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P.C. JaIn Vs. Union of India (Uoi) and anr.

Court : Delhi

Subject : Customs

Acts : Customs Act, 1962 - Sections 129(1) to 129(5), 129(6), 146A and 146A(2); Finance Act, 2007 - Sections 110; Advocates Act, 1961 - Sections 30; Indian Bar Councils Act, 1926 - Sections 9(4), 14 and 14(1); Central Excise Act, 1944 - Sections 2, 12, 35D, 35Q, 35Q(2) and 50; Finance Act, 1994 - Sections 65(5) and 83; Gold (Control) Act, 2003 - Sections 135; Customs and Excise Revenue Appellate Tribunal Act, 1986 - Sections 11; Administrative Tribunal Act, 1985 - Sections 11; Haryana Ceiling of Land Holdings Act, 1972 - Sections 20A; Karnataka Land Reforms Act, 1961 - Sections 48(8); Maharastra Restoration of Lands to Schedule Tribes Act, 1974 - Sections 3(1), 4 and 9A; Ancient Monuments and Archaeological Sites and Remains Act, 1958; Constitution of India - Articles 14, 19(1), 19(6), 21,

Reported in : 159(2009)DLT326

1962 (hereinafter referred to as the 'Custom Act'). The said provision was introduced by Section 110 of the Finance Act, 2007 w.e.f. 11.05.2007.1.1 The petitioners being aggrieved, have laid a challenge to the said provision, broadly on two … led to the insertion of the impugned provision in the Customs Act. It was pointed out that in 1986 the Parliament enacted the Customs and Excise Revenue Appellate Tribunal Act of 1986 (in short the 'CERAT Act') … Jaswant Kaur (supra) and struck down a similar provision, that is, Section 48(8) of the Karnataka Land Reforms Act, 1961 which barred legal practitioners from

Goculdas Dossa and Co. and Others Vs. J.P. Shah and Others

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 2(24), 32, 32(1), 41, 41(2), 43, 43(6), 45, 46, 47, 48, 49, 50, 50(1), 50(2), 51, 52, 53, 54, 55, 55(1), 55(2) and 156

Reported in : 1995(1)BomCR546; (1994)119CTR(Bom)14; [1995]211ITR706(Bom); 1994(2)MhLj1466

Finance (No. 2) Act, 1977, and January 1, 1974, with effect from the assessment year 1987-88 by the Finance Act, 1986. At present the said date has not only been advanced to April 1, 1981, but even indexation is … Section 45 creates a charge on any profits or gains arising from the transfer of a capital asset. Section 48 deals with the mode of computation and deductions. The income chargeable as 'capital gains' is to be computed

H.F. Craig Harvey Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1988)25ITD1(Mad.)

by the Finance (No. 2) Act of 1977 with effect from 1-4-1978 and subsequently as 1-4-1974 by the Finance Act of 1986 with effect from 1-4-1987.We derive support for this view of ours from the Twelfth Schedule of … of these shares, the cost of acquisition of these shares would have to be deducted as required by Section 48(ii) of the Act and that the expression "the cost of acquisition of the capital asset" in Section 48(ii)

In the Matter of the Nortel Companies and Another

Court : UK Supreme Court

Subject : Land Acquisition

case was concerned with whether an arrangement was within the expression "contingent liabilities" in section 50 of the Finance Act 1940. As Lord Reid explained at p 247, at the relevant date, "the position of the company ¦ … 766, paras 7-41. It then deals with the statutory provisions and rules relating to insolvency, in the Insolvency Act 1986 ("the 1986 Act") and the Insolvency Rules 1986 (SI 1986/1925) ("the Insolvency Rules"), largely drawing on what Lloyd … that the target is under a liability to pay the scheme trustees or managers a specified sum. By section 48, that sum is to be either the whole or a specified part of the amount which the Regulator

Estate of Late Shri Dharambir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)95ITD83(Mum.)

the assessing officer on the provisions of section 45(5) which was introduced with effect from 1-4-1988 by the Finance Act, 1987. The case laws cited before assessing officer were as follows:CIT v. Hindustan Housing & Land Development Trust … were as follows:CIT v. Hindustan Housing & Land Development Trust Ltd. ( 1986) 161 ITR 524 (SC) 4. CIT v. Seksaria Bhiswan Sugar Factory (P.) … arising from the transfer of capital asset, being a transfer by way of compulsory acquisition, is computed under section 48 and such compensation is enhanced by any court or the Tribunal, etc.the same can be recomputed in accordance

Estate Late Shri Dharambir Vs. the Dcit [Alongwith Ita Nos. 7279,

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)96TTJ(Mum.)880

drawn attention of the A.O on the provisions of Section 45(5) which was introduced w.e.f. 1/4/88 by the Finance Act 1987. The case laws cited before A.O were as follows.However, the A.O was of the view that the … Ld. D.R has mentioned that since this judgment was delivered in July, 1986 the Parliament lost no time and brought into statute Section 45(5)(b). An … arising from the transfer of capital asset, being a transfer by way of compulsory acquisition, is computed Under Section 48 and such compensation is enhanced by any court or Tribunal etc., the same can be recomputed in accordance

A. Ayyasamy Vs. A. Paramasivam and Ors

Court : Supreme Court of India

Subject : Arbitration

would not be recognised by a court of law. 8 In regard to disputes under the Consumer Protection Act, 1986, this Court held in Skypak Courier Ltd. v. Tata Chemical Ltd[16]., that the existence of an arbitration clause … and minimal. However, the Act contains provisions for challenging the arbitral awards. These provisions are Section 34 and Section 48 of the Act. Section 34(2)(b) and Section 48(2) of the Act, inter alia, provide that an arbitral award … to fraud and malpractices committed by the appellant in respect of the finances of the partnership firm and the case does not warrant to be

income-tax Officer Vs. Yogeshchandra V. Shah.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (1995)55ITD300(Ahd.)

facts and circumstances is section 45(3) which came into force w.e.f. AY 1988-89.Newly inserted section 45(3) by the Finance Act, 1987 has been made effective from 1-4-1988 which will be applicable for AY 1988-89 and onwards. Those provisions … sold or otherwise transferred by him. It is further provided in section 45(2) that for the purpose of section 48, fair market value of the assets on the date of such conversion or treatment shall be deemed to … is directed against the order passed by the learned CIT(A) for AY 1986-87."(1) The learned CIT(A) erred in law and on facts in not considering

G.D. Agarwalla Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1996)59ITD230(Kol.)

the Act, that provision cannot be invoked since it was inserted only with effect from 1-4-1988, by the Finance Act, 1987. That provision was brought into nullify the effect of the Supreme Court decision in SunilSiddhdrthbhai's case (supra). … the right of the partner was only to get his share of the profits from time to time. Section 48 of the Act cannot be worked out in such circumstances and therefore it was held that there can … was constructed on this land and this was sold in the year 1986-87. At the time of sale, the value of land was finally determined

Jyotindra H. Shodhan Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2003)87ITD312(Ahd.)

following the date on which such compensation is received by the assessee." (ii) Section 54E(3) (inserted by the Finance Act, 1978 w.e.f. 1st April, 1978) "Where the transfer of the original asset is by way of compulsory acquisition … and final account of sale consideration, Rs. 1,89,470 received on 25th Oct., 1986, and same was invested in National Rural Development Bond on 20th Feb., … is enhanced by any Court, Tribunal or other authority, then so much of the capital gain, computed under Section 48 by taking the compensation or consideration as so enhanced as the full value of the consideration received or