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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

Assistant Commissioner of Income Vs. Affection Investments Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2003)80TTJ(Ahd.)278

here to mention that the entire system of taxation of long-term capital gains has been changed by the Finance Act, 1992. The scope and effect of the amended provisions inserted by the Finance Act, 1992, applicable from asst. yr. … by Miss Dhun D. Kapadia. The cost of original/old shares as per third proviso to Sub-section (2) of Section 12B of the IT Act, 1922, was Rs. 341 per share, which included the cost of "rights" embedded … the Hon'ble Supreme Court as CIT v. K.A. Patch (1986) 159 ITR 940 (SC) in which the Hon'ble Supreme Court has observed as under: "It

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)96ITD1(Mum.)

of section 14-A by the Finance Act, 2001 with retrospective effect from 1-4-1962; Explanation to section 36(1)(viii) by Finance Act, 1992 with retrospective effect from 1-4-1987 and so on. If intention of the legislature was to give retrospective effect … purchase and sale of units of Mutual Funds is allowable or not? 2. Whether the provisions of section 94(7) of the Income Tax Act, 1961 can be interpreted as retrospective in operation and if so, its effect?"

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

of Section 14-A by the Finance Act, 2001 with retrospective effect from 1.4.1962; Explanation to Section 36(1)(viii) by Finance Act, 1992 with retrospective effect from 1.4.1987 and so on. If intention of the legislature was to give retrospective effect … purchase and sale of units of Mutual Funds is allowable or not? 2. Whether the provisions of Section 94(7) of the Income-tax Act, 1961 can be interpreted as retrospective in operation and if so, its effect?" 2.

Commissioner of Income Tax Vs. JaIn Construction Co. and ors.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (1999)156CTR(Raj)290

s. 40(b)--APPLICABILITY OF THE AMENDED PROVISIONSAssessment year 1993-94 Catch Note: Provision of section 40(b) was amended by the Finance Act, 1992, with effect from 1-4-1993--Revenue contended that amended provisions not applicable for the assessment year 1993-94--Not correct, amended provision

S.V. Gopala Rao and ors. Vs. Commissioner of Income-tax and ors.

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 119; Income Tax Rules - Rules 68B, 68B(1) and 94; Finance Act, 1992; Constitution of India - Article 226

Reported in : (2004)192CTR(AP)530; [2004]270ITR433(AP)

would start running from March 31, 1993, since Rule 68B of the Act itself was incorporated by the Finance Act, 1992, with effect from June 1, 1992. Therefore, June 1, 1992, was taken as a date for reference. The … appearing for the respondents, on the other hand, submits that under Rule 94 of the Act, the Board has power to issue circulars for removing … Parliament could not be amended by any authority whatsoever much less by the Board under its powers under Section 119 of the Act.4. Senior counsel appearing for the respondents, on the other hand, submits that under Rule

Life Insurance Corporation of India Vs. Joint Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)74TTJ(Mumbai)624

securities is intended to be taxed under the provisions of the Interest Tax Act (45/1974) as amended by Finance Act, 1992. As stated earlier, exclusion of interest on securities from the taxability to Interest Tax Act led to ambiguity. … interest under the Act as the same could not be classified as interest on loans and advances under section 2(7) of the Interest Tax Act, 1974 (as amended by the Finance Act, 1994).4. Assessing officer in the

Director of Income Tax (Exemption) Vs. Shardaben Bhagubhai Mafatlal Pu ...

Court : Mumbai

Subject : Direct Taxation

Reported in : (2001)164CTR(Bom)97; [2001]247ITR1(Bom)

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 proviso to section 13(1)(d) to provide that an asset, other than an investment

Greenalls Management Limited (Respondents) Vs. Her Majesty's Commissio ...

Court : House of Lords

Subject : Education

such circumstances and subject to such conditions as they may determine". Section 1(1) of the Finance (No 2) Act 1992, which comes within a group of sections headed "abolition of fiscal frontiers etc", was clearly intended to enable … that the gap in regulation 4(2) could be filled by reference to sections 94 and 95 of CEMA. Section 94(1) applies when goods which have been warehoused are "found to be missing or deficient". Subsection (3) provides that

Sedco Forex International Drill. Inc. and ors. Vs. Commissioner of Inc ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 4(1), 5(2), 9, 9(1) and 119; ;Finance Act, 1999 - Sections 9(1); ;Finance Act, 1983

Reported in : AIR2006SC428; (2005)199CTR(SC)320; [2005]279ITR310(SC); JT2005(5)SC639; (2005)12SCC717

It was further submitted that the amendment to the Explanation to Section 9(1)(ii) was brought about by the Finance Act 1999 and was retrospective since it was clarificatory. It was also stated that the issue whether a statute … Explanation thereto in the Income Tax Act 1961 (hereinafter referred to as 'the Act') for the Assessment years 1992-93, 1993-94.3. The Assessing Authority assessed the employees of the appellant including the salary for the field breaks as