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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)

case, there was any excess dividend declared by the assessee-company which attracted clause I(B) of Paragraph F of Part I of the First Schedule to the Finance Act, 1968 (3) Whether, on the facts and in the … 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. … additional income-tax at the rate of 7.5 per cent. amounting to Rs. 29,250. This levy has been upheld by the Tribunal. Hence, at the instance

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)241ITR43(Mum.)

consideration for its supply of technical know-how or technical services under approved agreements.Sec. 80-O was amended by the Finance Act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of … received by the assessee by way of fees for technical and consultancy services rendered by it to the parties abroad ?" 2. The relevant facts, in this case, are that the appellant is an AOP and consists

Hansraj Aggarwal Vs. Addl. Commissioner of Income-tax

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 142(1), 142(2A), 143(2), 144 and 271(1); Finance Act, 1968

Reported in : [1979]119ITR688(MP)

filed on April 9, 1968, i.e., after the substitution of new Clause (iii) in Section 271(1)(c), by the Finance Act, 1968, w.e.f. April 1, 1968, the IAC held that penalty had to be computed by reference to the amount … in view of the Explanation to Section 271(1)(c) a charge of the gross and wilful neglect on the part of the assessee is proved ? 2. Whether, on the facts and circumstances, the Tribunal was lawfully correct

Bhawanidas Binani Vs. Commissioner of Wealth-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2; Finance Act, 1965 - Sections 68; Income Tax Act, 1961

Reported in : [1980]124ITR783(Bom)

are understood in the sense as propounded by the Allahabad High Court, they would clearly indicate that the Finance Act, 1968, was prescribing a distinct rate of tax on an item of total income which was already subjected to … Act, 1957, is as follows :' Whether, on the facts and in the circumstances of the case, any part of the tax paid under Section 68 of the Finance Act, 1965, was a ' debt owed ' … to us for our opinion by the Income-tax Appellate Tribunal under Section 27(1) of the W.T. Act, 1957, is as follows :' Whether, on the

Moka Narasimhulu Vs. Wealth-tax Officer, A-ward and anr.

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 5(1) and 25; Constitution of India - Article 226

Reported in : [1979]119ITR105(AP)

even word ' manufacture '. Referring to the four categories to whom certain benefits were given under the Finance Act, 1968, it was pointed out that the reference is only to the manufacturing concerns as against trading concerns. The … undertaking ' are the questions which are to be answered in this writ petition.2. The petitioner is a partner of M/s. Mahalakshmi Groundnut Oil Mills, Dharmavaram, which carries on business of crushing groundnut kernel and extracting oil

Commissioner of Income-tax, Gujarat I Vs. S.P. Bhatt

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1922 - Sections 28; Income Tax Act, 1961 - Sections 143, 144, 145(2), 147, 234 and 271(1)

Reported in : [1974]97ITR440(Guj)

are setting out the section as it stood during the relevant assessment years prior to its amendment by Finance Act, 1968 : '271. (1) If the Income-tax Officer or the Appellate Assistant Commissioner, in the course of any proceedings … 271(1)(c) was attracted and by reason of that Explanation, the assessee must be deemed to have concealed the particulars of its income so as to be liable for penalty under section 271(1)(c). The Income-tax Officer, accordingly, issued … a short question as to the interpretation of the Explanation to section 271(1)(c) of the Income-tax Act, 1961. The assessee is a registered firm which

Hindustan Wire Products Ltd. Vs. Commissioner of Income Tax, Patiala

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 33(1)(A), 33(1)(B), 80B(7), 80E, 80I and 80I(1); Finance Act, 1972; Finance Act, 1968

Reported in : AIR1987SC566; (1986)55CTR(SC)183; [1986]161ITR749(SC); 1986(2)SCALE160; (1986)3SCC689; [1986]3SCR478

time being approved in this behalf by the Central Government.The word 'Sixth' was substituted for 'Fifth' by the Finance Act 1968 with effect from April 1, 1969.5. With effect from April 1, 1964 the Fifth Schedule set forth a … to eight per cent, thereof, in computing the total income of the company.It is not disputed between the parties that the assessee is a company to which the provisions of Section 80E and subsequently of Section 80I … forth a list of articles and things and items 7, 17 and 24 which possess some relevance to this case read as follows:(7) Equipment for

Smt. Krishna Gupta Vs. Commissioner of Wealth-tax

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Finance Act, 1968; Wealth Tax Act, 1957 - Sections 18 and 18(1); Income Tax Act, 1961 - Sections 271

Reported in : [1992]198ITR171(P& H)

Acts in respect of the penalty provisions. Under these provisions, as they stood before their amendment by the Finance Act, 1968, the scale of penalty imposable for concealment or understatement of wealth was a minimum amount of 20 per … year 1968-69 on November 14, 1968, without declaring the aforesaid plot of land or the value thereof as part of her assessable wealth. Assessment was finalised on February 28, 1969. Subsequently, a notice under Section 17 of … been referred to this court by the Income-tax Appellate Tribunal under Section 27 of the Wealth-tax Act, 1957 :'Whether, on the facts and circumstances of

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 … various High Courts and the Supreme Court, as also to the decision of various Benches of the Tribunal. Particular reference was drawn to Casino's case (supra), Fariyas Hotels (P) Ltd. vs. CIT (1995) 211 ITR 390 (Bom)

Jeewanlal (1929) Ltd. Vs. Income-tax Officer, J-ward and anr.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 154; ;Finance Act, 1965 - Section 2(5)

Reported in : [1979]118ITR946(Cal)

contended that the petitioner was entitled to rebate under para. F(I)(b)(ii)(a) of Part I of the First Schedule to the said Finance Act, 1965. I … was contended alternatively that the petitioner was entitled to certain deductions as provided under Section 2(5)(a)(i) of the Finance Act, 1965, as the said receipts were income or profits derived from export of goods or merchandise out of … in respect of Income-tax Appeals Nos. 272 and 300 (Cal) of 1974-75 for the assessment years 1967-68 and 1968-69 had taken that view. It may also be contended that there being no export and profits in respect