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Lakhanpal National Ltd. Vs. Income-tax Officer

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 43B, 139, 139(1), 141A, 141A(1), 141A(4) and 141A(5); Finance Act, 1968

Reported in : (1986)54CTR(Guj)241; (1986)2GLR1342; [1986]162ITR240(Guj)

time when the provisions of section 19 of the Act were inserted in the statute book by the Finance Act, 1968, with effect from April 1, 1968, it was explained, inter alia, in the memorandum explaining the provisions of … of section 43B of the Act, it would he allowable only in computing the income referred to in section 28 of the previous year in which the sum is actually paid by the assessee irrespective of the previous

Government of Maharashtra and Ors. Vs. Deokar's Distillery

Court : Supreme Court of India

Subject : Commercial

Acts : Bombay Prohibition Act, 1949 - Sections 11, 12, 13, 49, 58, 58A, 114, 114(1) and 143(2); Maharashtra Civil Services (Revised Pay) Rules, 1998; Constitution of India - Articles 162 and 309; Maharashtra Distillation of Spirit and Manufacture of Potable Liquor Rules, 1966 - Rules 15(1), 16(2), 17(12) and 17(43); Maharashtra Country Liquor Rules, 1973 - Rules 3(1), 4(2), 6(12)and 6(36); Maharashtra Foreign Liquor (Storage in Bond) Rules, 1964 - Rule 7; Maharashtra Foreign Liquor (Storage and Supply) Regulation, 1964; Andhra Pradesh Distillery Rules, 1970; Andhra Pradesh Excise Act, 1968 - Sections 28(2); Central Excise Act, 1944 - Sections 4; Central Excise Rules - Rule 10A; Sale of Goods Act, 1930 - Sections 62; Finance Act, 1901 - Sections 10 and 10(1); Finance Act, 1940 - Sections

Reported in : AIR2003SC1216; 2003(4)ALLMR(SC)316; JT2003(3)SC86; 2003(3)SCALE124; (2003)5SCC669; [2003]2SCR852; 2003(2)LC1427(SC); MANU/SC/0216/2003

v. Mulhern and Co. (Limited) [Vol.XVII (1900-1901) The Times Law Reports 730] Sub-section (1) of Section 10 the Finance Act, 1901 interpretation whereof fell for consideration was in the following terms:'Where any new Customs import duty or Excuse … respondent to pay their salaries and allowances etc. in pursuance of Section 28(2) of the Andhra Pradesh Excise Act, 1968. The respondent-Distillery having failed to get any redress filed writ petition challenging the demand on various grounds. The

Shree Sajjan Mills Ltd. Vs. Commissioner of Income Tax, M.P., Bhopal a ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30, 34(3), 36(1), 37, 37(1), 39, 40A, 40A(1), 40A(7), 40D, 155(13) and 256(1); Payment of Gratuity Act, 1972; Finance Act, 1968 - Sections 40A; Companies Act; Finance (Amendment) Act, 1975

Reported in : AIR1986SC484; 1986LC276(SC); [1985]156ITR585(SC); 1985(2)SCALE737; (1985)4SCC590; [1985]Supp3SCR593

the total Rs, 48,59,431 made by the assessee towards liability for gratuity?9. Section 40A was inserted by the Finance Act, 1968 with effect from 1st April, 1968. It is necessary to set out, the relevant provisions of Section 40A: … deduction generally in determining the true profits and gains of business which could be subjected to tax under Section 28 of the Act. It was emphasised on behalf of the assesses that deduction in respect of gratuity could

Commissioner of Income-tax, Gujarat Vs. Ahmedabad Kaiser-i-hind Mills ...

Court : Gujarat

Subject : Direct Taxation

Acts : Finance Act, 1968 - Sections 2; Income Tax Act, 1961 - Sections 4, 4(1), 28, 37, 40 and 104; Finance Act, 1966 - Sections 2

Reported in : [1983]141ITR472(Guj)

of levy of additional tax in respect of excess dividends did not arise under the provisions of the Finance Act, 1968, for the assessment year 1968-69 ?' 2. It is not in dispute that the assessee is a company … the Cotton Textile (Control) Order, 1948, was business expenditure allowable under s. 28 or under s. 37 of the Act A) In the affirmative and … the aforesaid provision even in the case of a company which has incurred a loss. Now, the charging section of the I.T. Act is s. 4 which, inter alia, provides that where any Central Act enacts that

Commissioner of Income Tax Vs. Hynoup Food and Oil Ind. Pvt. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 29, 30 to 43A and 256(1); Finance Act, 1968; Income Tax Rules, 1962 - Rule 6DD

Reported in : (2005)199CTR(Guj)350; [2007]290ITR702(Guj)

claimed in respect of such payments. In order to remedy such situation, section 40A was added by the Finance Act of 1968 and it came into force with effect from April 1, 1968. While introducing the Bill in … while computing income under the head 'Profits and gains of business or profession' profits and gains as per Section 28 are to be brought within the tax net, but after granting various deductions and allowances as contained in

Hotel and Allied Trades (P.) Ltd. Vs. Commissioner of Income-tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 271 and 271(1)

Reported in : [1996]221ITR619(Ker)

assessment years in question. Section 271(1)(c) read with the Explanation as it stood after the amendment by the Finance Act, 1964, with effect from April 1, 1964, the relevant portion reads as follows :'271. Failure to furnish returns, … case, where more than one return is filed, one before April 1, 1968, and the other after April 1, 1968, and where some income is … the amendment of Section 271 in 1964. The Supreme Court after quoting the Explanation and the provisions of Section 28(1)(c) of the Indian Income-tax Act, 1922, considered the question whether the principles laid down by the Supreme Court

Commissioner of Income-tax (Central) Vs. Express Newspapers Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 24, 24(1), 36, 36(1), 38(1) and 38; Finance Act, 1964

Reported in : (1980)15CTR(Mad)383; [1980]124ITR117(Mad)

mortgage or charge. '5. The above clause was omitted by Section 30 and the Third Schedule of the Finance Act, 1968, with effect from 1st April, 1969. As the assessment years under consideration fall prior to 1st April, 1969, … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28--... (iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business

Addl. Commissioner of Income-tax Vs. Jiwan Lal Shah

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 147, 148, 271 and 271(1); Finance Act, 1968

Reported in : [1977]109ITR474(All)

correct in holding that the provisions of Section 271(1) as they stood prior to the amendment by the Finance Act of 1968 should be applied in the present case ?2. Whether, on the facts and in the circumstances … case : [1970]76ITR696(SC) the Supreme Court laid down as under :'It must be remembered that the proceedings under Section 28 are ofa penal nature and the burden is on the department to prove that a particular amount is

Commissioner of Income-tax Vs. New India Industries Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 6, 9, 10, 12, 14, 17, 17(1), 17(3), 22, 28, 30, 31, 32, 32(1), 33, 34, 35, 36, 36(1), 37, 37(1), 38, 38(2), 39, 40, 41(1) and 80J

Reported in : (1992)106CTR(Guj)374; [1993]201ITR208(Guj)

2 of Part A of the Fourth Schedule.' The aforesaid sub-clause (iii) came to be omitted by the Finance Act, 1968, with effect from April 1, 1969, and, therefore, for the relevant assessment years, i.e., 1968-69 to 1971-72 newly … this High Court has also, in the Case of CIT v. Alchemic Pvt. Ltd. : [1981]130ITR168(Guj) , construed section 28(iv) and observed as under (headnote) : 'The assessee which was served with a notice for payment of excise

United Phosphorus Limited Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2001)73TTJ(Ahd.)404

such export incentives are of revenue nature and hence taxable, and to end all judicial controversies thereabout, the Finance Act, 1990 has inserted in section 28 of the Income Tax Act, 1961.Clause (iiia) read with 2(24)(va) (with effect … remaining years. Acting under the lease agreement, the assessee invested a sum of Rs. 1,62,835 in assessment year 1968-69 and Rs. 50,937 in the succeeding year in constructing a new building on the said land. The assessee