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The Commissioner of Income Tax and Vs. Brindavan Beverages Ltd.

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 2(19AA), 2(42C), 41[2], 45, 48, 50B, 80IA(4), 80IB(4), 80IB(5), 80HHC, 80HHC(3), 80HHC(3A), 80HHC(4), 80HHC(4A), 115A, 115B, 115BB, 115C, 115J, 115JA, 115JA[1], 115JA[2], 115JA[4], 115JB, 143(2), 161[1A], 164, 164A, 207, 208, 209, 209[1], 210, 211, 215, 234, 234A, 234B, 234C, 234G, 254(2) and 260A; Finance [No. 2] Act, 1996; Finance Act, 1997; Finance Act, 1998; Finance Act, 1999; Finance Act, 2000 - Sections 2; Companies Act, 1956 - Sections 210; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 3(1) and 17(1); Constitution of India - Article 141

Reported in : (2010)228CTR(Kar)1; [2010]186TAXMAN233(Kar)

in reference to the provisions of Section 115JA of the Act is conspicuously absent in Part-III of the Finance Act providing for computing advance tax though mention is made of Sections 115A, 115B, 115BB, 115C of the Act … asset that the expenditure incurred for effecting the transfer is not ascertainable and thereby the charging section i.e. Section 45 of the Act failing due to impossibility of computing the capital gains in terms of Section 48 of … to compute the capital gain of the assessee for the assessment year 1990-2000 even after taking the view that the transaction of transfer of the

Estate of Late Shri Dharambir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)95ITD83(Mum.)

the assessing officer on the provisions of section 45(5) which was introduced with effect from 1-4-1988 by the Finance Act, 1987. The case laws cited before assessing officer were as follows:CIT v. Hindustan Housing & Land Development Trust

Commissioner of Income-tax Vs. Sharda Gum and Chemicals

Court : Rajasthan

Subject : Direct Taxation

Reported in : (2007)209CTR(Raj)143; [2007]288ITR116(Raj)

made with retrospective effect from April 1, 1962, April 1, 1967, and April 1, 1972, respectively vide the Finance Act, 1990. Perhaps this necessitated the filing of a revised return by the assessee on May 1, 1990, of total … as under:Whether, on the facts and circumstances of the case, the Tribunal has correctly construed the provisions of Section 80HHC, in the matter of computing profits and gains of their business, in the context of the said

Sri. K. Mahendar Vs. the Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 45(5), 143(1), 143(3), 148 and 155(7A); Finance Act, 1978; Direct Tax Laws (Amendment) Act, 1978; Finance Act, 1987; Limitation Act - Sections 5

Reported in : (2008)214CTR(Mad)598; [2008]303ITR245(Mad)

The Assessing Authority further pointed out that under Section 155(7-A) (since omitted with effect from 1.4.1992) introduced the Finance Act, 1978 with effect from 1.4.1974 and amended by the Direct Tax Laws (Amendment) Act, 1978 with effect from … State went on appeal before the High Court. Till the assessment year 1990-91, the additional compensation received was admitted in the returns. In the Assessment … the sum of Rs. 2,02,624/- has to be assessed as 'capital gains' in the assessment year 1991-92 under Section 45(5)(b) of the Income-tax Act, 1961?(ii) Whether the Income-tax Appellate Tribunal on the facts and circumstances of the case

Ashirvad Enterprises Vs. the State of Bihar and anr.

Court : Patna

Subject : Sales Tax

C.J.1. The petitioner firm is a small scale industrial unit. It is a registered dealer under the Bihar Finance Act, 1981, and under the Central Sales Tax Act, 1956. In this writ application, the petitioner assails Annexure '5', … conditions of S.O. 123.5. We heard counsel. S. O. No. 123 dated 5-3-1990 is as follows:The 5th March, 1990S.O. 123-In exercise of the powers conferred by Section 22 of the Bihar Finance Act, 1981 (Bihar Act No. … prayer of the petitioner for the issue of Form XXVIII-B under Rule 45 of the Bihar Sales Tax Rules, 1983. The ground of rejection was

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)81ITD482(Ahd.)

beyond the purview of taxation under Section 45. The learned counsel argued that Section 50B introduced by the Finance Act, 1999 w.e.f. 1st April, 2000 brought the transaction of slump sale within the purview of capital gains under

Assistant Commissioner of Vs. G. Rajaiah Setty

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2002)81ITD451(Hyd.)

deleted the addition made by the Assessing Officer, in the following manner- Section 45(6) was inserted by the Finance Act, 1990 with effect from 1-4-1991. It is to be noted that there is no express ban on indexing the

Commissioner of Income Tax Vs. Zam Zam Tanners

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961- Sections 2(24), 17, 28, 41, 44, 45, 59, 80HHC, 139(1), 139(3), 143(1A), 143, 144, 147, 160(1), 256(2), 271, 271(1) and 280D; ;Taxation Laws (Amendment) Act, 1975; ;Finance Act, 2002 - Sections 271(1); ;Finance Act, 1993 - Sections 143(1A); ;Constitution of India - Article 141

Reported in : (2005)197CTR(All)221; [2005]279ITR197(All)

have been concealed or inaccurate particulars have been furnished.'Section 271(1)(c) of the Act has been further amended by Finance Act, 2002, by which Clause (iii) and Expln. 4 has been modified. After the amendment section reads as follows … Haryana High Court in the case of CIT v. Varindra & Co., which related to the asst. yr. 1990-91 followed the earlier decision in the case of CIT v. Prithipal Singh & Co. (supra) and has further … under Clause (iv) of Section 28;(vi) any capital gains chargeable under Section 45;(vii) the profits and gains of any business of insurance carried on by

Kirti Babulal Shah Vs. Ito

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)77TTJ(Mumbai)30

in sub-section (2) of section 8OCCB of the Act.3. Section 45(6) of the Act was inserted by the Finance Act, 1990, with effect from 1st April, 1991. This is reproduced here as under :'45. (1) ...................(6) Notwithstanding anything contained

Kirti Babulal Shah Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

in Sub-section (2) of Section 80CCB of the Act.3. Section 45(6) of the Act was inserted by the Finance Act, 1990, w.e.f. 1st April, 1991. This is reproduced here as under : (6) Notwithstanding anything contained in Sub-section (1),