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Commr. of Income Tax Vs. Gujarat Maritime Board

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Gujarat Maritime Board Act, 1981 - Sections 3(2), 25, 26, 73, 74 and 75; General Clause Act, 1897 - Sections 3(31); Income Tax Act, 1961 - Sections 2(15), 10(20), 11, 11(1), 11(4), 11(16), 12A and 60 to 63; Finance Act, 2002; Gujarat Maritime Board Act, 1981; Indian Ports Act, 1903 - Sections 36; Banking Companies Acquisition and Transfer of Undertaking Act, 1970 - Sections 2; Public Trust Act

Reported in : (2008)214CTR(SC)81; [2007]295ITR561(SC); 2007(14)SCALE21; 2007AIRSCW7912; 2008(3)KCCRSN199

income of the Board was not eligible to income-tax under Section 10(20) or the Income-tax Act, 1961.3. By finance Act, 2002, an Explanation was added in Section 10(20) by which 'Local Authority' was defined. It gave a restricted meaning … by it as the Conservators of the Ports and of their approaches or as the body appointed under Section 36 of the Indian Ports Act, 1903 shall be credited to a fund called the General Account of the

Commissioner of Income Tax, Rajkot Vs. Gujarat Siddhi Cement Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A, 33, 35(1), 35A, 36(1), 41(1), 43, 43A, 43A(1), 43A(2), 48, 50 and 260A; Finance Act, 2002; Finance Act, 1967 - Sections 43A; Direct Tax Laws (Amendment) Act, 1987; Foreign Exchange Regulation Act, 1947 - Sections 2

Reported in : (2008)220CTR(SC)217; [2008]307ITR393(SC); 2008(13)SCALE742

Section 33. It is to be noted that Section 43A in the present form was substituted by the Finance Act, 2002 w.e.f. 1.4.2003. Prior to its substitution Section 43A as inserted by the Finance Act, 1967 w.e.f. 1.4.67 and … of Sub-section (1) of Section 35 or in Section 35A or in Clause (ix) of Sub-section (1) of Section 36, or, in the case of a capital asset (not being a capital asset referred to in Section 50),

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 … with the purchase of a capital asset (plant and machinery), hence, it was not admissible for deduction under Section 36(1)(iii) or under Section 37 of the Act. On appeal, the CIT (A) held that the roll over premium

Deputy Commissioner of Income Tax Vs. Electropack [Alongwith Misc.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2005)94TTJ(Ahd.)973

July, 1995, the proceedings initiated are not proper and just. 3. As per the amendment made by the Finance Act, 2002, to Section 158B, the definition of "undisclosed income" is reproduced as under: 158B(b) : 'undisclosed income' includes any … apex Court in the case of Kunhayammed and Ors. v. State of Kerala and Anr. (2000) 245 ITR 360 (SC).8. While arguing the case on merit, the learned Authorised Representative submitted that the Tribunal has not decided

Commissioner of Income Tax, Delhi Vs. Woodward Governor India P. Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 29, 30 to 43D, 48, 50, 56, 143, 143(1), 143(2), 144, 145, 145(1), 145(2) and 145(3); Finance Act, 2002; Companies Act - Sections 209; Finance Act, 1967

Reported in : (2009)223CTR(SC)1; [2009]312ITR254(SC); JT2009(5)SC378; 2009(5)SCALE198; (2009)13SCC1; [2009]179TAXMAN326(SC); 2009(3)LC1519(SC); [2009] 5 SCR 738

Counsel next contended that on a proper and true interpretation of the amendment to Section 43A, introduced by Finance Act, 2002, Section 43A is clarificatory. According to the learned Counsel, the occasion for the clarificatory amendment arose in view of … of Sub-section (1) of Section 35 or in Section 35A or in Clause (ix) of Sub-section (1) of Section 36, or, in the case of a capital asset (not being a capital asset referred to in Section 50),

Assistant Commissioner of Income Vs. Apsara Processors (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2005)92TTJ(Ahd.)645

is loss having regard to the amendment made by the Taxation Laws (Amendment) Act, 1975, and by the Finance Act, 2002 ?" 2. The facts which are common in all the cases are that all the assessees have furnished … when Expln. 4 was in the statute. One more aspect needs to be mentioned. By the Finance Bill, 2002, Section 271 of the IT Act has been amended vide Clause 97. By Clause 97(f) of the Finance Bill, … 320 (Ahd)(Mag) (v) Shri Khedut Sahakari Khand Udyog Mandli v. ITO, (1990) 36 TTJ (Ahd) 81H.T. Power Structures Ltd., v. Asstt. CIT, (1993) 47 TTJ

Unique Engineering Works Vs. Union of India (Uoi) and ors.

Court : Uttaranchal

Subject : BankingSICA

Acts : Constitution of India - Article 226; Debt Recovery Tribunal Act, 1993; ;Sick Industrial Companies (Special Provision) Act, 1985 - Sections 15 and 22; Impunged Act, 2002; Non-performing Asset Act, 2002 - Sections 2, 2(1), 5, 9, 12, 13(2), 13(4), 13(5), 13(8), 13(13), 17(2), 19 and 31; Contract Act, 1872 - Sections 172; Debt Recovery Tribunal (Amendment) Act, 2003; Code of Civil Procedure (CPC) , 1908 - Sections 60

Reported in : II(2004)BC241

India.9. Mr. Bansal, learned Advocate for the petitioner in Writ Petition No. 925 of 2003 submitted that under Section 36 of the impugned NPA Act, 2002 no secured creditor is entitled to invoke Section 13(4) of the impugned … Extraordinary and urgent situations demand extraordinary remedial measures particularly in economics and finance. With globalization, India has become a signatory to various International Conventions, which … C.P.C., any security interest created in agricultural land etc. as mentioned in Section 31 of the impugned NPA Act, 2002. Section 5 of the impugned NPA Act, 2002 deals with acquisition of rights/interest in financial assets. Under Section 5,

National Dairy Development Board Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2008)114TTJ(Ahd.)145

profits or gains derived.2. With effect from 1st April, 2003 the said Section 44 was omitted by the Finance Act, 2002 and the present assessment year chargeable to tax is asst. yr. 2003-04, the appeal of which is before … the meaning assigned to it in Clause (ii) of the Explanation to Clause (viia) of sub-Section (1) of Section 36; (e) 'State financial corporation' means a financial corporation established under Section 3 or Section 3A or an institution

Aquarius Travels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2008)111ITD53(Delhi)

it was submitted by the learned Counsel that the proviso to Section 14A which was introduced by the Finance Act, 2002 w.e.f. 11th May, 2001 provides that while completing the assessment relating to assessment year prior to asst.yr. 2001-02, … the year under consideration, since the loan had been borrowed for business purposes, the conditions set out in Section 36(1)(iii) of IT Act are satisfied and therefore the interest is allowable.8.2. The AO, after considering the relevant material

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2006)98ITD119(Ahd.)

under Section 36(1)(vii) would be treated as complied with.However, Explanation has been inserted below Section 36(1)(vii) by the Finance Act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify