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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 … as a company by notification dated September 30, 1982, issued by the Central Board of Direct Taxes under Section 2(h)(iii) of the Wealth-tax Act with retrospective effect from the assessment year 1974-75 and thereby the assessee-club became inexigible

Saurashtra Education Foundation Vs. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Income tax Act, 1961 - Sections 2(15), 10(22) and 11(1); Finance Act, 2002; ;Finance Act, 1983

Reported in : (2004)190CTR(Guj)295; [2005]273ITR139(Guj)

anyactivity for profit. The words, 'not involving the carrying on of anyactivity for profit' have been omitted by Finance Act,1983 w.e.f. 1.4.1984. 7. A perusal of the aforesaid statutory provisionswould show that while Section 11 provides for exemptionof … in Section 10(22) of theAct must be given a narrow meaning than that given to theterm 'education' in Section 2(15) of the Act and thatSection 10(22) only refers to formal education given inschools and colleges and not to

Commissioner of Wealth Tax Vs. Cadmach Machinery Co. Pvt. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2, 3 and 27(1); Finance (Amendment) Act, 1983 - Sections 40, 40(2) and 40(3); Finance Act, 1988 - Sections 87

Reported in : (2007)212CTR(Guj)285

in actual use for the purpose of business as contemplated under the provisions of Section 40(3)(vi) of the Finance Act, 1983?(2) Whether, by allowing the claim of the assessee, the appellate Tribunal has not caused violation to the plain

Anand Estate (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Subject : Direct Taxation

Acts : Finance Act, 1983 - Sections 2, 40 and 40(3); Finance (No. 2) Act, 1996

Reported in : (2009)223CTR(Bom)288; [2009]316ITR94(Bom)

We have heard learned Counsel for the parties. Insofar as the closely-held company is concerned, by virtue of Finance Act, 1983, Section 40 as introduced deals with revival of levy of wealth-tax in the case of closely-held companies. Section 40(3)(vi) … in respect of asst. yrs. 1997-98 and 1998-99.3. There were two appeals before the Tribunal being WTA Nos. 257 and 258 of 2004 for the asst. yrs. 1997-98 and 1998-99. The learned Tribunal has recorded a finding

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

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 … in which the public are substantially interested' shall have the meaning assigned to it in Clause (18) of Section 2 of the Income-tax Act. (2) For the purposes of Sub-section (1), the net wealth of a company shall

Assistant Commissioner of Vs. Park Hotel (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1992)41ITD501(Kol.)

Act shall be so construed as to be in conformity with the provisions of Section 40 of the Finance Act, 1983. Section 2(e) of the Wealth-tax Act is one such provision which should be read only in conformity with the

Tulsidas V. Patel (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1998)65ITD287(Mum.)

Act shall be so construed as to be in conformity with the provisions of section 40 of the Finance Act, 1983. Section 2(e) of the Wealth-tax Act is one such provision which should be read only in conformity with the

Tulsidas Vs. Patel (P) Ltd. V. Wealth Tax Officer

Court : Mumbai

Subject : Direct Taxation

Reported in : (1998)61TTJ(Mumbai)282

Act shall be so construed as to be in conformity with the provisions of section 40 of the Finance Act, 1983. Section 2(e) of the Wealth Tax Act is one such provision which should be read only in conformity with

Commissioner of Wealth-tax Vs. Bajoria Properties Pvt. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Transfer of Property Act, 1882 - Section 55 and 55(6); ;Wealth Tax Act, 1957 - Section 2; ;Finance Act, 1983 - Section 40 and 40(2)

Reported in : [2002]258ITR29(Cal)

agreement dated September 22, 1986, as debt owed in computing the net wealth under Section 40(2) of the Finance Act, 1983 ?'2. The undisputed facts of this case are as follows :The assessee is a private limited company and

Sedco Forex International Drill. Inc. and ors. Vs. Commissioner of Inc ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 4(1), 5(2), 9, 9(1) and 119; ;Finance Act, 1999 - Sections 9(1); ;Finance Act, 1983

Reported in : AIR2006SC428; (2005)199CTR(SC)320; [2005]279ITR310(SC); JT2005(5)SC639; (2005)12SCC717

it stood then, could not be invoked.8. To overcome this decision, Section 9 (1)(ii) was amended by the Finance Act, 1983 with effect from 1.4.1979 to include an Explanation to Section 9(1)(ii) which read as follows:-'Explanation-For the removal of … residents of the United Kingdom. The schedule of work as specified in the agreements envisaged 35 days or 28 days work in a foreign location (in this case India) followed by 35 days or 28 days 'field