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The Commissioner of Income Tax and Vs. Brindavan Beverages Ltd.

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 2(19AA), 2(42C), 41[2], 45, 48, 50B, 80IA(4), 80IB(4), 80IB(5), 80HHC, 80HHC(3), 80HHC(3A), 80HHC(4), 80HHC(4A), 115A, 115B, 115BB, 115C, 115J, 115JA, 115JA[1], 115JA[2], 115JA[4], 115JB, 143(2), 161[1A], 164, 164A, 207, 208, 209, 209[1], 210, 211, 215, 234, 234A, 234B, 234C, 234G, 254(2) and 260A; Finance [No. 2] Act, 1996; Finance Act, 1997; Finance Act, 1998; Finance Act, 1999; Finance Act, 2000 - Sections 2; Companies Act, 1956 - Sections 210; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 3(1) and 17(1); Constitution of India - Article 141

Reported in : (2010)228CTR(Kar)1; [2010]186TAXMAN233(Kar)

in reference to the provisions of Section 115JA of the Act is conspicuously absent in Part-III of the Finance Act providing for computing advance tax though mention is made of Sections 115A, 115B, 115BB, 115C of the Act … asset that the expenditure incurred for effecting the transfer is not ascertainable and thereby the charging section i.e. Section 45 of the Act failing due to impossibility of computing the capital gains in terms of Section 48 of … there is no discretion.2. The assessee is a company, assessment year is 1997-98 and the only dispute between the assessee and the revenue is the

Meerut Auto Finance Association, Meerut Vs. Union of India and Others

Court : Allahabad

Subject : Constitution

Acts : Reserve Bank of India Act, 1934 - Sections 45-1F, 45-I, 45-R, 45-S and 45QA; Constitution of India - Articles 14, 19, 19(1) and 19(6); Banking Laws (Amendment) Act, 1983; Companies Act, 1956 - Sections 58A

Reported in : 2000(2)AWC970; (2000)1UPLBEC52

A. Desaf, J. 1. This bunch of petitions by individuals, firms and unincorporated associations of individuals dealing in financing, have challenged the constitutional validity of Section 45-S substituted by the Reserve Bank (Amendment) Act, 1997 (hereinafter referred … individuals dealing in financing, have challenged the constitutional validity of Section 45-S substituted by the Reserve Bank (Amendment) Act, 1997 (hereinafter referred to tne Impugned provisions), on the ground of absence of legislative competence, as well violatlve of

Upendra M. Dalal Vs. Dy. Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2004)83TTJ(Mumbai)828

referred to the provisions of section 47(xi) of the Income Tax Act. This clause was inserted by the Finance Act, 1997, with effect from 1-4-1998. It provides that capital gains shall not be chargeable under section 46 in respect … Act the transfer of stock exchange card would mean transfer of a capital asset within the meaning of section 45. The learned authorized representative referred to the paras 25 to 28 of the order of the Wealth Tax

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 … 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

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 … stand of the Department that even if the price of the land was adopted as Nil, provisions of Section 45 read with Section 48 of the Act would be applicable and the assessee was liable to be charged

Kirti Babulal Shah Vs. Ito

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)77TTJ(Mumbai)30

cost of acquisition 'as stated in section 48(ii)', shall be taken to be indexed cost of acquisition. By Finance Act, 1997, with effect from 1-4-1998, third proviso was inserted to section 48. This reads as under :'Provided also that … capital gain arising on repurchase of units referred to in sub-section (2) of section 8OCCB of the Act.3. Section 45(6) of the Act was inserted by the Finance Act, 1990, with effect from 1st April, 1991. This is

D.V.C. Bukaru Co-operative Stores Ltd. Vs. State of Bihar and ors.

Court : Patna

Subject : Sales Tax

Acts : Bihar Finance Act, 1981 - Sections 45(3); Constitution of India - Article 226

the financial year 1995-96 passed by the Deputy Commissioner of Commercial Taxes, Tenughat Circle, Phusro, under the Bihar Finance Act, 1981 (hereinafter referred to as 'the Act') and the Central Sales Tax Act, 1956. Prayer for quashing the … the said assessment orders, has also been made. It has also challenged the validity of Sub-section (3) of Section 45 of the Act whereby admission of appeal filed against an assessment order has been barred, unless 20 per … not such matters......'4. In State of Goa v. Leukoplast (India) Ltd. : 1997(2)ELT19(SC) , the apex Court reiterated the same rule holding that it is

The Commissioner of Income Tax Vs. HCL Infosystems Ltd.

Court : Delhi

Subject : Land Acquisition

the contention of the Assessee that the said capital receipt was not taxable. He held: "The amendment to Finance Act, 1997 also very clearly states that if the extinguishment of the capital right to manufacture is for consideration it … is for consideration it will fall under Section 55. The Assessee is, therefore, covered by the provision of Section 45 read with Section 55 of the Income Tax Act, 1961. The intent of the legislative on this issue

Kirti Babulal Shah Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

cost of acquisition "as stated in Section 48(ii)", shall be taken to be indexed cost of acquisition. By Finance Act, 1997, w.e.f. 1st April, 1998, third proviso was inserted to Section 48. This reads as under : "Provided also … capital gain arising on repurchase of units referred to in Sub-section (2) of Section 80CCB of the Act.3. Section 45(6) of the Act was inserted by the Finance Act, 1990, w.e.f. 1st April, 1991. This is reproduced here

V.G. Gajjar and ors. Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2005)93ITD624(Ahd.)

assets though in order to know such intention one has to take into consideration the provisions of the Finance Act, 1997, which came into effect from 1st April, 1998. He referred to Section 47 of the IT Act stating … from 1st April, 1998. He referred to Section 47 of the IT Act stating that "nothing contained in Section 45 shall apply to the following transfers..... (ix) any transfer made on or before 31st day of December, 1997,