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The Commissioner of Income Tax Vs. Vali Brothers

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 23, 34, 35, 80HHC, 139, 143, 143(3), 147, 148, 237, 239 and 256(1); Finance Act, 1992

Reported in : (2005)199CTR(All)294

2 years prescribed in Section 239 of I. T. Act, 1961 was reduced to 1 year by the Finance Act, 1992, w.e.f. 1.4.1993. Since, the assessee was called upon to furnish a return by issue of a notice under … the proceedings for 1953-54 and 1954-55 were lawfully terminated by the Income Tax Officer. It is true that Section 23 does not in express terms provide for closing the assessment proceedings with an order that no assessment would

Chhotulal Vs. Manak Devi

Court : Rajasthan

Subject : Contract

Acts : Stamp Act - Sections 33; Income Tax Act - Sections 40A, 40A(3), 154, 154(7), 269SS and 269T; Indian Contract Act - Sections 23 and 23A; Provincial Act; Companies Act, 1956 - Sections 617; Direct Tax Laws (Amendment) Act, 1987; Finance Act, 1971; Finance Act, 1992; Societies Registration Act, 1860 - Sections 28, 36(1) and 36(9); Money Lender's Act

Reported in : III(2005)BC440; 2006(1)CTLJ377(Raj); RLW2005(2)Raj808; 2005(2)WLC337

so made, such asset shall be transferred, as soon as may be, to him). (12) [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.1'Section 23. What consideration and objects are lawful, and what not. The consideration or object of an

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28(1), 48, 143, 143(1), 143(1A), 260A, 271 and 271(1); Finance Act, 1975; Finance Act, 2002 - Sections 271; Taxation Laws (Amendment) Act, 1975; Finance Act, 1993; Finance Act, 1992; Finance Act, 1951; Income Tax Act, 1922 - Sections 23(5), 28 and 28(1); Constitution of India - Article 20(1)

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

from 1.4.2003.29. The two questions which arise in the present cases are, prior to the amendments by the Finance Act, 1992 with effect from 1.4.2003 (2003 amendment):i. What is meant by the words 'in addition to any tax' in … Court of Delhi against the order passed by the Income Tax Appellate Tribunal (for short 'the Tribunal') under Section 260A of the Income Tax Act. Assessee also filed ITA No. of 2004 being aggrieved against a part … said case, this Court proceeded specifically on the footing that under section 23(5) of the 1922 Act, a registered firm was liable to pay tax

…appellant Vs. Commissioner of Income Tax,

Court : Kolkata

Subject : Direct Taxation

explaining the provisions of the said Finance Bill (2000) 242 ITR (Statutes) and also Section 1(2) of the Finance Act, 2000. He contends with the support of the decision of this Court in Hope (India) Limited v. CIT … provides for taxation of annual value of house property. Method of determination of annual value is provided in Section 23. But this section does not provide for inclusion in the annual value rent for any period other than … years was under consideration. The assessment for all years namely 1990-91, 1991-92, 1992-93, 1993-94, 1994-95 and 1995-96 under consideration was completed under Section 143(1) in

Z.F. Steering Gear (i) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Act was inserted by the Finance Act, 1991 with effect from 1-4-1991. It was subsequently amended by the Finance Act, 1992 with effect from 1-4-1993 and then by Finance Act, 1993 with effect from 1-4-1994/1-4-1995. The deduction under Section … order, giving rise to the present controversy, was passed by the assessing officer for assessment year 1996-97 on 23-2-1999 and it is this order, which was referred to by the CIT in his order under Section 263

income Tax Officer Vs. Atchaiah

Court : Supreme Court of India

Subject : Direct TaxationProperty

Acts : Income Tax Act, 1922 - Sections 3, 2(9), 2(27) and 23(5); Income Tax (Amendment) Act, 1939; ;Income Tax Act, 1961 - Sections 2(31), 4 and 147; ;Land Acquisition Act, 1894 - Sections 18

Reported in : AIR1996SC883; (1996)130CTR(SC)404; [1996]218ITR239(SC); JT1995(9)SC441; 1995(7)SCALE186; (1996)1SCC417; [1995]Supp6SCR543

provided so express-ly. Section 183 (which has since been omitted with effect from April 1, 1993 by the Finance Act, 1992) provided that in the case of an unregistered firm, it is open to the Income Tax Officer to … they apply in relation to a registered firm.13. It may be mentioned that Section 183 corresponded to Section 23(5)(b) of the 1922 Act. The 1922 Act not only provided an option to the Income Tax Officer in

M. Sreenivasulu Reddy and ors. Vs. Kishore R. Chhabria and ors.

Court : Mumbai

Subject : Company

Acts : Companies Act, 1956 - Sections 6, 87, 111 and 111A; Securities and Exchange Board of India Act, 1992 - Sections 11, 11B, 15I, 15Y and 20A; Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1994 - Regulations 2, 6, 9, 10, 11, 12, 13, 14, 15, 33, 37, 39; Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 - Regulations 10, 11 and 12

Reported in : [2002]109CompCas18(Bom)

or registered by defendant No, 12-company. (iii) & (iv)Defendant No, 5 Shirish Finance and Investment Stated to have acquired further 3,64,750 shares in May, 1997, … Regulations of 1994'). These regulations are framed under Section 30 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the 'SEBI Act'). Some of these shares are registered whereas some of them are … a public announcement as required by these regulations and, therefore, the acquisition of these shares is void under Section 23 of the Indian Contract Act being contrary to law as well as on account of the penal provisions

Shirish Finance and Investment (P.) Ltd. Vs. M. Sreenivasulu Reddy

Court : Mumbai

Subject : Company

Acts : Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1994 - Regulations 2, 2(1), 2(2), 3, 3(1), 4, 5, 5(1), 6, 9, 9(1), 9(2), 9(3), 10, 10(1), 10(2), 11, 12, 13, 14, 14(1), 15, 16, 16(1), 17, 18, 19, 20, 20(1), 20(2), 20(3), 21, 21(1), 21(2), 21(3), 21(4), 22, 23, 33, 33(2), 34, 36, 37, 37(2) and 39; Companies Act, 1956 - Sections 2, 2(11), 6, 7(1), 9(2), 10, 11, 11(2), 11B, 12, 15H, 15K, 15T(2), 15Y, 15Z, 16(2), 18(5), 20, 20A, 21, 24, 27, 27(3), 28, 30, 32, 38, 87, 108, 111, 111(4), 111(5), 111(7), 111(9), 111(10), 111(12), 111(14), 111A, 111A(2), 111A(3), 111A(5), 155, 155(1), 155(3), 169, 397, 398, 538, 545, 630 and 630(1); Transfer of Property Act, 1882 - Sections 6; Indian Contract Act - Sections 23 and 57; Securities and Exchange

Reported in : 2002(1)BomCR419

acquired by Imfa Holdings (P.) Ltd., Mahameru Trading (P.) Ltd., and Shirish Finance & Investments Ltd., Defendant Nos. 3, 4 and 5, respectively, with a … law as well as on account of the penal provisions in the Securities and Exchange Board of India Act, 1992. Furthermore, the provisions of Regulation 12 of the 1997 Regulations prohibit defendant Nos. 1 to 11 from acquiring … the necessary consequence of making the acquisition of further shares or voting rights in respect thereof void under Section 23 of the Indian Contract Act being contrary to law as well as on account of the penal provisions

Oswal Agro Mills Ltd. Vs. the Custodian and ors.

Court : Mumbai

Subject : BankingLimitation

Acts : Special Court (Trial of Offences Relating to Transactions in Secruities) Act, 1992 - Sections 4(1); Limitation Act, 1963

Reported in : 2004(2)ALLMR491; III(2004)BC352

the bonds they had issued. Secondly, the stock market was booming and the 'bulls' desperately needed funds to finance their overbought positions, never mind the high Badla rates. Thirdly, Bankers who had accepted high cost funds from … 8th June, 1992 under the provisions of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992; the following information has come to the notice of the undersigned :(i) On 2.11.1991 ANZ Grindlays Bank (ANZ … petitioners in all the petitions impugn order passed by the Custodian under Section 4(1) of the Special Courts (TORTS) Act, (hereinafter referred to as 'the … sum of Rs. 30.59,85,141/- to BOA on 2.11.1991 through Banker's Cheque No. 236854 and 235860 dated 2.11.1991 for Rs. 29,59,47,741/- and Rs. 1,00,37,400/-respectively for a

The Peerless General Finance and Investment Co. Ltd. Vs. Punjab and Si ...

Court : Delhi

Subject : Commercial

Acts : Companies Act, 1956; Letters Patent Act; Contract Act, 1872 - Sections 10, 20, 23, 29, 128; Evidence Act, 1872 - Sections 91 and 92; Banking Regulation Act, 1949 - Sections 21 and 35; Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992; Civil Proceduer Code - Order 23, Rule 1(4) - Order 2, Rule 2

Reported in : 2008(1)CTLJ74(Del)

and in consideration of the purchase letter of intent, M/s Peerless General Finance & Investment Co. Ltd., having their registered office at 3, Esplanade East … of the circulars. It was noted that the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992 did not provide that transactions entered into with third parties would be invalidated in case of violation of … advances which was not permissible by law and was opposed to public policy. Further reference was made to Section 23 of the Contract Act which provides what consideration and objects are not lawful which includes objects/consideration forbidden by