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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 … the rate of exchange in respect of loans taken for revenue purposes could be allowed as deduction under Section 37(1) in the year of fluctuation in the rate of exchange or whether the same could only be allowed

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 … after detailed review of the case law on the subject and taking into consideration Explanation appended below Section 37(1) by the Finance (No. 2) Act, 1998 with retrospective effect, it has been held that the twin facet

K.R. Palanisamy and ors. Vs. Union of India (Uoi) and ors.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 10, 44BBB, 44AC, 44AD, 45, 48, 50(2), 50C, 50C(2), 50C(3), 52(2), 53, 54, 54B, 54E, 54EA, 54EB, 54F, 54G, 54H and 206C; Finance Act, 2002; Stamp Act, 1899 - Sections 47A, 47A(1), 47A(5), 47A(10) and 75; Wealth Tax Act, 1957 - Sections 2, 16A(1), 16A(2), 16A(3), 16A(4), 16A(5), 16A(6), 23A, 23A(1), 23A(6), 23A(7), 24(5), 34AA, 35 and 37; Registration Act, 1908; Stamp (Tamil Nadu Amendment) Act, 1967; Rajasthan Sales-tax Act - Sections 4A; Constitution of India - Articles 14, 246 and 265; Tamil Nadu Stamp (Prevention of Undervaluation of Instruments) Rules, 1968 - Rules 4 and 5

Reported in : (2008)219CTR(Mad)323; [2008]306ITR61(Mad); [2009]180TAXMAN253(Mad)

J.1. In all these cases, the constitutional validity of Section 50C of the IT Act, 1961 introduced by Finance Act, 2002 with effect from the asst. yr. 2003-04 is questioned.2. The grounds of attack and argument made for and … and Sub-sections (6) and (7) of Section 23A, Sub-section (5) of Section 24, Section 34AA, Section 35 and Section 37 of the WT Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference

Commissioner of Income Tax Vs. Woodward Governor India Pvt. Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 33, 37, 43, 43A, 43(1), 43(2), 145, 145(1) and 145(2); Companies Act - Sections 209(3); Income Tax Act, 1922 - Sections 10(2) and 10(5); Finance Act, 1967; Finance Act, 2002

Reported in : (2007)210CTR(Del)354; 142(2007)DLT650; [2007]294ITR451(Delhi)

arises is whether the Appellant is right in contending that amendment to Section 43-A brought about by the Finance Act, 2002 with effect from 1-4-2003 is merely clarificatory and, thereforee, retrospective. One reason for this contention is that the … increase or decrease the liability on revenue account. It would qualify as business expenditure and thereforee allowable under Section 37 of the Act despite the fact that the liability has not been discharged in the concerned previous year.

Sri Shanmuga Bleaching Works Vs. the Registrar, Customs Excise and Ser ...

Court : Chennai

Subject : Excise

Acts : Central Excise Act, 1944 - Sections 11A(1), 35C(2) and 37; Finance Act, 2002 - Sections 140; Central Excise Rules, 1944 - Rules 9(2), 52A, 57F(4A), 57G, 173Q and 226

Reported in : 2006(194)ELT151(Mad); (2006)1MLJ222

time the application was filed, the provisions of Section 35C(2) had been amended by Section 140 of the Finance Act, 2002 with effect from 11.5.20 02, by which time, the period of four years was reduced to 6 months.9. … available thereto gets worked out or until those goods existed. In that background, this Court held that by Section 37 of the Act, the authorities concerned cannot make a rule which could take away the said right on

Oil and Natural Gas Corporation Ltd., Dehradun Through Managing Direct ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax, Act, 1961 - Sections 37(1), 43A and 43(1); Finance Act, 2002

Reported in : 2010(2)SCALE114

making payment' and not 'on payment' which is now brought in by amendment to Section 43A, vide the Finance Act, 2002.Opining that the amendment of Section 43A of the Act by the Finance Act, 2002 with effect from 1st … rate of exchange in respect of loans taken for revenue purposes could be allowed as deduction under Section 37(1) of the Income Tax, Act, 1961 (for short 'the Act') in the year of fluctuation in the rate

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 … 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 charge(s) incurred by the

Aryan Ispat and Power Pvt. Ltd. Vs. Union of India and ors.

Court : Orissa

Subject : Excise

Acts : Central Excise Act - Rules 12(CC), 8(1), 3(4), 11(A)(1), 37, 3; The Cenvat Credit Rules; Constitution of India - Articles 20, 19(1)(g), 226, 227

matter stood thus, the Finance Bill, 2010 was placed in the Parliament on 26.02.2010 introducing an amendment to Section 37 of the Central Excise Act authorizing to make Rules to provide for withdrawal of facilities or imposition of … 1. This writ petition has been filed for declaring Rule 12CC of the Central Excise Rules, 2002 (for short, “CE Rules, 2002”), Rule 12AA of the Cenvat Credit Rules, 2004 (for short, “CC Rules, 2004”)

Salem Textiles Limited Vs. Authorized Officer of Phoenix Arc Private L ...

Court : Chennai

Subject : Land Acquisition

High Court went to the extent of holding that in the light of Section 35 of the Securitisation Act, 2002, Section 22 of SICA does not survive anymore. (vi) In Nabha Industries Ltd vs. Punjab State Industrial Development Corporation … any instrument having effect by virtue of any law, notwithstanding anything inconsistent therewith. But, at the same breadth, Section 37 of the Securitisation Act, declared that the provisions of that Act shall be in addition to and not … time, the Parliament was conscious of the fact that recovery of amounts financed by State Financial Corporations to industries, may pose difficulties, if the Financial

Vodafone International Holdings B.V., a Company Incorporated Under the ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 1(2), 2, 2(17), 2(23A), 2(31), 2(37), 2(47), 4, 4(1), 4(2), 5(2), 9, 9(1), 23(1), 23(3), 24, 26, 64, 64(2), 173, 191, 192(1A), 194, 194C(1), 195, 195(1), 195(2), 195(3), 197, 199, 200, 201, 203A, 221, 221(1), 201(1A), 245S, 246A and 271C; Foreign Contribution Regulation Act; Indian Official Secrets Act; Constitution Act; Information Technology Act; Indian Passport Act; Indian Income Tax Act, 1922 - Sections 18, 19 and 42; Finance Act, 2008; Indian Telegraph Act, 1885; MRTP Act - Sections 33; Finance Act, 2002 - Sections 201; Companies Act; Income Tax (Amendment) Act, 2008 - Sections 191 and 201; Income Tax (Amendment) Act, 2002; Income Tax (Amendment) Act, 2003; Income Tax Rules - Rules 30 and 31A, 41E; Constitution of India - Articles 14, 19(1

Reported in : 2009(4)BomCR258; (2008)220CTR(Bom)649; [2009]311ITR46(Bom)

which construed the provisions of Section 201 of the Act as they stood before the amendment of the Finance Act, 2002. Therefore, the same would not enable the Respondents to urge that after the 2002 amendments made in Section … companies Ltd. v. Commissioner of Customs : 2001(128)ELT21(SC) .Tata Consultancy Services v. St. of A.P. air 2005 SC 371CIT v. D.P. Sandu Bros : (2005)193CTR(SC)578 . . Bharat Sanchar Nigam Ltd. v. Union of India : [2006]282ITR273(SC)