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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 … which is first of the two additional questions raised on the further statement submitted by the Tribunal under Section 60 (2). The contention of Mr. Palkhivala is that Section 12B(I)will not apply where there is a transfer of

Commissioner of Income Central Ii Vs. Suresh N. Gupta

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 4, 4(1), 32, 32(2), 68, 69, 69A, 69B, 69C, 112, 113, 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115E, 115JB, 132, 132A, 132B, 139, 139(1), 142, 142(1), 143, 143(1B), 143(2), 143(3), 144, 147, 148, 158B, 158BA, 158BA(1), 158BA(2), 158BB, 158BB(1), 158BC, 158BH, 161, 161(1A), 164, 164A, 167B, 245D and 245D(4); Finance Act, 2001 - Sections 2(1), 2(2) and 2(3); Finance Act, 2002 - Sections 113; Finance Act, 1995; Constitution of India - Articles 269, 270 and 271

Reported in : (2008)214CTR(SC)274; [2008]297ITR322(SC); JT2008(1)SC208; 2008(1)SCALE99; (2008)4SCC362; 2008AIRSCW1066

113 [See: (1995) 212 ITR 69]. On the contrary, a bare perusal of various Finance Acts starting from 1999 indicates that Parliament was aware of rate of tax prescribed by Section 113 and yet in the various … appeal.Points for determination:4. Two points arise for determination: Whether on the facts and circumstances of this case, the Finance Act, 2001 ('FA' for short) was applicable to 'block assessment' under Chapter XIV-B in respect of the search carried … the assessee's undisclosed income at Rs. 1,62,427/-. He computed tax thereon at 60% in terms of Section 113 of the 1961 Act amounting to Rs.

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 … to establish a joint venture company known as Kalyan Motors Co. Ltd. (KMCL) for manufacture and distribution of 60,000 Peugeot cars throughout India. Under the MOU, it was agreed that PAL will contribute to the equity of

Mr. Raya R. Govindarajan, Prop. Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Subject : Direct Taxation

Reported in : (2007)288ITR150(Chennai)

similar view.5. On the contrary, Shri K. Anangapal, the learned Departmental Representative (D.R.) submitted that the Parliament by Finance Act, 1999 provided for levy of surcharge over end above the rate of income tax prescribed under Sections 112 and … Officer (A.O.) levied income tax on the above determined undisclosed income at 60%. Apart from this, the A.O. also levied 17% as surcharge payable over … is whether there can be a levy of surcharge over and above the rate of tax prescribed under Section 113 of the Income Tax Act, 1961.2. Shri Sridhar, the learned counsel for the assessee submitted that there

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 … levy of surcharge of Rs. 3,65,680 on the tax of Rs. 86,56,800 levied at the special rate of 60%.2. At the outset, it would be appropriate to refer to the reasons furnished by the Division Bench, which

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 … an item-wise sale of individual assets and for this reason also the order of the tribunal is bad. 60. In so far as the question of slump sale is concerned, we noticed that the question necessarily arises

George Williamson (Assam) Ltd. and anr. Vs. Union of India (Uoi) and o ...

Court : Guwahati

Subject : Direct Taxation

pleadings of the petitioner-company are that Parliament having amended the provisions of the Income Tax Act by the Finance Act, 1997, inserted Chapter XII-D consisting of Section 115-C with effect from June 1, 1997, providing for payment of … 1,70,25,301 is assessable as per rule 8 of the Income-tax Rules and 60 per cent, of the income being Rs. 2,55,37,950 was assessable under the … of mandamus to cancel/withdraw the levy of additional income-tax assessed upon the petitioners for the periods 1996-97 to 1999-2000, the present writ petition has been filed.2. We have heard Dr. D. Pal, learned senior counsel along with

Commr.of Income Tax-i,new Delhi Vs. Vatika Township P.Ltd.

Court : Supreme Court of India

Subject : Land Acquisition

particular case the search and seizure operation took place on 14.07.1999 and treating this date as relevant, the Finance Act 1999 was to be applied.6. The CIT, accordingly, cancelled the order dated 09.09.2003 not levying surcharge upon the assessee, … | | |1998 |Section 2|- |- |- |- |- | | |(3) | | | | | | |1999 |Section 2|- |- |- |- |- | | |(3) | | | | | | |2000 |Section 2|10% |10% … case, however, the rate of tax in case of block assessment at 60% was prescribed by Section 113 but the year of FA imposing surcharge

Commnr. of Customs, Central Excise, Noida Vs. Punjab Fibres Ltd., Noid ...

Court : Supreme Court of India

Subject : Excise

Acts : Central Excise Act, 1944 - Sections 35, 35(1), 35C, 35E(3), 35G, 35H and 35H(1); Finance Act, 1999 - Sections 128; Limitation Act, 1963 - Sections 5; General Clauses Act; Motor Vehicles Act, 1939 - Sections 110 and 110A(3)

Reported in : 2008(125)ECC195; 2008(151)LC195(SC); 2008(223)ELT337(SC); JT2008(2)SC458; 2008(2)SCALE469; (2008)3SCC73; [2008]13STT112; 2008(2)Supreme12

of law arising from such order of the Tribunal.3. Section 35H was substituted by Section 128 of the Finance Act, 1999. The High Court dismissed the reference application holding that it had no power to condone the delay in … satisfied that the appellant was prevented by sufficient cause from presenting the appeal within the aforesaid period of 60 days, he can allow it to be presented within a further period of 30 days. In other words,

R (on the application of Davies and another) (Appellants) Vs. the Comm ...

Court : UK Supreme Court

Subject : Land Acquisition

made a distinct break in the pattern of his life in the UK. By section 11 of the Finance Act 1956 the position of the full-time employee or other worker abroad was strengthened by a provision (now in … LORD WILSON A. Introduction In 1999 the Inland Revenue, as it was then known and to which I will refer as the "Revenue", published … 2) [2008] UKHL 61, [2009] 1 AC 453, Lord Hoffmann, at para 60, applied the quoted words of Bingham LJ to a formal publication, namely