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Kerala Financial Corporation Vs. Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1), 41 and 41(4A); Finance Act, 1997

Reported in : (2003)182CTR(Ker)502; [2003]261ITR708(Ker)

with the requirement under Section 36(1)(viii). He drew our attention to the amendment made to Section 36(1)(viii) by Finance Act, 1997, w.e.f. 1st April, 1998, by which it was made clear that the special reserve is not only to

Commissioner of Income Tax Vs. Kerala Financial Corporation

Court : Kerala

Subject : Direct Taxation

Acts : State Financial Corporation Act; Income Tax Act, 1961 - Sections 36(1) and 41(4A); Finance Act, 1997

Reported in : (2008)220CTR(Ker)399

of the fact that such a requirement was made expressly clear by an amendment brought about by the Finance Act, 1997, we have no hesitation to hold that such a requirement made explicitly clear both by amendment to Section … State. The assessment year is 1996-97.3. The assessee, in the returns filed, had claimed for deductions under Section 36(1)(viii) of the IT Act ('Act' for short), in respect of 'special reserve' created by the assessee. The claim

Munjal Sales Corporation Vs. Commissioner of Income Tax, Ludhiana and ...

Court : Supreme Court of India

Subject : Direct taxation

Acts : Income Tax Act, 1961 - Sections 28 to 43C; Finance Act, 1992 - Sections 40;

Reported in : (2008)215CTR(SC)105; [2008]298ITR298(SC); 2008(2)SCALE598; (2008)3SCC185; 2008AIRSCW1369

in question the assessee had profits of Rs.1.91 crores.6. At this stage, it may be noted that before Finance Act 1992, payment of interest to the partner was an item of disallowance. Therefore, it had to be added … .2. In this batch of civil appeals we are concerned with Assessment Years 1993-94, 1994-95, 1995-96, 1996-97 and 1997-98.FACTS:3. In August/September 1991, appellant assessee granted interest free advances to its sister concerns which were disallowed by the … whereby the High Court has upheld the disallowance of interest claimed under Section 36(1)(iii) of the Income-tax Act, 1961 ('1961 Act', for short), placing reliance

Everplus Securities and Finance Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2006)101ITD151(Delhi)

the total income of a previous year of any person. Section 115-O, which has been inserted by the Finance Act, 1997, provides the provision relating to tax on distributed profits by way of dividends of domestic companies. Sub-section (5) … and conjectures. 4. The authorities below should have held that entire interest outgo is an allowable deduction under Section 36(1)(iii) of the IT Act. 6. The AO ought to have determined the losses to be carried forward in

Assistant Commissioner of Income Tax Vs. Rajesh Jhaveri Stock Brokers ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1), 36(2), 139, 139(2), 142(1), 143(1), 143(2), 143(3), 147, 148 to 153, 156, 246 and 264; Finance Act, 1997; Finance (No. 2) Act, 1991; Finance Act, 1994; Direct Tax Laws (Amendment) Act, 1987; Income Tax Act, 1922

Reported in : AIR2007SC2163; (2007)210CTR(SC)30; [2007]291ITR500(SC); JT2007(8)SC494; 2007(8)SCALE396; 2007(2)LC0725(SC)

such adjustments. With effect from April 1, 1998, the second proviso to Section 143(1)(a) was substituted by the Finance Act, 1997, which was operative till June 1, 1999. The requirement was that an intimation was to be sent to … 1285.72 lakh as bad debt out of total expenditure of Rs. 1307.64. Since the conditions stipulated under Section 36(1)(vii) read with Section 36(2) of the Act were not fulfilled, the assessing officer reopened the assessment by issuing

M/S.Rural Electrification Corporation Ltd. Vs. Commissioner of Income ...

Court : Authority for Advance Rulings

Subject : Land Acquisition

Matched in: Advocate Present for the Applicant Mr.Pradeep Dinodia, FCA Mr. D.S.Ahluwalia, GM, REC Mr. Rakesh Sareen, DGM (Finance)REC Mr. Murlidharan, CM(FandA), REC Present for the Department Mr.Pravin Rawal, Dy.Commissioner of Income-Tax (L.T.U.).

M/S.Rural Electrification Corporation Ltd. Vs. Commissioner of Income ...

Court : Authority for Advance Rulings

Subject : Direct Taxation

Matched in: Advocate Present for the Applicant Mr. Pradeep Dinodia, FCA Mr. D.S.Ahluwalia, GM, REC Mr. Rakesh Sareen, DGM(Finance)REC Mr. Murlidharan, CM(FandA), REC Present for the Department Mr. S.D.Kapila, Advocate.

Tvs Finance and Services Ltd., Jayalakshmi Estates Vs. the Joint Commi ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 18, 28, 36, 36(1), 36(2), 115JA and 145(1); Reserve Bank of India Act; Companies Act; Companies Rules - Rule 7(2)

Reported in : (2010)228CTR(Mad)546; [2009]318ITR435(Mad)

and 110 of 2002 and will be dealt with by a common order.3. The assessee is a non-banking finance company engaged in lease, hire purchase, bills discounting and mortgage loans. According to the assessee, it is required … books of account for the previous year relevant to the assessment year 1997-98, the debt could not be allowed as bad debt on the plain … a business loss Under Section 28 of the Income Tax Act, if not as a bad debt Under Section 36(1)(vii) of the Income Tax Act, 1961?(iii) Whether order of the Income Tax Appellate Tribunal rejecting the Appellant's method

Britannia Industries Ltd. Vs. Commissioner of Income Tax, West Bengal, ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30 to 36, 37, 37(1), 37(3), 37(4), 37(5) and 80B; Finance Act, 1964 - Sections 37(3); Finance Act, 1970; Finance Act, 1997; Finance Act, 1983 - Sections 37

Reported in : AIR2005SC4333; (2005)198CTR(SC)313; [2005]278ITR546(SC); JT2005(12)SC98; 2005(8)SCALE148; (2006)1SCC646

inserted by the Finance Act 1964 with effect from 1st April, 1964 and was, thereafter, omitted by the Finance Act 1997 with effect from 1st April, 1998.Similarly Sub-section (4) was inserted by the Finance Act 1970 with effect from … Part 'D', beginning with Section 28, deals with profits and gains of business or profession. Sections 30 to 36 relate to certain deductions which are allowed inter alia, on account of rent, rates, taxes, repairs and insurance

Deputy Commissioner of Income Tax, Ahmedabad Vs. Core Health Care Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43(1), 80HH, 80I, 90(2) and 260A; Finance Act, 1986 - Sections 43(1); Finance Act, 2003

Reported in : 105(2008)CLT433(SC); (2008)215CTR(SC)1; [2008]298ITR194(SC); JT2008(2)SC367; 2008(2)SCALE327; (2008)2SCC465; 2008AIRSCW1425

directly or indirectly by any other person or authority. Explanation 8 has been inserted in Section 43(1) by Finance Act, 1986 (23 of 1986), with retrospective effect from 1.4.74. It is important to note that the word 'actual … appeals we are concerned with the assessment years 1992-93, 1993-94, 1995-96 and 1997-98. A proviso has since been inserted in Section 36(1)(iii) of the 1961 … capital assets not put to use in the concerned financial year can be permitted as allowable deduction under Section 36(1)(iii) of the Income-tax Act, 1961? 5. According to the Department, the assessee was not entitled to treat the