Advanced Search Results

Director of Income-tax (Exemptions) Vs. Sheth Mafatlal Gagalbhai Found ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 11, 11(1), 11(2), 11(4A), 11(5), 12, 13, 13(1), 161(1A), 164, 164(1) and 164(2); Finance Act, 1984; Direct Tax Laws (Amendment) Act, 1987; Direct Tax Laws (Amendment) Act, 1989

Reported in : [2001]249ITR533(Bom)

was omitted by the Direct Tax Laws (Amendment) Act, 1987. However, the Legislature inserted a proviso by the Finance Act, 1984, with effect from April 1, 1985. By the said proviso, it is, inter alia, laid down that where … determination in the above group of appeals is as follows : 'Whether violation of Section 11(5) read with Section 13(1)(d) by the assessee-trust attracts maximum marginal rate of tax on the entire income of the Trust ?' 2.

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

the Finance Act of 1983. Earlier, wealth-tax was leviable on companies under Section 3 of the Finance Act. Section 13 of the Finance Act, 1960 provided that wealth-tax is not leviable on a company with effect from April … was also used in the assessee's business and therefore excluded from the operation of Section 40 of the Finance Act, 1983. The Tribunal also confirmed the order of the C.I.T.(A) on the reliefs granted by the C.I.T.(A), from … interested. It is a closely held company. The relevant assessment years are 1984-85 and 1985-86 and the corresponding valuation dates are 31.03.1984 and 31.03.1985. 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)

:'40. Revival of levy of wealth-tax in the case of closely-held companies : (1) Notwithstanding anything contained in Section 13 of the Finance Act, 1960 (13 of 1960), relating to exemption of companies from levy of wealth-tax under … 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 … every assessment year commencing on and from the 1st day of April, 1984, in respect of the net wealth on the corresponding valuation date of

Aryavarta Plywood Limited Vs. Rajasthan State Industrial and Investmen ...

Court : Delhi

Subject : Company

Acts : Companies Act, 1956 - Sections 125, 446(1) and (2), 454, 456, 456(2), 457, 529A, 537 and 537(1); State Financial Corporation Act, 1951 - Sections 29, 31 and 32(10); Transfer of Property Act, 1882 - Sections 69; Code of Civil Procedure (CPC), 1908 - Order 34

Reported in : [1991]72CompCas5(Delhi)

joint equitable mortgage was created in favor of the Corporation as well as in favor of the Industrial Finance Corporation of India, which was also a secured creditor of the company to the extent of the loan … Dharam Bir, as creditor, filed a petition, being C.P. No. 53 of 1984, on May 14, 1984, for winding up the applicant, namely, Aryavarta Plywood … replay, the respondent vide its letter dated October 13, 1988, alleged that, by virtue of the provisions … ORDERS.N. Sapra, J. 1. By the present application filed under sections 456 and 457 of the Companies Act, 1956 (hereinafter called 'the Act'), read with rule 9 of the Companies (Court) Rules, 1959, the applicant, namely, … ORDERS.N. Sapra, J. 1. By the present application filed under sections 456 and 457 of the Companies Act, 1956 (hereinafter called 'the Act'),

Krishak Bharti Co-operative Ltd. Vs. Union of India (Uoi) and anr.

Court : Delhi

Subject : Trusts and Societies

Acts : Multi-State Cooperative Societies Act, 2002 - Sections 122, 123 and 126; Companies Act; Multi-State Cooperatives Act, 1984 - Sections 11, 11(2), 11(4), 35 and 35(2)

Reported in : 154(2008)DLT452

also been informed that direct transfer of share from Government to Cooperatives is not allowed under Multi-State Cooperatives Act, 1984. The Committee would like to emphasise that the thrust of their recommendation is to impart real Cooperative character … envisages that KRIBHCO can retire, each quarter, the shares held by the GOI, the NCDC and the Public Finances Institutions to the extent that the Co-operative Members make a corresponding subscription. However, Bye-law 8(a) does not empower … the said Society; NOW, THEREFORE, in exercise of the powers vested under Section 122 of the Multi-State Cooperative Societies Act, the Central Government, hereby directs … prescribed in the Act and the Rules made thereunder;3. By Notice dated 13.9.2002, under Bye-law 32, the Agenda of the 22nd Annual General Body Meeting

Ethnor Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : MRTP

Reported in : (1990)35ITD268(Mum.)

officer and by the CWT(A).4. It is contended on behalf of the assessee that Section 40 of the Finance Act, 1983, which provided for levy of charge to wealth-tax of companies, takes effect from assessment year 1984-85; though … 55 of MRTP Act. This section provides, inter alia, that any pers6n aggrieved by an order made under Section 13 may prefer an appeal to the Court on "one or more of the grounds specified in Section 100

Hdfc Bank Ltd. and anr. Vs. Kishore K. Mehta and ors.

Court : Mumbai

Subject : Civil

Acts : Presidency-Towns Insolvency Act, 1909 - Sections 9, 9(1), 9(2), 9(3) and 9(5); Recovery of Debts Due to Banks and Financial Institutions Act, 1994 - Sections 17, 17A, 17(1), 18, 19, 19(1), 19(4), 19(7), 19(12), 19(13), 19(17), 19(18), 19(19), 19(22), 20, 21, 22, 22(2), 23, 24, 25 to 30, 31A, 34, 34(1) and 34(2); Companies Act, 1956 - Sections 529A; Limitation Act; Income Tax Act, 1961; Industrial Finance Corporation Act, 1948; State Financial Corporations Act, 1951; Unit Trust of India Act, 1963; Industrial Reconstruction Bank of India Act, 1984; Sick Industrial Companies (Special Provisions) Act, 1985; Small Industries Development Bank of India Act, 1989; Uttar Pradesh Public Monies (Recovery of Dues) Act, 1972; Rajasthan Relief Undertakings (Special Provisions) Act, 1961; Ren

Reported in : 2008(6)BomCR340

RD Act or Rules made thereunder shall be in addition to, and not in derogation of the Industrial Finance Corporation Act, 1948, the State Financial Corporations Act, 1951, the Unit Trust of India Act, 1963, the Industrial … State Financial Corporations Act, 1951, the Unit Trust of India Act, 1963, the Industrial Reconstruction Bank of India Act, 1984, the Sick Industrial Companies (Special Provisions) Act, 1985 and the Small Industries Development Bank of India Act, 1989.34. … both these appeals is whether an insolvency notice can be issued under Section 9(2) of the Presidency-Towns Insolvency Act, 1909, hereinafter called as 'the Insolvency … in Patheja's case (supra) that:The expression 'Court' in the context (of Article 136) denotes a tribunal constituted by the State as a part of the

Srikakollu Subba Rao and Co. and ors. Vs. Union of India and ors.

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 37, 43B, 43D and 145; ;Constitution of India - Articles 14 and 19

Reported in : (1988)71CTR(AP)34; 1989(19)ECC107; [1988]173ITR708(AP)

certain common questions of law and it will be convenient to dispose of them together. 2. By the Finance Act, 1983, section 43B of the Income-tax Act, 1961 ('the Act'), was inserted and the provision came into force … the Income-tax Act, 1961 ('the Act'), was inserted and the provision came into force with effect from April, 1984. The main challenge in these writ petitions is that this provision is unconstitutional inasmuch as it is violative … on November 10, 1987 [vide brief report appearing in [1988] 169 ITR 13]. The report would also indicate that writ petitions filed under article 32

Thanthi Trust Vs. Central Board of Direct Taxes and Others

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(15), 11, 11(1), 11(4), 11(4A), 12, 13, 13(1), 13(1) and 119

Reported in : [1995]213ITR639(Mad)

11 for the assessment years 1979-80 to 1983-84, relying on section 13(1)(bb) of the Act. 9. By the Finance Act, 1983, the following sub-section (4A) was introduced in section 11 of the Act, with effect from April 1, … of the Income-tax Act, 1961, hereinafter referred to as the Act, to the petitioner-trust for the assessment years 1984-85 to 1991-92, respectively, and to direct the second respondent to consider the petitioner's claim for exemption under section

Commissioner of Wealth Tax vs.atma Ram Properties (P) Ltd.

Court : Delhi

Subject : Direct Taxation

it is first necessary to understand the background in which the questions that have been framed arose. The Finance Act, 1960 (FA1960 exempted WTA No.16/2005 & connected matters Page 11 of 38 companies from the levy of wealth … in respect of the assets of companies. Section 40 (1) of the FA1983stated that notwithstanding anything contained in Section 13 of the FA, 1960, wealth tax was chargeable for every AY commencing on and from the 1st April … orders of the Income Tax Appellate Tribunal (ITAT) for Assessment Years (‘AYs’) 1984-85 to 1992-93 and AYs 1997-98 to 1998- 99. Facts in brief 2.