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Commissioner of Income-tax Vs. Lakshmi Industries (P.) Ltd.
Chennai
Jan-19-1996
Direct Taxation
Finance (No. 2) Act, 1977 - Sections 2(7); Finance Act, 1978 - Sections 2(7)
[1996]222ITR36(Mad)
by assessee itself, therefore, assessee was not an industrial company within the meaning of section 2(7)(c) of the Finance Act, 1977. Held : In the present case, it was clearly pointed out that the assessee was not utilising the
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. K.S. Venkataraman and Co.
Chennai
Aug-05-1998
Direct Taxation
Finance Act, 1977 - Sections 2(7); Income Tax Act, 1961 - Sections 32A
[2000]243ITR377(Mad)
as in T. C. No. 1029 of 1987. Direct Taxation - investment allowance - Section 2 (7) of Finance Act, 1977 and Section 32A of Income Tax Act, 1961 - whether assessee be treated as industrial company for purpose
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. T.V. Sundaram Iyengar and Sons
Chennai
Apr-15-1998
Direct Taxation
Income-Tax Act, 1961 - Sections 40, 40A, 40A(5) and 256(2); Finance Act, 1977 - Sections 2 and 2(1); Finance Act, 1976 - Sections 2(1)
[1999]97CompCas388(Mad)
has been referred to us at the instance of the Revenue. Section 2 of the Finance (No. 2) Act, 1977, provides the rates of income-tax and surtax, but under the proviso to Section 2 of the said Finance
Tag this Judgment! AI Brief & Ask18-section briefs on any result in this list
Gopal 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)
1% ad valorem as levied under the Finance Act, 1975, which was thereafter increased to 2% by the Finance Act, 1977, and then increased to 5% by the Finance Act, 1978 and finally increased to 8% by the Finance … 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
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. K.S. Venkataraman and Co. Pvt. Ltd.
Chennai
Aug-03-1998
Direct Taxation
Finance (No. 2) Act, 1977 - Sections 2(7)
[2000]243ITR314(Mad)
51 per cent. of its income is a manufacturing company for the purpose of the Finance (No. 2) Act, 1977. The assessment years are 1973-74 to 1977-78.2. 'Industrial company' is defined in Section 2(7)(c) of the Finance (No.
Tag this Judgment! AI Brief & AskA. Loganathan and Others Vs. A. Loganathan and Others
Chennai
Dec-14-1993
Direct Taxation
Income-tax Act, 1961 - Sections 4, 10(1), 66 and 110; Constitution of India - Article 226
[1995]214ITR202(Mad)
these writ petitions is for the issue of a writ of declaration, declaring that section 2(2) of the Finance Act, 1977, is ultra vires and illegal. 2. Though different assessees have filed these petitions, the respondents are common and
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Jivanlal Lalloobhai and Co.
Mumbai
Oct-01-1993
Direct Taxation
Income Tax Act, 1961 - Sections 2; Finance Act, 1976; Finance (Amendment) Act, 1977
(1994)122CTR(Bom)259; [1994]206ITR548(Bom)
within the meaning of Sub-paragraph II of Paragraph C of Part I of the First Schedule of the Finance Act, 1976, and the Finance (No. 2) Act of 1977 ?' 2. The assessee is a registered firm. It … broker is nothing but business activity which falls within the expression 'business' as defined in clause (13) of section 2 of the Act. It does not fall within the expression 'profession' even if it is interpreted in the
Tag this Judgment! AI Brief & AskTravancore Chemical and Manufacturing Co. Ltd. Vs. Commissioner of Inc ...
Kerala
Jul-02-1993
Direct Taxation
Companies (Profits) Surtax Act, 1964 - Sections 4; Income Tax Act, 1961 - Sections 2(5), 2(6) and 2(8); Finance Act, 1976; Finance Act (Amendment), 1977
[1994]206ITR118(Ker)
Application : Not to current assessment years. Citation : Companies (Profits) Surtax Act 1964 Sch.I,r.1 Finance (No 2) Act 1977 s.2(1) - - We have already extracted the said rule which provides for reduction of the amount of … income-tax to which the company may be entitled under the provisions of the said Act or the annual Finance Act, and after excluding from such amount. ...' 4. What is to be reduced is the amount of income-tax … Act is on the 'chargeable profits' of the previous year. 'Chargeable profits' is defined in Sub-section (5) of Section 2 as meaning the total income of the assessee computed under the Income-tax Act, 1961, for the previous year
Tag this Judgment! AI Brief & AskCommissioner of Income Tax, Bombay and ors. Vs. Mahindra and Mahindra ...
Supreme Court of India
Sep-02-1983
Direct Taxation
Income tax Act, 1961 - Sections 72A, 72A(1) and 72A(2); Monopolies and Restrictive Trade Practices Act, 1969 - Sections 23(2) and 54; Companies Act, 1956 - Sections 370, 371, 391, 394 and 394(1); Finance Act, 1977; Essential Commodities Act, 1955; Indian Companies Act, 1913
AIR1984SC1182; (1983)3CompLJ30(SC); [1983]144ITR225(SC); 1983(2)SCALE222; (1983)4SCC392; [1983]3SCR773
be regarded as a sick unit. For instance, while announcing its scheme of merging sick units with healthyones (Finance Act, 1977) Government of India had classified 'those units where the losses, past and present, have eroded 50% of capital … the facts and in the circumstances of the case the recommendation of a statutory body (specified Authority under Section 72A of the Income-tax Act, 1961) and the Central Government's decision based on it-a matter of subjective satisfaction- … within three years of its incorporation, ITCI incurred a loss of Rs. 253 lacs in the year 1974-75 ; with the financial assistance received from
Tag this Judgment! AI Brief & AskBuilders Associations of India Vs. Union of India and Others
Supreme Court of India
Aug-01-1994
Direct Taxation
Constitution of India - Article 32; Income Tax Act, 1961 - Sections 32A(2) and 256; Finance Act, 1977
AIR1994SC2740; [1994]209ITR877(SC); JT1994(5)SC40; 1994(3)SCALE632; 1995Supp(1)SCC41; [1994]Supp2SCR376
writ petition is dismissed. Direct Taxation - assessment - Section 32A (2) of Income Tax Act, 1961 and Finance Act, 1977 - whether word 'construction' in Section 32A (2) (b) (3) includes construction of dams, buildings, bridges, roads, etc.
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