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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

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

Vijaya Bank Vs. Commissioner of Income Tax and anr.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1) and 41(4); ;Finance Act, 2001

Act, 1961 ['1961 Act', for short] read with Explanation thereto which Explanation stood inserted in 1961 Act by Finance Act, 2001 with effect from 1st April, 1989. The assessee carried the matter in appeal before the Commissioner of Income … could not be equated with the actual write off of the bad debt, as per the requirement of Section 36(1)(vii) of the Income Tax Act, 1961 ['1961 Act', for short] read with Explanation thereto which Explanation stood

The Commissioner of Income-tax and Vs. Vijaya Bank

Court : Karnataka

Subject : Direct Taxation

Acts : Finance Act, 2001; Income Tax Act - Sections 36(1) and 36(2)

and especially explanation to clause vii of Section 36(1) of the Act brought into effect from 1.4.1989 by Finance Act 2001?.In support of the same, reliance is placed on the finding of fact recorded by the Assessing Officer at

The Commissioner of Income Tax, Delhi-ii, New Delhi Vs. Motor General ...

Court : Delhi

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 10(2), 36(1), 115J, 119, 139(1), (4), 140A, 140A(1), 142(1), 143, 143(1), (3), 144, 147, 148, 154, 155, 156, 208, 210, 234A, 234B, 234C, 245D(1), (3), (4), 250, 254, 256(2), 260, 260A, 262, 263 and 264; DTL (Amendment) Act, 1987; DLT (Amendment) Act, 1989; Finance Act, 2000 - Sections 2; Taxation Laws (Amendment) Act, 2000; Taxation Laws (Amendment) Act, 2001; Evidence Act - Sections 114

Reported in : [2002]254ITR449(Delhi)

Matched in: Parties The Commissioner of Income Tax, Delhi-ii, New Delhi Vs. Motor General Finance Ltd.

Maruti Udyog Ltd. Vs. Dy. Cit

Court : Delhi

Subject : Direct Taxation

Reported in : [2005]92ITD120(Delhi)

provisions of section 14A could not be applied to the year under consideration since it was inserted by Finance Act, 2001 with effect from 11-5-2001; (ix) Alternatively, it was also pleaded that the learned CIT (A) has failed to … memorandum explaining Finance Bill 2001 reported at ; (ii) that the assessed is entitled to deduction under section 36(1)(iii) and section 14A does not take away such right of assessed; (iii) that tax authorities have failed to

Commissioner of Income Tax Vs. Balika Finance Co. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act - Sections 32A, 36, 36(1), 37, 37(3), 56, 57, 80AA, 80M and 80M(1); Finance Act, 2001 - Sections 14A

Reported in : (2008)215CTR(Mad)255; [2008]299ITR421(Mad)

Matched in: Parties Commissioner of Income Tax Vs. Balika Finance Co. Ltd.

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 … Limited reported in : 298 ITR 194 (SC) where it is held that the proviso inserted to Section 36(1)(iii) by Finance Act, 2003 with effect from 1-4-2004 has to be read prospectively with effect from 1-4-2004. Accordingly,

Commissioner of Income Tax Vs. Manjara Shetkari Sahakari Sakhar Karkha ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(19), 37(1), 40A(2), 80P and 260A; Maharashtra Co-operative Societies Act, 1960 - Sections 2(4), 65, 78 and 79A; Essential Commodities Act, 1955 - Sections 3(3); Co-operative Societies Act, 1912; Finance Act, 2001 - Sections 2(18), 2(24), 27(111). 36(1), 40, 45(3), 80L(1), 80P, 139(1), 193, 194A(3), 269T and 269

Reported in : (2008)214CTR(Bom)662; [2008]301ITR191(Bom)

27(111). 36(1)(ia), 40(ba), 45(3), 80L(1)(ii), (vi), (via), (viii), (ix), 80P, Expln. 1 (b)(1) to Section 139 (1)(prior to Finance Act, 2001), 193 (iib), 194A(3)(i), (v), 269T and 269 (VA). In these circumstances, it was held that under the IT

Jt. Commissioner of Income Tax, Valsad, Gujarat Vs. United Phosphorous ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32(1), 34(1), 36(1) and 260A; Finance Act, 2001

Reported in : (2008)215CTR(SC)13; [2008]299ITR9(SC); JT2008(2)SC399; 2008(2)SCALE387; (2008)2SCC478; 2008AIRSCW1289

take into account the scope of Explanation 5 to Section 32(1) of the 1961 Act, made by the Finance Act, 2001.5. Accordingly question No. (1) is answered in favour of assessee and against the Department and question No. … assets not put to use in the concerned financial year can be permitted as allowable deduction under Section 36(1)(iii) of the Income-tax Act, 1961?(2) Whether respondent-assessee had an option in law to claim partial depreciation in respect