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India Leather Corporation (P.) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1970 - Sections 2(6); Income Tax Act, 1961 - Sections 80E, 147 and 256(1)

Reported in : (1989)77CTR(Mad)18; [1989]179ITR170(Mad)

the assessee-company was not an industrial company within the meaning of clause 2(6)(c) of Chapter II of the Finance Act, 1970 ?' 2. The assessee is a private limited company and the assessment year we are concerned with is … Ratnam, J.1. At the instance of the assessee under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), the following question has been referred

V. Guruviah Naidu and Sons Vs. Commissioner of Income Tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 35B and 35B(1); Finance Act, 1970 - Sections 8

Reported in : [1995]216ITR156(Mad)

connection therewith', which expression was not originally there, but has been retrospectively inserted by s. 8 of the Finance Act, 1970. The legislature, however, carefully divided the qualifying expressions and while retrospectively inserting 'not being expenditure incurred in India … personal expenses of the assessee) referred to in cl. (b), he shall, subject to the provisions of this section, be allowed a deduction of a sum equal to one and one third times the amount of such … not entitled to weighted deduction under s. 35B(1)(b)(iii) of the IT Act, 1961, in respect of the expenditure incurred by it on transport of goods

Commissioner of Income-tax Vs. Smt. Indramani Devi Singhania

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 24(1)

Reported in : (1991)95CTR(All)26; [1991]189ITR124(All)

of Section 24 of the Act. The assessment years concerned herein are 1969-70, 1970-71 and 1971-72. By the Finance Act, 1968, Clause (iii) of Sub-section (1) of Section 24 of the Act was deleted and certain words were

Commissioner of Income-tax Vs. Vishwanath

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 45 to 55A and 55(2); Finance Act, 1970 - Sections 49(1)

Reported in : (1992)107CTR(All)330; [1993]201ITR920(All); [1993]67TAXMAN92(All)

the purview of 'capital asset' as defined in Section 2(14) of the Act after its amendment by the Finance Act, 1970. However, in the computation of ' capital gains ', the assessee put forward a claim that it was … R.K. Gulati, J.1. It is a reference under Section 256(1) of the Income-tax Act, 1961 (for short 'the Act').2. The assessee is a Hindu undivided family. In the previous years relevant to the

income Tax Officer, Shillong and ors. Vs. R. TakIn Roy Rymbai and ors.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 2(45), 5, 6, 10, 10(1), 10(26) and 80A to 80U; Indian Income-tax Act, 1922 - Sections 4(3); Constitution of India - Articles 14, 46, 136, 226, 342(1), 342(2), 366 and 366(25);Finance Act, 1955; Finance Act, 1938 - Sections 3; Taxation Laws (Amendment) Act, 1970; North Eastern Areas (Re-organization) Act, 1971

Reported in : AIR1976SC670a; [1976]103ITR82(SC); (1976)1SCC916; [1976]3SCR413; 1976(8)LC295(SC)

(3) of Indian Income-tax Act, 1922, Finance Act, 1955, Section 3 of Finance Act, 1938, Taxation Laws (Amendment) Act, 1970, North Eastern Areas (Re-organization) Act, 1971 and Articles 14, 46, 136, 226, 342 (1), 342 (2), 366 and … contain any provision specifically, exempting members of the Scheduled Tribes from the levy of income-tax. It was the Finance Act 1955 that first incorporated in the Income-tax Act, 1922, provisions for exemption of the Tribal people of the

South Eastern Coalfields Ltd. Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

Subject : Direct Taxation

Reported in : (2002)77TTJ(Nag.)401

confirmed the disallowance made by the assessing officer considering that the provisions of section 37(4) introduced by the Finance Act, 1970 with effect from 28-2-1970, specifically and expressly prohibits allowance of any expenditure on the maintenance of a guest-house … in item (i).Rule 5(1) : Subject to the provisions of sub-rule (2), the allowance under clause (ii) of sub-section (1) of section 32 in respect of depreciation of any block of assets shall be calculated at the percentages

Britannia Industries Ltd. Vs. Commissioner of Income Tax, West Bengal, ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30 to 36, 37, 37(1), 37(3), 37(4), 37(5) and 80B; Finance Act, 1964 - Sections 37(3); Finance Act, 1970; Finance Act, 1997; Finance Act, 1983 - Sections 37

Reported in : AIR2005SC4333; (2005)198CTR(SC)313; [2005]278ITR546(SC); JT2005(12)SC98; 2005(8)SCALE148; (2006)1SCC646

omitted by the Finance Act 1997 with effect from 1st April, 1998.Similarly Sub-section (4) was inserted by the Finance Act 1970 with effect from 1st April, 1970 and was, thereafter, omitted by the Finance Act 1997 with effect from … the instant case is with regard to disallowance of a sum of Rs. 31,38,017/- for the Assessment Year 1994-1995, which sum was claimed by the assessee as expenses towards rent, repairs, depreciation and maintenance of a guest

South Eastern Coalfields Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Nagpur

Subject : Direct Taxation

Reported in : (2003)260ITR1(Nag.)

also confirmed the disallowance made by the AO considering that the provisions of Section 37(4) introduced by the Finance Act, 1970 w.e.f. 28th Feb., 1970, specifically and expressly prohibits allowance of any expenditure on the maintenance of a guest-house … item (i). Rule 5(1) : Subject to the provisions of Sub-rule (2), the allowance under Clause (ii) of Sub-section (1) of Section 32 in respect of depreciation of any block of assets shall be calculated at the percentages

Commissioner of Income-tax Vs. Thomas Duff and Co. (India) Pvt. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 5(1), 91 and 256(1); ;Indian Income Tax Act, 1922 - Section 49D; ;Finance Act, 1965 - Section 47 and 47(2); ;Income and Corporation Taxes Act, 1970 - Section 232

Reported in : [1982]137ITR798(Cal)

involved is 1970-71. Therefore, it was sought to be urged that in view of Section 47 of the Finance Act, 1965, of England which is again more or less in similar lines with Section 232 of the Income … Sabyasachi Mukharji, J.1. In this reference under Section 256(1) of the I.T. Act, 1961, two questions have been referred to us; which are as follows:1. ' Whether, on the facts and in

Singhai Rakesh Kumar Vs. Union of India and ors.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2 and 45; Constitution of India - Article 366(1); Income Tax Act, 1922; Finance Act, 1970 - Sections 2

Reported in : [2001]247ITR150(SC); 2000(7)SCALE666; [2000]Supp5SCR111

India...but does not include agricultural land in India...'. The words 'agricultural land in India' were substituted by the Finance Act, 1970 with effect from 1st April, 1970 to read thus:(iii) agricultural land in India, not being land situate :(a) … High Court to declare as unconstitutional the Explanation to Sub-section (1A) and Clause (iii) of Sub-section (14) of Section 2 of the Income Tax Act, 1961 and to declare that capital gains arising from the sale of … not amount to capital gains within the meaning of Income Tax Act, 1961 ?' The reference related to the Assessment Years 1981-82 and 1983-84.2. In