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The Dy. Commissioner of Vs. Shri Bhim Singh Lather

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Land Acquisition

Reported in : (2006)282ITR151(Delhi)

to above were all before the introduction of Clause (c) Which was with effect from 1-4-2004 added by Finance Act, 2003, Explanatory notes where of are reported in 263 ITR 62 (St.) Circular No. 7 dated 5-9-2003 at … appellate court? 2. This question arises, in the appeal for Asst. Year 1995-96. There was another difference between the two Members with regard to the … not justified in declaring any income in respect of Asst. Year 1997-98. According to the Assessing Officer., Under Section 45(5)(b) irrespective of the method of accounting followed by the assessee the amount of enhanced compensation was assessable only

Cadell Weaving Mill Co. Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

It only deals with exemptions. According to the assessee, an amendment was introduced in Section 55(2) of the Finance Act, 1994, with effect from April 1, 1995, and it is as follows : (a) in relation to a … the assessee-tenant that this receipt is not liable to any tax and more so as capital gains under Section 45 of the Income-tax Act. Since there is no purchase value for acquisition of tenancy rights and hence the

Sri. K. Mahendar Vs. the Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 45(5), 143(1), 143(3), 148 and 155(7A); Finance Act, 1978; Direct Tax Laws (Amendment) Act, 1978; Finance Act, 1987; Limitation Act - Sections 5

Reported in : (2008)214CTR(Mad)598; [2008]303ITR245(Mad)

The Assessing Authority further pointed out that under Section 155(7-A) (since omitted with effect from 1.4.1992) introduced the Finance Act, 1978 with effect from 1.4.1974 and amended by the Direct Tax Laws (Amendment) Act, 1978 with effect from … the sum of Rs. 2,02,624/- has to be assessed as 'capital gains' in the assessment year 1991-92 under Section 45(5)(b) of the Income-tax Act, 1961?(ii) Whether the Income-tax Appellate Tribunal on the facts and circumstances of the case

The Comissioner of Income-tax, Bombay City-ix, Bombay Vs. Shri J.V. Ko ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 10(13), 15, 16, 17(3), 41, 44, 45, 59, 192(5), 256(1) and 280-D; Finance Act, 1995

Reported in : 1998(4)BomCR821; [1999]235ITR239(Bom)

this anomaly and with a view of bringing such receipts within the provisions of the law, by the Finance Act, 1995, amended section 17(3)(ii) of the Act to restrict the exclusion from the definition of 'profits in lieu of … of any benefit or perquisite taxable under Clause (iv) of section 28; (vi) any capital gains chargeable under section 45; (vii) the profits and gains of any business of insurance carried on by a mutual insurance company or

Commissioner of Income Tax, Mumbai Vs. D.P. Sandu Bros. Chembur (P) Lt ...

Court : Supreme Court of India

Subject : Direct Taxation Tenancy

Acts : Income Tax Act, 1961 - Sections 2(24), 10(3), 14, 45, 48, 55(2) and 56; Finance Act, 1994; Income Tax Act, 1922

Reported in : AIR2005SC796; 2005(5)ALLMR(SC)545; [2005]273ITR1(SC); JT2005(2)SC226; (2005)2SCC584

situation created by the decision in Srinivasa Setty and the subsequent decisions of the High Court that the Finance Act 1994 amended Section 55(2) to provide that the cost of acquisition of inter-alia a tenancy right would be … as well as the amendment to Section 55(2) of the Act in 1995 and held that the assessee did not incur any cost to acquire … the amount received by the respondent-assessee on surrender of tenancy rights is liable to capital gains tax under Section 45 of the Income tax Act, 1961. The assessment year in question is 1987-88. The lease agreement was entered

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

Beardsell Ltd. Vs. the Joint Commissioner of Income-tax, Special Range ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(3), 45 to 55, 55(2), 143(1), 143(2), 143(3), 254(1), 260A and 263; Finance Act, 1995; Companies Act

Reported in : (2008)219CTR(Mad)44; [2008]297ITR87(Mad)

provide alternate accommodation is taxable under the head Capital Gains, which is prior to the amendment by the Finance Act, 19952. The facts leading to the above substantial question of law are as under:The assessee is engaged in … Capital Gains, which is prior to the amendment by the Finance Act, 19952. The facts leading to the above substantial question of law are as … of Commissioner of Income-tax, Bangalore v. B.C. Srinivasa Setty : [1981]128ITR294(SC) the Apex Court considered the scope of Section 45 and Section 48 of the Act and held as follows:Section 45 charges the profits or gains arising from

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2008)301ITR171(Kol.)

the circumstances spelt out in Circular No. 220 were inclusive by way of examples and not exhaustive.5. That Finance Act, 1995 amended Section 40A(3) with effect from April 1, 1996, by which disallowance under Section 40A(3) was reduced to … In this context their Lordships of the apex court examined the meaning of the word "produce". At page 451 of [2007] 292 ITR, their Lordships referred the dictionary meaning of the word "produce" which is as under:

Bari Doab Bank Ltd. Vs. Union of India and Others

Court : Delhi

Subject : Company

Acts : Companies Act, 1956 - Sections 58A, 235, 391, 392, 433, 434 and 583; Banking Regulation Act, 1949 - Sections 45(2); Constitution of India - Article 226

Reported in : AIR1998Delhi95; [1997]89CompCas438(Delhi)

3 is concerned, about 10 months back, one Mr. Vakil allegedly of Vatsa International Ltd. - a non-banking finance company - supposed to be based at Bombay, called upon the ex-director of the petitioner-bank, namely, Mr. Janak … indicators of the petitioner-bank for the years ended March, 1993, 1994 and 1995 are as under : (Rupees in lakhs)1993 1994 1995(i) Paid-up capital 2 … its business and there is no justification for issuance of the impugned order dated September 30, 1996, under section 45 of the Act. The financial position of the bank regarding its total deposits is specified in paragraph 9

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2007)288ITR226(Hyd.)

to various years covered by the block assessment. We find that second proviso to Section 7(2) of the Finance Act, 1995, specifically provides that "the amount of income-tax computed in accordance with the provisions of Section 112 or 113