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Goculdas Dossa and Co. and Others Vs. J.P. Shah and Others

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 2(24), 32, 32(1), 41, 41(2), 43, 43(6), 45, 46, 47, 48, 49, 50, 50(1), 50(2), 51, 52, 53, 54, 55, 55(1), 55(2) and 156

Reported in : 1995(1)BomCR546; (1994)119CTR(Bom)14; [1995]211ITR706(Bom); 1994(2)MhLj1466

rise the date was changed to January 1, 1964, with effect from the assessment year 1978-79 by the Finance (No. 2) Act, 1977, and January 1, 1974, with effect from the assessment year 1987-88 by the Finance Act, 1986. At present … sub-section (1), or clause (ii) of sub-section (1A) of section 32 or sub-section (2) or sub-section (2A) of section 41, as the case may be, the computation for this purpose being made with reference to the period commencing

Thanthi Trust Vs. Central Board of Direct Taxes and Others

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(15), 11, 11(1), 11(4), 11(4A), 12, 13, 13(1), 13(1) and 119

Reported in : [1995]213ITR639(Mad)

under s. 11 was, therefore, not justified. Application : Sub-s. (4A) of s. 11 is substituted by the Finance (No. 2) 1991 w.e.f. 1-4-1992. A. Y. : 1984-85 to 1991-92 Income Tax Act 1961 s.11(4A) - - 5. In … following clause was inserted in section 13 of the Act as section 13(1)(bb) with effect from April 1, 1977 : '13. (1) Nothing contained in section 11 or section 12 shall operate so as to exclude from … such assessments, the assessee preferred an appeal in I.T.A. Nos. 21 and 41 of 1972-73 before the appellate authority contending that the reasons given by

Commissioner of Income-tax Vs. Hindustan Petroleum Corporation Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(10), 17, 17(1) and (3), 28, 29, 30, 31, 32 and 32(1) and (2), 33, 34, 35, 36, 37, 38, 39, 40, 40A(5), 41, 43, 43(6), 72, 72A and 73

Reported in : (1990)87CTR(Bom)98; [1991]187ITR1(Bom)

out of place to mention that section 72A has been inserted in the Income-tax Act, 1961, by the Finance (No. 2) Act, 1977, with effect from April 1, 1978. The section provides for carry forward and set off of accumulated loss … allowance for that previous year, and so on for the succeeding previous years.' '43. In sections 28 to 41 and in this section unless the context otherwise requires - .... (6) 'written down value' means - (a)

income-tax Officer Vs. Hiren Kiren Jagruti Hina Trust

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (1984)8ITD106(Ahd.)

above contention the assessee's learned counsel drew our attention to the amendment made to Section 164 by the Finance (No. 2) Act, 1980, with effect from 1-4-1980 by inserting Clause (ii) to Explanation 1. which clarified that-- (ii) the individual … of the four children are indeterminate and unknown for the purposes of application of the first proviso to Section 41 ?" [analogous to Section 164(1)] of the present Act. While considering the above question, their Lordships pointed out,

Commissioner of Income-tax Vs. Jivanlal Lalloobhai and Co.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2; Finance Act, 1976; Finance (Amendment) Act, 1977

Reported in : (1994)122CTR(Bom)259; [1994]206ITR548(Bom)

This controversy assumes importance in view of the fact that under the relevant Finance Act of 1976 and Finance (No. 2) Act, 1977, the rate of income-tax was lower for a registered firm whose total income included income derived from profession … this connection to the decision in IRC v. Maxse [1919] 12 ITC 41. According to learned counsel, the activity of a clearing, forwarding and shipping … Dr. B.P. Saraf J. 1. By this reference under section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue, the Income-tax Appellate Tribunal has referred

Fatima Fauzia and anr. Vs. Syed Ui-mulk and ors.

Court : Andhra Pradesh

Subject : Trusts and Societies

Acts : Trusts Act, 1882 - Sections 15, 46, 47, 48 and 49; Contract Act, 1872 - Sections 2; General Clauses Act, 1897 - Sections 3(22)

Reported in : AIR1979AP229

this court as amicus curiae. S. 54-E of the Income-tax Act inserted for the first time by the Finance (No. 2) Act, 1977 with effect from 1-4 -1978 exempts capital gains on transfer of capital gains in cases where the sale … or by the specific authority under the trust deed itself That is why any delegation normally prohibited under Section 41 Therefore we find that there was no legation. 21. Coming to the plea of approval of R. W.

Commissioner of Income-tax Vs. International Clearing and Shipping Age ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(13) and 2(36); Finance Act, 1976; Finance (No. 2) Act, 1977; Finance Act, 1979

Reported in : [2000]241ITR172(Mad)

sub-paragraph II of Paragraph C of Part I of Schedule I to the Finance Act, 1976, and the Finance (No. 2) Act, 1977. In so holding the court relied on an earlier decision rendered by it in CIT v. Lallubhai Nagardas … L. J. in this regard in IRC v. Maxse [1919] 12 TC 41 are as follows (page 61) :''Profession' in the present use of language … to support the order of the Tribunal.5. The terms 'business' and 'profession' are defined in the Act in Sections 2(13) and 2(36), respectively. Though the scope of the term 'business' is wide, if the activity is properly

Monogram Mills Co. Ltd. Vs. Commissioner of Income-tax, Gujarat

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 4, 5, 5(1), 14, 28, 29, 30, 31, 32, 32(1), 32(2), 32(4), 32A, 33, 33(1), 33(1A), 33(2), 33(5), 33A, 34, 35, 36, 37, 38, 39, 40, 41, 41(2), 42, 43, 43A, 44C, 66, 69D, 70, 71, 72, 72(1), 72(2), 72(3), 72A, 73, 73(3), 74, 74A, 80, 80A, 80E, 80E(1), 80VV, 261 and 280-O

Reported in : (1981)25CTR(Guj)283

that under s. 72A of the 1961 Act, which came into effect from April 1, 1978, under the Finance (No. 2) Act, 1977, it has been provided that where there has been an amalgamation of a company owning an industrial undertaking … for the purpose of set off during the current year (2) Whether the Tribunal has erred in interpreting section 2(45) read in the context of sections 5, 33 and 72, etc., in determining the point at issue … computed in accordance with ss. 30 to 43, which would include s. 41(2) (providing for the balancing charge), s. 32(2) (providing for carry forward of

Ramkumar Jalan Vs. Income Tax Officer. (Also Ito V.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

of s. 125A, which were in the following terms."Prior to its omission, s. 125A, as amended by the Finance (No. 2) Act, 1977, w.e.f. 10th July, 1978, stood as under : (1) The CIT may, by general or special order in … extent of land located in different villages in the District which included 41 acres of land belonging to Gram Sabha. (vii) The farm was irrigated … the assessee-firm for the relevant period which attracts the provisions of ss. 271(1)(c) read with Explanations to that section of the IT Act, 1961. Accordingly, a penalty of Rs. 38,78,578 is levied on the assessee at the

Ramkumar Jalan Vs. Income Tax Officer

Court : Mumbai

Subject : Direct Taxation

Reported in : (1998)61TTJ(Mumbai)768

of s. 125A, which were in the following terms.'Prior to its omission, s. 125A, as amended by the Finance (No. 2) Act, 1977, w.e.f. 10th July, 1978, stood as under:(1) The CIT may, by general or special order in writing, direct … extent of land located in different villages in the District which included 41 acres of land belonging to Gram Sabha.(vii) The farm was irrigated fully … the assessee-firm for the relevant period which attracts the provisions of ss. 271(1)(c) read with Explanations to that section of the IT Act, 1961. Accordingly, a penalty of Rs. 38,78,578 is levied on the assessee at the