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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, … for substitution of the fair market value of such Undertaking as on 1st January, 1954 in accordance with Section 49 & 50 of the Income Tax Act, 1961. 8. It was argued by the assessee before the AO

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 … invited to certain proposals mooted by the National Conference of Chief Commissioners, which may be seen at pages 49-50 of the Journal Section of ITR Vol. 252. The discussion relating to levy of surcharge in a block

Premier Automobiles Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2003)84ITD169(Mum.)

that slump sales are assessable to tax only by virtue of amendment made in the statute book by Finance Act, 1999 which is prospective in operation. Since the instant sale took place prior to that, it is not taxable. … the submissions we find no infirmity in the order of the CIT(A). 49. Vide ground No, 5, the assessee contends that the tax authorities erred … IT authorities have erred in law and on the facts of the case in taxing Rs. 46,78,000 under Section 41(1) of the Act".The learned counsel of the assessee contended that the amount of Rs. 46,78,000 has been

Additional Commissioner of Vs. Hughes Services (Far East) (P.)

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2003)87ITD137(Delhi)

contending that off-period salary is taxable in view of the provisions of Explanationto Section 9(1)(ii) as substituted by Finance Act, 1999 which, according to him, is retrospective in operation, being clarificatory/declaratory in nature. It was emphasized by him that … the judgment of Hon'ble Kerala High Court in the case of CIT v. S.R. Patton [1992] 193 ITR 49 : 65 Taxman 472 where the Explanation as originally inserted by Finance Act, 1983 was considered and it

Garrick D'Silva Vs. Joint Commissioner Of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2006)105TTJ(Delhi)445

sought to be done by deleting Section 17(2)(iiia) and providing an Explanation below Section 17(2)(iii). Sub-Section (2B) in Section 49 inserted by the Finance Act, 1999, has also been deleted. Under the amended provisions, such shares will only … more specific provision i.e. sub-Clause (iii)(a) of Clause 2 of Section 17 was introduced de novo by the Finance Act, 1999 w.e.f. 1st April, 2000 whereby the income represented by arising an exercise of stock option was exigible to

Garrick D'Silva Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2006)5SOT132(Delhi)

sought to be done by deleting section 17(2)(iiia) and providing an Explanation below section 17(2)(iii). Sub-section (2B) in section 49 inserted by the Finance Act, 1999, has also been deleted. Under the amended provisions, such shares will only … followed in preference to the decision of the House of Lords.It is also pertinent to mention that the Finance Act, 1999 had inserted section 17(2)(iiia) to bring clarity about the taxability about the benefits arising to an employee as

Weikfield Products Co. (i)(P) Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (2001)71TTJ(Pune.)518

counsel on the definition of 'slump sale' in section 2(42C) which was brought on the statute book by Finance Act, 1999, with effect from 1-4-2000 is also of no assistance to the assessee, because according to the definition 'slump … previous year in which the transfer took place. Mode of computation and deduction is provided in section 48. Section 49 deals with the cost with reference to certain modes of acquisition where the capital asset became the property

Shree Cement Limited and anr Vs. State of Raj. and ors

Court : Rajasthan Jodhpur

Subject : Land Acquisition

for a period of five years but the same was prematurely withdrawn upon enactment of U.P. Electricity Reforms Act, 1999 and when new tariff notifications were issued under Section 49 of the 1948 Act, the same were challenged … Court under Article 226 of the Constitution for challenging the impugned order dtd.31.3.2009 passed by the Principal Secretary, Finance, Government of Rajasthan, Jaipur under the provisions of Clause 13 invoking his revisional jurisdiction under Rajasthan Investment Promotion

M/s. Greatship (India) Ltd. Vs. Commissioner of Service Tax Mumbai-I a ...

Court : Mumbai

Subject : Service Tax

and forms part of the service contract of employment, shall be regarded as income earned in India." The Finance Act 1999 which followed the Bill incorporated the substituted Explanation to Section (9)(1)(ii) without any change. 13. The Explanation as … in Simpson case (supra) sought to determine whether a deed poll constituted a settlement for the purposes of Section 49 of the Stamp Duties Act, 1898 (NSW). Section 3 which defined the word ‘settlement as meaning ‘any contract

Commissioner of Customs versus M/S Canon India Pvt. Ltd.

Court : Supreme Court of India

Subject : Right to Information

Reported in : [2024]12S.C.R.202

in the case of Mangali Impex’s case expounds the correct interpretation of s.28(11) and whether s.97 of the Finance Act, 2022, which retrospectively validates the show cause notices with effect from 01.04.2023, is manifestly arbitrary and thus, violative … in Mangali Impex’s case failed to take into account the policy being followed by the Customs department since 1999 which provides for the exclusion of jurisdiction of all other proper officers once a show cause notice by … Mar Poulose Athanasius [1955] 1 SCR 520 : 1954 SCC OnLine SC 49; Tinkari Sen v. Dulal Chandra Das, 1966 SCC OnLine Cal 103; Girdhari … Such entrustment could be either conditional or unconditional - Object of this Section is to confer powers of search, seizure, arrest and recording of statements,