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Commissioner of Income Tax, Bombay Vs. M/S. Ruia Stud and Agricultural ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 43(3) and 256(1); Finance Act, 1995

Reported in : 2000(2)BomCR428; [1999]240ITR312(Bom); 1999(3)MhLj848

controversy has now been set at rest by the amendment of section 43(3) by the Parliament by the Finance Act, 1995 with retrospective effect from the inception of the Act i.e. 1st April, 1962 to exclude tea bushes and

Commissioner of Income Tax Vs. Anand theatres

Court : Supreme Court of India

Subject : Direct Taxation

Reported in : (2000)160CTR(SC)492; [2000]110TAXMAN338(SC)

Hotel's case (supra) the Legislature amended the definition of 'plant' in section 43(3) of the Act by the Finance Act, 1995. The amending section clearly shows that the legislative intent was never to exclude cinema and hotel buildings which

L.G. Balakrishnan Vs. Cit

Court : Chennai

Subject : Direct Taxation

Reported in : (2002)176CTR(Mad)394

section 43(3) of the Income Tax Act, with effect from 1-4-1962, which amendment has been effected by the Finance Act, 1995, it must be held that the Tribunal was quite right in holding that the birds being 'livestock' could

Adar Tea Produce Company Ltd. and anr. Vs. Assistant Commissioner of I ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32 and 43(3); Finance Act, 1995; Income Tax Rules, 1962 - Rule 8(2); Taxation Law

Reported in : [2000]244ITR608(Mad)

the Constitution of India.2. Section 12 of the Finance Act, 1995, has amended the definition of 'plant' in Section 43 of the Income-tax Act, 1961 (hereinafter to be referred to as 'the Act'), with retrospective effect from which … Balasubramanian, J.1. The above writ petitions are for a writ of declaration to declare Section 12 of the Finance Act, 1995, ultra vires, illegal and void of the Constitution of India.2. Section 12 of the Finance Act, 1995, has

The Commissioner of Income-tax Vs. Synergy Financial Exchange Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43B and 43(3); Provident Fund Act; Finance Act, 1995; Finance (Amendment) Act, 2003

Reported in : (2006)205CTR(Mad)481; [2007]288ITR366(Mad); (2006)4MLJ1411

Section 32(1) of the Act, which was in force during the assessment year in question and omitted by Finance Act, 1995, with effect from 1.4.1996, where the actual cost of any machinery or plant does not exceed five thousand … or plant is first put to use by the company for the purpose of its business or profession.3.3. Section 43 of the Act defines certain terms relevant to income from profits and gains of business or profession. Sub-section

Adar Tea Produce Co. Ltd. Vs. Assistant Commissioner of Income Tax

Court : Chennai

Subject : Direct Taxation

Reported in : [2000]106TAXMAN222(Mad)

the Constitution of India.2. Section 12 of the Finance Act, 1995 has amended the definition of `plant' in section 43 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') with retrospective effect from which date … ORDERThe above writ petitions are for a writ of declaration to declare section 12 of the Finance Act, 1995 as ultra vires, illegal and void of the Constitution of India.2. Section 12 of the Finance Act, 1995

Gujarat Alkalies and Chemicals Ltd. Vs. Deputy Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)82ITD135(Ahd.)

i.e.., 1st April, 1999. According to the learned counsel, the legislative intention in introducing Section 35AB by the Finance Act, 1985, w,e.f. 1st April, 1986, and thereafter substituting the same by a new provisions allowing depreciation on the … 1. These two appeals filed by the assessee relating to asst. yrs.1994-95 and 1995-96 involve common points and are being disposed of by a single order for the sake of convenience.2. The … fee of DM 6,00,000 for grant of licence and further payment of 43,60,000 DM for the performance of services as per Article 2.2 and Article

The Commissioner of Income-tax. Vs. Shri Bharat R. RuiA.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43(3), 43(5) ; Securities Contracts (Regulation) Act, 1956 - Sections 2(ac), 2(h), 18A ;

argument advanced on behalf of the assessee that clause (d) inserted to the proviso to Section 43(5) by Finance Act, 1995 with effect from 1/4/2006 is clarificatory and hence retrospective in nature, cannot be accepted, because, firstly, the legislature

Peerless Securities Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2005)60SCL59NULL

as ships, vehicles, books, scientific apparatus and surgical equipment, used for the purpose of business or profession. The Finance Act, 1995 amended the definition with retrospective effect from 1-4-1962 to state that the work 'plant' does not include tea … 1. Under Section 255(3) of the Income-tax Act, 1961 (hereinafter called the Act), the Hon'ble President of the Income-tax Appellate Tribunal … asset, it should be treated as 'plant' within the meaning of Section 43(3) of the I.T. Act, Section 43(3) contains an inclusive definition of 'plant'.

Patel Engineering Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)94ITD411(Mum.)

of an industrial undertaking or a hotel or from operation of ships. However, this section was amended/modified by Finance Act, 1995 w.e.f. 1st April, 1996, i.e., from asst. yr. 1996-97 whereby profit and gains derived from some other business … the underground market is a development work. Calcutta Youth Front v. State of West Bengal AIR 1988 SC 436, 439 [Calcutta Municipal Corporation Act (59 of 1980) Section 353(2) Explanation]." 17. The learned Authorised Representative of assessee