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Munjal Sales Corporation Vs. Commissioner of Income Tax, Ludhiana and ...
Supreme Court of India
Feb-19-2008
Direct taxation
Income Tax Act, 1961 - Sections 28 to 43C; Finance Act, 1992 - Sections 40;
(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 … Punjab and Haryana High Court whereby the High Court has upheld the disallowance of interest claimed under Section 36(1)(iii) of the Income-tax Act, 1961 ('1961 Act', for short), placing reliance on its judgment in the case of
Tag this Judgment! AI Brief & AskCommissioner of Income-tax Vs. Kerala Financial Corporation Ltd.
Kerala
Aug-24-1992
Direct Taxation
Income Tax Act, 1961 - Sections 36(1)
[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 … whether, on the facts and in the circumstances of the case, the assessee is entitled to deduction under Section 36(1)(viii) of the Income-tax Act, 1961, on the total income before making any deduction under Section 36(1)(viii) ?2. This
Tag this Judgment! AI Brief & AskDeputy Commissioner of Income Tax, Ahmedabad Vs. Core Health Care Ltd.
Supreme Court of India
Feb-08-2008
Direct Taxation
Income Tax Act, 1961 - Sections 28 to 41, 43, 43(1), 80HH, 80I, 90(2) and 260A; Finance Act, 1986 - Sections 43(1); Finance Act, 2003
105(2008)CLT433(SC); (2008)215CTR(SC)1; [2008]298ITR194(SC); JT2008(2)SC367; 2008(2)SCALE327; (2008)2SCC465; 2008AIRSCW1425
directly or indirectly by any other person or authority. Explanation 8 has been inserted in Section 43(1) by Finance Act, 1986 (23 of 1986), with retrospective effect from 1.4.74. It is important to note that the word 'actual … stood dismissed.3. On 31.12.92 assessee filed its return of income for A.Y. 1992-93 declaring 'nil' income. Later on the assessee filed a revised return on … capital assets not put to use in the concerned financial year can be permitted as allowable deduction under Section 36(1)(iii) of the Income-tax Act, 1961? 5. According to the Department, the assessee was not entitled to treat the
Tag this Judgment! AI Brief & Ask18-section briefs on any result in this list
Chhotulal Vs. Manak Devi
Rajasthan
Feb-01-2005
Contract
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
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 … purposes and to the extent provided by or under Clause (iv) or Clause (v) of Sub-section (1) of Section 36, or as required by or under any other law for the time being in force.(10) Notwithstanding anything contained
Tag this Judgment! AI Brief & AskCommissioner of Income Tax, Bangalore and anr. Vs. Century Building In ...
Supreme Court of India
Aug-10-2007
Direct Taxation
Income Tax Act, 1961 - Sections 36(1), 44AB, 133A, 194A, 194A(1), 201, 201(1) and 201(1A); Companies Act, 1956; Finance Act, 1992; Banking Regulation Act, 1949 - Sections 51; Life Insurance Corporation Act, 1956; Unit Trust of India Act, 1963; Indian Income Tax Act, 1922; Estate Duty Act, 1953; Wealth-tax Act, 1957; Gift-tax Act, 1958; Super Profits Tax Act, 1963; Companies (Profits) Surtax Act, 1964; Interest Tax Act, 1974
(2007)211CTR(SC)292; [2007]293ITR194(SC); JT2007(10)SC106; 2007(9)SCALE691; (2007)7SCC262
to the account of the payee and the provisions of this section shall apply accordingly.](2) [Omitted by the Finance Act, 1992, w.e.f. 1-6-1992.](3) The provisions of Sub-section (1) shall not apply-(i) where the amount of such income or, as … in India for residential purposes and which is eligible for deduction under Clause (viii) of Sub-section (1) of Section 36 [***],[* * *] the aforesaid amount shall be computed with reference to the income credited or paid by
Tag this Judgment! AI Brief & AskCommissioner of Income Tax Vs. Udaipur Distillary Co. Ltd.
Rajasthan
Oct-15-2003
Direct Taxation
Income Tax Act, 1961 - Sections 36(1) and 43B
(2004)187CTR(Raj)369; [2005]274ITR429(Raj); 2004(5)WLC163
Revenue contends that the second proviso which has been inserted w. e. f. 1st April, 1989, by the Finance Act of 1989 has made material difference in the scheme of the liability under second proviso to Section 43B … disallowances made under Section 43B r/w second proviso thereto and Explanation below Clause (va) of Sub-section (1) of Section 36 of the Act in spite of the fact that the payments in respect of PF, EPF, DLI and … within the due date specified?'2. This appeal relates to the asst. yr. 1992-93 and as the question suggests, the AO has disallowed the claim of
Tag this Judgment! AI Brief & AskMintri Tea Co. (P) Ltd. Vs. Commissioner of Income Tax
Kolkata
Mar-17-2009
Direct Taxation
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
(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, … was not available. He also submitted that the 'due date' within the meaning of the Explanation below Section 36(1)(va) of the Act was not available in respect of any amount for any year and payment dates were
Tag this Judgment! AI Brief & AskP.H. Hamid Vs. Commissioner of Income-tax
Mumbai
Jul-21-2005
Direct Taxation
Income Tax Act, 1961 - Sections 2(47), 36, 36(1), 41, 41(1), 41(2), 54E and 256(1); Income Tax Act, 1922 - Sections 2(7), 2(31), 3 and 10(2); Indian Partnership Act, 1932 - Sections 14 and 15; Finance Act, 1992 - Sections 41(1)
(2005)198CTR(Bom)441; [2005]278ITR112(Bom)
of revenue and undue enrichment to the assessee, Sub-section (1) of Section 41 has been substituted by the Finance Act, 1992, so as to bring to tax the amount or benefit, as the case may be. In cases where … of a bad debt or part of debt under the provisions of Clause (vii) of Sub-section (1) of Section 36, then, if the amount subsequently recovered on any such debt or part is greater than the difference between
Tag this Judgment! AI Brief & AskApsfdc Ltd., Employees Union Vs. Govt. of A.P. and Another
Andhra Pradesh
Dec-21-2000
Labour and Industrial
Payment of Bonus Act, 1965 - Sections 36; Constitution of India - Article 12, 21, 226; Indian Companies Act, 1956 - Sections 8, 10, 11, 19, 20 & 22
2001(1)ALD229; 2001(1)ALT99; (2001)ILLJ1002AP
of the power under Section 36 of the Act. The record contains a DO letter addressed by the Finance Department to the Principal Secretary to Government, Environment, Forest, Science and Technology Department, in which it is inter … void and inoperative.2. The first respondent herein by the impugned Governmental Order in exercise of the power under Section 36 of the Payment of Bonus Act, 1965 kept the operation of all the provisions of the said Act … the second respondent-Corporation made huge net profits for the years 1991-92 and 1992-93 to a tune of Rs.43,83,332.82 paise and Rs.4,68,67,027.15 paise respectively. It is
Tag this Judgment! AI Brief & AskIn Re: Kranti Kumar Saxena
Madhya Pradesh
Oct-01-2002
Direct Taxation
Income Tax Act, 1961 - Sections 194A and 204; ;Finance Act, 1967; Land Acquisition Act - Sections 18
[2003]262ITR33(MP)
mode, whichever is earlier, deduct income-tax thereon at the rates in force :(* * *) Omitted by the Finance Act, 1992, with effect from June 1, 1962.Explanation.--For the purposes of this section, where any income by way of interest … the time being approved by the Central Government for the purpose of Clause (viii) of Sub-section (1) of section 36, the provisions of this clause shall have effect as if for the words 'two thousand five hundred rupees',
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