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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 Section 53 stood repealed by the Finance Act, 1992, with effect from April 1, 1993.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

Rajesh Surana Vs. Cit

Court : Rajasthan

Subject : Direct Taxation

Reported in : (2008)215CTR(Raj)482; [2008]306ITR368(Raj)

provisions of Section 53, as they existed at the relevant time, as they have subsequently been omitted, by Finance Act of 1992, w.e.f. 1.4.93 which read as under:53 Notwithstanding anything contained in Section 45, where in the case

Dy. Cit Vs. Manjara Shetkari Sahakari Sakhar Karkhana Ltd.

Court : Mumbai

Subject : Direct Taxation

Reported in : (2004)85TTJ(Mumbai)369

payments for goods and services, etc. In order to check such evasion, section 40A(2) was inserted by the Finance Act, 1968, with effect from 1-4-1968. The crucial words in section 40A(2)(a) are 'fair market value of the goods, … dated 8-8-1996 (copy of the judgment is placed at Vol. II, p. 53) has held that khodki charges are paid to the cultivators for the … as bye-products. There are two sugar seasons 1990-91 and 1991-92 in the financial year relevant to assessment year 1992-93. Sugar season starts from 1st October, to 31st September.4. Assessing officer found that these Sugar Co-operatives paid widely

Deputy Commissioner of Income Vs. Manjara Shetkari Sahakari Sakhar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2004)91ITD361(Mum.)

payments for goods and services, etc. In order to check such evasion, Section 40A(2) was inserted by the Finance Act, 1968, with effect from April 01, 1968.The crucial words in Section 40A(2)(a) are "fair market value of the … August 1996 (copy of the judgment is placed at Volume II, Page 53) has held that khodki charges are paid to the cultivators for the … as bye-products. There are two sugar seasons 1990-91 and 1991-92 in the financial year relevant to assessment year 1992-93. Sugar season starts from 1^st October to 31^st September.4. AO found that these Sugar Co-operatives paid widely varying

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

capital gains and also the exemption I under Section 54E for capital gains invested in specified assets and Section 53 in respect of capital gains arising from sale of residential house.'6. Clause 30 of the Finance Bill, 1992 … 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

Bhupendra Kumar Bhaumik Vs. Union of India

Court : Delhi

Subject : Direct Taxation

Reported in : [2002]125TAXMAN886(Delhi)

taxable capital gains and also the exemption under section 54E for capital gains invested in specified assets and section 53 in respect of capital gains arising from sale of residential house.'6. Clause 30 of the Finance Bill, 1992 … 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

Mrs. Pushpa B. Sheth Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1994)50ITD314(Mum.)

further appeal to the CIT(A), the latter noted inter alia the Explanation below Section 53 inserted by the Finance Act, 1987 w.e.f. 1-4-1988 and ultimately dismissed the assessee's appeal.4. Before us, the learned Advocate for the assessee explained … long-term capital gains as he did. The Assessing Officer rejected that request vide his letter dated 11th February, 1992. On further appeal to the CIT(A), the latter noted inter alia the Explanation below Section 53 inserted by

State of M.P. and Others Vs. Sanjay Nagayach and Others

Court : Supreme Court of India

Subject : Societies

Acts : Madhya Pradesh Co-operative Societies Act, 1960 - Section 53(1), 78, 53(2)

SCR 1, State of Jammu and Kashmir v. A.R. Zakki and Others 1992 Supp (1) SCC 548, Gauhati High Court and Another v. Kuladhar Phkan … Directors of any Primary Agriculture Credit Co-operative Society -(i) incurs losses for three consecutive years; or(ii) commits serious financial irregularities or fraud is identified; or(iii) there is perpetual lack of quorum in the meetings of the Board … Ltd., Panna without previous consultation with the Reserve Bank of India, as provided under the second proviso to Section 53(1) of the Madhya Pradesh Co-operative Societies Act, 1960 [for short ‘the Act’].2. The Board of Directors of the

State of M.P.and ors. Vs. Sanjay Nagayach and ors.

Court : Supreme Court of India

Subject : Education

2 SCR 1.State of Jammu and Kashmir v. A.R. Zakki and Others 1992 Supp (1) SCC 548.Gauhati High Court and Another v. Kuladhar Phkan and … of any Primary Agriculture Credit Co-operative Society- i) incurs losses for three consecutive years; or ii) commits serious financial irregularities or fraud is identified; or iii) there is perpetual lack of quorum in the meetings of the … Ltd., Panna without previous consultation with the Reserve Bank of India, as provided under the second proviso to Section 53(1) of the Madhya Pradesh Cooperative Societies Act, 1960 [for short ‘the Act’]..2. The Board of Directors of the

Chenai Finance Co. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2002)81ITD7(Hyd.)

Companies Act. We may now reproduce below the relevant provisions of Section 145, which before its amendment by Finance Act, 1995, with effect from 1-4-1997, reads as under- 145(1) Method of accounting-(1) Income chargeable under the head "Profits … of the Apex Court in Investment Ltd. v. CIT [1970] 77 ITR 533 and in CIT v. A.Krishnaswami Mudaliar [1964] 53 ITR 122. It is … Hyderabad, dated 18-9-1995, passed under Section 263 of the Income-tax Act, 1961 for the assessment years 1991-92 and 1992-93.2. The common effective grievance of the assessee in these appeals is that the CIT(A) erred in assuming jurisdiction