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V.N. Swaminathan Vs. Commissioner of Income-tax, Tamil Nadu-iii

Court : Chennai

Subject : Direct Taxation

Acts : Voluntary Disclosure of Income and Wealth Tax Act, 1976; Wealth Tax Act, 1957 - Sections 14, 14(5), 15(1) and 15(5A); Finance Act, 1977

Reported in : [1984]150ITR375(Mad)

Tax Act, 1976, Sections 14, 14 (5), 15 (1) and 15 (5A) of Wealth Tax Act, 1957 and Finance Act, 1977 - Order of respondent challenged - by impugned Order sum of Rs. 9000 demanded from petitioner as interest … Finance (No. 2) Act, 1977, will not apply to persons like the petitioner, who has complied with both section 5(1) and section 5(2) of the Act and that will apply only to persons who have not paid the

Commissioner of Wealth-tax Vs. M.K. Abdul Khader Haji (Decd.)

Court : Kerala

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 5 and 5(1); Finance Act, 1976; Foreign Exchange Regulation Act, 1973

Reported in : [2000]242ITR728(Ker)

India, by persons of Indian origin or by citizens of India--Section 5(l)(xxxiii). Section 5(l)(xxxiii), newly inserted by the Finance Act, 1976, with effect from April 1, 1977, grants exemption, for and from the assessment year 1977-78, to an

Commissioner of Income-tax Vs. Lakshmi Industries (P.) Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1977 - Sections 2(7); Finance Act, 1978 - Sections 2(7)

Reported in : [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 … that the assessee-company is an 'industrial company' and is eligible for being taxed at the concessional rate of 55 per cent. for the assessment years 1977-78 and 1978-79 '2. The assessee, Lakshmi Industries Pvt. Ltd., Pudukottai, was

Commissioner of Income-tax Vs. T.V. Sundaram Iyengar and Sons

Court : Chennai

Subject : Direct Taxation

Acts : 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)

Reported in : [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 … Nos. 1149 and 1150 of 1988, by judgment dated April 2, 1998 (South India Corporation Agencies P. Ltd. v. CIT : [1999]239ITR305(Mad) ), held that the taxes paid in respect of the buildings, and vehicles are concerned,

Commissioner of Income-tax Vs. Sri Venkateswara Hatcheries (P) Ltd.

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 20(2), 32A, 35C, 54E, 80J(4), 80K, 80M, 80AB, 80CC(6), 80HH, 80JJ, 80QQ, 80GGA(4), 80HHA, 80HHB(5) and 104

Reported in : (1988)71CTR(AP)80; [1988]174ITR231(AP)

Appellate Tribunal was justified in holding that the assessee is an industrial company within the meaning of the Finance Act of the relevant assessment year 3. Whether, on the facts and in the circumstances of the case, the … that it should be computed in accordance with commercial profits was rejected. 5. Finally, the assessee's claim for agricultural development allowance under section 35C of … scale by adopting latest scientific and technological methods. In connection with its income-tax assessments for the assessment years 1977-78 and 1979-80, the assessee put forward certain claims for consideration of the Income-tax Officer while making the assessments. … and it is made by the Income-tax Appellate Tribunal, Hyderabad Bench, under section 256(1) of the Income-tax Act, 1961 ('the Act' for short), at the

Commissioner of Income-tax Vs. Beehive Engineering Co. and Allied Indu ...

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961- Sections 28 and 80HH

Reported in : (1996)136CTR(AP)321; [1996]221ITR561(AP)

orders of the Tribunal. Before we construe the definition of the 'industrial company' in section 2(7)(c) of the Finance Act, 1978, it would be useful to notice the findings of fact recorded by the Tribunal. 6. From the … is seen that the assessee-company was treated as manufacturing industrial company prior to the assessment years 1973-74 to 1977-78. This dispute arose only in respect of the assessment year 1978-79. But the finding of the Appellate Tribunal … that the income of the assessee from those activities was more than 51 per cent. However, following the judgment of the Orissa High Court in

Commissioner of Income Tax, Bombay and ors. Vs. Mahindra and Mahindra ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : 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

Reported in : 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 … of October 1977 the accumulated losses were to the tune of Rs. 555 lacs and the excess of liabilities (including Joans) over the assets (share … 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-

A. Loganathan and Others Vs. A. Loganathan and Others

Court : Chennai

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 4, 10(1), 66 and 110; Constitution of India - Article 226

Reported in : [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 … purpose of determining the rate of income-tax applicable to the non-agricultural portion of a taxpayer's income, the first 5,000 rupees of his non-agricultural income will be appropriated to the lowest slab, which is exempt from tax. The

Mitsui and Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Delhi

Subject : Direct Taxation

Reported in : (1999)65TTJ(Del)1

Explanationn in section 9(ii) of the Income Tax Act, 1961, with effect from 1st April, 1979 by the Finance Act, 1983, it is clarified and declared that the income which falls under the head 'salaries' payable for services … provide for deduction of tax at source in respect of income chargeable to tax under section 4(1) r/w section 5 will squarely apply to such salaries. The learned counsel placed reliance upon the following judgments in support of

Commissioner of Income Tax Vs. Siemens Aktiongesellschaft

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 4, 4(2), 5, 9, 9(1), 9(2), 10(1), 10(2), 90, 90(1), 90(2) and 195; Finance Act, 2007; Indian Income Tax Act, 1922; Finance Act, 1976; Finance Act, 1977; Income Tax (Amendment) Act, 1976

Reported in : (2008)220CTR(Bom)425; [2009]310ITR320(Bom); [2009]177TAXMAN81(Bom)

Clause (vii) deals with income by way of fees for technical services. The proviso which was inserted by Finance Act, 1977 w.e.f. 1st April, 1977 provides that nothing contained in this Clause shall apply in relation to any income … principle of chargeability to tax under Section 4 and the general principle of ascertainment of total income under Section 5 of the Act, then there was no purpose in making those Sections 'subject to the provisions' of the