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May 07 2004

Dr. K.M. Shah Vs. Dy. C.i.T.

Court : Gujarat

Decided on : May-07-2004

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 2, 7(2), 16A and 27A; Gift-tax Act; Wealth-tax Act, 1958 - Sections 7(2) - Schedule - Rules 3, 4, 5, 6, 7, 8, 19 and 20; Urban Land Ceiling Act - Sections 6; Direct Tax Laws (Amendment) Act, 1987; Finance Act, 1992; Income-tax Act, 1961

Reported in : (2004)190CTR(Guj)414; [2004]270ITR408(Guj)

at his option, specify in his behalf in the return of net wealth]. ** Proviso omitted by the Finance Act, 1992 w.e.f. 1.4.1993.Explanation- For the purposes of this sub-section,-(i) where the house has been constructed by the assessee, he … [1997]227ITR733(Mad) .6.2.2 The Tribunal erred in not taking into consideration the forms filed by the appellant's sons under Section 6 of the Urban Land Ceiling Act and also the orders passed by the authorities under the Urban Land

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Apr 05 2004

Mammen Vs. Commissioner of Gift Tax

Court : Kerala

Decided on : Apr-05-2004

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 4(1) and 6; Direct Tax Law (Amendment) Act; Finance (No. 2) Act, 1991; Wealth Tax Act

Reported in : [2004]269ITR167(Ker); 2004(2)KLT914

with the provisions of Schedule III to the Wealth Tax Act, that under the scheme formulated by the Finance Act, 1992, shares and debentures in companies are not liable to levy of Wealth Tax, that the Finance Act, 1992 … the valuation of the gift of the shares for the assessment year 1991-92 was to be made under Section 6 of the Gift-tax Act in accordance with Schedule III of the Wealth Tax Act?'2. The brief facts are

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Mar 13 2006

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

Court : Karnataka

Decided on : Mar-13-2006

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 … as assigned in the contracts awarded in their favour strictly in terms of the contract.5. The provisions of Section 206C(1) of IT Act of 1961, provide for collection of income-tax at source from the contractors/buyers by the … Oct., 2003 passed by the learned single Judge in Writ Petn. Nos. 6869/6874/2001, c/w WP Nos. 6967-6972/2001 reported as Mysore Sales International Ltd. v. Dy.

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Nov 21 2008

The Commissioner of Income Tax-v Vs. Natraj Stationery Products (P) Lt ...

Court : Delhi

Decided on : Nov-21-2008

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80IA, 80IA(2), 80IB, 80IB(3), 143(1) and 260A; Finance Act, 1991; Finance Act, 1992; Finance Act, 1993; Finance Act, 1994; Finance Act, 1995; Finance Act, 1996; Finance Act, 1997; Income Tax (Amendment) Act, 1998; Finance Act, 1998; Finance Act, 1999

Reported in : (2009)222CTR(Del)430; [2009]312ITR22(Delhi); [2009]177TAXMAN168(Delhi)

would be sufficient, if a note is made of the fact that the Section was amended by the Finance Act, 1992 with effect from 01.04.1993, thereafter by the Finance Act, 1993 with effect from 01.04.1994, then the Finance Act,

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Sep 14 2004

Shree Jagannath Packers and ors. Vs. State of Orissa and ors.

Court : Orissa

Decided on : Sep-14-2004

Subject : CivilSales Tax

Acts : Orissa Sales Tax Act, 1947 - Sections 6, 7 and 12; Central Sales Tax Act, 1956 - Sections 8(5) and 13(3); State Financial Corporation Act, 1951 - Sections 29; Orissa General Clauses Act, 1937 - Sections 22; Punjab General Clauses Act, 1898 - Sections 19; Bihar Finance Act - Sections 7; Customs Act, 1962 - Sections 25 and 25(1); Electricity Supply Act - Sections 49; Rajasthan Sales Tax Act, 1954 - Sections 4(2); East Punjab Public Safety Act - Sections 20 and 36(1); General Clauses Act, 1897 - Sections 21; Central Sales Tax (Deferment of Payment of Taxes) Orissa Rules, 1990; Constitution of India - Articles 14, 154(1), 154(2), 161, 162 and 166(3)

Reported in : [2005]141STC26(Orissa)

that a notification issued by the State Government in exercise of powers under Section 7 of the Bihar Finance Act to the extent it is repugnant to the Industrial Policy Resolution of the Government of Bihar is bad. … from time to time, namely, IPR 1980, IPR 1986, IPR 1989, IPR 1992 and IPR 1996. Under the aforesaid IPRs some sales tax related incentives … of commercial production to new small-scale industries. Accordingly, Notification No. 27662-CTA-560/90-F dated August 16, 1990 was issued under Section 6 of the Orissa Sales Tax Act, 1947 providing such exemption for a period of seven years from the

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Apr 05 2004

Dr. K.C. Mammen Vs. Commissioner of Gift Tax

Court : Kerala

Decided on : Apr-05-2004

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 4(1)and 6 - Schedule - Rule 5; Wealth Tax Act, 1957; ;Finance (No. 2) Act, 1991; Direct Tax Laws (Amendment) Act, 1989; Wealth Tax Rules - Rules 1D and 11

Reported in : (2004)190CTR(Ker)153

accordance with the provisions of Schedule III to the WT Act; that under the scheme formulated by the Finance Act, 1992, shares and debentures in companies are not liable to levy of wealth-tax; that the Finance Act, 1992 by … the valuation of the gift of the shares for the asst. yr. 1991-92 was to be made under Section 6 of the GT Act in accordance with Schedule III of the WT Act?'2. The brief facts are as

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Nov 24 2009

Commissioner of Income Tax, Kanpur Vs. Sahara India Savings and Invest ...

Court : Supreme Court of India

Decided on : Nov-24-2009

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 … 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 Banking Regulation Act, 1949 (10 of 1949) applies (including

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Dec 23 2005

Syndicate Bank Employees' Co-operative Thrift and Credit Society Ltd. ...

Court : Chennai

Decided on : Dec-23-2005

Subject : Direct Taxation

Acts : Interest Tax Act, 1974 - Sections 2(5A); Banking Regulation Act, 1949 - Sections 3, 6, 10, 22, 51 and 56; Multi State Co-operative Societies Act; Finance (No. 2) Act, 1991; Finance Act, 1992

Reported in : [2006]287ITR40(Mad)

Sub-sections (5A) was inserted by the Finance (No. 2) Act, 1991 w.e.f. 1st Oct., 1991 and by the Finance Act, 1992, the words in a square brackets in the above sub-section, namely 'or a co-operative society engaged in carrying … case; and(iv) that notwithstanding his statement that the assessment should have been under Section 10 and not under Section 6, his conclusion that it was an inadvertent error which does not vitiate the assessment, is untenable;(v) that the

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Apr 12 2007

Mr. T.R. Mehra Vs. the Union of India (Uoi),

Court : Mumbai

Decided on : Apr-12-2007

Subject : Customs

Acts : Imports and Exports (Control) Act, 1947 - Sections 2, 3, 3(1), 3(19), 3(29), 4, 4I(1), 4K, 5 and 5A; Companies Act, 1956; Customs Act, 1962 - Sections 2(33), 11, 111, 111(2), 112, 129C(2) and 130A; Foreign Trade (Development and Regulation) Act, 1992 - Sections 1, 3, 4, 5, 11 to 14 and 20; General Clauses Act - Sections 6; Income Tax Act - Sections 276DD; Foreign Trade (Regulations) Rules, 1993; Imports (Control) Order, 1985; Imports (Control) Order, 1955; Foreign Trade (Exemption from Application of Rules in Certain Cases) Order, 1993; Exports (Control) Order, 1988; Foreign Trade (Development and Regulation) Ordinance, 1992

Reported in : 2007(3)BomCR814; (2007)109BOMLR859; 2007(118)ECC249; 2007LC249(Bombay); 2007(217)ELT17(Bom)

deleted/omitted.The Constitution Bench judgment was considered by the Supreme Court in General Finance Company and Anr. v. Assistant Commissioner of Income Tax, Punjab : [2002]257ITR338(SC) … Import Control Order 1955 had been repealed and a new enactment known as Foreign Trade (Development & Regulation) Act 1992 (hereinafter referred to as the F.T.D.R. Act) had come into force by repealing the Imports and Exports (Control) … before the Delhi High Court. The Act of 1947 came to be repealed by the FTDR Act of 1992. Section 4 of the FTDR Act provides for saving of orders set out therein. Section 4 reads as under:4. … after omission of the old Rule and substitution of new Rule. After considering the various provisions as also Section 6 of the General Clauses Act, the Supreme Court was pleased to observe as under:It is not correct to

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Jul 16 2004

Dinesh Nagindas Shah Vs. Commissioner of Income Tax

Court : Gujarat

Decided on : Jul-16-2004

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 … 2001-02, we quash and set aside the impugned order dt. 8th March, 2004 (Annex. 'H' in SCA No. 6664 of 2004) and order dt. 9th March, 2004 (Annex. 'G' in SCA No. 6665 of 2004) and remand

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