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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, … or merchandise declared in the shipping bill or bill of export as referred to in Sub-section (1) of Section 50 of the Customs Act, 1962 (52 of 1962), shall, for the purposes of this section, be deemed to

The Director of Income Tax Vs. Shardaben Bhagubhai Mafatlal Public Cha ...

Court : Mumbai

Subject : Direct TaxationTrusts and Societies

Acts : Income Tax Act, 1961 - Sections 2(31), 11(5), 13(1), 80-L, 160, 161(1), 162, 164 and 260-A; Companies Act, 1956 - Sections 617; Finance Act, 1991; Finance Act, 1992; Finance Act, 1983; Income Tax Act, 1922 - Sections 16(3)

Reported in : (2001)1BOMLR744; (2000)164CTR(Bom)97; 2001(2)MhLj695

pattern which was brought to the notice of the Government. With a view to remove the hardship, the Finance Act, 1992 amended clause (iia) in the provision to section 13(1)(d) to provide that an asset, other than an investment

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 … Circular No. 333 of the Central Board of Direct Taxes (F. No. 506/42/81 -FTD), dated 2nd of April, 1982 wherein it has been clarified that

Chandigarh Distillers and Bottlers Ltd. and Patiala Distilleries and M ...

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 44AC, 44AC(1), 206C, 206(1) and 226(3); Punjab Excise Act, 1914; Punjab Liquor Licence Rules, 1956; Constitution of India - Article 226; Finance Act, 1988; Direct Tax Laws (Amendment) Act, 1989; Finance Act, 1992; Haryana Liquor Licence Rules, 1970 - Rule 38(15)

Reported in : [2002]253ITR205(P& H)

by the Division Bench of this court was dismissed by the Supreme Court.4. Thereafter, by virtue of the Finance Act, 1992, Section 44AC of the 1961 Act was deleted and its substantial portion was incorporated in Section 206C, making it … the distilleries started making deductions of tax on the transactions involving sale of liquor to the holders of L-13 licences granted under the Punjab Excise Act, 1914 (for short, 'the 1914 Act'), read with the Punjab Liquor

Gilbs Computer Limited (Formerly Gold Fish Computers P. Ltd.) Under Co ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 5, 33, 143(3), 249, 253, 253(A), 253(6), 256(2) and 260A; Taxation Laws (Amendment) Act, 1970; Finance Act, 1981; Finance (No. 2) Act, 1998; Finance Act, 1999; Bombay Court Fees Act, 1959

Reported in : (2009)226CTR(Bom)19; [2009]317ITR159(Bom); [2009]184TAXMAN342(Bom)

once again and the quantum of the fee was increased to Rs. 200/by the Finance Act, 1981.10. The Finance Act, 1992 changed the manner of computing the fee and it was provided that if the total income of the … is what are the court fees payable by the assessee in preferring an appeal to Appellate Tribunal under Section 253(6) of the Income Tax Act which hereinafter shall be referred to as 'the Act'. On behalf of … and consistent with its stand that the requisite fee payable was Rs. 500/the form 36 that was filed in the registry was accompanied by a

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 … view that this definition applies to the appellant-company. The Commissioner (Appeals) was of the view that since almost 50 per cent of the gross income was from securities and dividends, the appellant had been rightly treated by

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)241ITR43(Mum.)

incorporated mainly to encourage earning of the foreign exchange, inviting our attention to the relevant notes to the Finance Act, 1967, the learned counsel contended that s. 85C granted the deduction till asst. yr. 1972-73 when s. 80-O … deduction under s.80-O of the IT Act, 1961 of Rs. 3,38,38,386 being 50 per cent of the total foreign exchange received during the year of … 1. The appeal of the assessee, for asst. yr. 1992-93, had come up for hearing before 'A' Bench, Mumbai and on the recommendation of the Bench, the President … s. 80-O. It was reiterated that s. 80-O is a stand alone section.Referring to the decision of the Supreme Court in the case of Distributors

Ashirvad Enterprises Vs. the State of Bihar and anr.

Court : Patna

Subject : Sales Tax

C.J.1. The petitioner firm is a small scale industrial unit. It is a registered dealer under the Bihar Finance Act, 1981, and under the Central Sales Tax Act, 1956. In this writ application, the petitioner assails Annexure '5', … facility of set-off so allowed. It is stated that respondent No. 2 began to create difficulties from March, 1992, and insisted that the petitioner should first deposit the entire amount of sales tax collected by it on … 123 dated 5-3-1990, in exercise of the powers vested in it under Section 22 of the Bihar Finance Act, 1981. The said notification dated 5-3-1990 … C. Pipes and fittings, H. D. P. E. Pipes and fittings and L. D. P. E. pipes and fittings. It is stated that the petitioner

Sri Bidyut Kumar Sett Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2005)92ITD148(Kol.)

initiation of assessment proceedings. Section 253(6), as it stood upto 31^st May, 1992, prior to its amendment by Finance Act, 1992, provided that the memorandum of appeal in Form No. 36 was to be accompanied by the specified amount … penalty of Rs. 9,990 levied Under Section 271(1)(c). The appeal was accompanied by a filing fee of Rs. 500. The Registry had marked the appeal as having been filed without the proper filing fee. According to 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 … assessee: Rs. 1,28,561(ii) Less : Deduction under Section 37(2A) Rs. 10,000 plus 50 per cent of Rs. 1,18,561: Rs. 69,281 ___________ Besides this, it was … 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,