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Deputy Commissioner of Income-tax and anr. Vs. Karnataka Bank Ltd.

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 260A; Finance Act, 1985 - Sections 28, 36(1) and 36(2); Income Tax (Amendment) Act, 1986

Reported in : [2009]316ITR345(KAR); [2009]316ITR345(Karn); (2008)218CTR(Kar)273; 2008AIRSCW1287; 2008(2)SCC475.

No. 258, dated June 14, 1979, to the assessment year 1993-94 though Section 36(2) stood amended by the Finance Act, 1985, with effect from April 1, 1985?3. For the sake of convenience, facts appearing in I.T.A. No. 480 … in the prescribed manner, whichever is higher.7. Clause (viia) had again undergone a change by the Income-tax (Amendment) Act, 1986, from April 1, 1987, the relevant portion of which reads as follows:(viia) in respect of any provision for … matters dealt with therein, in computing the income referred to in Section 28....(vii) subject to the provisions of Sub-section (2), the amount of any debt,

Deputy Commissioner of Income Tax, Ahmedabad Vs. Core Health Care Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43(1), 80HH, 80I, 90(2) and 260A; Finance Act, 1986 - Sections 43(1); Finance Act, 2003

Reported in : 105(2008)CLT433(SC); (2008)215CTR(SC)1; [2008]298ITR194(SC); JT2008(2)SC367; 2008(2)SCALE327; (2008)2SCC465; 2008AIRSCW1425

directly or indirectly by any other person or authority. Explanation 8 has been inserted in Section 43(1) by Finance Act, 1986 (23 of 1986), with retrospective effect from 1.4.74. It is important to note that the word 'actual cost' … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28 - (iii) the amount of the interest paid in respect of capital borrowed for the purposes of the

Commissioner of Income Tax-i Vs. Vardhman Polytex Ltd.

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43(1) and 143(1); Finance Act, 1986; Income Tax Act, 1922; Finance Act, 2003

Reported in : (2006)205CTR(P& H)457

of actual cost of an asset. Explanation 8 to Section 43(1) of the Act was added by the Finance Act, 1986 w.e.f. 1.4.1974. The object of the said amendment as contained in the Finance Bill, 1986 as it appeared … clauses shall be allowed in respect of the matters dealt with therein, in computing referred to in Section 28-(i) xx xx(ii) xx xx(iii) the amount of the interest paid in respect of capital borrowed for the purposes

Ambika Nahar Exports and anr. Vs. Commissioner of Customs (Port) and o ...

Court : Kolkata

Subject : Customs

Acts : Customs Act, 1962 - Sections 28, 125, 128, 128A, 129A to 129E, 130, 130A and 130E; ;Finance Act, 1984 - Section 40; ;Customs Tariff Act, 1975; ;Customs and Central Excises Laws (Amendment) Act, 1988; ;Customs and Excise Revenues Appellate Tribunal Act, 1986 - Section 3; ;Central Excise Act, 1944 - Section 35F; ;Income Tax Act, 1961 - Sections 254(1), 254(2), 256 and 256(1); ;Indian Income Tax Act, 1922 - Sections 33(4) and 66(1); ;Indian Penal Code (IPC), 1860 - Sections 193, 196 and 228; ;Code of Criminal Procedure (CrPC) , 1973 - Section 195; ;Code of Civil Procedure (CPC) , 1908; ;Constitution of India - Article 226

Reported in : 2007(3)CHN625

the first proviso to Sub-section (1), which is pending immediately before the commencement of Section 40 of the Finance Act, 1984, before the Appellate Tribunal and any matter arising out of or concerned with such appeal and which … Customs and Excise Revenues Appellate Tribunal established under Section 3 of the Customs and Excise Revenues Appellate Tribunal Act, 1986 (62 of 1986), against such decision or order.Section- 129DD. Revision by Central Government.-(1) The Central Government may, on … shall be passed under this section unless such person is given notice within the time limit specified in Section 28 to show cause against the proposed order.(4) No proceedings shall be initiated under Sub-section (1) or Sub-section (2)

M/s. Sundaram Finance Limited Vs. The Deputy Commissioner of Income Ta ...

Court : Chennai

Subject : Direct Taxation

on the provisions of the Finance Act, 1987 contained in Circular No.495 dated 22.9.1987 states that under the Finance Act, 1986, deduction under Section 32-AB was allowed after setting off business loss if any, brought forward from earlier years … and gains of business" and not on the total income. According to the learned counsel the profits under Section 28 have to be computed first and thereafter, the eligible allowances and deductions as enumerated in Sections 29 to

Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

Subject : Education

Minister made a speech on the Floor of Parliament making it explicitly clear and indicating thereunder that by Finance Act , 1986 Section115BB has been inserted to provide gross winnings from lotteries, crossword puzzles, races including horse races (other than … any sort as per Sec. 194B of the Income Tax Act and consequently hold that the provisions of section 194B are not applicable to the petitioners. W.P.NO.6674/2013 BETWEEN: M/s Mysore Race Club Limited A company incorporated under … of the ..Respondents Constitution of India, praying to quash the notice dated 28.11.2012 issued by R-3 vide Annexure-B and etc., 7 These petitions having been

Bangalore Turf Club Ltd. Vs. Union of India

Court : Karnataka

Subject : Direct Taxation

Minister made a speech on the Floor of Parliament making it explicitly clear and indicating thereunder that by Finance Act , 1986 Section115BB has been inserted to provide gross winnings from lotteries, crossword puzzles, races including horse races (other than … (5) Declare that Stake Money paid by the petitioner cannot be construed as winnings from games as per Section 194B of the Act. (6) Declare that the correct provision applicable in the present case is the Board … jurisdiction. The case of Rex v. Wandsworth Justices Ex parte Read, 1942(1)KB 281 is an authority in point. In that case a man had been

South Indian Bank Ltd. Vs. Commissioner of Income-tax

Court : Kerala

Subject : Direct Taxation

Acts : Finance Act, 1985; Income Tax Act, 1961 - Sections 36, 36(1) and 36(2)

Reported in : (2003)183CTR(Ker)21; [2003]262ITR579(Ker)

36(1) and Clause (v) of Section 36(2) were inserted simultaneously with effect from April 1, 1985, by the Finance Act, 1985. Clause (viia) of Section 36(1) of the Act, it must be noted, was inserted by Act 21 … the prescribed manner, whichever is higher.' 4. Clause (viia) had again undergone a change, by the Income-tax (Amendment) Act, 1986, from April 1, 1987, the relevant portion of which reads as follows :'(viia) in respect of any provision … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28-- ...(vii) subject to the provisions of Sub-section (2), the amount of any debt, or part thereof, which is

South Indian Bank Ltd. Vs. Cit

Court : Kerala

Subject : Direct Taxation

Reported in : [2003]130TAXMAN749(Ker)

of section 36(1) and clause (v) of section 36(2) were inserted simultaneously with effect from 1-4-1985 by the Finance Act of 1985. Clause (viia) of section 36(1) of the Act, it must be noted, was inserted by Act … such bank, computed in the prescribed manner;Clause (viia) had again undergone a change, by the Income Tax (Amendment) Act, 1986 from 1-4-1987, the relevant portion of which reads as follows :'(viia) in respect of any provision for bad … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28** ** **(vii) subject to the provisions of sub-section (2), the amount of any debt, or part thereof which

Deputy Commissioner of Income-tax Vs. Core Healthcare Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 4, 5, 28 to 43D and 145; Finance Act, 1986 - Sections 9; Income-tax Act, 1922 - Sections 10(2)

Reported in : (2001)169CTR(Guj)416; [2001]251ITR61(Guj)

1986. The said circular deals with the explanatory notes on the provisions relating to direct taxes in the Finance Act, 1986 : at [1986] 161 ITR 30, it is laid down as under :'(ix) Modification in the definition of … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28- (iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business