Advanced Search Results

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 … specified in the notification, which may not be earlier than three years from the date of such notification. 5. At the relevant time, in exercise of this power under section 33(5), the Central Government had issued a

Union of India (Uoi) and ors. Vs. Haji Mastan Mirza Overruled

Court : Supreme Court of India

Subject : Criminal

Acts : Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 - Sections 3, 3(1) and 5; Constitution of India - Article 226; Code of Criminal Procedure (CrPC) , 1973 - Sections 482; Smugglers and Foreign Exchange Manipu lators (Forfeiture of Property) Act, 1976 - Sections 2(2), 6 and 7

Reported in : AIR1984SC681; 1984CriLJ610; 1984(1)Crimes651(SC); 1984(2)ECC137; 1984(1)SCALE402; (1984)2SCC427; [1984]3SCR1

Finance, Government of India under Section 3(1) of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974, (COFEPOSA) is illegal, null and void ab initio and inoperative, and quashing that order as well as the … null and void ab initio and inoperative, and quashing that order as well as the declaration under Section 5(1) of the COFEPOSA made on 18.1.1975 and also consequently quashing the notice under Section 6(1) and the order

Commissioner of Income-tax Vs. Lokmat Mews Papers Pvt. Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 33(5) and 263; Finance Act, 1974 - Sections 16

Reported in : [1995]216ITR199(Bom)

the opinion that the assesses-company was not entitled to development rebate in view of section 16(c) of the Finance Act, 1974, initiated proceedings under section 263 of the Act and after hearing the assesses, passed an order directing the … to withdraw the development rebate of Rs. 1,40,028, which, according to him, had been erroneously allowed by him. 5. The assesses-company appealed to the Income-tax Appellate Tribunal ('the Tribunal') against the above order of the Commissioner passed

Commissioner of Income-tax Vs. Vippy Solvex Products P. Ltd.

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 256(1) and 256(2); Finance Act, 1974 - Sections 16

Reported in : [1998]230ITR92(MP)

dated May 25, 1971, in respect of plant and machinery installed after May 31, 1974. Section 16of the Finance Act, 1974, however, provided that the benefit of the scheme would be available in some exceptional cases even in respect … such actions of the promoters. ' 3. The Revenue was not satisfied with the decision of the Tribunal. 5. It is pointed out by the Revenue that the scheme of development rebate was discontinued through a notification

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 … whether the Tribunal was right in law in refusing to consider the applicant's contention raised in ground No. 5 of the grounds of appeal before the Tribunal ? (3) Whether the Tribunal was right in law in

Commissioner of Income-tax Vs. Vippy Solvex Products P. Ltd.

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Finance Act, 1974 - Sections 16; Income Tax Act, 1961 - Sections 33, 33(5), 256 and 256(1)

Reported in : [2005]273ITR375(MP)

inter alia, on the ground that the same does not satisfy the requirement of Section 16(c) of the Finance Act, 1974. The assessee felt aggrieved of this order filed an appeal to the Commissioner of Income-tax (Appeals). By order … 40 days. It is in this assessment year, the assessee claimed the benefit of development rebate of Rs. 5,27,463 in terms of Section 33 of the Act.5. The Assessing Officer by order dated November 21,1980, (annexure A),

Smt. Smitaben N. Ambani Vs. Commissioner of Wealth Tax

Court : Mumbai

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2, 5 and 27; Compulsory Deposit Scheme (IT Payers) Act, 1974 - Sections 3, 4, 5(10), 7, 7A, 8, 8(2) and 11; Finance (No. 2) Act, 1980; Banking Regulation Act, 1949; Maharashtra Municipal Councils, Nagar Panchayats and Industrial Townships Act, 1965 - Sections 114 and 114(1); Bombay Municipal Corporation Act, 1888; Income Tax Act - Sections 23(1), 154, 154(1) and 155; Wealth Tax Rules - Rule 1BB

Reported in : (2009)222CTR(Bom)225; [2009]181TAXMAN233(Bom)

Deposit Scheme Act, 1974, w.e.f. 1st April, 1975. Section 7A provides that, for the purposes of exemption under Section 5 of the WT Act, 1957, the amount of compulsory deposit shall be deemed to be a deposit with … the concept of the annuity itself.It may be mentioned that by the Finance (No. 2) Act, 1980, Section 7A was inserted in the Compulsory Deposit … right in law in holding that the amount of Rs. 1,99,750 under the Compulsory Deposit Scheme (IT Payers) Act, 1974, constituted an asset under Section 2(e) of the WT Act, and therefore, includible in the net wealth of

Commissioner of Wealth-tax Vs. Nidhipati Singhania

Court : Allahabad

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2, 5, 5(1A) and 27(1); Finance Act, 1980; Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 - Sections 7A; Banking Regulation Act, 1949

Reported in : (2006)203CTR(All)569; [2006]281ITR49(All)

the Finance (No. 2) Act of 1980, Section 7A was inserted in the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, with effect from April 1, 1975, which provided that for grant of exemption under Section 5 of the

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 … the assessee.9. Reference stands accordingly disposed of with no order as to costs. Counsels: B.M. Chatteilee Mth R. V Desaiyb L.S. Shetty, for the Applicant J1). Mstlyhb Crawford Bayley & Co., for the Respondent Dr. B.P. Saraf

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. … 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. as adopted by the Income-tax Officer ?' 2. The business of the