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Commissioner of Income-tax Vs. Smt. Raj Kumari Vimla Devi and anr.

Court : Allahabad

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 26(1); Stamp Act; Land Acquisition Act - Sections 23; Income Tax Act, 1961 - Sections 48 and 50C; Finance Act, 2002

Reported in : [2005]279ITR360(All)

bringing to tax on capital gain, Parliament has inserted Section 50C of the Income-tax Act, 1961, by the Finance Act, 2002, with effect from April 1, 2003, wherein it has been provided that the value adopted or assessed by … of payment of stamp duty in respect of land or building or both shall for the purposes of Section 48 be deemed to be the full value of the consideration received or accruing as a result of such

Krishna Kumar Rawat and ors. Vs. Union of India (Uoi) and ors.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (2007)210CTR(Raj)553; RLW2007(4)Raj3133

accruing as a result of such transfer. Apart from the fact that Section 50C was introduced by the Finance Act, 2002 w.e.f. 1st April, 2003 and was not available when the subject compulsory purchase order was passed, this provision … stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purpose of Section 48, be deemed to be the full value of the consideration received or accruing as a result of such

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 … gains', and shall be deemed to be the income of the previous year in which the transfer took place.Section 48 of the IT Act reads as follows:48. Mode of computation-The income chargeable under the head 'Capital gains' shall

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 … being a capital asset referred to in Section 50), the cost of acquisition thereof for the purposes of Section 48, and the amount arrived at after such addition or deduction shall be taken to be the actual cost

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28(1), 48, 143, 143(1), 143(1A), 260A, 271 and 271(1); Finance Act, 1975; Finance Act, 2002 - Sections 271; Taxation Laws (Amendment) Act, 1975; Finance Act, 1993; Finance Act, 1992; Finance Act, 1951; Income Tax Act, 1922 - Sections 23(5), 28 and 28(1); Constitution of India - Article 20(1)

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

Elphinstone Spinning and Weaving Mills Company Ltd. : [1960]40ITR142(SC) . 11. Section 271(1)(c) was again amended by the Finance Act, 2002. Subsequent amendment was brought to the notice of the Bench hearing the Appeal. In the impugned order, the … of the business', it was held that the charge of capital gains could not be levied because under section 48 (ii) required computing the gain by deducting from the full value of the consideration received.36. Applying Elphinstone case

M/s. Bharti Airtel Ltd. Vs. The Commissioner of Central Excise

Court : Mumbai

Subject : Service Tax

amount of Rs.2,04,39,093/- under provisions of Rule 14 of the Credit Rules read with Section 73 of the Finance Act,1994. In respect of towers and parts thereof, prefabricated building, printers and office chairs, the Commissioner observed that the … for the credit of the duty paid. This was a case falling under the Maharashtra Value Added Tax Act 2002. The challenge in this case was to the constitutional validity of Section 48(5) of the Maharashtra Value Added

Navneet Kumar Thakkar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Subject : Direct Taxation

Reported in : (2008)110ITD525(Jodh.)

received or accruing as a result of such transfer.It is observed that Section 50C was inserted by the Finance Act, 2002 w.e.f. 1st April, 2003. Clause 24 of the Finance Bill as per Notes on Clauses states that the … stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purposes of Section 48, be deemed to be the full value of the consideration received or accruing as a result of such

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 … being a capital asset referred to in Section 50), the cost of acquisition thereof for the purposes of Section 48, and the amount arrived at after such expenditure or a capital nature or, as the case may be,

Sercon Private Limited Vs. Asstt. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Income-Tax Act, 1961 - Sections 32, 45, 48, 48(1), 48(2), 53, 54, 54A, 54B, 54D, 54E, 54E(1), 54F, 54G, 54H, 80T, 115, 119, 119(2), 143(3) and 260A; Finance Act, 1987

Reported in : (2008)218CTR(Guj)479

Central Board of Direct Taxes has issued Circular No. 45 dated 22.09.1987 explaining the provisions contained in the Finance Act, 1987. Prior to the amendment, under the provisions of Section 48 of the Income Tax Act, computation of … of law arising out of the order of the Income Tax Appellate Tribunal. Tax Appeal No. 288 of 2002 was admitted by this Court on 13.09.2002 and remaining three Tax appeals i.e. Tax Appeal Nos. 356, 357

Tata Teleservices Vs. Union of India

Court : Gujarat

Subject : Education

3.1 The respective petitioners have also prayed to declare that section 201 of the Act as amended by Finance Act, 2014 (Act No.2 of 2014) is prospective and does not apply to the proceedings where period of passing … Calico Printing Co. Ltd. v. S. G. Mehta ITO, reported in [1968] 48 [TR 154 and (ii) in the case of Addl. Commissioner v. Jyoti … upon the decision of the Hon'ble Supreme Court in the case of K.M. Sharma v. ITO, reported in 2002(4) SCC 339 (Para 14 and 21). 8.4 Mr.Mihir Joshi, learned Senior Advocate appearing on behalf of the petitioner