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J.K.K. Angappan and Bros. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 220(2); Finance Act, 1965 - Sections 68; Finance (No. 2) Act, 1967 - Sections 1, 46 and 156

Reported in : [1973]91ITR513(Mad)

Act are as under :'1. Short title and commencement.--(1) This Act may be called the Finance (No. 2) Act, 1967. (2) Save as otherwise provided in this Act, Sections 2 to 36 and 44 to 46 shall be … Ramanujam, J. 1. The petitioners made a voluntary disclosure of income under Section 68 of the Finance Act, 1965. The tax payable on the income so voluntarily disclosed amounted to Rs. 15,55,500. The said tax was

In Re: Reliance Communications Limited, a Company Incorporated Under t ...

Court : Mumbai

Subject : Company

Acts : Companies Act, 1956 - Sections 3, 21A(1), 187, 211, 211(3C), 235 to 251, 391 to 394 and 642(1); Income Tax Act, 1961 - Sections 43(1) and 43A; Finance Act, 1967; Finance Act, 2002; Companies (Accounting Standards) Rules, 2006; Companies (Accounting Standards) (Amendment) Rules, 2009

Reported in : 2009(111)BomLR3340; [2009]94SCL219(Bom)

increase/decrease of liability subsequently arising due to exchange fluctuation. Consequently, Section 43A was introduced in the Act by Finance Act, 1967 w.e.f. 1.4.1967 in the above terms to provide for adjustment in the actual cost of assets pursuant to

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(4)(ii) and (iii) and Section 2(4)(c) of the Finance Act, 1967 read with Item No. 28 of the First Schedule to the Industries (Development and Regulation) Act, 1951 for … 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

Assistant Commissioner of Income Tax Vs. Ambadi Enterprises (P) Ltd.

Court : Chennai

Subject : Direct Taxation

Reported in : (1998)62TTJ(Mad)432

the order of the Commissioner (Appeals) was a negative figure. But due to the retrospective amendment by the Finance Act, 1990, the relief in respect of cash assistance has been withdrawn and, therefore, the total income will become … made chargeable to income-tax under the head 'Profits and gains of business or profession' with effect from 1-4- 1967, and 1-4-1972, respectively :'28(iiib) cash assistance (by whatever name called) received or receivable by any person against exports … income will become positive taxable income. In these circumstances the deduction under section 80HHC and the disallowance of guest house expenses become important for the

Commissioner of Income Tax, Delhi Vs. Woodward Governor India P. Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 29, 30 to 43D, 48, 50, 56, 143, 143(1), 143(2), 144, 145, 145(1), 145(2) and 145(3); Finance Act, 2002; Companies Act - Sections 209; Finance Act, 1967

Reported in : (2009)223CTR(SC)1; [2009]312ITR254(SC); JT2009(5)SC378; 2009(5)SCALE198; (2009)13SCC1; [2009]179TAXMAN326(SC); 2009(3)LC1519(SC); [2009] 5 SCR 738

increase/decrease of liability subsequently arising due to exchange fluctuation. Consequently, Section 43A was introduced in the Act by Finance Act, 1967 w.e.f. 1.4.1967 in the above terms to provide for adjustment in the actual cost of assets pursuant to

Commissioner of Income Tax Vs. Satish Traders

Court : Madhya Pradesh

Subject : Direct Taxation

Reported in : [2001]247ITR119(MP)

Bench, in the case of Gedore Tools (India) Pvt. Ltd. case. After filing of the return, by the Finance Act, 1990, clause (iii) was inserted in section 28 of the Income tax Act, 1961, with retrospective effect from … C. K. Prasad, J.The assessee filed the return of income on 31-10-1989, for the assessment year 1989-90. In the return, it had appended a note mentioning that 'during the year it has received cash compensatory

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 … Chairman, Central Board of Direct Taxes is respondent No. 4.(3) During the assessment year ending on March 31, 1967. the petitioners filed returns of their income under section 139 of the 1961 Act. The Income-tax officer, respondqnt … the voluntary disclosure scheme set out in Finance (No. 2) Act of 1965 (Act'No. Xv of 1965).(2) The petition has been filed by three petitioners.

Commissioner of Income Tax, Rajkot Vs. Gujarat Siddhi Cement Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A, 33, 35(1), 35A, 36(1), 41(1), 43, 43A, 43A(1), 43A(2), 48, 50 and 260A; Finance Act, 2002; Finance Act, 1967 - Sections 43A; Direct Tax Laws (Amendment) Act, 1987; Foreign Exchange Regulation Act, 1947 - Sections 2

Reported in : (2008)220CTR(SC)217; [2008]307ITR393(SC); 2008(13)SCALE742

substituted by the Finance Act, 2002 w.e.f. 1.4.2003. Prior to its substitution Section 43A as inserted by the Finance Act, 1967 w.e.f. 1.4.67 and amended by Direct Tax Laws (Amendment) Act, 1987 w.e.f. 1.4.1989 contained Sub-section (2). The said

Additional Commissioner of Income-tax Vs. Bharat Vijay Mills Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 104 and 154; Finance Act, 1966; Finance (Amendment) Act, 1967

Reported in : [1985]152ITR255(Guj)

to understand what these provisions actually comprehend. We are concerned in this case with the provisions of the Finance Act, 1967, where dividend is subjected to tax. Paragraph F (Part I, Schedule I) in so far as is relevant … order of the Income-tax Officer passed under s. 154 of the Income-tax Act, 1961, holding that the said section did not apply ?' 2. A few facts may be noticed in order to understand the rival contentions … in setting aside the order of the Income-tax Officer passed under s. 154 of the Income-tax Act, 1961, holding that the said section did not

Lohia Machines Ltd. and anr. Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(8), 2(33), 5, 11, 28 to 43A, 43(6), 80A to 80VV, 84, 84(1), 295(1), 295(2) and 296; Finance Act, 1980 - Sections 15C, 80H, 80I, 80J, 80J(1), 80J(2), 80J(3), 84 and 84(1); Income Tax Rules, 1962 - Rule 19, 19A, 19A(2) to (4), 19A(5), 19(1), 19(1A), 19(3) and 19(6); Indian Income Tax Act, 1922 - Sections 15C(1), 15C(2), 51C and 59(1); Taxation Laws (Amendment) Ordinance, 1949; Indian Income tax (Computation of Capital of Industrial undertakings) Rules, 1949 - Rule 3 and 3(1); Business Profits Tax Act, 1947 - Sections 13; Taxation Laws (Extension to Merged States and Amendment) Act, 1949 - Sections 13, 15C, 15C(1), 15C(2), 15C(4), 15C(6) and 34(2); Finance (Amendment) Act, 1976 - Sections 29; Finance (Amendment) Act, 1967; State Financial Corporati

Reported in : AIR1985SC421; (1985)1CompLJ249(SC); (1985)44CTR(SC)328; [1985]152ITR308(SC); 1985(1)SCALE115; (1985)2SCC197; [1985]2SCR686; [1985] 1 SCR 192

until Section 84 was replaced by Section 80J with effect from 1st April 1968 by Finance (No. 2) Act 1967. Sub-section (1) of Section 80J brought about a material change in the provision as it stood in Sub-section … computed in accordance with the provisions of the Second Schedule" and the Second Schedule after its amendment by Finance Act 66 of 1976 does not provide for inclusion of borrowed monies and debts in computation of the capital