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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)

(A)( 1 )(ii) of the proviso to Paragraph F of Part I of the First Schedule to the Finance Act, 1968 (2) Whether the Income-tax Appellate Tribunal was light in holding that the assessee is not a company as … facts found, an expenditure in its true character and nature is business expenditure it can be allowed under Section 37 of the Act of 1961 (which corresponds to Section 10(2)(xv)) even though it may have been originally claimed

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 … Act, 1954, made by the assessee was allowable as a deduction u/s. 37 of the Income-tax Act, 1961, for the A.Ys. 1968-69 and 1969-70 A) … 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

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: … was set up on the ground that this liability was ascertained by actuarial valuation and was deductible under Section 37(1) of the Act. The Income-tax Officer allowed the deduction, of a sum of Rs. 2,65,872 only which was

Commissioner of Income-tax Vs. Veeriah Reddiar

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 37(2A) and 37(2B)

Reported in : [1977]106ITR610(Ker)

the maximum allowable entertainment expenditure in the case of other assessees also on a slab basis. By the Finance Act, 1968, an Explanation was added to Sub-section (2A) of Section 37, the effect of which was to extend the

Commissioner of Income-tax Vs. Mohan MeakIn Breweries Ltd.

Court : Himachal Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 37(2A) and 37(2B); ;Finance Act, 1983

Reported in : [1991]192ITR134(HP)

in the case of assessees other than companies also, a ceiling on such expenditure was fixed. By the Finance Act, 1968, an Explanation (which is now Explanation 7) was added to Sub-section (2A) with effect from April 1, 1968, … and 'Presentation items' for the assessee's guests, suppliers and customers fell outside the purview of the provisions of Section 37(2B) of the Income-tax Act, 1961 ?2. Whether the Tribunal has rightly held that Rs. 25,250 as expenditure incurred

Commissioner of Income-tax Vs. Navabharat Enterprises (P.) Ltd.

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 6, 28, 29, 30, 31, 32, 33, 33A, 34, 35, 35B, 35B(1), 36, 37, 37(1), 37(2), 37(2A), 37(2B), 37(4), 38, 39, 40, 41, 42, 43A, 260 and 260(1)

Reported in : (1987)62CTR(AP)189; [1988]170ITR332(AP)

deliberate legislative amendments restricted and curbed their claim for allowance. The initial step was section 6 of the Finance Act of 1961 which came into effect from April 1, 1962, by which the scope of the proviso to … to any employee or other person after the 29th day of February, 1968; (ii) the amount of any expenditure in the nature of entertainment expenditure … foreign delegation members in order to entertain them in an appropriate and befitting manner is not disallowable under section 37(2B) of the Income-tax Act, 1961, though it may be for purposes of business (2) Whether, on the facts

Commissioner of Income-tax Vs. Khem Chand Bahadur Chand

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Indian Income Tax Act, 1922 - Sections 10(2); Income Tax Act, 1961 - Sections 37(1), 37(2), 37(2A) and 37(2B)

Reported in : [1981]131ITR336(P& H)

third step later taken by Parliament was by the Finance Act of 1968 which added an Explanation to Sub-section (2A) of Section 37 the effect … designedly on the indiscriminate allowance of such entertainment expenditure. The first of such restrictions was introduced by the Finance Act of 1961 (vide Section 6 of the Finance Act, 1961, with effect from April 1, 1962) in the … the phrase 'in the nature of entertainment expenditure' designedly employed by the Legislature in Sub-sections (2) and (2A)of Section 37 of the I.T. Act, 1961, is the somewhat ticklish question which has necessitated this reference to the Full

K.P. Chackochan and anr. Vs. Federal Bank and ors.

Court : Kerala

Subject : BankingCompany

Acts : Banking Regulation Act, 1949 - Sections 10A, 10B, 20, 30, 35B, 36, 36AD, 36AE, 36AJ, 37, 38, 38(2) and 47A; ;Companies Act, 1956 - Sections 176, 391, 392, 397, 398, 399(3), 433 and 583; Banking Regulation (Amendment) Act, 1968

Reported in : [1989]66CompCas953(Ker)

banking companies. The 'social control ' was imposed through Act 58 of 1968 which amended the Banking Regulation Act. The preamble to the Amending Act … application from the Reserve Bank, can suspend the business of a banking company provided the conditions stipulated under Section 37 are satisfied. The winding up of a banking company, after the introduction of Part III, can be ordered … fact controlling some non-banking companies. This resulted in the interlocking of shares. Banking companies, therefore, could manipulate the finances at the disposal of non-banking companies. To put it in a nutshell, the main features were; ' the … application presented under Section 397, read with Section 399, of the Companies Act, 1956, for the following reliefs:' (a) The meeting scheduled to be held

Goodlass Nerolac Paints Ltd. Vs. Income-tax Officer.

Court : Mumbai

Subject : Direct Taxation

Reported in : [1985]11ITD767(Mum)

of CIT. v. Shah Nanji Nagsi : [1979]116ITR292(Bom) as the Explanation 2 to section 37(2A), inserted by the Finance Act, 1983, would apply only from the assessment year 1976-77 onwards. The learned counsel also argued that these expenses … the decision of the Bombay High Court in the assessees own case for the assessment years 1963-64 to 1968-69, now reported in Goodlas Nerolac Paints Ltd. v. CIT : [1982]137ITR58(Bom) .9. It was submitted by Shri S.

Lord Krishna Bank Ltd. and ors. Vs. Income-tax Officer and anr.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(18), 2(41), 104 and 108; Finance Acts, 1964, 1966, 1968 and 1969; Constitution of India - Articles 14 and 19(1)

Reported in : [1973]91ITR313(Ker)

with Section 2(41) and Section 104 read with Section 108 of the Act and the provisions of the Finance Act, 1964 (5 of 1964), authorising levy of super-tax at a rate higher than 25 per cent, of the … Income-tax Act, 1961 (43 of 1961), for short ' the Act', and relating to the years 1964-65, 1966-67, 1968-69 and 1969-70. The orders in respect of the years 1964-65 and 1966-67 relate to reassessment and those in … A rebate was given to widely held companies at the rate of 37'5 per cent, of the total income. No such rebate was given to