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Continental Construction Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10, 10(5) and (6), 17, 30, 31, 32, 33, 34, 35, 36, 36(1), 37, 38, 39, 40, 40(A), 40(C), 40A(1) and 40A(5), 80, 80-O, 80MM, 80HHB and 80HHB(5), 85C, 163, 261 and 288

Reported in : [1990]69CompCas268(Delhi); (1990)85CTR(Del)116; [1990]185ITR178(Delhi)

the Tribunal is right in holding that the assessed-company is not an 'industrial company' as defined in the Finance Act, 1982 ?' 2. At the instance of the respondent the Tribunal has referred the following question of law … India has to be excluded from the limit of Rs. 72,000 laid down in the first proviso to section 40A(5)(A) as well as section 40(c) of the Income-tax Act, 1961 ?' 3. The facts, as stated by the

Cumi Employees' Welfare Trust Vs. Wealth-Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Land Acquisition

deed dated February 20, 1980. The provisions of section 40A(11) of the Income-tax Act, were inserted by the Finance Act with retrospective effect from April 1, 1980. The said provisions along with heading of section 40A read as … after discussing the combined effect of section 40A(11) as well as the promulgation of the Benami Transactions (Prohibition) Act, 1988 ([1988] 174 ITR (St.) 37), and after duly taking into consideration the effect of the hon'ble Supreme Court

The Commissioner of Income Tax Vs. M/S. Indo Oceanic Shipping Co. Ltd. ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 5, 6, 9, 17(1), 40A, 40A(5), 2(25A) and 192 ; Finance Act, 1971 - Sections 40A; Taxation Law (Extension to Union Territories) Regulation, 1963; Merchant Shipping Act - Sections 3(18); Finance Act, 1990; Territorial Waters Act, 1976

Reported in : (2001)165CTR(Bom)404; [2001]247ITR247(Bom)

section 40A(5) is to impose ceiling on remuneration of employees. Sub-section 5 was inserted in section 40A by Finance Act, 1971 with effect from 1.4.1972. It remained operative up to Assessment Year 1988-89. Under sub-section 5, expenditure incurred

Commissioner of Income-tax, Bombay Vs. Indo Oceanic Shipping Co. Ltd., ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 40A(5)

Reported in : 2002(2)MhLj685

Section 40A(5) is to impose ceiling on remuneration of employees. Sub-section (5) was inserted in Section 40A by Finance Act, 1971 with effect from 1-4-1972. It remained operative upto Assessment Year 1988-1989, Under sub-section (5), expenditure incurred by

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

Court : Mumbai

Subject : Direct Taxation

Reported in : [2004]90ITD191(Mum)

Representative also invited our attention to the Board's Circular No. 550 dated I- 1-1990 explaining the provisions of Finance Act, 1989 182 ITR 114. On the basis of the aforesaid cases, the learned Departmental Representative forcefully submitted that … assessed as the income of the employer. This amendment, however, has been made effective from the assessment year 1988-89.6. In the above-mentioned cases, all the High Courts have consistently and categorically held that the second proviso would … The first ground of appeal pertains to disallowance of Rs. 11,62,131 under sections 43B and 36(1)(va) of the Income Tax Act. The relevant facts, as … 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

J.H. Metals Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Subject : Direct Taxation

Reported in : (2001)77ITD71(Asr.)

time when the purchases are stated to have been made. He also did not have adequate means to finance these transactions as he must have first paid for the purchases. In my view, taking all the circumstances … hereinafter referred as the CIT(A), in respect of assessment year 1986-87, by which firstly he upheld the ITO's action of adding Rs. 1,08,510 in the assessment on the ground that purchases made from one Shri Khazanchi Lal, … show that hut lor the year under appeal and thy assessment year 1988-89, the trading results have been accepted though assessments in respect of assessment … the ground that expenditure incurred for the purchases was in violation of section 40A(3) of the Income-tax Act, 1961, hereinafter referred as Ihe Act.2. The

Commissioner of Income Tax Vs. Kalani Asbestos Pvt. Ltd.

Court : Madhya Pradesh

Subject : Direct Taxation

Reported in : (1996)134CTR(MP)428

facts and on reliance on circular and the provisions of law. Sec. 40A(8) now stands omitted by the Finance Act, 1985 w.e.f. 1st April, 1986. Earlier this provision was inserted by the Finance Act, 1975 w.e.f. 1st April, … ORDERA. R. TIWARI, J. :In compliance of the directions dt. 22nd Sept., 1988 issued by this Court in Misc. Civil Case No. 141 of 1986, the Tribunal stated the case and … the facts and on reliance on circular and the provisions of law. Sec. 40A(8) now stands omitted by the Finance Act, 1985 w.e.f. 1st April,

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

ld. DR also invited our attention to the Board's Circular No. 550 dated 1.1.90 explaining the provisions of Finance Act, 1989 - 182 ITR (S.T.) 114. On the basis of the aforesaid cases, the ld. DR forcefully submitted … assessed as the income of the employer. This amendment, however, has been made effective from the assessment year 1988-89.6. In the abovementioned cases, all the High Courts have consistently and categorically held that the second proviso would … The first ground of appeal pertains to disallowance of Rs. 11,62,131/- Under Sections 43B and 36(1)(va) of the IT Act. The relevant facts, as mentioned … 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

income-tax Officer Vs. Tube Investments of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1990)32ITD172(Mad.)

said return was filed on 28-6-1982 at a time when the provisions of Sub-sections (9)1 to (11) of Section 40A were not inserted in the statute book with retrospective effect from 1-4-1980 by Finance Act, 1984. It would … accretions during the assessment years 1977-1978 to 1982-83 came to Rs. 30,50,000. In 1983-84 under the provisions of Finance Act, 1984, Sections 40A(9), (10) and (11) are inserted. These provisions are retrospective in operation and the Legislature made

Commissioner of Income-tax Vs. Kalani Asbestos Cement (P.) Ltd.

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 40A(8); Companies Act, 1956 - Sections 58A

Reported in : [1997]224ITR338(MP)

facts and on reliance on circular and the provisions of law. Section 40A(8) now stands omitted by the Finance Act, 1985, with effect from April 1, 198G. Earlier this provision was inserted by the Finance Act, 1975, with … A.R. Tiwari, J. 1. In compliance with the directions dated September 22, 1988, issued by this court in Miscellaneous Civil Case No. 141 of 1986, the Tribunal stated the case and