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C.W.S. (India) Limited Vs. Commissioner of Income Tax

Court : Supreme Court of India

Subject : Direct Taxation

Reported in : [1994]208ITR649(SC); JT1994(3)SC116; 1994(1)SCALE840; 1994Supp(2)SCC296; [1994]2SCR247

clause (iv) or clause (v) of Sub-section (1) of Section 36 shall not be taken into account.3. By Finance Act, 1968, sub-clause (iii) in clause (c) of Section 40 was deleted and in its place sub-clause (v) was introduced … substituted by Finance Act, 1964, read as follows:40 Amounts not deductible: Notwithstanding anything to the contrary in Sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head 'profits

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 … purposes of the business or profession, the deductions under sub-clause (ii) of clause (a) and clause (c) of section 30, clause (i) and (ii) of section 31 and clauses (i), (ii) and (iii) of sub-section (1) and sub-section

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: … also been added back in the statement of income. However, the Appellate Assistant Commissioner allowed deduction of Rs. 30,25,662 on this head which according to him constituted assessee's liability for the relevant accounting year.7. The revenue appealed

Yoshio Kubo Vs. Commissioner of Income Tax

Court : Delhi

Subject : Direct Taxation

referred to in clause (ix) of subsection (1) of Section 36 shall not be taken into account." Through Finance Act, 1968, sub-clause (iii) to Section 40 (c) was deleted; instead, sub-clause (v) was introduced to Section 40 (a). That, … it is relevant, as follows: Section 40 - Amounts not deductible Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head Profits

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 … 28. The income referred to in section 28 shall be computed in accordance with the provisions contained in section 30 to 43D. These provisions enable computation of income after deducting rent, rates, taxes, repairs and insurance for building

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. … take note of this fact at the time of the assessment proceedings. He thereupon initiated rectification proceedings under section 154 of the Income-tax Act, 1961. The assessee resisted the proceedings. The assessee contended that the declaration of … company on the first day of the previous year which was Rs. 30,00,000. Therefore, the excess dividend so declared amounted to Rs. 3,90,000. Such excess

Rambhai L. Patel Vs. Commissioner of Income-tax

Court : Gujarat

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 2(30), 6(6), 10, 10(4A), 92, 93, 168, 256(2), 263 and 271(1); Finance Act, 1968; Finance Act, 1982; Foreign Exchange Regulation Act, 1947 - Sections 73; Foreign Exchange Regulation (Amendment) Act, 1973 - Sections 2; Non-resident (External) Account, Rules, 1970

Reported in : [2001]252ITR846(Guj)

such where it is not possible to ascribe any other meaning to the words 'not resident'.9. When the Finance Act, 1968, amended and altered the exemption originally granted by Section 10(4A) of the Act with effect from April 1,

V. Hallay Mathew Vs. State of Kerala and anr.

Court : Kerala

Subject : Direct Taxation

Acts : Constitution of India - Article 20(1); Income Tax Act, 1922 - Sections 18(3D), 18(6), 51, 53 and 66(1); Income Tax Act, 1961 - Sections 194, 200, 276, 267B and 279; Income Tax Rules - Rule 30; Finance Act, 1968

Reported in : [1971]79ITR72(Ker)

1, 1968. But, on the same day, Section 276B came to be incorporated in the Act under the Finance Act, 1968. Therefore, it is clear that the non-compliance of Sections 194 and 200 occurring in Chapter XVIIB is an … delayed for a period ranging from 11/2 years to about 8 years as shown in column (5). Rule 30 of the Income-tax Rules, 1962, provides that all sums deducted, in accordance with the provisions of Section 194

Commissioner of Income-tax Vs. N.J. Pavri

Court : Mumbai

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 10(10); Finance Act, 1974; Payment of Gratuity Act, 1972 - Sections 4

Reported in : [1999]237ITR472(Bom)

Act of 1974 came into force only with effect from April 1, 1975. He contended that since in 1968 Section 10(10), as it then stood, gave full exemption to gratuity received from the statutory corporation, the Finance Act, … is less ;'5. A bare reading of the above section as it stood before the amendment by the Finance Act, 1974, shows that gratuity payable to the employees of the Government, local authority or a statutory corporation was … 1968. At that time, the assessee availed of full exemption of Rs. 30,000 under Section 10(10) as it then stood. In June, 1976, he retired

George Williamson (Assam) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Guwahati

Subject : Direct Taxation

Reported in : (1991)37ITD392(Gau.)

goods, services or facilities as may be prescribed". Section 35B itself was introduced in the Statute by the Finance Act 1968 with effect from 1 -4-1968. But what would be "such other activities" nothing was provided. At a later … was in respect of cost of maintenance of warehouse expenses outside India. The assessee's accounting year ended on 30-6-1980, i.e., relevant to the assessment year 1981-82. The claim of the assessee is based as per the provisions