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Commissioner of Income-tax Vs. May and Baker (India) Pvt. Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Enactment of Payment of Gratuity Act, 1972 - Sections 40(A)(7); Finance Act, 1975; Income Tax Act, 1961 - Sections 37, 40A, 40A (7) and 260(1)

Reported in : (1991)95CTR(Bom)168; [1991]192ITR239(Bom)

section 40A(7) was introduced in the Income-tax Act, 1961, with retrospective effect from April 1, 1973, by the Finance Act, 1975, on May 12, 1975. The assessment year involved herein being assessment year 1973-74, ordinarily the assessee's claim … case, the liability of the assessee in the matter of payment of gratuity under the Payment of Gratuity Act, 1972, of Rs. 5,34,000 is an allowable revenue expenditure in the assessment of the assessee for the accounting period … liability, even if it is held to have accrued during the previous year, could not be allowed under section 37. 7. Shri Mistri, learned counsel for the assessee, on the other hand, submitted that it was not open

Commissioner of Income-tax Vs. Carborandum Universal Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(5), 28, 30, 31, 32, 33, 34, 35, 36, 36(1), 37, 38, 39, 40, 40A, 40A(7), 41, 42 and 43(A)

Reported in : [1995]216ITR360(Mad)

considered particularly, and contended that in cases of assessment for any year previous to the introduction by the Finance Act, 1975, with effect from April 1, 1973. of section 40A(7) this court has affirmed the law as in … the employees or on the understanding of the trade and after the enactment of the Payment of Gratuity Act, 1972, which came into force on September 16, 1972, as a statutory liability under the said Act. Although payment … incurred for the purpose of business in the year in which the payments were made and allowed under section 37 of the Act; (2) Provision made for payment of gratuity which would become due and payable in the

Commissioner of Income-tax Vs. Garware Synthetic Bristles

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Finance Act, 1975; Inacome Tax Act, 1961 - Sections 37 and 40A(7)

Reported in : (1994)117CTR(SC)260; [1994]205ITR426(SC)

(7) of Section 40A is not applicable to the said assessment year. Sub-section (7) was introduced by the Finance Act, 1975, with retrospective effect from April 1, 1973. In other words, Sub-section (7) applies on and from the … to its employees for the accounting year relevant to the assessment year 1972-73. The deduction was allowed under Section 37 of the Income-tax Act. This was objected to by the Revenue and the aforesaid questions were sought to

Coral Cosmetics Ltd. Vs. Union of India (Uoi)

Court : Mumbai

Subject : Excise

Acts : Finance Act, 1999 - Sections 131 and 132; Central Excise Act, 1944 - Sections 4, 37 and 37(2); Central Excise Rules, 1944; Central Excise (Amendment) Rules, 1997 - Rule 57F and 57F(17); Companies Act, 1956; Customs Tariff Act, 1975 - Sections 3; Central Excise Tariff Act, 1985; Constitution of India - Articles 14, 19(1) and 141

Reported in : 2009[16]STR371

V.C. Daga, J.1. The petitioners seek to challenge the constitutional validity of Section 131 and 132 of the Finance Act, 1999. By Section 131 of the Finance Act, Clause (xxviii) was inserted in Section 37(b) of the Central … in the case of State of Madhya Pradesh v. Chhotabhai Jethabhai Patel & Co. reported in : AIR 1972 S.C. 971.19. Per contra, Mr. Jetly, learned Counsel appearing for the respondents submitted that Sections 131 and 132

Shree Sajjan Mills Ltd. Vs. Commissioner of Income Tax, M.P., Bhopal a ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30, 34(3), 36(1), 37, 37(1), 39, 40A, 40A(1), 40A(7), 40D, 155(13) and 256(1); Payment of Gratuity Act, 1972; Finance Act, 1968 - Sections 40A; Companies Act; Finance (Amendment) Act, 1975

Reported in : AIR1986SC484; 1986LC276(SC); [1985]156ITR585(SC); 1985(2)SCALE737; (1985)4SCC590; [1985]Supp3SCR593

the total Rs, 48,59,431 made by the assessee towards liability for gratuity?9. Section 40A was inserted by the Finance Act, 1968 with effect from 1st April, 1968. It is necessary to set out, the relevant provisions of Section … the assessment year relating to 1973-74, actuarially ascertained liability for gratuity especially arising under the Payment of Gratuity Act, 1972 was an allowable deduction. The Tribunal had consistently taken the view that the assessee would not be eligible … was set up on the ground that this liability was ascertained by actuarial valuation and was deductible under Section 37(1) of the Act. The Income-tax Officer allowed the deduction, of a sum of Rs. 2,65,872 only which was

Commissioner of Income-tax Vs. Kanpur Textiles Ltd.

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(5), 6(3), 28, 30 to 38, 40, 40A(7), 80V and 256(2); Companies Act; Uttar Pradesh Industrial Disputes Act, 1947 - Sections 6(3); Payment of Gratuity Act, 1972; Wealth-tax Act; Finance Act, 1975; Income Tax Rules

Reported in : (2005)198CTR(All)293; [2005]276ITR140(All)

allowability of the amount of gratuity prior to the insertion of Section 40A(7) in the Act by the Finance Act, 1975, with effect from April 1, 1973, as follows (page 599) :'(1) Payments of gratuity actually made to … contained in the U. P. Government Notification No. 4268, dated November 19, 1971, and the Payment of Gratuity Act, 1972. However, he allowed the claim of the respondent-assessee only for Rs. 1,66,495 in respect of gratuity actually paid … of expenditure falls under Section 36(1)(v) of the Act, it cannot be allowed under the residuary provision under Section 37(1) of the Act. On the question of allowability of interest, he submitted that the amount in question represented

Cit Vs. Kanpur Textiles Ltd.

Court : Allahabad

Subject : Direct Taxation

Reported in : [2005]143TAXMAN274(All)

allowability of the amount of gratuity prior to the insertion of section 40A(7) in the Act by the Finance Act, 1975, with effect from 1-4-1973, as follows:'(1) Payments of gratuity actually made to the employee on his retirement … same as those contained in the U.P. Government Notification No. 4268, dated 19-11-1971, and the Payment of Gratuity Act, 1972. However, he allowed the claim of the respondent assessee only for Rs. 1,66,495 in respect of gratuity actually … of expenditure falls under section 36(1)(v) of the Act, it cannot be allowed under the residuary provision under section 37(1) of the Act. On the question of allowability of interest, he submitted that the amount in question represented

Balsara Hygiene Products Ltd. and Another Vs. D.S. Saxena and Another

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 3, 30, 31, 32, 33, 34, 35, 36, 37, 37(3) and (3)A and 80B; Constitution of India - Articles 19 and 226; Finance Act, 1983 - Sections 17

Reported in : 1994(2)BomCR164; [1994]208ITR623(Bom)

declaration that the amendment made to section 37 of the Income-tax Act, 1961, by section 17(b) of the Finance Act, 1983, by inserting sub-sections (3A) to (3D) is bad in law, illegal, invalid and violative of the petitioners' … Co. Ltd. v. Union of India, : [1973]2SCR757 where the import policy for newsprint for the year April, 1972, to March, 1973, was challenged on the ground of infringement of the fundamental right guaranteed under article 19(1)(a).

M/s. Bharti Airtel Ltd. Vs. The Commissioner of Central Excise

Court : Mumbai

Subject : Service Tax

amount of Rs.2,04,39,093/- under provisions of Rule 14 of the Credit Rules read with Section 73 of the Finance Act,1994. In respect of towers and parts thereof, prefabricated building, printers and office chairs, the Commissioner observed that the … Raipur, (2010(253) ELT 440(Tri-LB)); (II) Quality Steel Tubes (P) Ltd) versus Collector of C. Ex., ((1995) 2 SCC 372) (III) Triveni Engineering and Industries Ltd and Anr Versus Comm. Of C. Ex. (2000) and SCC 29 (IV)

Bishnu Krishna Shrestha Vs. Union of India (Uoi)

Court : Kolkata

Subject : Direct Taxation

Acts : Foreign Exchange Regulation Act, 1973 - Section 37 and 37(2); ;Code of Criminal Procedure (CrPC) , 1973 - Section 165(2)

Reported in : 1987(11)ECC385,1987(27)ELT369(Cal),[1987]168ITR815(Cal),[1987]67STC209(Cal)

of changes in mores. Examples of them are to be found in the Exchange Control Act, 1947, the Finance Act, 1972 (in relation to value added tax) and in statutes about gaming or the use of drugs. A formidable … for, inter alia, quashing of a search warrant No. C-20/89 of 1986, dated March 11, 1986, issued under Section 37 of the Foreign Exchange Regulation Act, 1973, in respect of premises No. 3, National Tower, 13, Louden Street,