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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 … in the matter of ICDS v. CIT [2013] 350 ITR 527/212 Taxman 550/29 taxmann.com 129 wherein it has been held that provisions involved in the

income-tax Officer Vs. Prabhatkumar Agrawal

Court : Income Tax Appellate Tribunal ITAT Indore

Subject : Land Acquisition

Reported in : (1999)69ITD224Indore

to the assessee's case as the relevant provisions of sections 55(1)(b) and (2)(a) have been amended by the Finance Act, 1987 with effect from 1-4-1988. By virtue of this amendment, the profit earned during the course of transfer … by virtue of partition in the joint Hindu family, the cost of acquisition should be valued as per section 55 of the Act as the goodwill of dealership was sold to Sureshkumar for a sum of Rs. 4

Commissioner of Income-tax Vs. Vishwanath

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 45 to 55A and 55(2); Finance Act, 1970 - Sections 49(1)

Reported in : (1992)107CTR(All)330; [1993]201ITR920(All); [1993]67TAXMAN92(All)

the purview of 'capital asset' as defined in Section 2(14) of the Act after its amendment by the Finance Act, 1970. However, in the computation of ' capital gains ', the assessee put forward a claim that it … 1954. For the view the Income-tax Officer took, he relied upon the provisions contained in Sub-section (2) of Section 55 of the Act.3. On appeal, the claim made by the assessee was accepted by the Appellate Assistant Commissioner

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 … building and machinery as on January 1, 1964, as the cost of acquisition by exercising the option under section 55(2). Respondent No. 1, Income-tax Officer, held that the assessee, in view of section 50, did not have that

Commissioner of Wealth-tax Vs. Bajoria Properties Pvt. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Transfer of Property Act, 1882 - Section 55 and 55(6); ;Wealth Tax Act, 1957 - Section 2; ;Finance Act, 1983 - Section 40 and 40(2)

Reported in : [2002]258ITR29(Cal)

agreement dated September 22, 1986, as debt owed in computing the net wealth under Section 40(2) of the Finance Act, 1983 ?'2. The undisputed facts of this case are as follows :The assessee is a private limited company … case the transaction of the sale in question did not materialise. At this stage the provisions under Section 55(6)(b) of the Transfer of the Property Act, 1882, were referred to and relied upon on behalf of the

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 … Askar Road, Bangalore-560 052. RMV2d Stage, Bangalore-560 094. S/o Gangaram, Aged about 55 years Residing at No.3, Reservoir Street Kumara Park West Bangalore-560 020 8. … 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

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 … 739 and 740 (Mad.) of 1979, dated 29-2-1980] to contend that he is entitled to the option under Section 55(2) of the Income-tax Act to adopt the fair market value of the shares of the amalgamating company as

Cwt Vs. Bajoria Properties (P) Ltd.

Court : Kolkata

Subject : Direct Taxation

Reported in : (2002)177CTR(Cal)343

terms of agreement dated 22-9-1986, as debt owed in computing the net wealth under section 40(2) of the Finance Act, 1983 ?'2. The undisputed facts of this case are as follows :The assessee is a private limited company … case the transaction of the sale in question did not materialise. At this stage the provisions under section 55(6)(b) of the Transfer of Property Act, 1882, were referred to and relied upon on behalf of the assessee.

J. Thomas and Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Subject : Company

Acts : Finance Act, 1985; ;Income Tax Act, 1961 - Section 154

Reported in : (2004)190CTR(Cal)355,[2004]267ITR585(Cal)

For properly appreciating the scope of consideration, the relevant portion of Paragraph E under Part III in the Finance Act, 1985, is quoted below :'Paragraph EIn the case of a company,--Rates of income-tax 1. In the case of … of case shows that the assessee-company initially was subjected to tax at 55 per cent, of the total income by treating it as within 'in … was passed by the Assessing Officer under Section 154 of the Act for the three assessment years, viz., 1986-87, 1987-88 and 1988-89, and the assessee-company treated as a trading company.3. Being aggrieved, the assessee preferred an appeal

Cadell Weaving Mill Co. P. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 2(14), 2(24), 2(47), 10, 10(3), 10(13), 14, 17(3), 28, 41, 45 to 55, 55(2), 56, 59, 115J and 253; Bombay Rent Act; Finance Act, 1987 - Sections 55(2); Direct Tax Laws (Amendment) Act, 1989

Reported in : 2001(3)ALLMR108; (2001)166CTR(Bom)7; [2001]249ITR265(Bom)

of a motor car used for personal purposes would result in a revenue income. That, even after the Finance Act, 1994, consideration arising from the transfer of tenancy in cases where the tenant had no right to sublet, … Causes Court for eviction of the assessee. The suit was filed in 1986. The suit was settled on December 11, 1989. This was by an … the rate of 35 per cent, then there was no point in the Legislature bringing the amendment in Section 55 with effect from April 1, 1995, under which the cost of acquisition of a capital asset could be