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Indian Steel and Wire Products Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Finance Act, 1965; ;Income Tax Act, 1961 - Section 80E

Reported in : [1977]108ITR802(Cal)

within item 1 of the list of articles specified in Part III of the First Schedule under the Finance Act, 1965, and, therefore, it was entitled to the extra rebate for the assessment year 1965-66. For the assessment years … Dipak Kumar Sen, J.1. This reference under Section 256(1) of the Income-tax Act, 1961, initiated at the instance of the assessee in respect of the assessment

Commissioner of Income Tax Vs. A. V. Joshi and Sons.

Court : Kolkata

Subject : Direct Taxation

Reported in : (1986)54CTR(Cal)99

Hundi loans were disclosed by the partners of the firm with its interest under s. 68 of the Finance Act, 1965. However, the ITO, rejected the contention of the assessee and held that since the payment of interest on … partners which constituted the firm. A firm is unit of assessment. Firm and the partners are assessed separately. Sec. 182 of the IT Act prescribes the procedure for assessment of registered firm.5. Under s. 182 the income-tax

Commissioner of Gift-tax, Gujarat Vs. Executors and Trustees of the Es ...

Court : Gujarat

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 3, 6, 6(3), 15(3) and 46; ;Wealth Tax Act, 1957 - Sections 3

Reported in : [1975]100ITR447(Guj)

were not published or communicated to the stock exchange. Under section 44, sub-section (1), clause (3) of the Finance Act, 1965, except where in consequence of special circumstances price so quoted were by themselves not a proper measure of … payable on the estate of Mrs. Lynall who died on May 21, 1962. Estate duty became payable on 67,980 ordinary shares in a private company. The shares were a minority holding. The company had a successful profit

Additional Commissioner of Income-tax Vs. Bharat Vijay Mills Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 104 and 154; Finance Act, 1966; Finance (Amendment) Act, 1967

Reported in : [1985]152ITR255(Guj)

to understand what these provisions actually comprehend. We are concerned in this case with the provisions of the Finance Act, 1967, where dividend is subjected to tax. Paragraph F (Part I, Schedule I) in so far as is … Rs. 6,89,500 on September 30, 1967. It appears that for the previous year relevant to the assessment year 1965-66, the assessee had declared dividend of Rs. 1,20,000, when its total income for the assessment year 1965-66 was … under s. 154 of the Income-tax Act, 1961, holding that the said section did not apply ?' 2. A few facts may be noticed in

Commissioner of Income-tax, Tamil Nadu-i Vs. Standard Motor Products o ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80I

Reported in : (1980)17CTR(Mad)317; [1981]131ITR300(Mad)

calendar year. In that year, the assessee claimed the relief admissible to priority industry in accordance with the Finance Act, 1965. First Schedule, Pt. I, Para. F, read with Pt. III. The ITO rejected this claim for rebate at … Appellate Tribunal was right in holding that the assessee is entitled to the rebate under the provisions of section 80E/80I for the assessment years 1966-67, 1968-69 and 1969-70 3. Whether, on the facts and in the circumstances

Commissioner of Income-tax Vs. C.L. Bajoria

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 67(3)

Reported in : [1981]129ITR772(Cal)

was stated that the firm, M/s. Surajmull Nagarmull, took advantage of the provisions of Section 68 of the Finance Act, No. 1 of 1965, and had made disclosure of its concealed income as a result of which it … court:' Whether, on the facts and in the circumstances of the case and on a correct interpretation of Section 67(3) of the Income-tax Act, 1961, the Tribunal was justified in law in holding that the interest of Rs.

Griffon Laboratories (P.) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Finance Act, 1966 - Section 2(7); ;Finance Act, 1965; ;Income Tax Act, 1961 - Section 147

Reported in : [1979]119ITR145(Cal)

return our answer to question No. 1 in the affirmative and against the assessee.10. Now, briefly speaking, the Finance Act, 1965, provides that the concessional rate of tax is payable by a company which is wholly or mainly engaged … Deb, J. 1. In this reference under Section 256(1) of the I.T. Act, 1961, we are concerned with the following questions of law :' 1, Whether,

J.B. Advani and Co. P. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Finance Act, 1966 - Sections 2(5); Finance (Amendment) Act, 1967

Reported in : [1992]193ITR781(Bom)

manufacturing activity so as to bring it within the purview of section 2 (5) (a) (ii) of the Finance Act, 1966. Accordingly, the Tribunal confirmed the order of the Additional Commissioner. 5. Placing reliance on the Calcutta High

Union of India Vs. the Triveni Engineering Works Ltd.

Court : Delhi

Subject : MRTP

Acts : Monopolies and Restrictive Trade Practices Act - Sections 2

Reported in : 20(1981)DLT255

balance sheet of holding company and have a value and are even pledged by the companies to secure finance. This however, does not prevent the subsidiary company from having assets out of the money paid by way … the value of assets given in our Act. This definition is borrowed from the English Monopolies or Merger Act 1965. Section 7(B) provides that the value is to be determined by reference to the values at which the assets … is no change in this position under Section 64(1)(b) read with Section 67(2)(b) of the U.K. Fair Trading Act, 1973 which has repealed the Monopolies

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 … appeal before the Tribunal, This decision is hence not helpful. This question also is answered against the Department. 67. The last submission on behalf of the Revenue relates to donation made by the assessee-company to Khamariah Higher