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Additional Commissioner of Income-tax, Gujarat Vs. Tarun Commercial Mi ...

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 40

Reported in : [1978]113ITR745(Guj)

business needs of the company and the benefit derived by or accruing to it therefrom.' (iii) (Omitted by Finance Act, 1968, with effect from 1-4-1969). 3. On behalf of the revenue it has been contended that having regard to … B.K. Mehta, J.1. In this reference, we are concerned with the ambit and come of section 40(a)(v) and section 40(c) of the Income-tax Act, 1961, as were in force in the relevant assessment year 1969-70.

Commissioner of Income-tax Vs. Gurbachan Lal

Court : Delhi

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 256(1), 256(2), 260 and 271(1); Finance Act, 1964 - Sections 40 and 271(1)(C); Finance Act, 1968; Taxation Laws (Amendment) Act, 1975 - Sections 61; Evidence Act, 1872 - Sections 106

Reported in : (2001)168CTR(Del)266; [2001]250ITR157(Delhi); [2001]116TAXMAN138(Delhi)

Section 271, by the said Finance Act (section 40 of the Finance Act, 1964). In between, by the Finance Act, 1968, the base for levy of penalty became the amount of concealment as against the quantum of tax sought

Commissioner of Income-tax Vs. Britannia Industries Co. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 40; ;Income Tax Rules, 1962 - Rules 3 and 6D; ;Finance Act, 1968

Reported in : (1981)20CTR(Cal)272,[1982]135ITR35(Cal)

(3) of that Section shall not be taken into account.' 7. This clause was, however, omitted by the Finance Act, 1968, with effect from 1st April, 1969. There was no dispute about the fact that there was no material … point, viz.:'Whether, on the facts and in the circumstances of the case, and on a correct interpretation of Section 40(c)(iii) of the Income-tax Act, 1961, and of Rule 3(c)(ii) of the Income-tax Rules, 1962, the Appellate Tribunal was

Commissioner of Income-tax Vs. Forbes, Ewart and Figgis (P.) Ltd. and ...

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 30 to 37, 40 and 40A(5)

Reported in : [1982]138ITR1(Ker)

provision by Finance (No. 2) Act of 1971 had been re-enacted with modification in that form by the Finance Act, 1968, with effect from April 1, 1969. Prior to that, the provision, as it stood, took in only cases … in holding that the entire expenses on the cars used by the directors could not be considered under Section 40(a)(v) of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case

Commissioner of Income-tax Vs. South India Viscose Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 40 and 40A(5); Income-tax Rules, 1962 - Rule 5

Reported in : [1987]163ITR674(Mad)

40(c)(iii) or section 40(a)(v). It is significant to note that section 40(c)(iii) itself has been omitted by the Finance Act of 1968 and section 40(a)(v) took its place which was in its turn replaced by section 40A(5), w.e.f.

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 … of law for opinion of a larger bench. Q. Whether, while dealing with the allowability of expenditure under section 40(a)(i) of the Income Tax Act, 1961, the status of a person making the expenditure has to be a

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 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 … was right in coming to the conclusion that the provisions of section 40(c)(iii)/40(a)(v) were applicable for determining the question of allowance of perquisites allowed to

Commissioner of Income-tax Vs. Orient Paper and Industries Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 40A(5)

Reported in : [1994]207ITR589(Cal)

not, subject to certain exceptions, to one-fifth of the amount of salary payable for the relevant period. The Finance Act, 1968, brought in a new Section 40(a)(v) operative from the assessment year 1969-70 onwards.5. While introducing Section 40(a)(v), the

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

Commissioner of Income-tax Vs. Vazir Sultan Tobacco Company Ltd.

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(5), 17, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40 and 40A(5)

Reported in : [1987]169ITR324(AP)

effect from April 1, 1964. Again, with effect from April 1, 1969, sub-clause (iii) was omitted by the Finance Act, 1968, and in its place, sub-clause (v) was inserted. This sub-clause (v) was in turn replaced by section 40A(5) … by the assessee and allotted to its employees could be treated as a perquisite for the purpose of section 40(c)(iii) of the Income-tax Act 2. Whether, on the facts and in the circumstances of the case, the buildings