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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

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 out … total income of the previous years falling within the block period computed, in accordance with the provisions of Chapter IV. on the basis of evidence found as a result of search or requisition of books of account or

Dabur India Limited Vs. Commissioner of Income Tax

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 5, 6, 9, 14, 28, 29, 30 to 43D, 59, 71, 72(1), 72(2), 73(3), 80A, 80A(1), 80AB, 80B, 80B(5), 80C to 80U, 80IB, 80HHC, 143(1), 143(2) and 260A; Taxation Laws (Amendment and Miscellaneous Provisions) Act; Finance Act, 2001; Finance Act, 1988

Reported in : 219(2008)DLT152

decide in Vahid Papers Converters (supra) was, whether Explanation 5 to Section 32 of the Act inserted by Finance Act, 2001 was clarificatory in nature and hence, would apply to earlier years as well. The ITAT considered it unnecessary … not required to be included in the total income of the previous year in respect of an assessee. Chapter IV of the Act contains provisions beginning with Section 14 and ending with Section 59. The provisions of Chapter

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

Court : Supreme Court of India

Subject : Land Acquisition

Gupta formulated two points for consideration, viz.; “1. Whether on the facts and circumstances of this case, the Finance Act, 2001 was applicable to “block assessment” under Chapter XIVB in respect of search carried out on January 17, 2001?.2. … total income of the previous years falling within the block period computed, in accordance with the provisions of Chapter IV, on the basis of evidence found as a result of search or requisition of books of account or

Plastiblends India Ltd., a Company Incorporated Under the Companies Ac ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 29 to 43A, 72, 80A, 80AA, 80AB, 80B(5), 80E, 80HH, 80HH(6), 80HH(7), 80I, 80IA, 80IA(5), 80IA(8), 80IA(10), 80IB, 80IB(13), 143(1), 143(3), 147 and 260A; Companies Act, 1956; Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 - Sections 34(1); Finance (No. 2) Act, 1980; Finance Act, 2001 - Sections 5

Reported in : (2009)223CTR(Bom)291; [2009]178TAXMAN397(Bom)

the Act which continued till the assessment year 2002-2003, when explanation to Section 5 was inserted by the Finance Act 2001 with effect from 1.4.2002 and, therefore, the Tribunal erred in holding that omission of Section 34(1) by Taxation … in the return for the normal computation of income has to be allowed while computing the deductions under Chapter VI-A viz. Sections 80HH, 80-IA, 80-IB etc. of an industrial undertaking?9. The Special Bench by its order dated … that since depreciation has been rightly disclaimed while computing income under Chapter IV-D of the Act, such profits computed in accordance with Sections 29 to

Asia Satellite Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Miscellaneous

Reported in : (2003)85ITD478(Delhi)

of stress was laid on the insertion of Clause (iva) to Expln. 2 to Section 9(1)(vi) by the Finance Act, 2001, w.e.f. 1st April, 2002. It was stated that this clause includes the use of any industrial, commercial or … The non obstante clause in this section excludes the operation of Sections 28 to 44C of the Act. Chapter XII of the IT Act dealing with the determination of tax in certain special cases, contains Section 115A … year in accordance with and subject to the provisions of this Act.Chapter IV of the IT Act containing different heads starts with Section 14, which

Commissioner of Income Tax 5 Mumbai Vs. M/S. Essar Teleholdings Ltd. T ...

Court : Supreme Court of India

Subject : Land Acquisition

be understood before correctly appreciating the nature and purport of Rule 8D. Section 14A was first inserted by Finance Act, 2001 with retrospective effect w.e.f. 01.04.1962. Section 14A as originally inserted reads as under:­ “14A. Expenditure incurred in relation … to income not includible in total income. ­- For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which … Civil Appeal No.2165 of 2012. FACTS Civil Appeal No. 2165 of 2012 4. This appeal has been filed against the judgment of Bombay High Court

The Dcit Vs. Tata Investment Corporation Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

separately and the heads of income are as under: Section 14A of the I.T.Act was inserted by the Finance Act, 2001 with retrospective effect from 01.04.1962, which provided as under: Section 14A - For the purpose of computing the … assessee company which is an investment company.8. We have hard the rival submissions and perused the records. Under Chapter IV of the I.T. Act, heads of income are provided as enumerated in Section 14 of the I.T.Act. Section

Assistant Commissioner of Income Vs. Tamil Nadu Silk Producers

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (2007)105ITD623(Chennai)

w.e.f. 1st April, 1962 by the Finance Act, 2001 for the purposes of computing the total income under Chapter IV and no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to such … which reads as under: Restriction on reopening of completed assessments on account of provisions of Section 14AClarification regardingThe Finance Act, 2001, has inserted Section 14A in the IT Act, 1961, wherein it was specifically provided that no deduction shall

Maxopp Investment Ltd and ors. Vs. Commissioner of Income Tax and ors.

Court : Delhi

Subject : Income Tax

Acts : Income Tax Act, 1961 - Sections 260A, 14A; Income Tax Rules, 1962 - Rule 8D; Finance Act, 2002

act but also to notice its legislative history. Section 14A was inserted into the said Act by the Finance Act, 2001 with retrospective effect from 01/04/1962."Expenditure incurred in relation to income not includible in total income .14A. For the … total income under this Chapter" which makes it clear that various heads of income as prescribed in the Chapter IV would fall within section 14A. The next phrase is, "in relation to income which does not form part

Dcit Vs. S.G. Investments and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2004)89ITD44(Kol.)

Act." 9. A new Section 14A in Chapter IV of the Income-Tax Act, 1961 was inserted by the Finance Act, 2001, with retrospective effect from 1-4-1962. The Circular No. 14 of 2001, dated 22-11-2001 issued by the CBDT and