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Assst. C.i.T., Vadodara Vs. Elecon Engineering Co. Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 36(1), 37, 43, 43(1), 43A and 50; Finance Act, 1967; Finance Act, 2002; Foreign Exchange Regulation Act, 1947 - Sections 2

Reported in : (2010)230CTR(SC)1

finance the purchase of plant and machinery.9. Section 43A, before its substitution by a new Section 43A vide Finance Act, 2002, was inserted by Finance Act, 1967 with effect from 1.4.1967, after the devaluation of the rupee on 6 … 43A requires the cost to be recomputed in terms of Section 43A for the purposes of depreciation (Sections 32 and 43(1)). A perusal of Section 43A makes it clear that insofar as the depreciation is concerned, it

Commissioner of Income-tax Vs. K.P. Chandradasan

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32(2), 68, 69, 69A, 69B, 69C, 139, 139(1), 139(4), 142(1), 143, 143(1), 144, 147, 148, 158BB, 158BC, 245D(4) and 260A; Finance Act, 2002

Reported in : (2009)226CTR(Ker)403; [2009]183TAXMAN23(Ker)

: [2007] 295 ITR 282 : [2008] 166 Taxman 18, contended that the amendment to Clause (a) by Finance Act, 2002 with effect from 1-7-1994, which requires completion of assessment prior to the date of commencement of search, was … Chapter, losses brought forward from the previous year under Chapter VI or unabsorbed depreciation under Sub-section (2) of Section 32 shall not be set off against the undisclosed income determined in the block assessment under this Chapter, but

Agricultural Produce Market Committee, Narela, Delhi Vs. Commissioner ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(1), 10, 10(20), 10(26AAB) and 260A; Finance Act, 2002; Cantonments Act, 1924 - Sections 3; General Clauses Act, 1897 - Sections 3(31); Delhi Agricultural Produce Marketing (Regulation) Act, 1998 - Sections 5, 22(1), 22(2), 62 65, 88, 88(1), 88(2) and 88(3); Delhi Development Act, 1957; Payment of Bonus Act, 1965 - Sections 32; Constitution of India (Seventy-third Amendment) Act, 1992; Constitution of India (Seventy-fourth Amendment) Act, 1992; Constitution of India - Articles 243, 243P, 243 and 243ZF

Reported in : (2008)218CTR(SC)433; [2008]305ITR1(SC); JT2008(10)SC17; 2008(11)SCALE540; (2008)9SCC434; 2008AIRSCW6285; 2008(6)Supreme520; 2008(11)SCALE540

the 1961 Act prior to its amendment by Finance Act, 2002 w.e.f. 1.4.03.10. Prior to the amendment by Finance Act, 2002, Section 10(20) of the Income-tax Act, 1961 provided as under:CHAPTER IIIINCOME WHICH DO NOT FORM PART OF TOTAL INCOMEIncomes … a 'local authority' as its employees stood outside the purview of Payment of Bonus Act, 1965. Under Section 32(iv) of the Payment of Bonus Act, 1965 it is stated that nothing in the said 1965 Act shall

Assistant Commissioner Of Income Tax (exemptions) Vs. Ahmedabad Urban ...

Court : Supreme Court of India

Subject : Land Acquisition

may, by notification in the Official Gazette, specify in this behalf:26. Section 10(20A) and 10(23) were deleted/omitted by Finance Act, 2002, w.e.f. 01.04.2003. While both these provisions are not directly relevant for deciding the primary question (i.e., as to … Development Act, 1962 (referred to as “GIDA”) 28 regulations framed under the GIDA, its constituting enactment, further to Section 32(2). As far as GHB is concerned, learned counsel submitted that like the other statutory corporations it was also

Assam Brook Ltd. Vs. Union of India (Uoi) and ors.

Court : Guwahati

Subject : ExciseCivil

Acts : Central Excise Tariff Act, 1985; Central Excise Act, 1944 - Sections 3 and 5A; Additional Duty of Excise (Goods of Special Importance) Act, 1957; Additional Duties of Excise (Textile and Textile Articles) Act, 1978; Finance Act, 1978 - Sections 32(4); Finance Act, 2002; Finance Act, 2003 - Sections 157 and 157(3); Central Excise Rules, 1944 - Rule 8 and 8(1); Punjab Sales Tax Act

of duty paid by the manufacturers of tea like the petitioners were granted. In the meantime by the Finance Act of 2002 the duty leviable on tea and tea-waste was brought down to Rs. 1 per kilogram. Thereafter, … duty of excise, by way of surcharge, at the rate of Rs. 1 per kg. was introduced by Section 157 of the Finance Act, 2003. The duty imposed, thereafter, was included in the First Schedule to the … in the negative holding that in view of the provisions of Section 32(4) of the Finance Act, 1978, the source of power to exempt the

Eastern Produce Co. Vs. the Income-tax Officer

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32(2), 80HHC, 132, 158BB, 158BD and 260A; Finance Act, 2002

Reported in : (2006)204CTR(Mad)104; [2006]286ITR353(Mad)

decided the matter on the basis of law then existing. The amendment came into force only by the Finance Act, 2002, with retrospective effect from July 1, 1995. Since the amendment has been given retrospective effect, we are of … without giving set off of brought forward loss under Chapter VI or unabsorbed depreciation under Sub-section (2) of Section 32. There is no mention about deduction under Section 80HHC of the Act. The assessment that is made with

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 … under the head Profits and gains of business or profession the Appellant did not claim any depreciation under Section 32 of the Act in respect of the assets of the said undertakings. Consequent thereto, the income which qualified

Ram Nath Jindal Vs. Cit

Court : Punjab and Haryana

Subject : Direct Taxation

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

has not been claimed by the assessee. This position is further obvious from the fact that in the Finance Act, 2001, Explnation 5 has been inserted in section 32(1)(ii) with effect from 1-4-2002. It has been inter alia

Cit Vs. N.R. Paper and Board Limited

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32(2), 80I, 80IA, 80I(7), 132(4), 158BB, 158BB(1), 158BB(4), 158BH and 256(1); Finance Act, 2002

Reported in : [2009]313ITR359(Guj)

the revenue it was submitted that the provisions of Section 158BB of the Act have been amended by Finance Act, 2002 with retrospective effect from 01.07.1995 whereby the reference to Chapter IV of the Act has been substituted with … without giving effect to set off of brought forward losses under Chapter VI or unabsorbed depreciation Under Section 32(2), as per the restrictions provided in Section 158BB(4) referred above and it has to be inferred that the

Cit Vs. Suman Paper and Boards Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32(2), 80I, 80IA, 80I(7), 132(4), 158BB, 158BB(1), 158BB(4), 158BH and 256(1); Finance Act, 2002

Reported in : (2009)221CTR(Guj)781; [2009]314ITR119(Guj)

the revenue it was submitted that the provisions of Section 158BB of the Act have been amended by Finance Act, 2002 with retrospective effect from 01.07.1995 whereby the reference to Chapter IV of the Act has been substituted with … without giving effect to set off of brought forward losses under Chapter VI or unabsorbed depreciation Under Section 32(2), as per the restrictions provided in Section 158BB(4) referred above and it has to be inferred that the