Judgment Search Results Home > Cases Phrase: finance act 1968 section 28 amendment of section 280zb Court: mumbai Year: 1992 Page 1 of about 31 results (0.678 seconds)

R.M. Enterprises, Mittal Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the expressions " industrial company ", " industrial undertaking", " manufacture "," production ", " articles ", " things and goods". (a) almost all the annual finance acts contain the definition of an " industrial company". for our purpose, it would suffice to refer to clause (c) of sub-section (8) of section 2 of the finance act, 1983, wherein the definition of an "industrial company" is given as under : " (c) ' industrial company * means a company ..... the benefit of deduction to the construction activity of any article or thing is retained and was made eligible.27. section 80-i was omitted by the finance act, 1972, with effect from april 1, 1973. again, it was reintroduced by the finance (no. 2) act, 1980, with effect from april 1, 1981, in the present form.28. this history shows that the original intent .....

Commissioner of Income-tax Vs. Dhable, Bobde Parose, Kale, Lute and Ch ...

Court : Mumbai

Reported in : [1993]202ITR98(Bom)

..... of any land referred to under item (a) or under item (b) of sub-clause (iii) of clause (14) of section 2. it may be pointed out that section 2(14) defines 'capital assets'. however, by the finance act, 1970, with effect from april 1, 1970, certain agricultural lands described in items (a) and (b) of sub-clause (iii ..... insertion of the following explanation at the end of renumbered section 2(1a) : 'explanation. - for the removal of doubts, it is hereby declared that ..... such land and, therefore, agricultural income within the meaning of section 2(1) of the income-tax act, 1961.' this decision still holds the field so far as the present case is concerned, as it remains unaffected by the amendment of section 2(1) [now section 2(1a)] by the finance act, 1989, with retrospective effect from april 1, 1970, by .....

Barium Chemicals Ltd. Vs. Union of IndiA.

Court : Mumbai

Reported in : 1993(63)ELT209(Bom)

..... 39.01/6 in the first schedule of the customs tariff act, 1975. the customs duty payable on p.v.c. resins before the finance act, 1980 was 100% ad valorem and, in addition, under section 47 of the finance act, 1981 the auxiliary duty at 25% ad valorem was payable. the said finance act also enabled the government to grant exemption in respect of auxiliary ..... duty levied under section 47 of the said act. by notification nos. 341-cus. and 342- ..... was) reviewed the law on the subject as laid down in the case of (i) union of india and others v. m/s. anglo afghan agencies etc., a.i.r. 1968 s c 718; (ii) m/s. motilal padampat sugar mills co. ltd. v. the state of uttar pradesh and others : [1979]118itr326(sc) ; (iii) union of .....

Burlingtons' Exports Vs. Assistant Commissioner Of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD424(Mum.)

..... 17. the contention of the learned departmental representative, sri keshavprasad, however, is that there was a transfer on 7-10-1986 under clause (vi) introduced in section 2(47) of the act, by the finance act, 1987. under this clause, he submitted, any transaction (whether by way of becoming a member of or acquiring shares in a co-operative society, company, ..... of partnership assets into individual assets on dissolution or otherwise also forms part of the same scheme of tax avoidance. accordingly, the finance act, 1987 has inserted new sub-section (4) in section 45 of the income-tax act, 1961. the effect is that profits or gains arising from the transfer of a capital asset by a firm to a partner ..... kapur" and the words "of m/s.burlingtons' exports" were deleted. the share certificate no. 51 of new beach candy co-operative housing society limited is dated 14-11-1968.it was in the name of "mr. r.k.a. kapur". from the current account of sri r.k.a. kapur, extracted above, we find that he was .....

Commissioner of Income-tax Vs. Godavari Sugar Mills Ltd.

Court : Mumbai

Reported in : (1992)107CTR(Bom)50; [1992]198ITR196(Bom)

..... ) and passed by the assessing officer had been the subject-matter of any appeal, the powers of the commissioner under section 263(1) shall extend to such matters as had not been considered and decided in such appeal. thereafter, by the finance act of 1989, certain words were added to clause (c) of the explanation with retrospective effect from june 1, 1988. as ..... , while considering the explanation, observed that the explanation as such was inserted in section 263 by the taxation law (amendment) act, 1984 with effect from october 1, 1984. the explanation had only two clauses (a) and (b) at that time. clause (c) was inserted in the explanation by the finance act, 1988, with effect from june 1, 1988. however, clause (c) of the explanation .....

Assistant Commissioner of Vs. Mipa Investment Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)43ITD60(Mum.)

..... 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 ..... 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. 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 ..... have considered the matter carefully. there 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. 's case (supra) would not govern the issue.8. the .....

A.R. Kukalekar Vs. Goa Housing Board and anr.

Court : Mumbai

Reported in : 1993(2)BomCR486

..... beginning of the order and it has been so done to separate the accounts duties and finance and cost work. further, the chief accounts officer is a statutory officer as per section 12(1) of the goa, daman and diu housing board act, 1968 and also head of the accounts branch. the chief accounts officer is also cast with ..... he issued such an order with the knowledge of the chairman who has got supervisory control over all the officers and employees of the board under section 16 of the housing board act, 1968. the alleged typed note by the petitioner could not have figured in any of the agenda notes put up for the board meeting as such ..... tax act has no legal existence till the finance act is made, though till the finance act is made it cannot be enforced. but reliance is placed on section 67-b of the income-tax act support of the contention that its existence in the statute book keeps the act alive, for the rate prescribed by the previous finance act is applicable till the new finance act is .....

Caltex Oil Refining (India) Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1993)95BOMLR975; (1993)113CTR(Bom)358; [1993]202ITR375(Bom); 1993(2)MhLj1758

..... , paid shall be deemed to be tax payable by the assessee and the provisions of this act shall apply accordingly....' 8. it may be pertinent to mention that the proviso to sub-section (1) and sub-section (1a) were inserted by the finance act, 1968, with effect from april 1, 1968. 9. the contention of the assessee is that an appeal lies to the appellate assistant commissioner ..... under clause (c) of section 246 of the act. this submission is based on the footing that computation of interest under .....

Khatau Junkar Ltd. and Another Vs. K.S. Pathania and Another

Court : Mumbai

Reported in : 1992(1)BomCR550; (1992)102CTR(Bom)194; [1992]196ITR55(Bom)

..... in a very few cases, the deductions admissible to the assessee were not claimed or incorrect deductions or allowances were claimed. the finance act has omitted the requirement of making adjustments under sub-clauses (ii) and (iii) or clause (b) of section 143(1).' 13. this note clearly shows that the adjustments which could be made earlier were only regarding incorrect deductions on ..... . a survey of the previous provisions which are now replaced by the present section 143 shows that, whenever in the past a similar power to make adjustments was given to the income-tax officer, this was in the course of a summary assessment. secondly, as the note to the finance act of 1980 shows, there were hardly any occasions when, on the basis .....

Sharad R. Khanna and ors. Vs. Industrial Credit and Investment Corp. o ...

Court : Mumbai

Reported in : 1993(1)BomCR546

..... is entitled to file a petition for adjudication of the debtor as an insolvent within three months from the date of the committing of act of insolvency under section 12 of the act.6. rule 52-a of the bombay insolvency rules, 1910 prescribes that every insolvency notice shall require the debtor to pay the amount ..... that by letter dated 14th june 1989, addressed by the three judgment debtors herein to the industrial credit and investment corporation of india ltd. and industrial finance corporation of india (exhibit 1 to the affidavit in reply) all the three guarantors admitted their liability to the creditors in full. by the said letter ..... during the pendency of above referred suit filed by the plaintiffs against m/s. krimpex synthetics ltd., industrial credit and investment corporation of india ltd. and industrial finance corporation of india filed summary suit no. 1935 of 1989 (being a separate independent actions) against the three guarantors for recovery of the same amounts as the .....