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Premier Automobiles Ltd. Vs. Income Tax Officer and anr.

Court : Mumbai

Subject : Direct Taxation

Acts : Finance Act, 1999; Income Tax Act, 1961 - Sections 2(14), 2(42C), 45 to 50, 55 and 230A

Reported in : (2003)182CTR(Bom)202; [2003]264ITR193(Bom)

'slump sale' under Section 2(42C) was not there as that definition came on the statute book only under Finance Act, 1999, w.e.f. 1st April, 2000. The concept of slump sale initially was evolved under judge-made law which has been … profits realised on account of the transaction at Rs. 64,39,50,057 which is assessee as short-term capital gain under Section 50 of the IT Act and which he adds to the total income. Mr. Dastur further points out that,

Commissioner of Income Tax Vs. Sun T.V. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act - Sections 28, 80HHC, 80HHE, 80HHF and 80HHF(5) and 288(2); Customs Act, 1962 - Sections 50(1); Foreign Exchange Regulation Act, 1973; Finance Act, 1999

Reported in : (2007)211CTR(Mad)108; [2008]296ITR274(Mad)

of any film software, television software, music software, television news software, including telecast rights was inserted by the Finance Act, 1999, with effect from 1.4.2000, the assessee is not entitled to deduction even under Section 80HHF of the Act … or merchandise declared in the shipping bill or bill of export as referred to in Sub-section (1) of Section 50 of the Customs Act, 1962 (52 of 1962), shall, for the purposes of this section, be deemed to

K.R.M. Marine Exports Ltd. Vs. Assistant Commissioner of Income Tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 80HHC, 80HHC (4A), 80HHC(4C) and 288(2); Customs Act, 1962 - Sections 50(1); Finance Act, 1999; Foreign Exchange Regulation Act, 1973; Imports and Exports (Control) Act, 1947; Imports (Control) Order, 1955; Customs and Central Excise Act, 1971

Reported in : [2007]288ITR151(Mad)

(1) or Sub-section (1A), any income not charged to tax under this Act shall be excluded (amended by Finance Act, 1999, with retrospective effect from 1st April, 1992).Explanation: For the purposes of this section,--(a) 'convertible foreign exchange' means foreign … or merchandise declared in the shipping bill or bill of export as referred to in Sub-section (1) of Section 50 of the Customs Act, 1962 (52 of 1962), shall, for the purposes of this section, be deemed to

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 … by the AO at Rs. 6.79 crores, was chargeable to tax as short-term capital gain in terms of Section 50 and not as long-term capital gain as held by the AO. As regards the taxability of Rs. 33.21

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, … index which became indexed 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

Well Pack Packaging Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2003)78TTJ(Ahd.)448

business. It was pleaded that the recent amendments made by way of insertion of Section 50B by the Finance Act, 1999, w.e.f. 1st April, 2000, go to indicate that earlier such transaction was not liable to capital gain. Reliance … submitted that in order to attract liability to capital gain tax either under Section 45(1) or even under Section 50 of the IT Act, it is a precondition that there should be transfer of a capital asset from

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 … plant and machinery as adopted by the assessing officer in his assessment order, while invoking the provisions of. Section 50 of the Income-tax Act. .7. The learned Standing Counsel further mentioned that in the case of the India

Vinod Khatri Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2004)82TTJ(Delhi)911

to be taken out separately and independently for the assessment order.29. It may be pointed out that by Finance Act, 1999 Section 253(6) was amended by adding Clause (d). The Board vide Circular No. 779 dt. 14th Sept., 1999 reported … appeals. Later on, the assessee moved an application stating that he was required to pay fee of Rs. 500 each and, therefore, the balance amount of Rs. 9,500 be refunded to him in each of the appeals.

Assistant Commissioner of Income Vs. C.V.M. Exports

Court : Income Tax Appellate Tribunal ITAT Rajkot

Subject : Direct Taxation

Reported in : (2006)103ITD251(Rajkot.)

read with Section 143(1) and not Section 143(3). The provisions of Section 143(1) have been amended by the Finance Act, 1999, w.e.f. 1st June, 1999.In view of the above discussions, following questions fall for consideration : (i) What are

KSB Aktiengesellschaft and Another Vs. Anil Agarwal

Court : Mumbai

Subject : Land Acquisition

internationally well-known trade mark with a presence in India (KSB Aktiengesellschaft and Anr. v KSB Real Estate and Finance Private Limited; Notice of Motion No.4019 of 2007 in Suit No.2930 of 2007; decided on 11th February 2008). … the public into believing that the Defendant is in some way connected/ associated with the Plaintiffs." Trade Marks Act, 1999 Section 29 Entitlement to Relief Application is filed for reliefs in both infringement and passing off Plaintiffs restricts her … this Court in Lupin Ltd v Johnson and Johnson, 2015 (1) Mh.L.J. 501. 18. Ms. Kshirsagar also submits that, in any case, even if an