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Commissioner of Income Tax Vs. Banswara Fabrics Ltd.

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 5, 40A(3) and 260A; Finance Act, 1995 - Sections 145

Reported in : (2004)186CTR(Raj)52; [2004]267ITR398(Raj)

exclusively on mercantile or cash basis, as has now been made imperative since amendment of Section 145 vide Finance Act, 1995 w.e.f. 1st April, 1997. Prior to its amendment, Section 145 envisaged that income chargeable under the head … Aug., 2002. The Tribunal has decided three appeals for asst. yrs. 1986-87, 1987-88 and 1988-89 in relation to same assessee by a common order. This … the Tribunal is justified in deleting the addition on disallowance made on account of violation of provisions of Section 40A(3) of the Act treating these payments covered by the exceptional or unavoidable circumstances under Rule 6DD(j) of IT

Tcv Engineering Ltd. Vs. Assistant Commissioner of Income Tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act - Sections 40A(2), 132, 132A, 143(3), 158B, 158BD and 260A; Companies Act; DTL (Amendment) Act, 1987; Finance Act, 2002

Reported in : (2006)205CTR(Mad)161; [2006]284ITR470(Mad)

or any expense, deduction or allowance claimed under this Act which is found to be false. 6. The Finance Act of 2002 has inserted the words 'or any expense, deduction or allowance claimed under this Act which is … him to be excessive or unreasonable shall not be allowed as a deduction. Proviso omitted by DTL (Amend.) Act, 1987, with effect from 1-4-1989.(b) The persons referred to in Clause(a) are the following, namely:-i) Where the assessee any … Janarthana Raja, J.1. The present Appeals are filed by the assessee under Section 260A of the Income-tax Act (hereinafter referred to as 'the Act'), against … charges were not allowable and hence he disallowed the same under Section 40A(2) of the Income Tax Act and treated as undisclosed income and completed

A.T.E. (P) Ltd. Vs. Asstt. Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : [2004]90ITD191(Mum)

We may, however, add that clause (va) has been inserted in sub-section (1) of section 36 by the Finance Act, 1987. The effect of the amendment is that no deduction will be allowed in the assessment of the employer … learned counsel for the assessee is that such contributions are allowable as per the special provisions of section 40A(7) of the Income Tax Act. The learned counsel submitted that apparently, there is a contradiction between the provisions

A.T.E. Pvt. Ltd. Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2004)84TTJ(Mum.)186

We may, however, add that Clause (va) has been inserted in Sub-section (1) of Section 36 by the Finance Act, 1987. The effect of the amendment is that no deduction will be allowed in the assessment of the employer … ld. counsel for the assessee is that such contributions are allowable as per the special provisions of Section 40A(7) of the IT Act. The ld. counsel submitted that apparently, there is a contradiction between the provisions of

Rishi Roop Chemical Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1991)36ITD35(Delhi)

of the proviso, which was inserted in Section 43B of the Income-tax Act 1961 (the Act) by the Finance Act 1987, w.e.f. 1-4-1988 and the Explanation 2, which was inserted in the said Section, by the Finance Act 1989 … brought on the statute w.e.f. 1-4-1988. In this connection, he referred to certain provisions of the Act like 40A(3) and (7) as well as Section 52(2) and submitted that, in order to appreciate the assessee's case in

Frontier Offshore Exploration Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Subject : Direct Taxation

which was used in the business of oil exploration or production. Since the provision was introduced by the Finance Act, 1987 w.e.f. 1.4.1987.therefore, it was applicable in the year before us.7. The ld. senior counsel for the assessee then … referred to para 41 of the decision. where the Tribunal has observed that while invoking the provision of Section 40A(2)(b).the onus was on the Assessing Officer to prove that the assessee had made payments in excess of fair

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2008)301ITR171(Kol.)

at great length. His arguments/submissions can be summarized as follows: 2. That Section 40A(3) was introduced by the Finance Act, 1968, with effect from April 1, 1968. In the memorandum explaining the provisions in the Finance Bill, 1968, … of the Income-tax Act, 1961, which provides that expenditure in excess of Rs. 2,500 (Rs. 10,000 after the 1987 amendment) would be allowed to be deducted only if made by a cross cheque or crossed bank draft

Manaktala Chemicals (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1991)39ITD35(Delhi)

Marbles (P.) Ltd. v. ITO [1987] 20 ITD 16. Sub-section (8) of Section 40A was inserted by the Finance Act, 1975 w.e.f. 1-4-1975 and was omitted by the Finance Act, 1985 w.e.f.1-4-1986. Sub-section (8) as inserted by the

Assam Frontier Tea Ltd. and anr. Vs. Union of India (Uoi) and ors.

Court : Guwahati

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 40A(9), 40A(10) and 40A(11); Constitution of India - Article 14

held that the amount of Rs. 4 crores cannot be deducted as 'section 40A(9) brought in by the Finance Act, 1984, with retrospective effect from April 1, 1980, specifically provides that such contributions are not to be allowed … claimed deduction of Rs. 4 crores in its profit and loss account. The Income-tax Officer, on March 30, 1987, rejected the claim. The Commissioner of Income-tax (Appeals), on June 12, 1987, directed the Income-tax Officer to reframe

Chhotulal Vs. Manak Devi

Court : Rajasthan

Subject : Contract

Acts : Stamp Act - Sections 33; Income Tax Act - Sections 40A, 40A(3), 154, 154(7), 269SS and 269T; Indian Contract Act - Sections 23 and 23A; Provincial Act; Companies Act, 1956 - Sections 617; Direct Tax Laws (Amendment) Act, 1987; Finance Act, 1971; Finance Act, 1992; Societies Registration Act, 1860 - Sections 28, 36(1) and 36(9); Money Lender's Act

Reported in : III(2005)BC440; 2006(1)CTLJ377(Raj); RLW2005(2)Raj808; 2005(2)WLC337

not made or tendered in cash or in any other manner.](5) [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1.4.1989. Original Sub-section (5) was inserted by the Finance (No. 2) Act, 1971, w.e.f. 1.4.1972](6) [Omitted by … so made, such asset shall be transferred, as soon as may be, to him). (12) [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.1'Section 23. What consideration and objects are lawful, and what not. The consideration or object of … I have considered this submission also. For convenience, the provisions of Section 269SS of the Act, so also Section 40A of the Act, and Section 23A of the Contract Act are reproduced, which read as under: -'269SS. No