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Trennery (Respondent) Vs. West (Her Majesty's Inspector of Taxes) (App ...

Court : House of Lords

..... the expression "derived property" seems to have appeared first in a taxing statute in section 28 of the finance act 1946, in provisions designed to charge higher rates of income tax on some categories of income covenants and other settlements of property in which the settlor retained a ..... (apart from an immaterial amendment made by the finance act 1989): "in subsections (1) and (2) above 'derived property', in relation to any property, means income from that property or any other property directly or indirectly representing proceeds of, or of income from, that property or any income therefrom." 47. ..... the intent that the sum should, "from that time cease to be held upon and with and subject to the trusts powers and provisions of the [first] settlement and shall (with all future income of the same) for all purposes become subject to the trusts powers and provisions contained in the second settlement and form part of the trust fund of the second settlement as a separate settlement for ..... reading of subsection (8) is that its structure has five elements: that "derived property" in relation to any property ("p"), means (i) income from p; (ii) any other property directly or indirectly representing proceeds of p; (iii) income from any such other property at (ii) above; (iv) any other property directly or indirectly representing proceeds of income from p; and (v) income from such other property at (iv) above. 39. ..... chapters i and ii and part of chapter iii (including sections 683 to 685 .....

M/S Super Sales Corporation and Others Vs. the Debt Recovery Tribunal ...

Court : Karnataka

..... of income-tax act - the provisions of the second and third schedules to the income-tax act, 1961 (43 of 1961) and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications as if the said provisions and the rules referred to the amount of debt due under this act instead of to the income-tax: ..... to remove the whole or any part of his property from the local limits of the jurisdiction of the tribunal; or (iii) is likely to cause any damage or mischief to the property or affect its value by misuse or creating third party interest, the tribunal may direct the defendant, within a time to be fixed by it, either to furnish security, in such sum as may be specified ..... to the recovery officer by the presiding officer of drt, the recovery officer can proceed to recover the amount of debt in terms of chapter v of the act which deals with recovery of debt determined by tribunal section 25 prescribes three modes of recovery which are as follows: (a) attachment and sale ..... act or the rules made thereunder shall be in addition to, and not in derogation of, the industrial finance corporation act, 1948 (15 of 1948), the state financial corporations act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) [the sick industrial companies (special provisions) act, 1985 (1 of 1986) and the small industries development bank of india act .....

G.V.S. Raju Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)7ITD795(Mad.)

..... according to him, section 64(1)(iv) ropes in all such income as arises directly or, indirectly to the spouse of the individual from assets transferred directly or indirectly to the spouse by guch individual otherwise than for adequate consideration into the total income of the individual and agricultural lands constituted assets though not capital assets in terms of section 2(14)(iii) of the act and as per provisions of the finance act, 1979, agricultural income should be aggregated with the non-agricultural income for the purpose of levying tax on non-agricultural income. ..... he further observed that section 14 itself contains saving clause, namely, 'save as otherwise provided by this act' and section 4(1) of the act also provides that income-tax should be calculated in accordance with any central act, namely, the finance act passed every year.accordingly, he confirmed the assessment orders and dismissed the appeals.4. ..... chapter v of the act provides for inclusion of income of other persons in the total income of an assessee. ..... sections 1 to 59 of the act deals with the computation of total income under various heads of income.therefore, it is necessary to compute the total income in accordance with chapter iv only. .....

Karnataka Small Scale Industries Development Corporation Ltd. Vs. Comm ...

Court : Supreme Court of India

Reported in : (2003)179CTR(SC)1; [2002]258ITR770(SC); JT2002(10)SC41; (2003)7SCC224

..... itr 87 at page iii the circular gives explanatory notes on the provisions relating to direct tax in the finance act. ..... senior counsel appearing on behalf of one of the appellants, an assessee- company which was otherwise entitled to various deductions under the provisions of the act from its total income, in computing its total income, was liable under section 115j to pay tax of 30 per cent of the company's book profit irrespective of the actual deductions claimed by it for the period when section 115j was in operation ..... since there was no law between the date the territories were merged in india and the date when the income tax act was extended to those territories under which the income of those prior years could be computed, there was no question of any depreciation being claimed, allowed or carried forward by the assessee for any year ..... of the assets will have to do adjusted by deducting therefrom the amounts of depreciation which would have been allowed on such assets in the regular method of assessment in accordance with the provisions of section 28 to 43 of the income tax act, 1961 without applying the provisions of section 115j(1), and the resultant amount of written down values will only have to be carried forward to the next year.'7. ..... sub-sections (1) and (2) section 115j is in keeping with the (sic) purpose for which chapter xii-b was introduced in the act by the finance act, 1987. ..... section 115j is in chapter xii-b of the act which is entitled 'special provisions relating .....

Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD421(Mum.)

..... assessee in terms of the decision of the central board of direct taxes and this is what the learned commissioner of income-tax (appeals) has directed the assessing officer to do as and when the said decision is available and then to invoke section 154 of the act for the purpose; (ii) that the approval of the central board of direct taxes under section 80-0 of the act cannot be made a subject matter of appeal since no appeal is provided for the purpose; (iii) that if the aac/cit(a) could not decide ..... provisions of section 80aa, which was, to repeat, made retrospective in effect as from 1-4-1968 and section 80ab, which was made prospective in effect as from 1-4-1981 by the same finance (no.2) act, 1980.their lordships quoted extensively from the finance minister's address to the parliament at the time of introduction of finance (no.2) bill and concludingly the high court observed that, 'interpretation of a statutory provision is always a question of law on which reasons stated by the mover of the amendment can only ..... 473/221/85-ftd government of india ministry of finance department of revenue foreign tax division central board of direct taxes, new delhi, the 19th august, 1987. ..... from 1-4-1981 and in this view of the matter for deduction under section 80m, section 80aa is to be taken note of while for deductions under section 80 as contained in chapter via, section 80ab is to be taken note of; (viii) that the very fact that finance (no. .....

Sri Dwarkadheesh Charitable Trust Vs. Income-tax Officer, c Ward

Court : Allahabad

Reported in : [1975]98ITR557(All)

..... the fact that a contribution made with a specific direction that it shall form part of the corpus of the donee-trust is valid in law, is corroborated by the amendments made by parliament to section 12 by the finance act 16 of 1972, whereby parliament expressly excluded contributions 'made with a specific direction that they shall form part of the corpus of a trust or institution ' from being deemed to be income derived from property for purposes of section 11.20. ..... chapter iii of the income-tax act, 1961, deals with income which do not form part of total income. ..... the petitioners state that they came to know that the central board of direct taxes has, under section 119 of the income-tax act, 196j, issued general instructions to the income-tax officers to assess such donations as income under section 12(2) of the act.7. ..... the construction placed by us on section 12 of the act is in consonance with the scheme underlying chapter iii of the act, section 4(3)(i) and (ii) of the indian income-tax act, 1922, exempted income from property of charitable and religious trusts without any restriction upon accumulation of income. .....

Adityapur Industrial Area Development Authority Vs. Union of India (Uo ...

Court : Supreme Court of India

Reported in : AIR2006SC2375; (2006)202CTR(SC)464; [2006]283ITR97(SC); [2006(4)JCR202(SC)]; 2006(5)SCALE321; (2006)5SCC100; 2006(1)LC713(SC)

..... chapter iii of the income tax act relates to incomes which do not form part of total income ..... arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area ;(20a) any income of an authority constituted in india by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, ..... on behalf of the union of india, repelled the submissions urged on behalf of the appellants by contending that unless the income generated by an agency or instrumentality of the state went to the coffers of the state directly and remained the income of the state, the agency, whether corporation, company or an authority, could not claim the exemption from union taxation under ..... herein challenged, by a writ petition, the notice issued by the deputy commissioner of income tax, tds circle, jamshedpur dated february 14, 2003 to the manager of the central bank of india, jamshedpur bringing to the notice of the manager of the bank that the finance act, 2002 had brought about changes in the income tax act and while section 10(20a) had been omitted, an explanation was added to section 10(20) of the act. ..... stood before its amendment by the finance act of 2002 read as follows:-10. ..... by the finance act, 2002 with effect from april 1, 2003 an explanation was added to .....

Raj Nair Vs. S.K. Laul and ors.

Court : Mumbai

Reported in : (2008)217CTR(Bom)409; [2008]299ITR389(Bom)

..... instant case, as we have noted the agreement was of june 30, 1992, before the amendment by the finance act, 1993, which came into effect on november 17, 1992, and the section as it then stood.13. ..... earlier the section contained the following words 'free from all encumbrances' by the finance act, 1993, with retrospective effect from november 17, 1992, the same was substituted by 'in terms of the agreement for transfer' referred in sub-section (1) of section ..... question before this court was about the interpretation of applicability of the definition of apparent consideration under section 269ua(b) of the income-tax act, 1961. ..... was to be paid within a period of 30 days from the receipt of no objection certificate under section 269un (3) of the income-tax act 1961. ..... 3 served notice under section 269ud(1) of the income-tax act, 1961. ..... high court appears to have overlooked the purpose of chapter xx-c and the definition of 'apparent consideration' thereunder. ..... the respondents are, therefore, directed to refund the said amount in favour of the petitioner with simple interest at the rate of 8 per cent, per annum from the date of retention ..... as is apparent from the judgment would be that in so far as 'apparent consideration' is concerned what can be deducted are only the amount as statutorily provided under the section in the chapter and no other amounts. ..... discount that can be made from the amount of apparent consideration is as provided in the chapter itself. ..... (iii) rule is made absolute partly in .....

Jagdish A. Sadarangani Vs. Government of India

Court : Supreme Court of India

Reported in : (1998)146CTR(SC)105; [1998]230ITR442(SC); JT1998(9)SC241; (1998)8SCC409; 1998Supp(8)SCC409

..... given by the learned judges of the high court in the impugned judgment as well as the objects and reasons of the bill which was enacted as the finance act, 1995, namely, sub-section (4) inserted in section 269-uc of the income tax act. ..... was that the extent of the property under transfer is about 24 grounds which includes 8.01 grounds for which acquisition under the tamil nadu urban land (ceiling and regulation) act (hereinafter referred to as 'the urban ceiling act') is in force and the stay order has been granted by the high court and that the total consideration towards the entire land is inclusive of the portion affected under ..... the appropriate authority shall reconsider the matter in pursuance of the directions given by the learned single judge within a period of four weeks from the date of this order and shall ..... if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this chapter, the statement shall be deemed never to have been furnished.5. ..... (2) shall,(i) be in the prescribed form; (ii) set forth such particulars as may be prescribed; and(iii) be verified in the prescribed manner,and shall be furnished to the appropriate authority in such manner and within such time as may be prescribed, by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and on behalf of the other parties. .....

Life Insurance Corporation of India Vs. Union of India (Uoi) and ors.

Court : Rajasthan

Reported in : (2003)179CTR(Raj)432; [2003]260ITR41(Raj)

..... correspondence between the life insurance corporation and the central board of direct taxes about the exemption of additional conveyance allowance from income-tax under section 10(14) of the act, which indicates that the central board of direct taxes has taken a view that the additional conveyance allowance is exempt from income-tax under section 10(14), provided a certificate was appended with the return of income filed by the development officers to the effect that the ..... chapter iii of the income-tax act, 1961, contains provisions for exemption of certain incomes ..... , thus, the payment of additional conveyance allowance is a reimbursement for actual expenditure incurred by the development officers on account of conveyance in relation to performance of their duties and the said expenditure has a direct nexus with the performance of duties for development of the insurance business by way of meeting several people and to enrol new life insurance agents and to meet the insurance persons for encouraging them to take ..... it is averred that the ministry of finance, government of india, through its central board of direct taxes circular dated november 28, 1986, has accepted the position that the additional conveyance allowance would be treated as exempt under section 10(14) of the act, provided that a certificate is issued by the life insurance corporation to the effect that additional conveyance allowance was granted to the concerned development officer to meet the expenses wholly, .....