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Madathil Brothers Vs. the Deputy Commissioner of Income Tax, Special R ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(4A), 2(14), 2(42), 2(42A), 2(47), 22, 27, 45, 68 and 260A; Finance Act, 1987 - Sections 27; Transfer of Property Act, 1882 - Sections 53A, 54 and 55; Registration Act; Taxation Laws (Amendment) Act, 1984; Income Tax Act, 1922 - Sections 9 and 12B; Income Tax Rules, 1962 - Rule 9A, 9B, 9B(1), 9B(2) to 9B(4) and 9B(7); Wealth Tax Rules - Rule 1D; Income Tax (Seventh Amendment) Rules, 1976

Reported in : (2008)217CTR(Mad)416; [2008]301ITR345(Mad)

of a business carried on by him, such conversion or treatment; (or) The following clause was inserted under Finance Act, 1987 with effect from 1.4.1988:(v) any transaction involving the allowing of the possession of any immovable property to … as defined under Section 2(47) as it then stood prior to the amendment under the Taxation Laws Amendment Act, 1984 with effect from 1.4.1985. Hence, it does not cover the issue on hand. 42. In the decision reported … on the meaning of the term 'owner' in the context of assessability of the income from property under Section 22, in the decision reported in : [1997]226ITR625(SC) (C.I.T. v. Podar Cement Pvt. Ltd.), the Apex Court held that

The Institute of Chartered Accountants of India, Rep. by Its Secretary ...

Court : Chennai

Subject : Direct TaxationConstitution

Acts : Chartered Accountants Act, 1949 - Sections 3, 4, 9, 15 and 22; Companies Act, 1956; Income Tax Act, 1961 - Sections 44AB; Banking Companies Regulations Act; Finance Act, 1984; Banking Laws (Amendment) Act, 1983 - Sections 45S(1); Constitution of India - Article 19(1) and 19(6)

Reported in : AIR2005Mad287; (2005)2MLJ369

Rs.20 lakhs under the Income-tax Act. Only a Chartered Accountant can issue a certificate under these Acts. By Finance Act, 1984 a new Section viz., Section 44AB was introduced in the Income-tax Act, 1961 by which certain classes of … himself in the profession without any kind of restriction except for professional misconduct as mentioned in Section - 22 of the Act. The Council set up by the Act has a general power to enquire into the

Maharashtra State Co-operative Bank Limited and anr. Vs. the State of ...

Court : Mumbai

Subject : Banking

Acts : Code of Civil Procedure (CPC) , 1908 - Sections 9 - Order 1, Rule 1; Maharashtra Co-operative Societies Act, 1960 - Sections 2(2), 2(10), 60 and 70; National Bank for Agricultural and Rural Development Act, 1981 - Sections 2; Banking Regulation Act, 1949 - Sections 18, 24 and 56; Multi-State Co-operative Societies Act, 1984 - Sections 3 and 5; Constitution of India - Article 226

Reported in : 1997(3)BomCR4

on the business of banking and its primary object must be to finance other Co-operative Societies in the State. Otherwise how can a society be … short question that arises for consideration is : Whether a Co-operative Society registered under The Multi-State Co-operative Societies Act, 1984 (Multi-State Act for short) can be recognised and notified by the State Government as State Co-operative Bank, and … by the Reserve Bank of India (R.B.I. for short) on 22nd March 1996 to the 5th Respondent under section 22(1) read with section 56(o) of the Banking Regulation Act, 1949 (Bk.Reg. Act for short) to commence and carry

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 … Court Employees' Welfare Association v. Union of India and Anr. : (1989)IILLJ506SC 22. It has been already noticed that the special leave petitions filed on … it by the Income Tax Appellate Tribunal ('Appellate Tribunal' for short) under Section 256(2) of the Income Tax, 1961 (for short, the 'Act'). Reference was

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

Commissioner of Income Tax Vs. Munni Lal and Company

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 194C, 194C(1), 194C(2), 194C(3), 200, 201, 201(1A), 220(7), 221, 231, 256 and 256(2); Finance Act, 1972; Finance Act (Act No. 22), 1995; Direct Tax Laws (Amendment) Act, 1984

Reported in : (2006)204CTR(Raj)529; [2008]298ITR250(Raj); RLW2007(2)Raj1609

was charged, which was declared as his taxable income.3. Section 194C was inserted in IT Act, 1961 by Finance Act, 1972 w.e.f. 1st April, 1972. Under Sub-section (1) of Section 194C any person responsible for paying any sum … the aforesaid provision was substituted for one year w.e.f. 1st Oct., 1984 only vide the Taxation Laws (Amendment) Act, 1984. The provision indicates that it provides limitation for commencing proceedings for recovery of any sum payable under the … IT Act, 1961, and thus holding the levy of penalty under Section 221 for non-payment of tax deductible at source as barred by time?2. Whether,

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

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

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 … 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. … to the Appellate Tribunal and Section 21 provides for deposit of amount of debt due, on filing appeal. Section 22 deals with procedure and powers of the Tribunal and the Appellate Tribunal and states that they are not

Sbm Engg. Products (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2004)91ITD116(Mum.)

Sub-section (1)of Section 139 or within such further time as may be allowed by the Income-tax Officer. " Finance Act, 1987, again amended Section 80 with effect from 1st April, 1988 to include the reference to Sub-section (3) … of Section 72 or Sub-section (2) of Section 73 or Sub-section (1) of Section 74.The Taxation Laws (Amendment) Act, 1984 further amended Section 80 with effect from 1st April, 1985, substituting the words under Section 139' by the … the Assessing Officer issued notice under Section 139(9) of the Act on 22-9-1988 asking the assessee to rectify the said defects within 15 days from

Checkmate Services P Ltd Vs. Commissioner Of Income Tax-i

Court : Supreme Court of India

Subject : Land Acquisition

Income Tax-I v Checkmate Services P. Ltd., Tax Appeal No.680 of 2014, dated 14.10.2014. 4 Inserted by the Finance Act, 1987 (11 of 1987), w.e.f. 01.04.1988. 4 are not in the nature of annual contributions of fixed amounts … while computing the business income of the previous year?. That was a case which related to Assessment Year 1984-1985. The relevant accounting period ended on 30-6-1983. The Income Tax Officer disallowed the deduction claimed by the assessee … appeals, the common question involved is with respect to the interpretation of Section 36(1)(va) and Section 43B of the Income Tax Act, 1961 (hereinafter, “IT … urged that this decision had considered the effect 8 Circular No.495 dated 22.09.1987. 9 Commissioner of Income Tax v. Alom Extrusions Ltd., (2010) 1 SCC489