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Aeroplane Shoe Factory Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1989)28ITD478(Delhi)

further pointed out that a similar amendment by which Explanation 2 was inserted to Section 37(2A) by the Finance Act, 1983 had been expressly made retrospective from 1-4-1976 and, therefore, since in the amendment to Section 263(1) as mentioned … However, it may be pointed out that in the case of 6WT v. Mahavirprasad Bubna [1980] 122 ITR 570 it was held by the Hon'ble Bombay High Court itself that a clarificatory provision had no retrospective effect

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 … taxes and used as such in a business of running motor-cars on hire carried on by the assessee. Sub-section (5) provides that for the purposes of the levy of wealth-tax under the WT Act in pursuance of the

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 … of the Act the total income of the previous year of every person is subject to income tax. Section 5(2) defines the scope of total income as far as non residents are concerned, 'as all income from whatever

Commissioner of Income-tax Vs. Sundaram Industries Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 37, 37(2A), 40, 40A(5), 45, 48 and 80J; Finance Act, 1983 - Sections 37(2A)

Reported in : (2000)158CTR(Mad)437; [1999]240ITR335(Mad)

expenditure prior to the insertion of Explanation 2 to Section 37(2A) of the Income-tax Act, 1961, by the Finance Act, 1983, with effect from April 1, 1976. Since the assessment year involved is 1974-75, the prior law would apply … taken together and consequently the addition of Rs. 37,366 made under the head 'Capital gains' should be deleted 5. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding

Commissioner of Wealth-tax Vs. V.M. Shah

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36; Wealth Tax Act, 1957 - Sections 2, 3, 5, 7, 7(1) and 7(2); Wealth Tax Rules, 1957 - Rule 2(1), 2A and 2C

Reported in : (1987)63CTR(Bom)225; [1988]170ITR17(Bom)

in section 5 which deals with exemptions in respect of certain assets, clause (xa) was introduced by the Finance Act, 1983, with effect from April 1, 1984. It states :'in the case of an assessee who is carrying on

The Commissioner of Income Tax Vs. Asoka Betelnut Co. Pvt. Ltd.

Court : Chennai

Subject : Direct Taxation

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

Reported in : (2003)180CTR(Mad)178

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 … granted some reduction in the valuation of the building. The Appellate Tribunal held that the assessee has constructed 57 units in the complex, viz., Asoka Plaza out of which 55 units constitute shops and one office, which

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 … of the levy of Wealth-tax under the Wealth-tax Act, in pursuance of the provisions of this section, -(a) Section 5, Clause (a) of Sub-section (2) of Section 7 and Clause (d) of Section 45 of that Act and

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 … of the assessee ended prior to November 30, 1983. He has also drawn our attention to Circular No. 596, dated March 15, 1991 (see [1991] 188 ITR 115) of the Board where the Board decided that the

Britannia Industries Ltd. Vs. Commissioner of Income Tax, West Bengal, ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30 to 36, 37, 37(1), 37(3), 37(4), 37(5) and 80B; Finance Act, 1964 - Sections 37(3); Finance Act, 1970; Finance Act, 1997; Finance Act, 1983 - Sections 37

Reported in : AIR2005SC4333; (2005)198CTR(SC)313; [2005]278ITR546(SC); JT2005(12)SC98; 2005(8)SCALE148; (2006)1SCC646

(5) of the Income Tax Act, 1961, Section 37 (3) of Finance Act 1964 and Section 37 of Finance Act 1983 - Dispute with regard to disallowance of a sum of Rs. 31,38,017 for the assessment year 1994-1995, which

Northern India theatres (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1993)45ITD310(Delhi)

provisions of the wealth-tax indiscriminately. Sub-section (5) of Section 40 of the Finance Act, 1983 mentions that Sections 5, 7(2)(a) and 45(d) of the Act will not apply for the purpose of levy of wealth-tax on closely-held … wealth-tax shall be so construed as to be in conformity with the provisions of Section 40 of the Finance Act, 1983. Section 2(e) is one such provision which should be read only in conformity with the subject code. If while