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Kalawati Devi Harlalka Vs. Commissioner of Income-tax, West Bengal and ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Indian Income-tax Act 1922 - Sections 18A, 23, 23A, 25, 25A, 29, 31, 33, 33B, 34, 35, 44, 60(1), 131 to 136, 140 to 146, 147, 148, 149, 150, 153, 156 to 158, 185, 187 to 189, 282 to 284 and 288; Constitution of India - Article 226; Income-tax Act, 1961 - Sections 297, 297(1), 297(2) and 298; General Clauses Act - Sections 6; Income-tax (Removal of Difficulties) Order, 1962; Finance Act, 1950 - Sections 3, 11, 12, 13 and 13(1); Payment of Bonus Act, 1965 - Sections 37

Reported in : AIR1968SC162; [1967]66ITR680(SC); [1967]3SCR833

'Now the question is in what sence has the work 'assessment' been used in section 13(1) of the Finance Act, 1950. Two circumstances may be noticed at once. The long title says that the Finance Act, 1950, is … cover the validity of the section itself. Furthermore, the terms of s. 37 of the Payment of Bonus Act, 1965 are different and the Bonus Act is not a taxing law. 27. In the result the appeal fails … the corresponding provision aforesaid and shall continue in force accordingly; (l) any notification issued under sub-section (1) of section 60 of the repealed Act and in force immediately before the commencement of this Act shall, to the extent

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 … above disclosure, the firm enclosed a bank guarantee for a sum of Rs. 5,69,315.40, being the tax at 60% calculated on the above sum of Rs. 9,48,858.95. The firm also declared that the balance amount of Rs.

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 … to the further disclosure of Rs. 1,75,000, he was liable to pay income-tax at the flat rate of 60% which was also paid before the stipulated date. The aggregate tax so paid totalled Rs. 10,26,230. Now, according

The Associated Cement Co. Ltd Vs. Director of Inspection

Court : Delhi

Subject : Customs

Acts : Income tax Act, 1961 - Sections 280ZD(1); Finance Act, 1965 - Sections 80B

Reported in : ILR1971Delhi556; [1972]84ITR822(Delhi)

the above,we dismiss the petitions, but in the circumstances without costs. Income-tax Act (1961) - Section 280-ZD(1) & Finance Act (1965), Section 80 --Respective scope of--'duty of excise'---special duty levied by Section 80 of the Finance Act 1965 not within … condoned by the Central Authority, as such Authority could only condone a delay for a period not exceeding 60 days. - - '(3) The Central Authority may, if satisfied that the applicant had sufficient cause for not

Commissioner of Wealth-tax Vs. B.K. Sharma

Court : Allahabad

Subject : Direct Taxation

Acts : Finance Act, 1965 - Sections 68; Income Tax Act, 1961 - Sections 4; Wealth Tax Act, 1957 - Sections 2 and 3

Reported in : [1977]110ITR902(All)

law. The question in short is whether the tax levied upon a person under Section 68 of the Finance Act, 1965, is a legitimate deduction in the computation of his net wealth upon which tax is to be levied.2. … the assessee. Income covered by the disclosure scheme is liable to be taxed at a flat rate of 60 per cent. whereas the income assessed in the normal course, under the provisions of the Income-tax Act, would

Commissioner of Income-tax, Bombay City-vi Vs. Trustees of the Jadi Tr ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(15), 11, 11(1), 12, 12(2), 16, 60, 61, 62, 63, 160(1) and 161(1)

Reported in : [1982]133ITR494(Bom)

under s. 360 (1) of the Income and Corporation Taxes Act, 1970, and s. 35 (1) of the Finance Act, 1965 on the ground that the income was paid to another charitable body, viz., ' the foundation', though the … which were in force, at the material time, read as follows :'11. (1) Subject to the provisions of section 60 to 63 the following income shall not be included in the total income of the previous year of

Synco Industries Ltd. Vs. Assessing Officer, Income Tax, Mumbai and an ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1948 - Sections 32(2), 60 to 64, 71, 72, 80A(1), 80A(2), 80B, 80B(5), 80C to 80U and 260A; Companies Act, 1956; Finance Act, 1967; Income Tax Act, 1961 - Sections 80AB and 80HH; Finance Act, 1965

Reported in : (2008)215CTR(SC)385; [2008]299ITR444(SC); JT2008(4)SC1; 2008(4)SCALE263; (2008)4SCC22; 2008AIRSCW2321; 2008(2)Supreme226629

the assessment year for which the determination is to be made.7. Section 80A, as originally inserted by the Finance Act, 1965 with effect from 1.4.1969 dealt with a different topic altogether viz., deductions in respect of life insurance premia, … the computation as follows:(i) making deductions under the appropriate computation provisions;(ii) including the incomes, if any, under Sections 60 to 64 in the total income of the individual;(iii) adjusting intra-head and/or inter-head losses; and(iv) setting off brought

Deputy Commissioner of Vs. Ramnath and Co.

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : MRTP

Reported in : (2002)83ITD698(Coch.)

determined on ad hoc basis for the category of income or expenditure. Chapter VI-A was thus introduced by Finance Act, 1965 for the first time. Section 80-O was first introduced by Finance Act, 1967 with effect from 1 -4-1968. … (.7%) Approx. exports effected----------------------------------------------------------------------------1991-92 18.50 lakhs 20 crores1992-93 26.73 lakhs 35 crores1993-94 44.79 lakhs 50 crores1994-95 47.09 lakhs 60 crores1995-96 79.14 lakhs 90 crores1996-97 83.12 lakhs 100 crores---------------------------------------------------------------------------- The assessee's representative summarised the services rendered by the

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 … amongst different assessment years but showed it in a lump sum. The amount of income-tax was computed at 60% of the total concealed income and it was paid as contemplated under Section 68 of the Finance Act.

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 … fortified in this view by a decision of this Court in Esthuri Aswathiah v. Commissioner of Income-tax [19C6] 60 ITR 411, where this Court observed thus :The Income-tax Officer has no power to vary the rate on