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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

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 … 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, (SAFEMA) 1976 and restraining the appellant from

Commissioner of Income-tax, Gujarat-i Vs. Lakhtar Cotton Press Co. (Pv ...

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 263; Finance Act, 1973 - Sections 2(7); Finance (Amendment) Act, 1974 - Sections 2(8)

Reported in : [1983]142ITR503(Guj)

may, however, state that in Reference No. 245 of 1978, the relevant section is s. 2(8)(c) of the Finance Act, 1974, and except for this difference, in substance, the question involved in that reference is the same because the … did was to process camphor powder into cubes within the meaning of s. 2(b) of the said Act. 7. In Casino (Pvt.) Ltd. : [1973]91ITR289(Ker) the Division Bench of the Kerala High Court, while dealing with the

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 … work connected with planned development, or maintenance of the industrial area and its amenities and matters connected thereto. Section 7 of the Act obliges the Authority to maintain its own fund to which shall be credited moneys received

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 … been invoked by Respondent No. 1 for failure on the part of UTI to file its returns under Section 7 of the Interest Tax Act for the aforestated period because he had reason to believe and that thereby

Addl. Commissioner of Income-tax, Mysore Vs. C.V. Bagalkoti and Sons

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 271(1) and 297(2); Income Tax Act, 1922 - Sections 28(1)

Reported in : ILR1979KAR127; [1978]115ITR131(KAR); [1978]115ITR131(Karn); 1979(1)KarLJ34

the opinion that penalty was leviable in accordance with the provisions of the Act as amended by the Finance Act of 1968 which came into force on April 1, 1968, and levied a penalty of Rs. 6,000 by … C. G. Bagalkoti & Sons, a registered firm of Dharwar, is the assessee in ITRC No. 31 of 1974. In respect of assessment year 1965-66, the assessee filed a return on July 31, 1968. In the course … income was filed after April 1, 1968 ?' 3. In ITRC No. 73 of 1974, the assessee is S. Channaiah (since deceased) represented by his … it during the previous year in question and, therefore, initiated proceedings under section 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act').

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 … invoked by respondent No. 1 for failure on the part of the UTI to file its returns under Section 7 of the Interest-tax Act for the aforestated period because he had reason to believe and that thereby chargeable

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 … section 2(5B)(vi) of the Interest Tax Act.3.6(i) The Commissioner (Appeals) in Para 7 of the appellate order referred to the objects in the memorandum of

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 … was completed under Section 8(2) of the Act vide order dated March 7, 1997, accepting the return of chargeable interest, after scrutiny. However, the petitioner

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