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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)

Finance Act, 1966, and Rs. 1,71,982 for the assessment year 1967-68, under Section 2(4)(a)(i) or (ii) of the Finance Act, 1967 ' 2. The facts giving rise to the reference are as follows i The assessee is a private … 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

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 … 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.

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 … rate of exchange in respect of loans taken for revenue purposes could be allowed as deduction under Section 37(1) in the year of fluctuation in the rate of exchange or whether the same could only be allowed

Cloth Traders (P) Ltd. Vs. Additional C.i.T., Gujarat-i Overruled

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 12, 57, 80A to 80D, 80M, 85A, 99, 99(1) and 257; Indian Income tax Act, 1922 - Sections 8, 16, 56A and 60A; Finance Act, 1953; Finance (Amendment) Act, 1965 - Sections 99; Finance (Amendment) Act, 1966 - Sections 85A; Finance (Amendment) Act, 1967; Finance (Amendment) Act, 1968 - Sections 31, 31(2) and 31(3)

Reported in : AIR1979SC1691; (1979)10CTR(SC)393; [1979]118ITR243(SC); (1979)3SCC538; [1979]3SCR984

VI-A and certain other sections including Section 85A were, deleted from the present Act by Finance (No. 2) Act, 1967 with effect from 1st April, 1968 and replaced by a new Chapter VI-A which contains a fasciculous of … introduced as Section 56A in the Indian Income-tax Act, 1922 (hereinafter referred to as the Old Act) by Finance Act, 1953. It is not necessary to make any detailed reference to this provision since there is no decided … in the Fifth Schedule.5. This provision continued to be in force upto 31st March, 1965 subject to a minor inconsequential amendment made by Finance Act,

State of Kerala Vs. Alex George and anr. Etc.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Kerala Finance Act, 1987 - Sections 1(2) and 3(2); Kerala Plantations Tax Act, 1960 - Sections 2(9), 3, 3(1), 3(3), 4(2), 5, 6A, 8, 9, 9A, 13, 14 and 27; State Finance Act, 1987; Kerala Plantations (Additional Tax) Rules, 1960 - Rule 16; Kerala Plantations (Additional Tax) Amendment Act, 1967; Kerala General Sales Tax Act, 1963; Kerala Motor Vehicles Taxation Act, 1976; Central Excise Act, 1944

Reported in : (2004)192CTR(SC)581; [2004]271ITR290(SC); JT2004(10)SC104; 2005(1)KLT164(SC); 2004(9)SCALE545; (2005)1SCC299

dated 28.8.1998 raises the question as to the true scope and operation of Section 1(2) of the Kerala Finance Act, 18 of 1987 substituting Schedule-I to the Kerala Plantations Tax Act 1960 w.e.f. 1.7.1987.2. Since the aforestated question … Section 5/3(3) of the Kerala Plantation Tax Act, 1960 as amended by the Kerala Plantations (Additional Tax) Amendment Act 1967]To...........Whereas under the Kerala Plantation Tax Act, 1960 as amended by the Kerala Plantations (Additional Tax) Amendment Act, 1967

Commissioner of Income Tax Vs. Woodward Governor India Pvt. Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 33, 37, 43, 43A, 43(1), 43(2), 145, 145(1) and 145(2); Companies Act - Sections 209(3); Income Tax Act, 1922 - Sections 10(2) and 10(5); Finance Act, 1967; Finance Act, 2002

Reported in : (2007)210CTR(Del)354; 142(2007)DLT650; [2007]294ITR451(Delhi)

of acquisition to provide for the subsequent revisions to the actual cost. Section 43-A was inserted by the Finance Act, 1967 with effect from 1-4-1967. In the explanatory process contained in the Bill preceding the Act it was explained … or decrease the liability on revenue account. It would qualify as business expenditure and thereforee allowable under Section 37 of the Act despite the fact that the liability has not been discharged in the concerned previous year.

Bio Pharma Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)75TTJ(Ahd.)486

1-4-1966. That section was omitted and in its place section 801 was introduced by the Finance (No. 2) Act, 1967, with effect from 1-4-1968. In both these provisions, the legislature has used the expression "profits and gains attributable … provisions the words "attributable to" have earlier been used, e.g., in section 80E which was inserted by the Finance Act, 1966 with effect from 1-4-1966. That section was omitted and in its place section 801 was introduced by … the case of CIT v. Gujarat Mineral Dev. Corpn. (1981) 132 ITR 377 (Guj) in support of its conclusion that the interest income qualifies for

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 … year". Sub-section (2) of Section 80J laid down the period for which the exemption shall be allowable and Sub-section (3) provided that any deficiency in the benefit of the exemption arising on account of the profits and gains

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 … No. 17/33/2008/CL-V]Jitesh Khosla, Jt. Secy.Note.- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 739(E), dated the 7th December, 2006 and amended vide notification number G.S.R. 212(E),

Khandelwal Ferro Alloys Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

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

Reported in : [1990]186ITR111(Bom)

circumstances of the case, the aforesaid sum was eligible for rebate under section 2(4)(a)(i) and (ii) of the Finance (No. 2) Act, of 1967 ?'3. Counsel are agreed that both the questions must be answered in the