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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

Gujarat Alkalies and Chemicals Ltd. Vs. Deputy Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)82ITD135(Ahd.)

i.e.., 1st April, 1999. According to the learned counsel, the legislative intention in introducing Section 35AB by the Finance Act, 1985, w,e.f. 1st April, 1986, and thereafter substituting the same by a new provisions allowing depreciation on the … that the asseseee shall pay a fee of DM 6,00,000 for grant of licence and further payment of 43,60,000 DM for the performance of services as per Article 2.2 and Article 2.3 reproduced hereinbefore.4.5. From the aforesaid

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)81ITD482(Ahd.)

beyond the purview of taxation under Section 45. The learned counsel argued that Section 50B introduced by the Finance Act, 1999 w.e.f. 1st April, 2000 brought the transaction of slump sale within the purview of capital gains under Section … accordance with the provisions contained in sub-item (C) of item (i) of Sub-clause (c) of Clause (6) of Section 43; and Explanations 1 and 2 above have been substituted in place of the earlier Explanation, by the Finance

Commissioner of Income Tax Vs. Dharampal Satyapal

Court : Delhi

Subject : Direct Taxation

assigned to individual assets and liabilities constituting the undertaking/division. Section 50B of the Act was introduced by the Finance Act, 1999 with effect from 1st April, 2000 for the purposes of taxing gains arising on slump sales. Correspondingly, Section … of the undertaking, depreciation allowable under sub-item (C) of item (i) of sub-clause (c) of clause (6) of Section 43 of the Act (hereafter, for the sake of brevity, referred to as 'Clause C') for the AY 2000-01

Assistant Commissioner of Income Vs. Tea Agency Trading Centre

Court : Income Tax Appellate Tribunal ITAT Guwahati

Subject : Direct Taxation

Reported in : (2004)88ITD96(Gau.)

as mentioned above the amount received from insurance company is not, assessable under the head capital gains.Subsequently by Finance Act, 1999, w.e.f, 1st April, 2000, the money received under the insurance policy was brought to tax as capital gain … not liable to pay capital gains tax.Now, the issue remains as to whether the assessee's case falls under Section 43 of the IT Act. The Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, has introduced w.e.f. 1st April,

Dgp Windsor (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2003)84ITD641(Mum.)

(supra). It is also submitted that the proviso to Section 69C of the Act was inserted by the Finance Act, 1998, which is not applicable to the facts of the present case because the said proviso was brought … the assessee. The assessee, in reply, vide its letter dt. 24th Nov., 1999, submitted as under : "In response to your queries in connection with … the terms of the agreement. The said circular further directed to examine the applicability of Expln. 3 to Section 43 of the Act in the case of sale and lease-back transaction to determine the correct fair market value.It

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 … in the case of Commissioner of Income Tax v. Kwality Biscuits Limited reported in : [2006] 284 ITR 434 [SC] cannot govern or conclude the present appeal for answering the questions raised by the revenue and submits

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

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2001)70TTJ(Ahd.)490

by the learned Accountant Member.Further, I find that the aforesaid provision came into force in the statute by Finance Act, 1986, with retrospective effect from 1-4-1974.Admittedly, that provision was not in existence while Hon'ble Supreme Court and Honble … interest expenditure. Therefore, the ratio of the decision cannot be made applicable after insertion of various Explanations below section 43(1) of the Income Tax Act, 1961.(vi) It is to further add that the assessee has de-capitalised various expenditure

Dgp Windsor (India) Ltd. Vs. Dy. Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)74TTJ(Mumbai)291

(supra). It is also submitted that the proviso to section 69C of the Act was inserted by the Finance Act, 1998, which is not applicable to the facts of the present case because the said proviso was brought … practice, the amendment is brought on the statute book from assessment year 1999-2000 and subsequent years. It is pointed out that in the case of … true lease. He, therefore, confirmed the disallowance.13. The learned counsel for the assessee submitted that Explanation 4A to section 43(1), which is introduced with effect from 1-10-1996, recognizes the sale and lease-back transactions. The position becomes obvious from

Commissioner of Income-tax Vs. Gujarat State Fertilizers Co. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A, 43(1), 43A and 43A(1)

Reported in : (2003)179CTR(Guj)266; [2003]259ITR526(Guj)

(No. 2) Act of 1967, with effect from April 1, 1967, whereas Section 32A was inserted by the Finance Act, 1976, with effect from April 1, 1976. Hence, the non obstante clause in Section 43A could not have … installed and put to use in the preceding year.(v) The definition of 'cost of asset' as contained in Section 43(1) is applicable only if it is not repugnant to the context. The decision in Dhandhania Kedia and Co.