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Atul Drug House Ltd. Vs. Commissioner of Income-tax
Mumbai
Jan-14-1993
Direct Taxation
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
[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. … the Income-tax Act, 1961, 'total income' is defined to mean the total amount of income referred to in section 5, computed in the manner laid down. Section 5 defines 'scope of total income'. Chapter III which follows thereafter
Tag this Judgment! AI Brief & AskUnion of India (Uoi) and ors. Vs. Pesticides Manufacturing and Formula ...
Supreme Court of India
Oct-23-2002
ExciseConstitution
Central Excise Tariff Act, 1985;;Central Excise Act, 1944 - Sections 2 and 37B;;Finance Act, 1996;;Foreign Trade (Development and Regulation) Act, 1992 - Sections 5;;Insecticides Act, 1968
AIR2003SC1; 100(2002)DLT323(SC); 2000(84)ECC242; 2002LC558(SC); 2002(146)ELT19(SC); JT2002(8)SC378; (2002)8SCC410; [2002]SUPP3SCR231
It was to overcome the effect of the Tribunal's decisionin Marked Agro Chemicals that amendments were effectedby the Finance Act. 1996 to Chapter 38 to incorporatestatutorily the substance of the circular which had been struckdown by the Tribunal. … insecticide.Against that sub-heading. It is provided that it is freelyimportable/exportable "if registered and not prohibited forimport under Insecticides Act, 1968 and formulations thereof".Similarly, 3808.90.10 provides for 'pesticides, not elsewherespecified'. It is treated as a free item under the … India also in the ITC (HS) Classification of Exportand Import Items, 2002-2007 which was issued by theGovernment under Section 5 of the Foreign Trade(Development and Regulation) Act, 1992 read withparagraph 2.1 of the Export and Import Policy. 2002-2007.The
Tag this Judgment! AI Brief & AskBhawanidas Binani Vs. Commissioner of Wealth-tax
Mumbai
Jun-27-1978
Direct Taxation
Wealth Tax Act, 1957 - Sections 2; Finance Act, 1965 - Sections 68; Income Tax Act, 1961
[1980]124ITR783(Bom)
are understood in the sense as propounded by the Allahabad High Court, they would clearly indicate that the Finance Act, 1968, was prescribing a distinct rate of tax on an item of total income which was already subjected to … 1. In this reference the question referred to us for our opinion by the Income-tax Appellate Tribunal under Section 27(1) of the W.T. Act, 1957, is as follows :' Whether, on the facts and in the circumstances … the assessee was liable to pay tax at the flat rate of 57% of the amount disclosed, which was duly paid before the stipulated date.
Tag this Judgment! AI Brief & Ask18-section briefs on any result in this list
Sulemanji Ganibhai Vs. Commissioner of Income-tax
Madhya Pradesh
Aug-30-1978
Direct Taxation
Income Tax Act, 1961 - Sections 139(1), 139(5), 271 and 271(1); ;Finance Act, 1968 - Sections 19; General Clauses Act, 1897 - Sections 6
(1979)8CTR(MP)11; [1980]121ITR373(MP); 1979MPLJ416
as returned by such person had been accepted as the correct income.' 5. By Section 19 of the Finance Act, 1968, which came into force … wasright in holding that for fixing the quantum of penalty the provisions as they stood amended by the Finance Act, 1968, had application ?'2. The assessee is a registered partnership firm deriving income from agency business in cement and … G.P. Singh, C.J.1. This is a reference under Section 256(1) of the I.T. Act, 1961, referring for our answer the following question of law :'Whether, on the
Tag this Judgment! AI Brief & AskModi Industries Limited, Modinagar and ors. Vs. Commissioner of Income ...
Supreme Court of India
Sep-15-1995
Direct Taxation
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
(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 … of the assessed amount and if as a result of any revised assessment pursuant to appellate order Rs. 50,000/- becomes refundable to the assessee, the entire amount cannot be treated as refund of advance tax only.The refund
Tag this Judgment! AI Brief & AskCommissioner of Income-tax, Gujarat I Vs. S.P. Bhatt
Gujarat
Mar-08-1973
Direct Taxation
Income Tax Act, 1922 - Sections 28; Income Tax Act, 1961 - Sections 143, 144, 145(2), 147, 234 and 271(1)
[1974]97ITR440(Guj)
are setting out the section as it stood during the relevant assessment years prior to its amendment by Finance Act, 1968 : '271. (1) If the Income-tax Officer or the Appellate Assistant Commissioner, in the course of any proceedings … neglect on its part, he made a separate order for each assessment year imposing a penalty of Rs. 5,000 on the assessee. The assessee preferred appeals against the orders of penalty to the Tribunal. The Tribunal disagreed
Tag this Judgment! AI Brief & Askincome-tax Appellate Tribunal Vs. B. Hill and Co. (P.) Ltd.
Allahabad
Mar-05-1982
Direct Taxation
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
(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 … the tax concessions granted by the Finance Acts of 1965, 1966 and 1967. The relevant provisions are : Section 2(5)(a)(i) of the Finance Act of 1965 and 1966 : '5. (a) In respect of any assessment for
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Casino (Pvt.) Ltd.
Kerala
Oct-06-1972
Direct Taxation
Finance Act, 1968 - Sections 2(6)
[1973]91ITR289(Ker)
from raw materials, constitutes ' manufacture or processing of goods ' within the meaning of section2(6)(d) of the Finance Act, 1968, and that the assessee is an ' Industrial company ' within the meaning of the definition contained in … Subramonian Poti, J.1. This is a reference to this court under Section 256(1) of the Income-tax Act, 1961, arid the question referred to us is :' Whether, on the facts … at the rate of tax applicable to an industrial company, namely, at 55 per cent, of the net income, was not accepted by the Income-tax
Tag this Judgment! AI Brief & AskHansraj Aggarwal Vs. Addl. Commissioner of Income-tax
Madhya Pradesh
Apr-25-1978
Direct Taxation
Income Tax Act, 1961 - Sections 142(1), 142(2A), 143(2), 144 and 271(1); Finance Act, 1968
[1979]119ITR688(MP)
filed on April 9, 1968, i.e., after the substitution of new Clause (iii) in Section 271(1)(c), by the Finance Act, 1968, w.e.f. April 1, 1968, the IAC held that penalty had to be computed by reference to the amount … the facts as regards the house property, the ITO, by multiplying 20 times the rental income, added Rs. 5,000 as income from undisclosed sources, from out of which the property must have been acquired. He assessed the
Tag this Judgment! AI Brief & AskAdditional Commissioner of Income-tax, Gujarat Vs. Tarun Commercial Mi ...
Gujarat
Mar-23-1976
Direct Taxation
Income Tax Act, 1961 - Sections 40
[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 … exceeding five years with effect from July 1, 1967. As per clause 5 of the said agreement, the assessee-company has, as and by way of … 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
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