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The Commissioner of Wealth-tax Vs. Fagun Co. P. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 7(2), 7(3), 27(3) and 45; Finance Act, 1983 - Sections 3, 40 and 40(3); Income Tax Act - Sections 2, 32A and 32A(2; Finance Act, 1960 - Sections 13; Finance Act, 1992

Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836

effect from 01.04.1993. The said amendment was introduced by Finance Act of 1992. The purpose of introducing Section 40 of the Finance Act was explained … the Finance Act of 1983. Earlier, wealth-tax was leviable on companies under Section 3 of the Finance Act. Section 13 of the Finance Act, 1960 provided that wealth-tax is not leviable on a company with effect from April … was also used in the assessee's business and therefore excluded from the operation of Section 40 of the Finance Act, 1983. The Tribunal also confirmed the order of the C.I.T.(A) on the reliefs granted by the C.I.T.(A), from

Director of Income Tax (Exemptions) Vs. Estate of C. Audikesavalu Naid ...

Court : Chennai

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1991 - Sections 13; Finance Act, 1992; Income Tax Act, 1961 - Sections 11, 11(5), 13 and 13(1)

Reported in : (2003)183CTR(Mad)338

by the Tribunal holding that by virtue of amendment made to Section 13 of the Act by the Finance Act, 1992, and Finance Act, 1983 (sic), the time was extended to trust to withdraw the non-specified investments of the

The Director of Income Tax Vs. Shardaben Bhagubhai Mafatlal Public Cha ...

Court : Mumbai

Subject : Direct TaxationTrusts and Societies

Acts : Income Tax Act, 1961 - Sections 2(31), 11(5), 13(1), 80-L, 160, 161(1), 162, 164 and 260-A; Companies Act, 1956 - Sections 617; Finance Act, 1991; Finance Act, 1992; Finance Act, 1983; Income Tax Act, 1922 - Sections 16(3)

Reported in : (2001)1BOMLR744; (2000)164CTR(Bom)97; 2001(2)MhLj695

pattern which was brought to the notice of the Government. With a view to remove the hardship, the Finance Act, 1992 amended clause (iia) in the provision to section 13(1)(d) to provide that an asset, other than an investment

Mitsui and Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Delhi

Subject : Direct Taxation

Reported in : (1999)65TTJ(Del)1

Explanationn in section 9(ii) of the Income Tax Act, 1961, with effect from 1st April, 1979 by the Finance Act, 1983, it is clarified and declared that the income which falls under the head 'salaries' payable for services … its expatriate employees. The Assistant Commissioner issued a letter on 28th March, 1995, calling for information under section 133(6) of the Income Tax Act about the salary, etc., paid to expatriate employees in India and abroad for

Director of Income-tax (Exemptions) Vs. A.V. Narayanan Trust

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 13 and 13(1); Wealth-Tax Act, 1957 - Sections 5(1) and 21A; Finance (No. 2) Act, 1991; Finance Act, 1992

Reported in : [2004]265ITR635(Mad)

13 of the Income-tax Act had been extended by the Finance (No. 2) Act, 1991, read with the Finance Act, 1992, up to March 31, 1993, and that amendment had also been given retrospective effect from April 1, 1983. … Officer for the assessment years 1987-88 and 1988-89 on the ground that it had made investment contrary to Section 13(1)(d) of the Income-tax Act, 1961.2. The Commissioner reversed the order of the Assessing Officer and that reversal was

Director of Income Tax (Exemption) Vs. Shardaben Bhagubhai Mafatlal Pu ...

Court : Mumbai

Subject : Direct Taxation

Reported in : (2001)164CTR(Bom)97; [2001]247ITR1(Bom)

pattern which was brought to the notice of the government. With a view to remove the hardship, the Finance Act, 1992, amended clause (iia) in the proviso to section 13(1)(d) to provide that an asset, other than an investment

Director of Income-tax (Exemptions) Vs. Sir M. Ct. Muthiah Chettiar Fa ...

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1991; Finance (Amendment) Act, 1992; Income-tax Act, 1961 - Sections 11(5) and 13(1)

Reported in : [2002]257ITR287(Mad)

time for disinvestment up to March 31,1993, allowed by the Finance (No. 2) Act, 1991, read with the Finance Act, 1992, has retrospective effect from April 1, 1983. During the assessment year to which that provision applies, investments could … the case, the Income-tax Appellate Tribunal was right in law in holding that there was no contravention of Section 13(l)(d) of the Income-tax Act, 1961, for the assessment years 1985-86, 1986-87 and 1987-88 in view of the

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

cover the impugned loan - Impugned judgments of the High Court are set aside - Appeals allowed. [para 13] - INCOME TAX ACT,1961[C.A.No.43/1961] -- Sections 36(1)(iii) & 40 (b)(iv) [As amended by Finance Act, 1992]: [S.H. Kapadia … payment of interest by the firm to any partner of the firm constituted business disallowance per se. After Finance Act 1992, Section 40(b)(iv) of the Act places limitations on the deductions under Sections 30 to 38. Prior to Finance Act

Mitsui and Company Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

by inserting an explanation in s. 9(ii) of the IT Act, 1961, w.e.f. 1st April, 1979 by the Finance Act, 1983 [140 ITR (St) 116], it is clarified and declared that the income which falls under the head … 201(1A) of the later Act -------------------------------------------------------------------- Rs. Rs. -------------------------------------------------------------------- 1989-90 7,33,636 6,64,099 1990-91 47,17,597 37,11,590 1991-92 1,46,70,228 93,72,310 1992-93 2,02,83,770 1,00,27,809 1993-94 2,00,24,999 69,64,102 1994-95 87,32,058 18,32,446 ------------- ------------ 6,91,62,288 3,25,72,356 ------------- ------------ -------------------------------------------------------------------- 3.3. These facts … there was reasonable cause for failure to deduct tax at source. The section unlike the provisions of s. 271(1)(c) does not contain any artificial deeming … made to expatriates abroad. Consequently, the Asstt. CIT issued summons under s. 131 to 16 expatriate employees on 27th October, 1995, requiring them to furnish

Central Bureau of Investigation, Bangalore Vs. J. Alexander, Ias, Addl ...

Court : Karnataka

Subject : Land Acquisition

during the financial year 1991-1992, the 1st respondent herein (A1) while working as the Additional Chief Secretary and Finance Commissioner to the Government of Karnataka, entered into a criminal conspiracy with accused No.2, the Chief Minister of … cases, Bangalore, acquitting the respondents-accused for the offence P/U/S 120B of the IPC r/w Sec 13(2) of POC Act, 1938 and for the offence u/s 13(2) r/w Sec 13(1)(d) of POC Act, 1988.) 1. This appeal is … 3 by the trial court in respect of the offences punishable under Sections 120-B of IPC r/w Section 13(1)(d) r/w Section 13(2) of the Prevention