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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 … provision for bad and doubtful debts account made under that clause. ' 7. Section 36(1)(vii) of the Act as it stood prior to its amendment

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

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

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 … tax deposited 201(1A) of the later Act -------------------------------------------------------------------- Rs. Rs. -------------------------------------------------------------------- 1989-90 7,33,636 6,64,099 1990-91 47,17,597 37,11,590 1991-92 1,46,70,228 93,72,310 1992-93 2,02,83,770 1,00,27,809 1993-94 2,00,24,999

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

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1970 - Sections 2(6); Income Tax Act, 1961 - Sections 80E, 147 and 256(1)

Reported in : (1989)77CTR(Mad)18; [1989]179ITR170(Mad)

the assessee-company was not an industrial company within the meaning of clause 2(6)(c) of Chapter II of the Finance Act, 1970 ?' 2. The assessee is a private limited company and the assessment year we are concerned with … a non-industrial company for purposes of levy of tax. The income-tax Officer ascertained the total income at Rs. 7,37,969 and 51% of the gross total income was worked out at Rs. 3,77,639. The tannery income should be

Bongajgaon Refinery and Vs. Collector of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Subject : Excise

Reported in : (1985)(22)ELT189TriDel

at rest by the amendment, with retrospective effect, of Rules 9 and 49 by Section 51 of the Finance Act, 1982. Since the raw petroleum coke in the present case had not suffered duty leviable thereon under item … in the goods processed or manufactured in the refinery. Rule 47(3A) further provides that where the provisions of Chapter VII of the Central Excise Rules (Chapter VII deals with warehousing and Rules 140 and 143A fall within … to the appellants.10. We do not see the relevance of Notification No. 74/63, dated 18-5-1963 which exempts intermediate petroleum products manufactured in refineries and falling

income-tax Officer Vs. George Motors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1983)4ITD602(Mum.)

'processing of goods' within the meaning of the definition of 'industrial company' appearing in Section 2(7)(c) of the Finance Act, 1979 ('the Act.'). It may be stated in this connection thai: a lower rate of tax is applicable to … aforesaid activities included in its total income of the previous year (as computed before making any deduction under Chapter VIA of th e Income-tax Act) is not less than fifty-one per cent of such total income.3. The

Commissioner of Income-tax, Madras Vs. M/S. Express Newspaper Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 143(C), 147, 245C(1), 276C, 277 and 278B; Indian Income Tax Act, 1922; Finance Act, 1979

Reported in : AIR1994SC1389; (1994)116CTR(SC)496; [1994]206ITR443(SC); JT1994(1)SC50; 1994(1)SCALE39; (1994)2SCC374; [1994]1SCR64

ORDER

Nirmal Construction and Finance Company and anr. Vs. Union of India an ...

Court : Delhi

Subject : Customs

Acts : Import & Export (Control) Act, 1947 - Sections 3; Export Control Order, 1977; Constitution of India - Article 73

Reported in : ILR1980Delhi1; 1981LabIC1012; 1980RLR508

policy like the framing of the annual budget which is discussed only in Parliament leading to the annual Finance Act, which can be passed by Parliament and changed only at the instance of the Government. No individuals have … entered into contracts for the export of Argenti Nitras with foreign buyers in the third week of March, 1979. Delivery was to be completed by March and June, 1980 that is more than one year after the … a policy framed in any parttcular way. Paragraph 8 of the opening Chapter of Export Control Policy, 1978-79 announces that 'any change in this policy … customs frontiers. The executive power of the Union of India under Article 73 of the Constitution extends to all matters with respect to which Parliament

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