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Commissioner of Income Tax, Coimbatore Vs. Lakshmi Machine Works

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 28, 40, 40A, 43, 80HHC, 80HHC(1), 80HHC(1A), 80HHC(3), 80HHC(4), 80I, 143(1) and 143(2); Customs Act, 1962 - Sections 50 and 50(1); Foreign Exchange Regulation Act, 1973; Finance Act, 1992; Imports and Exports (Control) Act, 1947 - Sections 28, 288 and 288(2); Excess Profits Tax Act; Business Profits Tax Act; Income Tax Rules, 1962 - Rule 18BBA(3); Customs and Central Excise Duties Drawback Rules, 1971; Income Tax Rules

Reported in : AIR2007SC2385; (2007)210CTR(SC)1; [2007]290ITR667(SC); JT2007(6)SC236; 2007(6)SCALE168

was as under:80HHC concession = export profits = export turnover - (costs attributable to such exports)9. By the Finance Act, 1992, one more amendment was made by which the legislature declared that commission received on assignment of export orders, … out the business profit. This was to be done in accordance with the provisions of Section 28 to Section 43 of the Act. Under Section 80HHC the above three export incentives, namely, CCS, duty drawback and profit on

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

the learned Accountant Member. Further I find that the aforesaid provision came into force in the statute by Finance Act, 1986 with retrospective effect from 1-4-1974. Admittedly, that provision was not in existence while Hon'bte Supreme Court and … the assessee and the other by the revenue relating to assessment year 1992-93 are taken up together and disposed of by a common order for … interest expenditure. Therefore, the ratio of the decision cannot be made applicable after insertion of various explanations below section 43(1) of the income-tax Act, 1961. (vi) It is to further add that the assessee has de-capitalised various expenditure

Core Health Care Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2001)70TTJ(Ahd.)490

by the learned Accountant Member.Further, I find that the aforesaid provision came into force in the statute by Finance Act, 1986, with retrospective effect from 1-4-1974.Admittedly, that provision was not in existence while Hon'ble Supreme Court and Honble … the assessee and the other by the revenue relating to assessment year 1992-93 are taken up together and disposed of by a common order for … interest expenditure. Therefore, the ratio of the decision cannot be made applicable after insertion of various Explanations below section 43(1) of the Income Tax Act, 1961.(vi) It is to further add that the assessee has de-capitalised various expenditure

Jct Ltd. Vs. Deputy Commissioner of Income Tax and anr.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(2), 35, 36(1), 37, 43 and 43(1); ;Finance Act, 1986; ;Finance Act, 2003; ;Companies Act, 1948 - Section 65

Reported in : (2005)194CTR(Cal)509,[2005]276ITR115(Cal)

on the basis of Expln. 8 to Section 43(1) as was inserted in the IT Act, 1961 through Finance Act, 1986 w.e.f. 1st April, 1974, applicable in relation to the asst. yr. 1974-75 and subsequent years. The object

Jct Ltd. Vs. Dy Cit and anr.

Court : Kolkata

Subject : Direct Taxation

Reported in : [2005]144TAXMAN435(Cal)

the basis of Explanation. 8 to section 43(1) as was inserted in the Income Tax Act, 1961 through Finance Act, 1986 with effect from 1-4-1974, applicable in relation to the assessment year 1974-75 and subsequent years. The object

Commissioner of Income-tax Vs. Gujarat State Fertilizers Co. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A, 43(1), 43A and 43A(1)

Reported in : (2003)179CTR(Guj)266; [2003]259ITR526(Guj)

(No. 2) Act of 1967, with effect from April 1, 1967, whereas Section 32A was inserted by the Finance Act, 1976, with effect from April 1, 1976. Hence, the non obstante clause in Section 43A could not have … installed and put to use in the preceding year.(v) The definition of 'cost of asset' as contained in Section 43(1) is applicable only if it is not repugnant to the context. The decision in Dhandhania Kedia and Co.

Sutlej Cotton Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1993)45ITD22(Kol.)

Section 80WA was omitted by Section 40 of the Finance Act, 1987, and Section 115J was introduced by Section 43 of the Finance Act, 1987 [1987] 166 ITR (St.) 26. " (1) Notwithstanding anything contained in any other … least 30 per cent, of their profits." 34. Thereupon, Chapter VI-B was introduced by Section 32 of the Finance Act, 1983 [1983] 142 ITR (St.) 34 as follows : 80WA. Restriction on certain deductions in the case of … of the Income-tax Act, 1961. When the Bench assembled on September 8, 1992, to take up the matter, the Revenue presented a petition dated September

Sanjay Khetan Vs. Commissioner of Income-tax and ors.

Court : Allahabad

Subject : Direct TaxationProperty

Acts : Income Tax Act, 1961 - Schedule II - Rule 68B; Constitution of India - Article 226; Finance Act, 1992 - Sections 245I

Reported in : (2004)188CTR(All)361; [2004]266ITR453(All)

Rule 68B of the Second Schedule to the Income-tax Act, 1961. Rule 68B which was inserted by the Finance Act, 1992, with effect from June 1, 1992, states :'Time-limit for sale of attached immovable property.--(1) No sale of immovable … for the recovery of which the immovable property has been attached, has become conclusive under the provisions of Section 245-I or, as the case may be, final in terms of the provisions of Chapter XX : Provided

Deputy Commissioner of Income Tax, Ahmedabad Vs. Core Health Care Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : 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

Reported in : 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 … 260A of the Income-tax Act, 1961, 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 6.8.93 declaring a loss of Rs.

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)81ITD482(Ahd.)

accordance with the provisions contained in sub-item (C) of item (i) of Sub-clause (c) of Clause (6) of Section 43; and Explanations 1 and 2 above have been substituted in place of the earlier Explanation, by the Finance … beyond the purview of taxation under Section 45. The learned counsel argued that Section 50B introduced by the Finance Act, 1999 w.e.f. 1st April, 2000 brought the transaction of slump sale within the purview of capital gains under … the business of manufacture of components for pharmaceuticals equipments upto 31st Dec., 1992 and w.e.f. 1st Jan., 1993 it sold the entire business undertaking as