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Commissioner of Income Tax, Coimbatore Vs. Lakshmi Machine Works

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 28, 40, 40A, 43, 80HHC, 80HHC(1), 80HHC(1A), 80HHC(3), 80HHC(4), 80I, 143(1) and 143(2); Customs Act, 1962 - Sections 50 and 50(1); Foreign Exchange Regulation Act, 1973; Finance Act, 1992; Imports and Exports (Control) Act, 1947 - Sections 28, 288 and 288(2); Excess Profits Tax Act; Business Profits Tax Act; Income Tax Rules, 1962 - Rule 18BBA(3); Customs and Central Excise Duties Drawback Rules, 1971; Income Tax Rules

Reported in : AIR2007SC2385; (2007)210CTR(SC)1; [2007]290ITR667(SC); JT2007(6)SC236; 2007(6)SCALE168

was as under:80HHC concession = export profits = export turnover - (costs attributable to such exports)9. By the Finance Act, 1992, one more amendment was made by which the legislature declared that commission received on assignment of export orders, … being profits on sale of a licence acquired from any other person), and Clauses (iiib) and (iiic) of Section 28, the same proportion as the export turnover bears to the total turnover of the business carried on by

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 … CIT v. S.V. Angidi Chettiar : [1962]44ITR739(SC) which referred to the expression 'income tax' this judgment being under Section 28(1)(c) of the Income Tax Act, 1922, Dooars Tea Co. Ltd. v. Commissioner of Agricultural Income-tax, West-Bengal : [1962]44ITR6(SC)

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

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 … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28-(iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business or

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 … and subject to the other provisions of this Act, be deducted in computing the income referred to in Section 28 of the assessee of the previous year in which such expenditure is so laid out or expended, as

Simplex Infrastructures Ltd. Vs. Commissioner of Service Tax, Kolkata

Court : Kolkata

Subject : Service Tax

service tax for the fiRs.time was introduced in India in the year 1994 under Chapter V of the Finance Act, 1994. It has been amended from time to time, inter alia, by introducing more categories of services within … referring to a catena of decisions including the decision of this court in Indian Cardboard Industries-vs.-Collector reported in 1992 (58) ELT508 it was observed as follows:“Power of judicial review, under Article 226 of the Constitution of India, … civil engineering construction and was not ‘consulting engineer’ within the meaning of Section 65(11) of the Finance Act, 1994. (as amended by Finance Act, 1997).(6) … Mr.S.B. Saraf, Adv.Mrs.S.Mitra, Adv.Heard On : 15th July, 2015 CAV On : 28.08.2015 Judgment On : 07.04.2016 Arijit Banerjee, J.: (1) In the instant writ

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 … as otherwise it would lead to double taxation.Such a practice was adopted by the assessee from assessment year 1992-93. Similar issues are subject-matter of pending appeals in the case of the assessee for assessment year 1992-93 and

Chhotalal Samji Vs. Income Tax Officer

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Finance Act, 1990; Income Tax Act, 1961 - Sections 28 and 80HHC; Imports and Exports (Control) Act, 1947; Imports (Control) Order, 1955; Foreign Trade (Development and Regulation) Act, 1992; Customs and Central Excise Duties Drawback Rules, 1971

Reported in : [2009]183TAXMAN78(SC)

ORDER1. Leave granted.2. This civil appeal pertains to assessment year 2001-02.3. By the Finance Act, 1990, Section 28 of the Income-tax Act, 1961 has been amended by inserting therein, clauses (iiia), (iiib) and … assessee claims to have earned profits on the sale of DEPB licence under Foreign Trade (Development and Regulation) Act, 1992 and not under Imports (Control) Order, 1955, made under the Import and Exports (Control) Act, 1947 and, therefore,

The Commissioner of Income Tax Vs. Earnest Exports Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43A, 80HHC, 143(3), 254(2) and 263; ;Foreign Trade (Development and Regulation) Act, 1992; ;Imports and Exports (Control) Act, 1947; ;Finance Act, 1990 - Section 28; ;Imports (Control) Order, 1955

Reported in : (2010)230CTR(Bom)527,[2010]323ITR577(Bom)

Act, 1947 (18 of 1947). The CIT noted that Sub-clause (iiia) was inserted in Section 28 by the Finance Act of 1990 with retrospective effect from 1st April, 1962. Since Parliament had confined the ambit of the provision … the DEPB licence in question had been granted to the assessee under the Foreign Trade (Development & Regulation) Act, 1992 and was not a licence which was eligible, having regard to the provisions of Section 28(iiia). Section 28(iiia)

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) … otherwise it would lead to double taxation.2.5 Such a practice was adopted by the assessee from assessment year 1992-93. Similar issues are subject-matter of pending appeals in the case of the assessee for assessment year 1992-93 and

A.H. Baldota Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)103TTJ(Mum.)517

off this loss against his income from other sources and/or under other head after the amendment made by Finance Act, 1992. This is relevant because unless a partner has share of loss assessable in his hands under the head … was the partner in the relevant period, even though share of profits from the partnership is exempt under Section 10(2A).2. The facts for the first three assessment years are identical. The return of income was filed late. … total income of Rs. 2,84,075. It was processed under Section 143(1) on 28th Dec, 1999 accepting returned income. The case was picked up for scrutiny.