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Mirje Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1986)18ITD25(Pune.)

ITO failed to consider the impact of Explanation 1 to Section 164 of the Act inserted by the Finance (No. 2) Act, 1980 with effect from 1-4-1980. The other contents of the Commissioner's notice refer to certain factual and legal aspects … determining the real intention of the parties.Such amendment is permitted under Section 56 of the Indian Trusts Act, 1882. The Commissioner erred in rejecting this contention for the reasons given by the Commissioner in paragraph 12 of

Commissioner of Income-tax Vs. Mico Products Pvt. Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Finance Act, 1980; Constitution of India - Articles 14, 19(1)(8) and 226; Income Tax Act, 1961 - Sections 32, 32(1) and (2), 35, 35(1), (2), (2B), (B), B(2) and C(2)

Reported in : (1990)92BOMLR659; [1991]187ITR517(Bom)

respect of that asset.'14. Once again section 35(2)(iv) was retained in its original form.15. As a result of Finance (No. 2) Act. 1980, section 35(2)(iv) now stands amended as from April 1, 1962, to read as follows :'35. (2) For the purposes … The amendment, therefore, clearly brings about a substantial change in the law with retrospective effect from April 1, 1862, as a result of which the assessee is retrospectively denied the benefit of depreciation which the assessee would

Motisagar Estate (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1993)47ITD72(Pune.)

nature and beyond the legislative competence which is clear from the amendment brought on the statute by the Finance (No. 2) Act 1991 and although the amendment is said to be effective from 1-10-1991, it is merely clariflcatory in nature … orders of the CIT(A) wherein he has confirmed the various penalties imposed by the Dy. CIT (Admn.) under Section 272A(2)(c) of the Income-tax Act, 1961 for failure of the assessees to file annual return under Section 206 … CIT (Admn.).5. On appeal, the CIT(A), Pune, passed a speaking order dated 18-3-1992 in the case of Machan Real Estate Pvt. Ltd. and these reasons

Commissioner of Income Tax Vs. M/S. Bharat Heavy Electricals Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 35-B and 256

Reported in : 1999VAD(Delhi)237; (1999)156CTR(Del)12; 81(1999)DLT178; [1999]239ITR756(Delhi)

571. Learned counsel has also pressed into service the afore-extracted Explanationn-2 to Section 35B, which was inserted by Finance (No. 2) Act, 1980 w.e.f. 18 April, 1981 and submits that since the manufacturing expenses were directly debitable to trading and manufacturing

Metal Box India Limited Vs. Union of India and Others

Court : Mumbai

Subject : Excise

Acts : Central Excise Act, 1944 - Sections 11B; Finance Act, 1980; Provisional Collection of Taxes Act, 1931; Constitution of India - Articles 14 and 19

Reported in : 1988(17)ECC371; 1987(31)ELT696(Bom)

the department but the same was summarily rejected.4. On or about June 18, 1980 the Government introduced in the Lok Sabha the Finance (No. 2) … containers made of aluminium, and there is an explanation purporting to define the expression containers before enactment of Finance (No. 2) Act, 1980 and it read as under :'Explanation-1. - Containers means containers ordinarily intended for packaging of goods for sale, … are relevant for the purpose herein, and are as follows :(1) The said Bill purported to insert in Section 2(f) of the said Act an additional sub-clause, viz. sub-clause (viii) which purported to provide as follows :

Metal Box India Ltd. Vs. Union of India (Uoi) and ors.

Court : Mumbai

Subject : Excise

Reported in : 1988(14)LC131(Bombay)

the department but the same was summarily rejected.4. On or about June 18, 1980 the Government introduced in the Lok Sabha the Finance (No. 2) … containers made of aluminium, and there is an explanation purporting to define the expression containers before enactment of Finance (No. 2) Act, 1980 and it read as under:Explanation-1:-Containers means containers ordinarily intended for packaging of goods for sale, including casks, drums, … which are relevant for the purpose herein, and are as follows:(1) The said Bill purported to insert in Section 2(f) of the said Act an additional sub-clause, viz. Sub-clause (viii) which purported to provide as follows:in relation

income-tax Officer/Wealth-tax Vs. R. Brahadeeswaran/N. Srinivasan

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1983)6ITD798(Mad.)

the portion of the joint family property allotted to them inter se.4. It is in this background, the Finance (No. 2) Act, 1980, has amended Section 171 by inserting Sub-section (9) with effect from 1-4-1980. To resolve the point of dispute … had taken place and any finding recorded under Sub-section (3) to that effect whether before or after the 18th day of June, 1980, being the date of introduction of the Finance (No. 2) Bill, 1980, shall be

Unit Trust of India and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Subject : Direct Taxation

Acts : Interest-tax Act, 1974 - Sections 2, 2(5A), 3, 3(1C), 3(2), 4, 4(2), 5, 7, 10, 12, 18, 21, 26C, 28, 32, 32(1) and 119; Unit Trust of India Act, 1963 - Sections 2(1), 4, 9(1), 9(2), 19(1)(3), 19(3), 21, 22(1), 22(2), 23, 24, 25, 25A, 25A(1), 25A(2), 25A(3), 25B, 25B(1), 25B(2), 32 and 32(1); Income-tax Act, 1961 - Sections 2, 2(7), 2(7A), 2(10), 2(24), 2(28A), 2(45), 9(1), 10, 14, 15, 16, 22, 24, 40, 43D, 44D, 115J, 116, 119, 148, 256(1) and 271(1); Companies Act, 1956 - Sections 4A; Hotel Receipts Tax Act, 1980 - Sections 21; Unit Trust of India (Amendment) Act, 1966; Wealth-tax Act, 1957; Super Profits-tax Act, 1963; Companies (Profit) Surtax Act, 1964; Rent Control Act; Public Premises Act; Direct Tax Laws (amendment) Act, 1987

Reported in : (2001)168CTR(Bom)99; [2001]249ITR612(Bom)

empowered to specify any other institution, as it may think fit, to be a public financial institution. The Finance (No. 2) Act of 1991, came into force on and from October 1, 1991. Therefore, upto October 1, 1991, the UTI … contended that the provisions of the Interest-tax Act were similar to the provisions of the Hotel Receipts Tax Act, 1980. He relied upon the judgment of the Supreme Court reported in Elel Hotels and Investments Ltd. v. Union … a separate Act, no difference could ensure as far as the interpretation is concerned. He contended that under Section 18 of the Interest-tax Act, deduction is given to the credit institution in respect of interest-tax payable. That, the

Unit Trust of India, Mumbai and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Subject : Direct Taxation

Acts : Interest Tax Act, 1974 - Sections 2, 2(5), 2(7), 3(1), 3(1C), 3(2), 4, 4(1), 4(2), 5, 6, 6(2), 7, 9, 9(1), 10, 10A, 18, 21, 26C, 28 and 119; Income-tax Act, 1961 - Sections 2(7A), 2(24), 2(28A), 2(45), 4, 5, 5A, 14, 15, 16, 24, 40, 43D, 44, 44AD, 44D, 115J, 116, 119 and 147; Companies Act, 1956 - Sections 4A; Finance Act, 1991; State Financial Corporations Act; Finance Act, 1988; Hotel Receipts Tax Act, 1980; Finance Act, 1980; Unit Trust of India Act, 1963 - Sections 9(2),19(1)(3), 19(3), 21, 22 to 25B, 25B(1) and 25B(2), 32, 32(1) and 52; Direct Tax Laws (Amendment) Act, 1987; Finance Act, 2000; Unite Trust of India (Amendment) Act, 1966 - Sections 2(1); Wealth Tax Act, 1957; Super Profit-tax Act, 1963; Companies (Profit) Surtax Act, 1964; Rent Control Act; Public Premises

Reported in : 2001(3)BomCR673; 2002(1)MhLj301

loans given by them. He contended that the Interest Tax Act was amended for the first time by Finance (No. 2) Act of 1980 when the Interest Tax was extended to cover IDBI and other financial Institutions. By the said … a separate Act, no difference could ensue as far as the interpretation is concerned. He contended that under Section 18 of the Interest Tax Act, deduction is given to the Credit Institution in respect of interest tax payable.

Berlia Chemicals and Traders (P) Ltd. Vs. Asstt. Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)76TTJ(Mumbai)974

legislative intent to grant such deduction with reference to the net income by way of dividends only, the Finance (No. 2) Act, 1980, inserted a new section 80AA in the Income Tax Act clarifying the intention with retrospective effect from 1-4-1968. … ORDERPradeep Parikh, A.M.The assessee is in appeal before us against the order of the learned Commissioner (Appeals), dated 18-10-1993, for assessment year 1990-91. First ground in the appeal is against disallowance of Rs. 26,00,000 being depreciation on