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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 … incurred by the assessed in serving tea, coffee and light refreshments could be allowed as business expenditure under Section 37 of the Income Tax Act, 1961 -

Winsome Textiles Industries Ltd. Vs. Union of India (Uoi) and ors.

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 37(2A), 80A(2), 80HH, 80-IA(1), 80-IA(2), 80-IA(5), 80-IA(7), 80-IA(10), 115JA, 143(1), 143(3), 147, 148, 151, 154 and 158BD; Companies Act, 1956; Finance Act, 1990 - Sections 28

Reported in : (2005)199CTR(P& H)466; [2005]278ITR470(P& H)

of the assessee, on the basis of the retrospective amendment to Section 28 of the Act by the Finance Act, 1990, making such receipts taxable as business profits. On appeal to the Supreme Court :Held, reversing the decision of … and 47.06 43.43 90.49brokerageForeign homeling 60.33 93.87 154.20Advertise and other 1.06 5.80 6.82selling expensesFinancial expensesInterest on term loan 377.21 163.85 541.06Interest on working 237.76 164.50 402.26capitalBank charges 8.96 10.03 18.99It may be noted that there are certain

Assistant Commissioner of Income Tax Vs. Ambadi Enterprises (P) Ltd.

Court : Chennai

Subject : Direct Taxation

Reported in : (1998)62TTJ(Mad)432

the order of the Commissioner (Appeals) was a negative figure. But due to the retrospective amendment by the Finance Act, 1990, the relief in respect of cash assistance has been withdrawn and, therefore, the total income will become positive … been withdrawn and, therefore, the total income will become positive taxable income. In these circumstances the deduction under section 80HHC and the disallowance of guest house expenses become important for the petitioner because otherwise there will be … (Order dt. 27-8-1996). The Departmental Representative has drawn our attention to section 37(5) of the Income Tax Act and stated that the section includes for

Mangalam Cement Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Subject : Land Acquisition

Reported in : (1992)43ITD292(JP.)

to advertisement, publicity or sales promotion in terms of Section 37(3AJ as operative before its omission by the Finance Act, 1985 with effect from 1-4-1986. On the other hand Shri S.K. Kundra, the learned Departmental Representative strongly supported … more than Rs. 50 (the value has been raised to Rs. 200 by the Income-tax 10th Amendment Rules, 1990). The Assessing Officer had also purported to make a total disallowance of Rs. 1,52.229.56 extending the application of

Commissioner of Income-tax Vs. Revathi Equipment Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 143(1), 143(3), 207, 208 to 219, 234B, 234C and 260A; Companies Act, 1956; Finance Act, 2001 - Sections 35DDA and 37; Finance Act, 1990

Reported in : (2008)219CTR(Mad)51; [2008]298ITR67(Mad)

the receipt of cash assistance as capital receipts, which was subsequently amended to be business receipt by the Finance Act, 1990, it was held that in such cases interest under Sections 234B and 234C was not chargeable. In these … that payments to employees under the VRS were in the nature of business expenditure and was deductible under Section 37. Therefore, till the introduction of new provisions under Section 35DDA, the assessee could have estimated the income legitimately

M/s. MRF Ltd., Vs. The Deputy Commissioner of Income-Tax,

Court : Chennai

Subject : Direct Taxation

the receipt of cash assistance as capital receipts, which was subsequently amended to be business receipt by the Finance Act, 1990, it was held that in such cases interest under Sections 234B and 234C was not chargeable. In these … Court that payments to employees under VRS were in the nature of business expenditure and was deductible under Section 37. Therefore, till the introduction of new provisions under Section 35DDA, the assessee could have estimated the income legitimately

Collector of Central Excise Vs. Indian Pistons Ltd.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Subject : Excise

Reported in : (1990)LC510Tri(Delhi)

Matched in: Citation (1990)LC510Tri(Delhi)

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2006)98ITD119(Ahd.)

before insertion of Clause (iiib) in Section 28 of the I.T. Act. Clause (iiib) was introduced by the Finance Act, 1990, retrospectively w.e.f. 1-4-1967 provided for treating cash assistance as business income under Section 28. On the basis of … after detailed review of the case law on the subject and taking into consideration Explanation appended below Section 37(1) by the Finance (No. 2) Act, 1998 with retrospective effect, it has been held that the twin facet

Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2006)102TTJ(Ahd.)375

way of cash assistance. Since cl. (iii)(b) was inserted in Section 28, though having retrospective operation by the Finance Act, 1990, the assessee did not include this income in its return which, as noted above, was filed on 29th … which provides that any provision for bad and doubtful debt would not qualify as permissible deduction Under Section 37(1)(vii) of the IT. Act. 6. The Hon'ble Gujarat High Court in the case of Sayaji Iron and Engg.

Shriram Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1996)59ITD570(Mad.)

115J was inserted by Finance Act, 1987 w.e.f. 1-4-1988. It was withdrawn from the Statute Book by the Finance Act, 1990 w.e.f.1-4-1991. Thus the impugned section was in force for the assessment years 1988-89, 1989-90 and 1990-91 only. Section … issue expenses to the tune of Rs. 59,08,898 had been claimed and allowed as revenue expenditure under section 37(1) of the Income-tax Act in a revised return which was filed by the assessee on 31-12-1992. This revised