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Dunlop India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1992)41ITD582(Kol.)

amount. In support of this claim the assessee relied on first proviso to Section 43B inserted by the Finance Act, 1987 which, as per decision of the Tribunal in ITO v. K.S. Lokhandwala [1989] 31 ITD 305 (Ahd.) was … duty, the CIT(A) observed "even though it may be disputed, the entire amount of Rs. 16,47,64,000 still represented, part of excise duty liability. Merely because it is disputed, it does not cease to remain a liability. The … back in the income of the assessee under the provisions of Section 43B of the Income-tax Act, 1961 (hereinafter referred to as the 'Act'). The

Commissioner of Income-tax Vs. A.N. Naik Associates and anr. and Ranga ...

Court : Mumbai

Subject : Direct Taxation

Acts : Assessable Income Tax Act, 1961 - Sections 2(47), 45(3) and 45(4); Finance Act, 1987

Reported in : 2004(2)BomCR801; (2004)187CTR(Bom)162; [2004]265ITR346(Bom)

received or accruing as a result of the transfer.'Sub-section (4) along with Sub-section (3) were introduced by the Finance Act, 1987, with effect from April 1, 1988. From a reading of the above subsection to attract capital gains what … order as the facts involved are the same and similar questions of law arise. The respondents hereto were parties to a family settlement dated January 30, 1997. Pursuant to the said family settlement, there was a deed

Jagdish Chander Malhotra Vs. Income Tax Officer

Court : Delhi

Subject : Direct Taxation

Reported in : (1998)62TTJ(Del)314

significant amendments by the Taxation Laws (Amendment) Act, 1984 with effect from 1-4-1985 as well as by the Finance Act, 1987 w.e.f. 1-4-1988. It will be worthwhile to reproduce the provisions of section 2(47) as it existed w.e.f. 1-4-1988 … order of the Commissioner (Appeals).5. We have carefully considered the submissions made by the learned Representatives of the parties and have gone through the orders of the learned Departmental Authorities. We have also gone through all the

Cit-23 Vs. M/s Mansukh Dyeing

Court : Supreme Court of India

Subject : Direct Taxation

of this Court is the applicability of Section 45(4) of the Income Tax Act as introduced by the Finance Act, 1987. 127. The relevant portion of Section 45, with which we are concerned, is sub-section (4), which reads as … A.Y. 1994-1995) by which with respect to the same assessee - M/s. Mansukh Dyeing and Printing Mills, a partnership firm, the High Court has dismissed the said appeals and has confirmed the respective orders passed by the

Cit Vs. Damani Brothers

Court : Supreme Court of India

Subject : Direct Taxation

Reported in : [2003]259ITR475(SC)

particular situation it has done so like in sections 139(8), 215(4), 216 and section 220(2A).(4) Prior to the Finance Act, 1987, the corresponding sections pertaining to imposition of interest used the expression 'may' but the change brought about in … assessee shall be liable to pay simple interest at one and one-half per cent for every month or part of a month comprised in the period commencing from the day immediately following the end of the period

Kothari Vora Associates Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1996)57ITD171(Pune.)

not liable to be assessed.To nullify the said decision, the amendment to Section 45 was introduced by the Finance Act, 1987. The Government was aware that one of the devices used by the assessee to evade tax on capital … dissolution dated 6-4-1989. After the dissolution, the capital assets belonging to the assessee-f irm were distributed amongst the partners. On the plot of out of Sr. No. 686/3 Bibwewadi, Pune, the assessee computed the fair market value

Hari NaraIn Soni Vs. Income Tax Officer and anr.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (2009)224CTR(Raj)424

dt. 31st March, 1993 and in the order dt. 11th April, 2001, is without force.19. Prior to the Finance Act, 1987, Sections 234A, 234B and 234C of the Act had used the word 'may'. However, in 1987, the word … Tribunal, Jaipur Bench, Jaipur (in short, 'the learned Tribunal'). Vide order dt. 12th Feb., 2001, the learned Tribunal partly allowed the appeals of both the parties. Consequently, the respondent No. 1 passed an order dt. 21st March, … the asst. yr. 1990-91, the assessee had declared his income as Rs. 45,000. However, on 17th Sept., 1989, his residential premises were searched by the

V.V. Trans-investments (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1992)42ITD242(Hyd.)

there was an imperative need to tackle the problem of prosperous zero-tax companies by suitably modifying Section 80WA.Accordingly, Finance Act, 1987, deleted Section 80WA and introduced new Section 115J in its place. Section 115J, therefore, came into force from … 67,75,759 (profit before depn.) The appellant-company had filed return of income disclosing 'nil income after setting off a part of arrears of depreciation against current year's profit of Rs. 28,37,947. The appellant took stand that for the … in the case of Buttwelded Tools (P.)Ltd. v. Assistant CIT [1991]39 ITD 432 (Mad.). On the facts and the circumstances of the case, the single

Malayala Manorama Co. Ltd. Vs. Commissioner of Income Tax, Trivandrum

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32(2), 32A(3), 33AC(1), 33AC(3), 35, 72(1), 73, 74, 74A(3), 80HHC, 80HHC(3), 80HHC(3A), 80HHD, 80HHD(3), 80J(3), 80VV, 80VVA, 115J, 115J(1), 115J(4), 115J(1A), 115JA and 154; Companies Act, 1956 - Sections 205, 205(1), 205(2), 211(2), 227 and 350; Finance Act, 1983; Finance Act, 1987; Income Tax Rules, 1962; ; ; Finance Act, 1989

Reported in : (2008)216CTR(SC)102; [2008]300ITR251(SC); JT2008(5)SC529; 2008(6)SCALE659; 2008AIRSCW3407

in a later year, if adequate profits are available. Section 80VVA was dropped from the statute by the Finance Act, 1987, with effect from A.Y. 1988-89, when replaced Book Profits Tax by Section 115J of the 1961 Act. But … Tax by Section 115J of the 1961 Act. But it was materially different in one respect that no part of the tax on book profits could be adjusted against tax on regular assessment at a future date.4.

The Commissioner of Income Tax-9 Vs. Ajanta Pharma Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10, 10A, 10B, 15JB, 80HHC, 80 HHC(1), 80 HHC(1A), 80 HHC(1B), 80HHC(3), 80HHC(3A), 80HHC(4), 80HHC(4A), 80HHC(10), 80HHD, 80HHD(3), 80HHG, 80HHE, 80HHF, 115(JB), 115J, 115J(2), 115JA, 115JA(1), 115JA(2), 115JB, 115JB(2), 115JD and 2888(2); Finance Act, 1996; Finance Act, 1997; Finance Act, 2000; Finance Act, 1987; Direct Tax Laws Amendment Act, 1989; Companies Act, 1956

Reported in : 2009(111)BomLR1905; (2009)223CTR(Bom)441; [2009]318ITR252(Bom); [2009]180TAXMAN494(Bom)

to the conditions specified in that section.8. Section 115J is contained in Chapter XII-B which was inserted by Finance Act, 1987 with effect from 1.4.1988. When Section 115J was introduced by Act of 1957 reduction of export profits under … or nature of profits i.e. a qualitative description of profits and can never take within its ambit a particular proportion or quantum thereof.4 (b). The quantum of profits in respect of which a deduction is allowed under