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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

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

Court : Delhi

Subject : Direct Taxation

financial year commencing on or after 1st April 1960 . This position changed with the Finance Act, 1983. Section 30 of the said statute provided for the revival of the levy of wealth tax in the case 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

B.S.E. Brokers Forum, Bombay and ors. Etc. Vs. Securities and Exchange ...

Court : Supreme Court of India

Subject : Company

Acts : Constitution of India, Article 14, 19(1), 123(1) and 265; Securities & Exchange Board of India Act, 1992 - Sections 3, 4, 12(1), 29 and 30; Securities Contracts (Regulation) Act, 1956 - Sections 11; Securities & Exchange Board of India (Stock brokers and Sub-brokers) Rules, 1992 - Rule 3; Companies Act, 1956 - Sections 226; Code of Civil Procedure (CPC), 1908

Reported in : AIR2001SC1010; [2001]104CompCas506(SC); JT2001(2)SC242; 2001(1)SCALE575; (2001)3SCC482

evident from the letter dated 25th of April, 1992 addressed to the Finance Minister of India by the Presidents of all the 22 Stock Exchanges … the Board.7. By a notification dated 23rd of October, 1992 issued in exercise of the powers conferred under Section 30 of the Act, the Board with previous approval of the Central Government notified the Securities & Exchange Board … Board of India Ordinance, 1992. This Ordinance was subsequently replaced by the Securities & Exchange Board of India Act, 1992 ('the Act'). The Act was given retrospective operation w.e.f. 30th of January, 1992. Section 3 of the Act

Sri Bidyut Kumar Sett Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2005)92ITD148(Kol.)

initiation of assessment proceedings. Section 253(6), as it stood upto 31^st May, 1992, prior to its amendment by Finance Act, 1992, provided that the memorandum of appeal in Form No. 36 was to be accompanied by the specified amount … between Ist April, 1971, and 31^st May, 1981 (both days inclusive), Rs. 125; Between Ist June, 1992 and 30^th September, 1998, as per the amendment made by the Finance Act, 1992, the fee was increased, in the

J.M. Ramachandra and Sons Vs. Customs Excise and Gold (Control) Appell ...

Court : Delhi

Subject : Customs

Acts : Constitution of India - Article 226; Customs Act, 1962 - Sections 111, 112A, 125, 128, 129A, 129B, 129DD, 130 and 130E; Foreign Trade Development and Regulation Act, 1992 - Sections 3(3); Indian Income-tax Act, 1922 - Sections 18(3A), (3B) and (3C), 18(6), 23(4), 23(5), 23A(1), 24, 25(2), 25A(1), 26(2), 26A, 27, 28, 30(1A), 30(2), 31, 31(3), 33, 33(2A), 33(3), 44E(6), 44F(5), 46(1), 48, 49 and 49F; Finance Act, 1984 - Sections 40; Limitation Act - Sections 5 - Schedule - Article 182; Code of Civil Procedure (CPC), 1908 - Sections 109

Reported in : 95(2002)DLT217; 2002(80)ECC72; 2002(139)ELT36(Del)

the first proviso to sub-section (1), which is pending immediately before the commencement of section 40 of the Finance Act, 1984 before the Appellate Tribunal and any matter arising out of or connected with such appeal and which … the goods under Section 111(d) of the Act read Section 3(3) of the Foreign Trade Development and Regulation Act, 1992 (in short 'Foreign Trade Act') was directed. Penalty of Rs. 1,57,000/- was also imposed under Section 112A of … of goods for purposes of assessment.' Sections of the I.T. Act, so far as relevant, read as follows: 'Section 30(2) - The appeal shall ordinarily be presented within thirty days of the payment of the tax deducted under

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) … Show Cause-cum-Demand Notice, if no cause was shown within a period of 30 days from the date of receipt of the notice, the case was

Commissioner of Income-tax Vs. JaIn Construction Co. and ors.

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 40, 119, 145, 256 and 263; Income Tax (Amendment) Act, 1993; Finance Act, 1992

Reported in : [2000]245ITR527(Raj)

of law on the subject was still not satisfactory, thus Section 260A has again been substituted by the Finance Act of 1992, which reads as follows :'40. Notwithstanding anything to the contrary in Sections 30 to 38, the

Commissioner of Income Tax Vs. JaIn Construction Co. and ors.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (1999)156CTR(Raj)290

substituted by the Finance Act of 1992, which reads as follows :'Section 40 : Notwithstanding anything contrary to section 30 to 38, the following amount shall not be deducted in computing the income chargeable under the head 'Profit … s. 40(b)--APPLICABILITY OF THE AMENDED PROVISIONSAssessment year 1993-94 Catch Note: Provision of section 40(b) was amended by the Finance Act, 1992, with effect from 1-4-1993--Revenue contended that amended provisions not applicable for the assessment year 1993-94--Not correct, amended provision

Vanson Kids Stuff Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2002)83ITD268(Delhi)

paid to the partner representing his HUF can be allowed as deduction under Section 40(b) as amended by Finance Act, 1992 effective from asst. yr.1993-94.2. The assessee is a partnership firm comprising of three partners, namely, Shri Sudershan Kumar … Act, which are being reproduced as under : "Section 40 : Notwithstanding anything to the -contrary in Sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head 'Profits

Deval Utensils Factory Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (2005)98TTJ(Pune.)501

account, etc.)".This clause was introduced keeping in view a substitution in Section 40 of IT Act by the Finance Act, 1992 w.e.f. 1st April, 1993 due to which Clause (b) was introduced and Clause (iv) reads as follows : … (b) was introduced and Clause (iv) reads as follows : "40. Notwithstanding anything to the contrary in Sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head "Profits