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Dr. K.C. Mammen Vs. Commissioner of Gift Tax

Court : Kerala

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 4(1)and 6 - Schedule - Rule 5; Wealth Tax Act, 1957; ;Finance (No. 2) Act, 1991; Direct Tax Laws (Amendment) Act, 1989; Wealth Tax Rules - Rules 1D and 11

Reported in : (2004)190CTR(Ker)153

It is by virtue of the amendment to Section 4(1)(a) of the Act made by Finance (No. 2) Act, 1991 w.e.f. 1st April, 1992, the value of the property as on the date of the transfer, for the … III to the WT Act. Rule 11 was inserted in Schedule III to the WT Act by the Finance Act, 1993 w.e.f. 1st April, 1993, which provides that the value of unquoted equity shares in companies other than

Devkala Consultancy Services, Bangalore Vs. Union of India and Others

Court : Karnataka

Subject : Commercial

Acts : Interest-Tax Act, 1974 - Sections 4, 5 and 26-C; Constitution of India - Articles 265 and 226; Banking Regulation Act, 1949 - Sections 21, 35-A(1) and 36(1); State Bank of India Act, 1955; State Bank of India (subsidiary Banks) Act, 1959; Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; Finance Act, 1991; Foreign Exchange Regulation Act, 1947 - Sections 20(3)

Reported in : 1999(2)KarLJ115

of the Interest-tax Act are stated to have been re-introduced with effect from 1-10-1991 by virtue of the Finance Act, 1991. Section 4 of the said Act provides that the bank shall charge for every assessment year commencing on and from

Mammen Vs. Commissioner of Gift Tax

Court : Kerala

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 4(1) and 6; Direct Tax Law (Amendment) Act; Finance (No. 2) Act, 1991; Wealth Tax Act

Reported in : [2004]269ITR167(Ker); 2004(2)KLT914

It is by virtue of the amendment to Section 4(1)(a) of the Act made by Finance (No. 2) Act, 1991 with effect from 1.4.1992, the value of the property as on the date of the transfer, for the … to the Wealth Tax Act. Rule11 was inserted in Schedule III to the Wealth Tax Act by the Finance Act, 1993 with effect from 1.4.1993 which provides that the value of unquoted equity shares in companies other than

Thanthi Trust Vs. Assistant Director of Income-tax and anr.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 11, 11(1), 11(2), 11(3), 11(3A), 11(4) and 11(4A); Finance Act, 1991

Reported in : [1999]238ITR635(Mad)

application - Section 11, 11 (1), 11(2), 11(3), 11(3A), 11(4) and 11(4A) of Income Tax Act, 1961 and Finance Act, 1991 - whether Section 11 (4A) excludes from its purview 'business' held in trust which is property of charitable

Gopal Hosiery Vs. Assistant Collector of Central Excise

Court : Kolkata

Subject : Excise

Acts : Central Excises and Customs Laws (Amendment) Act, 1991; ;Finance Act, 1971; ;Central Excises Act, 1944 - Sections 11B, 11B(1), 11B(2), 11B(3) and 12A; ;Finance Act, 1982 - Section 4(2)

Reported in : 1993(41)ECC18,1992(58)ELT542(Cal)

attention was drawn on behalf of the petitioner to the Finance Act, 1982, in particular, sub-section (2) of Section 4 of that Act. It was argued where the Legislature wanted to make a provision retrospective notwithstanding anything contained … all material times carried on and still now carries on the business of manufacturing hosiery garments. By the Finance Act, 1971 a new Tariff Item No. 22D was inserted in the First Schedule to the said Act for … 1991. The case on behalf of the Excise Department is that the Central Excises and Customs Laws (Amendment) Act, 1991 came into force on September 20,1991. By virtue of that amendment Section 11B of the Central Excises and

Unit Trust of India, Mumbai and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Subject : Direct Taxation

Acts : Interest Tax Act, 1974 - Sections 2, 2(5), 2(7), 3(1), 3(1C), 3(2), 4, 4(1), 4(2), 5, 6, 6(2), 7, 9, 9(1), 10, 10A, 18, 21, 26C, 28 and 119; Income-tax Act, 1961 - Sections 2(7A), 2(24), 2(28A), 2(45), 4, 5, 5A, 14, 15, 16, 24, 40, 43D, 44, 44AD, 44D, 115J, 116, 119 and 147; Companies Act, 1956 - Sections 4A; Finance Act, 1991; State Financial Corporations Act; Finance Act, 1988; Hotel Receipts Tax Act, 1980; Finance Act, 1980; Unit Trust of India Act, 1963 - Sections 9(2),19(1)(3), 19(3), 21, 22 to 25B, 25B(1) and 25B(2), 32, 32(1) and 52; Direct Tax Laws (Amendment) Act, 1987; Finance Act, 2000; Unite Trust of India (Amendment) Act, 1966 - Sections 2(1); Wealth Tax Act, 1957; Super Profit-tax Act, 1963; Companies (Profit) Surtax Act, 1964; Rent Control Act; Public Premises

Reported in : 2001(3)BomCR673; 2002(1)MhLj301

empowered to specify any other Institution, as it may think fit, to be a public Financial Institution. The Finance Act (No. 2) of 1991 came into force on and from 1st October 1991. Therefore, upto 1st October, 1991 … the Income Tax Act read with Sections 4 and 5 of the Income Tax Act. He submitted that Section 4 of the Income Tax Act is a charging section. That, under Section 4, the tax is levied on

Commissioner of Income-tax, Faridabad Vs. Ghanshyam (Huf)

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(47), 45, 45(1), 45(5), 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G, 54H, 154, 155(7A), 155(16), 260A and 269UA; Transfer of Property Act, 1882 - Sections 53A; Finance Act, 1987; Land Acquisition Act, 1894 - Sections 4, 4(1), 6, 18, 23, 23(1), 23(1A), 23(2), 28 and 34; Finance Act, 1991; Land Acquisition (Amendment) Act, 1984 - Sections 23(1A); Income Tax Act, 1922; Finance Act, 2003 - Sections 45(5) and 155(16)

Reported in : (2009)224CTR(SC)522; [2009]315ITR1(SC); JT2009(9)SC445; 2009(9)SCALE657; (2009)8SCC412; [2009]182TAXMAN368(SC); 2009(6)LC2930(SC)

scope and effect of the above amendments made in Section 45, as also insertion of Section 54H, by Finance Act 1991, has been elaborated in the following portion of the Departmental Circular No. 621 dated 19.12.91:Streamlining the provisions relating … take into consideration--first, the market-value of the land at the date of the publication of the notification under Section 4, Sub-section (1);secondly, the damage sustained by the person interested, by reason of the taking of any standing crops

Gem Granites Vs. Commissioner of Income-tax, Tamil Nadu

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80HHB(2), 80HHC and 80HHC(2); Finance Act, 1982 - Sections 89A and 89A(4); Finance (Amendment) Act, 1991

Reported in : (2004)192CTR(SC)481; [2004]271ITR322(SC); 2004(9)SCALE647; (2005)1SCC289

gradual extension of the field of operation of Section 80 HHC. The 1994 circular also speaks of the Finance Act 1991 extending the benefit of Section 80 HHC to export of processed minerals and ores mentioned in the 12th … claimant received payment only at rate of 21% towards labour escalation would not preclude claimant from claiming at 40% as per contract, particularly, when it was clearly mentioned in one of the letters that 40% will be

Munjal Sales Corporation Vs. Commissioner of Income Tax, Ludhiana and ...

Court : Supreme Court of India

Subject : Direct taxation

Acts : Income Tax Act, 1961 - Sections 28 to 43C; Finance Act, 1992 - Sections 40;

Reported in : (2008)215CTR(SC)105; [2008]298ITR298(SC); 2008(2)SCALE598; (2008)3SCC185; 2008AIRSCW1369

in question the assessee had profits of Rs.1.91 crores.6. At this stage, it may be noted that before Finance Act 1992, payment of interest to the partner was an item of disallowance. Therefore, it had to be added … batch of civil appeals we are concerned with Assessment Years 1993-94, 1994-95, 1995-96, 1996-97 and 1997-98.FACTS:3. In August/September 1991, appellant assessee granted interest free advances to its sister concerns which were disallowed by the Department on the … whereby the High Court has upheld the disallowance of interest claimed under Section 36(1)(iii) of the Income-tax Act, 1961 ('1961 Act', for short), placing reliance … amount of deduction does not exceed 18/12% interest per annum [See: Section 40(b)(iv) of the 1961 Act]. For the AY 1994-95, Department in this case,

M.S. Hameed Vs. Director of State Lotteries

Court : Kerala

Subject : Direct Taxation

Reported in : [2001]114TAXMAN394(Ker)

tax, as coming through Ext. P4 is unsustainable and without jurisdiction.4. Section 194G had been introduced by the Finance Act, 1991, effective from 1-10-1991. I may extract the section, as it might be relevant to appreciate the stand of