Judgment Search Results Home > Cases Phrase: finance act 1965 section 13 amendment of section 40 Court: allahabad Page 5 of about 176 results (0.143 seconds)

Tika Ram and Sons (Private) Ltd. Vs. Commissioner of Income-tax, U. P. ...

Court : Allahabad

Reported in : [1964]51ITR403(All)

..... the finance act or it was determinable under the scheme of the indian income-tax act and whether the moment any income was earned it attracted the quality of chargeability with reference to the standing provision of the act and only the quantification of the tax depended on the passing of the finance act it was there held that income is chargeable to tax independent of the passing of the finance act but until the finance act is ..... a full bench of the lahore high court laid down that where a company is under liquidation the income-tax authorities can prove their claim under section 228 of the companies act against the company by the production of the assessment order made by them that if the income-tax authorities fail to prove a claim for income-tax ..... income-tax proceedings up to the stage of assessment do not fall within the scope of the words 'other legal proceedings' as used in section 446 of the companies act, 1956.accordingly, the petition is dismissed, but, in the circumstances of the case, the parties are left to bear their own costs ..... , and, secondly, whether income-tax assessment proceeding are 'other legal proceedings' which cannot thereafter be proceeded with within the meaning of section 446 of the companies act, 1956.the relevant part of section 391 of the companies act which deals with the power to compromise or make arrangements with he creditors and members is as follows :'(1) where a compromise or arrangement is proposed -(a) between a company and its creditors .....

Saru Copper Aloys Semis (P) Ltd. Through Its Director Sri Sanjeev JaIn ...

Court : Allahabad

Reported in : (2008)15VST476(All)

..... section 9(2) and (2-a) of the central act prior to finance act, 2000 and after the finance act, 2000 reads as follows:prior to finance act ..... in sections 10 and 10-a of the general sales tax law of each state shall, with necessary modifications, apply in relation to the assessment, reassessment, collection and the enforcement of payment of any tax required to be collected under this act in such state or in relation to any process connected with such assessment, reassessment, collection or enforcement of payment as if the tax under this act were a tax under such sales tax law.after the finance act, ..... been raised as to whether on true and proper interpretation of section 9(2) of the central act as amended by the central sales tax (amendment), act, 1969, tribunal is correct in law in coming to the conclusion that the provisions of section 46 and 37 of the bombay sales tax act, 1959 could not be invoked for the purposes of central sales tax act, 1956, but the said question has not been pressed and ..... sales tax law of the appropriate state shall, on behalf of the government of india, assess, re-assess, collect and enforce payment of tax, including any penalty, payable by a dealer under this act is a tax or penalty payable under the general sales tax law of the state; and for this purpose they may exercise all or any of the powers they have under the general sales ..... to the present case inasmuch the case is based on the provisions enforced prior to 1973 and before the amendment by act no. .....

Ms. Phoenix Lamps India Ltd., Noida Vs. Asstt. Commissioner of Income ...

Court : Allahabad

..... now, to arrive to a cost of plant & machinery for claiming depreciation, the written down value has no relevance and the cost of plant & machinery would be calculated in accordance to section 43(3) of the finance act and, therefore, whether the petitioner has claimed less depreciation or higher depreciation in the year under consideration, in which the exemption is available, has no relevance for the claim and the allowance of the depreciation in the ..... in the present case we find that learned counsel for the petitioner has placed more emphasis and reliance on the provision of section 43-a of the act, which has been inserted by the finance act, 2002 with effect from 1.4.2003, which, according to learned counsel for the petitioner, has set at rest all the controversies relating to the claim of depreciation. ..... he further submitted that by the finance act, 2002 section 43-a has been inserted with effect from 1.4.2003, which is applicable to the assessment year 2003-04, coincidently the year when the assessee was liable to tax after completing 10 years of the exemption. ..... he submitted that section 43-a of the finance act has been inserted to remove the anomaly in claiming the depreciation.. .....

Lakshmipat Singhania Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : [1969]72ITR512(All)

..... by the income tax act, 1952, as amended by the finance act, 1956, it was provided that for the years 1956-57 and subsequent years income-tax under schedule e in respect of any office or employment is chargeable on the emoluments therefrom which fall under case i or case ii ..... are contained in section 83a, sections 86a to 86l, sections 91a to 91d, sections 100, 130, 131, 132, 235, 237, 238a and regulations 71 to 75 of table a of the indian companies act, 1913 (as amended in 1936) ..... in this connection the material portion of section 132(3) of the indian companies act, 1913, as amended in 1936, may be quoted :'the profit and loss account shall include particulars showing the total of the amount paid whether as fees, percentages or otherwise to the managing agent, if any, and the directors ..... the payment was in the nature of a gratuity and, although a gratuity is taxable under section 7(1) of the act, the amount in question could not be taxed under section 7(1) as the lady was not a servant of the company. ..... in bhopal, did not accrue or arise to him within the state of bhopal, then an indian state, and that the provisions of section 14(2)(c) of the income-tax act, 1922, were, therefore, not attracted '11. ..... of the net profits as defined under section 105 of the bhopal state companies act, 1945, whichever is higher, and, in the latter case, the directors may distribute among themselves the sum as appropriated in such proportion as they may mutually agree upon, or, in the absence of any .....

Commissioner of Income Tax Vs. Jauharimal Goel

Court : Allahabad

Reported in : (2006)201CTR(All)54; [2008]296ITR263(All)

..... in the case of jalan timbers (supra), the division bench of gauhati high court held that under section 68 of the it act, the assessee has to prove three important conditions : (1) identity of the person, (2) genuineness of the transaction, and (3) capability of the person giving ..... shashi aggarwal and the provision of section 69 of the act would apply and not section 68 of the act and for that purpose the financial year would be relevant and then such investment may be deemed to be the income of the assessee of such financial years which falls to the ..... in other words, a discretion has been conferred on the ito under section 69 of the act to treat the source of investment as the income of the assessee if the explanation offered by the assessee is not found satisfactory and the said discretion has to be exercised keeping in view the facts and circumstances ..... has only held that there is nothing in section 24 of the finance (no. ..... held that there is nothing in section 24 of the finance (no. ..... 2) act, 1965, under the voluntary disclosure scheme is confined to the declarant alone and is not extended to the assessment of a third party assessee in relation to the income disclosed by ..... finance ..... said decision it has been held that the immunity enjoyed by a declarant under section 24 of the finance (no. ..... quarrel about the preposition of law laid down by the apex court which was relating to the case of declaration of the income under the voluntary disclosure scheme introduced by the finance (no. .....

Commissioner of Wealth-tax Vs. Smt. Brij Rani

Court : Allahabad

Reported in : (1992)108CTR(All)46; [1993]201ITR307(All)

..... the above discussion, we answer the question referred to us by saying that the penalties under section 18(1)(a)(i) of the wealth-tax act for delay in filing the returns for the assessment years in question are to be levied for the period of delay prior to april 1, 1969, in terms of the prescribed rates with reference to the unamended section 18 of the act as it stood prior to its amendment by the finance act, 1969, and for the period of delay subsequent to april 1, 1969, at the ..... whether the amount of penalty is to be determined with reference to the law obtaining after the amendment of section 18 of the act by the finance act, 1969, or on different rates applicable during the period of each month, in accordance with the ..... thereafter with effect from april 1, 1969, an amendment was effected by section 24(c) of the finance act, 1969, in the scale of penalty imposable inasmuch as the rate of penalty provided was a sum for every ..... another contention of learned counsel was that the quantification of the penalties by the wealth-tax officer with reference to the amended provisions of section 18(1)(a) with effect from april 1, 1969, was legal and the interference exercised by the income-tax appellate tribunal directing recomputation of the penalties on the basis of the law ..... notice that the measure of penalty imposable under section 18(l)(a) of the act for non-submission or delayed submission of returns without reasonable cause between april 1, 1965, and march 31, 1969, was equivalent to .....

Addl. Commissioner of Income-tax Vs. Abbas Wazir (P.) Ltd. and Samad C ...

Court : Allahabad

Reported in : (1979)9CTR(All)169; [1979]116ITR811(All)

..... 2) act, 1967 or section 2(6)(d) of the finance act, 1968, so as to be entitled to concessional rates of tax in the assessment year 1974-75 '3. ..... for the assessment year 1974-75, it had claimed relief under section 2(8)(c) of the finance act, 1974 (20 of 1974). ..... main question of law for our opinion;'whether, on the facts and in the circumstances of the case, the tribunal was legally correct in holding that the assessee-company was an 'industrial company' within the meaning of section 2(7)(d) of the finance (no. ..... cit : [1978]113itr84(sc) , the supreme court had occasion to consider the expression 'attributable to' occurring in section 80e (as it stood prior to its amendment by the finance (no. ..... business of......manufacture or processing of goods.........if the income attributable to any one or more of theaforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter via of the income-tax act) is not less than fifty-one per cent. ..... 2) act, 1967). .....

Kanchan Singh Vs. Commissioner of Income Tax

Court : Allahabad

Reported in : (2009)221CTR(All)456

..... amendment in the gt act by the finance act ..... prior to amendment by finance act (no. ..... of gifts made by any person:(iiie), being an individual who is a non-resident indian, of property in the form of the bonds specified under sub-clause (iid) of clause (15) of section 10 of the it act:provided that where an individual, who is a non-resident indian in any previous year in which the bonds are acquired, becomes a resident in india in any subsequent year, the provisions of this clause ..... mohanakala : [2007]291itr278(sc) , the apex court held as follows:the question is what is the true nature and scope of section 68 of the act when and in what circumstances would section 68 of the act come into play a bare reading of section 68 suggests that there has to be credit of amounts in the books maintained by an assessee; such credit has to be of a sum during the previous year; and the assessees offer no explanation about the ..... amendment in section 5(iiie) of the gt act by the finance ..... in the case of jalan timbers (supra), the division bench of gauhati high court held that under section 68 of the it act, the assessee has to prove three important conditions (1) identity of the person (2) genuineness of the transaction and (3) capability ..... he submitted that in fact the addition was not under section 68 of the act but was under section 69 of the act and the burden lies upon the petitioner to prove the source of the investment for which the petitioner had to prove the identity or the person, from whom .....

Sabarmati Steels and Alloys (P) Ltd. Vs. Commissioner of Central Excis ...

Court : Allahabad

Reported in : 2001(73)ECC663

..... the government of india by finance act, 1998 had introduced a kar vivad samadhan scheme, 1998. ..... the petitioner had given the declaration as required under section 89 of the finance (no. ..... has not furnished the proof relating to the filing of the appeal and it was not made available within the prescribed time limit, the petitioner is not entitled to the benefit of the scheme as declared under section 88 of the finance (no. ..... since the petitioner has not submitted any proof of the office of the commissioner (appeals) that the appeal filed by it was acknowledged and was pending and, therefore, the declaration filed by the petitioner in terms of section 89 of the finance (no. ..... ingots falling under chapter sub-heading 7206.90 of the central excise tariff act, 1985 and is duly registered for the same with the central excise department. ..... 2) act, 1998 for determination of the sum in terms of section 90(1) of the act. ..... 2) act, 1998. ..... 2) act, 98 does not merit consideration under the said scheme, 1998. .....

P.N. Tiwari and ors. Vs. Union of India (Uoi) and ors.

Court : Allahabad

Reported in : (2003)185CTR(All)1; [2004]265ITR224(All)

..... employer, whether directly or through a fund, other than a recognized provident fund or an approved superannuation fund or a deposit-linked insurance fund established under section 3g of the coal mines provident fund and miscellaneous provisions act, 1948, or as the case may be, section 6g of the employees' provident funds and miscellaneous provisions act, 1952, to effect an assurance on the life of the assessee or to effect a contract for any annuity;' thus before the amendment by finance act, 2001, a perquisite was whatever was mentioned in the ..... before the above amendment by finance act, 2001, clause (vi) was not there in section 17(2) of the act. ..... in other words, before the amendment by finance act, 2001, the perquisites were not determined by delegated legislation by rules made under the act.hence, before the amendment by finance act, 2001, interest-free loans given by the employer to the employees for various purposes e.g. ..... cit : [2000]243itr383(sc) is not applicable in view of the specific provision of section 17(2)(vi) r/w rule 3 of the rules.in view of the introduction of sub-clause (vi) of clause (2) of section 17 of the act by means of the finance act, 2001, and prescription of interest-free loans or loans at the concessional rate of interest by the employer to its employees having been treated as a 'fringe benefit' or 'amenity', it is not possible to take the view that the same cannot be .....