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The Nawn Estates (P)ltd. Vs. C.i.T., West Bengal

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Indian Income Tax Act, 1922 - Section 66(1); Indian Companies Act, 1913

Reported in : AIR1977SC153; [1977]106ITR45(SC); (1977)1SCC7; [1977]1SCR798

as appearing in Section 372(11) of the Companies Act, 1956 was not adopted by the Legislature.25. By the Finance Act, 1966, which came into force with effect from April 1, 1966, the meaning of the term “investment company” was … whose income arose wholly or in part from property (Section 22), or securities (Section 18), or capital gains (Section 45), or other sources (Section 56). An “investment company” was defined in Section 109 (i) of the Act as

income-tax Officer Vs. Hydle Constructions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1983)6ITD575(Delhi)

question arose whether such a company was an industrial company within the meaning of Section 2(1)(d) of the Finance Act, 1966. It was held by the High Court that the definition in the Finance Act covered only that construction … He contended that the Delhi High Court was considering the question of an industrial undertaking falling under Section 45(d) of the Wealth-tax Act, 1957 ('the 1957 Act') where 'industrial company' means an undertaking engaged in the manufacture,

Mayavaram Financial Corporation Ltd. and ors. Vs. Reserve Bank of Indi ...

Court : Chennai

Subject : BankingCommercial

Acts : Banking Law (Amendment) Act, 1968; Reserve Bank of India Act, 1934 - Sections 45J to 45L , 5H to 45Q; Madras Chit Funds Act, 1961; Constitution of India

Reported in : [1971]41CompCas890(Mad)

12th edition, at pages 224 and 225, where the following passage occurs: ' Similarly, Section 6 of the Finance Act, 1898, provided, for the removal of doubts, that the definition of ' conveyance on sale' in the Stamp … the Reserve Bank of India (1st respondent) from enforcing the provisions of the Non-Banking--Financial Companies (Reserve Bank) Directions, 1966, framed under Sections 45J to 45L of the Reserve Bank of India Act, 1934. The petitioners are companies … provisions of the Non-Banking--Financial Companies (Reserve Bank) Directions, 1966, framed under Sections 45J to 45L of the Reserve Bank of India Act, 1934. The petitioners

Commissioner of Income-tax, Bombay City-iii Vs. Aloo Investment Co. P. ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 12(4), 104 and 109

Reported in : [1980]123ITR132(Bom); [1979]1TAXMAN433(Bom)

(P.) Ltd. v. CIT [1977] 106 ITR 45, where the Supreme Court has observed (p. 55) 'By the Finance Act, 1966, which came into force with effect from April 1, 1966, the meaning of the term 'investment company' was … the circumstances of the case, the assessee-company was an investment company within the meaning of the expression in section 109(ii) of the Act ?' 2. At the outset, it is necessary to point out that clause (ii)

Sahara India Savings and Investment Corporation. Ltd. Vs. Asstt. Cit

Court : Allahabad

Subject : Direct Taxation

Reported in : [2001]79ITD56(NULL)

Banking Company was included in definition of the Financial Company in section 2(5B) by inserting clauses (va) by Finance Act of 1992 w.e.f. 1-4-1993. The explanatory memorandum to the Act in Paragraphs 55.3 to 55.5 stated as under … a similar distinction between loans and advances and income from investments/debentures in section 17 as well as section 45-I Explanation II(c).(e) Even under the Companies Act, distinction is drawn between the loans and advances and investments in

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 … 2(47), the AO held that the transactions resulted into transfer of a capital asset within the meaning of Section 45 and the profits and gains from such transfer to the assessee were assessable as capital gains. Since the

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 … phrase "sold or otherwise transferred" also occurs in sub-section (2) of section 45.Section 45 deals with assessment of profits or gains arising from the transfer … 1. These appeals are directed against the rectification made under section 155(4A) of the Income-tax Act, 1961, for the purpose of withdrawing the investment allowance granted earlier year.2. The

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)241ITR43(Mum.)

Indian technical know-how, abroad was first introduced in the form of s. 85C of the Act by the Finance Act, 1966, w.e.f. 1st April, 1966. At the time of its introduction, this section provided for tax at the rate … & Shri S. M. Lala 10. Filed on 10-4-1997 Tandem Merchandising Shri J. P. Kapur (Del) Co. 11. 452/Bang/97 M.N. Dastur & Co. M. S. Syali 12. Filed on 9-3-1998 BMG Enterprises Ltd. M/s Vaish Associates (Del)

Enercon (India) Ltd. and Others Vs. Enercon Gmbh and Another

Court : Mumbai

Subject : Arbitration

buttress the said submission by referring to the clauses mentioned in the IPLA, regarding the grant of licences, finance, tenure of the IPLA; iv] That the patents in respect of which the licences were to be given … of a Division Bench of the Karnataka High Court reported in AIR 1966 Mysore 118 in the matter of Coffee Board, Bangalore v/s. Janab Dada … the Trial Court dated 9th January 2009 came to be set aside, resulting in the Application filed under Section 45 of the Arbitration and Conciliation Act, 1996 being allowed in terms of prayer clause 28(a) thereof, and the

Bhavesh D. Parish and Others Vs. Union of India and Another

Court : Supreme Court of India

Subject : Banking

Acts : Constitution of India - Articles 14 and 19(1); Reserve Bank of India Act, 1934; Banking Laws (Amendment) Act, 1983 - Sections 10; Prize Chits and Money Circulation Schemes (Banning) Act, 1978; Reserve Bank of India (Amendment) Act, 1997 - Sections 9 and 45S

Reported in : [2000]101CompCas459(SC); 2000(3)CTC178; JT2000(6)SC604; 2000(4)SCALE616; (2000)5SCC471; [2000]Supp1SCR291; 2001(1)LC54(SC); (2000)3UPLBEC2140

customers like agriculturists, such as cotton farmers, tobacco farmers, vegetable producers etc. who had a seasonal need for finance and a periodic surplus of investible funds. The flexibility of deposit and withdrawal of the funds available to … it would be clear that the Reserve Bank of India, right from 1966, has been monitoring and following the functioning of non-banking financial institutions which … on the business of 'shroffs' are impugning the validity of Section 9 of the Reserve Bank of India Act as amended by the Amendment Act, 1997 (hereinafter referred to as 'the Act')on the ground that the said … Chapter III-B was inserted in the said Act. This chapter inserted sections 45-H to 45-Q which were provisions relating to non-banking institutions receiving deposits and