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Travancore Electro-chemical Industries Ltd. Vs. Commissioner of Income ...

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 37, 80J, 214 and 246; Surtax payable under Companies (Profits) Surtax Act, 1964; Finance Act, 1974 - Sections 16

Reported in : [1995]214ITR195(Ker)

facts and in the circumstances of the case, and also on an interpretation of Section 16(c) of the Finance Act, 1974, is the assessee entitled to development rebate on the eight items listed in paragraph 2 of the order … Officer limited the allowance to an amount of Rs. 47,67,501. Accordingly, he allowed a development rebate of Rs. 11,91,875 as against Rs. 13,26,440 claimed. The disallowance was based on the provisions of Section 16(c) of the Finance

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

the learned Accountant Member. Further I find that the aforesaid provision came into force in the statute by Finance Act, 1986 with retrospective effect from 1-4-1974. Admittedly, that provision was not in existence while Hon'bte Supreme Court and … the CIT(A) erred in not allowing interest paid on borrowings amounting to Rs. 1,56,76,000 as a deduction under section 36(1)(iii). (3) The CIT(A) erred in not allowing the following expenditure as revenue expenditure:-- On the facts and … High Court in the case of Arvind Mills Ltd v. CIT [1978] 112 ITR 64 has examined the ratio as upheld by the Hon. Supreme

Core Health Care Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2001)70TTJ(Ahd.)490

by the learned Accountant Member.Further, I find that the aforesaid provision came into force in the statute by Finance Act, 1986, with retrospective effect from 1-4-1974.Admittedly, that provision was not in existence while Hon'ble Supreme Court and Honble … Commissioner (Appeals) erred in not allowing interest paid on borrowings amounting to Rs. 1,56,76,000 as a deduction under section 36(1)(iii).(3) The Commissioner (Appeals) erred in not allowing the following expenditure as revenue expenditure : On the facts … case of Arvind Mills Ltd. v. CIT 1978 CTR (Guj) 90 (1978) 112 ITR 64 (Guj) has examined the ratio as upheld by the Hon'ble

Commissioner of Income-tax Vs. Tamil Nadu Industrial Investment Corpor ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1)

Reported in : [1999]240ITR573(Mad)

to the reserve account in the accounts of the first-mentioned previous year.' 11. But, this Explanation was omitted by the Finance Act, 1974, with effect … case of financial corporations whose paid up share capital did not exceed three crores of rupees. By the Finance Act, 1974, and in the case of financial corporations of the type with which we are concerned, where the paid … for earlier years was not available to make good the deficiency in subsequent year wkhin the meaning of Section 36(1)(viii) and, therefore, the claim should be allowed only to the extent of Rs. 17,75,000 as against the

Commissioner of Income-tax Vs. Southern Petro Chemical Industries Corp ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 33 and 33(1); Finance Act, 1974 - Sections 16

Reported in : (1999)151CTR(Mad)188; [1998]233ITR391(Mad)

Section 33(1)(a) of the Act.9. The first appellate authority relied upon the provisions of Section 16 of the Finance Act, 1974. Before referring to Section 16 of the Finance Act, 1974, it is necessary to notice that the development … 6,88,081. In so far as horticulture expenditure is concerned, the assessee claimed capitalisation of a sum of Rs. 11,73,280 on the ground that the assessee spent the money with a view to fix sand to the earth

Discount and Finance House of India Ltd. Vs. S.K. Bhardwaj, Cit and or ...

Court : Mumbai

Subject : Direct Taxation

Acts : Interest-Tax Act, 1974 - Sections 2, 2(5B), 2(7), 4, 8(2), 20 and 26C; ;Companies Act - Sections 370 and 372; Banking Regulation Act, 1949 - Sections 29; Income Tax Act, 1961 - Sections 11(5) and 13(1); Finance (No. 2) Act, 1991

Reported in : 2003(3)ALLMR621; 2003(3)BomCR283; (2003)180CTR(Bom)278; [2003]259ITR295(Bom); 2003(2)MhLj772

Act. He contended that when a credit institution subscribes to Dated Government Securities, it does not intend to finance the borrower. It intends to acquire an asset in which it can trade. The petitioner cannot trade in … determination is : Whether interest on debentures, bonds and securities, is taxable under Section 5 of the Interest-tax Act, 1974 ?Facts :2. The petitioner is a company incorporated under the Companies Act, 1956. It was promoted by the … the Banking Regulation Act, 1949, as also under Section 13(1)(d) and Section 11(5) of the Income-tax Act. Similarly, the definition of the word 'interest' in

Life Insurance Corporation of India Vs. Joint Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)74TTJ(Mumbai)624

interest on loans and advances under section 2(7) of the Interest Tax Act, 1974 (as amended by the Finance Act, 1994).4. Assessing officer in the assessment for assessment year 1992-93, referred to the definitions of debentures and bonds … The speech of the Finance Minister while reviving the levy in 1991 was referred to (190 ITR 89 114). Our specific attention was drawn to the following observations of the Hon'ble Finance Minister :'These institutions would reimburse

National Planning and Construction Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Finance Act, 1974 - Section 2(8); ;Finance Act, 1975

Reported in : [1980]122ITR197(Cal)

the hearing Dr. Debi Pal, learned counsel for the assessee, drew our attention to Section 2(8)(c) of the Finance Act, 1974, which reads as follows :' (c) ' Industrial company ' means a company which is mainly engaged in

Chuharmal Vs. Commissioner of Income-tax, M.P.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 69A

Reported in : AIR1988SC1384a; (1988)70CTR(SC)88; [1988]172ITR250(SC); JT1988(2)SC495; (1988)3SCC588; [1988]3SCR788

in our opinion rightly.10. As regards the second question, Section 271(1)(c) of the Act was inserted in the Finance Act, 1974 which reads as follows:Explanation: Where the total income returned by any person is less than eighty per cent … petitioner was given a show cause notice as to why the period of six months fixed under Section 110(2) of the Customs Act, 1962 should not be extended but no reply was given by the petitioner till

Ram Swarup Kaushal Vs. Union of India (Uoi) and anr.

Court : Allahabad

Subject : Direct Taxation

Acts : Constitution of India - Articles 14, 15 and 19(1); ;Finance Act, 1974; Hindu Gains of Learning Act, 1930; Hind Law; Income Tax Act

Reported in : [1983]139ITR887(All); [1981]6TAXMAN174(All)

to lay down rates for computing income-tax and surcharge which were uniformly applicable to all assessees. However, the Finance Act, 1974, laid down two different sets of rates mentioned in sub-para. I and sub-para. II of Pt. A to … association of persons or body of individuals, whether incorporated or not and every artificial person referred to in Section 2(31)(viii) of the Income-tax Act, sub-para. II laid down the rates applicable to an HUF which at any … him is liable to be included in computing his total income. Section 110 lays down that where there is included in, the total income of