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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)

as income from other sources. She further pointed out that the amendment introduced under Section 14-A of the Finance Act, 2001, is retrospective from 1.4.1962; hence no deduction could be allowed in respect of the expenditure referable to the … the provisions of the Act. The computation as regards dividend income is to be made in accordance with Section 56 and 57.20. Under similar circumstances, the Bombay High Court, in the decision reported in 236 ITR 456 C.I.T.

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)96ITD1(Mum.)

by the Finance (No. 2) Act, 1991 with retrospective effect from 1-4-1972; insertion of section 14-A by the Finance Act, 2001 with retrospective effect from 1-4-1962; Explanation to section 36(1)(viii) by Finance Act, 1992 with retrospective effect from 1-4-1987 … Section 10(23D) also employed expression "income of mutual fund". The learned special counsel argued that the provisions of section 56(2)(i) would not, therefore, apply to an income received from a mutual fund in relation to any units of

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

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 … for the Appellant urged that the Supreme Court had categorically held in CIT v. Mahendra Mills 243 ITR 56 that the assessee had an option to disclaim deduction in respect of the depreciation while computing its income

Ram Nath Jindal Vs. Cit

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2001)170CTR(P& H)251

Matched in: Citation (2001)170CTR(P& H)251

Bangalore Turf Club Ltd. Vs. Union of India

Court : Karnataka

Subject : Direct Taxation

is made clear by Section 74A(3). 7.4 He would contend that the change that was brought about by Finance Act, 2001 was to introduce tax deduction at source on winnings from 'card game and other game of any sort'. … cannot be brought within this definition clause. 5.1. He would also draw the attention of the Court to Section 56 of the Act that income enumerated under Section 2(24)(ix) is chargeable to tax in terms of Section 56(2)(ib)

Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

Subject : Education

is made clear by Section 74A(3). 7.4. He would contend that the change that was brought about by Finance Act, 2001 was to introduce 32 tax deduction at source on winnings from ‘card game and other game of any … be brought within this definition clause. 15 5.1. He would also draw the attention of the Court to Section 56 of the Act that income enumerated under Section 2(24)(ix) is chargeable to tax in terms of Section 56(2)(ib)

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 … shares were acquired by the assessee in earlier year when-dividend was taxable under the head 'Other sources' under Section 56 and interest paid by the assessee has been claimed and allowed in earlier years as having been incurred

Bhagwatilal G. Shah Vs. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 5(1), 10, 14, 15, 17(1), 17(3), 17(3)(1), 56, 57, 80R and 256(1); Finance Act, 2001

Reported in : (2005)196CTR(Guj)8; [2005]277ITR277(Guj)

invited attention to the amendment brought on the statute book with effect from 1st April 2002 by the Finance Act, 2001, whereunder Clause (iii) came to be inserted in Section 17(3) of the Act, to contend that, till 31st … disallowed.11. The amount of Rs.15,000/- has been brought to tax under the head 'income from other sources' under Section 56 of the Act. In the circumstances, whether the amount of Rs.7,500/- can be allowed as a deduction is

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

by the Finance (No. 2) Act, 1991 with retrospective effect from 1.4.1972; insertion of Section 14-A by the Finance Act, 2001 with retrospective effect from 1.4.1962; Explanation to Section 36(1)(viii) by Finance Act, 1992 with retrospective effect from 1.4.1987 … Section 10(23D) also employed expression "income of mutual fund". The learned special counsel argued that the provisions of Section 56(2)(i) would not, therefore, apply to an income received from a mutual fund in relation to any units of