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Zuari Estate Development and Investment Co. (P) Ltd. Vs. J.R. Kanekar, ...

Court : Mumbai

Subject : Direct Taxation

Reported in : [2004]139TAXMAN209(Bom)

Tax Act when entered into. Section 2(47) of the Income Tax Act came to be amended by the Finance Act, 1987 with effect from 1-4-1988. Two sub-clauses were added, namely, (v) and (vi) of which sub-clauses (v) of … submitted that by virtue of amendment to section 2(47) introducing clause (v) with effect from 1-4-1988, transactions under section 53 A of the Transfer of Property Act, have been included in the definition transfer in relation to capital … the assessing officer as disclosed by the petitioner for the assessment year 1990-91, would not amount to disclosure of material facts necessary for assessment. However,

M.A.C. Khaleeli Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Land Acquisition

Reported in : (1994)48ITD191(Mad.)

the deduction under Section 54F if the conditions therein are fulfilled.5. That section had been inserted by the Finance Act, 1982 with a view to encouraging house construction. It provides that if the assessee has purchased or constructed … these provisions expires. In such cases, the threshold deduction often thousand rupees as well as the deduction under Section 53 will not be admissible. Further, the tax-payer shall be entitled to withdraw such amount in accordance with this … Construction cost 1,22,11,440.00 2,12,05,870.00 Surplus 24,94,375.00 Assessment year Assessment year Total 1989-90 1990-91 31-3-1989 31-3-1990 Rs. P. Rs. P. Rs. P. Mr MA.C. K 71.97%

Sandeep Atmaram Parwal Vs. the State of Maharashtra and Others

Court : Mumbai

Subject : Criminal

Acts : Constitution of India - Article 22(5); Conservation of Foreign Exchange and prevention of Smuggling Activities Act, 1974 - Sections 3, 3(1), 3(2), 9, 9(1), 9(2) and 11

Reported in : 1996(4)BomCR451; 1997CriLJ111

1995, was also made by Mr. N. N. Mookerjee, Additional Secretary to the Government of India, Ministry of Finance, Department of Revenue, New Delhi in his capacity as an officer specially empowered in that behalf by the … perusal of the decision of the Supreme Court in Jagprit Singh JT 1990 (3) (SC) 293, (supra), the Division Bench was of the prima facie … Division Bench to decide the following issues arising under the Conservation of Foreign Exchange and prevention of Smuggling Activities Act, 1974 ('COFEPOSA Act') : (1) Whether the detenu has a constitutional right to make a representation against … has a constitutional right to make a representation against the declaration under Section 9(1) of the COFEPOSA Act made by the officer specially empowered by

Aero Leather (P) Ltd. Vs. Union of India and ors.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24); Finance Act, 1990; Constitution of India

Reported in : ILR1992Delhi731; [1992]194ITR7(Delhi)

been filed before the Commissioner of Income-tax for waiver of interest. (4) As already indicated hereinabove, by the Finance Act, 1990 two amendments were made in the Income-tax Act which adversely affected the interest of the petitioner. In Section

Chandra Sekhar Samanta and Etc. Etc. Vs. Commissioner, Sanchaita Inves ...

Court : Kolkata

Subject : CivilProperty

Acts : Benami Transactions (Prohibition) Act, 1988 - Sections 4 and 6; ;Constitution of India - Article 141; ;Transfer of Property Act - Section 53

Reported in : AIR1998Cal70

such meagre income. Being a prominent agent of the firm it was not difficult for him to receive finance from the firm in acquiring properties in the names of his wife and son. In fact, the funds … Section 6 of the Act. Section 6 provides that nothing in this Act shall affect the provisions of Section 53 of the Transfer of Property Act, 1882 or any law relating to transfers for an illegal purpose and … which commenced in the year 1986-87 and was completed in the year 1990-91. They constructed the building with their own independent fund and sold the

United Bank of India and ors. Vs. Bimalendu Sengupta

Court : Kolkata

Subject : Company

Acts : Income-tax Act, 1961 - Sections 45, 53 and 54E; ;Finance Act, 1992

Reported in : [1999]97CompCas507(Cal),[2000]245ITR523(Cal)

under the Income-tax Act by transfer of the house by the complainant. Section 53 stood repealed by the Finance Act, 1992, with effect from April 1, 1993. In view of the repeal of Section 53 as aforesaid before … three years each. The said deposits were of Rs. 50,000 and Rs. 70,000 respectively deposited on December 22, 1990, and January 11, 1991. Both the deposits were held with the bank for the full term of three

Deputy Commissioner of Income Tax Vs. Jindal Photo Films Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2008)1113ITD624(Delhi)

from the Eleventh Schedule. 'Projectors' will, however, continue to be included as an item in the Eleventh Schedule. (Section 53 of the Finance Act, 1988).24. Thus, the position of law as it stands is whereas Entry 9 was … at serial 9 and 10 are as below: 8. Entry 9 was later (w.e.f. 1st April, 1989 by Finance Act, 1988) substituted by the words 'projectors', that is to say cinematographic films were taken out of the purview … allowed the claim of the assessee by observing that in asst. yr. 1990-91 he has allowed the claim of the assessee.This finding of the CIT(A)

Dcit, Spl. Range-i Vs. Jindal Photo Films Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

from the Eleventh Schedule. "Projectors" will, however, continue to be included as an item in the Eleventh Schedule. [Section 53 of the Finance Act, 1988].23. Thus, the position of law as it stands is whereas Entry 9 was … Eleventh Schedule at serial 9 & 10 are as below: 8. Entry 9 was later (w.e.f. 1-4-89 by Finance Act 1988) substituted by the words "projectors" i.e. to say Cinematographic films were taken out of the purview of … considered to have attained finality by the order of the CIT(A) in 1990-91 AY, as such, the issue of deduction of about Rs. 4.41 crores,

United Phosphorus Limited Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2001)73TTJ(Ahd.)404

such export incentives are of revenue nature and hence taxable, and to end all judicial controversies thereabout, the Finance Act, 1990 has inserted in section 28 of the Income Tax Act, 1961.Clause (iiia) read with 2(24)(va) (with effect from … income or ambit of taxation. Computation provisions cannot enlarge or restrict the contents of taxable income. In para 53, the Tribunal has further observed that the fact that certain entries were made or not made in a

P.K. Datta Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (2006)100TTJ(Pune.)133

utilized for obtaining a term deposit for nine months on 4th Aug., 1990. The assessee also gave a loan of Rs. 40,000 to his friend, … were not fulfilled, the ITO disallowed the assessee's claim under Section 54. However, he allowed prorata exemption under Section 53. Aggrieved by this order, the assessee filed appeal before the learned CIT(A), Nashik.2.2 In the course of appellate … he denied exemption to the assessee for any deduction from the capital gain under Section 54 of the Act. (Note : Section 54F mentioned by learned CIT(A) should be read as Section 54).3.1 Before us, the learned