Advanced Search Results

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 … item of deduction, provided that the amount of deduction does not exceed 18/12% interest per annum [See: Section 40(b)(iv) of the 1961 Act]. For the AY 1994-95, Department in this case, therefore, disallowed the claim for deduction

Mammen Vs. Commissioner of Gift Tax

Court : Kerala

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 4(1) and 6; Direct Tax Law (Amendment) Act; Finance (No. 2) Act, 1991; Wealth Tax Act

Reported in : [2004]269ITR167(Ker); 2004(2)KLT914

with the provisions of Schedule III to the Wealth Tax Act, that under the scheme formulated by the Finance Act, 1992, shares and debentures in companies are not liable to levy of Wealth Tax, that the Finance Act, 1992 … contended that as regards the deemed gift, Schedule II of the Act was incorporated for the purpose of Section 4(1)(a) only with effect from 1.4.1992 and that for the assessment year 1991-92 Schedule II to the Act has

Commissioner of Income Tax, Ludhiana, Etc.Etc. Vs. Shri Om Prakash, Et ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 64(1) and 263; Indian Income-tax Act, 1922 - Sections 16(3) and 35; Constitution of India - Articles 14, 19(1) and 226; Gift-tax Act - Sections 4; Wealth-tax Act - Sections 4; Finance Act, 1979 - Sections 64; Taxation Laws (Amendment) Act, 1975; Finance Act, 1992; Finance (No.2) Act, 1971;

Reported in : 1996IAD(SC)205; AIR1996SC593; (1996)130CTR(SC)82; [1996]217ITR785(SC); JT1995(8)SC245; 1995(6)SCALE487; 1995Supp(4)SCC737; [1995]Supp5SCR346

which such individual is a partner' in Clause (iii) corresponding to Clause (ii) until they were deleted by Finance Act, 1992 w.e.f. April 1, 1993 and insertion of Sub-section (1A) - with which aspects we are not concerned herein. … wherever the Parliament has thought it fit, it has intervened to checkmate the evil, e.g., Sub-section (2) of Section 4 of the Gift-Tax Act inserted by Finance (No. 2) Act, 1971 and Sub-section (1A) of Section 4 of

The Custodian Vs. Union of India and Others

Court : Mumbai

Subject : Commercial

Acts : Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992 - Sections - 4(1), 9-A, 10, 11(1) and 11(2); Income Tax Act, 1961; Insolvency Act, 1909 - Sections 49, 68, 69, 70 and 71; Constitution of India - Article 226; Finance Act, 1975; Companies Act, 1956 - Sections 77

Reported in : 2000(4)BomCR313

depend upon the assessment being made by the Income-tax Officer but, it depends on the enactment of the Finance Act prescribing rate/rates for any assessment year. Therefore, as soon as the rates are prescribed by the Finance Act, … Sale of shares of the notified parties under Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992 (hereinafter referred to, for the sake of brevity, 'the said Act').2. Before coming to the Scheme, the following … & Others, the Special Court formulated certain questions on the interpretation of section 11 of the said Act in respect of the priorities created by … the date of distribution arises. It was urged that even under section 49 of the Insolvency Act all the debts listed in sub-section (1) are

Larsen and Toubro Ltd. Vs. Commissioner, Commercial Tax and ors.

Court : Madhya Pradesh

Subject : Sales Tax/VAT

Reported in : (2008)17VST353(MP)

note of the definition of 'sale' under Section 2(g) of the CST Act that was substituted by the Finance Act, 2002 which has substantially widened the scope of the concept of deemed sale. That apart it is urged … dealer under both the local and the Central Sales Tax Acts. The petitioner was assessed for the year 1992-93 under the Madhya Pradesh Commercial Tax Act, 1994 (for brevity 'the 1994 Act') and the assessment order was … produced the documents relating to assessment year 1986-87 in Writ Petition No. 4411 of 2003 but in the present case for the assessment year 1992-93

Indian Oil Corporation Limited Vs. State of Uttar Pradesh and ors.

Court : Allahabad

Subject : Other Taxes

Reported in : (2007)10VST282(All)

fund/grant-in-aid given by the State Government on the recommendation of the State Finance Commission or otherwise, are well defined under the constitutional mandate/constitutional provisions contained … in Part IX and IX-A of the Constitution of India [substituted by the 73rd and 74th Constitution (Amendment) Act, 1992]. The provisions contained in Parts IX and IX-A read with 11th and 12th Schedule of the Constitution are … under the Act, was not ultra vires of the Constitution, the traders (enumerated in the Schedule framed under Section 4 of the Act) were the beneficiaries and hence was compensatory in nature as explained by the apex court

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 … has been committed in processing the return as the provisions of Section 43B were not applied in respect of the assessee's claim of bonus. Assessee

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

ishar Dass Sahni and Sons Vs. Deputy Commissioner of Income Tax

Court : Delhi

Subject : Direct Taxation

Reported in : (2000)68TTJ(Del)125

80J(6A), for deciding the question whether a statute is mandatory or directory. It was stressed that by the Finance Act, 1992, a totally new scheme and procedure for assessment of firms were introduced for the first time from assessment … the course of assessment proceedings.(4) That the learned Commissioner (Appeals) has failed to appreciate that the provisions of section 184(2) cannot be regarded as mandatory and absolute in nature so as to disentitle the claim of firm,

Ashirvad Enterprises Vs. the State of Bihar and anr.

Court : Patna

Subject : Sales Tax

C.J.1. The petitioner firm is a small scale industrial unit. It is a registered dealer under the Bihar Finance Act, 1981, and under the Central Sales Tax Act, 1956. In this writ application, the petitioner assails Annexure '5', … facility of set-off so allowed. It is stated that respondent No. 2 began to create difficulties from March, 1992, and insisted that the petitioner should first deposit the entire amount of sales tax collected by it on … 123 dated 5-3-1990, in exercise of the powers vested in it under Section 22 of the Bihar Finance Act, 1981. The said notification dated 5-3-1990 … prayer of the petitioner for the issue of Form XXVIII-B under Rule 45 of the Bihar Sales Tax Rules, 1983. The ground of rejection was