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South Indian Bank Ltd. Vs. the Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act - Sections 28, 36(1), 139, 142(1), 143(1), 143(1A), 143(3) and 156; Finance Act, 2001

Reported in : [2009]316ITR306(Ker); 2008(3)KLT326; [2009]176TAXMAN277(Ker)

debatable issue and is ceased to be so only by virtue of Explanation introduced to Section 36(1)(vii) by Finance Act 2001 with effect from 1.4.1989. The contention of counsel for the appellant is that as on date of completion … shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28:.(vii) subject to the provisions of Sub-section (2), the amount of any bad debt or part thereof which is

Director of Income Tax (international) Taxation Vs. Oman International ...

Court : Mumbai

Subject : Direct Taxation

Acts : Direct Tax Laws (Amendment) Act, 1987 - Sections 28, 36, 36(1) and 36(2); Finance Act, 2001

Reported in : 2009(5)BomCR416; (2009)223CTR(Bom)382; [2009]313ITR128(Bom); [2009]184TAXMAN314(Bom)

thereof exceeds the credit balance in the provision for bad and doubtful debts account made under that clause.The Finance Act, 2001 inserted the following Explanation after the proviso to Section 36(1(vii):Explanation - For the purposes of this clause, any … be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28--(i) ... (ia) ... (ib) ... (ii) ... (iia) ... (iii) ... (iiia) ... (iv) ... (v) ... (vi)

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 … other sources. 9.4 In the instant case, we are concerned with 'profits and gains of business or profession'. Section 28 of the Act provides that, amongst others, income from 'profits and gains of business or profession' which was

Plastiblends India Limited a Company Incorporated Under the Companies ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 5, 14, 28, 29, 30 to 43D, 66 to 80, 80A to 80B, 80B(5), 80C to 80U, 143(1) and 260A; Companies Act, 1956; Finance Act, 2001 - Sections 32(1); ;Finance Act, 2003 - Sections 36(1); Customs Act, 1962 - Sections 75

Reported in : 2009(111)BomLR4592; (2009)227CTR(Bom)1; [2009]318ITR352(Bom); 2010(1)MhLj526; [2009]185TAXMAN187(Bom)

assessee when not claimed by the assessee.27. Mr. Dastur referred to Explanation 5 to Section 32(1) inserted by Finance Act 2001 with effect from 1-4-2002, which reads thus:Explanation 5. - For the removal of doubts, it is hereby declared … following heads of income:A.- Salaries.B.-[*******]C.-Income from house property.D.-Profits and gains of business or profession.E.-Capital gains.F.-Income from other sources.18. Section 28 in Chapter IV of the Act sets out various incomes that are chargeable to income-tax under the head

Commissioner of Customs, Mumbai Vs. M.M.K. Jewellers and anr.

Court : Supreme Court of India

Subject : Customs

Acts : Customs Act, 1962 - Sections 11A, 18, 28, 28AB, 28(1), 28(2), 28(3), 72(1), 108, 111, 112, 114, 114A, 130E, 135, 135A, 140 and 143(3); Finance Act, 2000

Reported in : 2008(127)ECC1; 2008(153)LC1(SC); 2008(225)ELT3(SC); 2008(4)SCALE417; (2008)5SCC617; 2008AIRSCW2353

interest under Sub-section (2) of Section 28 relates to notices issued prior to the date on which the Finance Act, 2000 receives the assent of the President;(ii) any amount paid to the credit of the Central Government prior … interest had become payable or ought to have been paid before the date on which the Finance Bill, 2001 receives the assent of the President.(3) For the purposes of Sub-section (1), the expression 'relevant date' means,(a) in

Associated Cement Companies Ltd. Vs. State of Jharkhand and ors.

Court : Jharkhand

Subject : Sales Tax

Acts : Bihar Finance Act, 1981 - Sections 14; Bihar Sales Tax Rules, 1983 - Rule 3(4); Constitution of India - Article 215; Contempt of Courts Act, 1971 - Sections 2

Reported in : [2004(2)JCR594(Jhr)]; [2005]139STC62(Jharkh)

P.K. Balasubramanyan, C.J.1. The writ petitioner was a assessee under the Bihar Finance Act. The writ petitioner, among other things, manufactures and sells cement. It had two factories for manufacture of cement … Court directed the Commissioner to dispose of the application by a reasoned order in CWJC No. 1188 of 2001. On 28.7.2001, a consolidated registration was issued to the Cement Marketing Division of the Company excluding the two … Chaibasa. Both the units at Sindri and Chaibasa had separate registrations under Section 14 (corresponding to present Section 13) of the Bihar Act. The Company

Tonira Pharma Ltd. Vs. Commissioner of C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Subject : Service Tax

of introduction of Sub-section (2A) in Section 9A of the Customs Tariff Act. JA.1 Section 118 of the Finance Act, 2001 introduced Sub-section (2A) to Section 9A in Customs Tariff Act, 1975 which is reproduced below: (2A) Notwithstanding anything … Section 114A of the Customs Act can be imposed only when the demand is confirmed under proviso to Section 28 of the Customs Act. Appellants crave leave to refer to and rely upon the submissions made in the

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2007)106TTJ(Mum.)855

the object of introduction of Section 14A with the submission that Section 14A has been inserted by the Finance Act, 2001 with retrospective effect from the 1st day of April, 1962 to nullify the decision of the Supreme Court … of group companies. Therefore, such transactions could not be regarded as carrying on business for the purpose of Section 28. It was conceded that object of making investment in the shares for earning dividend was only incidental but

United Phosphorus Limited Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2001)73TTJ(Ahd.)404

Matched in: Citation (2001)73TTJ(Ahd.)404

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)

justification for the levy of surcharge. The learned counsel further submitted that eventhough there was a reference in Finance Act, 2001 for levy of surcharge over and above the Income tax prescribed under Section 113 of the I.T. Act, … counsel also submitted that the Madras Bench of this Tribunal in the latest unreported decision in IT(SS) A.No. 28(Mds)/2003 held that the amended proviso to Section 113 will have prospective operation and therefore, there cannot be any