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Ahmedabad Manufacturing and Calico Printing Co. Ltd. Vs. Commissioner ...

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 256(2) and 269A; Finance Act, 1961 - Sections 2(5)(1); Finance (Amendment) Act, 1964 - Sections 5; Finance (Amendment) Act, 1965 - Sections 2(5); Income Tax (Determination of Export Profits) Rules, 1964 - Rule 2; Income Tax (Determination of Export Profits)(Amendment) Rules, 1964 - Rule 2

Reported in : (1981)25CTR(Guj)263

s. 2(5)(a)(i) of the Finance Act, 1964, for the assessment year 1964-65 and under s. 2(5)(a)(i) of the Finance Act, 1965, for the assessment year 1965-66. Both these provisions are in identical terms. The question which is raised in … would uphold the finding of the revenue authorities that the assessee is not entitled to any relief under section 2(5)(i) of the Finance Act, 1963.' 7. The learned Judicial Member agreed with the conclusions reached by the

Rambhai Jethabhai Patel Vs. Commissioner of Income-tax, Gujarat-i

Court : Gujarat

Subject : Direct Taxation

Acts : 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

Reported in : [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 … making the declaration under sub-section (3) of section 113 and, therefore, he contended that his case fell within sub-section (5) of section 113. The application for rectification was made on March 23, 1968. The Income-tax Officer held by

Jeewanlal (1929) Ltd. Vs. Income-tax Officer, J-ward and anr.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 154; ;Finance Act, 1965 - Section 2(5)

Reported in : [1979]118ITR946(Cal)

at the rate applicable to priority income it is necessary to refer to the relevant provisions of the Finance Act, 1965. Section 2(5)(a)(i) proceeds as follows : 'In respect of any assessment for the assessment year commencing on the 1st

Commissioner of Income-tax Vs. India Textile Agency Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : 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

Reported in : [1981]132ITR481(Cal)

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 … the Income-tax Act, 1961 '4. Mr. B. L. Pal, appearing for the department, has argued that under Section 5(1)(c) of the I.T. Act, 1961, the total income of any previous year of a person who is a

Mcdowell and Co. Ltd. Vs. Commercial Tax Officer

Court : Supreme Court of India

Subject : Direct TaxationSales Tax

Reported in : AIR1986SC649; (1985)2CompLJ137(SC); (1985)47CTR(SC)126; 1985(5)ECC259; [1985]154ITR148(SC); 1985(1)SCALE788; (1985)3SCC230b; [1985]3SCR791; [1985]59STC277(SC); 1986(1)LC595

99, replacing earlier legislation). Further it was pointed out that the capital gains tax legislation (starting with the Finance Act 1965) does not contain any provision corresponding to Section 460. The intention should be deduced, therefore, it was said, … The argument advanced before this Court is that the appellant had already paid tax on the basis of 50p. in the rupee on the footing that the consideration for sale of its liquor did not include duty

Ahmed Ibrahim Sahigra Dhoraji Vs. Commissioner of Wealth Tax, Gujarat

Court : Supreme Court of India

Subject : Direct Taxation

Acts : 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

Reported in : AIR1981SC1562; (1981)21CTR(SC)356; [1981]129ITR314(SC); 1981(1)SCALE694; (1981)3SCC77; [1981]3SCR402

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 … the amounts covered by hundies were as under :Assessment years Peak cash credits 1959-60 Rs. 4,57,465/- 1960-61 Rs. 5,59,823/- 1961-62 Rs. 6,38,325/- 1962-63 Rs. 6,82,974/- 1963-64 Rs. 7,01,578/- 1964-65 Rs. 7,01,578/-4. As can be seen from the

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 … conceded by the learned counsel for the petitioners, if Section 46 has been brought into force on August 5, 1967, the date of the commencement of the Act, interest can be charged for the anterior period. The

income-tax Appellate Tribunal Vs. B. Hill and Co. (P.) Ltd.

Court : Allahabad

Subject : Direct Taxation

Acts : Finance Act, 1965 - Sections 2(5); Finance Act, 1966 - Sections 2(5); Finance Act, 1967 - Sections 2(4); Finance Act, 1964; Finance Act, 1968; Finance Act, 1969; Income Tax Act, 1961 - Sections 2(18), 31, 37, 108 and 256

Reported in : (1982)29CTR(All)301; [1983]142ITR185(All)

of goods by the assessee and accordingly not entitled to tax concession provided under Section 2(5)(a)(i) of the Finance Act, 1965 (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right

income-tax Officer, a-ward, Indore Vs. Gwalior Rayon Silk Manufacturin ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Finance Act, 1965 - Sections 3; Income Tax Act, 1961 - Sections 220(2) and 220(3)

Reported in : [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 … paid in instalments. The assessee further undertook to pay interest on the arrears at the . rate of 5% per annum, even though under Sub-section (2) of Section 220 of the Income-tax Act, 1961 (hereinafter referred to

Commissioner of Income-tax, Gujarat-i Vs. Ahmedabad Keiser-e-hind Mill ...

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 84 and 251; Finance Act, 1964 - Sections 2(5); Finance (Amendment) Act, 1965 - Sections 2(5)

Reported in : [1981]128ITR486(Guj)

the total income.' 3. The AAC considered the case only under c. (iii) of s. 2(5)(a) of the Finance Act, 1965, and the relief which claimed before the AAC was claimed for the first time, no claim having been … export sales and to allow rebate under s. 2(5)(a)(iii) of the Finance (No. 1) Act of 1965. (The section is wrongly mentioned as s. 5(a)(iii) in the statement of the case). The department being aggrieved by the