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Commissioner of Income-tax Vs. Garware Synthetic Bristles
Supreme Court of India
Sep-09-1993
Direct Taxation
Finance Act, 1975; Inacome Tax Act, 1961 - Sections 37 and 40A(7)
(1994)117CTR(SC)260; [1994]205ITR426(SC)
(7) of Section 40A is not applicable to the said assessment year. Sub-section (7) was introduced by the Finance Act, 1975, with retrospective effect from April 1, 1973. In other words, Sub-section (7) applies on and from the assessment … to its employees for the accounting year relevant to the assessment year 1972-73. The deduction was allowed under Section 37 of the Income-tax Act. This was objected to by the Revenue and the aforesaid questions were sought to
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Ghaziabad Engineering Co. (P.) Ltd.
Delhi
Jan-10-2001
Direct Taxation
Income-tax Act, 1961 - Sections 36, 36(1), 37, 37(1), 40A, 40A(7), 47 and 256(1); Payment of Gratuity Act, 1972; Finance Act, 1975; Registration Act, 1908 - Sections 47
(2001)169CTR(Del)74; [2001]249ITR244(Delhi)
that the assessment year involved is prior to the introduction of Section 40A(7) of the Act by the Finance Act, 1975, with retrospective effect from April 1, 1973. That being the position, the Tribunal was justified in holding that … assessed's claim for deduction of Rs. 3,74,738 on account of the provisions for staff gratuity was admissible under Section 37(1) of the Income-tax Act, 1961 ?'2. The dispute relates to the assessment year 1972-73 for which the previous
Tag this Judgment! AI Brief & AskRotork Controls India (P) Ltd. Vs. Commissioner of Income Tax, Chennai
Supreme Court of India
May-12-2009
Direct Taxation
Income Tax Act, 1961 - Sections 28, 30 to 39, 40A(1), 40A(7) and 145; Companies Act; Finance Act, 1975; Income Tax Act, 1922 - Sections 10(2)
(2009)223CTR(SC)425; [2009]314ITR62(SC); JT2009(6)SC637; 2009(7)SCALE456; [2009]180TAXMAN422(SC); 2009AIRSCW4902
the High Court was affirmed by this Court. It was held that Section 40A(7) which stood inserted by Finance Act, 1975 w.e.f. 1.4.73 has been given an overriding effect over Section 28 as well as Section 37 of the
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Commissioner of Income-tax Vs. May and Baker (India) Pvt. Ltd.
Mumbai
Mar-12-1991
Direct Taxation
Enactment of Payment of Gratuity Act, 1972 - Sections 40(A)(7); Finance Act, 1975; Income Tax Act, 1961 - Sections 37, 40A, 40A (7) and 260(1)
(1991)95CTR(Bom)168; [1991]192ITR239(Bom)
section 40A(7) was introduced in the Income-tax Act, 1961, with retrospective effect from April 1, 1973, by the Finance Act, 1975, on May 12, 1975. The assessment year involved herein being assessment year 1973-74, ordinarily the assessee's claim for … liability, even if it is held to have accrued during the previous year, could not be allowed under section 37. 7. Shri Mistri, learned counsel for the assessee, on the other hand, submitted that it was not open
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Carborandum Universal Ltd.
Chennai
Mar-06-1995
Direct Taxation
Income Tax Act, 1961 - Sections 2(5), 28, 30, 31, 32, 33, 34, 35, 36, 36(1), 37, 38, 39, 40, 40A, 40A(7), 41, 42 and 43(A)
[1995]216ITR360(Mad)
considered particularly, and contended that in cases of assessment for any year previous to the introduction by the Finance Act, 1975, with effect from April 1, 1973. of section 40A(7) this court has affirmed the law as in the … incurred for the purpose of business in the year in which the payments were made and allowed under section 37 of the Act; (2) Provision made for payment of gratuity which would become due and payable in the
Tag this Judgment! AI Brief & AskGopal Hosiery Vs. Assistant Collector of C. Ex.
Kolkata
Apr-08-1988
Excise
Central Excise Act, 1944 - Sections 2, 3, 11B and 37; ;Finance Act, 1971; ;Medicinal and Toilet Preparations (Excise Duties) Act, 1955 - Section 2; ;Factories Act, 1948 - Section 2; ;Finance Act, 1975; ;Finance Act, 1977; ;Finance Act, 1978; ;Finance Act, 1979; ;Finance Act (No. 2), 1980; ;Central Excise Tariff Act, 1985 - Sections 2(3) and 6; ;Central Excise Rules, 1944 - Rules 8, 8(1) and 174
1989(41)ELT35(Cal)
on the goods manufactured by the petitioners that is, 'articles of hosiery'.6. In the year 1975, by the Finance Act, 1975, a new tariff item No. 68 was introduced in the First Schedule to the said Act. The said … power were expressly excluded from taxability under tariff item No. 22D.5. The contention of the petitioner is that Section 3 which is the charging Section of the Central Excises and Salt Act, 1944, provides for levy and … 68 was introduced.25. The Parliament has empowered the Central Government by Section 37(xvii) to exempt goods from excise levy. In exercise of this power, Rule
Tag this Judgment! AI Brief & AskCommissioner of Income Tax Vs. Sri Rajendra Mills Ltd.
Chennai
Aug-23-1995
Direct Taxation
Income Tax Act, 1961 - Sections 36(1), 37, 40A, 40A(7), 155 and 155(13); Payment of Gratuity Act, 1972; Finance Act, 1975
[1996]219ITR684(Mad)
matter of allowing deduction with regard to the provision made for gratuity liability for the earlier years, the Finance Act, 1975, has inserted a new sub-s. (7) in s. 40A, which provides that no deduction will be allowed in … Department. No costs. Counsel's fee Rs. 1,000 (Rupees One thousand only) Direct Taxation - deduction of gratuity - Sections 36, 37, 40A and 155 of Income Tax Act, 1961, Payment of Gratuity Act, 1972 and Finance Act,
Tag this Judgment! AI Brief & AskCoral Cosmetics Ltd. Vs. Union of India (Uoi)
Mumbai
Dec-23-2005
Excise
Finance Act, 1999 - Sections 131 and 132; Central Excise Act, 1944 - Sections 4, 37 and 37(2); Central Excise Rules, 1944; Central Excise (Amendment) Rules, 1997 - Rule 57F and 57F(17); Companies Act, 1956; Customs Tariff Act, 1975 - Sections 3; Central Excise Tariff Act, 1985; Constitution of India - Articles 14, 19(1) and 141
2009[16]STR371
V.C. Daga, J.1. The petitioners seek to challenge the constitutional validity of Section 131 and 132 of the Finance Act, 1999. By Section 131 of the Finance Act, Clause (xxviii) was inserted in Section 37(b) of the Central … allowing credit of any duty of excise, or the additional duty, under Section 3 of the Customs Tariff Act, 1975, as may be specified in the said Notification, paid on the inputs used in the manufacture of the
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Kanpur Textiles Ltd.
Allahabad
Aug-31-2004
Direct Taxation
Income Tax Act, 1961 - Sections 2(5), 6(3), 28, 30 to 38, 40, 40A(7), 80V and 256(2); Companies Act; Uttar Pradesh Industrial Disputes Act, 1947 - Sections 6(3); Payment of Gratuity Act, 1972; Wealth-tax Act; Finance Act, 1975; Income Tax Rules
(2005)198CTR(All)293; [2005]276ITR140(All)
allowability of the amount of gratuity prior to the insertion of Section 40A(7) in the Act by the Finance Act, 1975, with effect from April 1, 1973, as follows (page 599) :'(1) Payments of gratuity actually made to the … of expenditure falls under Section 36(1)(v) of the Act, it cannot be allowed under the residuary provision under Section 37(1) of the Act. On the question of allowability of interest, he submitted that the amount in question represented
Tag this Judgment! AI Brief & AskShree Sajjan Mills Ltd. Vs. Commissioner of Income Tax, M.P., Bhopal a ...
Supreme Court of India
Oct-08-1985
Direct Taxation
Income Tax Act, 1961 - Sections 28, 30, 34(3), 36(1), 37, 37(1), 39, 40A, 40A(1), 40A(7), 40D, 155(13) and 256(1); Payment of Gratuity Act, 1972; Finance Act, 1968 - Sections 40A; Companies Act; Finance (Amendment) Act, 1975
AIR1986SC484; 1986LC276(SC); [1985]156ITR585(SC); 1985(2)SCALE737; (1985)4SCC590; [1985]Supp3SCR593
will be disallowed in cases to which these provisions of the Section apply. This Sub-clause was inserted by Finance Act, 1975 with retrospective effect from 1.4.1973. It is necessary to appreciate the purpose and object intended to be achieved … was set up on the ground that this liability was ascertained by actuarial valuation and was deductible under Section 37(1) of the Act. The Income-tax Officer allowed the deduction, of a sum of Rs. 2,65,872 only which was
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