Advanced Search Results

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 … order of the Commissioner (Appeals) for the financial years 1989-90 to 1994-95 confirming the penalties levied under section 271C of the Income Tax Act, 1961. Since the facts are common, these appeals have been heard together and

Commissioner of Wealth-tax Vs. Prem Nath Motors Pvt. Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Wealth-Tax Act, 1957 - Sections 27(3); Finance Act, 1983 - Sections 40(3)

Reported in : 100(2002)DLT357; [1999]238ITR414(Delhi)

be included in the wealth of the assessee-company?'2. The questions calls for interpretation of Section 40 of the Finance Act, 1983. The assessed was constructing a building. The value of investment made therein was sought to be included in … R.C. Lahoti, J.1. This is a petition under Section 27(3) of the Wealth-tax Act, 1957, arising out of the assessment year 1987-88 whereby the Revenue seeks a mandamus

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 … Income Tax Appellate Tribunal (hereinafter referred to as the 'Tribunal'), Madras, 'D' Bench referred the matter under Section 27(3) of the Wealth-tax Act, as per the direction of this Court in T.C.P. Nos.202 to 205/97 dated 08.09.1998,

Commissioner of Income Tax Vs. Hemla Embroidery Mills (P) Ltd.

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2007)212CTR(P& H)497; [2009]311ITR412(P& H)

wealth of the assessee. The AO also came to the conclusion that as per Section 40(3)(iv) of the Finance Act, 1983, building or land owned by an assessee is to be included in the net wealth unless the building … CIT v. Podar Cement (P) Ltd. : [1997]226ITR625(SC) has clearly held that similar and corresponding provisions made in Section 27 of IT Act, 1961 were declaratory and clarificatory in nature. Consequently these provisions were held to be retrospective

Motwane Manufacturing Co. (P) Ltd. Vs. Commissioner of Wealth Tax

Court : Mumbai

Subject : Property

Acts : Wealth Tax Act - Sections 27(1) and 40; Income Tax Act, 1961; Finance Act, 1983 - Sections 40 and 40(3); Urban Land Ceiling Act - Sections 2

Reported in : (2009)222CTR(Bom)462

Section 40 of the WT Act, which was introduced by the Finance Act, 1983 (sic--Section 40 of the Finance Act, 1983). Section 40(3) set out assets which were chargeable to wealth-tax and Section 40(3)(vi) was in the following terms:(vi) building … R.S. Mohite, J.1. The questions of law as referred to this Court under Section 27(1) of the WT Act are as follows:(1) Whether the Tribunal was right in law in holding that land

Khivraj Motors (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Land Acquisition

Reported in : (1994)50ITD576(Mad.)

(P.) Ltd. 29 ITD 29 was distinguishable on facts. (iii) The 1988 amendment to Section 40(3) of the Finance Act, 1983 is not retroactive, but prospective in operation with effect from 1-4-1989. Therefore, the said amendment cannot help the

Nu-stores (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1996)59ITD150(Kol.)

he Ld. CWT (A) in his impugned order. There is no such amendment in section 40 of the Finance Act, 1983. He has also argued that the assessee was already in possession of the property as lessee and even … 1987, no doubt embrace the principle of beneficial ownership by way of deemed ownership as contained in section 27(iiia), (iiib), section 269UA (f)(i) of the IT Act but there having not been any such amendment in section

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 … The Income Tax Appellate Tribunal, Ahmedabad Bench 'B' has, at the instance of the Revenue, referred, under Section 27(1) of the Wealth Tax Act, 1957, the following questions of law arising out of its order dated 22.12.1995

Commissioner of Wealth Tax Vs. Shanti Parshad JaIn and ors.

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2009)222CTR(P& H)246

Revenue to challenge its correctness in the case of other assessees, without just cause. No doubt, by the Finance Act, 2008, Section 268A has been inserted with retrospective effect from 1st April, 1999 as under:268A. Filing of appeal … 1985, 34 of 1985 (CWT v. Jainender), WT Case Nos. 12 of 1983, 22 of 1985, 23 of 1985 (Salinder Kumar Jain v. CWJ), WT … do so would entail pick and choose leading to an arbitrary exercise of power. Wealth Tax Act, 1957 Section 27 Statute - Judicial precedent Revenue cannot accept judgment of High Court in one case and challenge the same

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 … income-tax, shall be chargeable to income-tax under the head 'Income from house property.4. CIT(A) placed further reliance on Section 27 of the IT Act, 1961, which defines 'owner of house property', 'annual charge', etc. for the purpose of