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Commissioner of Income Tax Vs. Khoday Industries Ltd.

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 256(1), 263, 119, 119(1), 119(2), 404(4); Finance Act, 1984 - Sections 8(c); Finance Act, 1985; Finance Act, 1966 - Sections 2(7)

Reported in : [2006]285ITR523(KAR); [2006]285ITR523(Karn)

rival contentions, it is necessary to have a look at the relevant provision as provided under Section 8(c), Finance Act, 1984, and the Finance Act, 1985, which reads as follows:8(c)-'industrial company' means a company which is mainly engaged in

Mithila Properties, Publication Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Patna

Subject : Land Acquisition

Reported in : (1997)63ITD113(Pat.)

Wealth-tax (A/c) in first appeal that the assessee is liable to wealth-tax as per section 40(3)(vi) of the Finance Act, 1983 in respect of the value of the immovable property which are godowns let out to Food Corporation … accommodation for its low paid employees will be excluded from net wealth." 8. The mischief sought to be suppressed by the enactment was non-taxation of … properly understand the case for adjudication, essential factual aspects have to be recorded.2. The assessment years involved are 1984-85 to 1986-87. The assessee owns godowns which have been let out to FCI and TDC since the year

Farichem Laboratories Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 37(3A); ;Finance Act, 1984 - Section 2(8)

Reported in : (2006)203CTR(Cal)377,[2005]273ITR133(Cal)

erred in holding that the assessee was an industrial company within the meaning of section 2(8)(c) of the Finance Act, 1984 ?4. Whether, on the facts and circumstances of the case, the Tribunal was justified in law in holding

Naveen Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

doing hotel business was, in fact, a specified asset attracting wealth-tax liability as contemplated in s.40(3)(vi)(b) of the Finance Act, 1983. He fixed the value at Rs. 8 lakhs, as per assessee's books, and held that the same … the exemption provided for in s. 40(3)(vi) of the Finance Act, 1983. Sec. 40 of the Finance Act, 1983, reads as under : "40. Revival … 1. The appeals filed by the assessee relate to asst. yrs. 1984-85 to 1988-89. Since common issue is involved in all these appeals, they are heard together and are being

Naveen Hotels Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT

Subject : Land Acquisition

Reported in : (1997)57TTJ(Bang.)241

doing hotel business was, in fact, a specified asset attracting wealth-tax liability as contemplated in s.40(3)(vi)(b) of the Finance Act, 1983. He fixed the value at Rs. 8 lakhs, as per assessees books, and held that the same … the exemption provided for in s. 40(3)(vi) of the Finance Act, 1983. Sec. 40 of the Finance Act, 1983, reads as under : "40. Revival … The appeals filed by the assessee relate to asst. yrs. 1984-85 to 1988-89. Since common issue is involved in all these appeals, they are heard together and are being

Kanta Mehta Vs. Union of India and Others

Court : Delhi

Subject : Company

Acts : Reserve Bank of India Act, 1934 - Sections 45-I, 45J, 45K, 45L, 45M, 45S, 45S(1), 45S(2), 58A(1), 58A(7), 58A(8), 58B and 58B(5A); Banking Laws (Amendment) Act, 1983 - Sections 10; Constitution of India - Articles 14, 19, 19(1) and 246; Kerala Money Lenders Act; Banking Regulation Act, 1949 - Sections 5 and 8; Banking Regulation (Amendment) Act, 1956 - Sections 12; Banking Regulation (Amendment) Act, 1959 - Sections 17 and 18; Banking Regulation (Amendment) Act, 1968 - Sections 10A and 10A(5); Banking Regulation (Amendment) Act, 1984 - Sections 18, 21, 22(3), 24, 30 and 227; Banking Laws (Miscellaneous Provisions) Act, 1965; Companies Act, 1956 - Sections 58A; Companies (Acceptance of Deposits) Rules, 1975 - Rules 2 and 3; Companies (Acceptance of Deposits) (Amend

Reported in : [1987]62CompCas769(Delhi)

support the necessity for the impugned legislation. The suggestion was made that because of the failure of Sanchaita Finance Firm, resulting in ruination of a large number of depositors as reported in State of West Bengal v. … 1934, introduced by the Banking Laws (Amendment) Act, 1983 (Act 1 of 1984) (to be called 'the impugned legislation'). They would be disposed of by … banking to mean, acceptance, for the purpose of lending or investment, of deposits of money from the public. Section 8 prohibited the banking companies from directly or indirectly, dealing in the buying or selling or bartering of goods. … II-C read with section 58B (5A) of the Reserve Bank of India Act, 1934, introduced by the Banking Laws (Amendment) Act, 1983 (Act 1 of

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 … the case of Escorts Ltd. vs. Union of India (1991) 189 ITR 81 are against the assessee. He, however, contended that SLP against those decisions

Alluminium Profiles Limited, a Public Limited Company Registered Under ...

Court : Mumbai

Subject : Excise

Acts : Central Excise Act, 2007 - Sections 11, 32(7), 32E, 32F, 32F(5), 32F(7), 32F(8), 32F(9), 32F(10), 32M and 32N; Income Tax Act; Finance Act, 1984

Reported in : 2009(169)LC76(Bombay); 2009(241)ELT9(Bom)

power to make payment by installments. In respect of similar provisions pertaining to the Income Tax Act, by Finance Act, 1984 w.e.f. 1.10.1984 the powers of the Settlement Commission to grant payment by installments has been recognized. That continues … an order on 31.10.2008.Section 32F has been substituted by Act No. 22 of 2007 with effect from 1.6.2007. Section 32F(10) as it originally stood read as under:Where any duty payable in pursuance of an order under Sub-section

Bachhraj Factories Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1996)56ITD225(Mum.)

the Wealth-tax Act is the aggregate value of all the assets owed by the assessee whereas under the Finance Act, 1984 it is the value of all the assets enumerated in Sub-section (3). But that difference, in our opinion, … however, find a direct decision on this issue in the case of T. S. Krishna v. CIT[ 1973] 87 ITR 429 (SC), wherein their Lordships held that the aforesaid last part of the explanation which related to

income-tax Officer Vs. Quality Wines

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : MRTP

Reported in : (1989)31ITD163(Hyd.)

and also omitted from the said section in two spells. In the first spell they were inserted by Section 8 of the Finance Act, 1978 with effect from 1-4-1979 and they were omitted by Section 10 of the … provisions now applicable, the Madras Bench was considering Section 37(3A) as it stood before its omission by the Finance Act, 1980. We are concerned with Section 37(3A) introduced by the Finance Act, 1983.These two provisions are entirely different … the provisions of Section 37(3A) as it stood for the asst. year 1984-85. Besides, he submitted the provision considered by the Madras Bench was entirely