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B.K. Suresh Vs. Income Tax Officer

Court : Karnataka

Reported in : (2009)221CTR(Kar)80

..... 1st april, 1972 by the finance act, 1972. ..... from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever.thus, winnings from lotteries on and after 1st april, 1972 were included within the scope of the definition of 'income' and the person responsible for paying to any person any income in excess of rupees five thousand by way of winnings from lottery, was required to deduct income ..... in the finance act, 2001, an explanation was added below section 2(24)(ix), which explanation reads thus:explanation: for the purposes of this sub-clause,(i) 'lottery' includes winnings from prizes awarded to any person by draw of ms or by chance or in any other manner ..... this appeal under section 260a of the it act, 1961 (hereinafter shall be referred to in short as 'the act') has been preferred by the assessee against the order passed by the ao confirmed in appeal by the cit(a) and further confirmed in further appeal by the tribunal, bangalore bench. ..... 5,00,000.the ao in the order of assessment under section 143(1)(a) of the act negatived the exemption claimed by the assessee. ..... it introduced section 194b, a new sub-clause (ix) was introduced in the definition of 'income' in section 2(24) of the act, which reads thus:2(24 .... ..... section 194b of the act was amended w.e.f. ..... hence this appeal under section 260a of the act.5. ..... 1994-95 and claimed exemption under section 10(3) of the act of rs. .....

Jayakumari and Dilharkumari (Executrixes and Trustees of Late H.H. Raj ...

Court : Karnataka

Reported in : (1986)56CTR(Kar)289; [1987]165ITR792(KAR); [1987]165ITR792(Karn)

..... laxman singh , in support of his contention that the amendment, by the finance act, 1972, was not retrospective and, therefore, the capital gains which accrued on the sale of the jewellery before the amendment should not be bought to tax. ..... by the finance act, 1972, which was brought into force with effect from april 1, 1973, gold ornaments and jewellery were included in the definition of 'capital asset'. ..... in other words, the income-tax act as it stands amended on the 1st april of a financial year must apply to the assessment for that year.'. 6. ..... in this reference under section 256(1) of the income-tax act, 1961, the tribunal has referred the following five questions : '(1) whether, on the facts and in the circumstances of the case, the tribunal is justified in upholding the assessment made by the income-tax officer on the assessees under section 168 of the income-tax act, 1961 ? ..... (4) and (5), we may set out some facts : the assessees had sold certain jewellery on august 8,1972. ..... (2) whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that both the instalment of principal amount and interest on annuity deposit are taxable under the provisions of the income-tax act, 1961? ..... but, with respect, we may point out that the view taken thereunder would be contrary to the well settled principles under the income-tax act.5. .....

Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

..... contentions of sri k.p.kumar7 sri k.p.kumar, learned sr.counsel would support the contentions raised by sri s s naganand for petitioners and contends that for the first time by 27 finance act, 1972 the definition of income , in section 2(24) of the act was amended to include winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature under clause (ix) as a consequent to it, amendment was ..... , 1974 is extracted herein below: horse income from these races-under and winnings carry forward and set off of losses from an amendment made by the finance act, 1972, the exemption available under the income-tax act in respect of casual and non-recurring receipts was withdrawn from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever, ..... 60 sub section (1) and (2) of section 74a which was introduced by finance act, 1972, with effect from 01.04.1972 was omitted by finance act, 1986 with effect from 01.04.1987. ..... he further submits that by finance act, 1972 194b was also introduced to provide for tax deduction at source from winnings from lotteries and crossword puzzles only and winnings from other sources, be it races or card games or games of any sort were not ..... sub clause (ix) of sub-section (24) of section 2 was inserted by the finance act, 1972, with effect from 01.04.1972. .....

Bangalore Turf Club Ltd. Vs. Union of India

Court : Karnataka

..... sri k.p.kumar, learned sr.counsel would support the contentions raised by sri s s naganand for petitioners and contends that for the first time by finance act, 1972 the definition of 'income', in section 2(24) of the act was amended to include winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature under clause (ix) as a consequent to it, amendment was ..... , 1974 is extracted herein below: 'carry forward and set off of losses from horse races-under an amendment made by the finance act, 1972, the exemption available under the income-tax act in respect of casual and non-recurring receipts was withdrawn and winnings from lotteries, cross-word puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any ..... sub-sections (1) and (2) of section 74a which was introduced by finance act, 1972, with effect from 01.04.1972 was omitted by finance act, 1986 with effect from 01.04.1987. ..... he further submits that by finance act, 1972 194b was also introduced to provide for tax deduction at source from winnings from lotteries and crossword puzzles only and winnings from other sources, be it races or card games or games of any sort were not ..... section 194b was inserted by finance act, 1972, with effect from 01.04.1972. ..... sub-clause (ix) of sub-section (24) of section 2 was inserted by the finance act, 1972, with effect from 01.04.1972. .....

Controller of Estate Duty, Karnataka, Bangalore Vs. Andal Thayaramma

Court : Karnataka

Reported in : ILR1984KAR1368; [1985]151ITR197(KAR); [1985]151ITR197(Karn); 1984(2)KarLJ396

..... , (finance act, 1972), see chapter ..... amended by finance act, 1972, s. ..... with the elimination of duty on most of such property, the exception was repealed altogether as respects deaths after 15th april, 1969, by the finance act, 1969, subject in each case to limited savings for policies and annuity contracts effected before 20th march, 1968. ..... exceeding pound 1,000,000, were increased by successive finance acts till they reached 1 per cent. ..... 33 of 1958) ('the amending act') that came into force on july 1, 1960, which governs these cases, the above section has been recast and substituted and that section with certain minor amendments made thereafter by the later finance acts that are not material to notice, reads thus : 'aggregation of property and rates of ..... the 1954 act) to the partial aggregation inter se of policies of insurance and interests therein where these were free from general aggregation; but as respects deaths on and after 20th march, 1968, this relief was removed from claims on a gift basis by the finance act, 1968, s ..... on the death of the deceased, all property so passing in respect of which estate duty is leviable has to be aggregated (with special exceptions) so as to form one estate, and the duty levied on the principal value thereof : finance act, 1894, s. ..... dymond's death duties (fifteenth edition) states thus : 'the rates of duty depend on the value of the property passing; for determining the rate, the principle of 'aggregation' was introduced by the finance act, 1894, s. .....

K.S. Ayodhyanath Vs. Commissioner of Wealth-tax, Karnataka

Court : Karnataka

Reported in : (1981)24CTR(Kar)9; [1983]141ITR309(KAR); [1983]141ITR309(Karn)

..... (xxxi) and (xxxii) were added with effect from april 1, 1973, by the finance act, 1972, and clause (iva) was inserted with effect from april 1, 1975, by the finance act, 1974. 5. ..... the matters relate to the assessment year 1972-73 and 1973-74 and are in relation to wealth-tax assessment. 2. ..... the tribunal has referred the following common question : 'on the facts and in the circumstances of the assessee's case whether the tribunal was right in its interpretation of the proviso to section 5(1a) of the wealth-tax act, 1957 ?' 3. ..... act, excess deduction had been given in a sum of rs. .....

Commissioner of Income-tax Vs. H.M.T. Ltd.

Court : Karnataka

Reported in : (1992)108CTR(Kar)215; [1993]199ITR235(KAR); [1993]199ITR235(Karn); 1993(37)KarLJ153

..... act before it was deleted by the finance act, 1972. ..... and therefore if for the purpose of sub-section (1) of section 80j, the profit or gains of the new industrial undertaking are to be computed in accordance with the provisions of the act and no part of the losses, depreciation allowance or development rebate for the past assessment year which has been fully set off against the profit from other business or income under any other ..... construction of sub-section (1) of section 80j must, therefore, be taken to be that the profit or gain of the new industrial undertaking must be computed in accordance with the provisions of the act in the same manner as they would be in determining the total income chargeable to tax and it must follow a fortiori that if the losses, depreciation allowance and development rebate in respect of the ..... ' as to section 15c(3) the supreme court pointed out at page 788 : 'there is nothing in sub-section (3) of section 15c or in any other provision of the act which requires that in computing the profits or gains if a new industrial undertaking under section 10, depreciation allowance or development rebate in respect of the new industrial undertaking for the past ..... been set off and absorbed completely against the total income of the assessee for those assessment years would be to allow a deduction not warranted by any provision of the act and indeed it would be going contrary to the express provision of proviso (b) to clause (vi) and explanation 1 to clause (vib). .....

K.S. Muthukali Chettiar Vs. Commissioner of Wealth-tax, Karnataka, Ban ...

Court : Karnataka

Reported in : (1985)44CTR(Kar)215; ILR1985KAR672; [1984]150ITR359(KAR); [1984]150ITR359(Karn)

..... of a hindu undivided family, any property having been the separate property of the individual has, at any time after december 31, 1969, been converted by the individual into property belonging to the family through the act of impressing such separate property with the character of property belonging to the family or throwing it into the common stock of the family (such property being hereinafter referred to as the converted property), then, notwithstanding ..... anything contained in any other provision of this act or in any other law for the time being in force, for the purpose of computing the net wealth of the individual under this act for any assessment year commencing on or after april 1, 1972, - (a) the individual shall be deemed to have transferred the converted property, through the family, to the members of ..... act, 1971, which came into force with effect from april 1, 1972 and, therefore, it would be applicable for the assessment years 1972 ..... the act was inserted by the finance ..... 2) act, 1971, with effect from april 1, 1972, against the backdrop of the following two decisions of ..... inserted by finance (no. ..... act, 1961, were inserted by the said amendment act ..... act, 1957, what has been considered as not a transfer of the converted property has been held to be a transfer to the members of the family and if it is a transfer to the members of family, then, clause (b) would be unworkable since it .....

S.V. Halavapalli and Sons and ors. Vs. Commissioner of Commercial Taxe ...

Court : Karnataka

Reported in : [1984]57STC343(Kar)

..... include 'atukulu' (parched rice) and 'muramaralu' (puffed rice), the assam high court in kapildeoram baijnath prosad's case [1954] 5 stc 365 and the delhi high court in ghasi ram's case [1972] 30 stc 88 have interpreted the words 'all forms of rice' to include beaten rice and parched rice, the bombay high court in sultan shev's case [1977] 40 stc 583 and the patna high ..... opinion that it is necessary or expedient to regulate the quality of seed of any kind or variety to be sold for purposes of agriculture, to declare such kind or variety to be a notified kind and variety for the purpose of this act and also to specify the minimum limits of germination and purity with respect to any such seed, and the mark or label to indicate that such seed conforms to the minimum limits of germination and purity specified ..... [1978]3scr190 , the supreme court while considering whether atukulu (parched rice) and muramaralu (puffed rice) are 'rice' within the meaning of entry 66(b) of the andhra pradesh general sales act, 1957, gave a broad enough interpretation of the term 'rice' in accordance with the common sense rule of interpretation and held that the term 'rice' as ordinarily understood is wide enough ..... commissioner of sales tax [1972] 30 stc 88, the delhi high court construing entry 1 of the second schedule to the bengal finance (sales tax) act, 1941, as extended to delhi, which exempted from taxes all cereals including all forms of rice (except when sold in sealed containers), held that the .....

Associated Mechanical Industries Vs. Commissioner of Commercial Taxes, ...

Court : Karnataka

Reported in : [1986]61STC225(Kar)

..... 1962]1scr279 , the question was whether 'betel leaves' fell within the item 'vegetable' so as to earn exemption from sales tax and this court held that word 'vegetable' had not been defined in the act, and that the same must be construed not in any technical sense nor from the botanical point of view but as understood in common parlance and so construed it denoted those classes of vegetable matter which are grown ..... ) dated 20th november, 1973, written by government of india (published on page 754 of the central sales tax act by chaturvedi) to treat gi pipes as steel tubes was a direction to the authorities under the kst act and if so was it binding on the latter (3) whether there was a lawful direction by the commissioner to treat 'gi' pipes as 'steel tubes' under section 3a of the kst act or not if so, has it been withdrawn and from what date : whether the same is enforceable by the assessee ..... several trade organisations and state governments have been making enquiries as to whether certain items would fall within the scope of the term 'iron and steel' as defined in section 14(iv) of the central sales tax act, 1956 [as amended by the central sales tax (amendment) act, 1972]. ..... similarly, the notification dated 20th november, 1973, issued by the ministry of finance, government of india, was at a time when the decision of the supreme court reported in state of tamil ..... government of india,ministry of finance,new delhi - 20-11-1973.to the finance/revenue secretaries of all states/union .....