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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, … provisions of Section 71 providing for set off of loss from one head against income from another and Section 72 providing for carry forward and set off of business losses. Section 32(2) makes provisions for carry forward and

Jaipur Udyog Ltd. and anr. Vs. Commissioner of Income-tax, Delhi, Raja ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 72, 80, 141, 141(2) and 210(3); Finance Act, 1963 - Sections 32(2), 72(1), 73(2) and 74(1); Direct Taxes (Amendment) Act, 1964

Reported in : AIR1969SC470; [1969]71ITR799(SC); [1969]2SCR193; 1968()WLN23

prohibited. The Income-tax Officer must, however, apply the rate operative in the assessment year by virtue of the Finance Act and give effect to the allowances mentioned in sub-s. (2) of s. 141 whether the assessee has claimed … Rs. 17,32,768.60. Against that order the company moved petition No. 26 of 1965 for an order quashing the demand of tax and for an injunction … Income-tax Officer. That he says is the effect of sections 72 and 80 of the Income-tax Act, 1961. Section 72 provides : '(1) Where for any assessment year, the net result of the computation under the head 'Profits

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)102ITD101(Mum.)

right to occupy premises belonging to a co-operative housing society are taxable assets under Section 40 of the Finance Act, 1983 in the case of a private limited company? Assessee has filed its return of wealth on 9th … Ltd. (WTA No.2213 to 2215/Bom/1989, dt. 19th March, 1991);Jayant Vegoils & Chemicals (P) Ltd. v. Dy CWT (2001) 72 1TJ (Mumbai) 474 : (2000) 72 LTD 95 (Mumbai); (11) CWT v. Saifuddin and Ors. (1995) 128 CTR

Commissioner of Income Tax 5 Mumbai Vs. M/S. Essar Teleholdings Ltd. T ...

Court : Supreme Court of India

Subject : Land Acquisition

be understood before correctly appreciating the nature and purport of Rule 8D. Section 14A was first inserted by Finance Act, 2001 with retrospective effect w.e.f. 01.04.1962. Section 14A as originally inserted reads as under:­ “14A. Expenditure incurred in … Lodging House Rates Control Act as amended by Gujarat Act 18 of 1965, observed as follows: (AIR p. 1339, para 8) “8. … The amending … concerned. It may also include carried­forward loss which is required to be set up against future income under Section 72 32 of the Act. Therefore, the applicable law on the date of filing of the return cannot be

thermax Surface Coatings Ltd. Vs. Joint Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (2007)104ITD199(Pune.)

considered by him in the context of the definition of 'industrial company' given in Section 2(7)(d) of the Finance Act, 1965. On the basis of the definition, he came to the conclusion that it was not sufficient if the … from export activity only. Therefore, non-export losses whether of current year or of earlier years cannot be considered. Section 72 provides that brought forward losses of the business will be treated as current year's losses for the purpose

Prem Cables Pvt. Ltd. Vs. Assistant Collector (Principal Appraiser) Cu ...

Court : Rajasthan

Subject : ExciseCustoms

Acts : Indian Tariff Act, 1936 - Sections 2, 2A, 2A(1) and 2A(2); Customs Act, 1962 - Sections 2, 12(1), 25, 25(1), 27, 27(1), 128 and 131; Finance Act, 1965 - Sections 26(1), 76(1) and 77; Constitution of India (Fifteenth Amendment) Act, 1963 - Sections 8; Sea Customs Act - Sections 23; Finance Act, 1964 - Sections 57(1); Central Excise Act, 1944; Finance Act, 1960; Indian Tariff Act, 1934; Central Excise (Conversion to Metric Units) Act, 1968; Finance Act, 1969; Evidence Act - Sections 106; Limitation Act, 1963 - Sections 17(1); Limitation Act, 1908 - Schedule - Articles 24, 62 and 96; Constitution of India - Articles 19, 32, 136, 226 and 226(1A); Contract Act - Sections 72; Orissa Sales Tax Act - Sections 4, 14 and 19; Uttar Pradesh Sales Tax Act; Code of Civil Procedure (CPC) - Sectio

Reported in : 1981(8)ELT440(Raj); 1978(11)WLN481

goods were further chargeable to regulatory duty of 10% then in force levied under Section 77 of the Finance Act, 1965. The duty @ Rs. 360 per M.T. was levied by the Central Government in exercise of the powers … that subject to the question of limitation, money paid under a mistake or coercion may be recovered under Section 72 of the Indian Contract Act. The right to relief for the return of money under Section 72 of

Commissioner of Income-tax Vs. Bengal Assam Steamship Company Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 71, 72, 80A(2), 80C to 80VV and 154

Reported in : (1985)49CTR(Cal)23,[1985]155ITR26(Cal)

of which qualified for the special rebate under Para. F of Part I of Schedule I to the Finance Act, 1965, for the assessment year 1966-67. In granting the special rebate, the ITO computed the profits and gains attributable … Chapter VI-A goes into the computation of the total income, that the set-off under Section 71 or under Section 72 is not part of the process of computation of total income and that such a set-off is something

Export Enterprises Pvt. Ltd. Vs. Income-tax Officer, 'B' Ward and Ors. ...

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 147 and 154

Reported in : (1983)36CTR(Cal)215,[1983]142ITR641(Cal)

of which qualified for the special rebate under Para. F of Part I of Schedule I to the Finance Act, 1965, for the assessment year 1966-67. In granting the special rebate, the ITO computed the profits and gains attributable … 1971. For such assessment year, it has also been stated that the said company was duly assessed under Section 143(3) of the I.T. Act, 1961 (hereinafter referred to as the 'said Act') by Shri S. Bhattacharjee, who

Commissioner of Income-tax Vs. Gordhandas Moolchand

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 271(1); Finance Act, 1965

Reported in : [1979]116ITR893(Mad)

the income. The total income included a sum of Rs. 72,220. It would appear that as per the Finance Act, 1965, the assessee made a voluntary disclosure of Rs. 3,85,000. But the ITO found another sum of Rs. 2,15,000 … of the case, the Tribunal was right in law in cancelling the penalty of Rs. 72,220 levied under Section 271(1)(c) of the Act ?' 2. For the assessment year 1964-65, for which the previous year ended on

Commissioner of Wealth-tax, Orissa, Bhubaneswar Vs. Smt. Binapani Chak ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 5(1) and 27(1); Finance Act, 1971

Reported in : AIR1995SC1380; (1995)125CTR(SC)119; [1995]214ITR721(SC); JT1995(3)SC506; 1995(2)SCALE496; 1995Supp(2)SCC262

Wealth-Tax Act, 1957 prior to the amendment of the section and the introduction of the Explanation by the Finance Act (No.2) of 1971 could take in gold ornaments without precious or semi-precious stones embedded on them? The High … Commissioner of Wealth Tax has filed the present appeals from the above decision.2. The relevant assessment years are 1965-66 to 1971-72. The relevant valuation dates are 31st of March of each of the years in question. We