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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 … club can claim any share or right of ownership over any portion of that property.13. Further under Article 6 of the memorandum of association of the assessee-club upon the winding up or dissolution of the club the

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

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 … removal of doubts, it is hereby declared..." 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

Commissioner of Income-tax Vs. Daudayal Hotels Pvt. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 4, 5, 28 to 41, 43, 43(6) and 256(1); Income Tax Act, 1922 - Sections 10(2); Finance Act, 1983; Income Tax Act, 1866

Reported in : (2005)199CTR(Guj)556

on new hotel building is not deductible for arriving at WDV in view of the amendments effected by Finance Act, 1983? 2. The Assessment Year is 1985-86 and the relevant accounting period is calender year ended on 31st December, … D.A. Mehta, J. 1. Income Tax Appellate Tribunal, Ahmedabad Bench SA has referred following question under Section 256(1) of the Income Tax Act, 1961 (the Act) at the instance of the Commissioner of Income Tax, … WDV was wrongly reduced by deduction of initial depreciation amounting to Rs. 6,74,500/- (Rupees Six Lakhs Seventy Four Thousand Five Hundred only). It was noted

Commissioner of Wealth Tax Vs. Mohan Exports India P. Ltd.

Court : Delhi

Subject : Direct Taxation

company for any financial year commencing on or after 1st April 1960 . This position changed with the Finance Act, 1983. Section 30 of the said statute provided for the revival of the levy of wealth tax in the case … provisions of that Act shall be construed so as to be in conformity with the provisions of this section. (6) Nothing in this section shall apply to any institution, association or body, whether incorporated or not and whether

The Commissioner of Income-tax Vs. S.S.C. Shoes Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80HHC, 80VVA, 80VVA(1), 80VVA(2) and 80VVA(4); General Clauses Act - Sections 6; Finance Act, 1983; Finance Act, 1987

Reported in : (2003)181CTR(Mad)317; [2003]259ITR674(Mad)

Mr. George Philip, learned counsel for the assessee. 5. Section 80HHC of the Act was introduced by the Finance Act, 1983 with effect from 1.4.1984 to curb the expenditure in case of companies which had paid no tax or … upon the decision of this Court in J.K.K. Angappan's case : [1974]94ITR397(Mad) , held that by virtue of section 6 of the General Clauses Act the assessee was entitled to carry forward the relief though Section 80VVA of

Jai Hanuman Distributors Vs. State of Bihar

Court : Patna

Subject : Sales Tax

Acts : Bihar Finance Act, 1981 - Sections 2, 3, 6, 7(3), 11, 11(1), 11(2), 11(3), 11(4), 12, 13, 21 and 49; Bihar Sales Tax Rules, 1983 - Rule 10, 10(1) and 10(2); Central Sales Act, 1956 - Sections 3, 4, 7 and 15; Kerala Additional Sales Tax Act; Karnataka Sales Tax Act, 1957

Rai, A.C.J.1. The petitioner, a dealer in India Made Foreign Liquor (for short IMFL) registered under the Bihar Finance Act, 1981 (hereinafter referred to as the Act) has challenged the assessment order dated 30.6.2003 with regard to assessment … made in terms of Rule 10(2)(b) of the Bihar Sales Tax Rules, 1983 (hereinafter referred to as the Rules). According to Section 11 (3) of … the earlier stage is to be deducted from the tax as calculated. The additional tax is levied under Section 6 of the Act and it is a self contained provision and its provision will apply in view of

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

will be discussed in later part of this order.7. The provisions of Section 43B were inserted by the Finance Act, 1983. It may therefore, be relevant to look at the Memorandum explaining the provisions of the Finance Bill, 1983, … to support his contention that such cash payments were made under exceptional and unavoidable circumstances covered by Rule 6DD(j). He pointed out that the payments to drivers for transportation charges otherwise than in cash is not practicable

Subhash Chand Dinesh Chand Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Subject : Direct Taxation

Reported in : (1995)52ITD212Jab

written submissions on 13-2-1989 and stated that the levy of wealth-tax was reintroduced by Section 40 of the Finance Act, 1983 for the first time and the assessee-company came to know of it only through the auditors when they

The Commissioner of Wealth-tax Vs. M/S. Kumudam Printers Pvt. Ltd.

Court : Chennai

Subject : Income Tax

Acts : Wealth Tax Act - Section 17; Finance Act, 1983 - Section 40(3)(vi b); Income-tax Act - Section 13

the property at No.20, Hunters Road, Madras from the wealth tax, even though Section 40(3)(vi b) of the Finance Act, 1983 states if the property used by Director, Manager and Secretary as residential accommodation then it will not be … Accordingly, the first substantial question of law is answered in favour of the assessee and against the Revenue. 6. As far as the Door No.123 is concerned, the claim of exemption must be with reference to the