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Atul Drug House Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 3, 5, 80A, C, J and U, 81 and 104; Finance Act, 1968 - Sch. I, Part I and Para. F

Reported in : [1995]216ITR584(Bom)

so declared amounted to Rs. 3,90,000. Such excess dividend entailed an additional income-tax under the provisions of the Finance Act, 1968. The Income-tax Officer, however, failed to take note of this fact at the time of the assessment proceedings. … referred to in section 5, computed in the manner laid down. Section 5 defines 'scope of total income'. Chapter III which follows thereafter deals with 'incomes which do not form part of total income'. After the total … from the total dividends declared by the company during the assessment year, viz. Rs. 6,90,000 a sum of Rs. 3,00,000 which is ten per cent.

Distributors (Baroda) Pvt. Ltd. Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Constitution of India - Article 19(1)

Reported in : AIR1985SC1585; (1985)2CompLJ389(SC); (1985)47CTR(SC)349; [1985]155ITR120(SC); 1985(1)SCALE1216; (1986)1SCC43; [1985]Supp1SCR778; 1986(1)LC86(SC)

an amendment made by the Finance Act No. 10 of 1965 Section 99 Sub-section (1) was omitted and Chapter VI A and Section 85A were introduced in the present Act with effect from 1st April, 1965, Chapter VI … the question of interpretation posed before us. One amendment is however material and that was made by the Finance Act 1968 by which the words 'received by it' occurring in Sub-section (1) of Section 80M were omitted with effect

Commissioner of Income-tax Vs. Chemical and Metallurgical Design Co. L ...

Court : Delhi

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 80AA, 80AB, 80HH, 80M, 80N, 80-O, 80T, 85 and 256(1); Finance Act, 1974 - Sections 17; Finance Act, 1968; Finance Act, 1971

Reported in : 2000(57)DRJ246; [2001]247ITR749(Delhi)

been substituted for 'deduction from such income of an amount equal to 60 per cent, thereof' by the Finance Act, 1968, with effect from April 1, 1969.9. Section 17 of the Finance Act, 1974, on which considerable emphasis was … any deduction is required to be made or allowed under any Section (except Section 80M) included in this Chapter under the heading 'C--Deductions in respect of certain incomes' in respect of any income of the nature specified … learned counsel for the Revenue submitted that the issues stand concluded in view of the judgment in Marketing Research Corporation's case. Learned counsel for the

Narangs Hotels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)74ITD190(Mum.)

The CIT referred to the definition of the term "industrial company" as defined in s. 2(6)(d) of the Finance Act, 1968, which, according to him, did not apply to the assessee's case.The CIT placed heavy reliance on the decision … aforesaid activities included in its total income of the previous year (as computed before making any deduction under Chapter VI-A of the IT Act) is not less than fifty-one per cent of such total income." 11. Referring

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

on the question of interpretation posed before us. One amendment is, however, material and that was made by Finance Act 1968 by which the words 'received by it' occurring in Sub-section (1) of Section 80M were omitted with effect … Section 80M followed upon it with effect from the commencement of the assessment year 1968-69 as part of Chapter IVA. Though the language of Sections 85A and 80M is almost identical, there are some verbal dissimilarities, but … borrowings for making the investments. The Gujarat High Court has taken a view against the assessee while a different view has been taken by the

Commissioner of Income-tax Vs. Hindustan Gum and Chemicals Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Companies (Profits) Surtax Act, 1964 - Schedule - Rules 1 and 4; ;Income Tax Act, 1961 - Section 80M

Reported in : [1990]182ITR396(Cal)

of the Income-tax Act inserted by the Finance (No. 2) Act of 1980 with effect from April 1, 1968. The said section lays down that where any deduction is required to be allowed under Section 80M in … the First Schedule of the Companies (Profits) Surtax Act relied on by the Revenue was introduced by the Finance Act of 1981, which is as follows :'Explanation.--Notwithstanding anything contained in any clause of this rule, the amount of … be invoked for proportionately reducing the capital apportionable to deduction made under Chapter VI-A of the Income-tax Act, 1961. Following the said decision, we answer

Commissioner of Income-tax Vs. West Bengal Industrial Development Corp ...

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 36(1); ;Finance Act, 1985 - Section 10

Reported in : [1993]203ITR422(Cal)

(from that year) Chapter VI-A (at present comprising Sections 80A to 80W). 7. By the amendment of the Finance Act, 1985, with effect from April 1, 1985, it has been provided that the total income shall be computed … (No. 2) Act, 1967, the total income for the purpose of this clause, on and from April 1, 1968, means total income computed before making any deduction under Chapter VI-A. 6. For and from the assessment year

State of Rajasthan Vs. Uka and ors.,

Court : Rajasthan

Subject : Tenancy

main objectives of the legislation relating to social control of Banks in 1968 and the nationalisation of fourteen major Indian commercial Banks in 1969 was … overcome the above difficulties, it was felt necessary to amend the Act.13. Chapter II of the Act of 1974 prescribes rights of agriculturists to alienate … shown that there are certain provisions therein which inhibit the entry of commercial Banks into the field of financing of agriculture. It will, therefore, be necessary to modify these laws for the purpose of enabling commercial banks … issue under consideration, it may be useful to notice certain relevant statutes and the facts associated.THE RAJASTHAN TENANCY ACT, 19553. On 30.3.1949, the State of Rajasthan was formed on integration of several independent Princely States and Chief-ships … included under the Act of 1955 with a view to protect the tenants belonging to scheduled castes

The Commissioner of Income Tax and Another Vs. V.S. Dempo and Co. Pvt. ...

Court : Mumbai

Subject : Direct Taxation

amended by the Finance Act, 1963, w.e.f. 1-4-1963, Finance Act, 1964, w.e.f. 1-4-1964, Finance Act, 1965, w.e.f. 1-4-1965, Finance Act, 1968, w.e.f. 1-4-1969, Finance (No. 2) Act, 1971, w.e.f. 1-4-1972, Finance Act, 1984, w.e.f. 1-4-1985 and Direct Tax Laws … as machinery provision in respect of non-resident shipping companies. It provides for determination and collection of tax. Thus, Chapter XVI of the Act in respect of deducting tax at source would not apply in such cases. Consequently, … Tax Appeal No. 991 of 2015 was unable to agree with the view taken by another Division Bench of this Court in the case of

City Municipal Council, Mangalore and anr. Vs. Frederick Pais Etc.

Court : Supreme Court of India

Subject : Municipal Tax

Acts : Mysore Municipalities Act, 1964 - Sections 101(2) and 382(1); Madras District Municipalities Act, 1920 - Sections 82(2)

Reported in : AIR1970SC417; (1969)3SCC160; [1970]2SCR751

Section 124 provides that the rules and tables embodied in Schedule IV shall be read as part of Chapter VI, dealing with Taxation and Finance. Schedule IV deals with Taxation and Finance Rules. Rule 2 provides for the … No. 907 of 1967 out of which Civil Appeal No. 1302 of 1968 arises.2. The respondent herein was the owner of a number of buildings … State and which, on reorganisation of the States, became part of the State of Mysore. The Mysore Municipalities Act, 1964 (Act XXII of 1964) (hereinafter referred to as the Mysore Act) came into force from April 1,