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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

Hindustan Wire Products Ltd. Vs. Commissioner of Income Tax, Patiala

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 33(1)(A), 33(1)(B), 80B(7), 80E, 80I and 80I(1); Finance Act, 1972; Finance Act, 1968

Reported in : AIR1987SC566; (1986)55CTR(SC)183; [1986]161ITR749(SC); 1986(2)SCALE160; (1986)3SCC689; [1986]3SCR478

80E and subsequently of Section 80I will apply. Section 80I, it may be noted, was deleted by the Finance Act, 1972 with effect from April 1, 1973. With effect from April 1, 1968 the expression 'priority industry' was defined … effect from April 1, 1964 the Fifth Schedule set forth a list of articles and things and items 7, 17 and 24 which possess some relevance to this case read as follows:(7) Equipment for the generation and

Commercial Tax Officer and ors. Vs. Vishnu Agencies (P.) Ltd.

Court : Kolkata

Subject : Sales Tax

Reported in : [1975]36STC527(Cal)

are as follows:3. Respondent No. 1, Messrs. Vishnu Agencies Private Ltd., is a registered dealer under the Bengal Finance (Sales Tax) Act, 1941, and a licensed stockist and dealer of cement, which is a controlled commodity and … which can be imposed on a person contravening any order made under Section 3 of the said Act. Section 7 provides similar penalties to the person aiding and abetting the contravention of any order under Section 3 of … 4(b), solemnly affirmed by Badrilal Todi before me this the...day of April, 1972.Serial No. 176921.CommissionerGovernment of West BengalDepartment of Food, Relief & Supplies (Supplies)Directorate of

Amara Kondaiah Vs. Income-tax Officer, C-ward and anr.

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24); Constitution of India - Article 246; Finance Act, 1972

Reported in : [1977]106ITR73(AP)

petition. 2. Prior to 1st April, 1972, winnings in horse races were not eligible to income-tax. By the Finance Act, 1972, Clause (ix) was added to Section 2(24) of the Income-tax Act, 1961, which defines 'income'. Now, according to … 6. Article 366(29) defines 'tax on income' as including tax in the nature of an excess profits tax. 7. Entry 82 in List I of the Seventh Schedule reads as follows : 'Taxes on income other than

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 … not be recovered from them under the provisions of Rule 14 of the Credit Rules, read with Section 73 of the Act; (ii) penalty should not be imposed under provisions of Rule 15(1) of the Credit Rules

Gopal Krishna Indley Vs. 5th Addl. District Judge, Kanpur and ors.

Court : Allahabad

Subject : Property

Acts : Constitution of India - Article 141; Uttar Pradesh Urban Buildings (Regulation of Letting, Rent and Eviction) Act, 1972 - Sections 2(2)

Reported in : AIR1981All300

April 1973 under an agreement for the hire of a television set executed on 20th July 1972. The Finance Act 1972 received the royalassent on 27th July, and Section 7, dealing with value added tax, together with regulations made

Jiwajirao Sugar Co. Ltd. Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Subject : Direct Taxation

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

Reported in : [1983]144ITR729(MP)

account of provision for gratuity.5. Now, Sub-section (7) of Section 40A of the Act was inserted by the Finance Act, 1975, with retrospective effect from the assessment year 1973-74. As the claim for deduction on account of provision … gratuity arose on account of liability of the assessee arising under the provisions of the Payment of Gratuity Act, 1972, and that it was made on the basis of an actuarial valuation, which comprised a sum of Rs.

Commissioner of Wealth-tax Vs. Ram Pershad

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1984)7ITD656(Delhi)

circumstances of the case may require' and this is made effective from 1-4-1965.8. By the Taxation Laws (Amendment) Act, 1972, Sub-section (3) of Section 7 has been inserted with effect from 1-1-1973, while, under the Finance Act, 1976, … that although the provisions of Section 7(4) of the Act was brought on the statute book by the Finance Act, 1976, with effect from 1-4-1976, it would be a fair position if the value of the property, the

Commissioner of Income Tax, Kerala Vs. Tara Agencies

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 35B(1A), 35(1)(B) and 801B; Finance Act, 1978 - Sections 2(7), 32A, 35B(1A), 35B(2), 80MM and 80MM(2); Marine Products Export Development Authority Act, 1972 - Sections 3(1); State Financial Corporation Act, 1951 - Sections 2(C); Bombay Sales Tax Act, 1953 - Sections 7 and 8; Kerala General Sales Tax Act, 1963 - Sections 5A(1); Central Sales Tax Act, 1956 - Sections 8(3); Central Sales Tax Rules - Rule 13; Central Excise Act, 1944 - Sections 2

Reported in : (2007)210CTR(SC)454; 2007(214)ELT491(SC); [2007]292ITR444(SC); JT2007(9)SC65; 2007(3)KLT624(SC); 2007(9)SCALE100; (2007)6SCC429

the controversy involved in this case, it would be proper to reproduce Section 35B(1A)&(2) as introduced by the Finance Act, 1978:(1A) Notwithstanding anything contained in Sub-section (1), no deduction under this section shall be allowed in relation to … milk by pasteurizing, fruits and vegetables by sorting and repacking.29. According to the Marine Products Export Development Authority Act 1972, [Section 3(1)], processing in relation to marine produces includes the preservation of such products such as canning, freezing, drying, … under:Section 8 of the Bombay Sales Tax Act, 1953, so far as is 'subject to the provisions of Section 7, there shall be levied a sales tax on the turnover of sales of goods specified in column I

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.)

"net hire-purchase price." These terms are defined in Clauses (b), (c), (d) and (e) of [Sub-section (1) of] Section 7 of the Hire Purchase Act, 1972, as follows : (b) "deposit" means any sum payable by the hirer … 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 … 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