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Commissioner of Income-tax, Faridabad Vs. Ghanshyam (Huf)

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(47), 45, 45(1), 45(5), 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G, 54H, 154, 155(7A), 155(16), 260A and 269UA; Transfer of Property Act, 1882 - Sections 53A; Finance Act, 1987; Land Acquisition Act, 1894 - Sections 4, 4(1), 6, 18, 23, 23(1), 23(1A), 23(2), 28 and 34; Finance Act, 1991; Land Acquisition (Amendment) Act, 1984 - Sections 23(1A); Income Tax Act, 1922; Finance Act, 2003 - Sections 45(5) and 155(16)

Reported in : (2009)224CTR(SC)522; [2009]315ITR1(SC); JT2009(9)SC445; 2009(9)SCALE657; (2009)8SCC412; [2009]182TAXMAN368(SC); 2009(6)LC2930(SC)

and deductions therefrom.16. The question which arises for determination is - why was Section 45(5) inserted by the Finance Act, 1987, w.e.f. 1.4.88? Under Section 45(1), profits or gains arising from the transfer of a capital asset effected … of the market value of the land. Sub-section (1A) of Section 23 was introduced by Land Acquisition (Amendment) Act, 1984. It provides that in every case the Court shall award an amount as additional compensation at the rate

income-tax Officer Vs. K. S. Lokhandwala

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (1989)31ITD305(Ahd.)

year. He also invited our attention towards recent amendment made in the provisions of Section 43B by the Finance Act, 1989 by which the following Explanation has been inserted with retrospective effect from 1-4-1984: Explanation 2: For the … portion of the memorandum explaining the provisions in the Finance Bill 1983 appearing in [1982] 140 ITR (St.) 160 are also worth quoting: 59. Under the Income-tax Act, profits and gains of business and profession are computed

Food Specialities Ltd. Vs. Assistant Commissioner of Income Tax.

Court : Delhi

Subject : Direct Taxation

Reported in : (1995)52TTJ(Del)554

under the relevant statute, deduction was permissible in view of the proviso to S. 43B inserted by the Finance Act of 1987 w.e.f. 1st April, 1988. Shri Dastur fairly conceded that the decisions of the Delhi High Court … trading receipts of the assessee. assessed is admittedly following the mercantile system of accounting. As on 31st Dec., 1984, a sum of Rs. 95,05,224 had remained unpaid out of the total collections made during the relevant previous … formed employee, S. 40A(6) is inapplicable. Shri Dastur contended that the said section is a disallowed provision and that it must be strictly followed. It

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1993)45ITD500(Pune.)

assessments. Even after re-opening, the assets brought to tax would have been exempt under Section 40 of the Finance Act, 1983. Revenue is in appeal on the following common grounds, viz. : (1) The order of the CWT … of convenience, as they relate to same assessee and involve common issue.2. These appeals pertain to assessment years 1984-85, 1985-86, 1986-87 and 1987-88 and arise out of the common orders passed by the CWT (Appeals), Belgaum for … assessed to wealth-tax for the assessment year 1984-85 on 14-7-1987 under Section 16(3) on a net wealth returned Rs. 43,600 which was accompanied by balance

Jeevanlal Narsi and Sons Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1992)42ITD719(Hyd.)

is precisely to meet such a situation that the second proviso was inserted by the Taxation Laws (Amendment) Act, 1984. Section 16 of the said Amendment Act, no doubt, does not say that the proviso shall have retrospective effect; but, … sum might not have been payable within that year under the relevant law. This Explanaiion-2 was inserted by Finance Act, 1989 with retrospective effect from 1-4-1984 itself. The effect of this Explanation is that it is enough the

Sri Srinivasa theatre, Gillalamamidada, East Godavari Dist Vs. Commerc ...

Court : Andhra Pradesh

Subject : Other Taxes

Acts : Andhra Pradesh Entertainment Tax Act, 1984 - Sections 4, 4-A, 4-C, 4-C(1), 5, 5(1), 5(3), 9, 9-A(1), 9-A(2), 16(2-A); Andhra Pradesh Entertainment Tax Rules, 1984 - Rules 10, 27, 27(10), 27(13), 33, 33(7), 33(10), 43-D, 49 and 49(2); Andhra Pradesh Cinemas (Regulation) Act, 1955; Orissa Sales Tax Act, 1947 - Sections 12, 12(6), 23 and 23(3); Bengal Finance (Sales Tax) Act, 1941 - Sections 20(3);

Reported in : 2001(4)ALD747; 2001(4)ALT725

5, 5 (1), 5 (3), 9, 9-A (1), 9-A (2) and 16 (2-A) of Andhra Pradesh Entertainment Tax Act, 1984 and Section 20 (3) of Bengal Finance (Sales Tax) Act, 1941 - appellant firm carrying business of exhibition

Sri Bireswar Das Mohapatra and anr. Vs. State Bank of India

Court : Orissa

Subject : Banking

Acts : Companies Act, 1956 - Sections 439, 442, 444, 446, 529A, 536(2) and 537; Foreign Exchange Regulation Act, 1973; Income Tax Act, 1961 - Sections 72 and 72A; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17, 18, 20, 34, 34(1) and 34(2); 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 - Sections 16, 20, 20(1), 20(2), 20(3), 20(4), 22, 22A and 32; Small Industries Development Bank of India Act, 1989; Urban Land (Ceiling and Regulation) Act, 1976; Recovery of Debts Due to Banks and Financial Institutions Rules; Code of Criminal Procedure (CrPC) - Sections 198(13); Constitution of Indi

Reported in : 2006(II)OLR423

shall be in addition to, and not in derogation of, the industrial Finance Corporation Act, 1948 (15 of 1948), the State Financial Corporations Act, 1951 … of 1951), the Unit Trust of India Act, 1963 (52 of 1963), the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984), the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) and the Small Industries … 20 of SICA:20. Winding up of sick industrial company - (1) Where the Board, after making inquiry under Section 16 and after consideration of all the relevant facts and circumstances and after giving an opportunity of being heard

Snam Progetti SpA. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2005)95TTJ(Delhi)424

specified limits. It was pursuant to this recommendation that Section 44AB was introduced on the statute by the Finance Act, 1984, w.e.f. 1st April, 1985.16. Additionally, the explanatory notes on the provisions of the Finance Act, 1984, as clarified

Nava Bharat Ferro Alloys Limited Vs. Andhra Pradesh State Electricity ...

Court : Andhra Pradesh

Subject : Electricity

Acts : Constitution of India - Articles 14, 226; Electricity Supply Act, 1948 - Sections 16, 16(5), 16(6), 49 and 78A; Evidence Act, 1872 - Sections 115

Reported in : AIR1985AP299

1910 (1910 Act), the Supply Act, constitutional and public law limitations including the observance of principles of public finance in formulating or revising either uniform or differential tariffs; (5) The Board cannot legally act in the style … certain revised tariffs to come into force with effect from 15th January 1984. Prior to the impugned proceedings, the tariffs were governed by B.P.Ms.No.418 (Commercial) … the position, we have, therefore, no hesitation in rejecting this submission made on behalf of the petitioners. 16. Section 16 Supply Act - Violation: Sec.16 provides for the constitution of 'State Electricity Consultative Council' (Council). Rules 9 to

Commissioner of Income-tax Vs. Achaldas Dhanraj and Sanklecha Brothers

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43B; Sales Tax Act; Finance Act, 1987

Reported in : (1995)128CTR(Raj)325; [1996]217ITR799(Raj)

submission of learned counsel for the Revenue is that the amendment in Section 43B was made by the Finance Act, 1988, and was effective from April 1, 1989. The Tribunal has erred in giving retrospectivity to the said … April 1, 1988, are retrospective and are applicable to the assessment year under consideration, i.e., the assessment year 1984-85 ?' 4. The facts of Sanklecha Brothers are that the assessment in this case was completed under Section … explanation was given for inserting the above provision (see [1983] 140 ITR 160) :'Disallowance of unpaid statutory liability ; 59. Under the Income-tax Act, profits