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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 … provisions of the Transfer of Property Act under Section 53A, 54 and 55, the Apex Court held that legal title does not pass unless there

Smt. Gulab Sundri Bapna Vs. Dy. Cit

Court : Delhi

Subject : Direct Taxation

Reported in : [2001]79ITD455(Delhi)

sought to tax. It is important in this connection to note that section 55(2)(a) was substituted by the Finance Act, 1994 with effect from 1-4-1995 including the tenancy rights, inter alia within the definition of 'capital asset' having

Universal Generics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1989)31ITD369(Mum.)

had an occasion to deal with the charging section of the Indian Income-tax Act, 1922 vis-a-vis the relevant Finance Act. The Hon'ble Supreme Court dealt with this aspect at pages 716 and 717 of the report. The relevant … be charged at the rates specified in Part I of the First Schedule, and super-tax, for purposes of Section 55 of the Income-tax Act, 1922, shall be charged at the rates specified in Part II of the First

income Tax Officer Vs. V. S. V. Trust.

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

Reported in : (1993)47TTJ(Coch.)304

55% on the income of the assessee because it represented the highest rate of tax prescribed in the Finance Act, 1985.4. Being aggrieved, the assessee took up the matter in appeal before the CIT(A), who held as follows … the Revenue relating to the asst. yr. 1985-86 for which the relevant accounting period ended on 16th Aug., 1984."The learned CIT(A) erred in holding that the maximum marginal rate to be applied is Rs. 35,250 plus 55% … been explained in Expln. 2 to S.164, as follows : "In this section, "maximum marginal rate" means the rate of income-tax (including surcharge on income-tax,

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 … 529. It is pointed out that in that case the Supreme Court was concerned with the interpretation of Section 55 of the MRTP Act which provides for filing of an appeal and it was stated therein that an

Plasticotes Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1992)40ITD332(Mum.)

flats in Anand Kamal are let out to the director of the assessec-company.3. By Section 40 of the Finance Act, 1983, the levy of wealth-tax was revived in the case of closely held companies. In its return of … the decision in the cases of CIT v. Ajax Products Ltd. [1965] 55 ITR 741 (SC), CIT v. Shahzada Nand & Sons [1966] 60 ITR … in these appeals filed by the assessee. The assessee is a closely held company. The assessment years are 1984-85 to 1987-88 and the relevant valuation dates are 31st of December, 1983/84/85 & 86 respectively.2. The assessee is

Commissioner of Income Tax - Viii, New Delhi Vs. Gulab Sundri Bapna

Court : Delhi

Subject : Land Acquisition

was for acquisition of tenancy right and not for acquisition of ownership rights. Section 55(2)(a) was substituted by Finance Act, 1994 w.e.f. 1st April, 1995, stipulating that the cost of acquisition of tenancy rights could be taken as

Asara Sales and Investments (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Land Acquisition

Reported in : (2001)78ITD87(Pune.)

Such an incentive/inducement has no acquisition value before Section 55(2)(aa)(iiia) was brought on the statute book by the Finance Act, 1995 with effect from 1-4-1996. In the case of CIT v.Modiram Laxmandas (P.) Ltd. (supra), the Hon'ble Bombay

Tarajan Tea Co. Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 144B and 263

not attracted. It is true that the effect of this decision regarding 'goodwill' has been overcome by the Finance Act, 1987, amending Section 55 so as to provide that cost of acquisition of goodwill acquired other than by … attention has been drawn to certain statutory changes brought about in Section 263. By the Taxation Laws (Amendment) Act, 1984, an Explanation was introduced to Sub-section (1) of Section 263 of the Act with effect from October 1,

Commissioner of Income Tax, Mumbai Vs. D.P. Sandu Bros. Chembur (P) Lt ...

Court : Supreme Court of India

Subject : Direct Taxation Tenancy

Acts : Income Tax Act, 1961 - Sections 2(24), 10(3), 14, 45, 48, 55(2) and 56; Finance Act, 1994; Income Tax Act, 1922

Reported in : AIR2005SC796; 2005(5)ALLMR(SC)545; [2005]273ITR1(SC); JT2005(2)SC226; (2005)2SCC584

situation created by the decision in Srinivasa Setty and the subsequent decisions of the High Court that the Finance Act 1994 amended Section 55(2) to provide that the cost of acquisition of inter-alia a tenancy right would be