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Checkmate Services P Ltd Vs. Commissioner Of Income Tax-i

Court : Supreme Court of India

Subject : Land Acquisition

previous year in which the sum is actually paid by him.” (Emphasis supplied) By Section 9 of the Finance Act, 1989, the following second proviso was added:"Provided further that no deduction shall, in respect of any sum referred to … cannot be deducted in computing income under the head “Profits and Gains of Business and Profession”. Likewise, Section 40A(2) opens with a non-obstante clause and spells out what expenses and payments are not deductible in certain circumstances.

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 … the assessee-trust to wealth-tax ?" 1. While disposing of the appeals in W.T.A. Nos. 324, 325 and 326/Mds.of 1989, for the assessment years 1983-84, 1984-85 and 1985-86, a point of difference arose between the members of the

Sirhind Steel (P) Ltd. Vs. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 30 to 39, 40A, 40A(2), 40A(8) and 263

Reported in : (2003)184CTR(Guj)312

case related to asst. yrs. 1962-63 to 1965-66 whereas the provisions of Section 40A were inserted by the Finance Act, 1968 w.e.f. 1st April, 1968. Moreover, in the aforesaid case, the commodity in question was tobacco and the

Commissioner of Income-tax Vs. Bakelite Hylam Ltd.

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30, 31, 32, 33, 34, 35, 36, 36(1), 37, 37(1), 38, 39, 40, 40A, 40A(7), 40A(8) and 80V

Reported in : (1995)127CTR(AP)46; [1996]217ITR469(AP)

'previous year' shall be governed by the law as it stood prior to the amendment introduced by the Finance Act, 1975, with effect from April 1, 1973. This means that deduction on the basis of a provision made … holding that the assessee is entitled for deduction under section 80V in respect of the interest disallowed under section 40A(8) of the Income-tax Act? (IV) (5) Whether, on the facts and in the circumstances of the case the

Mewar Sugar Mills Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

Subject : Direct Taxation

Reported in : (1998)61TTJ(JP.)633

that the assessee is not hit by the provisions of section 43B as the explanation inserted by the Finance Act, 1989, is relevant only for clause (a) of section 43B of the Act.Shri M. Gargieya, the learned authorised representative … during the year. Since this amount was an ascertained liability, the assessee claimed it as deduction under section 40A(7) of the Income Tax Act. The assessing officer disallowed the claim under section 43B as it was merely

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 provisions … dated 31-3-1993 of Commissioner (Appeals)-XXV, Mumbai. 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 mentioned by the assessing officer at … 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

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 that … order dated 31.3.93 of CIT(A)-XXV, Mumbai. 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 by the AO at para 5 … 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

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

Commissioner of Income-tax Vs. May and Baker (India) Pvt. Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Enactment of Payment of Gratuity Act, 1972 - Sections 40(A)(7); Finance Act, 1975; Income Tax Act, 1961 - Sections 37, 40A, 40A (7) and 260(1)

Reported in : (1991)95CTR(Bom)168; [1991]192ITR239(Bom)

section 40A(7) was introduced in the Income-tax Act, 1961, with retrospective effect from April 1, 1973, by the Finance Act, 1975, on May 12, 1975. The assessment year involved herein being assessment year 1973-74, ordinarily the assessee's claim

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)

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 retrospectively from 1-4-1984, it forwarded the record of the appeal to the President of the Tribunal with a … 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