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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 … it does not exceed an amount calculated in accordance with the provisions of Sub-sections (2) and (3) of Section 4 of that Act ; (iii) any other gratuity received by an employee on his retirement or on his

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 … attacked on three grounds: that the provision for aggregation is violative of the scheme of taxation sanctioned by Section 4 of the I.T. Act and the other sections ; that, if the impugned provisions can be fitted into

New Excelsior theatre Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 33(4) and (5) and 34(3); Finance Act, 1974 - Sections 16

Reported in : [1994]210ITR570(Bom)

The claim was made under section 33(4) of the Income-tax Act, 1961, read with section 16(c) of the Finance Act, 1974. This claim has been disallowed by the Tribunal. Hence, at the instance of the assessees, the following question

Steel Authority of India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Nagpur

Subject : Direct Taxation

Reported in : (2006)100ITD29(Nag.)

amended from time to time and the provisions of Section 10(10)(ii) and (iii) have been introduced by the Finance Act, 1974. The various limits provided therein have been revised from time to time by notifications of Central Government and … an agreement with the National Joint Committee for Steel Industries which dates back to 27.10.1970. The provisions of Section 4(5) of Gratuity Act provide that nothing in Section 4 shall effect the right of an employee to receive

Commissioner of Income-tax Vs. Orient Marine Products Pvt. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33(1), 34, 80J, 80J(4) and 80HH; Finance Act, 1974 - Sections 2(8)

Reported in : (1995)127CTR(Mad)207; [1995]214ITR44(Mad)

that the assessee should be treated as an 'industrial company' within the meaning of section 2(8)(c) of the Finance Act, 1974, and that the rate of tax to be adopted should be 55 percent. and not 65 per cent. … the assessee was an 'industrial undertaking' within the meaning of section 80J and entitled to relief under the section.' 4. A similar issue came up for consideration before the Kerala High Court in the case of CIT v.

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 … the Income Tax Act read with Sections 4 and 5 of the Income Tax Act. He submitted that Section 4 of the Income Tax Act is a charging section. That, under Section 4, the tax is levied on

Bhawanidas Binani Vs. Commissioner of Wealth-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2; Finance Act, 1965 - Sections 68; Income Tax Act, 1961

Reported in : [1980]124ITR783(Bom)

and in the circumstances of the case, any part of the tax paid under Section 68 of the Finance Act, 1965, was a ' debt owed ' on the relevant valuation dates within the meaning of Section 2(m) … remains what it was under the I.T. Act, i.e., Section 3 of the Indian I.T. Act, 1922, or Section 4 of the I.T. Act, 1961. According to this submission, the income-tax liability of the assessee was assessed and

Commissioner of Income Tax Vs. N.J. Pavri

Court : Mumbai

Subject : Direct Taxation

Reported in : (1999)153CTR(Bom)134

so calculated, whichever is less; 'A bare reading of the above section as it stood before amendment by Finance Act, 1974, shows that gratuity payment to employees of the Government, local authority or a statutory corporation was totally exempted … in the circumstances of the case, the Tribunal was justified in holding that out of gratuity of Rs. 47,250 received from Rallies India Ltd., by the assessee, an amount of Rs. 23,333 was not liable to be

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

State of Rajasthan Vs. Uka and ors.,

Court : Rajasthan

Subject : Tenancy

Asuram's Case AIR 2000 Rajasthan 34517. In the case of Asuram (supra), a prayer was made to declare Sub-section (4) of Section 14 of the Act of 1974 ultravires of Sub-section (1) of Section 14 of the Act … institutional thereto came into force on 21.9.1974 in the name of 'Rajasthan Agricultural Credit Operations (Removal of Difficulties) Act, 1974' (hereinafter referred to as 'the Act of 1974') with statement of objects and reasons, as follows:One of the … therein which inhibit the entry of commercial Banks into the field of financing of agriculture. It will, therefore, be necessary to modify these laws for