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Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)241ITR43(Mum.)

incorporated mainly to encourage earning of the foreign exchange, inviting our attention to the relevant notes to the Finance Act, 1967, the learned counsel contended that s. 85C granted the deduction till asst. yr. 1972-73 when s. 80-O … CIT vs. Gwalior Rayon Silk Mfg. Co. Ltd. (1993) XXIII Tax Gazette 55 the Supreme Court held that it is well established principle of law … words 'the income so received" in s. 80-O. It was reiterated that s. 80-O is a stand alone section.Referring to the decision of the Supreme Court in the case of Distributors (Baroda) (P) Ltd. vs. Union of

CochIn Company Vs. Commissioner of Income-tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33(1) and 33(1A); Finance Act, 1966 - Sections 2(5) and 2(7)

Reported in : [1978]114ITR822(Ker)

the export of any goods or merchandise out of India within the meaning of Section 2(5)(a)(i) of the Finance Act, 1966 (iii) Whether the Tribunal was right in holding that the assessee is not an 'industrial company' as … rebate in respect of the trawler was allowed in full. 6. By a common order dated November 30, 1972, the Tribunal disposed of the two appeals aforementioned along with three other appeals arising out of assessments made … therefore, the tax had to be levied only at the rate of 55 per cent. as provided in item I(A)(2) of Paragraph F of Schedule

Commissioner of Income Tax Vs. Ms. Real Image Pvt. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Section 143(1), 55(2)(a); Finance Act, 2002 - Section 28(v-a)

"goodwill". He has also contended that introducing the provision in the statute with effect from 1.4.2003 vide the Finance Act, 2002 would indicate that it is the intention of the Legislature to tax such receipts irrespective of the … Prayer:- Appeal under Section 260A of the Income Tax Act, 1961 against the orders of the Income Tax Appellate Tribunal Madras 'B' … the "Goodwill" and brought to tax under Section 45 read with Section 55(2)(a) of the Income Tax Act, 1961. The matter was taken in appeal

Tarajan Tea Co. Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 144B and 263

not attracted. It is true that the effect of this decision regarding 'goodwill' has been overcome by the Finance Act, 1987, amending Section 55 so as to provide that cost of acquisition of goodwill acquired other than by … they were shown as revenue receipts in the return and offered for taxation. During each of the years 1972 to 1974, the assessee received Rs. 5 lakhs on account of sale of standing trees. During the previous

Huf of H.H. Late Sir J.M. ScIndia Vs. Acit, Range - 18(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

it would be impossible to compute the income chargeable to tax under the head "Capital gains". By the Finance Act, 1987, with effect from April 1, 1988, the amendment to Section 55 of the Act only ropes in

San Antonio Indep. Sch. Dist. Vs. Rodriguez

Court : US Supreme Court

Subject : Education

[ Footnote 4 ] the panel rendered its judgment in a per curiam opinion holding the Texas school finance system unconstitutional under the Equal Protection Clause of the Fourteenth Amendment. [ Footnote 5 ] The State appealed, … San Antonio Independent School District v. Rodriguez No. 71-1332 Argued October 12, 1972 Decided March 21, 1973 411 U.S. 1 APPEAL FROM THE UNITED STATES … most attractive sources of property tax income for school districts. [ Footnote 55 ] Whether a similar pattern would be discovered in Texas is not … district supplements state aid through an ad valorem tax on property within its jurisdiction. Appellees brought this class action on behalf of school children said to be members of poor families who reside in school districts having

R.B. Shreeram Religious and Charitable Trust Vs. Commissioner of Incom ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 11, 11(1), 12, 12(1), 12(2), 13 and 139; Finance Act, 1972

Reported in : (1988)73CTR(Bom)145; [1988]172ITR373(Bom)

section 12(1) of the Income-tax Act, 1961, as it stood at the material time (before amendment by the Finance Act, 1972) referred only to income derived from the voluntary contributions and not to the voluntary contributions themselves, and as … case, and having regard to the relevant provisions of the Income-tax Act, the voluntary contributions aggregating to Rs. 55,000 received by the assessee towards its corpus was income liable to be taxed under the Income-tax Act 1961

Assistant Commissioner of Income Tax Vs. A.K. Menon, Custodian and ors ...

Court : Mumbai

Subject : Direct Taxation

Acts : Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 - Sections 2 and 11(2); Income Tax Act, 1961 - Sections 2(43), 220, 220(2), 234 and 271; Contract Act, 1872 - Sections 56; Provincial Insolvency Act, 1909

Reported in : 1996(5)BomCR564

this case the deceased person had 'control' of a Company within the meaning of section 65 of the Finance Act, 1940, during the five years ending with his death on March 29, 1953. Thus the shares held by … Estate Duty purposes by reference to the net value of the Company's assets pursuant to sections 50 and 55 of the Act of 1940. The assets of the Company included five ships for which, at the deceased's

Commissioner of Wealth-tax, Gujarat I Vs. Jayantilal Amratlal

Court : Gujarat

Subject : Direct Taxation

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

Reported in : [1976]102ITR105(Guj)

Direct Taxation - jewellery of Hindu undivided family - Section 5 (1) of Wealth Tax Act, 1957 and Finance Act, 1971 - Act of 1971 clearly provides that jewellery is liable to tax from 01.04.1963 with retrospective effect … ornaments in the 'jewellery' by the inclusive definition given therein, came into force with effect from April 1, 1972, and, therefore, for all intents and purposes the intended definition of jewellery cannot be applied retrospectively for purpose … this decision, and particularly in view of the fact that under section 55(1)(x) of the English statute, the words 'personal chattels' included not merely articles

Coromandel Fertilisers Limited Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2004)90ITD344(Hyd.)

by the Courts over the years, has found statutory recognition in Section 2(42C), which was inserted by the Finance Act, 1999 with effect from 1.4.2000. He also invited our attention to Section 50B providing for computation of capital … was plugged by the Amendment Act of 1949. Therefore, the Supreme Court in CIT v. Ajax Products Ltd. 55 ITR 741 held that the amendment made in 1949 only removed one of the conditions for the exigibility