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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

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

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

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

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

Jay Engg. Works Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1992)43ITD594(Delhi)

that the decision is based on Explanation to Section 34 (3) (a) which has been omitted by the Finance Act, 1990 w.e.f. 1-4-1962. A similar provision like that of Explanation to Section 34(3)(a) was available in respect of the

Dy. Commissioner of Income-tax, Vs. Bifora Watch Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2005)94ITD203(Mum.)

CIT v. Beco Engineering Co. (232 ITR 102). Their Lordships noted the amendment made in Section 34(3)(a) by Finance Act, 1990 with retrospective effect from April 1, 1962 to provide for non-creation of reserve account in the year of

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 … development rebate reserve to the capital account did not amount to distribution of profits within the meaning of Section 34(3)(a) of the Act ?' 2. The assessee is a Hindu undivided family. The assessment year concerned is 1967-68.

Commissioner of Income-tax Vs. International Tractor Co. of India Ltd.

Court : Mumbai

Subject : Direct Taxation

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

Reported in : [1991]189ITR799(Bom)

the assessment year 1970-71. 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 question requires to be and is hereby answered in the

Commissioner of Income-tax Vs. Automobile Products of India Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 34(3) and 40

Reported in : [1991]190ITR647(Bom)

Shubhlaxmi Mills Ltd. v. Addl. CIT : [1989]177ITR193(SC) . However, by retrospective amendment of section 34(3)(a) by the Finance Act, 1990, the legal position has been restored in keeping with the view taken in the aforesaid circular and our