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Abhay Kumar Shroff Vs. Commissioner of Income Tax and ors.

Court : Jharkhand

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 48, 132, 132A, 132(3), 139, 139(1), 140, 140A, 142, 142A, 142(1), 147 and 153; Finance Act, 1995 - Sections 158B to 158BH; Finance Act, 2003 - Sections 32A, 130, 132, 132A, 132B, 139, 140A, 142, 142(1), 142(2A), 143, 143(2), 143(3), 147, 148, 149, 151, 153, 153A, 153B, 153C, 234A, 234B, 245C, 245D, 245D(1), 245Q, 245Q(1), 245R, 245R(3), 245R(7), 246A and 276CC

Reported in : 2007(2)BLJR1552; (2007)210CTR(Jharkhand)602; [2007]290ITR114(Jharkhand); [2007(3)JCR264(Jhr)]

shall be complied.9. In the year 1995, the special procedure for assessment of search cases was introduced by Finance Act, 1995 (22 of 95). Chapter XIV-B containing Section 158B to 158BH was inserted. Under the said scheme, the undisclosed … under Section 147 of the Act, the Assessing Officer shall serve notice to the assessee as required under Section 48 of the Act. Section 153 of the Act specify limit within which assessment or re-assessment shall be complied.9.

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 … was used as nursing home was a plant. Similarly, in CIT v. Woodlands Hotel (P) Ltd. (IRTC No. 48 and 49 of 1993 dated 16-6-1997) (Against this decision, Civil Appeals No. 4373-74 of 1999 are pending before

Cadell Weaving Mill Co. P. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 2(14), 2(24), 2(47), 10, 10(3), 10(13), 14, 17(3), 28, 41, 45 to 55, 55(2), 56, 59, 115J and 253; Bombay Rent Act; Finance Act, 1987 - Sections 55(2); Direct Tax Laws (Amendment) Act, 1989

Reported in : 2001(3)ALLMR108; (2001)166CTR(Bom)7; [2001]249ITR265(Bom)

assessee in terms of money that the provisions relating to levy of tax under Section 45 read with Section 48 would apply. It is for this reason that the Finance Bill proposed to amend the provisions relating to … of a motor car used for personal purposes would result in a revenue income. That, even after the Finance Act, 1994, consideration arising from the transfer of tenancy in cases where the tenant had no right to sublet, … Legislature bringing the amendment in Section 55 with effect from April 1, 1995, under which the cost of acquisition of a capital asset could be

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 … being ascertained. It was therefore held that since the capital gains could not be computed as envisaged in Section 48 of the Income Tax Act, therefore capital gains earned by the assessee if any was not exigible to

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)81ITD482(Ahd.)

beyond the purview of taxation under Section 45. The learned counsel argued that Section 50B introduced by the Finance Act, 1999 w.e.f. 1st April, 2000 brought the transaction of slump sale within the purview of capital gains under … AO and held that the computation of capital gain is in accordance with the computation provision contained under Section 48 of the IT Act and the decision of Hon'ble Supreme Court in the case of CIT v. B.C.

Addl. Cit Vs. Kwality Frozen Foods Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Service Tax

Reported in : (2005)1SOT243(Mum.)

sale of trademark as such was brought into the provisions of section 55(2) through the amendment by the Finance Act, 2001. The said amendment brought in by the Finance Act, 2001 is effective only from assessment year 2002-03. … with effect from 1-4-1998. After the amendment for the purpose of sections 48 and 49, the cost of acquisition in relation to capital asset being … This appeal is filed by the revenue. The relevant assessment year is 1995-96. This appeal is directed against the order passed by the CIT (A)-XLIV at Mumbai on 28-5-2001 and arises

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)100ITD217(Mum.)

The source will be the asset itself. The CIT(A) further referred to the amendment brought in by the Finance Act, 1987 (No. 2 of 1987) with effect from 1 -4-1988. According to the CIT(A), as per the said … of income for the purpose of Section 70. Capital gains are to be computed under the provisions of Section 48 and the computation has to be made with reference to individual asset and not with reference to any … These two appeals, filed by the Revenue relate to the assessment years 1995-96 and 1996-97. These appeals are directed against the orders of the CIT(A)-XVII

Binny Limited Vs. the Acwt, Jt. Cwt, Special Range Vi

Court : Income Tax Appellate Tribunal ITAT Chennai

Subject : Direct Taxation

Reported in : (2006)280ITR179(Chennai)

of stock-in-trade, but this limit was originally fixed at 3 years from the date of acquisition by the Finance Act, 1993 and the limit of 3 years was extended to 5 years by the Finance Act, 1994, w.e.f. … the basis of sale agreement as this property was sold in December, 1995 at Rs. 90,90,000 per ground, after allowing discount in conformity with the … being in force in the area in which such land is situated. He further submitted that according to Section 48 and 49 of The Tamil Nadu Town & Country Planning Act, 1971, where in it specifically provided that

Parshadi and Others Vs. Union of India and Others

Court : Delhi

Subject : Property

Acts : Land Acquisition Act, 1894 - Sections 3, 4, 6, 9, 10, 11, 48, 48(1) and (2); Delhi Development Act - Sections 22, 22(1), 16; Constitution of India - Articles 14, 15, 31(1), 77, 77(2), 77(3), 133, 162, 166, 166(1), 166(2), 166(3), 226, 227, 300-A, 356 and 356(1); Code of Criminal Procedure (CrPC) , 1898 - Sections 51, 96, 98 and 165; Government of India (Allocation of Business) Rules, 1961; General Clauses Act - Sections 21; Contempt of Courts Act, 1971 - Sections 2; Transfer of Property Act - Sections 52; Delhi Land Revenue Rules - Rule 110, 110(4); Punjab Land Revenue Act, 1887; Delhi Development Authority (Disposal of Developed Nazul Land) Rules, 1981

Reported in : 93(2001)DLT436

housed and the vulnerable sections, to secure for themselves affordable shelter through access to developed land, building materials, finance and technology:-- to create an enabling environment for housing activity by various sections by eliminating constraints, and by … terms of minutes recorded on 7.7.1995 as communicated on 28.7.1995 or issue fresh order and gazette it under Section 48(1) of the Land Acquisition Act. Further relief was sought directing the respondent to implement the National Hosing Policy,

Binny Ltd. Vs. Asstt. Cwt, Central Circle Ii(4)

Court : Income Tax Appellate Tribunal ITAT Chennai

Subject : Direct Taxation

Reported in : (2005)96ITD500(Chennai)

of stock-in-trade, but this limit was originally fixed at 3 years from the date of acquisition by the Finance Act, 1993 and the limit of 3 years was extended to 5 years by the Finance Act, 1994, with … Boat Club Road Guest House on the basis of sale agreement as this property was sold in December, 1995 at Rs. 90,90,000 per ground, after allowing discount in conformity with the cost of inflation index. In case … which such land is situated. He further submitted that according to sections 48 and 49 of The Tamil Nadu Town & Country Planning Act, 1971 … a reference to Board of Industrial Financial Reconstruction (in short BIFR) under section 15 of the Sick Industrial Companies (Special Provisions) Act in May, 1993.