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Director of Income Tax (Exemptions) Vs. Estate of C. Audikesavalu Naid ...

Court : Chennai

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1991 - Sections 13; Finance Act, 1992; Income Tax Act, 1961 - Sections 11, 11(5), 13 and 13(1)

Reported in : (2003)183CTR(Mad)338

by the Tribunal holding that by virtue of amendment made to Section 13 of the Act by the Finance Act, 1992, and Finance Act, 1983 (sic), the time was extended to trust to withdraw the non-specified investments of the … by virtue of Section 13(1)(d), proviso (iia), of the Act, it had time till March, 1993, to disinvest.' 5. Therefore, the assessee does not become disentitled to the benefit of exemption under Section 11 of the Act

Dinesh Nagindas Shah Vs. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 5, 25 and 25(1)

Reported in : (2004)190CTR(Guj)106; [2005]273ITR229(Guj)

were under the belief that with effect from asst. yr. 1994-95, the amendment in the WT Act by Finance Act, 1992, granting exemption under Section 5(vi) was applicable only in respect of the residential house property and not in

Assistant Commissioner of Vs. Smt. Chandri N. Shah. (Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

Subject : Direct Taxation

income of the firm shall not form part of total income of the partner. As per s.2(9)(d) of Finance Act, 1992, the net agricultural income of a person was to be computed in accordance with the rules contained in … the scope of agricultural income which includes rent and revenue derived from the land. Sub-cl. (b) of this section states that it includes any income derived from such land. Rates of income are provided in the Finance … contended. It was further contended that as per the provisions of r. 5 of Part IV of First Schedule, nothing contained in the rule shall

Director of Income-tax (Exemptions) Vs. A.V. Narayanan Trust

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 13 and 13(1); Wealth-Tax Act, 1957 - Sections 5(1) and 21A; Finance (No. 2) Act, 1991; Finance Act, 1992

Reported in : [2004]265ITR635(Mad)

13 of the Income-tax Act had been extended by the Finance (No. 2) Act, 1991, read with the Finance Act, 1992, up to March 31, 1993, and that amendment had also been given retrospective effect from April 1, 1983. … Officer for the assessment years 1987-88 and 1988-89 on the ground that it had made investment contrary to Section 13(1)(d) of the Income-tax Act, 1961.2. The Commissioner reversed the order of the Assessing Officer and that reversal … right in holding that the assessee-trust is exempt from wealth-tax under Section 5(1) of the Wealth-tax Act without considering the provisions of Section 21A(iii) which

Union of India (Uoi) and ors. Vs. Pesticides Manufacturing and Formula ...

Court : Supreme Court of India

Subject : ExciseConstitution

Acts : Central Excise Tariff Act, 1985;;Central Excise Act, 1944 - Sections 2 and 37B;;Finance Act, 1996;;Foreign Trade (Development and Regulation) Act, 1992 - Sections 5;;Insecticides Act, 1968

Reported in : AIR2003SC1; 100(2002)DLT323(SC); 2000(84)ECC242; 2002LC558(SC); 2002(146)ELT19(SC); JT2002(8)SC378; (2002)8SCC410; [2002]SUPP3SCR231

Exportand Import Items, 2002-2007 which was issued by theGovernment under Section 5 of the Foreign Trade(Development and Regulation) Act, 1992 read withparagraph 2.1 of the Export and Import Policy. 2002-2007.The ITC (HS) like the Schedule to the 1985 … It was to overcome the effect of the Tribunal's decisionin Marked Agro Chemicals that amendments were effectedby the Finance Act. 1996 to Chapter 38 to incorporatestatutorily the substance of the circular which had been struckdown by the Tribunal.

Commissioner of Wealth-tax Vs. Laxmi Dutt

Court : Allahabad

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 3 and 5(1); Finance Act, 1992; Companies Act

Reported in : [2003]263ITR225(All)

counsel for the Department. Section 5(1)(iv) of the Wealth-tax Act, as it existed before its deletion by the Finance Act, 1992, stated :'5. (1) Wealth-tax shall not be payable by an assessee in respect of the following assets, and

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 … the decision of the Calcutta High Court in Coates of India Ltd. v.Dy. CIT and Ors. : [1995]214ITR498(Cal) . Reference was also made to the

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 … this Act, unless the context otherwise requires,-(5) 'chargeable interest' means the total amount of interest referred to in Section 5, computed in the manner laid down in Section 6;(5A) 'credit institution' means,-(i) a banking company to which the

Sudipto Sarkar Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Land Acquisition

Reported in : (2006)101ITD229(Kol.)

the decision relied on by the ld.counsel for the assessee are prior to the amendment made by the Finance Act, 1992 with effect from 1.4.1993, therefore, the same are not applicable in the assessee's case. He, therefore, submits that … The Division Bench hearing this case had made a reference to the Hon'ble President, Income-tax Appellate Tribunal under Section 255(3) of the Income-tax Act, 1961 ('the Act') for constitution of a Special Bench, Accordingly, the Hon'ble President, … "entertainment expenses" and out of such expenses Rs. 1,28,561 he, disallowed Rs. 59,280 as under: the assessee: Rs. 1,28,561(ii) Less : Deduction under Section 37(2A)

Excise Commissioner and anr. Vs. Mysore Sales International Ltd. and o ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 3, 44AC, 119, 120(1), 120(2), 120(4), 124(2), 124(3), 124(4), 124(5), 206C, 206C(1), 206C(2), 206C(3), 206C(5), 206C(6), 206C(7), 206C(9) and 206C(11); Finance Act, 1992; Karnataka Excise Act, 1963 ; Salt Act, 1944 - Sections 5(3); Karnataka Excise (Lease of Right of Retail Vend of Liquors) Rules, 1969 - Rule 3; Karnataka Excise (Arrack Vend Special Conditions of Licenses) Rules, 1967 - Rule 4; Constitution of India - Article 226 and 227

Reported in : [2006]286ITR136(KAR); [2006]286ITR136(Karn)

Clause (a) 'buyer' Sub-clauses (i) to (iii) which provisions were inserted by way of an amendment by the Finance Act, 1992, which have come into force w.e.f. 1st April, 1992, wherein the definition of 'buyer' under Clause (a) is … officer who would have got jurisdiction for determination of assessment against the appellant-companies. He further submits that under Sub-section (5) of Section 124, which provision is a non obstante clause with regard to any direction or order issued