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Dharmapuri District Co-operative Sugar Mills Ltd. Vs. Commissioner of ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43(1) and 263; Finance Act, 1989

Reported in : [2003]259ITR598(Mad)

263(1) of the Act which was substituted by the Finance Act, 1988, which was again amended by the Finance Act, 1989, with retrospective effect from June 1, 1988, held that as a consequence of the amendment made with retrospective … definition of 'actual cost' given in Section 43(1) is applicable to Sections 28 to 41 of the Act. This includes Section 32 which deals with … the Assessing Officer. The assessment so made was later revised by the Commissioner by exercising revisional jurisdiction under Section 263 of the Income-tax Act. The Commissioner was of the view having regard to the definition of 'actual

Ms. Madhushree Gupta Vs. Union of India (Uoi) and anr.

Court : Delhi

Subject : Direct TaxationConstitution

Acts : Income Tax Act, 1961 - Sections 30(2), 80HHC, 90, 139, 143(1), 143(2), 144, 147, 148, 158B, 162, 164(2), 234A, 240, 256(1), 256(2), 260A, 269SS, 270, 271, 271(1), 271(1B), 271(5), 271D, 273, 273(2), 273B, 274, 275, 276C; Finance Act, 2008; Direct Tax Laws (Amendment) Act, 1987; Direct Tax Laws (Amendment) Act, 1989; Income Tax Act, 1922 - Sections 22(1), 22(2), 23, 28, 28(1), 28(2), 28(6) and 34; Finance Act, 1964; Taxation Laws (Amendment in Misc. Provisions) Act, 1986; Wealth Tax Act; Haryana Civil Services (Executive Branch) and Allied Services and Other Services, Common/ Combined Examination Act, 2002; Bombay Sales Tax Act, 1959; Maharashtra Tax Laws (Levy, Amendment and Repeal) Act, 1989 - Sections 26; Army Act, 1950; Bombay Sales Tax Rules; Army Rules; Constitution of Ind

Reported in : (2009)225CTR(Del)1; [2009]317ITR107(Delhi); [2009]183TAXMAN100(Delhi)

vires the Constitution of India. The impugned provision which was brought on to the statute book by the Finance Act, 2008 with retrospective effect from (w.r.e.f.) 01.04.1989, has resulted in a grievance in so far as the petitioners/assessees … Act.7.1 Section 271 of the Act corresponds to the provisions contained in Sub-sections (1), (2) and (6) of Section 28 of the Income Tax Act, 1922 (hereinafter referred to as the =1922 Act). The relevant provision of the

South Indian Bank Ltd. Vs. the Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act - Sections 28, 36(1), 139, 142(1), 143(1), 143(1A), 143(3) and 156; Finance Act, 2001

Reported in : [2009]316ITR306(Ker); 2008(3)KLT326; [2009]176TAXMAN277(Ker)

debatable issue and is ceased to be so only by virtue of Explanation introduced to Section 36(1)(vii) by Finance Act 2001 with effect from 1.4.1989. The contention of counsel for the appellant is that as on date of … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28:.(vii) subject to the provisions of Sub-section (2), the amount of any bad debt or part thereof which is

Commissioner, Income Tax, Thiruvananthapuram Vs. K. Ravindranathan Nai ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 44D, 70, 71, 80HHC, 80HHC(1), 80HHC(3) and 288(2); Customs Act, 1962 - Sections 50(1); Foreign Exchange Regulation Act, 1973; Finance Act, 1985; Direct Tax Laws (Amendment) Act, 1989; Finance Act, 1991; Finance Act, 1983

Reported in : 2008BusLR26(SC); (2007)213CTR(SC)227; [2007]295ITR228(SC); JT2007(12)SC504; 2007(13)SCALE134; 2007AIRSCW7112

Head Note said 'deduction in respect profits retained for export business'. The said Head Note was inserted by Finance Act, 1985 w.e.f. 1.4.86. Under the original section as inserted by Finance Act, 1983, the Head Note stated 'deduction … exports' in the said sub-section was substituted for the words 'whole of income' by Direct Tax Laws (Amendment) Act, 1989 w.e.f. 1.4.89. The expression 'derived from' in the said sub-section is narrower than the expression 'attributable to', therefore, … contended that although the processing charges(receipts) amounting to Rs. 1,54,68,811 constituted part of business profits as computed under Section 28 of the I.T. Act, since Section 80HHC (3) was the formula to work out export incentive, the said

Union of India and Another Etc. Etc. Vs. A. Sanyasi Rao and Other Etc. ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Constitution of India - Articles 14, 19(1), 32, 136 and 301; Income-tax Act, 1961 - Sections 4, 5 to 9(1), 16(3), 28 to 43C, 44AC and 206C(4); Direct Tax Laws (Amendment) Act, 1989; Finance Act, 1988; Finance Act, 1990; Travancore-Cochin Land Tax Act, 1955; Income Tax Act, 1922 - Sections 12B, 16(3), 23A and 42(5)

Reported in : 1996IIAD(SC)401; AIR1996SC1219; [1996]219ITR330(SC); JT1996(2)SC425; 1996(2)SCALE280; (1996)3SCC465; [1996]2SCR570

Tax Laws (Amendment) Act. 1989 with effect from 1.4.1989. Section 206C of the Act was inserted by the Finance Act, 1988 with effect from 1.6.1988. The above sections are re-produced herein below :44AC. Special provision for computing profits … Section 44AC holding that it is only an adjunct to Section 206C and so read, the relief under Section 28 to Section 43C will be available.The facts highlighted in the second case is writ petition (civil No. 155

Commissioner of Income Tax Kolkata-iii Vs. Alom Extrusions Limited

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 28, 36(1), 43B and 139(1); Finance Act, 2003; Employees' State Insurance Act, 1948; Finance Act, 1988; Finance Act, 1989; Provident Fund Act; Finance Act, 1983

Reported in : (2009)227CTR(SC)417; [2009]319ITR306(SC); JT2009(14)SC441; 2009(14)SCALE163; (2010)1SCC489; [2009]185TAXMAN416(SC)

under any standing order, award, contract of service or otherwise.13. However, the second proviso stood further amended vide Finance Act, 1989, with effect from 1st April, 1989, which reads as under:Provided further that no deduction shall, in respect of … Section 43B [main section] made it mandatory for the Department to grant deduction in computing the income under Section 28 in the year in which tax, duty, cess, etc., is actually paid. However, Parliament took cognizance of the

Commissioner of Income-tax Vs. Technico Enterprise Pvt. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32(1), 32A(1) and 263; ;Finance Act, 1988

Reported in : (1994)119CTR(Cal)25,[1994]206ITR36(Cal)

which was added to Section 263 with effect from June 1, 1988, has been further amended by the Finance Act, 1989, to clarify that the said Explanation incorporated in the Finance Act, 1988, must be deemed to have always … Commissioner dated August 21, 1954, and not the assessment order of the Deputy Commercial Tax Officer, dated November 28, 1952. It was held that the subject-matter of the revisional proceedings before the Board was the assessment order

Anam Machinery Fabricators Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1994)49ITD617(Hyd.)

had amended Section 28 and inserted Clauses (iia), (iiib) and (iiic). They were inserted in Section 28 by Finance Act, 1990 with retrospective effect. Under Clause (iiia) REPs were made liable to tax with retrospective effect from 1-4-1962. … page 20 where the scope of amendment brought about in Section 143 by the Direct Tax Laws (Amendment) Act, 1989 with effect from 1-4-1989 was explained. In para 5.3 the adjustments to be made to the income/loss declared

The Commissioner of Income Tax Vs. Godaveri (Mannar) Sahakari Sakhar K ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 28, 36, 36(1), 43, 43B, 43(2), 139(1) and 145; Provident Funds Act; Finance Act, 2000; Finance Act, 2003 - Sections 21 and 43B; Finance Act, 1983; Finance Act, 1987; Finance Act, 1989

Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)

were added by Finance Act 1987 with effect from 1st April, 1988. The second proviso was substituted by Finance Act, 1989 with effect from 1st April, 1989. The relevant portion of Section 43B as first enacted with the provisos … according to the method of accounting regularly employed by him) only in computing the income referred to in Section 28 of that previous year in which such sum is actually paid by him:Provided that nothing contained in this

N. Jayaprakash, Package India TIn Fabricators Vs. Cit

Court : Kerala

Subject : Direct Taxation

Reported in : [2006]152TAXMAN432(Ker)

section 148 legal and valid in the light of the amended provision contained in section 148 as per Finance Act 2 of 19962. Whether on the facts and in the Circumstances of the case the Tribunal is justified … tax had escaped assessment and consequently assessment proceedings were again initiated by issuing notice under section 148 dated 28-3-1996. Return of income was filed declaring a total income of Rs. 1,52,110 as against Rs. 1,36,970 returned earlier.