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Berlia Chemicals and Traders (P) Ltd. Vs. Asstt. Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)76TTJ(Mumbai)974

permissible deductions. This was made clear, the court held, by the Explanation added to rule 1 by the Finance Act, 1981.6. In this connection, it was contended on behalf of the assessee in that case that rule 1(x) … Co. v. CIT : [1990]183ITR1(SC) . In that case, the Supreme Court was dealing with the provisions of section 40(b) and with Explanation 1 inserted by the Taxation Laws (Amendment) Act, 1984, in clause (b) of section 40.

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1993)45ITD500(Pune.)

assessments. Even after re-opening, the assets brought to tax would have been exempt under Section 40 of the Finance Act, 1983. Revenue is in appeal on the following common grounds, viz. : (1) The order of the CWT

inductotherm (India) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)75TTJ(Ahd.)728

Wealth Tax Act but it is a payment of wealth-tax on a specified asset under section 40 of Finance Act, 1983, which was omitted by Finance Act, 1992. He submitted that from assessment years 1984-85 to 1992-93 deduction … given.The first common ground as per the aforesaid chart raised in assessee's appeals for assessment years 1989-90 and 1990-91 relates to challenge against reopening of assessments under section 148 particularly on issues not being the subject-matter of

ANZ Grindlays Bank Vs. Deputy Commissioner of Income-tax

Court : Delhi

Subject : Direct Taxation

thereon under Chapter XVII B of the Act. The said clause (iii) was substituted by virtue of the Finance Act, 2003 with effect from 1st April 2004. By virtue of the aforesaid amendment, the rigor of sub clause … 3.6 The assessments for the six assessment years from AY 1985-86 to 1990-91 stood concluded as on 28th July, 1994 and, thus, the Assessee could … in the present appeal relates to the denial of deduction of expenses - by virtue of provision of Section 40(a)(iii) of the Act -for failure on the part of the Assessee to deduct and deposit Tax Deducted at

ANZ Grindlays Bank (now Standard Chartered Grindlays Bank Ltd.) Vs. De ...

Court : Delhi

Subject : Direct Taxation

thereon under Chapter XVII B of the Act. The said clause (iii) was substituted by virtue of the Finance Act, 2003 with effect from 1st April 2004. By virtue of the aforesaid amendment, the rigor of sub clause … 3.6 The assessments for the six assessment years from AY 1985-86 to 1990-91 stood concluded as on 28th July, 1994 and, thus, the Assessee could … in the present appeal relates to the denial of deduction of expenses - by virtue of provision of Section 40(a)(iii) of the Act -for failure on the part of the Assessee to deduct and deposit Tax Deducted at

Cawnpore Textiles Ltd. Vs. Commissioner of Income-tax

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10, 17, 28, 35B, 35B(1), 36(1), 40, 40A(5) and 256(1); Finance Act, 1990; Customs and Central Excise Duties Drawback Rules, 1971

Reported in : (2006)200CTR(All)203; [2005]276ITR612(All)

concerned it may be mentioned here that Section 28(iiib) of the Act which has been inserted by the Finance Act, 1990, with effect from April 1, 1967, provides that the case assistance (by whatever name called) received or receivable … to employees of the assessee free of charge required to be included in computing the disallowance under Section 40A(5) of the Income-tax Act, 1961 ?2. Whether, on the facts and in the circumstances of the case, the

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)102ITD101(Mum.)

right to occupy premises belonging to a co-operative housing society are taxable assets under Section 40 of the Finance Act, 1983 in the case of a private limited company? Assessee has filed its return of wealth on 9th … is exigible to tax and Rs. 47,33,745 was the acquisition value of the property as on 15th March, 1990. Aggrieved by the above order, assessee approached the first appellate authority.3. Before the CIT(A), assessee contended that the

M/S. Continental Construction Ltd. Vs. Commissioner of Income-tax, Cen ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 9, 14, 40A(1), 80(O and HHB), 119(1), 154, 256, 288(2); Finance Act, 1982; Foreign Exchange Regulation Act, 1973; Finance (No. 2) Act, 1991

Reported in : AIR1992SC803; (1992)2CompLJ50(SC); (1992)101CTR(SC)386; [1992]195ITR81(SC); JT1992(1)SC140; 1992(1)SCALE65; 1992Supp(2)SCC567; [1992]1SCR57

Tribunal is right in holding that the assessee company is not an 'industrial company' as defined in the Finance Act, 1982?2. The first two Income-Tax References were made to the High Court at the instance of the assessee … one by the assessee and the other by the Department. This appeal by the assessee, CA. 3458 of 1990 is disposed by the present judgment.3. The third reference (I.T.R. 112/87) was made by the Tribunal at the … against the assessee, the following questions of law referred to it under Section 256 of the Income Tax Act, 1961 ('the Act') :1. Whether on … on a totally different question which related to the interpretation of Sections 40(c) and 40A(5) of the Act. The High Court answered all the three

Finolex Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Land Acquisition

Reported in : (2006)101TTJ(Pune.)463

been met directly or indirectly by any other person or authority. The Expln. 8 was introduced by the Finance Act, 1986 with retrospective effect from 1st April, 1974. It is as under: For the removal of doubts, it … Bombay High Court has also been rejected. We may also notice that with regard to the asst. yr. 1990-91, the expenditure of Rs. 21,99,000 representing payment made to MSEB for laying high tension power supply lines and … the assessee is directed against the order passed by the CIT under Section 263 of the Act on 10th Feb., 1995. In the grounds of … commission/fees 1,50,81,582Advertisement 1,35,93,221Fees paid to financial institutions and banks 52,00,000Printing and stationary 40,72,077Hotel stay bills of dealers & othersand travelling 9,69,491Payments to/for postage/contractor 9,58,523Meeting for

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 … though there is a provision for waiver, under Rule 117A and Rule 40 of the IT Rules, still, if the assessee objects to the very … (Prayer: Civil Miscellaneous Appeal is filed under Section 260A of Income Tax Act, 1961, against the common order in ITA.No.1377/Mds/2010, dated 06.11.2015 on the file of