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Manoj B. Joshi Vs. 8th Income-tax Officer

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 2(24), 14, 56 and 56(1); Finance Act, 1988

Reported in : (2009)224CTR(Bom)481; [2009]179TAXMAN30(Bom)

assessee is classified under the heads (A) to (F), except (B) (the same having been omitted by the Finance Act, 1988, with effect from 11-4-1989). If the income cannot be classified under heads (A) to (E) the same falls … cannot be classified under heads (A) to (E) the same falls under head (F), being 'Income from other sources'.Section 56 of the said Act is relevant in this regard, which deals with 'income from other sources'. The relevant

Edayanal Constructions and anr. Vs. Income Tax Officer

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 14, 68, 56, 56(1), 139, 142(1), 142(2A), 143, 143(1), 143(2), 143(3), 154 156 254, 271, 271(1), 276, 276C, 276C(1), 276C(2), 277, 278B and 278E; Finance Act, 1988; Indian Penal Code (IPC) - Sections 120B, 193, 196 and 420; Income Tax Rules; Code of Criminal Procedure (CrPC) - Sections 401 and 482

Reported in : (2006)203CTR(Ker)343; [2007]288ITR134(Ker)

or profession, 'E' Capital gains, and 'F' Income from other sources ('B' Interest on securities was omitted by Finance Act, 1988). Section 56 deals with income from other sources. Under Sub-section (1) of Section 56, income of every kind which is

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

years. A. Y.: 1975-76 Income Tax Act 1961 s.27 Income from house property--DEEMED OWNER--Amendment of s. 27 by Finance Act, 1988 whether clarificatory in nature. Ratio: Amendment introduced by the Finance Act, 1988, in clauses (iii), (iiia) and (iiib) … of the assessee that the rental income from the flats was assessable as 'income from other sources' under Section 56 of the Act inasmuch as the assessee-company was not the 'legal owner' of the property in the flats.

Bharatiya Janata Party Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2002)80ITD89(Delhi)

10 each. The interest income therefrom would normally be assessable under Sections 18 to 21, deleted by the Finance Act, 1988 w.e.f. 1st April, 1989. From the asst. yr.1989-90, interest on securities is assessable as business income under Section … interest forms part of business profits. In other cases, it is assessable as income from other sources under Section 56(2}(i-d) of the IT Act, 1961. With the change in law, the interest received by the assessee under the

In Re: Shams Tabrez Vanti

Court : Authority for Advance Rulings

Subject : Direct Taxation

Reported in : (2005)193CTRAAR481

profession; E. Capital gains; F. Income from other sources.Head-B, under which interest on securities fell was omitted by Finance Act, 1988 w.e.f. 1st April, 1989. Now, interest on securities is assessable under Section 28(i) where such interest forms part … the interest on FDRs is "business income" as it has connection with his SEZ business.He relies on Section 56(2)(id) to assert that the interest would not fall under the head "Income from other sources". He compared the

Shams Tabrez Vanti Vs. C.i.T. Ghaziabad

Court : Authority for Advance Rulings

Subject : Direct Taxation

E. Capital gains; F. Income from other sources. Head-B under which interest on securities fell was omitted by Finance Act, 1988 w.e.f. 1.4.1989. Now interest on securities is assessable under section 28(i) where such interest forms part of business … interest on FDRs is “business income” as it has connection with his SEZ business. He relies on section 56(2)(id) to assert that the interest would not fall under the head “income from other sources”. He compared the

ito Vs. Smt. Kalavati R. Agarwal

Court : Mumbai

Subject : Direct Taxation

Reported in : (2001)71TTJ(Mumbai)792

head of income, which was Interest on securities which has been omitted with effect from 1-4-1989, by the Finance, Act, 1988, and the same is now assessable under the head 'income from other sources'. In the case of United … lieu of or in addition to being charged under its specific head. Clause (id) of sub-section (2) of section 56 of the Income Tax Act, lays down that income by way of interest on securities, if the income

Edayanal Constructions Vs. Ito

Court : Kerala

Subject : Direct Taxation

Reported in : [2006]153TAXMAN65(Ker)

or profession, 'E' Capital gains, and 'F' Income from other sources ('B' Interest of security was omitted by Finance Act, 1988). Section 56 deals with income from other sources. Under sub-section (1) of section 56, income of every kind which is

Commissioner of Income-tax Vs. Dr. C. Ashokan Nambiar

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 55A, 246, 250, 251, 254 AND 256; Wealth Tax Act, 1957 - Sections 16A, 23, 23(3A) and 24

Reported in : [2000]245ITR37(Ker)

income has been classified under six heads. But the head 'Interest on securities' has been omitted by the Finance Act, 1988. The heads of income have been dealt with in this Chapter under various sections. The head 'Salaries' is … 55A. The head 'Income from other sources' is dealt with in Sections 56 to 59. Section 55A is a part of the cluster of sections … Arijit Pasayat, C.J.1. At the instance of the Revenue, the following questions have been referred under Section 256(1) of the Income-tax Act, 1961 (in short, 'the Act'), by the Income-tax Appellate Tribunal, Cochin Bench (in

Commissioner of Income Tax Vs. Dr. C. Ashokan Nambiar

Court : Kerala

Subject : Direct Taxation

Reported in : [2000]111TAXMAN431(Ker)

income has been classified under six heads. But the head 'Interest on securities' has been omitted by the Finance Act, 1988. Heads of income have been dealt within this Chapter under various sections. Head 'Salaries' is dealt within sections … 45 to 55A. Head 'Income from other sources' is dealt within sections 56 - 59. Section 55A is a part of the cluster of sections … Pasayat, C.J.At the instance of the revenue, following questions have been referred under section 256(1) of the Income Tax Act, 1961 Income Tax Act by the Tribunal, Cochin Bench, for opinion of