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Commissioner of Income-tax Vs. N.J. Pavri

Court : Mumbai

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 10(10); Finance Act, 1974; Payment of Gratuity Act, 1972 - Sections 4

Reported in : [1999]237ITR472(Bom)

The Finance Act, 1974, was brought into force to remove anomalies in the above provision. Accordingly, after the Finance Act, 1974, Section 10(10) read as follows during the relevant assessment year 1977-78 :'(10)(i) any death-cum-retirement gratuity received under the revised

Adityapur Industrial Area Development Authority Vs. Union of India (Uo ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Finance Act, 2002; Income Tax Act, 1961 - Sections 10, 10(20), 10(20A), 28, 38 and 38(2); Bihar Industrial Areas Development Authority Act, 1974 - Sections 7 and 17; Cantonments Act, 1924 - Sections 3; General Clauses Act - Sections 3(3); Contract Act; Road Transport Corporation Act, 1950; Maharashtra Industrial Development Act, 1961; Constitution of India - Articles 243, 243P, 285, 289, 289(1), 289(2) and 289(3)

Reported in : AIR2006SC2375; (2006)202CTR(SC)464; [2006]283ITR97(SC); [2006(4)JCR202(SC)]; 2006(5)SCALE321; (2006)5SCC100; 2006(1)LC713(SC)

the Central Bank of India, Jamshedpur bringing to the notice of the Manager of the Bank that the Finance Act, 2002 had brought about changes in the Income Tax Act and while Section 10(20A) had been omitted, an … in this appeal by special leave.2. The appellant/Authority has been constituted under the Bihar Industrial Areas Development Authority Act, 1974 to provide for planned development of industrial area, for promotion of industries and matters appurtenant thereto. The appellant/Authority

Unit Trust of India, Mumbai and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Subject : Direct Taxation

Acts : Interest Tax Act, 1974 - Sections 2, 2(5), 2(7), 3(1), 3(1C), 3(2), 4, 4(1), 4(2), 5, 6, 6(2), 7, 9, 9(1), 10, 10A, 18, 21, 26C, 28 and 119; Income-tax Act, 1961 - Sections 2(7A), 2(24), 2(28A), 2(45), 4, 5, 5A, 14, 15, 16, 24, 40, 43D, 44, 44AD, 44D, 115J, 116, 119 and 147; Companies Act, 1956 - Sections 4A; Finance Act, 1991; State Financial Corporations Act; Finance Act, 1988; Hotel Receipts Tax Act, 1980; Finance Act, 1980; Unit Trust of India Act, 1963 - Sections 9(2),19(1)(3), 19(3), 21, 22 to 25B, 25B(1) and 25B(2), 32, 32(1) and 52; Direct Tax Laws (Amendment) Act, 1987; Finance Act, 2000; Unite Trust of India (Amendment) Act, 1966 - Sections 2(1); Wealth Tax Act, 1957; Super Profit-tax Act, 1963; Companies (Profit) Surtax Act, 1964; Rent Control Act; Public Premises

Reported in : 2001(3)BomCR673; 2002(1)MhLj301

empowered to specify any other Institution, as it may think fit, to be a public Financial Institution. The Finance Act (No. 2) of 1991 came into force on and from 1st October 1991. Therefore, upto 1st October, 1991 … arise for determination in the aforesaid two Writ Petitions. A. Whether the interest tax under the Interest Tax Act, 1974 is a tax on income and, if so, whether interest accruing to UTI from loans advanced by it … to 1998-99. C. Whether, on the facts and circumstances of the case, the Department was right in invoking Section 10(a) of the Interest Tax Act, 1974 for failure on the part of UTI to file returns under the

Adityapur Industrial Area Development Authority Vs. Union of India (Uo ...

Court : Jharkhand

Subject : ConstitutionLabour and Industrial

Acts : Constitution of India - Articles 285, 289 and 289(1); Finance Act, 2002 - Sections 10(20)

Reported in : (2003)185CTR(Jharkhand)384; [2003]262ITR289(Jharkhand); [2003(3)JCR4(Jhr)]

the Bank. In view of the amendment brought to Section 10(20) of the income Tax Act by the Finance Act 2002 explaining which are the local authorities whose incomes are not chargeable to tax under the Act and … petitioner is the Adityapur Industrial Area Development Authority, a body corporate under the Bihar Industrial Area Development Authority Act, 1974 having perpetual succession and a common seal. The petitioner challenges Annexure-P/1 issued by the Deputy Commissioner of Income

Sahara India Savings and Investment Corporation. Ltd. Vs. Asstt. Cit

Court : Allahabad

Subject : Direct Taxation

Reported in : [2001]79ITD56(NULL)

Banking Company was included in definition of the Financial Company in section 2(5B) by inserting clauses (va) by Finance Act of 1992 w.e.f. 1-4-1993. The explanatory memorandum to the Act in Paragraphs 55.3 to 55.5 stated as under … such debentures must be treated as interest on investments, which fall outside the purview of the Interest Tax Act, 1974, and not as interest on loans and advances taxable under the Interest Tax Act, 1974.'(ii) The Karnataka Bank … order of the Bangalore Bench of the Tribunal in 60 TTJ (Bang.) 103. The Bangalore Tribunal held as follows:'In the definition of interest in the

Unit Trust of India and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Subject : Direct Taxation

Acts : Interest-tax Act, 1974 - Sections 2, 2(5A), 3, 3(1C), 3(2), 4, 4(2), 5, 7, 10, 12, 18, 21, 26C, 28, 32, 32(1) and 119; Unit Trust of India Act, 1963 - Sections 2(1), 4, 9(1), 9(2), 19(1)(3), 19(3), 21, 22(1), 22(2), 23, 24, 25, 25A, 25A(1), 25A(2), 25A(3), 25B, 25B(1), 25B(2), 32 and 32(1); Income-tax Act, 1961 - Sections 2, 2(7), 2(7A), 2(10), 2(24), 2(28A), 2(45), 9(1), 10, 14, 15, 16, 22, 24, 40, 43D, 44D, 115J, 116, 119, 148, 256(1) and 271(1); Companies Act, 1956 - Sections 4A; Hotel Receipts Tax Act, 1980 - Sections 21; Unit Trust of India (Amendment) Act, 1966; Wealth-tax Act, 1957; Super Profits-tax Act, 1963; Companies (Profit) Surtax Act, 1964; Rent Control Act; Public Premises Act; Direct Tax Laws (amendment) Act, 1987

Reported in : (2001)168CTR(Bom)99; [2001]249ITR612(Bom)

the credit facility. In reply, Mr. Dastur submitted that Section 2(28A) was introduced in the Act by the Finance Act, 1988, because the Government wanted to levy tax on interest under Section 9(1)(v) of the Income-tax Act which … of law arise for determination in the aforesaid two writ petitions :'(A) Whether the interest-tax under the Interest-tax Act, 1974. is a tax on income and, if so, whether interest accruing to the UTI from loans advanced by … 1998-99 ? (C) Whether, on the facts and circumstances of the case, the Department was right in invoking Section 10(a) of the Interest-tax Act, 1974, for failure on the part of the UTI to file returns under the

Y.D. Nanje Gowda Vs. Union of India and anr.

Court : Karnataka

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957; Income Tax Act, 1961 - Sections 64; Finance Act, 1974 - Sections 14; Finance (Amendment) Act, 1976 - Sections 27; Constitution of India - Article 14

Reported in : ILR1985KAR955; [1985]152ITR618(KAR); [1985]152ITR618(Karn)

rates only retaining the clause in principle effected in the Finance Act of 1974. Section 2 of the Finance Act, 1974, also made corresponding amendments in the I.T. Act of 1961 (the 'I.T. Act'). 16. The annual Finance Bill … relied on a large number of ruling and a report to which we will refer at appropriate stage. 10. The Act that came into force from April 1, 1957, has been enacted to provide for levy of

K.J. Joseph and ors. Vs. Income-tax Officer, a Ward

Court : Kerala

Subject : Direct Taxation

Acts : Finance Act, 1974 - Sections 2(2), 2(6), 2(7) and 2(8); Constitution of India; Income Tax Act - Sections 4, 10(1), 66 and 110; Finance Act, 1973

Reported in : [1980]121ITR178(Ker)

Schedule of the Finance Act, 1973 ; and also Sections 2(2), 2(7)(b)(ii), 2(8)(e) and Part IV of the Finance Act, 1974. Section 2(6) and 2(7)(e) of the Finance Act, 1973, provides as follows : '2. (6) In the cases to … payment in advance have been directed. The succeeding sections provide for computation of the total income. Among these, Section 10 provides for the type of income that shall not be included in the reckoning. The first of these,

Sunita Finlease Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Nagpur

Subject : Direct Taxation

Reported in : (2006)100TTJ(Nag.)851

TTJ (Hyd) 261, decision of Tribunal, Lucknow Bench reported as Commercial Motors Finance Ltd. v. Asstt. CIT (2002) 76 TTJ (Lucknow) 918 and the assessee's … on the facts and in the circumstances of the present case having regard to the provisions of Interest-tax Act, 1974 : 1. The orders of the AO and GIT(A) are erroneous, bad in law, arbitrary, unjust, invalid, non-speaking … facts, there was no application of the Interest-tax Act and consequently, the assessment framed under Section 8 r/w Section 10 was bad in law, invalid and non est. That the quantum matter is sub judice before the CIT(A).

Commissioner of Income Tax-i Vs. Vardhman Polytex Limited

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2008)214CTR(P& H)561; [2008]300ITR186(P& H)

of actual cost of an asset. Explanation 8 to Section 43(1) of the Act was added by the Finance Act, 1986 w.e.f. 1.4.1974. The object of the said amendment as contained in the Finance Bill, 1986 as it … of the case, the assessee was entitled under the provisions of Sections 10(2)(vi), 10(2)(via) and 10(2)(vib) read with Section 10(5) of the Indian Income-tax Act, 1922, to treat the sum of Rs. 23,53,284 being the amount of interest