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South Indian Bank Ltd. Vs. Commissioner of Income-tax

Court : Kerala

Subject : Direct Taxation

Acts : Finance Act, 1985; Income Tax Act, 1961 - Sections 36, 36(1) and 36(2)

Reported in : (2003)183CTR(Ker)21; [2003]262ITR579(Ker)

bad and doubtful debts account. Clause (viia) which was inserted with effect from April 1, 1980, by the Finance Act, 1979, provided for a deduction in respect of any provision for bad and doubtful debts made by a scheduled … not exceeding ten per cent, of the total income (computed before making any deduction under this clause and Chapter VI-A) or an amount not exceeding two per cent, of the aggregate average advances made by the rural … ambit of the proviso to Clause (vii) of Sub-section (1) of Section 36 of the Act. Since the aforesaid question is a purely legal issue,

South Indian Bank Ltd. Vs. Cit

Court : Kerala

Subject : Direct Taxation

Reported in : [2003]130TAXMAN749(Ker)

provisions for bad and doubtful debts account. Clause (viia) which was inserted with effect from 1-4-1980 by the Finance Act, 1979 provided for a deduction in respect of any provision for bad and doubtful debts made by a Scheduled … not exceeding ten per cent of the total income computed before making any deduction under this clause and Chapter VIA and an amount not exceeding two per cent of the aggregate average advances made by the rural … ambit of the proviso to clause (vii) of sub-section (1) of section 36 of the Act. Since the aforesaid question is a purely legal issue.

Dhanalakshmi Bank Vs. Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1)

Reported in : 2003(3)KLT177

provisions for bad and doubtful debts account. Clause (viia) which was inserted with effect from 1.4.1980 by the Finance Act, 1979 provided for a deduction in respect of any provision for bad and doubtful debts made by a Scheduled … not exceeding ten per cent of the total income computed before making any deduction under this clause and Chapter VIA or an amount not exceeding two per cent of the aggregate average advances made by the rural … ambit of the proviso to Clause (vii) of Sub-section (1) of Section 36 of the Act. Since the aforesaid question is a purely legal issue,

Commissioner of Income-tax Vs. Industrial Promotion and Investment Cor ...

Court : Orissa

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1)

Reported in : (1992)103CTR(Ori)222; [1993]199ITR761(Orissa)

the Finance Act, 1974, with effect from April 1, 1975. There have been substitutions and insertions by the Finance Act, 1979, with effect from April 1, 1980 ; the Finance Act, 1981, with effect from April 1, 1982. The … the deduction was to be of the specified percentage of the total income before making any deduction under Chapter VI-A of the Act, as reduced by the deduction allowable under that section, i.e., under Section 36(1)(viii). In … justified in holding that the total income on which deduction under Section 36(1)(viii) of the Income-tax Act, 1961, has to be computed must be calculated

Malayala Manorama Company Limited Vs. Assistant Collector of Customs a ...

Court : Kerala

Subject : Customs

Reported in : 1993(44)ECC145

in the First Schedule of the Customs Tariff Act, 1975 and the levy of auxiliary duty under the Finance Act, 1981 to newsprint as modified by notification issued under Section 25 of the Customs Act, 1962 with effect … at the rate specified under the Customs Tariff Act, 1975 unless exempted. Chapter 48.01/21 item 2 of the Indian Customs Tariff Act mentions the rate … on the date on which entry inwards is given to the vessel. 3. The petitioner, a leading Malayalam daily in the State had been allotted … Northern Corporation of India v. Union of India : 1990(49)ELT332(SC) and Prakash Cotton Mills v. B. Sen : 1979(4)ELT241(SC) will conclude the matter against the petitioner. 12. Duty of customs is a tax on the act of

Khoday Industries Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

Reported in : (1994)51ITD18(Bang.)

[1978] 114 ITR 822 has held as follows: (iii) In defining 'industrial company' in Section 2(7)(d) of the Finance Act of 1966, Parliament has used the words 'mainly engaged in the business of. This does not mean that … aforesaid activities included in its total income of the previous year (as computed before making any deduction under Chapter VI-A of the Income-tax Act) is not less than fifty-one per cent of such total income; The position … Madras High Court at CIT v. B. Nagi Reddy [1984] 147 ITR 337.The assessee also contended very strongly that in view of the Circular issued

Unique Butyle Tube Industries Pvt. Ltd. Vs. U.P. Financial Corporation ...

Court : Supreme Court of India

Subject : BankingCivil

Acts : Uttar Pradesh Public Monies (Recovary of Dues) Act, 1972 - Sections 3, 3(1) and 3(3); Recovery or Debts Due to Bank and Financial Institutions Act, 1993 - Sections 17, 18, 19(7), 19(22), 31, 34 and 34(2); State Financial Corporation Act, 1951 - Sections 32G; Industrial Finance Corporation Act, 1948; Unit Trust of India Act, 1963; Industrial Reconstruction Bank of India Act, 1984; Sick Industrial Companies (Special Provisions) Act, 1985; Small Industries Development Bank of India Act, 1989; Uttar Pradesh Land Revenue Act, 1901 - Sections 183; Uttar Pradesh Zamindari Abolition and Land Reforms Act, 1950 - Sections 287A; Constitution of India - Articles 226 and 227; Haryana Public Moneys (Recovery of Dues) Act, 1979 - Sections 3

Reported in : AIR2003SC2103; 2003(1)ALLMR(SC)1196; 2003(51)BLJR666; [2003]113CompCas374(SC); [2003(2)JCR156(SC)]; (2003)2SCC455; [2003]41SCL418(SC); [2002]SUPP5SCR666; (2003)1UPLBEC901

Act or the rules made thereunder shall be in addition to, and not in derogation of the Industrial Finance Corporation Act, 1948 (15 of 1948), the State Financial Corporations Act, 1951 (63 of 1951), the Unit Trust … Collector, Chandigarh and Ors. : [1998]2SCR1158 . The said case related to Haryana Public Moneys (Recovery of Dues) Act, 1979 (in short 'Haryana Act'). With reference to certain observations in paragraph 8 of the said judgment, it was … are of relevance:'20. We shall refer to Sections 17 and 18 in Chapter III of the RDB Act which deal with adjudication of the debt:'17. … short 'the U.P. Act') on 6.1.2001 are maintainable in view of Section 34(2) of the Recovery of Debts Due to Bank and Financial Institutions Act,

Tata Sky Limited Vs. the State of Uttarakhand and ors.

Court : Uttaranchal

Subject : Company

Acts : Companies Act, 1956; ; Indian Telegraph Act, 1885 - Section 4; ; Indian Wireless Telegraphy Act, 1933; ; Uttar Pradesh Entertainment and Betting Tax Act, 1979 - Sections 2, 3, 4, 4A, 4A(4), 4B and 4C; ; Bombay Entertainments Duty Act, 1923; ; Uttar Pradesh Entertainment and Betting Tax (Amendment) Act, 2009; ; Finance Act, 2001 - Sections 65, 65(5), 65(13), 65(63), 65(72) and 137; ; Prasar Bharti (Broadcasting Corporation of India) Act, 1990 - Section 2; ; Finance Act, 2002 - Sections 65, 66(5), 65(14), 65(15), 65(80) and 65(90); ; Finance Act, 2003 - Section 65, 65(16), 65(95), 65(105) and 66(1); ; Finance Act, 2004; ; Finance Act, 2005 - Section 65(16) and 65(105); ; Government of India Act, 1935; ; Cable Television Networks (Regulation) Act, 1995; ; Bengal Amusements Tax Act, 1922; ; We

the fact, that broadcasting was subjected to tax liability as a 'service' for the first time under the Finance Act, 2001. Chapter V. of the Finance Act, 2001 bears the heading 'Service Tax'. Section 65(13) of the Finance … the State of Uttarakhand from cable operators under Section 4C of the Uttar Pradesh Entertainment and Betting Tax Act, 1979 (hereinafter referred to as the Entertainment Act, 1979). After the petitioner company obtained its statutory licence on 24.03.2006, … Petition (M/S) No. 2562 of 2007, and thereafter, Writ Petition (M/S) No. 353 of 2008.7. The principal contention on behalf the petitioner, while assailing the

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1986)18ITD515(Hyd.)

(No. 2) Act 1967, Finance Act, 1970, Finance (No. 2) Act 1971, Finance Act, 1974, Finance Act, 1977, Finance Act, 1979, Finance Act, 1981 and lastly Finance Act, 1985 by which the crucial words 'this Clause and' were inserted … income' is oldest in conception and definitely older than the recent concept of gross total income found in Chapter VI-A. It has been well understood by all concerned and common sense meaning should not be substituted. (d) … point in dispute is as regards the quantum of deduction under Section 36(1)(viii) of the Income-tax Act, 1961 ('the Act')- The assessee, Andhra Pradesh State

Mrs. Prema P. Shah and Sanjiv P. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)100ITD60(Mum.)

Departmental Representative further submitted that Section 54E is very clear. The change brought in the section by the Finance Act, 1979, with effect from April 1, 1979, which reads as "whole or any part of the net consideration" clearly … Indian laws for the purpose of income-tax law. (d) The assessee is a non-resident Indian and provisions of Chapter XII-A are special provisions relating to certain income of non-residents. Section 115D is a special provision for computation … India. The assessee filed the return showing the taxable income of Rs. 33,570 on December 31, 1993. During the previous year relevant to the assessment