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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 … 50 of the Act. He noticed 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 consideration of Rs. 2,87,00,000. He also … of 1949. Therefore, the Supreme Court in CIT v. Ajax Products Ltd. 55 ITR 741 held that the amendment made in 1949 only removed one

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 … to plug this loophole by the insertion of Sub-clause (ii) to Section 55(2)(aa) of the Act by the Finance Act, 1994 which provides that the … 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

Parshuram D. Patil Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)102ITD241(Mum.)

that the gains earned by the assessees are taxable as per the amendment of Section 55(2) by the Finance Act, 1994 with effect from 1-4-1995. As the assessee acquired the plot prior to 1974 and transferred the same

Parshuram D. Patil Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)103TTJ(Mum.)765

that the gains earned by the assessees are taxable as per the amendment of Section 55(2) by the Finance Act, 1994 w.e.f. 1st April, 1995. As the assessee acquired the plot prior to 1974 and transferred the same … 4 bearing survey No. 165 (Pt) was purchased on 22nd Feb., 1982 and was sold from 21st Dec, 1990 onwards after dividing it into 31 small plots. The plot at serial No. 5 bearing survey No. 114/5

Tarajan Tea Co. Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 144B and 263

not attracted. It is true that the effect of this decision regarding 'goodwill' has been overcome by the Finance Act, 1987, amending Section 55 so as to provide that cost of acquisition of goodwill acquired other than by

B. Raghurama Prabhu Estate, Executrix Smt. M. Kaveri Bai and ors. Vs. ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 4, 45(1) and 55(2); Indian Partnership Act, 1932 - Sections 14 and 47

Reported in : (2003)180CTR(Kar)87; [2003]264ITR124(KAR); [2003]264ITR124(Karn)

from capital gains', 43. In order to overcome the above judicial interpretation of the apex Court, by the Finance Act, 1987, which came into force w.e.f. 1st April, 1988, Section 55(2)(a) of the Act was amended providing that … under the supervision and direction of this Court. This fact becomes evident from the order dt. 11th April, 1990, passed by the Division Bench of this Court in O.S.A. No. 2/1989 wherein it was inter alia held

Commissioner of Income Tax, Mumbai Vs. D.P. Sandu Bros. Chembur (P) Lt ...

Court : Supreme Court of India

Subject : Direct Taxation Tenancy

Acts : Income Tax Act, 1961 - Sections 2(24), 10(3), 14, 45, 48, 55(2) and 56; Finance Act, 1994; Income Tax Act, 1922

Reported in : AIR2005SC796; 2005(5)ALLMR(SC)545; [2005]273ITR1(SC); JT2005(2)SC226; (2005)2SCC584

situation created by the decision in Srinivasa Setty and the subsequent decisions of the High Court that the Finance Act 1994 amended Section 55(2) to provide that the cost of acquisition of inter-alia a tenancy right would be

J. Sainsbury Plc. Vs. Oconnar (inspector of Taxes).

Court : Kolkata

Subject : Direct Taxation

Reported in : [1992]197ITR462(Cal)

It is first found in a taxng statute, so far as I have been able to ascertain, in section 55 of the Finance Act, 1927, where it appears in connection with relief from stamp duty on transfers. But … relief, the option agreement was an 'arrangement' within the meaning of paragraph 5(3) of Schedule 12 to the Finance Act, 1973. If so, the taxpayer company would lose the benefit of group relief by virtue of section 28

The Principal Commissioner of Income Tax, vs Smt.Gracy Babu,

Court : Kerala

decision in B.C. Srinivasa Shetty (128 ITR 294) (SC) and thesubsequent decisions of the High Court that the Finance Act, 1994, amended section 55(2) to provide that the cost of acquisition of, inter alia, a tenancy right. would

The Principal Commissioner of Income Tax, vs Gracy Babu,

Court : Kerala

decision in B.C. Srinivasa Shetty (128 ITR 294) (SC) and thesubsequent decisions of the High Court that the Finance Act, 1994, amended section 55(2) to provide that the cost of acquisition of, inter alia, a tenancy right. would