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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

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 … of the case Counsel's name ---------------------------------------------------------------------- 1. 4203/Mum/98 P. N. Writer & Co. Shri A. M. Shah 2. 4102, Mum/96 Tata Sons Ltd. Shri Dinesh Vyas 3. 3460/Mum/92 -do- and 4. 9317/Mum/91 -do- Shri P. C. Tripathi

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 … all gratuities received from Statutory corporations or private employers. - CODE OF CRIMINAL PROCEDURE, 1973 [C.A. No. 2/1974]. Section 41: [ Swatanter Kumar, CJ, Smt Ranjana Desai & D.B. Bhosale, JJ] Arrest of accused - Held, A Police

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 … S.D. Shah, J. 1. On being moved under section 256 of the Income-tax Act, 1961, by the Commissioner of Income-tax, Ahmedabad, by four Reference Applications Nos. 523 … under section 28(iv) or, in the alternative, it was covered by section 41(1).' Dealing with the aforesaid question, the Division Bench of this court to

Sivakami Mills Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 37

Reported in : (1980)14CTR(Mad)277; [1979]120ITR211(Mad)

the provision of machinery or plant and was, therefore, eligible for the capital allowance. Section 41(1)(a) of the Finance Act, 1971, which was the provision to be construed there, contemplated the capital allowance to a person carrying on … nature and was hence not allowable as a deduction in computing the total income for the assessment year 1968-69?'2. The assessee, a company, purchased, for the purpose of its business, some items of machinery on deferred payment

Kesoram Industries and Cotton Mills Ltd. Vs. Commissioner of Income-ta ...

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 37(4), 45, 80J, 80K and 80M; ;Finance Act, 1970

Reported in : [1991]191ITR518(Cal)

place an effective check on lavish expenditure on maintenance of guest houses, Section 37(4) was inserted by the Finance Act, 1970, for disallowance altogether of expenditure incurred after February 28, 1970, on the maintenance of guest houses other … the case and on a proper interpretation of the incentive scheme G. 0, No. 1225 dated 31st December, 1968, as modified by G. O. Ms. No. 455 dated 3lst May, 1971, drawn up by the Industries and … in question. Whether or not this amount will be assessed under Section 41(1) will fall for consideration in the assessment year 1973-74.17. In view of

Parthas Trust Vs. Commissioner of Income-tax

Court : Kerala

Subject : Direct Taxation

Acts : Indian Trusts Act, 1882 - Sections 7; Income Tax Act, 1961 - Sections 32; Transfer of Property Act, 1882 - Sections 53A

Reported in : [1988]169ITR334(Ker)

ER 849, the Customs and Inland Revenue Act, 1878, Income-tax Act, 1918, Income-tax Act, 1945, Income-tax Act, 1952, Finance Act, 1957, Capital Allowances Act, 1968, and Finance Act, 1971. The purpose of these statutory provisions was undoubtedly to … statutory provisions is evidently to encourage investment in machinery and plant.'38. Sections 41 and 44 of the Finance Act, 1971, dealt with allowances, the first … The Income-tax Officer took the view that there was no duly executed instrument in writing as contemplated under Section 160(1)(iv) of the Act and, consequently, the advantageous assessment under Section 161 would not be available. The Appellate

M.P. Udyog Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Subject : Direct Taxation

Reported in : (1989)28ITD85(All.)

by the Income-tax Officer in view of the provisions of Section 37(5) of the Act inserted by the Finance Act, 1983 with retrospective effect from 1-4-1979. It states that any accommodation, by whatever name called, maintained, hired, reserved … and sale of sugar. It also had a cold storage plant and a steel foundry. On 10th October, 1968, a news item appeared in the National Herald in which it was stated that the State of Uttar … object to the taxability of the amount of Rs. 13,71,251 under Section 41(1) of the Income-tax Act, 1961 as it had already received deduction in

K. Chelliah Vs. Chairman Industrial Finance Corporation of India and a ...

Court : Chennai

Subject : Service

Acts : Industrial Finance Corporation Act, 1948 - Sections 10, 41-A and 43; ;Constitution of India - Article 226

Reported in : AIR1973Mad122

ORDER1. The petitioner was last serving as Inspector in the Industrial Finance Corporation of India, he having joined the service of the Corporation in 1950 as a Clerk. On June … and after examining several witnesses ultimately gave his report on May 13, 1968, wherein he found the petitioner guilty of certain charges and exonerated him … of suspension was served on him and he was so suspended on the alleged ground that he committed acts of criminal misconduct by claiming the cost of the ticket for travel after inspection of Sree Rajendra Mills … law for the time being applicable to an industrial concern'. Under this section, unless there is anything inconsistent with the acts, rules or orders, the … co-operative banks who are shareholders of the Corporation'.Section 41-A speaks to the effect of the Act on

Modi Industries Limited, Modinagar and ors. Vs. Commissioner of Income ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(40), 4(1), 4(2), 143, 144, 156, 190, 191, 214, 214(1), 214(1A), 215, 219, 237, 239, 240, 243, 244, 244(1), and 244(1A); Income Tax Act, 1922 - Sections 18A

Reported in : (1995)128CTR(SC)361; [1995]216ITR759(SC); JT1995(6)SC549; 1995(5)SCALE362; (1995)6SCC396; [1995]Supp3SCR642

made under Section 141A, the credit shall be given also in such provisional assessment.(The proviso was added by Finance Act, 1968 from April 1, 1968.)42. This section introduces a legal fiction that amount of advance tax paid shall be