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income-tax Officer Vs. Quality Wines

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : MRTP

Reported in : (1989)31ITD163(Hyd.)

and also omitted from the said section in two spells. In the first spell they were inserted by Section 8 of the Finance Act, 1978 with effect from 1-4-1979 and they were omitted by Section 10 of the … stood before its omission by the Finance Act, 1980. We are concerned with Section 37(3A) introduced by the Finance Act, 1983.These two provisions are entirely different and has nothing to do with each other. Further, he pointed out the

income-tax Officer Vs. Pratappur Sugar and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1985)13ITD753(Kol.)

disposing of the appeal by the revenue. It is stated that the above sub-section was inserted by the Finance Act, 1983, with retrospective effect from 1-4-1979, as relied on by the revenue. It is prayed that the above order … filed by the revenue contending that in the order of the Tribunal dated 24-5-1984 in IT Appeal No. 893 (Cal.) of 1983 filed by the department, there is a mistake apparent on record inasmuch as the provision

Naveen Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

doing hotel business was, in fact, a specified asset attracting wealth-tax liability as contemplated in s.40(3)(vi)(b) of the Finance Act, 1983. He fixed the value at Rs. 8 lakhs, as per assessee's books, and held that the same should … whether the assessee is entitled to the exemption provided for in s. 40(3)(vi) of the Finance Act, 1983. Sec. 40 of the Finance Act, 1983, reads as under : "40. Revival of levy of wealth-tax in the

Naveen Hotels Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT

Subject : Land Acquisition

Reported in : (1997)57TTJ(Bang.)241

doing hotel business was, in fact, a specified asset attracting wealth-tax liability as contemplated in s.40(3)(vi)(b) of the Finance Act, 1983. He fixed the value at Rs. 8 lakhs, as per assessees books, and held that the same should … whether the assessee is entitled to the exemption provided for in s. 40(3)(vi) of the Finance Act, 1983. Sec. 40 of the Finance Act, 1983, reads as under : "40. Revival of levy of wealth-tax in 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 … shall not be taken into account in computing the net wealth of the assessee. Sub-section (3) has got 8 clauses. All these assets mentioned in the said clauses are the assets referred to in Sub-section (2).10. For

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 … Supreme Court, repelling that contention, held the following : "(14) Now to revert to paragraphs 2, 5 and 8 which the learned Judges considered amounted to a clear and unequivocal denial of the Government's title, they referred

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 … Honble Supreme Court, repelling that contention, held the following :'(14) Now to revert to paragraphs 2, 5 and 8 which the learned Judges considered amounted to a clear and unequivocal denial of the governments title, they referred

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

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 … till 24-5-1995, and the same was granted. However, in the intervening period the company filed a letter dt. 8-5-1995, wherein, according to the Assistant Commissioner, it denied having paid any salary or any other income to the

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