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Commissioner of Income-tax, Bombay Etc. Vs. M/S. Podar Cement Pvt. Ltd ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 22, 24, 27, 56, 64(2), 69(D), 93(2), 94(4), 154, 256, 257 and 288; Finance Act, 1987; Registration Act; Gift Tax Act - Sections 2; Old Income Tax Act - Sections 9 (1); Transfer of Property Act, 1882 - Sections 14, 54, 55 and 269; Pakistan (Administration of Evacuee Property) Ordinance, 1949 - Sections 6(1); Rajasthan Land and Building Tax Act, 1964; Bombay Rents, Hotel and Lodging House Rates Control Act - Sections 29(2)

Reported in : AIR1997SC2523; [1997]226ITR625(SC); JT1997(5)SC529; 1997(4)SCALE271; (1997)5SCC482; [1997]Supp1SCR394

Section 27 of the Act. The said amendment was introduced to Section 27 of the Act by the Finance Act, 1987 by substituting Clauses (iii), (iiia) and (iiib) in the place of old clause (iii) w.e.f. 1.4.88.53. In our … ORDERK. Venkataswami. J.1. In all these cases the scope of Section 22 of the Income Tax Act, 1961 (hereinafter called the 'Act') arises for consideration.2. Brief facts are necessary to

State of Kerala Vs. Alex George and anr. Etc.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Kerala Finance Act, 1987 - Sections 1(2) and 3(2); Kerala Plantations Tax Act, 1960 - Sections 2(9), 3, 3(1), 3(3), 4(2), 5, 6A, 8, 9, 9A, 13, 14 and 27; State Finance Act, 1987; Kerala Plantations (Additional Tax) Rules, 1960 - Rule 16; Kerala Plantations (Additional Tax) Amendment Act, 1967; Kerala General Sales Tax Act, 1963; Kerala Motor Vehicles Taxation Act, 1976; Central Excise Act, 1944

Reported in : (2004)192CTR(SC)581; [2004]271ITR290(SC); JT2004(10)SC104; 2005(1)KLT164(SC); 2004(9)SCALE545; (2005)1SCC299

the result, the appeals fail and are dismissed, with no order as to costs. Direct Taxation - Kerala Finance Act, 1987 - Sections 1(2), 3(2) - Kerala Plantations Tax Act, 1960 - Sections 2(9), 3, 3(1), 3(3), 4(2), 5, … of the Kerala High Court dated 28.8.1998 raises the question as to the true scope and operation of Section 1(2) of the Kerala Finance Act, 18 of 1987 substituting Schedule-I to the Kerala Plantations Tax Act 1960

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 by the assessee which came to be dismissed by the appellate authority by order dated June 16, 2000. An appeal was then preferred to the Income-tax Appellate Tribunal, by the assessee. The appeal was allowed. The

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)

the Central Board of Direct Taxes circular which clarified that in order to overcome the judicial interpretation the Finance Act, 1987, had provided in Section 55(2)(a) that cost of acquisition in the case of goodwill will be taken as

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

Director of Income Tax (international) Taxation Vs. Oman International ...

Court : Mumbai

Subject : Direct Taxation

Acts : Direct Tax Laws (Amendment) Act, 1987 - Sections 28, 36, 36(1) and 36(2); Finance Act, 2001

Reported in : 2009(5)BomCR416; (2009)223CTR(Bom)382; [2009]313ITR128(Bom); [2009]184TAXMAN314(Bom)

thereof exceeds the credit balance in the provision for bad and doubtful debts account made under that clause.The Finance Act, 2001 inserted the following Explanation after the proviso to Section 36(1(vii):Explanation - For the purposes of this clause, … effect from 1st April, 1989. A circular was issued explaining the provisions of the Direct Tax Laws (Amendment) Act, 1987 by which the provisions of Section 36 were amended. Now the deduction is allowable in the year in … matters dealt with therein, in computing the income referred to in Section 28--(i) ... (ia) ... (ib) ... (ii) ... (iia) ... (iii) ... (iiia)

Zuari Estate Development and Investment Co. Pvt. Ltd. Vs. J.R. Kanekar ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(47), 147 and 148; Finance Act, 1987; Transfer of Property Act, 1882 - Sections 53A

Reported in : 2004(2)BomCR785; [2004]271ITR269(Bom)

the Income-tax Act when entered into. Section 2(47) of the Income-tax Act came to be amended by the Finance Act, 1987, with effect from April 1, 1988. Two sub-clauses were added, namely, (v) and (vi) of which sub-clause (v)

Sedco Forex International Inc. Vs. Commissioner of Income Tax

Court : Uttaranchal

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 28 to 41, 42, 43, 43A, 44BB, 44D, 90, 90(1), 115A, 244BB, 260A and 293A; Finance Act, 1987; Finance Act, 2003 - Sections 44AA, 44AA(2), 44AB, 44BB, 44BB(2), 44BB(3), 143 and 143(3)

Reported in : (2005)198CTR(Uttranchal)364; [2005]279ITR1(Uttaranchal)

Tribunal.Answer to question Nos. 1 and 2 :6. Section 44BB of the IT Act was inserted by the Finance Act, 1987 w.e.f. 1st April, 1983 which is reproduced as under:'Special provision for computing profits and gains in connection with

Dy. Cit Vs. Vijay Mehta (Huf)

Court : Delhi

Subject : Direct Taxation

Reported in : (2004)88TTJ(Del)180

similarly uphold the Commissioner (Appeals)'s order for assessment year 1990-91 cannot be accepted.31. The amended provisions (amendment by Finance Act, 1987, with effect from 1-4-1988) are applicable in a case where a shareholder held 10 per cent on more … New Delhi, has erred in deleting the addition of Rs. 41,21,652 made on account of deemed dividend under section 2(22)(e) of the Income Tax Act, 1961.'2. The assessed-HUF consisted of five members as under :1. Vijay Mehta

Madathil Brothers Vs. the Deputy Commissioner of Income Tax, Special R ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(4A), 2(14), 2(42), 2(42A), 2(47), 22, 27, 45, 68 and 260A; Finance Act, 1987 - Sections 27; Transfer of Property Act, 1882 - Sections 53A, 54 and 55; Registration Act; Taxation Laws (Amendment) Act, 1984; Income Tax Act, 1922 - Sections 9 and 12B; Income Tax Rules, 1962 - Rule 9A, 9B, 9B(1), 9B(2) to 9B(4) and 9B(7); Wealth Tax Rules - Rule 1D; Income Tax (Seventh Amendment) Rules, 1976

Reported in : (2008)217CTR(Mad)416; [2008]301ITR345(Mad)

of a business carried on by him, such conversion or treatment; (or) The following clause was inserted under Finance Act, 1987 with effect from 1.4.1988:(v) any transaction involving the allowing of the possession of any immovable property to be … in possession for a period of about two months, it is a short-term capital asset in terms of Section 2(42-A) of the Income Tax Act, 1961. The assessing authority thus took the view that the sale proceeds from