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Eureka Forbes Ltd. Vs. State of Bihar and ors.

Court : Patna

Subject : Sales Tax

Acts : Bihar Finance Act, 1981 - Sections 17(2) and 19(1); Constitution of India - Articles 226 and 227

by the respondent-Deputy Commissioner of Commercial Taxes, Jamshedpur, under Section 19(1) read with Section 17(2) of the Bihar Finance Act, 1981 (annexure 1 series in respective writ petitions) ; orders of reassessment (annexure 2 series of respective writ … other High Courts and that of the honourable Supreme Court, including [1984] 56 STC 273 (in the case of Bhimraj Madanlal v. State of Bihar) … the same petitioner relating to the assessment of sales tax for different periods, i.e., 1987-88, 1988-89, 1989-90 and 1990-91. Thereby they are disposed of by common orders.2. Eureka Forbes Ltd., petitioner, a limited company having its office

Bharatiya Janata Party Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2002)80ITD89(Delhi)

10 each. The interest income therefrom would normally be assessable under Sections 18 to 21, deleted by the Finance Act, 1988 w.e.f. 1st April, 1989. From the asst. yr.1989-90, interest on securities is assessable as business income under … be received on the repurchase of Canstar which was matured in August, 1990, During the proceedings under Section 143(1)(a), the claim as to the expenditure, … interest forms part of business profits. In other cases, it is assessable as income from other sources under Section 56(2}(i-d) of the IT Act, 1961. With the change in law, the interest received by the assessee under the

United Phosphorus Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)81ITD553(Ahd.)

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 (Hid) read with Section 2(24)(va) (w.r.e.f … decided according to the principles of law and not in accordance with accountancy practice. Accounting practice cannot override Section 56 or any other provision of the Act as was pointed by Lord Russel in the case of B.S.C.

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 … decided according to the principles of law and not in accordance with accountancy practice. Accounting practice cannot override section 56 or any other provision of the Act. As was pointed by Lord Russel in the case of BSC

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 … the same. The assessee, would appear to have relied on Circular No. 56, dt.19th March, 1971 issued by the Board wherein it was mentioned that … 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

Jerome (Appellant) Vs. Kelly (Her Majesty's Inspector of Taxes (Respon ...

Court : House of Lords

Subject : Land Acquisition

trusts has been part of the architecture of the capital gains tax since it was introduced by the Finance Act 1965: see sections 22(5) and paragraph 13(1) of Schedule 7. Indeed, goes back even further, being derived from … gains tax since it was introduced by the Finance Act 1965: see sections 22(5) and paragraph 13(1) of Schedule 7. Indeed, goes back even further, … result. It was introduced into the capital gains tax legislation by section 56(2) and paragraph 10 of Schedule 10 of the Finance Act 1971. That … their beneficial interests (subject to the contract) to the trustees of two Bermuda settlements. By three conveyances in 1990-1992, the original trustees completed the contract of sale. 6. What liabilities to capital gains tax followed from these

Commissioner of Income-tax Vs. Smt. Susheela Devi Agarwal

Court : Allahabad

Subject : Other Taxes

Reported in : [2010]187TAXMAN220(All)

in the definition of income under the Act. As a result of insertion of Section 2(24)(ix) by the Finance Act, 1972, with effect from 1-4-1972, income from lottery has been included in the definition of income.39. In CIT … Note, the provisions of the Income-tax Act, under the aforesaid notification, were made effective from the assessment year 1990-91 and as a result, the assessee is not liable to tax for the relevant assessment year (1988-89) on … of this Court in CIT v. Smt. Prakashwati : [1994] 210 ITR 567 with particular emphasis to last but one paragraph of the judgment. The

Jai Pal Sharma Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2000)72ITD485(Delhi)

of 'income' had been made even retrospectively as in the case of duty drawback, cash assistance etc.as per Finance Act, 1990 by which definition of income was widened by adding sub-clauses V (a) to V (d) of sub-section 2(24). … under the computing section corresponding to that head. The assessee submitted further that Revenue can take shelter under section 56 which provides the residuary head 'income from other sources' but revenue cannot succeed because this section starts with

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 … explained the provisions of Direct Taxes inserted by the Finance Act, 1999 the learned counsel referred to paras 56.4 and 56.5 of the circular which indicate that the amendments concerning amalgamation-demerger and slump sale inserted by the

LupIn Agrochemical (i) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Subject : Direct Taxation

Reported in : [2001]75ITD278(Mum)

of the assessee on the basis of the retrospective amendment to section 28 of the Act by the Finance Act of 1990 making such receipts taxable as business profits. On appeal to the Supreme Court their Lordships held, … according to the principles of law and not in accordance with the accountancy practice. Accounting practice cannot override section 56 or any other provision of the Income Tax Act.11. It was further held by their Lordships of the