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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 … of exchange drawn or made in India, but does not include-(i) interest referred to in Sub-section (1B) of Section 42 of the Reserve Bank of India Act, 1934 (2 of 1934);(ii) discount on treasury bills;'Charge of tax4.(1) Subject

Life Insurance Corporation of India Vs. Joint Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)74TTJ(Mumbai)624

securities is intended to be taxed under the provisions of the Interest Tax Act (45/1974) as amended by Finance Act, 1992. As stated earlier, exclusion of interest on securities from the taxability to Interest Tax Act led to ambiguity. … of exchange drawn or made in India; but does not include(i) interest referred to in sub-section (2) of section 42 of 'the Reserve Bank of India Act, 1934 (2 of 1934)'(ii) discount on treasury bills.'The contention was that

Joshi Technologies International Inc Vs. Union of India and Ors.

Court : Supreme Court of India

Subject : Land Acquisition

non-inclusion thereof was an inadvertent omission in the Contracts that were signed. The MoPNG wrote to Ministry of Finance (MoF) accepting the aforesaid omissions and requested the MoF to give clarification in this behalf. As no clarification … India, through Ministry of Petroleum and Natural Gas (MoPNG) in the year 1992 relating to exploration of certain oil fields which the Union of India … tax return on the income generated from the aforesaid production. In the returns, the appellant claimed benefit of Section 42 of the Income Tax Act, 1961 (hereinafter referred to as the 'Act'). Section 42 is a special provision

State of Rajasthan Vs. Uka and ors.,

Court : Rajasthan

Subject : Tenancy

to the nature of controversy involved in this appeal, it would be worth to quote the provisions referred above.Section 42.- General restrictions on sale, gift and bequest ' The sale, gift or bequest by a Khatedar tenants of … shown that there are certain provisions therein which inhibit the entry of commercial Banks into the field of financing of agriculture. It will, therefore, be necessary to modify these laws for the purpose of enabling commercial banks … useful to notice certain relevant statutes and the facts associated.THE RAJASTHAN TENANCY ACT, 19553. On 30.3.1949, the State of Rajasthan was formed on integration of

Bhagwan Singh and Others Vs. Union of India and Others.

Court : Patna

Subject : Direct Taxation

validity of the said provision is still pending consideration before the Supreme Court. In the meantime, by the Finance Act, 1992, section 44AC has been deleted from the statute book and section 206C has been substituted, making it self-contained. The … is admitted that the said question is pending before the Supreme Court of India in Transfer Petition No. 42 of 1984 : Bihar Excise Vendors Association v. Union of India and, as such, in these writ applications

Bhagwan Singh and ors. Vs. Union of India (Uoi) and ors.

Court : Patna

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 44AC, 185 and 206C; Constitution of India - Article 226

validity of the said provision is still pending consideration before the Supreme Court. In the meantime, by the Finance Act, 1992, Section 44AC has been deleted from the statute book and Section 206C has been substituted, making it self-contained. The … is admitted that the said question is pending before the Supreme Court of India in Transfer Petition No. 42 of 1984 : Bihar Excise Vendors Association v. Union of India and, as such, in these writ applications

Securities and Exchange Board of India Vs. Pan Asia Advisors Ltd. and ...

Court : Supreme Court of India

Subject : Land Acquisition

respondent, it is stated that the said respondent’s name has been changed and is now known as Global Finance & Capital Limited, having its office International Corporate House, Monster House, 42 Mincing Lane, London and represented by … arises in this appeal relates to the jurisdiction of SEBI under the Securities and Exchange Board of India Act, 1992, (in short “SEBI Act, 1992”) to initiate proceedings against the respondents as Lead Managers to the Global Depository … rendering services in connection with instruments that are defined as securities under Section 2(h) of the Securities Contracts (Regulation) Act, 1956 (in short “SCR Act,

Bank of America Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2001)78ITD1(Mum.)

income-tax) of this Act in respect of the total income of the previous year of every person. The Finance Act, 1992, Finance Act, 1993 and the Finance Act, 1994 provide for levy of tax in the case of companies … States. It had filed the returns of income for assessment years 1992-93 to 1994-95 in India. Assessments under Section 143(3) had been completed for the said assessment years. In the case of domestic companies, the rate of

Mathura Dass and ors. Vs. State of Punjab and ors.

Court : Punjab and Haryana

Subject : Constitution

Acts : Constitution of India - Articles 14 and 226; Punjab Municipal (Amendment) Act, 2002; Punjab Municipal Corporation (Amendment) Act, 2002; Constitution (74th Amendment) Act

Reported in : AIR2003P& H59

filed. When these petitions were take up for consideration, the Principal Secretary to Government of Punjab, Department of Finance, filed an affidavit averring inter alia that the Council of Ministers had met on 28th November, 2001. A … to the Constitution. 34. Part IXA comprising Articles 243P to 243ZG was inserted by the Constitution (74th Amendment) Act, 1992, It came into force with effect from 1st June, 1993. Article 243P provides the definitions. In Clause (e), … 200 crores on water supply; Rs. 38 crores on streetlights and Rs. 42 crores on maintenance of roads. Since no alternative sources to meet these … enacted to 'make better provision for the administration of Municipalities in Punjab.' Section 61 empowers the Municipal Committees to levy taxes. Section 70 provides for

Sales Tax Officer (Enforcement) Vs. Fag Precision Bearings Ltd.

Court : Gujarat

Subject : Sales Tax

Acts : Gujarat Sales Tax Act - Sections 3, 4, 4(1), 6, 7, 8, 26, 40, 40(1), 40(3), 41B, 41(3), 41(4), 41(6), 44, 45, 47, 65, 67, 69, 139, 140, 140A, 140A(1), 142, 142(1), 145, 154, 155 and 156; Finance Act; Income Tax Act; Constitution of India - Article 265; Gujarat Sales Tax Rules - Rule 37A; Code of Civil Procedure (CPC) - Order 47, Rule 1

Reported in : [2005]141STC339(Guj)

admission of tax liability which the assessee admits to have incurred in accordance with the provisions of the Finance Act and the Income-tax Act. Both the quantum of tax payable and its mode of recovery are authorised by … Court (Coram: G.T. Nanavati, J. ( as he was then) and Y.B. Bhatt, J. ) on February 12/13. 1992. The said decision is reported in (1993) 90 STC 294. The Division Bench, after considering various contentions raised … were passed by the second respondent i.e. Sales Tax Officer under Sec. 42 of the Gujarat Sales Tax Act (Local Act) read with Rule 37A … only the liability to be subjected to tax arises under the charging section 4, but the liability to pay tax also arises immediately on determination