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Commissioner of Income-tax Vs. Shiv Chand Satnam Paul

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 2(14) and 45; Finance Act, 1970

Reported in : (1998)145CTR(P& H)246; [1998]231ITR663(P& H)

the classes of land included in items (a) and (b) of Section 2(14)(iii) of the Act. By the Finance Act, 1970, with effect from the assessment year 1970-71, certain specified lands situate in urban areas or semi-urban areas 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

J. Raghottama Reddy, Vs. Income-tax Officer

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(1), 2(14), 2(24), 45, 47, 54B and 139(2); Constitution of India - Article 14; Finance Act, 1970

Reported in : [1988]169ITR174(AP)

the assessment year 1970-71, 'agricultural land in India' was excluded from the definition of 'capital asset'. By the Finance Act, 1970, however, sub-clause (iii) in clause (14) was substituted. For the words 'agricultural land in India', the following sub-clause … account. Even otherwise, he is not an income-tax assessee. The Income-tax Officer, D-Ward, Nellore, issued a notice under section 139(2) of the Act, in response to which the petitioner filed a return declaring an income of Rs.

Lim Siew Bee Vs. Lim Boh Chuan and Another

Court : Singapore Supreme Court

Subject : Education

property, is intended to fall on the beneficiaries according to their respective interests. Under s 14(1) of the Finance Act 1894 a rateable part of such duty, paid by a person authorised to do so, may be recovered … is to be determined based on an analysis of the provisions of the Estate Duty Act (Cap 96, 1970 Rev Ed) ("the 1970 EDA"), which was in force at the time of the father's death. Factual background … Cc Cash82,450.00 5to Mdm Lim Kim Luan, cash15,000.00$1,631,082.80 $4,218,037.03 Deduct Exemption under Section 14(2)(b) 100,000.00 $4,118,037.03 27. The prolonged and meandering correspondences between the Commissioner

The State of Punjab Vs. Union of India

Court : Punjab and Haryana

Subject : Constitution

Acts : Constitution of India - Articles 131, 226, 246 and 248; Wealth-tax Act, 1957 - Sections 2; Finance Act, 1969

Reported in : [1971]80ITR248(P& H)

other by a private person (C. W. 2673 of 1970), challenging the validity of Section 24 of the Finance Act, 1969, so far as the same amended relevant provision of Wealth Tax Act, 1957, and included the capital … to be included in the 'net wealth'. Section 5 provides certain exemptions with which we are not concerned. Section 14 provides for the filing of return by a person whose net wealth on the valuation date was of

B.S. Jayachandra Vs. Income-tax Officer and anr.

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(1), 2(14), 5, 10(1), 10(2), 45, 47, 54B and 59

Reported in : (1986)54CTR(Kar)342; ILR1987KAR1088; [1986]161ITR190(KAR); [1986]161ITR190(Karn)

and buildings and 35% where they relate to other assets. 30. Prior to the amendment made by the Finance Act, 1970, the definition of the term 'capital asset' in section 2(14) of the Income-tax Act, 1961, excluded from its

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

Union of India and ors. Vs. S. Muthyam Reddy

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(1A) & 2(14); Constitution of India - Article 366(1); Finance Act, 1970; Finance Act, 1989;

Reported in : AIR1999SC3881; [1999]240ITR341(SC); JT1999(7)SC596; 1999(6)SCALE305; (1999)7SCC545

opinion amongst the High Courts as to the effect of Section 2(14)(iii) of the Act, as amended by Finance Act, 1970, and hence the Parliament introduced the Explanation by Finance Act, 1989 stating the meaning thereto which is in

Mahaveer Enterprises Vs. Union of India and ors.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (1997)143CTR(Raj)252

such agricultural income. Therefore, to the extent that sub-cl. (iii) of s. 2(14) as amended retrospectively by the Finance Act,. 1970, r/w s. 45 makes the profits or gains arising from the transfer of such lands situate in the … any land referred to in item (a) or item (b) of sub-cl. (iii) of cl. (14) of this section.'Under s. 2(14) of the IT Act, we find the definition of capital asset s. 2(14) is quoted hereinbelow

The Commissioner of Income-tax, M.P., Nagpur and Bhandara Vs. Parmanan ...

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Finance Act, 1960 - Sections 2(6); Income Tax Act, 1922 - Sections 2(6AA), 14(2) and 16(1)

Reported in : AIR1978MP80; [1979]119ITR219(MP); 1978MPLJ355

in the case of each partner by including the special surcharge of Rs 32,400 in accordance with the Finance Act, 1960 (Act No. 13 of 1960). On behalf of the assessee it had been contended that the exemption … 1960). On behalf of the assessee it had been contended that the exemption granted to a partner under Section 14 (2) (aa) of the Income-tax Act, 1922, could not be treated as unearned income, the same being earned