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Commissioner of Income Tax Vs. Rashmi Kamdar

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(24), 3, 3(1), (3), 4, 10(3), 14, 28, 56(1), 59, 139 and 263; Wealth Tax Act, 1957 - Sections 2 and 3(2)

Reported in : (1996)131CTR(Mad)277; [1996]217ITR559(Mad)

of s. 59 of the Act and stated as follows : 'The effect of s. 59 of the Finance Act, 1972, is that notwithstanding the amendments to the definition of income in s. 2(24) and the amendment to s. … the assessment year shall also get advanced and commence accordingly for the assessee; and(ii) that in view of section 59 of the Finance Act, 1972, the income before 1-4-1972, notwithstanding the amendment in section 56 which was not

Commissioner of Income-tax Vs. B.C. Kothari

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 3, 3(1), 3(2), 3(3) and 10; Wealth Tax Act, 1957 - Sections 2

Reported in : (1986)53CTR(Mad)176; [1986]160ITR27(Mad)

the Deepavali year ending Deepavali, 1972. 7. The learned counsel has contended that when section 59 of the Finance Act, 1972, referred to a casual and non-recurring receipt of the previous year relevant to the assessment year commencing on

Muthoot Leasing and Finance Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

Reported in : (2003)84ITD477(Coch.)

per cent. In relation to scheduled banks, the tax operation was suspended after 28th Feb., 1978, by the Finance Act, 1978. "Subsequently, the scope of the Interest-tax Act was extended to selected public financial institutions also. Operation of … hire-purchase finance companies are within the ambit of 'interest' as defined in Section 2(7) of the IT Act, 1974. The Board subsequently clarified the position … No. 760, dt. 13th Jan., 1998, and Sections 2(c), 2(e), 2(f), 7(b) and 8 of the Hire Purchase Act, 1972.8. The learned CIT(A) noticed that the assessee, in fact, first received the application from the applicant for advance … return under the IT Act, 1974, declaring the chargeable interest at Rs. 59,72,414 and for the asst. yr. 1997-98 at Rs. 65,72,339. The assessments were

income-tax Officer Vs. M. Balan

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

Reported in : (1982)1ITD40(Coch.)

previous year for that assessment year whatever be the duration of the period of the previous year. However, section 59 of the Finance Act, 1972, has clearly ruled out any retrospective operation of these provisions introduced by the … with are casual and non-recurring nature. He also adverted to section 80TT, which was also introduced by the Finance Act, 1972, pointing out that this section became applicable only with regard to winnings from any lottery after 1-4-1972. The

Commissioner of Income-tax Vs. Lachhman Das Veerabhandas

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 2(24), 3, 10(3) and 56(2); Finance Act, 1972 - Sections 59

Reported in : [2001]247ITR810(SC); (2002)9SCC476

ORDER1. The civil appeal is dismissed. There shall be no order as to costs. - Order 6, Rule 17: [Dalveer Bhandari & Harjit Singh Bedi, JJ] Amendment of preliminary decree Delay - Application filed about 20...

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 … Supreme Court in the case of CIT vs.South Indian Bank Ltd. (1966) 59 ITR 763 (SC) where their Lordships held that interest receivable was an … 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

Capital Co-operative Industrial Society Ltd. Vs. Registrar, Co-operati ...

Court : Delhi

Subject : Trusts and Societies

Acts : Delhi Co-operative Societies Act, 1972 - Sections 32(5)

Reported in : 1995IVAD(Delhi)907; 1995(35)DRJ552

J. (1) An order dated 6th December, 1994 (Annexure- K) under Section 59 of the Delhi Co-operative Societies Act, 1972 made by the Joint Registrar Co-operative Societies New Delhi, appointing an inquiry officer to fix liability, and a … itself. It is submitted that sub section (5) of Section 32 mandatorily provides for the Registrar to consult financing institutions to which a cooperative society is indebted before taking any action under sub-section (1) of Section 32

Total Network Sl (a Company Incorporated in Spain) (Original Responden ...

Court : House of Lords

Subject : Service Tax

this form of sales tax throughout all the member states of the EU: see Part I of the Finance Act 1972, which brought the then Directives into force in the UK following its accession to the EEC. It is … concerned with taxpayers’ duties to keep records and the like, and the Commissioner’s powers to inspect etc. 149. Section 59(1) makes provision for a default surcharge where a taxable person fails to make a return on time or

Southern Technologies Ltd. Vs. Joint Commnr. of Income Tax, Coimbatore

Court : Supreme Court of India

Subject : BankingDirect Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 14 to 59 and 145; Companies Act, 1956 - Sections 3, 209(3), 211 and 591; Reserve Bank of India Act, 1934 - Sections 45I, 45IA, 45IC, 45IC(1), 45JA, 45JA(1), 45K(1), 45K(3) and 45Q; Hire-Purchase Act, 1972 - Sections 2; Industrial Development Bank of India Act, 1964 - Sections 2; Finance Act; Constitution of India - Articles 14, 19(1) and 19(6); Income Tax Act, 1922 - Sections 10(2)

Reported in : [2010]153CompCas674(SC); (2010)228CTR(SC)440; [2010]320ITR577(SC); JT2010(1)SC14; 2010(1)SCALE329; (2010)2SCC548; [2010]187TAXMAN346(SC); 2010(1)LC387(SC)

/ Disclosure and has nothing to do with computation of taxable income under the IT Act.Scope of the Finance Act No. 2 of 2001 w.e.f. 1.4.1989 insofar as Section 36(1)(vii) is concerned25. Prior to 1.4.1989, the law, as … to a hirer under a hire-purchase agreement as defined in Clause (c) of Section 2 of the Hire-Purchase Act, 1972 (26 of 1972);(iv) the carrying on of any class of insurance business;(v) managing, conducting or supervising, as foreman, … how the taxable income should be arrived at vide Sections 14 to 59. It is not an assessment Section. Section 145 helps to arrive at

income-tax Officer Vs. M.A. Chidambaram

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1985)14ITD411(Mad.)

from other sources' and not under any other head.3. This section was inserted in the Act by the Finance Act, 1972 with effect from 1-4-1972. The Finance Act, 1972 introduced substantial modification mainly of the provision contained in Section