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Commissioner of Income Tax, Bhopal Vs. Hindustan Elector Graphites Ltd ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 139, 141A, 142, 143(1), 148, 156, 234, 271(1) and 256; Finance Act, 1990 - Sections 28; Madhya Pradesh General Sales Tax Act, 1958 - Sections 43; Central Sales Tax, 1956 - Sections 9

Reported in : JT2000(3)SC499; 2000(2)SCALE519; (2000)3SCC595; [2000]2SCR506

way of cash assistance. Since Clause (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 December … liable to be included in the taxable turnover. The assessee was imposed with a penalty in view of Section 43 of the Madhya Pradesh General Sales Tax Act, 1958 and Section 9 of the Central Sales Tax, 1956

Coromandel Fertilisers Limited Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2004)90ITD344(Hyd.)

by the Courts over the years, has found statutory recognition in Section 2(42C), which was inserted by the Finance Act, 1999 with effect from 1.4.2000. He also invited our attention to Section 50B providing for computation of capital … that the assessee had executed a separate sale deed dated 20th November, 1990 for the transfer of land of more than 2,000 acres for a … assessee adopts, it is the obligation of the assessee to pay capital gains under Section 50 read with Section 43(6)(c) of the Income-tax Act. 4. Shri Ashok also pointed out that an assessee cannot be allowed to get

Dunlop India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1992)41ITD582(Kol.)

amount. In support of this claim the assessee relied on first proviso to Section 43B inserted by the Finance Act, 1987 which, as per decision of the Tribunal in ITO v. K.S. Lokhandwala [1989] 31 ITD 305 (Ahd.) … Officer considered the amount of Rs. 1022.64 lakhs as outstanding liability of duty disallowable under the provisions of Section 43 B of the Act. It was contended before him that the amount claimed was not "tax or duty" … Commissioner of Income-tax (Appeals) [hereinafter referred to as 'CIT(A)'] dated September 19, 1990.2. The first and the main controversy relates to Rs. 2057.77 lakhs disallowed

Commissioner of Income-tax Vs. Radha Madhav Gum Factory

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 28, 43 and 43(1)

Reported in : [1996]217ITR355(Raj)

a trading transaction is taxable income'.5. Besides the definition of income under Section 2(24) was amended by the Finance Act, 1990, wherein profits on sale of import licences, cash assistance and draw back on customs or excise duty have … cost to the assessee of its plant, machinery and building while computing the original cost thereof under Section 43(1) of the Income-tax Act, 1961, for the purpose of allowing depreciation, etc. ?' 2. The facts regarding cash

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 … action of the AO in disallowing, by invoking the provisions of Section 43B of the Act, an aggregate amount of Rs. 6,65,438 being a part

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) … the order of the learned Commissioner (Appeals), dated 18-10-1993, for assessment year 1990-91. First ground in the appeal is against disallowance of Rs. 26,00,000 being … the allowance of the depreciation disallowed by the assessing officer. It was also submitted that Explanation 4A to section 43(1) inserted with effect from 1-10-1996, was not clarificatory in nature and hence did not have retrospective operation.4. The

Deputy Commissioner of Income Tax Vs. Finolex Cables Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (2008)114TTJ(Pune.)785

be a genuine SLB transaction.8.11 It is true that the Expln. 4A to Section 43(1) inserted by the Finance Act, 1996 w.e.f 1st Oct., 1996 is a recognition of the position that all SLB transactions cannot be held … learned counsel pointed out that this issue is covered in the order of Hon'ble Tribunal for asst. yr. 1990-91 (supra). In that order, the expenditure was allowed in full by referring inter alia to the decision of

De Nora India Limited (Earlier Known as M/S Titano Vs. Cit and Another

Court : Delhi

Subject : Direct Taxation

directly or indirectly by any other person or authority. Explanation 8 has been inserted in Section 43(1) by Finance Act, 1986 (23 of 1986), with retrospective effect from 1.4.1974. It is important to note that the words "actual … ITA No.190 & 191/2002 Pa ge 1 of 15 Act, 1961 („Act‟ in short) relate to assessment years 1990-91 and 1991-92, wherein challenge has been made to the common order dated December 21,2001 passed by the Income

De Nora India Limited (Earlier Known as M/S Titano Vs. Cit and Another

Court : Delhi

Subject : Direct Taxation

directly or indirectly by any other person or authority. Explanation 8 has been inserted in Section 43(1) by Finance Act, 1986 (23 of 1986), with retrospective effect from 1.4.1974. It is important to note that the words "actual … ITA No.190 & 191/2002 Pa ge 1 of 15 Act, 1961 („Act‟ in short) relate to assessment years 1990-91 and 1991-92, wherein challenge has been made to the common order dated December 21,2001 passed by the Income

Berlia Chemicals and Traders (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

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 (x) … order of the learned CIT(A), dt. 18th Oct., 1993, for asst yr. 1990-91. First ground in the appeal is against disallowance of Rs. 26,00,000 being … for the allowance of the depreciation disallowed by the AO. It was also submitted that Expln 4A to Section 43(1) inserted w.e.f. 1st Oct., 1996, was not clarificatory in nature and hence did not have retrospective operation.4. The