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Metal Rolling Works Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(3) and 28; Finance Act, 1966 - Sections 2(5); Finance Act, 1967 - Sections 2(4)

Reported in : (1982)31CTR(Bom)116; [1983]142ITR170(Bom)

of export profits or export sales eligible for rebate from income-tax under Section 2(5)(a)(i) or 2(4)(a)(ii) of the Finance Act, 1966, or 1967, has been rightly rejected ? (2) Whether the sum of Rs. 99,021 for the assessment year … and that the same were rightly assessed as the assessee's income from business.9. As far as question No. 3 is concerned, it is common ground that this question is concluded against the assessee by the decision of

Shri Shubhlaxmi Mills Limited Vs. Additional Commissioner of Income Ta ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33(1) and 34(3); Finance Act, 1966

Reported in : AIR1989SC1406; (1989)3CompLJ94(SC); (1989)77CTR(SC)33; (1989)2GLR1171; [1989]177ITR193(SC); JT1989(2)SC1; (1989)2SCC465; [1989]2SCR86

profits or for remittance outside India as profits or for the creation of any asset outside India. The Finance Act, 1966 added an Explanation to this clause. The Explanation declared that the deduction referred to in Section 33 could … 1961, the assessee claimed that a sum of Rs. 1,26,233 should be allowed as development rebate under Section 33 of the Income-tax Act, 1961. The Income-tax Officer rejected the claim on the ground that the assessee had

Hans Raj Bagrecha Vs. State of Bihar and ors.

Court : Supreme Court of India

Subject : Sales Tax

Acts : Bihar Sales Tax Rules - Rule 31B; Bihar Sales Tax Act, 1959 - Sections 3A and 5A; Bihar Finance Act, 1966; Constitution of India - Article 301; Central Sales Tax Act, 1956 - Sections 15;

Reported in : 1972(0)BLJR56; (1971)1SCC59; [1971]2SCR412; [1971]27STC4(SC)

Sales Tax Act, 1959, as originally enacted did not provide for levy of purchase tax. By the Bihar Finance Act, 1966, with effect from April 1, 1967, among others the following sections were incorporated in the Bihar Sales Tax … goods or class of goods declared under this section.Section 5 A 'The purchase tax on goods declared under Section 3 A shall be levied at the point of purchase made from a person other than a registered dealer.'By

M/S. Prakash Trading Co. Vs. Commissioner of Income-tax, Gujarat

Court : Supreme Court of India

Subject : Direct TaxationCommercial

Acts : Finance Act, 1966 - Sections 2(5); Finance Act, 1967 - Sections 2(4) and 256; Industries (Development and Regulation) Act, 1951

Reported in : 1996IIAD(SC)341; AIR1996SC3387; [1996]220ITR1(SC); JT1996(2)SC465; 1996(2)SCALE337; (1996)7SCC685; [1996]2SCR849

cakes exported or sold to exporters by it under Section 2(5)(a)(ii) and (iii) and Section 2(5)(c) of the Finance Act, 1966 read with item No. 28 of the First Schedule to the Industries (Development and Regulation) Act, 1951 for … arms and ammunition, and (11) cigarettes respectively, specified in items 2, 18, 20 23(2), 24(2), 24(5), 25, 28, 35, 37 and 38 of the First Schedule to the industries (Development and Regulation) Act, 1951 (LXV of 1951).3.

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) … consideration in this reference, all on the same day, namely, 18th January, 1966. The WTO, however, did not allow as a deduction any part of … of tax. According to this submission, the charging section remains what it was under the I.T. Act, i.e., Section 3 of the Indian I.T. Act, 1922, or Section 4 of the I.T. Act, 1961. According to this submission,

Commissioner of Income-tax Vs. Vaish Brother's and Co.

Court : Allahabad

Subject : Direct Taxation

Acts : Finance Act, 1973 - Sections 2, 2(7), 8(3), 32A, 80HH and 84(2); ;Wealth-tax Act, 1957 - Sections 5(1); Income Tax Act; Finance Act, 1966 - Sections 2(7)

Reported in : [2001]247ITR385(All); [2001]117TAXMAN579(All)

construction and repairs of buildings was not an industrial company within the meaning of Section 2(7)(d) of the Finance Act, 1966. It was held that although in the process and for the purpose of construction and repairs it manufactured … the said Tribunal in I. T. A. Nos. 476 to 479 for the assessment years 1973-74 to 1976-77. 3. We have heard Shri A. N. Mahajan, learned counsel for the Commissioner-applicant, and Shri Vikram Gulati, learned counsel

Budhwar Cold Storage Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1984)10ITD357(Delhi)

not help the assessee as this is not the point in issue before us. Section 2(7)(d) of the Finance Act, 1966 and the Finance (No. 2) Act, 1967, defined an 'industrial company' as a company which was mainly engaged … Cold Storage, Ujhani, Budaun is an unregistered firm. The assessee claimed investment allowance of Rs. 66,148 under Section 32A of the Income-tax Act, 1961 ('the Act') at the rate of 25 per cent on machinery and plant

Union of India (Uoi) Vs. Shri Harbhajan Singh Dhillon

Court : Supreme Court of India

Subject : Constitution

Acts : Expenditure Tax Act; Bombay Finance Act, 1932 Sections 20, 21 and 22; Gift Tax Act, 1958; Madras Urban Land Tax Act, 1966; Bombay City Civil Court Act, 1948; Gold (Control) Act, 1868; Bombay Finance (Amendment) Act, 1939; Finance Act, 1969 Sections 2, 3, 4, 5, 5(1), 6, 7 and 24; Wealth Tax Act, 1957 - Sections 2 and 3; Federation Act ; Urban Immovable Property Tax Act ; Madras Agriculturists Relief Act, 1938; Income Tax Act, 1922 - Sections 3, 4, 5 and 7(1); Government of India Act, 1935 91, 92, 99, 100, 100(1) and 104; Gujarat Municipalities Act - Sections 99; Punjab Urban Immovable Property Tax Act, 1940; Bombay Municipal Act, 1888 - Sections 22; Constitution of India - Articles 1, 14, 19, 19(1), 39, 99, 198-A, 217, 223, 231, 245 to 255 and 302-325

Reported in : AIR1972SC1061a

1970, which was heard by a Bench of five Judges. Four Judges held that Section 24 of the Finance Act, 1969, insofar as it amended the relevant provisions of the Wealth Tax Act, 1957, was beyond the legislative … same question was raised, though in a reverse order. The challenge was to the Madras Urban Land Tax Act, 1966 by which a tax was imposed at the rate of 0.4% on the market value of urban land. … Act is defined in Section 2(q) to mean the last day of the previous year as defined in Section 3 of the Income-tax Act, if an assessment were to be made under this Act for that year. We

India Tyre and Rubber Co. (India) Pvt. Ltd. Vs. Commissioner of Income ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961; Finance Act, 1974 - Sections 2(8)

Reported in : [1994]210ITR409(Bom)

whether the assessee was an industrial company within the meaning of the said expression as defined in the Finance Act, 1966, and was entitled to the benefit of the concessional rate of tax applicable to 'industrial companies' as defined … Act) is not less than fifty-one per cent. of such total income;' 3. Paragraph F of the Schedule to the Finance Act prescribes a concessional … Dhanuka, J.1. The Income-tax Appellate Tribunal has referred the following question to this court for its opinion under section 256(1) of the Income-tax Act, 1961 : 'Whether, on the facts and in the circumstances of the case,

Rattan Lal and ors. Vs. Income Tax Officer Etc. Overruled

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 68; Finance Act, 1965 - Sections 24

Reported in : ILR1974Delhi621; [1975]98ITR681(Delhi)

three creditors or depositors, which had been duly declared by them under the voluntary disclosure scheme under the Finance Act and income-tax had been paid in respect thereof and that these amounts were later deposited by the aforesaid … Sub-section (1) provides that where any person makes on or after August 19, 1965 and before April 1, 1966 a declaration in accordance with sub-secion (2) in respect of the amount representing income chargeable to tax under … by three petitioners. Messrs Jain Brothers, a partnership firm, is petitioner No. 3 and consists of two partners, Rattan Lal, petitioner No. 1, and Khazanchi