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Commissioner of Wealth-tax Vs. Kodaikanal Club

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1983 - Sections 40, 40(1), 40(6) and 40(7); Wealth Tax Act, 1957 - Sections 2, 3 and 21AA; Finance Act, 1960 - Sections 13; Societies Registration Act, 1860; Income Tax Act, 1961 - Sections 2(17) and 2(18)

Reported in : (2003)181CTR(Mad)534; [2003]260ITR617(Mad)

the assessee-club became inexigible to wealth-tax from the assessment year 1974-75 onwards. However, by Section 40 of the Finance Act, 1983, the levy of wealth-tax on closely held companies was revived. Hence, the assessee-club by its representation dated January … Act, 1957, the three assessable entities are individual, Hindu undivided family and company. In the year 1960, by Section 13 of the Finance Act, 1960, the levy of wealth-tax on the wealth of companies came to be excluded

Chunnilal Onkarmal (P.) Ltd. and anr. and Sir Sarupchand Hukamchand Pv ...

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957; Finance Act, 1983 - Sections 40; Constitution of India - Article 14; Finance Act, 1960 - Sections 13; Companies Act

Reported in : (1994)121CTR(MP)116; [1996]221ITR459(MP)

are pending consideration.4. The petitioners have in this petition challenged the constitutional validity of Section 40 of the Finance Act, 1983, on the ground that it violates Article 14 of the Constitution of India. According to the petitioners, the … Hindu undivided family and company at the rate or rates specified in Schedule I thereof. By virtue of Section 13 of the Finance Act, 1960, it was provided that notwithstanding anything contained in the Wealth-tax Act, 1957, no

Commissioner of Wealth Tax Vs. Cosmopolitan Hospitals (P) Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Finance Act, 1983 - Sections 40, 40(2) and 40(3)

Reported in : (2003)185CTR(Ker)111; [2004]265ITR312(Ker)

under the WT Act, 1957 (for short 'the Act').2. The scope and ambit of Section 40(3)(vi) of the Finance Act, 1983, regarding the computation of net wealth of a closely-held company which was made liable to wealth-tax assessment as … :'40. Revival of levy of wealth-tax in the case of closely-held companies : (1) Notwithstanding anything contained in Section 13 of the Finance Act, 1960 (13 of 1960), relating to exemption of companies from levy of wealth-tax under

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 rendered … its expatriate employees. The Assistant Commissioner issued a letter on 28th March, 1995, calling for information under section 133(6) of the Income Tax Act about the salary, etc., paid to expatriate employees in India and abroad for

The Commissioner of Wealth-tax Vs. Fagun Co. P. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 7(2), 7(3), 27(3) and 45; Finance Act, 1983 - Sections 3, 40 and 40(3); Income Tax Act - Sections 2, 32A and 32A(2; Finance Act, 1960 - Sections 13; Finance Act, 1992

Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836

the Finance Act of 1983. Earlier, wealth-tax was leviable on companies under Section 3 of the Finance Act. Section 13 of the Finance Act, 1960 provided that wealth-tax is not leviable on a company with effect from April … assessee is entitled to the exemption in view of the exclusionary clause found in Section 40(3)(vi) of the Finance Act, 1983. Section 40(3)(vi) while including the building and the land appurtenant thereto for levy of wealth-tax, excludes certain items of

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1993)45ITD500(Pune.)

assessments. Even after re-opening, the assets brought to tax would have been exempt under Section 40 of the Finance Act, 1983. Revenue is in appeal on the following common grounds, viz. : (1) The order of the CWT (Appeals) … in nature and intended to remove hardships as declared by the Finance Minister in the Parliament.Referring to page 138 of the paper compilation, book No. 1, the learned counsel for the assessee pointed out that year-wise particulars

Commissioner of Income-tax Vs. Deoria Public Charitable Trust

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 11, 11(2), 11(5), 13, 13(1) and 13(5); ;Finance Act, 1983; ;Companies Act, 1956 - Section 617

Reported in : [1992]196ITR110(Cal)

1983-84.6. We have considered the rival contentions. Section 13(1)(d) of the Income-tax Act, before its amendment by the Finance Act, 1983, provided that the exemption under Section 11 shall not operate for the assessment year 1983-84 or any subsequent

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)102ITD101(Mum.)

Nawab Sir Mir Osman All Khan (supra).16. Learned Counsel further submitted, under Sub-section (5)(b) of Section 40 of Finance Act, 1983, Section 4(7) of the WT Act would not be in conformity with the charging provision, i.e., Sub-section (2) of … of Section 22 r/w Section 27 of the IT Act, 1961.40. Finance Act, 1960 (No. 13 of 1960), Section 13 states that "notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of 1957)(hereinafter referred to as the WT

The Director of Income Tax Vs. Shardaben Bhagubhai Mafatlal Public Cha ...

Court : Mumbai

Subject : Direct TaxationTrusts and Societies

Acts : Income Tax Act, 1961 - Sections 2(31), 11(5), 13(1), 80-L, 160, 161(1), 162, 164 and 260-A; Companies Act, 1956 - Sections 617; Finance Act, 1991; Finance Act, 1992; Finance Act, 1983; Income Tax Act, 1922 - Sections 16(3)

Reported in : (2001)1BOMLR744; (2000)164CTR(Bom)97; 2001(2)MhLj695

Charitable Trust. the facts were as follows. Clause (d) of sub-section (1) of section 13 was substituted by Finance Act, 1983 with effect from 1.4.1983. The provisions of the new sub-clause were to be applicable from the Assessment Year

Ashirvad Enterprises Vs. the State of Bihar and anr.

Court : Patna

Subject : Sales Tax

C.J.1. The petitioner firm is a small scale industrial unit. It is a registered dealer under the Bihar Finance Act, 1981, and under the Central Sales Tax Act, 1956. In this writ application, the petitioner assails Annexure '5', … of Form XXVIII-B under Rule 45 of the Bihar Sales Tax Rules, 1983. The ground of rejection was that the dealer has not deposited the … goods, subject to the condition that such dealer did not purchase the raw materials at concessional rate under Section 13 of the Act. The petitioner had applied for and was granted a certificate of registration under Section 13