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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 … Homeopathy Subordinate Service - Special Rules for Kerala Homeopathy Subordinate Service Rules, 1999 introducing new qualifications Vacancy arising subsequent to coming into force of the … made explicitly clear both by amendment to Section 36(1)(viii) as well as by insertion of Sub-section (4A) of Section 41 of the IT Act, that any retrospective effect cannot be presumed to be a condition for granting the

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2007)11TTJ(Mum.)502

that Section 50B has retroactive effect is not correct. According to him, Section 50B was introduced by the Finance Act, 1999 w.e.f. 1st April, 2000. According to him, the Notes on Clauses, the Memo Explaining the Provisions of the … of slump sale of running business, there is always been a difficulty in applying the provision of Section 41(2) as well as those of capital gains in respect of depreciable assets, it is because in such cases

Pnb Finance Ltd. Vs. Commissioner of Income Tax-i, New Delhi

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 41(2), 45, 48, 49, 50, 55(2) and 256(1); Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; Finance Act, 1999 - Sections 50B

Reported in : [2008]307ITR75(SC); JT2008(12)SC493; 2008AIRSCW7755

cost of acquisition.5. Incidentally, it may be noted that by an amendment to Section 50B inserted by the Finance Act, 1999 w.e.f. 1.4.2000, cost of acquisition is now notionally fixed in case of 'slump' sale. Under the said arrangement, … computed by the valuer. The Tribunal held that, the surplus arising on the sale was taxable under Section 41(2) of the Act and not as capital gains. The High Court reversed that finding of the Tribunal and

Central Warehousing Corporation (a Govt. of India Undertaking) Vs. For ...

Court : Mumbai

Subject : ArbitrationCivil

Acts : Arbitration and Conciliation Act, 1996 - Sections 2(3), 5, 7 and 8; ;Presidency Small Cause Courts Act, 1882 - Sections 17, 18, 19, 21, 22, 24, 33, 41, 41(1) and 41(2); ;Public Premises (Eviction of Unauthorised Occupants) Act, 1971; Arbitration Act, 1940 - Sections 34, 40; Maharashtra Rent Control Act, 1999; Provincial Small Cause Court Act, 1887; ;Bombay Rents, Hotel and Lodging House Rates Control Act, 1947 - Sections 28 and 28(1); Bombay Government Premises (Eviction) Act, 1955; Bombay Municipal Corporation Act; Maharashtra Housing and Area Development Act, 1976; Maharashtra Rent Control Act; Code of Civil Procedure (CPC) , 1908 - Sections 9A; Indian Medical Council Act, 1956 - Sections 10A; Medical University Act - Sections 5(5); Industrial Disputes Act - Sections 10(1

Reported in : 2010(1)MhLj658

of Maharashtra Limited reported in : 1993 (2) SCC 144; A.P. State Finance & Corporation v. Official Liquidator reported in : AIR 2000 SC 2642. … taken into account while construing the rigours of the provisions in question. In that, the Maharashtra Rent Control Act, 1999, which has been introduced in 1999, takes out the exclusive jurisdiction of the Small Causes Court in relation … fee thereof, the same is now governed by the regime of Section 24 of the Rent Act of 1999. Section 24 opens with a non-obstante clause. It provides that notwithstanding anything contained in this Act (Act of 1999), … same time, the Respondents proceeded to file a suit before the Small Causes Court at Mumbai by invoking Section 41 of the Presidency Small Cause Courts Act, 1882 (hereinafter referred to as `the Act of 1882') for declaration

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2007)288ITR226(Hyd.)

clear, and they mandated the levy of surcharge. In this context, he referred to the provisions of annual Finance Act, 1999, Schedule-I, which clearly mandated that the income-tax levied in terms of Section 113 shall be increased by a … may extract below the Note to Clauses given in 254 ITR (Statutes) 149, which reads as under: Clause 41 seek to amend Section 113 of the Income Tax Act relating to tax in the case of block

Coromandel Fertilisers Limited Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2004)90ITD344(Hyd.)

has brought in the necessary amendment under Section 43(6) (c) (i) (C) with effect from 1.4.2000 by the Finance Act, 1999. Section 43(6) (c) (i) (C) provides for the decrease, in a slump sale, of the w.d.v. of the assets … second proviso to Section 10(2)(vii) of the Indian Income-tax Act, 1922 which is analogous to the provisions of Section 41(2) of the 1961 Act, as it stood before its deletion. It is claimed that the ratio of this

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 Sub-section 42-C of Section 2 of the Act only with effect from 1-4-2000, as inserted by the Finance Act 1999 and which reads as under:2(42-C) 'Slump sale' means the transfer of one or more undertakings as a result … case where the surplus as a result of transfer of plant, machinery and deadstock is taxable under Section 41[2] of the Act to the extent of the difference between the actual cost and written down value of

Commissioner of Income Tax Vs. Zam Zam Tanners

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961- Sections 2(24), 17, 28, 41, 44, 45, 59, 80HHC, 139(1), 139(3), 143(1A), 143, 144, 147, 160(1), 256(2), 271, 271(1) and 280D; ;Taxation Laws (Amendment) Act, 1975; ;Finance Act, 2002 - Sections 271(1); ;Finance Act, 1993 - Sections 143(1A); ;Constitution of India - Article 141

Reported in : (2005)197CTR(All)221; [2005]279ITR197(All)

have been concealed or inaccurate particulars have been furnished.'Section 271(1)(c) of the Act has been further amended by Finance Act, 2002, by which Clause (iii) and Expln. 4 has been modified. After the amendment section reads as follows … by the beneficiary.(v) any sum chargeable to income tax under Clauses (ii) and (iii) of Section 28 or Section 41 or Section 59;(va) the value of any benefit or perquisite taxable under Clause (iv) of Section 28;(vi) any

Datamatics Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2008)110ITD24(Mum.)

current income and since a bona fide dispute was pending which, was clarified by the legislature by the Finance Act, 1999, imposition of interest under Section 234B was not justified without a hearing and without reasons.52. The same principle, … of the Tribunal, Mumbai Bench, in the case of J.B. Boda & Co. (P) Ltd. v. ITO (1992) 41 ITD 36 (Bom). It was further submitted, since contrary view has been taken by the Special Bench of

Vatsala Shenoy Vs. Jt.Commissioner of Income Tax

Court : Supreme Court of India

Subject : Direct Taxation

capital gain. The learned counsel pointed out that such a provision was introduced for the first time (vide Finance Act, 1999) by inserting Section 50B to the Act with effect from April 01, 2000, laying down the mechanism for … the valuer and, consequently, it was held that the surplus arising on the sale was taxable under section 41(2) of the Act and not as capital gains. In the circumstances, the judgment of this court in the