Advanced Search Results

Aspinwall and Co. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30 to 39, 40A, 40A(1), 40A(7), 40A(9), 43A and 43B; Finance Act, 1984 - Sections 40A; Societies Registration Act, 1860; Kerala Coir Workers' Welfare Fund Act; Income Tax Rules - Rules 75, 87 and 88

Reported in : (2007)207CTR(Ker)475

the assessment years in question in view of the insertion of Sub-section (9) to Section 40A of the Finance Act, 1984 with retrospective effect from 1st April, 1980.4. We have therefore, to examine whether the insertion of Sub-section

Rotork Controls India (P) Ltd. Vs. Commissioner of Income Tax, Chennai

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30 to 39, 40A(1), 40A(7) and 145; Companies Act; Finance Act, 1975; Income Tax Act, 1922 - Sections 10(2)

Reported in : (2009)223CTR(SC)425; [2009]314ITR62(SC); JT2009(6)SC637; 2009(7)SCALE456; [2009]180TAXMAN422(SC); 2009AIRSCW4902

the High Court was affirmed by this Court. It was held that Section 40A(7) which stood inserted by Finance Act, 1975 w.e.f. 1.4.73 has been given an overriding effect over Section 28 as well as Section 37 of … Chennai.3. In these civil appeals filed by the assessee we are concerned with the assessment years 1991-92, 1992-93, 1993-94 and 1994- 95. For the sake of convenience we hereby refer to the facts concerning assessment year 1991-92.4.

Sirhind Steel (P) Ltd. Vs. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 30 to 39, 40A, 40A(2), 40A(8) and 263

Reported in : (2003)184CTR(Guj)312

case related to asst. yrs. 1962-63 to 1965-66 whereas the provisions of Section 40A were inserted by the Finance Act, 1968 w.e.f. 1st April, 1968. Moreover, in the aforesaid case, the commodity in question was tobacco and the … question ended on 30th June, 1981 relevant to asst. yr. 1982-83, The assessment was framed on 14th March, 1993, determining the total income of the assessee at Rs. 43,01,922. The assessee company's claim for deduction of Rs.

Chhajed Steel Corporation Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2000)69TTJ(Ahd.)232

override provisions of section 40(b) of the Income Tax Act. The provisions of section 40(b) were amended by Finance Act, 1992, with effect from 1-4-1993, and remuneration paid by a firm to its working partner has been allowed … provisions i.e. sections 40(b)(5) and 40A(2) were existing simultaneously and were to be applied. In fact, provision of section 40A(2) was overriding provision. The assessing officer, therefore, had full power to go into the question of reasonableness of

Yoshio Kubo Vs. Commissioner of Income Tax

Court : Delhi

Subject : Direct Taxation

on his salary income should have been paid by the employer. Section 10(5B) had been inserted by the Finance Act, 1993, with effect from April 1, 1994. Yet, this category of exemption had been in ITA 441/2003 and connected … it was urged that for this purpose, the Court would have to consider the provisions under Section 17(2); Section 40A(5); Section 192(1A), Section 195, Section 195(1A) and Section 198. On an overall consideration of these provisions, it was

Generator and Alternators (India) Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Agra

Subject : Direct Taxation

Reported in : (2004)91TTJAgra621

override provisions of section 40(b) of the Income Tax Act. The provisions of section 40(b) were amended by Finance Act, 1992 with effect from 1-4-1993 and remuneration paid by a firm to its working partner has been allowed … of salary paid to one of the partners without appreciating the fact that it attracted the provisions of section 40A(2) of the Income Tax Act, 1961.Briefly stated, facts are that a sum of Rs. 48,472 were debited as

C. S. Mathur Vs. Central Board of Direct Taxes and anr.

Court : Delhi

Subject : Direct Taxation

Reported in : (1998)147CTR(Del)75

whereof is not necessary for our purpose.10.1. Sec. 80-O as it originally stood, underwent a change by the Finance Act No. 2 of 1991 (w.e.f. 1st April, 1992). The provision which applied earlier to an Indian company only … service rendered by him outside India, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the individual, a deduction from such remuneration of an amount … directors among others though the provision was applicable to companies only. Sec. 40A(5) was applicable to the employees whether of companies or others. The directors

C.S. Mathur Vs. Central Board of Direct Taxes and ors.

Court : Delhi

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 80RRA

Reported in : 1998IVAD(Delhi)550; 1998(45)DRJ450; [1999]235ITR769(Delhi)

whereof is not necessary for our purpose.10.1. Section 80O as it originally stood, underwent a change by the Finance Act No.2 of 1991 (w.e.f. 1.4.1992). The provision which applied earlier to an Indian Company only was extended in … was that Section 40(c) applied to directors among others though the provision was applicable to companies only. Section 40A(5) was applicable to the employees whether of companies or others. The directors being employees of the company were

Karnataka Ginning and Pressing Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2001)77ITD478(Mum.)

further explanations by letters dated 17-3-1998 and 21-7-1998 and also the object of introducing section 269SS by the Finance Act, 1984 as explained by the CBDT Circular No. 387 dated 6-7-1984 and observed that in the majority of … the case of CIT v. Vockanardt (P.) Ltd. [1995] 215 ITR 793 rendered in the context of section 40A(8) and submitted that a deposit means a deposit of money with the assessee including any money borrowed and

Andhra Prabha (P.) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28

Reported in : (1998)144CTR(Mad)12; [1999]238ITR525(Mad)

the instance of the Revenue comprised in T.C. No. 940 of 1983. Section 40A(8) was introduced by the Finance Bill, 1975, in February, 1975. It received the assent of the President on May 12, 1975. Sub-section (8) … by the assessee falls within the scope of section 40A(8) of the Act. In other words, the argument that only the net interest has to … as follows : 'Whether, on the facts and in the circumstances of the case, the term 'expenditure' under section 40A(8) could refer to the net expenditure after the setting off interest income of the assessee ?' 2. T.C.