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Kerala Financial Corporation Vs. Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1), 41 and 41(4A); Finance Act, 1997

Reported in : (2003)182CTR(Ker)502; [2003]261ITR708(Ker)

in the previous year during which the machinery or plant was installed. An Explanation was added by the Finance Act, 1966, by which it was declared that the deduction referred to under Section 33 could not be denied by … him, is erroneous and the Tribunal has failed to take note of the insertion of Sub-section (4A) in Section 41 which was also simultaneously inserted w.e.f. 1st April, 1998, by the Finance Act, 1997, with the amendment to

T.R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1999)240ITR33(Mad.)

history would be necessary to keep the matter in the right perspective.The development rebate was introduced by the Finance Act, 1955. In the Budget Speech ([1955] 27 ITR (St.) 42), the Finance Minister referred to the recommendation of … to the transfer of the undertaking as such. We may also usefully refer to the balancing charge under section 41 in respect of an asset which is sold after it has enjoyed the deduction of depreciation. There again,

Lord Krishna Bank Ltd. and ors. Vs. Income-tax Officer and anr.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(18), 2(41), 104 and 108; Finance Acts, 1964, 1966, 1968 and 1969; Constitution of India - Articles 14 and 19(1)

Reported in : [1973]91ITR313(Ker)

1964), authorising levy of super-tax at a rate higher than 25 per cent, of the total income, the Finance Act, 1966 (13 of 1966), authorising levy of income-tax at a rate higher than 55 per cent., the Finance Acts, … respect of the remaining years to the original assessment itself. The challenge made is on the basis that Section 2(18) read with Section 2(41) and Section 104 read with Section 108 of the Act and the provisions

The Commissioner of Income-tax, Gujarat, Ahmedabad Vs. Kamalini Khatau

Court : Gujarat

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 4, 5, 159 to 165 and 166

Reported in : AIR1978Guj162; [1978]112ITR652(Guj)

treated as income of a fictional association of persons but instead of applying the rate applicable under the Finance Act of the year concerned to an association of persons, option is given to the tax authorities to apply … Commissioner of Income-tax v. Nandlal Agarwal, (1966) 59 ITR 758 : (AIR 1966 SC 899). These decisions given tinder the Income-tax law must apply equally … were to apply accordingly. Sub-section, (2) of S. 40 is not material for the purposes of this judgment. Section 41 sub-section (1) provided as follows: "In the case of income, profits or gains chargeable under this Act which

M. Visvesvaraya Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2002)83ITD511(Mum.)

in the Factories Act, 1948, could not be relied upon for interpretation of the terms contained in the Finance Act, 1966. We therefore hold, with respect, that the controversy before us is not at all resolved by the judgment … Petn. No. 2490 of 2000 before Hon'ble Bombay High Court. The assessee also moved two reference applications under Section 256(1), being RA Nos. 306 & 307/Mum/1996, whereupon reference was made to Hon'ble Bombay High Court for their … us through the memorandum of association as given at pp. 403 to 414 of the paper book and pointed out that the main object of

Commissioner of Income-tax, Delhi-ii Vs. O.N. Talwar

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 41(1), 280A, 280B, 280B(1), 280C, 280D, 280O and 280W; Annuity Deposit Scheme, 1964 - Rules 4, 10 and 11; Annuity Deposit (Amendment) Scheme, 1966 - Rule 7(2)

Reported in : (1980)17CTR(Del)278; [1980]123ITR80(Delhi)

the statutory provisions relevant in this connection. Chapter XXII-A covering ss. 280A to 280X was introduced by the Finance Act, 1964, with effect from April 1, 1964. 12. Section 280A provides that the provisions of the Chapter shall … family (HUF) known as O. N Talwar & Sons. The family was disrupted with effect from July 16, 1966, by a partition deed dated July 22, 1966. Thereafter, O. N. Talwar was assessed as am individual for … judges were of opinion that, just as in the case of s. 41(1) of the Act which was considered by the Supreme Court in CIT

T. R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1999)70ITD127(Mad.)

be available to the successor company. (See Finance Minister's Budget Speech 1961-62 41 ITR St. 33 at 55 p. 97 and s. 6 of Finance … history would be necessary to keep the matter in the right perspective.The development rebate was introduced by the Finance Act, 1955. In the Budget Speech (27 ITR St. 42), the Finance Minister referred to the recommendation of the … a trust property did not amount to a transfer within the expression "sold or otherwise transferred" in that section and since all other conditions had been fulfilled the investment allowance granted should not be withdrawn. On the

Goculdas Dossa and Co. and Others Vs. J.P. Shah and Others

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 2(24), 32, 32(1), 41, 41(2), 43, 43(6), 45, 46, 47, 48, 49, 50, 50(1), 50(2), 51, 52, 53, 54, 55, 55(1), 55(2) and 156

Reported in : 1995(1)BomCR546; (1994)119CTR(Bom)14; [1995]211ITR706(Bom); 1994(2)MhLj1466

46, means the fair market value of the asset on the date of distribution; (iv) (Omitted by the Finance Act, 1966, with effect from April 1, 1966); (v) where the capital asset, being a share or a stock of … sub-section (1), or clause (ii) of sub-section (1A) of section 32 or sub-section (2) or sub-section (2A) of section 41, as the case may be, the computation for this purpose being made with reference to the period commencing

Trustees of Anandani Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Nagpur

Subject : Direct Taxation

Reported in : (1984)9ITD174(Nag.)

there is no provision for application of a different rate of tax than the one prescribed in the Finance Act.Thirdly, he submitted that the decision of the Madhya Pradesh High Court in the case of Karelal Kundanlal … one of the heads mentioned in Chapter III of the Act relevant to the computation of income and Section 41 of the Indian Income-tax Act, 1922 ('the 1922 Act') only comes into play after the income has been

East Asiatic Company (India) P. Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30, 31, 32, 32(1), 32(2), 33, 33(2), 34A, 35, 41(1), 41(2), 43, 43(6), 70, 71, 71(1), 71(2), 72, 72(1), 72(2), 73, 74, 75, 76, 77, 78, 79 and 80

Reported in : [1986]161ITR135(Mad)

The Suppliers Ltd.'s case : [1985]152ITR694(Mad) had referred to the contrary view taken in CIT v. Estate and Finance Ltd. : [1978]111ITR119(Bom) , CIT. Rampur Timber and Turnery Co. Ltd. : [1973]89ITR150(All) , CIT v. Virmani Indstries … the assessment, found that the aggregate income of the assessee came to Rs. 2,79,427. The assessee's profit under section 41(2) of the Income-tax Act, 1961, was computed at Rs. 49,802 against which unabsorbed depreciation of the assessment year