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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

Karnataka Small Scale Industries Development Corporation Ltd. Vs. Comm ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 43, 43(6), 44AD, 44AF, 72, 73, 74, 74A(3), 80J(3), 80VVA, 115J, 115J(1) and 256(1); Finance Act, 1987; Companies Act, 1956; Income Tax Act, 1922; Income Tax Act, 1886

Reported in : (2003)179CTR(SC)1; [2002]258ITR770(SC); JT2002(10)SC41; (2003)7SCC224

XII-B of the Act which is entitled 'Special Provisions Relating to Certain Companies'. It was inserted by the Finance Act, 1987 with effect from the Assessment Year 1988-89 and remained in operation till the Assessment Year 1990-91. The relevant … companies who have been subjected to imposition of tax on 30% of their book profits in accordance with Section 115J(1) of the Income Tax Act, 1961 (referred to as the 'Act').3. Section 115J is in Chapter XII-B of

The Commissioner of Income-tax Vs. Holiday Travels P. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 115J, 115JA, 115J(1A), 143(1), 207, 208, 209, 210, 210(3), 234A, 234B and 234C; Finance Act, 1987; Finance Act, 2000; ;Finance Act, 1996

Reported in : (2003)181CTR(Mad)442; [2003]263ITR307(Mad)

the instalments in which the tax should be paid.4. Section 115J of the Act was inserted by the Finance Act, 1987 with effect from 1.4.1988. The section was in force from 1.4.1988 till 31.3.1991. After 1.4.1991, section 115JA was

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

The Commissioner of Income Tax, Mumbai City-ii Vs. M/S. Veekaylal Inve ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 45, 115J(1) and 260A; Finance Act, 1987; Companies Act, 1956

Reported in : (2001)166CTR(Bom)96; [2001]249ITR597(Bom)

Chapter 12B. That section 115J begins with non-obstante clause. He contended that the said section was introduced by Finance Act, 1987. That, by virtue of the said section, it is provided that in the case of a Company whose

Jindal thermal Power Company Limited (Formerly Jindal Tracteble Power ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 4, 10, 10A, 10B, 11, 12, 80HHC, 80HHC(3), 80HHF(3), 112, 113, 115A, 115AA, 115AB, 115ACA, 115AD, 115B, 115BB, 115BBA, 115E, 115JB, 119(2), 140A, 154, 161(1A), 164, 164A, 167B, 172(4), 174(2), 175, 176(2), 192, 207, 208 to 219, 234A, 234B and 234C; Finance Act, 2002 - Sections 115J, 115J(1), 115JA, 115JB(1) and 115JB; Finance Act, 1987; Finance (No. 2) Act, 1996; Finance Act, 2000 - Sections115B and 115JB; Finance (Amendment) Act, 2000; Finance (Amendment) Act, 2002; Companies Act, 1956 - Sections 210; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 3, 17(1), 32(2), 32A(3), 72(1), 73, 74, 74A(3), 139(1), 142(1) and 288(2); Finance Act, 2001 - Sections 2(8); Constitution of India - Articles 265 and 300A

Reported in : (2006)203CTR(Kar)381; [2006]286ITR182(KAR); [2006]286ITR182(Karn)

to earn current income, he is not liable to pay advance tax. Chapter XIIB was inserted by the Finance Act, 1987 with effect from 1.4.1988 providing for levy of tax on Companies and such a tax was levied on … held that there is no obligation to pay advance tax in excess of assessment corresponding to provisions of Section 115J which was in force earlier and consequently there should be no levy of interest under Section 234-B and

Sutlej Cotton Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1993)45ITD22(Kol.)

Matched in: Judge Author: U S 115J.

In Re: Rashtriya Ispat Nigam Ltd.

Court : Authority for Advance Rulings

Subject : Direct Taxation

and 245Q(1); Companies Act, 1956 - Sections 205, 205(1) and 205(2); Companies (Amendment) Act, 1960; Income Tax Rules; Finance Act, 1987 - Section 43; Electricity ActSurana Steels P. Ltd. v. Deputy CIT [1999] 237 ITR 777; Suryalatha Spinning Mills … the Central Board of Direct Taxes Circular No. 495 (see [1987] 168 ITR (St.) 87, 110)para. 36 Under Section 115J illustrating year-wise carry forward and set off of book loss/depreciation and its set off against subsequent year's profit.8.

Cit Vs. Kotak Mahindra Finance Ltd.

Court : Mumbai

Subject : Direct Taxation

Reported in : [2003]130TAXMAN730(Bom)

judgment of the Supreme Court in the case of CIT v. Shaan Finance (P) Ltd. : [1998]231ITR308(SC) that the assessee would be entitled to higher … certain cases. Section 234B along with section 234A and section 234C were inserted by Direct Tax Laws (Amendment) Act, 1987 with effect from 1-4-1989. It is well settled that interest under section 234B is compensatory in character. It … interest under section 234B and section 234C was not leviable in case income was subjected to tax under section 115J as it stood at the relevant timeFacts6. This appeal is preferred by the department against judgment and order

Karimtharuvi Tea Estates Ltd. and anr. Vs. Deputy Commissioner of Inco ...

Court : Kerala

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 115(1) and 115J; Constitution of India - Articles 14 and 19; Finance Act, 1987 - Sections 143(1A) and 234B

Reported in : [2001]247ITR22(Ker)

the constitutional validity of Section 115) of the Income-tax Act, 1961. The above Section was introduced by the Finance Act, 1987 (Act No. 11 of 1987). It was introduced as a special provision relating' to certain companies for taxation … and no interest can be charged under Section 254B on the above.2. The object of the insertion of Section 115J of the Income-tax Act, 1961, was to ensure levy of minimum tax on what are known as 'prosperous