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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 Income Tax Vs. JaIn Construction Co. and ors.

Court : Rajasthan

Subject : Direct Taxation

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

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

The Commissioner of Wealth-tax Vs. Fagun Co. P. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 7(2), 7(3), 27(3) and 45; Finance Act, 1983 - Sections 3, 40 and 40(3); Income Tax Act - Sections 2, 32A and 32A(2; Finance Act, 1960 - Sections 13; Finance Act, 1992

Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836

40 of the Finance Act with effect from 01.04.1993. The said amendment was introduced by Finance Act of 1992. The purpose of introducing Section 40 of the Finance Act was explained by the then Finance Minister in … was also used in the assessee's business and therefore excluded from the operation of Section 40 of the Finance Act, 1983. The Tribunal also confirmed the order of the C.I.T.(A) on the reliefs granted by the C.I.T.(A), from

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 Wealth Tax vs.atma Ram Properties (P) Ltd.

Court : Delhi

Subject : Direct Taxation

their assets. However, the Finance Act 1983 (FA1983 revived wealth tax in respect of the assets of companies. Section 40 (1) of the FA1983stated that notwithstanding anything contained in Section 13 of the FA, 1960, wealth tax was … it is first necessary to understand the background in which the questions that have been framed arose. The Finance Act, 1960 (FA1960 exempted WTA No.16/2005 & connected matters Page 11 of 38 companies from the levy of wealth … the Income Tax Appellate Tribunal (ITAT) for Assessment Years (‘AYs’) 1984-85 to 1992-93 and AYs 1997-98 to 1998- 99. Facts in brief 2. The facts

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

Court : Delhi

Subject : Direct Taxation

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 … Assessment Years ( AYs ) 1989-90, 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 judgment was also passed by the

Grays Timber Products Ltd Vs. Revenue and Customs (Scotland)

Court : UK Supreme Court

Subject : Land Acquisition

of Chapter 3D of the Income Tax (Earnings and Pensions) Act 2003 ("ITEPA 2003") as inserted by the Finance Act 2003, Schedule 22. Chapter 3D consists of only three sections which are, by comparison with other chapters in … main area of controversy is "market value", which is defined by reference to the Taxation of Chargeable Gains Act 1992. 3. However Chapter 3D forms part of a complex code with fairly deep and tangled legislative roots. Many … the Finance Act 2003, Schedule 22. Chapter 3D consists of only three sections which are, by comparison with other chapters in Part 7 of ITEPA … not, in this case, without its difficulties) 27. In Crossman (at pp 40, 51 and 66) the Lord Chancellor and Lord Blanesburgh (in the majority)

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

inductotherm (India) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)75TTJ(Ahd.)728

payment of wealth-tax on a specified asset under section 40 of Finance Act, 1983, which was omitted by Finance Act, 1992. He submitted that from assessment years 1984-85 to 1992-93 deduction in respect of wealth-tax paid by closely held

Lloyds Insulations (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2002)80ITD465(Delhi)

appeals, etc. Proceeding further, it was submitted by him that companies have been brought within the mainstream by Finance Act, 1992, w.e.f. 1st April, 1993, by insertion of Sub-section (2) of Section 3 of 1957 Act. In this connection, … issue is whether the assessee is entitled to deduction from his income in respect of wealth-tax paid under Section 40 of the Finance Act, 1983.2. The assessee had claimed deduction of Rs. 97,700 and Rs. 1,07,731 for asst.