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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 … irrecoverable in the accounts of the assessee for the previous year. ' 6. Section 36(2) specifies certain conditions to be fulfilled for eligibility to the

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 … the provision for bad and doubtful debt account made under that clause. 6. We have already referred to the relevant provisions of section 36(1) and

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 … the provision for bad and doubtful debt account made under that clause. 6. We have already referred to the relevant provisions of Section 36 (1)

Narangs Hotels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)74ITD190(Mum.)

The CIT referred to the definition of the term "industrial company" as defined in s. 2(6)(d) of the Finance Act, 1968, which, according to him, did not apply to the assessee's case.The CIT placed heavy reliance on the … income of the previous year (as computed before making any deduction under Chapter VI-A of the IT Act) is not less than fifty-one per cent … Ltd. vs. IAC the following issue had come up before the Tribunal in ITA No.6909/Bom/1987 for asst. yr. 1979-80) reported as (1989) 34 TTJ (Bom) 526). "On the facts and in the circumstances of the case and

Asian Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2002)81ITD127(Delhi)

the Expln. 2 inserted in Section 64 of the IT Act, 1961, w.e.f. 1st April, 1980, by the Finance Act, 1979 which reads as follows : "For the purpose of this section, 'income' includes 'loss'." The Hon'ble Supreme Court … a/c. The provisions of Section 80AB of the Act requires that income out of which any deduction under Chapter VI-A of the Act is being claimed, should be included in the gross total income of the assessee … the assessee on that point in utter disregard to the Circular No. 621, dt. 19th Dec., 1991.(published at (1991) 101 OTR (St) 1] issued by

Deputy Commissioner of Income Tax Vs. Catholic Syrian Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

Reported in : (2004)267ITR52(Coch.)

provision for bad and doubtful debts.9. Clause (viia) of Sub-section (1) of Section 36 was introduced by the Finance Act, 1979, w.e.f. 1st April, 1980. The Memorandum explaining the provision (Circular No. 258, dt. 14th June, 1979) gives a … not exceeding five per cent of the total income (computed before making any deduction under this clause and Chapter VI-A) and an amount not exceeding two per cent of the aggregate average advances made by the rural … of the Department. In the case of Dhanalakshmi Bank Ltd. (ITA Nos. 602 of 605/Coch/94 and 190/Coch/95), order dt. 29th May, 2001, it has been

Standard Chartered Bank Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1991)39ITD57(Mum.)

place to consider the scope and effect of Clause (viia) to Section 36(1) which was first inserted by Finance Act 1979 with effect from 1 -4-80. Under Section 36(1)(vii) of the Act, any taxpayer carrying on business or profession … 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 … of deduction of Rs. 37,82,630 for the assessment year 1985-86 and Rs. 60,14,906 for the assessment year 1986-87 towards provision for the debts under the

Karnataka Bank Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

Reported in : (2003)78TTJ(Bang.)996

of Section 36(1)(viia) by the legislature. Clause (viia) of Sub-section (1) of Section 36 was inserted by the Finance Act, 1979, with an objective to provide that a deduction shall be allowed in the cases of scheduled banks other … not exceeding five per cent of the total income (computed before making any deduction under this clause and Chapter VI-A) and an amount not exceeding two per cent of the aggregate average advances made by the rural … Tribunal in State Bank of Bikaner & Jaipur v. Dy. CIT (1999) 65 TTJ 480 (Jp) : (2000) 74 ITD 203 (Jp), Syndicate Bank v.

Commissioner of Income-tax Vs. Export India Corporation (P.) Ltd.

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 269C, 269D, 269F, 269H and 269UD; Finance Act, 1986

Reported in : (1996)133CTR(P& H)224; [1996]219ITR461(P& H)

immovable property after September 30, 1986, and a new Chapter XX-C was introduced in the Act by the Finance Act, 1986, with effect from October 1, 1986. Section 266RR provides that Chapter XX-A will not apply in relation … appeal filed by the transferee against the acquisition order passed by the Competent Authority, Rohtak, on March 51, 1979, has been set aside.2. In pursuance of an agreement of sale dated March 25, 1975, Raja Mechanical Company … It was determined that the land in 1977 was valued at Rs. 6 per square yard and the competent authority had erred in accepting the

Mitsui and Company Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

by inserting an explanation in s. 9(ii) of the IT Act, 1961, w.e.f. 1st April, 1979 by the Finance Act, 1983 [140 ITR (St) 116], it is clarified and declared that the income which falls under the head … tax or any part of the tax as required to be deducted by or under the provisions of Chapter VII-B, the liability to penalty arises unless such failure is proved to be for a reasonable cause as … positive response the Asstt. CIT carried out survey at its premises on 6th November, 1995, and in the course of survey, according to the Asstt.