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Smt. Smitaben N. Ambani Vs. Commissioner of Wealth Tax

Court : Mumbai

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2, 5 and 27; Compulsory Deposit Scheme (IT Payers) Act, 1974 - Sections 3, 4, 5(10), 7, 7A, 8, 8(2) and 11; Finance (No. 2) Act, 1980; Banking Regulation Act, 1949; Maharashtra Municipal Councils, Nagar Panchayats and Industrial Townships Act, 1965 - Sections 114 and 114(1); Bombay Municipal Corporation Act, 1888; Income Tax Act - Sections 23(1), 154, 154(1) and 155; Wealth Tax Rules - Rule 1BB

Reported in : (2009)222CTR(Bom)225; [2009]181TAXMAN233(Bom)

to the recipients would be against the concept of the annuity itself.It may be mentioned that by the Finance (No. 2) Act, 1980, Section 7A was inserted in the Compulsory Deposit Scheme Act, 1974, w.e.f. 1st April, 1975. Section 7A provides that, … exceeded Rs. 15,000 to make a compulsory deposit at the rates specified in the Schedule to the Act. Section 7 of the said Act laid down that every compulsory deposit would carry a simple rate of interest, which

Madras Bar Association Vs. Union of India and anr.

Court : Supreme Court of India

Subject : Direct Taxation

also vested with the Central Government (under Section 131 of the Customs Act). (ii) By the Finance (No.2) Act, 1980, Sections 128 to 131 of the original Act were substituted. The power to entertain the first executive-appellate remedy, … to be appointed as a judge of the Labour Court under the Industrial Disputes Act, was stipulated in Section 7, which provided as under:- “(a) that he was or had been a Judge of a High Court; or

S. Kumar and ors. Vs. Collector of Central Excise and

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Subject : Land Acquisition

Reported in : (1990)LC725Tri(Delhi)

limited purpose and were occasioned by introduction of some new terms, in the amending Act by means of Finance (No. 2) Act, 1980, and since the term 'Additional Collector' was not introduced in this Chapter nor had 'Collector' been originally defined, … the earlier order of the North Regional Bench expressing the view that the term "Collector" as used in section 35B of the Central Excises and Salt Act, 1944 (hereinafter referred to as the Act) would not take … by notifications or orders issued by the Central Government. He quoted page 75 of Maxwell's Interpretation of Statutes (Twelfth Edition) in support of his contention

Simplex Concrete Piles (India) P. Ltd. Vs. Commissioner of Income-tax ...

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(7), 32A, 263 and 263(1); ;Finance (No. 2) Act, 1980

Reported in : [2006]286ITR470(Cal)

rate of tax.7. In view of the aforesaid factual position the definition of industrial company in the relevant Finance (No. 2) Act of 1980 is satisfied. Consequently investment allowance for the respective assessment years was allowed under Section 32A of

Simplex Concrete Piles (India) (P) Ltd. Vs. Commissioner of Income Tax ...

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(7), 32A, 32A(2), 263 and 263(1); ;Finance (No. 2) Act, 1980; ;Finance Act

Reported in : (2006)206CTR(Cal)219

rate of tax.4. In view of the aforesaid factual position the definition of industrial company in the relevant Finance (No. 2) Act of 1980 is satisfied. Consequently, investment allowance for the respective assessment years was allowed under Section 32A of

Plastiblends India Ltd., a Company Incorporated Under the Companies Ac ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 29 to 43A, 72, 80A, 80AA, 80AB, 80B(5), 80E, 80HH, 80HH(6), 80HH(7), 80I, 80IA, 80IA(5), 80IA(8), 80IA(10), 80IB, 80IB(13), 143(1), 143(3), 147 and 260A; Companies Act, 1956; Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 - Sections 34(1); Finance (No. 2) Act, 1980; Finance Act, 2001 - Sections 5

Reported in : (2009)223CTR(Bom)291; [2009]178TAXMAN397(Bom)

of the provisions of Section 80HH along with Section 80B(5), it is clear that even prior to the Finance No. 2 Act of 1980, Parliament had clearly intended to say that what is included in the gross total income is … consideration. There was no question relating to current or brought forward depreciation allowance. After setting off under Section 72 of the Act profits of the chemical and oil divisions against the brought forward losses of the oil

Upper Ganges Sugar Mills Ltd Vs. Collector of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Subject : Arbitration

Reported in : (1987)(12)LC161Tri(Delhi)

of the order made under Sub-section 1 or Sub-section 3.5. The provisions of Section 50 of the Finance (2) Act, 1980 read with the 5th Schedule to the Act made amendments in the Customs Act, 1962 to provide for … under Section 8 of the Produce Cess Act, 1966 but they failed to comply with the provisions of Section 7 and 8 of Produce Cess Act, 1966 and Rule 54 of Central Excise Rules, 1944 read with Rule

Commissioner of Wealth-tax Vs. Biswajit Samonta

Court : Patna

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 5, 5(1) and 7; Wealth Tax Rules, 1957 - Rule 1D; Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 - Sections 7A; Finance (No. 2) Act, 1980; Banking Regulation Act, 1949

contained in Section 7A of the Compulsory Deposit Scheme (Income lax Payers) Act, 1974, us introduced by the Finance (No. 2) Act, 1980, C.D.S. would be exempt from being included in the assessce's wealth, Section 7A reads as under (see [1980] … the facts of that case were different and in view of the specific provisions as contained in Section 7A of the Compulsory Deposit Scheme (Income lax Payers) Act, 1974, us introduced by the Finance (No. 2) Act,

Commissioner of Income-tax Vs. Bharat Overseas Bank Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1980; Income Tax Act, 1961 - Sections 35B and 35B(1)

Reported in : (2000)162CTR(Mad)158; [2000]243ITR320(Mad)

35B(1)(b) of the Act. Section 35B(1)(b) of the Act as it stood prior to the amendment by the Finance (No. 2) Act, 1980, contained nine clauses. Clause (i) of Section 35B(1)(b) referred to expenditure on advertisement or publicity outside India ; … qualifies for deduction - held, interest paid to customers at foreign branch not entitled to deduction. - - 7. The deletion of those clauses clearly indicates the legislative intention to discontinue the allowance that had been provided

Lohia Machines Ltd. and anr. Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(8), 2(33), 5, 11, 28 to 43A, 43(6), 80A to 80VV, 84, 84(1), 295(1), 295(2) and 296; Finance Act, 1980 - Sections 15C, 80H, 80I, 80J, 80J(1), 80J(2), 80J(3), 84 and 84(1); Income Tax Rules, 1962 - Rule 19, 19A, 19A(2) to (4), 19A(5), 19(1), 19(1A), 19(3) and 19(6); Indian Income Tax Act, 1922 - Sections 15C(1), 15C(2), 51C and 59(1); Taxation Laws (Amendment) Ordinance, 1949; Indian Income tax (Computation of Capital of Industrial undertakings) Rules, 1949 - Rule 3 and 3(1); Business Profits Tax Act, 1947 - Sections 13; Taxation Laws (Extension to Merged States and Amendment) Act, 1949 - Sections 13, 15C, 15C(1), 15C(2), 15C(4), 15C(6) and 34(2); Finance (Amendment) Act, 1976 - Sections 29; Finance (Amendment) Act, 1967; State Financial Corporati

Reported in : AIR1985SC421; (1985)1CompLJ249(SC); (1985)44CTR(SC)328; [1985]152ITR308(SC); 1985(1)SCALE115; (1985)2SCC197; [1985]2SCR686; [1985] 1 SCR 192

Rules, 1962 and also call in question the constitutionality of the retrospective amendment made in Section 80J. by Finance (No. 2) Act, 1980. The questions arising in these writ petitions are of considerable importance since they involve revenue aggregating to crores … before the benefit of the exemption could be made available in case of profits derived from the ship. 7. Since the profits derived from an industrial undertaking or a ship or the business of a hotel were