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Commissioner of Income-tax Vs. Ambalal Kilachand and (Late) Tulsidas K ...

Court : Mumbai

Subject : Direct Taxation

Acts : Finance Act, 1972; Income Tax Act, 1961 - Sections 5, 5(1), 90, 91, 194 and 198

Reported in : (1995)124CTR(Bom)252; [1994]210ITR844(Bom)

12. The law in the United Kingdom after 1973 is governed by the Finance Act, 1972. Under the Finance Act, 1972, section 84 provides that where a company resident in the United Kingdom makes a qualifying distribution after April 5,

Commissioner of Wealth-tax Vs. Suresh Mohan Thakur

Court : Patna

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 5(1); Finance Act, 1971;

from April 1, 1963, and the Explanation was added with effect from April 1, 1972, by the same Finance Act in Section 5(1)(viii), gave out a clear intention of Parliament that the wider meaning of the word 'jewellery'

Commissioner of Income-tax Vs. Chaman Lal

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 5(1), 10(3), 56(2), 194B and 276B; Finance Act, 1972

Reported in : [1985]156ITR245(P& H)

income chargeable to income-tax in India under Sections 10(3)/56(2)(ib)/2(24)(ix) of the I.T. Act, 1961, as amended by the Finance Act, 1972? (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in … the circumstances of the case, the Appellate Tribunal was right in law in holding that the provisions of Section 5(1)(c) were not applicable to the lottery winnings received by the assessee in Gangtok ' 2. Chaman Lal (hereinafter

Commissioner of Wealth-tax Vs. 1. Smt. Vidyawati Devi Rathi 2. Smt. Pr ...

Court : Rajasthan

Subject : Direct Taxation

Reported in : (1986)57CTR(Raj)107; [1986]160ITR887(Raj)

the assessee, subject to a maximum of twenty-five thousand rupees in value.'This clause(xv) was subsequently deleted by the Finance Act, 1963. In CWT v. Arundhati Balkrishna : [1970]77ITR505(SC) , their Lordships of the Supreme Court, while considering the … and that such ornaments are includible in the term jewellery alter March, 1972.'In order to appreciate the controversy raised in these cases, it would be … 1963, after the words articles intended for personal and household use of the assessee in clause (viii) to section 5(1) of the Wealth-tax Act, 1957, did not include ornaments made of gold, silver, platinum or any precious or

Union of India (Uoi) and anr. Vs. Azadi Bachao Andolan and anr.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 4, 5, 6, 7, 10(1), 44, 51, 73, 90, 115A, 116, 119, 119(1), 119(2), 245O, 245S and 245R; Companies (Profits) Surtax Act, 1964; Evidence Act; Income Tax Act, 1922 - Sections 49A; Finance Act, 1972; Finance Act, 1991 - 90(1) and 90(2); Constitution of India - Articles 1, 2(2), 3, 4, 4.1, 4(3), 10, 11, 12, 13, 13(4), 14, 15, 16, 17, 18, 18(2), 20, 21, 22, 25, 28, 31B, 73 and 265; Central Excise Act, 1944 - Sections 5A; Central Sales Tax Act, 1956 - Sections 8(5); Customs Act - Sections 25; Economic Crime and Anti Money Laundering Act, 2000; Companies Act, 1984; Stock Exchange Act, 1988; Income Tax Law; Income and Corporation Taxes Act, 1970 - Sections 460; Wealth Tax Act - Sections 21(2)

Reported in : (2004)1CompLJ50(SC); (2003)184CTR(SC)450; [2003]263ITR707(SC); JT2003(Suppl2)SC205; 2003(8)SCALE287; (2004)10SCC1

1961 was introduced, Section 90 contained therein initially was a reproduction of Section 49A of 1922 Act. The Finance Act, 1972 (Act 16 of 1972) modified Section 90 and brought it into force with effect from 1.4.1972. The object … more beneficial to that assessee.' (Explanation omitted as not relevant) 16. Section 4 provides for Charge of Income-tax. Section 5 provides that the total income of a resident includes all income which : (a) is received, deemed to

Shantaben Chinubhai (Guardian of Minor, Upendra Chinubhai) Vs. Commiss ...

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 80HH, 104 and 263; Wealth Tax Act 1957 - Sections 5, 5(1) and 45

Reported in : (1992)103CTR(Guj)185; [1992]196ITR44(Guj)

'industrial company' as defined in section 2(6) (c) of the Finance Act (No. 2) Act, 1971, and the Finance Act, 1972. The Division Bench of the Delhi High Court, negativing the claim of the assessee, held that the assessee-company … the assets of an industrial undertaking belonging to these firms and, therefore, the amounts invested were exempt under section 5(1)(xxxii) of the Wealth-tax Act, 1957 (the 'Act' for short). It was contended that the firms in which the

Hindustan Unilever Limited Vs. Assistant Commissioner, Commercial Taxe ...

Court : Kolkata

Subject : Sales Tax/VAT

Acts : West Bengal Sales Tax Act, 1994 - Sections 15, 17, 17(2) and 17(3); ;Central Sales Tax Act, 1956 - Section 5, 5(1), 5(3) and 6A; ;West Bengal Sales Tax Rules, 1995 - Rules 42 and 81; ;Finance Act, 1972; ;Bihar Finance Act, 1981 - Section 13(1); ;Constitution of India - Article 286

Reported in : 2008BusLR303(NULL)

Section 5(2)(a)(ii) and the second proviso. Section 5(2)(a)(ii) was amended with effect from 28th May, 1972, by the Finance Act, 1972, and the words in the Union Territory of Delhi were added after the word manufacture so as to

Polestar Electronic (Pvt.) Ltd. Vs. Additional Commissioner, Sales Tax ...

Court : Supreme Court of India

Subject : Sales Tax

Acts : Bengal Finance (Sales Tax) Act, 1941 - Sections 5(2); Sales Tax Act

Reported in : AIR1978SC897; (1978)1SCC636; [1978]3SCR98; [1978]41STC409(SC); MANU/SC/0337/1978

(vi) such other sales as may be prescribed; This was the definition until 28th May, 1972, when by Finance Act, 1972 the main enactment in Section 5(2)(a)(ii) was substituted by the following provision :(2) In this Act the expression

Commissioner of Income-tax Vs. Rajamohan Cashews Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43(5); Finance Act, 1972 - Sections 2(6); Finance (No. 2) Act, 1977 - Sections 2(7)

Reported in : (1989)78CTR(Ker)151; [1991]187ITR670(Ker)

25, 1986, held that the respondent-assessee is an industrial company within the meaning of Section 2(6)(c) of the Finance Act, 1972. The Appellate Tribunal has also found that the nature of the operations carried on by the assessee-company is … For the first question, the Appellate Tribunal relied on the decision of the Calcutta High Court in CIT v. Pioneer Trading Co. P. Ltd. : [1968]70ITR347(Cal) and similar cases. The said decision was approved by the Supreme

National and Grindlays Bank Ltd. Vs. Commissioner of Wealth-tax, Bomba ...

Court : Mumbai

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2 and 45

Reported in : [1978]115ITR211(Bom)

with the language of the amended section 45 after its amendment in 1972. Section 45, as amended by Finance Act, 1972, with effect from April 1, 1972, runs thus : '45. Act not o apply in certain cases. - … assessee-bank is a registered bank under United Kingdom law and is a banking company within the meaning of section 5 of the Banking Companies Act. The Wealth-tax Officer first determined the value of life interest of each of