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Commissioner of Income Tax Vs. J. Rajmohan Pillai

Court : Kerala

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 40A(3); Income-tax Rules, 1962 - Rule 6DD

Reported in : (2004)186CTR(Ker)296; [2004]267ITR561(Ker)

by the words 'twenty per cent of such expenditure shall not be allowed as a deduction' by the Finance Act, 1995 w.e.f., 1st April, 1996. However, the second proviso to Sub-section (3) states that no disallowance under this … 'ten thousand rupees' were substituted by 'twenty-five thousand rupees' w.e.f. 1st April, 1997. Thus, at the relevant time (asst. yr. 1990-91) the limit was ten … that the provisions of Rule 6DD(j) of the IT Rules apply to the facts of the case, vis-a-vis Section 40A(3) of the IT Act?'2. The brief facts are as follows : The assessee is an exporter of cashew

V.M. Salgaocar and Bros. Pvt. Ltd. Vs. Commissioner of Income Tax

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Constitution of India - Articles 133, 136 and 141; Taxation Laws (Amendment) Act, 1984; Finance Act, 1985; Income Tax Act, 1961 - Sections 2(24), 17(2), 36, 40A(2) and 256(2)

Reported in : [2000]243ITR383(SC); JT2000(4)SC473; 2000(3)SCALE240; (2000)5SCC373; [2000]2SCR1169; AIR2000SC1623

of the said Act. These amendments were intended to take effect from April 1, 1985. However, subsequently, the Finance Act, 1985, sought to omit both the aforesaid provisions with effect from the date of their insertion, namely, April … of the revenue the same was dismissed by order dated December 12, 1997, which we have noted above.6. There are two matters which would be … Tribunal is right in law in deleting addition of Rs. 5,21,241 made by the Income Tax Officer under Section 40A(5) and sustained by the Commissioner of Income tax (Appeals)?(2) Whether on the facts and in the circumstances of

Barkha Investmnt and Trading Co. Vs. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 14, 28, 40A, 40A(1), 40A(8), 51, 56, 256(1), 260(1) and 263; Finance Act, 1975; Companies Act, 1956 - Sections 620A; Income Tax Act, 1922 - Sections 10, 12, 23A and 66(1); Banking Regulation Act, 1949; Reserve Bank of India Act, 1934 - Sections 45I, 45J, 45K, 45L and 45Q; Hire-Purchase Act, 1972 - Sections 2; Industrial Development Bank of India Act, 1964 - Sections 2

Reported in : (2006)200CTR(Guj)342; [2006]281ITR316(Guj)

to the history of Section 40A(8) of the Act at the time of introduction in the statute by Finance Act, 1975 it was held that the intention of the legislature can be truly ascertained after taking into account … Act. The definition of a 'Non-Banking Financial Company' under the RBI Act as well as the NBFC Directions, 1997 would make it clear that there is no inconsistency or conflict between the said provisions. In fact under

The Asstt. Commissioner of Vs. State Bank of Travancore

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

of Sub-section (9) of Section 40A of the Act. Sub-section (9) of Section 40A was inserted by the Finance Act, 1984 with effect from 1st April, 1980. The scope and effect of the new provision was explained by

The Commissioner of Income-tax and the Deputy Commissioner of Income-t ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 17, 17(1), 17(2), 17(3), 17(4), 22, 40A(5), 192, 192(1), 194, 200, 201(1), 201(1A), 256(2) and 260A; Taxation Laws (Amendment) Act, 1984; Finance Act, 1985; Finance Act, 1999

Reported in : (2007)207CTR(Kar)620; [2007]293ITR146(KAR); [2007]293ITR146(Karn)

new Sub-clause (vi) in Section 17(2) of the Act. The subsequent omission of the said sub-clause by the Finance Act of 1985 with effect from the date of its proposed insertion was also, made with a view to … a company having its registered office at Bangalore. It filed its annual TDS returns for the assessment year 1997-98. This return came to be scrutinized. It was found that TDS was not deducted in respect of shares … deleting addition of Rs. 5,21,241/- made by the Income-tax Officer Under Section 40A(5) and sustained by the Commissioner of Income-tax (Appeals) ?2) Whether, on the

Hinduja Exports Vs. Jt. Cit, Spl. Range Ii, Bangalore

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

Reported in : (2006)9SOT349(Bang.)

in Addl. CIT v. Vestas R.R.B. India Ltd. (2005) 92 ITD, wherein it was held thus : "The Finance Act, 2003 has deleted the second proviso and amended the first proviso to section 43B with effect from assessment … 25-11-1997. During the course of the assessment, the assessee has claimed a payment of Rs. 1,95,094.65 under section 40A(7) read with section 43B in respect of payment to LIC towards an approved gratuity fund and same was

Kamath Marbles Vs. Income Tax Officer

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 40A(3); Income Tax Rules - Rule 6DD

Reported in : (2003)182CTR(Ker)319; 2003(1)KLT760

case referred above. Of course the Supreme court was dealing with Section 40A(3) prior to its amendment vide Finance Act, 1996 wherein the provision was for complete disallowance of expenditure if the same was in excess of the

Commissioner of Income-tax Vs. Sundaram Industries Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 37, 37(2A), 40, 40A(5), 45, 48 and 80J; Finance Act, 1983 - Sections 37(2A)

Reported in : (2000)158CTR(Mad)437; [1999]240ITR335(Mad)

expenditure prior to the insertion of Explanation 2 to Section 37(2A) of the Income-tax Act, 1961, by the Finance Act, 1983, with effect from April 1, 1976. Since the assessment year involved is 1974-75, the prior law would … company to its directors should not be treated as a 'perquisite' for the purpose of disallowance under Section 40A(5) of the Income-tax Act, 1961, and, therefore, the disallowance of the sum of Rs. 10,317 should be deleted

P. Krishna Murthy Vs. Commissioner of Income-tax and Another

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 17(2), 28 ,40A(5) and 89(1)

Reported in : (1995)126CTR(Kar)434; [1997]224ITR183(KAR); [1997]224ITR183(Karn)

Matched in: Citation (1995)126CTR(Kar)434; [1997]224ITR183(KAR); [1997]224ITR183(Karn)

Commissioner of Income Tax Vs. Banswara Fabrics Ltd.

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 5, 40A(3) and 260A; Finance Act, 1995 - Sections 145

Reported in : (2004)186CTR(Raj)52; [2004]267ITR398(Raj)

exclusively on mercantile or cash basis, as has now been made imperative since amendment of Section 145 vide Finance Act, 1995 w.e.f. 1st April, 1997. Prior to its amendment, Section 145 envisaged that income chargeable under the head … the Tribunal is justified in deleting the addition on disallowance made on account of violation of provisions of Section 40A(3) of the Act treating these payments covered by the exceptional or unavoidable circumstances under Rule 6DD(j) of IT