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Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

Subject : Education

contentions raised by Sri S S Naganand for petitioners and contends that for the first time by 27 Finance Act, 1972 the definition of ‘income’, in Section 2(24) of the Act was amended to include winnings from lotteries, crossword … issued by the Department and together record the findings of this Court on point No.2 formulated above with 41 conclusions thereon after noticing the Case Laws having bearing on these issues. FACTS IN W.P.NOS.6565-6568/2013, 6651- 6652/2013 AND66742013

Bangalore Turf Club Ltd. Vs. Union of India

Court : Karnataka

Subject : Direct Taxation

the contentions raised by Sri S S Naganand for petitioners and contends that for the first time by Finance Act, 1972 the definition of 'income', in Section 2(24) of the Act was amended to include winnings from lotteries, crossword … maintaining horses. The Explanation (a) deals with the manner of computation of losses. Explanation (c) defines stake money. 41. A reading of Explanation (c) to sub-section (3) of section 74A would indicate that 'stake money' is an

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)

him, is erroneous and the Tribunal has failed to take note of the insertion of Sub-section (4A) in Section 41 which was also simultaneously inserted w.e.f. 1st April, 1998, by the Finance Act, 1997, with the amendment to … 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

Thanthi Trust Vs. Wealth-tax Officer

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(31), 4, 11, 11(1), 139, 139(1), 139(4A), 147, 148, 148(2) and 292B; Wealth Tax Act, 1957 - Sections 2, 3, 5, 5(1), 14, 14(1), 14(2), 16, 16(2), 16A, 16A(1), 17, 17(1), 17(1), 17(2), 18, 21, 21(1), 21(2), 21A, 23, 24, 25, 27, 29, 41, 42 and 42C

Reported in : (1989)78CTR(Mad)54; [1989]178ITR1(Mad)

exemption. However, the said provision is subject to section 21A of the Act which was introduced by the Finance Act, 1972, with effect from April 1, 1973. The non obstante clause present in that section is very significant. The … Trust' and not to the proper person. The said notice has also not been served in accordance with section 41 of the Wealth-tax Act. The trust is not an assessee liable to assessment. 21. When the Wealth-tax Officer

Commissioner of Income-tax Vs. Gujarat State Fertilizers Co. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A, 43(1), 43A and 43A(1)

Reported in : (2003)179CTR(Guj)266; [2003]259ITR526(Guj)

(No. 2) Act of 1967, with effect from April 1, 1967, whereas Section 32A was inserted by the Finance Act, 1976, with effect from April 1, 1976. Hence, the non obstante clause in Section 43A could not have … and (5)) Section 43(1) and Section 43A(1) :'43. In sections 28 to 41 and in this section, unless the context otherwise requires-- (1) 'actual cost' … Officer had treated it as capital expenditure. This was agitated in appeal against the orders of assessments for 1972-73 and 1975-76. But the Commissioner of Income-tax (Appeals), following the decision of the Tribunal allowed the claim for

M/S. Hanuman Silks and Etc. Vs. Karnataka Industrial Areas Development ...

Court : Karnataka

Subject : Property

Acts : Karnataka Industrial Areas Development Act, 1966 - Sections 14, 25, 28(1), 33, 34, 35, 41 and 42 - Regulations 5 and 10; Constitution of India - Articles 14, 32 and 226; Karnataka Public Premises (Eviction of Unauthorised Occupants) Act, 1974 - Sections 5(2); Karnataka Rent Control Act, 1961 - Sections 13; Karnataka Acquisition of Lands for Grant of House Sites Act, 1972 - Sections 3(7); Income-tax Act, 1961 - Sections 269UE(3); Code of Civil Procedure (CPC), 1908 - Order 21, Rule 35; Special Relief Act, 1963 - Sections 6

Reported in : AIR1997Kant134; ILR1996KAR3384; 1996(7)KarLJ277

with functions and powers of the Board and Chapter V deals with Finance, Accounts and Audit of the Board. Chapter VI deals with application of … of the Public Premises Act, S. 3(7) of the Karnataka Acquisition of Lands Tor Grant of House Sites Act, 1972 and S. 269UE(3) of Income-tax Act. 1961, as illustrations. In fact, KIAD Act itself contains such a provision, … by the Board to enter upon any land for the purpose of inspection, survey, measurement, valuation or enquiry. Section 41 enables the Board by notification, to make regulations consistent with the Act and Rules thereunder, to carry out

industrial Finance Corporation of India and anr. Vs. Century Metals Li ...

Court : Delhi

Subject : Commercial

Acts : Industrial Finance Corporation Act, 1948 - Sections 30 and 41A

Reported in : 1(1989)DLT550

Santosh Duggal, J.(1) Industrial Finance Corporation of India, (IFCI for short), a statutory body established under the Industrial Finance Corporation Act, 1948 (hereinafter … on the terms and conditions which were incorporated in the agreement of loan entered into on 19th August, 1972, (hereinafter referred to as the Loan Agreement).(3) As security for the payment of the said loan together with … facts, that have necessitated a petition to this Court, invoking provisions of Section 30 of the Act , M/s. Century Metals Ltd., a company incorporated … other law for the time being in farce of terms of Section 41-A of the Act.(29) Following issues were formulated. pursuant to various contentions raised

Commissioner of Income-tax Vs. English Electric Company Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80E and 80I; Income Tax (Amendment) Act, 1968; Finance Act, 1972; Finance (No. 2) Act, 1980

Reported in : (1980)17CTR(Mad)312; [1981]131ITR277(Mad)

Taxation - set off - Sections 80E and 80I Income Tax Act, 1961, Income Tax (Amendment) Act, 1968, Finance Act, 1972 and Finance (No.2) Act, 1980 - whether Tribunal right in holding that relief under Section 80E should be … AAC agreed with this contention and directed computation of the 8% referred to under Section 80E on Rs. 41,15,301, which was the profit earned from the priority industry in the relevant year. The revenue appealed to the

The State Of Himachal Pradesh Vs. Goel Bus Service Kullu

Court : Supreme Court of India

Subject : Land Acquisition

15.04.1998 for the reason that similar provisions enacted in the State of Rajasthan were repealed by the Rajasthan Finance Act, 1977 and, as such, the question raised was held to be no longer a live issue. The said … under: “Developed roads and bridges constitute arteries of a healthy economy. Himachal Pradesh being a hill 3 HPMVT Act 1972 25 State, the importance of roads, their construction and maintenance can hardly be over emphasized as a vital … period of fifteen years from the date of issue of certificate of registration under sub- section (3) of section 41 of the Motor Vehicles Act, 1988, (59 of 1988) at the rates as may be specified by the

Kesoram Industries and Cotton Mills Ltd. Vs. Commissioner of Income-ta ...

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 37(4), 45, 80J, 80K and 80M; ;Finance Act, 1970

Reported in : [1991]191ITR518(Cal)

place an effective check on lavish expenditure on maintenance of guest houses, Section 37(4) was inserted by the Finance Act, 1970, for disallowance altogether of expenditure incurred after February 28, 1970, on the maintenance of guest houses other … of law--four at the instance of the assessee and four at the instance of the Revenue--for theassessment year 1972-73 have been referred to this court. Counsel for the parties are agreed that all the questions but two … in question. Whether or not this amount will be assessed under Section 41(1) will fall for consideration in the assessment year 1973-74.17. In view of