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P.H. Hamid Vs. Cit, Bombay City-iv

Court : Mumbai

Subject : Direct Taxation

Reported in : [2005]147TAXMAN676(Bom)

of revenue and undue enrichment to the assessee, sub-section (1) of section 41 has been substituted by the Finance Act, 1992, so as to bring to tax the amount or benefit, as the case may be. In cases

M/S.Malaysian Airlines. M/S.Saudi Arabian Airlines. and ors Vs. the Un ...

Court : Mumbai

Subject : Service Tax

Acts : Constitution Of India - Article 226

Revenue pressed into service the scheme of the Finance Act, 1979 in particular engrafted in sections 33 to 41. In their submission, subsection (1) of section 35 is a charging section and, inter alia; provides for levy … under Article 226 of the Constitution of India are challenging imposition of penalty under section 38(3) of the Finance Act, 1979 ("Finance Act" or "Act" for short) for delay in payment of Foreign Travel Tax ("FTT" for short) to

Ram Nath Jindal Vs. Cit

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2001)170CTR(P& H)251

has not been claimed by the assessee. This position is further obvious from the fact that in the Finance Act, 2001, Explnation 5 has been inserted in section 32(1)(ii) with effect from 1-4-2002. It has been inter alia … for Rs. 64,300 and claimed depreciation @ 30 per cent. This claim was allowed. From the assessment years 1979-80 to 1981-82, the assessee did not claim any depreciation. On this basis, the assessee claimed that the written … the Income Tax Officer had correctly worked out the profit under section 41(2) on the sale of truck No. HRN 345 ?'2. The relevant facts

Commissioner of Income Tax Vs. Zam Zam Tanners

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961- Sections 2(24), 17, 28, 41, 44, 45, 59, 80HHC, 139(1), 139(3), 143(1A), 143, 144, 147, 160(1), 256(2), 271, 271(1) and 280D; ;Taxation Laws (Amendment) Act, 1975; ;Finance Act, 2002 - Sections 271(1); ;Finance Act, 1993 - Sections 143(1A); ;Constitution of India - Article 141

Reported in : (2005)197CTR(All)221; [2005]279ITR197(All)

have been concealed or inaccurate particulars have been furnished.'Section 271(1)(c) of the Act has been further amended by Finance Act, 2002, by which Clause (iii) and Expln. 4 has been modified. After the amendment section reads as follows … by the beneficiary.(v) any sum chargeable to income tax under Clauses (ii) and (iii) of Section 28 or Section 41 or Section 59;(va) the value of any benefit or perquisite taxable under Clause (iv) of Section 28;(vi) any

Commissioner of Income-tax Vs. Lake Palace Hotels and Motels Pvt. Ltd.

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 32(1A) and 32(2),

Reported in : [1997]226ITR561(Raj)

by the company for carrying on its trade. The company claimed capital allowance under the Finance Act, 1971, Section 41 in respect of the expenditure incurred, contending that it constituted capital expenditure on the provision of plant. On … table was changed on the basis of general rates or special rates.11. Section 32(1)(v) was added by the Finance Act (No. 2) of 1967, and remained in operation for the assessment years 1968-69 to 1987-88 and initial depreciation

P.H. Hamid Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(47), 36, 36(1), 41, 41(1), 41(2), 54E and 256(1); Income Tax Act, 1922 - Sections 2(7), 2(31), 3 and 10(2); Indian Partnership Act, 1932 - Sections 14 and 15; Finance Act, 1992 - Sections 41(1)

Reported in : (2005)198CTR(Bom)441; [2005]278ITR112(Bom)

of revenue and undue enrichment to the assessee, Sub-section (1) of Section 41 has been substituted by the Finance Act, 1992, so as to bring to tax the amount or benefit, as the case may be. In cases

industrial Credit and Investment Corpn. of India Ltd. Vs. Inspecting A ...

Court : Mumbai

Subject : Direct Taxation

Reported in : [1990]32ITD315(Mum)

the change in the system of accounting of interest from mercantile to cash basis by the concerned State Finance Corporation is legal, valid and bona fide, the Income-tax Department may accept the cash system of accounting of … the current year because it does not fall under any provisions of the income-tax Act nor even under section 41 on the ground that the amount has not actually been received or credited back to the revenue account … amounts with the corresponding credits to interest suspense account. From assessment year 1979-80, no entries regarding interest on such loans, as have been considered to

Commissioner of Income-tax Vs. New India Industries Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 6, 9, 10, 12, 14, 17, 17(1), 17(3), 22, 28, 30, 31, 32, 32(1), 33, 34, 35, 36, 36(1), 37, 37(1), 38, 38(2), 39, 40, 41(1) and 80J

Reported in : (1992)106CTR(Guj)374; [1993]201ITR208(Guj)

two statutory provisions. Section 40(c)(iii) being relevant for the assessment year 1968-69 which was originally introduced by the finance Act, 1963, is as under : '40. Amounts not deductible. - Notwithstanding anything to the contrary in sections 30 … Revenue that the amount was taxable under section 28(iv) or, in the alternative, it was covered by section 41(1).' Dealing with the aforesaid question, the Division Bench of this court to which one of us, namely, S.

Lakhanpal National Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (1988)24ITD214(Ahd.)

of the Act, as the same have been brought on the statute with effect from 1-4-1984 by the Finance Act, 1983. On the other hand, if the writ petition is decided in favour of the assessee, the revenue … engaged in the manufacture of Dry Cell Batteries under the brand name of 'NOVINO'. The assessment years are 1979-80 and 1980-81 and the relevant previous years are the calendar years 1978 and 1979 respectively. The assessee is … is challenging the consolidated order of the Commissioner of Income-tax passed under Section 263 of the Income-tax Act, 1961 (the Act) wherein, she has directed … estimated liability and actual liability, the excess can be taxed Under Section 41(1).8. Apart from the above submissions, the learned counsel for the assessee had

The Commissioner of Income-tax Delhi Ii Vs. the Punjab and Sind Bank L ...

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(15), 32(1), 33, 43(3), 80-J and 256(1)

Reported in : 2000VAD(Delhi)661; 86(2000)DLT438; 2000(54)DRJ370; [2000]244ITR393(Delhi)

apparatus installed in shop premises qualified as plant within the meaning of Section 40 and 41 of the Finance Act. 1971. the Revenue held it not to be plant. On the above decision being affirmed by the chancery