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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 … restrictive covenants imposed on its user and alienation as well as its limited marketability, allowed a discount of 70 per cent. of the valuation of the property for the purpose of computation of net wealth of the

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 … The value of any asset specified in Sub-section (3) shall, subject to the provisions of Sub-section (3) of Section 7 of the Wealth-tax Act, be estimated to be the price which, in the opinion of the Wealth-tax Officer,

Sita World Travel (i) (P.) Ltd. Vs. Deputy Commissioner of Income-tax.

Court : Delhi

Subject : Direct Taxation

Reported in : [1995]55ITD357(Delhi)

to the tourists. In this connection he invited our attention to the provisions of section 40 of the Finance Act, 1983, where by Wealth-tax was revived in the case of closely-held companies. He further referred to the provisions of … the assessment year 1985-86. Case Law Analysis: Jamshedpur Motor Accessories Stores v. Union of India (1991) 189 ITR 70 (Pat) and CWT v. Smt. Binapani Chakravarty (1995) 80 Taxman 97 (SC) applied. Application: Wealth-tax in the case

Punj Sons (P) Ltd. Vs. Dy. Cit

Court : Delhi

Subject : Direct Taxation

Reported in : (2002)74TTJ(Del)596

the assessed's contention. He observed that the wealth-tax in question paid in pursuance to section 40 of the Finance Act, 1983 was wealth-tax and was covered by the provisions of section 40(a)(iia) of the Act, and, thereforee, it was … the similar question, the same Tribunal applied divergent view in Punj Sons (P) Ltd. v. Dy. CIT (2002) 74 TTJ (Del-Trib) 596 holding that wealth-tax paid in pursuance of section 40 of the Finance Act, 1983 was

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

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,

S.P. Jaiswal Estates Pvt. Ltd. Vs. Commissioner of Income-tax (No. 2)

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 32, 32A and 32(1); ;Finance Act, 1983 - Section 2(7); ;Income Tax (Fourth Amendment) Rules, 1983

Reported in : (1994)122CTR(Cal)7,[1994]209ITR307(Cal)

this year too we find that the definition of industrial company as contained in Section 2(7)(c) of the Finance Act, 1983, is in pari materia with that contained in the Finance Act, 1982. We also find from the printed

Cit Vs. Sabari Enterprises

Court : Karnataka

Subject : Direct Taxation

Reported in : [2008]298ITR141(KAR); [2008]298ITR141(Karn)

giving statutory deductions of payment of tax under the provisions of the Act, Section 43B(b) was inserted by Finance Act, 1983 which came into force with effect from 1-4-1984. Therefore, again the provision of Section 43B(b) clearly provides that … for the revenue is not tenable in law and, therefore, the same cannot be accepted by us. [Para 7] Income Tax Act, 1961 Section 43B - CODE OF CIVIL PROCEDURE, 1908.[C.A. No. 5/1908]. Order 44, Rule 1:

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 … the assessee wanted to keep for its own use 17,500 sq. ft. and to sell the balance of 77,386 sq.ft. and actually sold units having aggregate built up area of 48,292 sq.ft. between April 1981 and September

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 … on that count.16. Consequent to the aforesaid discussion, the petitions fail and are dismissed with costs of Rs. 750 each. - - .7. As per the petitioners, the speech clearly shows the intention of the Legislature in