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The Commissioner of Income Tax Vs. Orient (Goa) Pvt. Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(7), 2(30), 6, 40, 44B, 80HHC, 92, 93, 119, 143(1), 143(3), 148, 159, 168, 171, 172, 172(8), 194C, 195 and 271(1); Finance Act, 1997 - Sections 172(8); Companies Act, 1956

Reported in : (2009)227CTR(Bom)109; [2009]185TAXMAN131(Bom)

on which tax has not been deducted, in view of the provisions of Section 172(8) introduced by the Finance Act, 1997 with retrospective effect from 1.4.1976 ?(D) Whether the circular issued by the CBDT dated 19.9.95 has any relevance … was right in law in holding that in view of circular issued by the CBDT, disallowance under Section 40(a)(i) of the Act was not warranted ?(B) Whether on the facts and in the circumstances of the case,

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 … 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 … an item of deduction, provided that the amount of deduction does not exceed 18/12% interest per annum [See: Section 40(b)(iv) of the 1961 Act]. For the AY 1994-95, Department in this case, therefore, disallowed the claim for deduction

Goswami and Brothers Vs. Union of India and anr.

Court : Rajasthan

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 30 to 38, 40, 44AD, 44AD(1) and (2), 44AE and 143(3); Finance Act, 1997

Reported in : [2001]250ITR359(Raj)

the assessments against the petitioner and in some of the matters, have issued fresh assessment orders.4. By the Finance Act, 1997, a proviso to Sub-section (2) of Section 44AD has been added giving retrospective operation with effect from April … been allowed. In the case of firms, the normal deductions to the extent allowed under Clause (b) of Section 40 will be allowed.31.6 The scheme is optional. A system of rebuttal has been provided, A person can claim

A.S. Construction Co. Vs. Union of India and anr.

Court : Rajasthan

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 30 to 38, 40, 44AD, 44AD(1), 44AD(2), 44AE and 143(3); Finance Act, 1997

Reported in : [2001]252ITR182(Raj)

assessments against the petitioner and in some of the matters, have issued fresh assessment orders. 4. By the Finance Act, 1997, a proviso to Sub-section (2) of Section 44AD has been added giving retrospective operation with effect from April … been allowed. In the case of firms, the normal deductions to the extent allowed under Clause (b) of Section 40 will be allowed. 31.6 The scheme is optional. A system of rebuttal has been provided. A person can

Goswami and Bros. Vs. Union of India and anr.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (1998)144CTR(Raj)336

the assessments against the petitioner and in some of the matters, have issued fresh assessment orders.2. By the Finance Act, 1997, a proviso to sub-s. (2) of s. 44AD has been added giving retrospective operation w.e.f. 1st April, 1994 … : Circular No. 737 dated 23-2-1996 issued by CBDT subsequently with retrospective effect clarifying that additional benefit under section 40(b) would not be available to assessee would not prevail over the earlier CBDT Circular No. 684 dated 10-6-1994

Commissioner of Income Tax Vs. Manoharsinhji P. Jadeja

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 2(47), 2(22A), 2(42A), 45, 48, 49, 49(1), 50, 55, 55(2), 55(3) and 256(2); Andhra Pradesh (Telangana Area) Tenancy and Agricultural Lands Act - Sections 40(4); Finance Act, 1987; Finance Act, 1997; Finance Act, 2001

Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; [2006]281ITR19(Guj)

with effect from 1st April 1995; right to manufacture, produce or process any article or thing by the Finance Act 1997 with effect from 1st April 1998; trademark or brand name associated with business by the Finance Act 2001 … Tax Appellate Tribunal Ahmedabad Bench 'C' has referred the following question for the opinion of this Court under Section 256(2) of the Income Tax Act, 1961 (the Act) at the instance of the Commissioner of Income Tax, … tenant and acquired rights in the land itself by virtue of Section 40(4) of the Andhra Pradesh (Telangana Area) Tenancy and Agricultural Lands Act. The

Karnataka State Beverages Corpn. Ltd. Vs. Commissioner of Income-tax

Court : Karnataka

Subject : Direct Taxation

as Section 40(a)(iib) is concerned, the learned counsel would submit that the said sub-clause was inserted by the Finance Act, 2013 with effect from 1.4.2014 and the said section specifically disallows any amount paid by way of privilege

Commissioner of Income Tax Vs. Hemla Embroidery Mills (P) Ltd.

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2007)212CTR(P& H)497; [2009]311ITR412(P& H)

wealth of the assessee. The AO also came to the conclusion that as per Section 40(3)(iv) of the Finance Act, 1983, building or land owned by an assessee is to be included in the net wealth unless the … 'A' in the case of Tulsidas V. Patel (P) Ltd. v. WTO WTA No. 1063/Bom/1994 dt. 17th June, 1997) reported at (1998) 61 TTJ (Mumbai) 282-Ed. The Tribunal in the said decision has observed as under:Under Sub-section

Secy. Federn. of Bus-operators Assn. of T.N. Vs. Union of India (Uoi)

Court : Chennai

Subject : Service TaxMotor Vehicles

Acts : Finance Act, 1994 - Sections 35(38), 65, 65(38), 65(48), 65(50), 65(51), 65(52), 66, 66(3) and 67; Motor Vehicles Act, 1988 - Sections 2, 2(7), 2(22), 2(25), 2(40), 2(43), 49, 51, 58(1), 58(2), 65, 65(32), 65(38), 65(44), 65(48), 65(50) to 65(52), 65(62), 67, 68, 70, 71, 72, 72(2), 72(9), 73, 74, 80, 81, 82, 83, 84, 85, 86, 87(1), 88(8), 88(9), 88(11), 88(14) and 89; Motor Vehicles Act - Sections 63(1), 63(6) and 68; Central Excise Act, 1944; Finance (No. 2) (Amendment) Act, 1996; Finance (No. 2) (Amendment) Act, 1997; Finance (No. 2) (Amendment) Act, 1998; The Haryana Passengers and Goods Taxation Act; Government of India Act, 1935 - Sections 100; Expenditure Tax Act, 1987; Motor Vehicles Rules - Rule 82 to 85 and 128; Motor Vehicles Permit for All India Tours Rules, 1993; Fina

Reported in : 2001(134)ELT618(Mad); 2006[2]STR411; [2007]6STT49

including 'Advertising Agency', 'Courier Agencies' and 'Pager Services'. Further widening was effected by including 12 additional services in Finance Act, 1997. Ultimately, in Finance (No. 2) Act, 1998, 12 more 'services' were defined under Section 65(48) of the Finance … The need for levying of this tax was felt as, according to the Finance Minister, 'services' constituted about 40% of our Gross Domestic Product (GDP) and they so far had gone tax-free in comparison to the 'goods

The Commissioner of Income Tax and Another Vs. V.S. Dempo and Co. Pvt. ...

Court : Mumbai

Subject : Direct Taxation

on which tax has not been deducted, in view of the provisions of section 172(8) introduced by the Finance Act, 1997 with retrospective effect from April 1, 1976? (D) Whether the circular issued by the Central Board of Direct … of law for opinion of a larger bench. Q. Whether, while dealing with the allowability of expenditure under section 40(a)(i) of the Income Tax Act, 1961, the status of a person making the expenditure has to be a