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Commissioner of Income-tax Vs. P.A. Venkataraman

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 5 and 64; Finance Act, 1986

Reported in : [2000]246ITR773(Mad)

as to whether the words 'total income' in sub-paragraph II of paragraph A in Part III of the Finance Act, 1986, which refers to the income of the individual would also include the income of other persons whose income … is defined in Section 2(45) of the Act to mean the total amount of income referred to in Section 5, computed in the manner laid down in the Act. That was held by the court to be subject

Commissioner of Wealth-tax Vs. M.K. Abdul Khader Haji (Decd.)

Court : Kerala

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 5 and 5(1); Finance Act, 1976; Foreign Exchange Regulation Act, 1973

Reported in : [2000]242ITR728(Ker)

immediately preceding the date of his return. Explanation 2 to Section 5(l){xxxiii) {which has been inserted by the Finance Act, 1986, with retrospective effect from April 1, 1977) clarifies that moneys standing to the credit of an eligible assessee

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 … (TDS) Ward-16(1), 4th Floor, HMT Bhavan, Bellary Road, Bangalore-560 032.2. 3.4. Mr.S.Padmanabhan 5. Mr.Z.Darashah, 6. Mr.S.Inayathulla, S/o late S Hajee, Aged about 61 years Residing … 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

The Commissioner of Income Tax Vs. Sree Annapoorna Gowrishankar Metals ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act - Sections 80B and 154; Finance Act, 1986 - Sections 2(7)

Reported in : (2003)182CTR(Mad)466; [2003]262ITR497(Mad)

following its earlier order rendered in the assessee's own case, held that as per section 2(7)(g) of the Finance Act, 1986, the assessee is not a trading company and is liable to be taxed at the rate of 55% … in law in holding that the assessee is a non-trading company and hence the rate of taxation is 55%?' 2. The assessment year involved is 1986-87. The assessee is a private limited company carrying on the business

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

Commissioner of Income Tax Vs. Anang Polyfil Pvt. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income tax Rules, 1962

Reported in : [2004]267ITR266(Guj)

also not be applicablebecause the legislature has added Explanation 8 toSection 43(1) of the Income-tax Act, 1961 by Finance Act,1986 with retrospective effect from 1.4.1974.5. Having heard the learned counsel for the revenue,there being no appearance on behalf … M.S. Shah, J. 1. In this reference at the instance of the revenueunder Section 256(1) of the Income-tax Act, 1961('the Act' for short), the following questions have beenreferred for our opinion for

Wellpoint Systems (P.) Ltd Vs. Inspecting Assistant Commissioner.

Court : Delhi

Subject : Direct Taxation

Reported in : [1989]30ITD236(Delhi)

in this appeal relates to the claim ability of deduction under section 32AB which was inserted by the Finance Act, 1986 with effect from 1-4-1987. That provision is to the effect that where an assessed whose income includes income … referred to the decision of Bombay Bench D in ITO v. K. C. A. Ltd. [1987] 22 ITD 554 which referred to the grant of deduction under sec. 35CC (1). That provision requires that the statement of

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 … of the total income of the previous year. The scope of total income has been laid down in Section 5 of the Act. Section 28 lays down as to what income shall be chargeable to income-taxunder the head

Cit Vs. Anang Polyfil (P) Ltd.

Court : Gujarat

Subject : Direct Taxation

Reported in : (2004)187CTR(Guj)576

applicable because the legislature had added Explanation 8 to section 43(1) of the Income Tax Act, 1961, by Finance Act, 1986, with retrospective effect from 1-4-1974.5. Having heard the learned counsel for the revenue, there being no appearance on

Berlia Chemicals and Traders (P) Ltd. Vs. Asstt. Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)76TTJ(Mumbai)974

would have specified so in no uncertain terms as was done when Explanation 8 was inserted by the Finance Act, 1986, with retrospective effect from 1-4-1974. The situation in the present case is clearly distinguishable from the one which … after claiming deprecation of Rs. 28,97,697. The assessee was assessed at a positive income of Rs. 25,36,330 under section 143(3) of the Act, the major disallowance being that of depreciation amounting to Rs. 26 lakhs, the facts … between two sister concerns with the sole object of evading tax.3. Shri V.H. Patil, the learned counsel for the assessee strongly objected to the Commissioner