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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 … 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 made under Section 7 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act,

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

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

Assistant Commissioner of Income Vs. Visharad Automobiles Financiers

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2007)108ITD294(Delhi)

being taken from Interest-tax Appeal No. 1/Del/2005.4. The AO passed an order under Section 8(2) of the Interest-tax Act, 1974. It was held that hire charges/financing commission was liable to be taxed for the purpose of charging interest-tax. … that the mandatory initial deposits by the hirer is by way of securing the interest on the amount financed. 4. In the facts and circumstances of the case, the learned CIT(A), failed to appreciate the fact that … v. Dy. CIT (2002) 74 TTJ (Hyd) 261 : (2001) 79 ITD 658 (Hyd). The assessee company wants to add further that the hire purchase

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) … on the facts 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

Addl. Commissioner of Income-tax Vs. Abbas Wazir (P.) Ltd. and Samad C ...

Court : Allahabad

Subject : Direct Taxation

Acts : Finance Act, 1974 - Sections 2(6) and 2(8); Income Tax Act, 1961 - Sections 251

Reported in : (1979)9CTR(All)169; [1979]116ITR811(All)

manufactures and sells carpets. For the assessment year 1974-75, it had claimed relief under Section 2(8)(c) of the Finance Act, 1974 (20 of 1974). It claimed that it was an industrial company as denned in these provisions and so … not the profit earned from the manufacturing business of the assessee. He levied tax at the rate of 65%. The assessee filed an appeal before the AAC which was partly allowed. The assessee and the department both

India Tyre and Rubber Co. (India) Pvt. Ltd. Vs. Commissioner of Income ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961; Finance Act, 1974 - Sections 2(8)

Reported in : [1994]210ITR409(Bom)

in the manufacture of goods and as such it was not an industrial company as defined in the Finance Act, 1974 ?' 2. Section 2(8) (c) of the Finance Act, 1974, defines the expression 'industrial company' for the purposes … Income-tax Act, 1961, and the reference has been made by the Tribunal to this court as indicated above. 6. On September 12, 1956, the Government of India granted a licence in favour of Messrs. Dunlop Rubber Co.

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 … on the 31st March of 1974 and 1975, respectively, the ITO taxed the assessee at the rate of 65% for income-tax and at the rate of 5% thereon for surcharge. Being aggrieved the assessee preferred appeals and

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 … object of the main objects to the memorandum of association and are in compliance of mandatory requirements of section 6 of the R.N.B.C. Directions. Investments are mandatorily prescribed by the Reserve Bank of India under the R.N.B.C. directions

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 … The return was processed under Section 143(1)(a) of the Income Tax Act, 1961 (for short 'the Act') on 6.1.1992 at a total income of Rs. 3,60,04,130/-. The assessee thereafter filed revised return on 6.8.1993 declaring a taxable