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Commissioner of Wealth Tax Vs. Smt. K.R. Ushasree and ors.

Court : Kerala

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2; Finance Act, 1992

Reported in : (2010)229CTR(Ker)52

CIT : (2003) 179 CTR (SC) 1 : (2003) 11 SCC 363.4. The WT Act was amended by Finance Act, 1992 to implement the recommendations of the Chelliah Committee. The Committee's recommendations are extracted in the Budget Speech of … in the hands of the assessees who are all individuals, does not form part of the asset under Section 2(ea)(vi) of the WT Act. We have heard senior counsel Sri P.K.R. Menon appearing for the appellants and various

Commissioner of Wealth Tax Vs. Mohan Exports India P. Ltd.

Court : Delhi

Subject : Direct Taxation

of the Assessee that notwithstanding the amendment to the expression 'net wealth' by insertion of Explanation 1 below Section 2 (m) of the WT Act, under Section 40 (3) of the Finance Act 1983 "all the wealth of … favour of the Assessee. Therefore it was not an 'asset' under Section 40 (3) of the WTA Nos. Finance Act 1983. The CIT (A) accepted the above plea and held that the value of the land at 8 … 1990-91, 1991-92 and 1985-86, as well as WTA No. 286/Del/98 for AY 1992-93. 2. At the outset, it must be noticed that the impugned common

Commissioner of Income-tax Vs. Kerala Financial Corporation Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1)

Reported in : [1993]202ITR186(Ker)

v. CIT [1988] 174 ITR 206 besides with reference to the Statement of Objects and Reasons to the Finance Act, 1985. So far as the first ground is concerned, viz., that the decision of the Cambay Electric Supply … 1985, was clarificatory and not amendatory. The Bench observed as follows (at page 828) :'The opening part of Section 2 which contains various definitions clearly provides that, unless the context otherwise requires, different words and expressions will have

K.V. Sathyanarayana Raju Vs. Union of India (Uoi) and anr.

Court : Karnataka

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2; Finance Act, 1992

Reported in : [1999]240ITR912(KAR); [1999]240ITR912(Karn)

The validity of Sections 2(ea)(i) and 2(ea)(ii) and 2(m) of the Wealth tax Act as inserted by the Finance Act, 1992, with effect from April 1, 1993, has been assailed in this petition. It is stated that prior to … V.K Singhal, J. 1. The validity of Sections 2(ea)(i) and 2(ea)(ii) and 2(m) of the Wealth tax Act as inserted by the Finance Act, 1992, with

Sahara India Savings and Investment Corporation. Ltd. Vs. Asstt. Cit

Court : Allahabad

Subject : Direct Taxation

Reported in : [2001]79ITD56(NULL)

need to amend the law and insert sub-clause (va) in section 2(5B) of the Interest Tax Act by Finance Act, 1992 w.e.f. 1-4-1993 to include a Residuary Non-Banking Company even the explanatory memorandum as stated above to bring out

Life Insurance Corporation of India Vs. Joint Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)74TTJ(Mumbai)624

securities is intended to be taxed under the provisions of the Interest Tax Act (45/1974) as amended by Finance Act, 1992. As stated earlier, exclusion of interest on securities from the taxability to Interest Tax Act led to ambiguity. … interest under the Act as the same could not be classified as interest on loans and advances under section 2(7) of the Interest Tax Act, 1974 (as amended by the Finance Act, 1994).4. Assessing officer in the assessment

M.S. Hameed and ors. Vs. Director of State Lotteries and ors.

Court : Kerala

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 40A, 44A, 44AC, 194, 194A, 194B, 194C, 194D, 194G, 194G(1), 194G(2), 194G(3), 194H, 194I, 194J, 194K, 194L and 206C; Finance Act, 1991; Kerala State Lottery Rules - Rule 25; Finance (Amendment) Act, 1992

Reported in : [2001]249ITR186(Ker)

can have no application to the facts of the present case. 26. Reference had been made to the Finance Act, 1992, as seen published in [1992] 195 ITR 214. Sub-sections (2) and (3) were added to Section 194G but

Mintri Tea Co. (P) Ltd. Vs. Commissioner of Income Tax

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1), 43B, 116, 139, 143(1), 143(2), 154, 154(2), 154(7), 156, 241, 246 and 249(2); ;Finance Act, 2003; ;Finance Act, 1992; ;Finance Act, 1994; ;Income Tax Act, 1922 - Section 35

Reported in : (2009)223CTR(Cal)241,[2009]319ITR264(Cal)

the authority concerned is the Dy. CIT(A) or the CIT(A), by the AO also:From 14th May, 1992 : Finance Act, 1992 : A proviso to Sub-section (2) was inserted with effect from the date on which the Finance Act,

Commissioner of Income Tax, Kanpur Vs. Sahara India Savings and Invest ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Interest Tax Act, 1974 - Sections 2(5), 2(5A), 2(5B), 2(7), 5 and 6; Companies Act, 1956 - Sections 4A and 620A; Banking Regulation Act, 1949 - Sections 51; State Financial Corporation Act, 1951 - Sections 3, 3A and 46; Reserve Bank of India Act, 1934 - Sections 42(1B), 45(1), 45J, 45K and 45K(4); Income Tax Act - Sections 43D; Finance Act, 1992

Reported in : (2009)227CTR(SC)425; [2010]321ITR371(SC); 2009(14)SCALE188; [2010]186TAXMAN19(SC)

under 'miscellaneous finance company' in terms of Section 2(5B)(vi) of the 1974 Act. According to the Department, this Finance Act, 1992 operated prospectively and that too w.e.f. 1.4.1993. According to the Department, during the Assessment Year 1992- 93, respondent

Janatha Tile Works Ltd. Vs. Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43B, 139, 142(1), 143, 143(1), 143(1A), 143(2), 143(3), 144, 147, 154, 154(1), 155, 156, 185(1), 185(2), 185(3), 185(5), 186(1), 186(2), 245D(4), 250, 254, 255, 256(1), 260, 262, 263 and 264; Finance Act, 1992; Direct Tax Laws (Amendment) Act, 1989; Finance Act, 1999

Reported in : (2006)202CTR(Ker)103; [2006]283ITR35(Ker); 2006(2)KLT426

justified in not following the decisions of the Calcutta and Delhi High Courts since the impact of the Finance Act, 1992 was not pointedly raised or considered in the above decisions. Counsel submitted that Revenue is justified in levying … K.S. Radhakrishnan, J.1. Tribunal, Cochin Bench has made this reference under Section 256(1) of the IT Act, 1961. Three questions of law have been referred for consideration which are given … K.S. Radhakrishnan, J.1. Tribunal, Cochin Bench has made this reference under Section 256(1) of the IT Act, 1961. Three questions of law have been referred