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Chowgule Real Estate and Construction Company Vs. Commissioner of Inco ...

Court : Mumbai

Subject : Direct Taxation

Acts : Finance Act, 1990 - Sections 34(3); Income Tax Act, 1961 - Sections 33, 34 and 34(3)

Reported in : [1991]189ITR625(Bom)

years 1964-65 and 1966-67. Counsel are agreed that, in view of the amendment of section 34(3)(a) by the Finance Act, 1990, with retrospective effect from April 1, 1962, the legal position is clearly in favour of the assessee and … case, the claim of the assessee to allow a sum of Rs. 1,442, as development rebate allowance under section 33 of the Income-tax Act, 1961, has been rightly rejected for the assessment year 1964-65 (2) Whether, on the

Commissioner of Income-tax Vs. Bharat Heavy Electricals Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 34(3) and 37; Finance Act, 1990

Reported in : (2001)171CTR(Del)328; [2002]254ITR447(Delhi)

answered the question in favor of the Revenue but we find that Section 34(3)(a), as amended by the Finance Act, 1990, has some relevance to the issue, more particularly in view of the fact that the expression 'relevant previous … and in the circumstances of the case and on the interpretation of the provisions of Sub-section (3) of Section 33 of the Act, the Appellate Tribunal was justified to hold that the assessed-company is entitled to the carry

Commissioner of Income-tax Vs. Raza Buland Sugar Co. Ltd.

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 33(2), 34, 34(3) and 256; Finance Act, 1990

Reported in : (1993)112CTR(All)395; [1993]202ITR191(All)

7. Section 34(3)(a) of the Act as it stood at the material time, before its amendment by the Finance Act, 1990, when the appeals came to be decided giving rise to this reference, inter alia, provided that the deduction … concerned for the purposes of this reference arc contained in Sections 33 and 34(3)(a) of the Act. 5. Section 33(1)(a) makes the provision for the deduction of development rebate in respect of a new ship or new machinery

Commissioner of Income-tax Vs. Beco Engineering Co.

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33(1), 33(2) and 34(3); Finance Act, 1990

Reported in : [1998]232ITR102(P& H)

with a view to redress the hardship of taxpayers and amended Section 34(3)(a) by Section 11 of the Finance Act, 1990. Section 11 of the Finance Act, 1990, reads as under (see [1990] 184 ITR 5 ) :'11. Amendment of … Tribunal, accordingly, referred the question of law, which has been reproduced in the earlier part of this judgment,5. Section 33(1)(a) of the Act provides for development rebate in respect of a new ship or new machinery or plant

Shyamal Kumar Roy Vs. Sushil Kumar Agarwal

Court : Supreme Court of India

Subject : Civil

Acts : Indian Stamp Act, 1899 - Sections 2(14), 31, 32, 33, 35, 36, 38, 39, 40 and 61; Indian Stamp (West Bengal Amendment) Act, 1990; West Bengal Finance Act, 2006; West Bengal Act - Sections 33(4) and 33(5); Marwar Stamp Act, 1947; Code of Civil Procedure (CPC) - Sections 151

Reported in : AIR2007SC637; (SCSuppl)2007(1)CHN15; JT2006(9)SC483; (2007)1MLJ617(SC); 2006(11)SCALE159; (2006)11SCC331; 2007AIRSCW234

terms whereof stamp duty on instruments have been fixed and have undergone further amendment by the West Bengal Finance Act, 2006. It was also contended that the High Court also committed a serious error in not entertaining the … Act, 1899 ('the Act'), as amended in the State of West Bengal by Indian Stamp (West Bengal Amendment) Act, 1990 (hereinafter referred to as 'the West Bengal Act'), falls for consideration in this appeal which arises out of … submitted that the application filed by Respondent herein was barred under the proviso appended to Sub-Section (5) of Section 33 of the West Bengal Act. It was further urged that Section 36 of the Indian Stamp Act has

Test Claimants in the Franked Investment Income Group Litigation Vs. C ...

Court : UK Supreme Court

Subject : Land Acquisition

such cases: para 260. It was not open to the Revenue to rely on section 320 of the Finance Act 2004 ("Section 320 FA 2004") or section 107 of the Finance Act 2007 ("Section 107 FA 2007") to … was not affected by sections 320 FA 2004 and 107 FA 2007 (issues 20 and 21); and that section 33(2A) of the Taxes Management Act 1970 ("TMA") (issue 23), which excludes relief under that section where Case V

Commissioner of Income Tax. Vs. M/S. Sarvaraya Textiles Ltd.

Court : Andhra Pradesh

Subject : Income Tax

Acts : Income Tax Act, 1991- Section 256(1), 32A(4),

during a period of eight years next following for the purposes of the business of the undertaking. By Finance Act, 1990 the words "relevant previous year" in Section 34(3)(a) were substituted by the words "any previous year in respect … have credited 75% thereof to the Investment Allowance Reserve account.In this context it is useful to refer to Section 33 of the Act which relates to development rebate. Under Section 33(1)(a), in respect of a new machinery or

Commissioner of Income-tax Vs. Hemantpat Singhania (H.U.F.)

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 34 and 34(3)

Reported in : [1991]188ITR618(All)

been substituted.' 4. The words within brackets were substituted for the words 'the relevant previous year' by the Finance Act, 1990, with retrospective effect from April 1, 1962. However, counsel for both the parties stated before us that this … year, the assessee claimed development rebate of Rs. 42,178. He created a development rebate reserve as required by Section 33 read with Section 34(3)(a) of the Act. The development rebate was, accordingly, allowed. However, in the course of

itc Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2003)86ITD135(Kol.)

was issued by the CBDT to explain the substance of the provisions relating to direct taxes in the Finance Act, 1986. The learned authorised representative is also silent about the observation of the AO that this type of … valuation of land sold to TCS/ITC Classic with all supportings in terms of valuation reports of 1983 and 1990. Kindly note that for the purpose of splitting the sale consideration between land and building, the latest valuation … the AO in rejecting the appellant's claim for being allowed deduction under Section 36(1)(iii) of IT Act, 1961, while computing the income chargeable under the

Aero Leather (P) Ltd. Vs. Union of India and ors.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24); Finance Act, 1990; Constitution of India

Reported in : ILR1992Delhi731; [1992]194ITR7(Delhi)

been filed before the Commissioner of Income-tax for waiver of interest. (4) As already indicated hereinabove, by the Finance Act, 1990 two amendments were made in the Income-tax Act which adversely affected the interest of the petitioner. In Section … which was being made was clarificatory in nature. The relevant portion of the memorandum appears at 182 Itr 336 and reads as follows : 'MEASURESFOR Simplification And Rationalisation PROVISIONSclarifying the taxability of certain export incentives. 19.At present,