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Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2006)98ITD119(Ahd.)

under Section 36(1)(vii) would be treated as complied with.However, Explanation has been inserted below Section 36(1)(vii) by the Finance Act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify … Ahmedabad Bench of Tribunal in the case of Patel Bros. v.Dy. CIT [IT Appeal No. 2326 (Ahd.) of 2000, dated 7-2-2000] in which one of us (AM) was a party. In this decision, after detailed review of … law on the subject and taking into consideration Explanation appended below Section 37(1) by the Finance (No. 2) Act, 1998 with retrospective effect, it has

Shree Fats and Proteins Ltd. Vs. Union of India (Uoi) and ors.

Court : Rajasthan

Subject : Sales Tax

Acts : Finance Act, 2000 - Sections 119 and 120; Central Sales Tax Act, 1956 - Sections 9, 9(2), 9(2A) and 9(2B); Rajasthan Sales Tax Act, 1994 - Sections 29, 37, 53, 58, 70 and 70(2); Rajasthan Sales Tax Act, 1954 - Sections 12; Kerala General Sales Tax Act, 1963 - Sections 23(3); Constitution of India - Articles 14, 19 and 19(1)

Reported in : [2006]146STC310(Raj)

numbering 29, the petitioners have challenged the provisions of Sub-clause (2)(d) of the validation Clause 120 of the Finance Act, 2000 (Act No. 10 of 2000) be declared to be violative of Articles 14 and 19(l)(g) of the Constitution … Section 120 of the Finance Act cannot be made by way of rectification beyond the limitation provided Under Section 37 of the Rajasthan Sales Tax Act. Rectification could be made only within the period of three years from

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 … amount which is paid on account of interest against excess advance and cash discount should be allowed under section 37(1) of the Income Tax Act.4(i) The learned Commissioner (Appeals) further erred in confirming the action of the assessing

Ethnor Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 37, 37(3A), 37(2B) 37(3B), 37(1), 37(3) and 40A; Companies (Profits) Surtax Act, 1964

Reported in : (2003)181CTR(Bom)550; [2003]260ITR401(Bom)

as may be prescribed.22. Sub-sections (3A) to (3D) were introduced to Section 37 of the Act by the Finance Act, 1978, with effect from April 1, 1979, and are accordingly applicable to the assessment years 1979-80 and 1980-81.

Chandraprabha Charitable Trust Vs. State of Kerala

Court : Kerala

Subject : Direct Taxation

Acts : Kerala Agricultural Income Tax Act, 1991 - Sections 35, 35(1), 35(2), 37(5), 39, 39(1), 39(6), 41 and 41(2); Finance Act, 2000; Income Tax Act, 1961

Reported in : (2007)209CTR(Ker)432; [2007]292ITR122(Ker)

as a return filed under Section 35(1) of the Act. This position is made very clear by the Finance Act, 2000 by adding Explanation to Section 39(6). Explanation was made effective from 11th April, 1991. Explanation and the time-limit … be liable to pay interest as provided under Sub-section (4) and penalty as provided under Sub-section (5) of Section 37 on the balance of tax payable in accordance with the order of the IT authority on the expiry

Abn Amro Bank Nv Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2005)96TTJ(Kol.)1041

contrary view overruling the Tribunal decision considering the Explanation to Section 90(2) of the Act, inserted by the Finance Act, 2001." 39. The relevant facts relating to this issue are that the AO had levied tax in this … has been modified by the Board vide subsequent letter dt. 24th March, 2000. It has been clarified therein that action could be taken by the … virtue of Section 40(a)(i) as part of remuneration.The learned counsel contended that the deduction may be considered under Section 37 for the expenditure having been incurred for the purposes of business.30. The learned Departmental Representative, on the other

Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2006)102TTJ(Ahd.)375

the Income-tax Act and contended that Explanation to Section 36(1)(vii) applied in this case was introduced, by the Finance Act, 2001 with retrospective effect from 1.4.1989. The aforesaid Explanation, was not applicable when the return for the relevant … which provides that any provision for bad and doubtful debt would not qualify as permissible deduction Under Section 37(1)(vii) of the IT. Act. 6. The Hon'ble Gujarat High Court in the case of Sayaji Iron and Engg.

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2007)288ITR226(Hyd.)

in Part III of First Schedule of the Finance Act, 1999, have also been correspondingly introduced in the Finance Act, 2000, in Part I of the First Schedule, so as to make it applicable to assessment year 2000-2001 which … vide Broom's Legal Maxim, 10^th Edn. 2001, pg. 348. The Tribunal observed: 37. The above discussion reveals that the Legislature has made independent substantive provisions … reference arises out of the appeal, against the assessment order passed by the DCIT, Central Circle-I, Hyderabad under Section 158BC of the Income-tax Act for the block period from 1.4.1989 to 18.11.1999, dated Nil, stated in the

Commissioner, Income-tax Vs. Ashok Kumar Manibhai Patel and Co.

Court : Madhya Pradesh

Subject : Direct Taxation

Reported in : (2008)214CTR(MP)344; [2009]317ITR386(MP)

from October 1, 1967, by the Taxation Laws (Amendment) Act, 1967 and Explanation 2 inserted therein by the Finance Act, 1983, retrospectively, with effect from April 1, 1976, while Sub-section (2B) was inserted with effect from April 1, … by the Department. In our view, the Board's circular dated March 27, 2000 is very much applicable even to the old references which are still … that in the fact and circumstances of the case, the Commissioner ignored the provisions of explanation 2 to Section 37(2A) of Income-tax Act 2. The facts which are essential to be stated are that the assessee is a

Ms Md Overseas Limited Vs. Director General of Income Tax and Others

Court : Allahabad

Subject : Criminal

Acts : Income Tax Act, 1961 - Section 132(1) clauses (i) to (v), 127, 147; SEZ Act - Section 22; Income Tax Rules, 1962 - Sub-Rule (2) of rule 112; Code of Criminal Procedure (CrPC) , 1973 - section 132(1) or (1A). 165; RTI Act - Section 24; Evidence Act - Section 75, 123, 125; Constitution Of India - Article 21

question of relevancy was neither raised nor considered by the Supreme Court; The Pratap-Singh case was decided before Finance Act, 1995 was enforced. At that time, the illegality of search did not make any difference.8 Now it makes … of India had announced a Special Economic Zone (SEZ) Scheme in April, 2000 with a view to provide an internationally competitive environment for exports. The … producing the records. 90. The facts of the Pratap-Singh case were as follows: A search was conducted under section 37 of Foreign exchange Regulation Act, 1973 (FERA). Some documents as well as foreign currency found in the search