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Commissioner of Income Tax Vs. N. Kannaiyiram.

Court : Chennai

Subject : Direct Taxation

Reported in : (1998)147CTR(Mad)267

he was assessed in the status of the HUF.10. Further, the legislature also amended the provision by the Finance Act, 1987, and by the said amendment, the benefit of exemption is also available to the sale by HUF. … coparcener ìof HUF Ratio : Sole surviving coparcener of an HUF was entitled to claim the exemption under section 54 with regard to capital gains arising out of sale of a residential house as the income from the

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 … title does not pass unless there is a deed of conveyance duly registered. Referring to the effect of Section 54, and Section 22 of the Income Tax Act, the Apex Court said 'That, however, would not take away

Khivraj Motors (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Land Acquisition

Reported in : (1994)50ITD576(Mad.)

to the Finance Bill, 1988 is also silent on this issue. Paragraph 54 of the memorandum explaining the provisions in the Finance Bill, 1988 merely … (P.) Ltd. 29 ITD 29 was distinguishable on facts. (iii) The 1988 amendment to Section 40(3) of the Finance Act, 1983 is not retroactive, but prospective in operation with effect from 1-4-1989. Therefore, the said amendment cannot help … Tribunal referred to above.30. In the case of Prakash Talkies (P.) Ltd. (supra), in relation to assessment years 1984-85 and 1985-86, the assessee claimed exemption in respect of the value of the cinema theatre. This exemption was

Second Income-tax Officer Vs. N. Kannaiyiram

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1988)24ITR261(Mad.)

HUFs, but that the relief applies to both. He also referred to Section 54(1) as amended by the Finance Act of 1982 only with effect from 1-4-1983, i.e. assessment year 1983-84 and subsequent assessments and pointed out that

Prakash Talkies (P.) Ltd. Vs. First Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Subject : Land Acquisition

Reported in : (1989)28ITD213(Bang.)

further appeal before us, it was contended on behalf of the assessee that under Section 40(3)(IV) of the Finance Act, 1983 which is to be read as part of the Wealth-tax Act, plant and machinery are not chargeable … the assessee is not chargeable to wealth-tax.2. The assessee is a private limited company. For the assessment years 1984-85 and 1985-86 corresponding to the valuation dated 31-3-1983 and 31-3-1984 respectively, the assessee filed returns declaring net wealth … the Tribunal in the case of Gavisiddeswara & Co. [IT Appeal Nos. 544 and 545 (Bang.) of 1985, dated 29-7-1986] where we have held that

Commissioner of Income Tax Vs. Prem Kumar

Court : Allahabad

Subject : Direct Taxation

Reported in : (2008)214CTR(All)452

importantly, in the asst. yr. 1984-85, Section 54H had not been added. That section has been inserted by Finance Act (No. 2) of 1991 w.e.f. 1st Oct., 1991. For ready reference, the said provision is quoted below:54H. Notwithstanding … time to time or in a residential house under the various provisions of the IT Act, 1961, from Section 54 onwards within the time specified therein as computed from the date of transfer. It is obvious that in

Poonam Chand Bhandari Vs. State of Rajasthan and ors.

Court : Rajasthan

Subject : Property

Reported in : RLW2008(1)Raj885

18.1.2005 pursuant to the direction of B.I.D.I. the Chief Secretary held the meeting and directed the J.D.A. and Finance Department to study the entire matter and place the matter for consideration by B.I.D.I. once the views of … the respondent No. 4.The submissions19. During the course of arguments, the petitioner crystallized his submissions thus:i) That Under Section 54 of the J.D.A. Act as well as Rules 15 and 15-B of, the Rules of 1974, the power

H. Anraj Vs. Government of Tamil Nadu Overruled

Court : Supreme Court of India

Subject : Sales Tax

Acts : Transfer of Property Act - Sections 3

Reported in : AIR1986SC63; 1985(2)SCALE641; (1986)1SCC414; [1985]Supp3SCR342; [1986]61STC165(SC)

arises out of a similar levy imposed for the first time by making suitable amendments in the Bengal Finance (Sales Tax) Act, 1941 with effect from May 1, 1984.3. Indisputably the subject of 'Lotteries' organised either by … on the sale of the lottery tickets the State Legislature promulgated the West Bengal Taxation Laws (Second Amendment) Act, 1984 where-under by making appropriate amendments (by way of additions to Sections 5(1)(aa), 5(1)(dd), 5(2)(a)(vb) and 5(2)(v)(iva) of the … by a Notification G.O.P. No. 77 dated January 28, 1984 issued under Section 59 of the Tamil Nadu General Sales Tax Act, 1959 the State … done in the exercise of its own independent taxing power under Entry 54 of List II in the Seventh Schedule to the Constitution. It seems

Varadaraja theatres (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1989)29ITD29(Mad.)

Section 40 of the Finance Act of 1983.He particularly relied on paragraph 54 of the Memorandum explaining provisions in Finance Bill of 1988 which clearly … to drop the proposed action.3. The Commissioner of Wealth-tax referred to the provisions of Section 40(3) of the Finance Act of 1983, which provides for levy of wealth-tax in the case of closely-held companies. After quoting Clause (vi) … 25(2) of the Wealth-tax Act, 1957, setting aside the assessments made on the assessee for the assessment years 1984-85, 1985-86 and 1986-87 with directions to the Wealth-tax Officer to redo them in accordance with law.2. The appellant

industrial Packers and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Patna

Subject : Direct Taxation

Reported in : (1995)52ITD1(Pat.)

year 1986-87.5. The Id. counsel for the assessee conceded fairly that Section 43B had been inserted by the Finance Act, 1983 with effect from 1-4-1984, but since Section 29 was amended only with effect from 1-4-1989 to include … The main dispute relates to the order of the CIT(A) confirming disallowance of unpaid sales tax of Rs. 54,319 under Section 43B of the Income-tax Act, 1961.2. The facts, in brief, are that Bihar sales-tax amounting to