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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

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

Commissioner of Income-tax, Gujarat-iii Vs. Prakash Trading Co.

Court : Gujarat

Subject : Direct Taxation

Acts : Finance Act, 1966 - Sections 2(5); Finance (Amendment) Act, 1967 - Sections 2(4); Industries (Development and Regulation) Act, 1951; Income Tax Act, 1961 - Sections 261

Reported in : [1980]124ITR334(Guj)

cakes exported or sold to exporters by it under section 2(4)(a)(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

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

income-tax Appellate Tribunal Vs. B. Hill and Co. (P.) Ltd.

Court : Allahabad

Subject : Direct Taxation

Acts : Finance Act, 1965 - Sections 2(5); Finance Act, 1966 - Sections 2(5); Finance Act, 1967 - Sections 2(4); Finance Act, 1964; Finance Act, 1968; Finance Act, 1969; Income Tax Act, 1961 - Sections 2(18), 31, 37, 108 and 256

Reported in : (1982)29CTR(All)301; [1983]142ITR185(All)

super-tax on the amount of such profits and gains included in the total income.' Section 2(4)(a)(i) of the Finance Act, 1967 : '2(4)(a). In respect of any assessment for the assessment year commencing on the first day of April,

Commissioner of Income-tax Vs. CochIn Co. (Pvt.) Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1967 - Sections 2(4) and 2(7); Income Tax Act, 1961 - Sections 154

Reported in : [1980]126ITR522(Ker)

of a deduction by way of rebate on export profit under Section 2(4)(a)(i) of the Finance (No. 2) Act, 1967, that such rebate will be given on production by the assessee of necessary particulars. Treating the assessee as

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

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1986)18ITD515(Hyd.)

lO(2)(xiva) of the Indian Income-tax Act, 1922 underwent subsequently many amendments-please see Finance Act, 1966, Finance (No. 2) Act 1967, Finance Act, 1970, Finance (No. 2) Act 1971, Finance Act, 1974, Finance Act, 1977, Finance Act, 1979, Finance … financial corporations and he drew our attention in particular to the latest amendment to Section 36(1)(viii) by the Finance Act, 1985, wherein it has been clarified that the deduction is to be made without making any deduction under … special reserve in its accounts and claimed deduction under Section 36(i)(viii) at 40 per cent, viz., 40/100 of its total income. The IAC, however, allowed

Bio Pharma Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

1966. That section was omitted and in its place Section 80-I was introduced by the Finance (No. 2) Act, 1967, w.e.f. 1st April, 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 w.e.f. 1st April, 1966. That section was omitted and in its place Section 80-I was introduced by … A copy of Tribunal's order dt. 2nd May, 2000 in ITA Nos. 4138 and 4139/Ahd/1993 has been placed on record. The Tribunal has placed reliance

Krishnamurthi and Co. Etc. Vs. State of Madras

Court : Supreme Court of India

Subject : Sales Tax

Acts : Constitution of India - Articles 14, 19, 19(1), 19(5), 19(6) and 226; Madras General Sales Tax (Third Amendment) Act, 1967 - Sections 2 and 4; Madras General Sales Tax Act, 1959; Madras General Sales Tax (Amendment) Act, 1964; Bihar Taxation on Passengers and Goods (Carried by Public Service Motor Vehicles) Act, 1961; Bihar Finance Act, 1950; Orissa Sales Tax Validation Act, 1961 - Sections 2; Orissa Sales Tax Act, 1947

Reported in : AIR1972SC2455; [1973]2SCR54; [1973]31STC190(SC)

per cent and with effect from June 18, 1967 the rate has been fixed at 7 per cent. Section 4 of the amending Act is the validating section and reads as under:4. Validation.-Notwithstanding anything contained in any judgment, … (Carried by Public Service Motor Vehicles) Act, 1961 in the following circumstances. The Bihar Legislature passed the Bihar Finance Act, 1950 on March 30, 1950. The Act levied a tax on passengers and goods carried by public service … which arises for determination in these appeals is whether the provisions of Madras General Sales Tax (Third Amendment) Act, 1967 (Act No. 19 of 1967) are invalid on the ground that they seek to impose sales tax with