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Mr. Bhupendra Kumar Bhaumik Vs. Union of India (Uoi) and ors.

Court : Delhi

Subject : Direct Taxation

Acts : Constitution of India - Articles 14, 226 and 246; Income Tax Act, 1961 - Sections 45, 54E, 54E(1), 54E(1C), 269SS and 276DD ; Finance Act, 1992; Central Excise and Salt Act, 1944

Reported in : (2003)179CTR(Del)530

1C of Section 54E of the Income Tax Act, 1961 (for short the Act), as introduced by the Finance Act, 1992, praying that the words and figures '29th day of February, 1992' in the said Section be struck down … consideration] in respect of the original asset, the whole of such capital gain shall not be charged under Section 45; (b) if the scoots the new asset is less than the [net consideration] in respect of the original

United Bank of India and ors. Vs. Bimalendu Sengupta

Court : Kolkata

Subject : Company

Acts : Income-tax Act, 1961 - Sections 45, 53 and 54E; ;Finance Act, 1992

Reported in : [1999]97CompCas507(Cal),[2000]245ITR523(Cal)

under the Income-tax Act by transfer of the house by the complainant. Section 53 stood repealed by the Finance Act, 1992, with effect from April 1, 1993. In view of the repeal of Section 53 as aforesaid before the … capital asset does not exceed Rs. 2,000 the whole of the capital gains shall not be charged under Section 45. It has been found in the appellate order that as transfer of the residential house took place in

National Engineering Industries Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Land Acquisition

Reported in : (2002)80ITD9(Kol.)

a scheme or arrangement referred to in Clause (va).13. As Clause (va) to Section 2(5B) was inserted by Finance Act, 1992 w.e.f. 1st April, 1993 and a reference to the RBI's guidelines has been made by the Finance Minister … 'financial company', all residuary non-banking companies." 9. RBI's guideline in turn adopts the deposit for RBI Act Section 45~I(bb), which reads as under :-- "(bb) 'deposit' includes and shall be deemed always to have included any receipt

National Engg. Inds. Ltd. Vs. Cit

Court : Kolkata

Subject : Direct Taxation

Reported in : [2001]80ITD9(Cal)

a scheme or arrangement referred to in clause (va).13. As clause (va) to section 2(5B) was inserted by Finance Act, 1992 with effect from 1-4-1993 and a reference to the RBI's guidelines has been made by the Finance Minister … of 'financial company', all residuary non-banking companies.'9. RBI's guideline in turn adopts the deposit for RBI Act section 45-I(bb), which reads as under:'(bb) 'deposit' includes and shall be deemed always to have included any receipt of money

Catherine Thomas Vs. Dy. Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 45 and 45(5), ;Finance Act, 1987; ;Finance Act, 2003; ;Constitution of India - Article 226

Reported in : 2010(1)KLT300

(5)(c) of Section 45 of the Act. Eventhough Section 45(5) with Sub-clauses (a) and (b) was introduced by Finance Act, 1987 and Clause (c) was introduced only in 2003, the Tribunal took the view that Clause (c), the … of compensation received in land acquisition proceedings by the late husband of the appellant for the assessment year 1992-93. We have heard counsel appearing for the appellant and Standing Counsel appearing for the respondents. The facts in

Sahara India Savings and Investment Corporation. Ltd. Vs. Asstt. Cit

Court : Allahabad

Subject : Direct Taxation

Reported in : [2001]79ITD56(NULL)

need to amend the law and insert sub-clause (va) in section 2(5B) of the Interest Tax Act by Finance Act, 1992 w.e.f. 1-4-1993 to include a Residuary Non-Banking Company even the explanatory memorandum as stated above to bring out … a similar distinction between loans and advances and income from investments/debentures in section 17 as well as section 45-I Explanation II(c).(e) Even under the Companies Act, distinction is drawn between the loans and advances and investments in

Bhupendra Kumar Bhaumik Vs. Union of India

Court : Delhi

Subject : Direct Taxation

Reported in : [2002]125TAXMAN886(Delhi)

section 54E of the Income Tax Act, 1961 (hereinafter referred to as the Act), as introduced by the Finance Act, 1992, praying that the words and figures '29th day of February, 1992' in the said section be struck down … consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45;(b) if the cost the new asset is less than the net consideration in respect of the original asset,

Assistant Commissioner of Vs. Club of Mahabaleshwar

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1993)44ITD520(Pune.)

purpose of Wealth Tax, vide Notes on Clauses contained in 194 ITR (St.) 162. Section 99 of the Finance Act 1992 amended Section 45 of the Wealth Tax Act, 1957 with effect from 1-4-1993 whereby clauses (a) to (e)

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 … case is called as 'Residuary Non-Banking Companies (Reserve Bank) Directions, 1987. These Directions have been issued under Sections 45J and 45K of the Reserve Bank of India Act, 1934.9. We quote herein-below relevant provisions of Chapter IIIB

Kalyani Exports and Investments Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Land Acquisition

on the 1st day of April, 1981, whichever is later." The insertion of the above Explanation by the Finance Act, 1992 with effect from 1-4-1993 has made a significant difference in the matter of computation of capital gains. The … 17. This, obviously is the cost of acquisition per share to the appellant for computing capital gains under section 45." The CIT (Appeals) relied upon the decision of the Hon'ble Supreme Court in the case of CIT v.