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Escorts Farms (Ramgarh) Ltd. Vs. Commissioner of Income Tax, New Delhi

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 45(1) and 55(2)

Reported in : 1996VIIAD(SC)613; (1996)136CTR(SC)434; [1996]222ITR509(SC); 1996(7)SCALE221; (1996)6SCC357; [1996]Supp7SCR18

this case, Section 45(2) TO 45(4) added by Section 12 of the Finance Act, 1964 and omitted by Finance Act, 1966 are not relevant)Section 48 of the Income-tax Act.48. Mode of computation and deductions-The income chargeable under the head

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 … ITR 637 (Bom).In the case of CIT vs. B. N. Bhattacharjee (1979) 118 ITR 461 (SC) at p. 480 their Lordships of the Supreme Court quoted the following by Per Denning L.J. Seaford Court Estates Ltd. vs.

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 … Section 45 creates a charge on any profits or gains arising from the transfer of a capital asset. Section 48 deals with the mode of computation and deductions. The income chargeable as 'capital gains' is to be computed

Hindalco Industries Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2004)85TTJ(Mum.)71

such construction. Probably, the placement of Section 80T is wrong. It ought to have been placed along side Section 48, as has since been done by the Finance Act, 1987, w.e.f. 1st April, 1988. By the said Act, … that it never intended to exclude Clause (vi) and (vii) from the purview of Section 9(1)(i), by the Finance Act, 1976 w.e.f. 1st July, 1976.7. Learned counsel submitted that business includes rendering technical services and, therefore, if no

Smt. Vinita Devi Singhania Vs. Commissioner of Wealth-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Section 7 and 7(1); ;Estate Duty Act

Reported in : [1991]191ITR233(Cal)

the case of estate duty, the date of death of the deceased. The Supreme Court also noted that Section 48 of the Estate Duty Act, which corresponds to Section 7(3) of the U. K. Finance Act, 1894, specifically … with regard to the valuation of land for the purpose of estate duty. There also, under the relevant Finance Act, there is a statutory assumption to arrive at a price which tne property would fetch if sold in

Vrajlal Manilal and Company Vs. the State of Madhya Pradesh and anr.

Court : Madhya Pradesh

Subject : Sales TaxConstitution

Reported in : [1973]30STC291(MP)

Tax Act, 1959, provided for levy of purchase tax. However, it was introduced by enactment of the Bihar Finance Act, 1966, with effect from 1st April, 1967. By a notification issued under that Act, jute was made liable to … 19 of the Act, the State Government framed Rules, known as the Madhya Pradesh Tendu Patta (Viniyaman) Niyamavali, 1966. Section 4 of the Act empowers the State Government to appoint purchasing agents, whether in respect of private holdings … and Anr. v. The State of M.P. and Ors.(3) M. P. No. 485/68- Kalekhan Mohd. Hanif and Another v. The State of M.P. and Ors.

Dy. Cit (inv.) Circle 14(1) Vs. Dharmesh H. Doshi

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)4SOT748(Mum.)

on the main ground that the amendment made in section 55(2)(a), (aa) with effect from 1-4-1995/1-4-1996 by the Finance Act, 1995 was not retrospective and which did not permit assuming the cost of acquisition as nilprior to 1-4-1995 … and loss account on transfer of a capital asset can be computed in the manner laid down in section 48 and for this purpose, it is necessary to know the cost of acquisition and cost of improvement of

Prashant S. Joshi Vs. the Income-tax Officer and Union of India (Uoi)

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(47), 28, 45(4), 47, 48, 147 and 148 to 163; ;Constitution of India - Article 226

Reported in : 2010(112)BomLR1017,(2010)230CTR(Bom)232,[2010]189TAXMAN1(Bom)

distribution of the capital assets on a dissolution of a firm. Section 47(ii) was subsequently omitted by the Finance Act of 1987 with effect from 1st April, 1988. Simultaneously, Sub-section (4) of Section 45 came to be inserted … full value of the consideration received or accruing as a result of the transfer for the purpose of Section 48. Ex-facie Sub-section (4) of Section 45 deals with a situation where there is a transfer of a capital

CochIn Company Vs. Commissioner of Income-tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33(1) and 33(1A); Finance Act, 1966 - Sections 2(5) and 2(7)

Reported in : [1978]114ITR822(Ker)

the export of any goods or merchandise out of India within the meaning of Section 2(5)(a)(i) of the Finance Act, 1966 (iii) Whether the Tribunal was right in holding that the assessee is not an 'industrial company' as defined … not a resident of India. For the assessment year 1966-67, the assessee claimed a development rebate of Rs. 48,692 in respect of the said trawler. The Income-tax Officer allowed the assessee's claim for rebate only to the

Malayala Manorama Company Limited Vs. Assistant Collector of Customs a ...

Court : Kerala

Subject : Customs

Reported in : 1993(44)ECC145

in the First Schedule of the Customs Tariff Act, 1975 and the levy of auxiliary duty under the Finance Act, 1981 to newsprint as modified by notification issued under Section 25 of the Customs Act, 1962 with effect … be paid on goods imported, at the rate specified under the Customs Tariff Act, 1975 unless exempted. Chapter 48.01/21 item 2 of the Indian Customs Tariff Act mentions the rate of duty as 40% ad valorem. The