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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 … Act, 2006 which was to the following effect:“1(2). Save as otherwise provided in this Act, Sections 2 to 57 shall be deemed to have come into force on the 1st day of April, 2006.” Rule 8D which

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 … exclusively for the purpose of making or earning dividend income, the interest so paid must be deducted under Section 57(iii) before computing the benefit under section 80M.15. This Court further pointed out that dividend could have been earned

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 … was assessed under the head 'income from other sources' and hence, deduction, if any, was permissible only under Section 57(iii) of the Act. That, in the instant case, the assessee had already earned at least a part of

State Bank of India Vs. Central Board of Direct Taxes

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(10C), 15, 16, 17, 17(3), 17(3)(1), 57, 89, 89(1) and 201(1A); Finance Act, 2001; Income Tax Rules - Rule 21A

Reported in : (2006)201CTR(Ker)492; [2006]282ITR587(Ker); 2006(1)KLT258

person; or(B) after cessation of his employment with that person.Sub-clause (iii) of Section 17(3)(i) was inserted by the Finance Act, 2001 with effect from 1.4.2002.9. The Revenue has already raised a contention that since the term 'voluntary retirement' has … of a sum in the nature of family pension as defined in the Explanation to Clause (iia) of Section 57, being paid in arrears, due to which his income is assessed at a rate higher than that at

Shri Pradeep Kar, Managing Director, Micro Land Limited Vs. the Asst. ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act - Sections 10(33), 14A and 57; Finance Act, 2001

Reported in : [2009]319ITR416(KAR); [2009]319ITR416(Karn)

do not form a part of total income of the assessee. The provisions of Section 14A introduced by Finance Act 2001 w.e.f. 1.4.62 retrospectively bars allowing any expenditure in respect of income which is not includible in the total … wherein, it is held that interest paid on money borrowed for investment in shares is deductible under Section 57(iii) of Income Tax Act, which requires that the expenditure must be laid out or expended wholly and exclusively

A.H. Baldota Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)103TTJ(Mum.)517

the same has to be disallowed. He also submitted that Section 14A was introduced in the statute by Finance Act, 2001, w.r.e.f. 1st April, 1962 making it possible for the AO to disallow claim of expenditure incurred in earning … however, disallowed the payment of interest on the grounds that : (i) Interest payment cannot be allowed under Section 57 because it was not related to earning any interest. The loan taken from M/s Greater Bombay Co-op. Bank

Rama Newsprints and Paper Ltd. and Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Subject : Service Tax

Reported in : (2006)(104)ECC541

pending till such time an appropriate legislation to validate action is enacted. Thereafter by Section 131 of the Finance Act, 2001 Section 38-A was inserted in the Central Excise Act, 1944 providing that any amendment, repeal, suppression or rescinding will … against, the denial of credit amounting to Rs. 12,85,33,777/- and imposition of penalty of equal amount under Rule 571U(6) on the manufacturing unit namely M/s. Rama Newsprints & Paper Ltd, imposition of penalty of Rs. three crore

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 … whether shares were held by the assessee as investment or stock-in-trade as provided in Section 56 of the Act.Section 57 of the Act provides for certain deductions in computing the income chargeable under the head "Income from other

Harish Krishnakant Bhatt Vs. the Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2004)91ITD311(Ahd.)

incurred in respect of income not forming part of total income under the Act. It was introduced by Finance Act 2001 with retrospective effect from 1-4-1962 and it reads as under:- "14A-For the purposes of computing the total income … above the contentions of the assessee are rejected and his claim for interest expense of Rs. 5,69,739/- Under Section 57(iii) is disallowed and the same is added back to his total income." 5. The CIT(A) upheld the disallowance

M/S Wipro Limited Vs. The Deputy Commissioner of Income Tax

Court : Karnataka

Subject : Direct Taxation

not form part of total income”. It may be noted that when section 10A was recast by the Finance Act, 2001, Parliament was aware of the character of relief given in Chapter III. Chapter III deals with - 66 … or arises to him outside India during such year”. The proviso speaks about a person not ordinarily resident.-. 57 - 43. Chapter III deals with Incomes which do not form part of Total Income. One such income