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Commissioner of Income-tax Vs. Appollo Tyres Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Companies Act, 1956 - Sections 205, 205(1), 205(2), 348, 349 and 350; Income Tax Act, 1961 - Sections 28, 32AB, 32AB(1), 32AB(2), 32AB(3), 32AB(5), 43, 72, 73, 115J, 115JA and 115J(1); Unit Trust of India Act, 1963; Finance (No. 2) Act, 1996

Reported in : [1999]237ITR706(Ker)

be treated as part of the same business.48. We have considered the matter. Section 32AB inserted by the Finance Act, 1986, with effect from April 1, 1987, Sub-sections (1), (2) and (3) thereof, relevant for the purpose of this … has to be computed in accordance with the provisions contained in Sections 30 to 43C as specified in Section 29 of the Act. Even if the said two activities of the assessee are treated as two separate businesses,

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 … remedies. In the King v. Postmaster-General Ex parte Carmichael [1928 (1) KB 291] a certiorari was issued although the aggrieved party had an alternative remedy

Salem Textiles Limited Vs. Authorized Officer of Phoenix Arc Private L ...

Court : Chennai

Subject : Land Acquisition

The State Financial Corporations Act, 1951; (b) The Companies Act, 1956; (c) The Sick Industrial Companies (Special Provisions) Act, 1986; (d) The Recovery of Debts due to Banks and Financial Institutions Act, 1993; and (e) The Securitisation and … after independence. But, even at that time, the Parliament was conscious of the fact that recovery of amounts financed by State Financial Corporations to industries, may pose difficulties, if the Financial Corporations are also required to follow … of the Full Bench:- (i) Whether an action initiated in terms of Section 13(4) of the Securitisation Act, by the secured creditors, representing three-fourths in … case was remanded back to BIFR. (iv) By a fresh order dated 29.12.2000, BIFR rejected the reference as not maintainable and the petitioner filed an

Seshasayee Paper and Boards Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (2003)84ITD707(Mad.)

brought forward investment allowance in preference to unabsorbed depreciation. Sri Suryanarayanan submitted that Section 32A was inserted by Finance Act, 1976, w.e.f.1st April, 1976, and that the scope and effect of Section 32A had been elaborated in the … only if the prescribed particulars had been furnished, was deleted by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, w.e.f. 1st April, 1988. In the present case, the dispute is not regarding the allowance of depreciation and … the unabsorbed depreciation in preference to the brought forward investment allowance. The learned counsel submitted that as per Section 29 of the Act the profits and gains of business were to be computed in accordance with the provisions

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 … the intention of the legislature, from the very beginning was to treat 29 income from the activity of ownership and maintenance of race horses differently … 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

Commissioner of Income Tax Vs. Appollo Tyres Ltd.

Court : Kerala

Subject : Direct Taxation

Reported in : (1998)149CTR(Ker)538

be treated as part of the same business.30. We have considered the matter. Sec. 32AB inserted by the Finance Act, 1986 with effect from 1st April, 1987, sub-ss. (1), (2) and (3) thereof, relevant for the purpose of this … relevant accounting period ended, 31st Oct., 1987. The assessee sought reference of as many as 12 questions under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for opinion of this Court. … For the assessment year 1988-89, assessee filed its return of income on 29th June, 1988. The assessee computed the book profits for the purpose of

Plastiblends India Ltd., a Company Incorporated Under the Companies Ac ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 29 to 43A, 72, 80A, 80AA, 80AB, 80B(5), 80E, 80HH, 80HH(6), 80HH(7), 80I, 80IA, 80IA(5), 80IA(8), 80IA(10), 80IB, 80IB(13), 143(1), 143(3), 147 and 260A; Companies Act, 1956; Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 - Sections 34(1); Finance (No. 2) Act, 1980; Finance Act, 2001 - Sections 5

Reported in : (2009)223CTR(Bom)291; [2009]178TAXMAN397(Bom)

the Act which continued till the assessment year 2002-2003, when explanation to Section 5 was inserted by the Finance Act 2001 with effect from 1.4.2002 and, therefore, the Tribunal erred in holding that omission of Section 34(1) by … the Act for disclaimer of depreciation. Omission of Section 34(1) by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 leads to the conclusion that assessee has no option to not to claim depreciation. According to the Tribunal … Chapter IV-D of the Act, such profits computed in accordance with Sections 29 to 43A should be the basis for allowing deduction under Section 80-IA

J.K. Cotton Spinning and Weaving Vs. Collector of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Subject : Excise

Reported in : (1989)(23)LC385Tri(Delhi)

or factory, liable to payment of Central Excise duty. The Court further held that Section 51 of the Finance Act, 1982, (which legislated the retrospective amendment) was subject to the provisions of Section HA of the Central Excises … with the present case.13. On the Karnataka High Court judgment in the case of Devanagere Cotton Mills (supra) 1986 (7) ECR 137 relied upon by Shri Naik, the Counsel submitted that that judgment could not have any … order dated 5.12.1988 in Civil Miscellaneous Petition No 21824/88 (in C.A. No. 297/83), the Supreme Court directed the Tribunal to dispose of the present 4

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

Vahid Paper Converters and ors. Vs. Ito and ors.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2006)98ITD165(Ahd.)

Laws (Amendment and Misc. Provisions) Act, 1986 with effect from 1-4-1988 whereby Section 34 was omitted. Further the Finance Act, 2001 inserted Explanation 5 to Section 32 with effect from 1-4-2002.6. At the time of hearing before us, … "profits and gains of business or profession" is chargeable to income tax Under Section 28 and income Under Section 29 is to be computed in accordance with the provisions contained in Sections 32 to 43A. The arguments that