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Commr. of Income Tax Vs. Gujarat Maritime Board

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Gujarat Maritime Board Act, 1981 - Sections 3(2), 25, 26, 73, 74 and 75; General Clause Act, 1897 - Sections 3(31); Income Tax Act, 1961 - Sections 2(15), 10(20), 11, 11(1), 11(4), 11(16), 12A and 60 to 63; Finance Act, 2002; Gujarat Maritime Board Act, 1981; Indian Ports Act, 1903 - Sections 36; Banking Companies Acquisition and Transfer of Undertaking Act, 1970 - Sections 2; Public Trust Act

Reported in : (2008)214CTR(SC)81; [2007]295ITR561(SC); 2007(14)SCALE21; 2007AIRSCW7912; 2008(3)KCCRSN199

income of the Board was not eligible to income-tax under Section 10(20) or the Income-tax Act, 1961.3. By finance Act, 2002, an Explanation was added in Section 10(20) by which 'Local Authority' was defined. It gave a restricted … bank as defined in Clause (d) of Section 2 of the Banking Companies Acquisition and Transfer of Undertaking Act, 1970 [or in any corporation or financial institution controlled and managed by the State Government] , as the Board … by it as the Conservators of the Ports and of their approaches or as the body appointed under Section 36 of the Indian Ports Act, 1903 shall be credited to a fund called the General Account of the

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 … Part 'D', beginning with Section 28, deals with profits and gains of business or profession. Sections 30 to 36 relate to certain deductions which are allowed inter alia, on account of rent, rates, taxes, repairs and insurance

Commissioner of Income-tax Vs. Industrial Promotion and Investment Cor ...

Court : Orissa

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1)

Reported in : (1992)103CTR(Ori)222; [1993]199ITR761(Orissa)

the Finance Act, 1981, with effect from April 1, 1982. The original Explanation which was inserted by the Finance Act, 1970, with effect from April 1, 1966, was omitted by the Finance Act, 1974, with effect from April 1, … A. Pasayat, J. 1. On being moved by the Revenue under Section 256(1) of the Income-tax Act, 1961 (in short, 'the Act'), the Income-tax Appellate Tribunal, Cuttack Bench, Cuttack (in … justified in holding that the total income on which deduction under Section 36(1)(viii) of the Income-tax Act, 1961, has to be computed must be calculated

M. Ct. Muthiah and anr. Vs. Controller of Estate Duty

Court : Chennai

Subject : Property

Acts : Estate Duty Act, 1953 - Sections 2(15), 3(1), 5, 6, 15, 34(3) and 36

Reported in : [1974]44CompCas254(Mad); [1974]94ITR323(Mad)

paid in pursuance of the provisions of Section 5(1) was liable to estate duty. Section 2(1)(a) of the Finance Act, 1894 was held not applicable on the ground that the word ' passes ' in that section contemplates … 2,00,000.59. In Commissioners of Inland Revenue v. Graham decided on December 8 1970, the words ' at the time of death of the deceased ' … that is, regarding the value of the interest that shall be deemed to pass on the death. Under Section 36 of the Act the principal value of the property shall be estimated to be the price which, in

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 … in clause (iv) or clause (v) or any expenditure referred to in clause (ix) of sub-section (1) of section 36 shall not be taken into account : provided further that nothing in this sub-clause shall apply to any … 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 the

Tvs Finance and Services Ltd., Jayalakshmi Estates Vs. the Joint Commi ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 18, 28, 36, 36(1), 36(2), 115JA and 145(1); Reserve Bank of India Act; Companies Act; Companies Rules - Rule 7(2)

Reported in : (2010)228CTR(Mad)546; [2009]318ITR435(Mad)

and 110 of 2002 and will be dealt with by a common order.3. The assessee is a non-banking finance company engaged in lease, hire purchase, bills discounting and mortgage loans. According to the assessee, it is required … a business loss Under Section 28 of the Income Tax Act, if not as a bad debt Under Section 36(1)(vii) of the Income Tax Act, 1961?(iii) Whether order of the Income Tax Appellate Tribunal rejecting the Appellant's method

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1986)18ITD515(Hyd.)

the Indian Income-tax Act, 1922 underwent subsequently many amendments-please see Finance Act, 1966, Finance (No. 2) Act 1967, Finance Act, 1970, Finance (No. 2) Act 1971, Finance Act, 1974, Finance Act, 1977, Finance Act, 1979, Finance Act, 1981 and … for the sake of convenience.2. The first point in dispute is as regards the quantum of deduction under Section 36(1)(viii) of the Income-tax Act, 1961 ('the Act')- The assessee, Andhra Pradesh State Financial Corpn., is approved by

Commissioner of Income-tax Vs. U.P. State Industrial Development Corpo ...

Court : Supreme Court of India

Subject : Direct Taxation

Reported in : (1997)139CTR(SC)267; [1997]225ITR703(SC)

the object of developing industries in the State of Uttar Pradesh and with that end in view it finances industrial projects or enterprises, whether owned or run by the Government, a statutory body, private company, firm or … S.C. AGRAWAL J. - These appeals, by certificate granted under section 261 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), have been filed by the Revenue against the judgment of the … assessees income of that year ?'The references relate to the assessment years 1970-71 and 1971-72.The assessee is a State undertaking. Its shares are wholly subscribed … interest but keeping it in a suspense account was repugnant to section 36(1)(vii) read with section 36(2) of the Act. The learned judge, after taking

Kerala Financial Corporation Vs. Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1), 41 and 41(4A); Finance Act, 1997

Reported in : (2003)182CTR(Ker)502; [2003]261ITR708(Ker)

with the requirement under Section 36(1)(viii). He drew our attention to the amendment made to Section 36(1)(viii) by Finance Act, 1997, w.e.f. 1st April, 1998, by which it was made clear that the special reserve is not only

Jct Ltd. Vs. Deputy Commissioner of Income Tax and anr.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(2), 35, 36(1), 37, 43 and 43(1); ;Finance Act, 1986; ;Finance Act, 2003; ;Companies Act, 1948 - Section 65

Reported in : (2005)194CTR(Cal)509,[2005]276ITR115(Cal)

on the basis of Expln. 8 to Section 43(1) as was inserted in the IT Act, 1961 through Finance Act, 1986 w.e.f. 1st April, 1974, applicable in relation to the asst. yr. 1974-75 and subsequent years. The object … of plants and machineries until the plants and machineries are first put to use, could be deductible under Section 36(1)(iii) or Section 37 of the IT Act, 1961 in computing the assessee's income, as revenue expenditure, though capitalized