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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, … or fair market value as on 1.1.1954 from the sale price (compensation) of Rs. 10.20 cr. [see Section 55(2)(i)]. This option was conferred on the assessee solely for its benefit. However, Section 55(2) only triggered if there

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 … gains that may arise on transfer. That, the AO will also be required to decide its value under Section 55 of the IT Act, Further, the AO will be required to decide on what basis indexation should be

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 … adopting fair market value of the land as on 1st April, 1981 as deemed cost in terms of Section 55(2)(b) and giving the benefit of indexation; on the balance consideration, he had computed the short-term capital gains by

Commissioner of Income-tax, Ghaziabad Vs. Simbhaoli Industries (P.) Lt ...

Court : Allahabad

Subject : Direct Taxation

CIT v. Poonam Chand Trilok Chand [1976] 105 ITR 618 (All.); and (5) Union of India v. Kamlakshi Finance Corporation Ltd. 1991 (55) ELT 433 (SC). 9. Lastly, he made a request to dismiss the appeal filed … Satish Chandra, J. 1. The present appeal is filed by the department under Section-260-A of the Income Tax Act against the judgment and order dated 16.01.2001, passed by the Income Tax Appellate Tribunal, Delhi in Appeal No.6408

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 … is exigible on the transfer of even an undertaking.83. Shri Ashok invited our attention to the provisions of Section 55, as per which the cost of acquisition of the assets like goodwill has to be taken as nil.

Deputy Commissioner of Income Tax Vs. Mahalasa Gases and Chemicals (P)

Court : Income Tax Appellate Tribunal ITAT

Subject : Land Acquisition

Reported in : (2004)84TTJ(Bang.)992

that the mere fact that Section 50B was introduced in the statute book w:e.f.1st April, 2000 by the Finance Act, 1999 would not mitigate against the contention that even prior to the introduction of Section BOB, a slump sale … all the rights to manufacture, produce or process an article or a thing within the meaning of Section 55(2)(a) and that the cost of such a right ought to be taken as nil. It was submitted that

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 … | | | | |A1| | | | | |Goodwill u/s. 48 | | | | | |r.w.s. 55(1) | | | | | |76.6% of |Rs.9,75,54,3| | | | |Rs.12,73,55,600 |90 | | | | |(See

Shervani Industrial Syndicate Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Subject : Direct Taxation

Reported in : (2006)99TTJ(All.)123

the basis of such an advice being the express provision which got inserted in Section 55(2)(a) by the Finance Act, 2001. 6. It is further submitted that the said amendment was brought in terms of Clause (32) of … the facts of the case are that the assessee is a public limited company. For the asst. yr. 1999-2000, it had filed a return on 30th Dec, 1999, under Section 139(1) of the Act, showing an income

Addl. Cit Vs. Kwality Frozen Foods Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Service Tax

Reported in : (2005)1SOT243(Mum.)

sale of trademark as such was brought into the provisions of section 55(2) through the amendment by the Finance Act, 2001. The said amendment brought in by the Finance Act, 2001 is effective only from assessment year 2002-03. … and goodwill are the same things. In fact, trademark has been defined under the Trade Marks Act of 1999. Trade Mark is connected with the goods or services which are sold whereas goodwill consists also reputation and

Patel Engineering Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)94ITD411(Mum.)

facility on or after the 1st day of April, 1995." 15. Section 80-IA was further amended/modified by the Finance Act, 1999 w.e.f. 1st April, 2000, i.e., from asst. yr. 2000-01. After the above modification, Sub-section 4 of Section 80-IA