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J. Sainsbury Plc. Vs. Oconnar (inspector of Taxes).

Court : Kolkata

Subject : Direct Taxation

Reported in : [1992]197ITR462(Cal)

relief, the option agreement was an 'arrangement' within the meaning of paragraph 5(3) of Schedule 12 to the Finance Act, 1973. If so, the taxpayer company would lose the benefit of group relief by virtue of section 28

Seth Lunidaram Tikamdas Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 297(2); General Clauses Act, 1897 - Sections 6

Reported in : (1979)10CTR(Mad)186; [1980]121ITR824(Mad)

came into force after the commission of the default. While amending Section 18(1)(a) by Clause 24(c) of the Finance Act, 1969, the Legislature has not introduced a provision similar to the one contained in Section 297(2)(g) of the I.T. … to pay a higher penalty under Section 271(1)(c) of the 1961 Act than the one leviable under Section 28(1) of the 1922 Act. Taking note of this hardship, the Tribunal satisfied its judicial conscience by expressing a

T.K. Roy, Vs. Commissioner of Wealth-tax

Court : Guwahati

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 14, 14(1), 14(2), 15, 16(5), 18, 18(1), 35B and 36(1)

of the W.T. (Amend.) Act, 1964,' and thereafter under Section 18(1)(a)(i), as substituted by Section 24 of the Finance Act, 1969?' 9. Wealth-tax Reference No. 3/75.10. This reference relates only to the assessment year 1968-69. In this case also … differentperiods of defaults. The periods of default were found by him to be 88,76, 64, 52, 40 and 28 months for the assessment year's from 1963-64 to1968-69, respectively. The W.T.O. levied penalty for the years 1963-64 to

T.K. Roy, Vs. Commissioner of Wealth-tax

Court : Guwahati

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 14, 14(1), 14(2), 15, 16(5), 18, 18(1), 35B and 36(1)

of the W.T. (Amend.) Act, 1964,' and thereafter under Section 18(1)(a)(i), as substituted by Section 24 of the Finance Act, 1969?' 9. Wealth-tax Reference No. 3/75.10. This reference relates only to the assessment year 1968-69. In this case also … differentperiods of defaults. The periods of default were found by him to be 88,76, 64, 52, 40 and 28 months for the assessment year's from 1963-64 to1968-69, respectively. The W.T.O. levied penalty for the years 1963-64 to

Commissioner of Wealth-tax Vs. R.D. Chand and

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 14(1) and 18(1); Wealth Tax (Amendment) Act, 1964; Finance Act, 1969

Reported in : [1977]108ITR787(AP)

Once again, the provisions of Section 18 of the Wealth-tax Act. were amended by Section 24 of the Finance Act, 1969, and Clauses (i) and (ii) of the Wealth-tax (Amendment) Act, 1964, were substituted by the following Clauses (i) … for imposition of an additional tax, the liability to pay such tax having been designated as penalty under Section 28. One line of argument which has prevailed particularly with the Allahabad High Court in Lal Chand Gopal Das's

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)

two statutory provisions. Section 40(c)(iii) being relevant for the assessment year 1968-69 which was originally introduced by the finance Act, 1963, is as under : '40. Amounts not deductible. - Notwithstanding anything to the contrary in sections 30 … heads, reeds, cameras and photographic paper The relevant assessment years are 1968-69, 1969-70, 1970-71 and 1971-72. (ii) For assessment year 1968-69, the Income-tax Officer applied … this High Court has also, in the Case of CIT v. Alchemic Pvt. Ltd. : [1981]130ITR168(Guj) , construed section 28(iv) and observed as under (headnote) : 'The assessee which was served with a notice for payment of excise

Mangali Impex Ltd. and Others Vs. Union of India and Others

Court : Delhi

Subject : Customs

and (2B) to Section 28 of the Act were inserted with effect from 11th May 2001 by the Finance Act, 2001. Two Notifications bearing Nos. 250-Cus and 251-Cus were issued on 27th August 1983 by the Central Government … of a statute. In The Assistant Commissioner of Urban Land Tax v. The Buckingham and Carnatic Co. Ltd. 1969 (2) SCC 55, a Constitution Bench of the Supreme Court explained that in order to remove the defects

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1986)18ITD226(Mum.)

84 ITR 661 observed that it was well recognized that specific dates in the 1961 Act and the Finance Act, 1955, had reference to assessment years and had nothing to do with the accounting years of an assessee … Section 40(a)(v) of reimbursement by employer company of medical expenses incurred by managing director in the assessment years 1969-70 and 1970-71 when the said provision was in force. [Section 40(a)(v) was deleted and substituted by Section 40A(5) … had been taken in CIT v. Tecakmit (Hind) Ltd. [1982] 137 ITR 285 (Cal.) which had followed its earlier decision in Kanan Devan Hills Produce

Commissioner of Income-tax (Central) Vs. Express Newspapers Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 24, 24(1), 36, 36(1), 38(1) and 38; Finance Act, 1964

Reported in : (1980)15CTR(Mad)383; [1980]124ITR117(Mad)

mortgage or charge. '5. The above clause was omitted by Section 30 and the Third Schedule of the Finance Act, 1968, with effect from 1st April, 1969. As the assessment years under consideration fall prior to 1st April, … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28--... (iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business

indo Asian Switchgears (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1985)12ITD65(Delhi)

as the profit of the export business of the assessee for the purposes of a rebate under the Finance Act, 1965. The observations of the Gujarat High Court were to the effect that the sale of such entitlements … aluminum chains to other countries. The assessment years involved were 1966-67 to 1969-70. The exports were made under the Special Export Promotion Scheme for engineering … Court in Agra Chain Mfg. Co. v. CIT [1978] 114 ITR 840 had referred to the provisions of Section 28(iv) of the Income-tax Act, 1961 ('the Act'), and was of the view that such rights could be brought