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Bharat Heavy Electricals Limited Vs. Commissioner of Income-tax
Andhra Pradesh
Aug-28-2001
Direct Taxation
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
[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effect of Section 17(2)(vi), which was inserted by the Taxation Laws (Amendment) Act, 1984, but repealed by the Finance Act, 1985, it was held that the interest subsidy is not a perquisite and that no legal obligation lies on
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. M.K. Vaidya
Karnataka
Jun-11-1992
Direct Taxation
Income Tax Act, 1961 - Sections 2(24), 17, 17(2), 17(3), 28, 36, 40A(5), 80J and 119
[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 measure … before the Appellate Commissioner to the effect that the interest-free loan cannot be valued as a 'perquisite' under section 17(2). However, both learned counsel admitted before the court that this question does arise and that is how the
Tag this Judgment! AI Brief & AskRajendran Pillai Vs. Union of India (Uoi)
Kerala
Jun-12-2006
Direct Taxation
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
(2006)205CTR(Ker)600; 2006(4)KLT149
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 originally introduced. By introducing Clause (vi) to Section 17(2) Parliament made it
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V.M. Salgaocar and Bros. Pvt. Ltd. Vs. Commissioner of Income Tax
Supreme Court of India
Apr-10-2000
Direct Taxation
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)
[2000]243ITR383(SC); JT2000(4)SC473; 2000(3)SCALE240; (2000)5SCC373; [2000]2SCR1169; AIR2000SC1623
made by the 1984 Amendment by insertion of Sub-clause (vi) in Section 17(2) and its omission by the Finance Act, 1985. Section 2(24)(iv), which has been invoked in this case also used the expression 'the value of any benefit or
Tag this Judgment! AI Brief & AskP.V. Rajgopal and ors. Vs. Union of India and ors.
Andhra Pradesh
Apr-21-1998
Direct Taxation
Income Tax Act, 1961 - Sections 10, 15, 17, 17(2), 17(3), 201, 264; Constitution of India - Article 226; Taxation Laws (Amendment) Act, 1984; Finance Act, 1985; Income-tax Act, 1952 - Sections 13-A, 16, 17(3), 24, 156(2) and 197; Trade Union Act, 1926 - Sections 15, 192, 194, 194-(A, B, BB, C, D, E, EF, F, G, H, I, J and k), 196-(A, B, C, and D), 197(2A), 200, 201 (1A), 203, 207, 211, 221, 234-B and 234-C
1998(4)ALD268; [1998]233ITR678(AP)
Finance Act, 19,85 withdrew the said amendment. This was explained by the memorandum explaining the provisions of the Finance Act, 1985 by Circular No.421, dated 12-6-1985 (1956 ITR 138), hi spite of this legislative history, an attempt was made … payable by the employee in respect of building loans, such reimbursement is taxable as income from 'Salaries' under Section 17(2)(iii) of the Income-tax Act. This was forwarded to the Deputy Commissioner of Income-tax of each zone and circulated
Tag this Judgment! AI Brief & AskJindal thermal Power Company Limited (Formerly Jindal Tracteble Power ...
Karnataka
Mar-31-2006
Direct Taxation
Income Tax Act, 1961 - Sections 4, 10, 10A, 10B, 11, 12, 80HHC, 80HHC(3), 80HHF(3), 112, 113, 115A, 115AA, 115AB, 115ACA, 115AD, 115B, 115BB, 115BBA, 115E, 115JB, 119(2), 140A, 154, 161(1A), 164, 164A, 167B, 172(4), 174(2), 175, 176(2), 192, 207, 208 to 219, 234A, 234B and 234C; Finance Act, 2002 - Sections 115J, 115J(1), 115JA, 115JB(1) and 115JB; Finance Act, 1987; Finance (No. 2) Act, 1996; Finance Act, 2000 - Sections115B and 115JB; Finance (Amendment) Act, 2000; Finance (Amendment) Act, 2002; Companies Act, 1956 - Sections 210; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 3, 17(1), 32(2), 32A(3), 72(1), 73, 74, 74A(3), 139(1), 142(1) and 288(2); Finance Act, 2001 - Sections 2(8); Constitution of India - Articles 265 and 300A
(2006)203CTR(Kar)381; [2006]286ITR182(KAR); [2006]286ITR182(Karn)
become a sick industrial company under Sub-section (1) of Section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net worth of such company … respondent seeks to rely as is seemingly done in view of the amendment of Section 115JB effected by Finance Act, 2002 with retrospective effect from 1.4.2001 enabling him to levy such interest. The said amendment in so far
Tag this Judgment! AI Brief & AskMohan Singh Oberoi and Prithvi Raj Singh Oberoi Vs. Income Tax Officer ...
Kolkata
Aug-10-2007
Direct Taxation
Income Tax Act, 1961 - Sections 2, 2(24), 17(2), 40A(5) and 148; ;Finance Act, 1985; ;Taxation Laws (Amendment) Act, 1984
(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 contentions. … the appeals are assessed to income-tax for the relevant assessment year. After the assessment was complete notice under Section 148 was issued for reopening the assessment on the ground that they derived benefit out of interest-free loan … heirs and legal representatives under her will. The appellant in F.M.A. No. 1720 of 1997 was the executor to her estate. The appellant Prithivi Raj
Tag this Judgment! AI Brief & AskNational Federation of Insurance Field Workers of India and anr. Vs. U ...
Uttaranchal
Nov-17-2003
Direct Taxation
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
(2004)187CTR(Uttranchal)180; [2004]265ITR84(Uttaranchal)
on allowable deduction claimed by the employers for giving interest free loan/concessional loan to employees. However, by the Finance Act, 1985, taxing of interest free loan/concessional loan as perquisites was deleted. That Clause (vi) of Section 17(2)(vi) was deleted.
Tag this Judgment! AI Brief & AskMr. S.M. Singhvi Vs. Bestavision Electronics Ltd.
Delhi
May-15-2003
SICA
Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 15 to 19, 22, 22(1) and 25; Companies Act, 1956
III(2003)BC124; [2004]118CompCas742(Delhi); 105(2003)DLT126; 2003(71)DRJ36; [2003]46SCL183(Delhi)
winding up petition is not maintainable by virtue of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA for short). This question has already generated several decisions by the Apex court but the nodes appears … respect of an industrial company, an inquiry under section 16 is pending or any scheme referred to under section 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section … be realised that in the modern industrial environment large industries are generally financed by banks and statutory corporations created specially for that purpose and if
Tag this Judgment! AI Brief & AskThe Commissioner of Income-tax and the Deputy Commissioner of Income-t ...
Karnataka
Dec-15-2006
Direct Taxation
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
(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
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