section 2(5)(a)(i) of the Finance Act, 1966 (iii) Whether the Tribunal was right in holding that the assessee is not an 'industrial company' as … by the Central Board of Revenue (annexure 'B') and the clarificatory Circular F. No. 10/49-65-IT(AI) dated October 14, 1965, issued by the Central Board of Direct Taxes (annexure ' C') (ii) Whether the Tribunal was right in … the assessment year 1966-67, the assessee claimed a development rebate of Rs. 48,692 in respect of the said trawler. The Income-tax Officer allowed the assessee's

The Commissioner of Income Tax and Vs. Brindavan Beverages Ltd.

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 2(19AA), 2(42C), 41[2], 45, 48, 50B, 80IA(4), 80IB(4), 80IB(5), 80HHC, 80HHC(3), 80HHC(3A), 80HHC(4), 80HHC(4A), 115A, 115B, 115BB, 115C, 115J, 115JA, 115JA[1], 115JA[2], 115JA[4], 115JB, 143(2), 161[1A], 164, 164A, 207, 208, 209, 209[1], 210, 211, 215, 234, 234A, 234B, 234C, 234G, 254(2) and 260A; Finance [No. 2] Act, 1996; Finance Act, 1997; Finance Act, 1998; Finance Act, 1999; Finance Act, 2000 - Sections 2; Companies Act, 1956 - Sections 210; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 3(1) and 17(1); Constitution of India - Article 141

Reported in : (2010)228CTR(Kar)1; [2010]186TAXMAN233(Kar)

in reference to the provisions of Section 115JA of the Act is conspicuously absent in Part-III of the Finance Act providing for computing advance tax though mention is made of Sections 115A, 115B, 115BB, 115C of the Act … regarded as assignment of year commencing on the lht day of April 1965 and any subsequent assessment year means income for chargeable under the provisions … generalization that, in all situations of slump sale, computation provision for ascertainment of capital gains in terms of Section 48 of the Act is not workable, for the reason that one of the two amounts viz., full value

Assistant Controller of Estate Duty and ors. Vs. Prayag Dass Agarwal

Court : Supreme Court of India

Subject : Other Taxes

Acts : Estate Duty Act, 1953 - Sections 5(1), 35, 51, 52, 52(1), 52(3), 85 and 85(1); Constitution of India - Articles 136 and 226; Estate Duty Rules - Rule 18; Finance Act, 1910 - Sections 48, 56, 56(1) and 56(2); Direct Taxes (Amendment) Act, 1964 - Sections 52; Central Boards of Revenue Act, 1963 - Sections 2; Finance (Amendment) Act, 1946 - Sections 49, 50 and 51; Finance (Amendment) Act, 1949; Finance (Amendment) Act, 1975 - Sections 22

Reported in : AIR1981SC1263; (1981)22CTR(SC)118; [1981]129ITR404(SC); 1981(1)SCALE786; (1981)3SCC181; [1981]3SCR576; 1981(13)LC513(SC)

introduced into the Act, it was not accepted by the Indian Finance Minister. Section 49 of the British Finance Act 1946 (9 & 10 Geo 6 C. 64) provided that the Commissioners of Inland Revenue could accept any … person.7. The legal position in the United Kingdom as it existed in 1965 in so far as transfer of real and leasehold property in payment … and the duty receivable by the latter may be paid out of the National Land Fund established by Section 48 of the Act. It is within the discretion of the Commissioners whether they will accept property under this

Commissioners for Her Majesty's Revenue and Customs (Respondent) Vs. D ...

Court : UK Supreme Court

Subject : Land Acquisition

his death) the will of a testator who died domiciled and ordinarily resident overseas. Section 24(11) of the Finance Act 1965 provided that in such a case the earlier provisions of the section should apply "as if the variations … went along with the assumption put forward in paragraph 7.23 of the report, putting it like this (para 48): "So far as the deemed manufactured interest is concerned this is treated as an interest payment made by

Weikfield Products Co. (i)(P) Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (2001)71TTJ(Pune.)518

counsel on the definition of 'slump sale' in section 2(42C) which was brought on the statute book by Finance Act, 1999, with effect from 1-4-2000 is also of no assistance to the assessee, because according to the definition … of the previous year in which the transfer took place. Mode of computation and deduction is provided in section 48. Section 49 deals with the cost with reference to certain modes of acquisition where the capital asset became

Khatau Junkar Ltd. and Another Vs. K.S. Pathania and Another

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 16, 23(1), 32A, 32A(4), 37, 40A(3), 43B, 44AB, 48(2), 80C, 80L, 80M, 80AA, 115J, 139, 142, 143, 143(1), 143(1A), 143(2), 154, 156 and 264; Constitution of India - Article 226

Reported in : 1992(1)BomCR550; (1992)102CTR(Bom)194; [1992]196ITR55(Bom)

cases, the deductions admissible to the assessee were not claimed or incorrect deductions or allowances were claimed. The Finance Act has omitted the requirement of making adjustments under sub-clauses (ii) and (iii) or clause (b) of section 143(1).' … stated that the ex gratia payment was not bonus or commission payable to employee covered under the Bonus Act, 1965. It was, therefore, allowable under the provisions of section 37. The first respondent added back the amount on … Rules. (iv) While computing capital gains, deduction of Rs. 10,000 under section 48(2) is not claimed less or in excess of this amount. (v) Carried

Commissioner of Income-tax Vs. S. Sajit Singh and Sons

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 256(2); Land Acquisition Act, 1894 - Sections 11

Reported in : [1987]166ITR377(Raj)

Section 18 of the Land Acquisition Act. Section 155(7A) was, therefore, inserted in the Income-tax Act by the Finance Act, 1978, with retrospective effect from April 1, 1974, which runs as under :'(7A) Where, in the assessment for … which was determined or approved by the Central Government or the Reserve Bank of India, is computed under Section 48 and the compensation for such acquisition or the consideration for such transfer is enhanced or further enhanced by

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 … Hon'ble Supreme Court in the case 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 of J.P. Jani, ITO v. Induprasad … Calico Printing Co. Ltd. v. S. G. Mehta ITO, reported in [1968] 48 [TR 154 and (ii) in the case of Addl. Commissioner v. Jyoti

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 … 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. … the said net income of Rs. 7,37, 956 and arrived at Rs. 48,34,343 as the income chargeable to tax and levied tax thereon. 15. The