Court : Supreme Court of India
Reported in : AIR1967SC849; [1967]63ITR497(SC); [1967]1SCR1004
..... the amendment brought about by the finance act, 1965 was effective only from april 1, 1965 ..... enjoyment shall not have been thenceforward retained by the donee to the entire exclusion of the donor from such possession and enjoyment, or of any benefit to him by contract or otherwise'. the crux or the section lies in two parts : (1) the donee must bona fide have assumed possession and enjoyment of the property, which is the subject matter of the gift to the exclusion of the donor, immediately upon the ..... . it was argued that this proviso must be taken as legislative interpretation of the section as it stood previous to the amendment and since no right if residence was reserved or secured to the donor under the deed of gift or under any collateral disposition, the imposition of ..... his sons with a view to enable him to continue to reside in the house, it cannot be said that he was 'entirely excluded from possession and enjoyment' within the meaning of the first limb of the section, and therefore the property will be deemed to have passed on the death of the donor and will be subject to levy of estate duty. 9 ..... sen for the respondent that the case of the revenue does not rest upon the second limb of the section but upon the first limb which requires that the donor must have been entirely excluded from possession and ..... construction we hold that the words 'by contract or otherwise' in the second limb of the section will not control the words 'to the entire exclusion of the donor' in the first .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)
..... per cent gold bonds, 1977, [7 per cent gold bonds, 1980], [and national defence gold bonds, 1980]'{inserted by the finance (no.2) act, 1965, w.e.f. ..... 2) act, 1965, with effect from 1.4.1965, 7% gold bonds, 1980 were added in the said provision and thereafter under taxation laws (amendment and miscellaneous provisions) act, 1965, with effect from 4.12.1965, national defence gold bonds, 1980 were further included ..... commissioner of income tax, tamil nadu-v reported in : [1983]144itr886(mad) the court observed like this:'section 45 of the i.t.act enacts that tax under the head 'capital gains' shall be payable on any profit or gain arising from the transfer ..... date for redemption, as the case may be, if the assessee does not collect the money though so offered and kept ready, he may claim exemption, which is not the intent and purpose of section 5.6.2 learned counsel for the revenue further submitted that the submission of the assessee is also not tenable in law e.g. ..... , any subsequent sale, exchange or transfer of such gold within the meaning of section 2(47) of the income-tax act would attract capital gains tax in respect of capital gain arising from such sale, ..... any subsequent sale, exchange or transfer of such gold within the meaning of section 2(47) of the income tax act would attract capital gains tax in respect of capital gains arising from such sale ..... section 5(1)(xvia) of the act was enacted as under with effect from 13.12.1962 by taxation laws (amendment) act, 1962 :'to exempt 6 1/2% .....
Tag this Judgment!Court : Kolkata
Reported in : 76CWN1,[1972]86ITR219(Cal)
..... the finance act, 1965, introduced chapter xxiib comprising sections 280y to 280ze of the income-tax act, 1961. ..... 1226: 'in exercise of the powers conferred by section 280ze of the income-tax act, 1961, read with section 280zc thereof and of all other powers enabling it in this behalf, the central government hereby makes the following further amendments to the tax credit certificate (exports) scheme, 1965, namely :-- in the said scheme, in paragraph 3,-- (a) in sub-paragraph (1), the brackets and figure '(1)' at the commencement shall be omitted and before the table, the following proviso shall be inserted, namely :-- 'provided ..... this notification reads as follows:'in exercise of the powers conferred by section 280ze of the income-tax act, 1961, read with section 280zc thereof and of all other powers enabling it in this behalf, the central government hereby makes the following further amendment to the tax credit certificate (exports) scheme, 1965, namely:-- in the said scheme, paragraph 3 shall be re-numbered as sub-paragraph (1) of that paragraph and after sub-paragraph (1) as so re-numbered (as sub-paragraph (1) of that paragraph), the following sub .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)43ITD60(Mum.)
..... under the amended law vide section 47(1) to (4) of the english finance act, 1965 the dividend income of a shareholder in an english company stood to be the gross dividend as against the net dividend in the past (under the old ..... the year 1965 the dividend income of a shareholder in a foreign company was only the net dividend, but the english finance act, 1965 amended this position. ..... 1965 the dividend income of a shareholder in a foreign company was only the net dividend, but this position underwent a change by the amendment made to the english finance act, 1965. ..... under section 47(1)/(2)/(4) of the english finance act, 1965 the dividend income of a shareholder in a english company is the gross dividend which would mean that it is the gross dividend which is to be included in the total income of a shareholder resident in india rather than the net ..... is ample force in the submission made by the learned depastmental representative to the effect that in view of the change in the english finance act, 1965 the ratio of the decision of the calcutta high court in shaw wallace & co.ltd. ..... the case of the assessee indisputably falls within the ambit of section 5(1)(c) of the income-tax act, 1961 which reads as under : 5(1) subject to the provisions of this act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which naturally, any shareholder of a foreign company if a resident in india would be taxed on the dividend income .....
Tag this Judgment!Court : Mumbai
Reported in : [1985]59STC155(Bom)
..... the material portion of sub-section (2) of section 220, as it stood prior to the amendment effected by the finance act, 1965 read thus :'if the amount specified in any notice of demand under section 156 is not paid within he period limited under sub-section (1), the assessee shall be liable to pay simple interest at four per cent. ..... , 1964 to 31st march, 1969 the penalty was calculated at 2% per month, calculated on the footing that the penalty imposable was at the rate of 2% per month subject to the maximum of 50% of the wealth-tax payable under section 18(1)(a) before its amendment on 1st april, 1969 and for the period from 1st april, 1969 to 18th march, 1971 it was calculated at 1/2% of the net wealth for each month of default under section 18(1)(a) as amended by the finance act, 1969. ..... it was, inter alia, held that the amendment to section 17(1)(a) of the gift-tax act, 1958 by the gift-tax (amendment) act, 1962 with effect from 1st april, 1963 will not be applicable to cases where the default had been committed before the amendment act came into force and the law applicable to the levy of penalty for such defaults was the law as it stood at the time when the default is committed and not as it stood in the financial year ..... section 14 of the wealth-tax act was amended as from 1st april, 1965. ..... in the meantime sub-section (3) of section 36 of the bombay sales tax act was amended with effect from 11th may, 1973. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 1995(1)ALT288; 1995(77)ELT544(AP)
..... after the request of the assessee was granted by the income-tax officer, sub-section (2) of section 220 of the act was amended by the finance act, 1965, by which the rate of interest was increased from 4% to 6% per annum. ..... consequently, a notice of demand under section 156 of the act was served on the respondent demanding interest at the rate of 6% per annum pursuant to the amendment issued under section 220(2) of the act. ..... when the legislature has laid down the procedure in the 1961 act for claims being preferred by third parties and their adjudication by the departmental authorities under section 132(5) or section 132(11) of the income-tax act, 1961, the legislature cannot be said to be unaware of the possibility of consequential claims for interest by such third parties in cases of refund. ..... the assessee further undertook to pay interest on the arrears at the rate of 5% per annum, even though under sub-section (2) of section 220 of the income-tax act, 1961, it was required to pay interest at the rate of 4% only. ..... in the present case the order under section 70 of the act was made after the assessed amount of duty was paid up and as such nothing was due on the date the order was made on which the interest could be levied and as such section 70 of the estate duty act, 1953, in terms did not apply. ..... but levy of penal interest under section 139 or section 215 of the act was merely in the regular assessment order.' 38. .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]132ITR481(Cal)
..... the dividend income of a shareholder in a foreign company was only the net dividend ; but the english finance act, 1965, amended the previous law. ..... under section 47(1) to (4) of the english finance act, 1965, the dividend income of a shareholder in an english company is the ..... now to consider the provisions of section 47(1) and (3) of the english finance act, 1965. ..... the provisions of section 47(3) of the english finance act, 1965, runs thus:' where, in the year 1966-67 or any later year of assessment, a company resident in the united kingdom makes any distribution, not beinga payment of interest other than yearly interest, nor a payment in respect of which deductions or repayments of income tax may fall to be made under section 157 (pay as you earn) of the income tax act, 1952, the company shall under this sub-section account for and ..... section 47(1) is as follows :' except as otherwise provided by this part of this act, corporation tax shall not be chargeable on dividends and other distributions of a company resident in the united kingdom, nor shall any such dividends or distributions be taken into account in computing income for corporation tax; but income tax for a year of assessment after the year 1965-66 shall be chargeable under a new schedule f in respect of dividends and other distributions in that year of a company resident in ..... the gross dividend thereof, which is to be included in the total income of a shareholder resident in india by virtue of section 51 of the act of 1961.5. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1975SC435; [1974]97ITR621(SC); (1975)4SCC176; [1975]2SCR685
..... the amendment brought about by the finance act, 1965 by inserting second proviso to section 10, as observed by this court in the case of george da costa v. ..... the second proviso to section 10 was inserted by the finance act, 1965 (act 10 of 1965).11. ..... . (4) is concerned, the law was subsequently amended by section 35(2) of the finance act, 1959 ..... it may be mentioned that the period 'two years' in sub-section (1) of section 9 and the first proviso to section 10 was substituted for 'one year' by the finance act, 1966 (act 13 of 1966). ..... this appeal by the control of estate duty on certificate is against the judgment of the madras high court whereby that court answered the following question referred to it under section 64(1) of the estate duty act, 1953 (act 34 of 1953) (hereinafter referred to as the act) partly in favour of the assessee and partly in favour of the revenue:whether,, on the facts and in the circumstances of the case, the entire value of the property known as 'mayavaram lodge' or any portion of its value is liable ..... . on a claim by the revenue authorities that on the death in 1921 of the settlor the subject of the settlement had formed part of the settlor's dutiable estate by virtue of section 102 of the new south wales stamp duties act, the judicial committee held that the interest of the son under the settlement in the shares and accumulations of income was ot an absolute vested interest, but was contingent on his attaining the age of 21 years .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker77; [1966]60ITR737(Ker)
..... by section 70 of the finance act 1965, for part i of the schedule lo the act, the following part was substituted:'(a) lu the case of every individuals: rate of tax(i) on the first rupees one lakhs of net wealthnil(ii) on the next rupees four lakhs of net wealth0.5%(iii) ..... wealthnil(ii)on the next rupees nine lakhs of net wealth1/2%(iii)on the next rupees ten lakhs of net wealth1%(iv)on the balance of net wealth11/2%xxxx xxxx'20.bv section 13 of the finance act of 1960 (act xii of i960) it was provided:'notwithstanding anything contained in the wealth tax act 1957 (hereinafter referred to as the wealth tax act) no tax shall be charged in respect of the net wealth of a company for any financial year commencing on or after the 1st day of ..... section 15a, as introduced by the wealth tax (amendment) act, 1964, provides for the signing and verification of a return to he made under sections 14 and 15 of the act ..... 1962]44itr708(sc) , the supreme court had to consider the validity of the proviso to section 10 (2) (vi) (b) of the indian income-tax act, 1922 (added by the taxation laws amendment act 1960). ..... the wealth tax (amendment) act, 1964 (act 46 of 1964) certain changes were made in the provisions of the act which it is ..... neither the muslim personal law (sharial) application act (central xxvi of 1937) nor its madras amendment by act xviii of 1949 had any effect on the rights and incidents of mappila tarwad (see puthiya purayil ..... , was conferred by the madras marumakkathayam (amendment) act, 1958. .....
Tag this Judgment!Court : Chennai
Reported in : (1995)124CTR(Mad)298; [1995]217ITR213(Mad)
..... included in the assessment was the net dividend income received by the assessee after deduction of income-tax and, as, according to hi, the gross dividend was includible under section 5(1)(c) of the income-tax act, 1961 (hereinafter referred to as 'the act'), especially in view of the amendment brought about by the finance act, 1965, to the united kingdom income-tax act, 1952, under which u. k. ..... act, by reason of the amendment brought about by the finance act of 1965 ..... income-tax act, 1952, by the finance act, 1965, reference was made to simon's ..... finance act, 1965, amounts deducted by way of tax from the dividends distributed at the standard rates were allowed to be retained by the companies, but after 1965, the amounts had ..... of relief against double taxation, it is income which has been subjected to tax in a foreign country in which it has arisen and irrespective of the fact that there is no provision comparable to section 18(5) of the act, yet the payment of tax by the company operates as a relief to the shareholder and on that account alone the dividend income is not chargeable to tax in the united kingdom. ..... we are, therefore, of the view that though the decision of the supreme court referred to above dealt with a case of the availability of relief under section 49d of the indian income-tax act, 1922, yet the considerations adverted to therein with reference to the nature of the deduction and with reference to the character of the tax deducted at source being eligible for double .....
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