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Commissioner of Income-tax Vs. M.K. Vaidya

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 17, 17(2), 17(3), 28, 36, 40A(5), 80J and 119

Reported in : [1997]224ITR186(KAR); [1997]224ITR186(Karn)

Clause (vi) was to be in operation from April 1, 1985, however, it was omitted while enacting the Finance Act, 1985. Clause 20 of the Memorandum explaining the provisions of the Finance Bill, 1985, states that, as a … is attracted and that the principle underlying clause (vi) inserted in section 17(2) by the Taxation Laws (Amendment) Act, 1984, could be looked at for this purpose. Section 17(2)(iii) reads - ''perquisite' includes - .... (iii) the value

Rajendran Pillai Vs. Union of India (Uoi)

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 17(2) and 192; Finance Act, 1984; Finance Act, 1985; Finance Act, 2001; Income Tax Rules, 1963 - Rule 3 and 3(7); Constitution of India - Article 14

Reported in : (2006)205CTR(Ker)600; 2006(4)KLT149

loan advanced by the employer. In both the cases, the Courts have referred to Section 17(2)(vi) introduced by Finance Act, 1984 with effect from 1.4.1985 and it's later deletion by Finance Act, 1985 retrospectively to neutralize the provision as

Bharat Heavy Electricals Limited Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 17(1), 17(2), 192, 201, 201(1), 256(1) and 264; Taxation Laws (Amendment) Act, 1984; Finance Act, 1985

Reported in : [2001]252ITR316(AP)

effect of Section 17(2)(vi), which was inserted by the Taxation Laws (Amendment) Act, 1984, but repealed by the Finance Act, 1985, it was held that the interest subsidy is not a perquisite and that no legal obligation lies

The Commissioner of Income-tax and the Deputy Commissioner of Income-t ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 17, 17(1), 17(2), 17(3), 17(4), 22, 40A(5), 192, 192(1), 194, 200, 201(1), 201(1A), 256(2) and 260A; Taxation Laws (Amendment) Act, 1984; Finance Act, 1985; Finance Act, 1999

Reported in : (2007)207CTR(Kar)620; [2007]293ITR146(KAR); [2007]293ITR146(Karn)

new Sub-clause (vi) in Section 17(2) of the Act. The subsequent omission of the said sub-clause by the Finance Act of 1985 with effect from the date of its proposed insertion was also, made with a view to … Section 17(2)(iii) of the Act, there was no need for Parliament to introduce, by the Taxation Laws (Amendment) Act, 1984, the new Sub-clause (vi) in Section 17(2) of the Act. The subsequent omission of the said sub-clause by

V.M. Salgaocar and Bros. Pvt. Ltd. Vs. Commissioner of Income Tax

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Constitution of India - Articles 133, 136 and 141; Taxation Laws (Amendment) Act, 1984; Finance Act, 1985; Income Tax Act, 1961 - Sections 2(24), 17(2), 36, 40A(2) and 256(2)

Reported in : [2000]243ITR383(SC); JT2000(4)SC473; 2000(3)SCALE240; (2000)5SCC373; [2000]2SCR1169; AIR2000SC1623

of the said Act. These amendments were intended to take effect from April 1, 1985. However, subsequently, the Finance Act, 1985, sought to omit both the aforesaid provisions with effect from the date of their insertion, namely, April … running account would not amount to providing perquisite. The Appellate Tribunal also observed that the Taxation Laws (Amendment) Act, 1984 for the first time provided that the difference in interest between the prescribed rate and that charged by … of the directors in the books of the assessee company by applying the provisions of Section 40A(5) and Section 17(2) of the Act. The Income-tax Officer found that the assessee which was a company was borrowing large sums

Saraswati Industrial Syndicate Ltd. Vs. State of Bihar and ors.

Court : Patna

Subject : Sales Tax

Acts : Bihar Finance Act, 1981 - Sections 17(5); Central Sales Tax Act

quashing the order dated 10.5.90 passed by the respondent No. 3 under Section 17 (5) of the Bihar Finance Act for the assessment year 1.4.1984 to 30.4.1990 as well as for quashing the notice making demand of Rs.

Mohan Singh Oberoi and Prithvi Raj Singh Oberoi Vs. Income Tax Officer ...

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(24), 17(2), 40A(5) and 148; ;Finance Act, 1985; ;Taxation Laws (Amendment) Act, 1984

Reported in : (2007)213TTJ(Cal)484

not be included in the expression 'benefit' and/or 'perquisite' in view of the subsequent amendment brought by the Finance Act, 1985. In this regard, the relevant observations of the Division Bench are quoted below:We have considered the rival … to bring such items in the net of taxation, the law was amended by the Taxation Laws (Amendment) Act, 1984. By this amendment, as already indicated, a new Sub-clause (vi) was inserted in Section 17(2) and, similarly, another

K. Rajendran Pillai and ors. Vs. Union of India (Uoi) and ors.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 17(2) and 192; Taxation Laws (Amendment) Act, 1984; Finance Act, 2001; Income Tax Rules, 1962 - Rule 3 and 3(7); Constitution of India - Article 14

Reported in : [2007]292ITR277(Ker)

the Taxation Laws (Amendment) Act, 1984 with effect from April 1, 1985, and its later deletion by the Finance Act, 1985, retrospectively to neutralize the provision as originally introduced. By introducing Clause (vi) to Section 17(2) Parliament made

V. M. Salgaocar and Bros. (P) Ltd., Etc. Vs. Commissioner of Income Ta ...

Court : Supreme Court of India

Subject : Direct Taxation

Reported in : (2000)160CTR(SC)225

section 40A(5) of the said Act. These amendments were intended to take effect from 1-4-1985. However, subsequently, the Finance Act, 1985, sought to omit both the aforesaid provisions with effect from the date of their insertion, namely, 1-4-1985. … running account would not amount to providing perquisite. The Appellate Tribunal also observed that the Taxation Laws (Amendment) Act, 1984 for the first time provided that the difference in interest between the prescribed rate and that charged by … debit of the directors in the books of the assessee-company by applying the provisions of section 40A(5) and section 17(2) of the Act. The Income Tax Officer found that the assessee which was a company was borrowing large

National Federation of Insurance Field Workers of India and anr. Vs. U ...

Court : Uttaranchal

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 14, 15, 16, 17, 17(1), 17(2), 192(2C), 295, 295(2), 296 and 296(1); Finance Act - Sections 17(2); Income Tax (Amendment) Rules, 2001 - Rule 3

Reported in : (2004)187CTR(Uttranchal)180; [2004]265ITR84(Uttaranchal)

authority, to identify 'interest free loan/concessional loan' as a fringe benefit under Section 17(2)(vi) (as inserted by the Finance Act, 2001) with effect from April 1, 2002. In this connection, it was further argued that under Section 17(2)(vi) … read with Section 192(2C) and Section 295(2)(c). It was further pointed out that by the Taxation Laws (Amendment) Act, 1984, Section 17(2) and Section 40A of the Income-tax Act were amended. That by the Taxation Laws (Amendment) Act, 1984,