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Ashoka Buildcon Ltd. Vs. Asstt. Commissioner of Income Tax and Commiss ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1), 40A(2), 72A, 143(3), 147, 148, 148(2), 263, 263(1) and 263(2); ;Companies Act, 1956 - Sections 391 to 394; ;Finance Act

March 2007. The basis on which the assessment was sought to be reopened was that the benefit of Section 72A, which deals with the carry forward and set off of accumulated losses and unabsorbed depreciation allowances in cases … subsequently in the course of the proceedings under the Section. Explanation 3 which has been inserted by the Finance Act (No. 2) of 2009 with retrospective effect from 1 April, 1989 provides that for the purpose of assessment

Travelite (India) Vs. Uoi and ors.

Court : Delhi

Subject : Service Tax

intensively scrutinize receipts etc. i.e. a special audit can be ordered by recourse to Section 72-A of the Finance Act, 1994. Barring these, the Finance Act, does not contain any substantive power to call for records for scrutiny … made pursuant to the power conferred under Section 94 of the Finance Act, 1994 and not pursuant to Section 72A. The rule is also sought to be justified by invoking the Service Tax Audit Manual, 2011 as the … letter dated 07-11-2012 of the respondent Commissioner seeking records for the period 2007-08 till 2011-12 for scrutiny of an audit party; Rule 5A (2) is

Ksl and Industries Ltd. Vs. Arihant Threads Ltd. and ors.

Court : Supreme Court of India

Subject : SICABanking

Acts : Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 2, 3, 15 to 19, 19A, 20, 21, 22, 22(1), 22A, 25, 29, 32 and 32(1); Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 25, 28, 29, 30, 34, 34(1) and 34(2); Income Tax Act, 1961 - Sections 72A; Companies Act, 1956 - Sections 529(1) and 529A; Foreign Exchange Regulation Act, 1973; Urban Land (Ceiling and Regulation) Act, 1976; Industrial Finance Corporation Act, 1948; State Financial Corporations Act, 1951 - Sections 29 and 46B; Unit Trust of India Act, 1963; Industrial Reconstruction Bank of India Act, 1984; Small Industries Development Bank of India Act, 1989; Code of Civil Procedure (CPC) , 1908 - Sections 9; Recovery of Debts Due to Banks and Financial Institutions (Amendment) Act, 2000;

Reported in : IV(2008)BC421(SC); 153(2008)DLT27(SC); 2008(12)SCALE42; (2008)9SCC763

been registered as BIFR Case No. 18 of 2006. On February 22, 2007, the BIFR declared the Company as a `sick Company' and appointed LSAS, … any scheme under this Act an amalgamation of a sick industrial company with another company, the provisions of Section 72A of the Income-tax Act, 1961 (43 of 1961), shall, subject to the modifications that the power of the … of India (`IDBI' for short) which was the predecessor of the Stressed Assets Stabilisation Fund (`SASF' for short), financed the project undertaken by the Company by way of foreign currency loan and also working capital of Rs.

Central Bank of India Vs. Coast West Ferro Alloys and 7 ors.

Court : Gujarat

Subject : SICA

Acts : Sick Industrial Companies Act - Sections 2, 3, 15, 16, 17, 18, 19, 19A, 20, 21, 22, 22(1), 22A, 25, 29 and 32; Income Tax Act, 1961 - Sections 72A; Code of Civil Procedure (CPC) - Order 7, Rule 11; Foreign Exchange Regulation Act, 1973; Urban Land (Ceiling and Regulation) Act, 1976; Constitution of India - Article 39; Companies Act, 1956; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 34; Industrial Finance Corporation Act, 1948; State Financial Corporations Act, 1951; Unit Trust of India Act, 1963; Industrial Reconstruction Bank of India Act, 1984; Sick Industrial Companies (Special Provisions) Act, 1985; Small Industries Development Bank of India Act, 1989

Reported in : (2009)1GLR59

where, contention raised by respondent vide Exh.44 that respondent being a sick unit declared by Board of Industrial Finance and Reconstruction (hereinafter referred to as 'BIFR'), therefore, under Section 22(1) of SICA, present suit is not to … Special Civil Suit No. 153 of 2000 vide Exh.44 dated 22nd March 2007. The Civil Court has dismissed the suit considering the bar of Section … any scheme under this Act an amalgamation of a sick industrial company with another company, the provisions of Section 72A of the Income-tax Act, 1961 (43 of 1961), shall, subject to the modifications that the power of the

M/S. Lord Chloro Alkalies Ltd. Vs. Director General of Income Tax (Adm ...

Court : Delhi

Subject : Land Acquisition

eroded pursuant to which it made a reference under Section 15(1) of SICA to the Board for Industrial Finance and Reconstruction (hereafter BIFR); it was rejected in July 2001 as not maintainable. Later, on 30.06.2000, the Petitioner … any scheme under this Act an amalgamation of a sick industrial company with another company, the provisions of section 72A of the Income-tax Act, 1961 (43 of 1961), shall, subject to the modifications that the power of the … to the notice of the income tax authorities on 27 th February, 2007.5. In September 2008, being aggrieved by the order (dated 30.11.2006 of BIFR),

M/S. S.H. Associates Vs. Rajasthan Financial Corporation Ltd. and ors.

Court : Delhi

Subject : Land Acquisition

& Financial Institutions Act, 1993 (hereinafter referred to as the ‗RDDB Act‘) being O.A. No.398/1998 titled as ‗Industrial Finance Corporation of India Ltd v. M/s Rajasthan Glyoxal Ltd & Ors.‘ before the DRT-I for recovery of a … any scheme under this Act an amalgamation of a sick industrial company with another company, the provisions of Section 72A of the Income-tax Act, 1961 (43 of 1961), shall, subject to the modifications that the power of the

ifci Limited Vs. Rajasthan Financial Corporation Ltd. and ors.

Court : Delhi

Subject : Land Acquisition

& Financial Institutions Act, 1993 (hereinafter referred to as the ‗RDDB Act‘) being O.A. No.398/1998 titled as ‗Industrial Finance Corporation of India Ltd v. M/s Rajasthan Glyoxal Ltd & Ors.‘ before the DRT-I for recovery of a … any scheme under this Act an amalgamation of a sick industrial company with another company, the provisions of Section 72A of the Income-tax Act, 1961 (43 of 1961), shall, subject to the modifications that the power of the

Supreme Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

a plain reading of this Section, we find that this Section was brought to the statute by the Finance Act, 1977 with effect from 1-4-1978to make the amalgamation of the Sick Companies with other companies workable. Under Sub-section … of Section 32A(6) of the Income Tax Act, 1961. The Commissioner (Appeals) further observed that the declaration under Section 72A(1) dated 15-4-1994 cannot be interpreted to imply that the scheme intended to nullify the express provisions of Section

M/S Madras Petrochem Ltd. and Anr. Vs. Bifr and Ors.

Court : Supreme Court of India

Subject : Company

Act or the rules made thereunder shall be in addition to, and not in derogation of, the Industrial Finance Corporation Act, 1948 (15 of 1948), the State Financial Corporations Act, 1951 (63 of 1951), the Unit Trust … any scheme under this Act an amalgamation of a sick industrial company with another company, the provisions of section 72A of the Income-tax Act, 1961 (43 of 1961), shall, subject to the modifications that the power of the

The General Council of the Bar of South Africa and Another Vs. Brenton ...

Court : South Africa Supreme Court of Appeal

Subject : Land Acquisition

are rendered to the client, not the attorney. That principle was established in this court in Minister of Finance and another v Law Society, Transvaal,66where Goldstone JA said: The moneys now in question are in nowise paid … Pillay (as well as Mr Bezuidenhout) were engaged in this conduct in 2007 and Messrs Upton, Van Onselen and Seima acknowledged that they had double … with disciplinary sanctions. The Society thereupon applied to the North Gauteng High Court for orders noting the disciplinary action that had been taken. It also applied for an order striking the name of a thirteenth advocate2from the … 108 of 1996, more specifically the rights afforded us under Chapter 2, Section 14 of the Constitution ¦.10 [36] The investigating committee “ I will