Judgment Search Results Home > Cases Phrase: finance act 1972 Court: supreme court of india Page 3 of about 28,957 results (0.188 seconds)

Shree Sajjan Mills Ltd. Vs. Commissioner of Income Tax, M.P., Bhopal a ...

Court : Supreme Court of India

Reported in : AIR1986SC484; 1986LC276(SC); [1985]156ITR585(SC); 1985(2)SCALE737; (1985)4SCC590; [1985]Supp3SCR593

..... and following the said decision, the high court held that the assessee was not entitled to deduction on account of its liability for gratuity under the payment of gratuity act, 1972 without complying with the provisions of section 40a(7) of the act and accordingly answered both the questions in the negative and against the assessee. ..... this intention and the purpose of the legislature was carried into effect by inserting sub-section 1.7) in section 40a by ensuring the overriding effect over the other provisions of the act, therefore, in interpreting or in trying to find out the meaning of that provision, one should, if possible and in this case it is not at all straining, give effect to that intention and not ..... was inserted by the finance act, 1968 with effect from ..... clause was inserted by finance act, 1975 with retrospective ..... in certain circumstances - (1) the provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this act relating to the computation of income under the head to the computation of income under the head 'profits and gains of business or profession ..... a claim for deduction of gratuity in the income-tax assessment as tantamounting to the making of a provision by the assessee in his books of account, and(b) it proceeded on the unwarranted assumption that the companies act abundantly required a company to make a provision for gratuity, and failure to make such a provision constituted a violation of the companies .....

Sai Bhaskar Iron Ltd. Vs. A.P.Elect.Regul.Commission and Ors.

Court : Supreme Court of India

..... 1972) 4 scc526a question arose whether the term income tax as employed in section 2 of the finance act ..... renewable sources of energy; (i) the national electricity policy and tariff policy: provided that the terms and conditions for determination of tariff under the electricity (supply) act, 1948 (54 of 1948), the electricity regulatory commissions act, 1998 (14 of 1998) and the enactments specified in the schedule as they stood immediately before the appointed date, shall continue to apply for a period ..... of tariffs applicable to the ht consumers made in the present case, was for the purpose of better discharge of its other obligations under the supply act and in effect, it has merely resulted in a gradual withdrawal of the concessional tariffs provided earlier to the power intensive consumers which do not in its opinion require continuance of the ..... the commission shall be bound by the following parameters: (a) the financial principles and their applications provided in the sixth schedule to the electricity (supply) act, 1948 read with sections 57 and 57- a of the said act; (b) the factors which would encourage efficiency, economic use of the resources, good performance, optimum investments performance of licence conditions and other matters which the ..... act, 1935, part vii, contained provisions relating to finance ..... 1972) 3 scc246 in that case this court was considering the question whether the mysore state legislature was competent to enact the mysore land revenue (surcharge) act .....

Sarojini Tea Co. (P.) Ltd. Vs. Collector of Dibrugarh, Assam and Anoth ...

Court : Supreme Court of India

Reported in : AIR1992SC1264; JT1992(1)SC327; 1992(1)SCALE159; (1992)2SCC156; [1992]1SCR371; 1992(1)LC219(SC)

..... : [1972]83itr346(sc) , a question arose whether the term 'income-tax' as employed in section 2 of the finance act, 1964, would include surcharge and additional surcharge whenever ..... raises for consideration the question whether the expression 'annual land revenue' in section 12 of the assam fixation of ceiling on land holdings act, 1956 (hereinafter referred to as 'the ceiling act') would include 'surcharge' payable under the assam land revenue and land (surcharge) act, 1970 (hereinafter referred to as 'the surcharge act') and the 'local rate' payable under the assam local rates regulation, 1879 (hereinafter referred to as 'the local rates regulation').2. ..... its judgment dated june 1,1983 on the view that the expression 'full rate of annual land revenue' meant only the revenue assessed on the land as such and the legislature by enacting section 12 of the ceiling act did not have in their mind the local rates which were already leviable under the local rates regulation, at the time of enacting section 12 of the ..... the land is revenue free, or assessed to land revenue at a concessional rate, or where it is not assessed to land revenue under the provisions of the assam land and revenue regulations, 1886 or of the assam land revenue re-assessment act, 1936, the compensation shall be determined on the basis of annual land revenue assessable under the provisions of the afore-mentioned ..... the government of india act 1935, part vii, contained provisions relating to finance, property contracts and .....

M/S. R.B. Shreeram Religious and Charitable Trust Vs. the Commissioner ...

Court : Supreme Court of India

Reported in : 1998VAD(SC)189; AIR1998SC2419; [1998]233ITR53(SC); JT1998(4)SC648; 1998(4)SCALE130; (1998)5SCC730; [1998]3SCR697

..... the definition of 'income' under section 2(24) was, however, subsequently amended by the finance act of 1972 by including in the definition of 'income' under sub-clause (ii) (a) of section 2(24), voluntary contributions received by a trust created wholly or partly for charitable or religious purpose or by an institution established wholly or ..... this, however, does not necessarily imply that prior to the amendment of 1972, a voluntary contribution which was not towards the corpus of the receiving trust, was not ..... the assessee, therefore, contends that section 12(1) prior to the amendment of 1972 should be interpreted as referring only to any income which accrues to the trust by investing voluntary contributions ..... section 12 of the income-tax act as it stood at the relevant time (prior to its amendment in 1972) was as follows :-section 12 :'income of trusts or institutions from voluntary contributions-(1) any income of a trust for charitable or religious purposes or of a charitable or religious institution derived form voluntary contributions and applicable solely to charitable ..... upon the provisions of the cochin income-tax act and the language used in the relevant sections ..... of income under section 2(24) of the income-tax act as it stood at the relevant time was an ..... even prior to the amendment of 1972, any income received by a religious or charitable trust in the form of a voluntary contribution would be income of the trust unless such contribution was expressly made towards the corpus .....

R. B. Shreeram Religious and Charitable Trust Vs. Commissioner of Inco ...

Court : Supreme Court of India

Reported in : (1998)148CTR(SC)1

..... the definition of `income' under section 2(24) was however, subsequently amended by the finance act, of 1972 including in the definition of `income' under sub. ..... this, however, does not necessarily imply that prior to the amendment of 1972, a voluntary contribution which was not towards the corpus of the receiving trust, was not income of the receiving trust ..... the assessee, therefore, contends that section 12(1) prior to the amendment of 1972 should be interpreted as referring only to any income which accrues to the trust by investing voluntary contributions which it has received.8 ..... section 12 of the income tax act as it stood at the relevant time (prior to its amendment in 1972) was as follows:section 12:'income of trusts or institutions from voluntary contributions- (1) any income of a trust for charitable or religious purposes or of a charitable or religious institution derived from voluntary contributions and applicable solely to charitable or religious purposes shall ..... accordingly, the donations received by the trust should be excluded from the income of the trust for the purpose of calculating the accumulation limit of 25 per cent except in cases covered by section 12(2) of the act' the board circular was not dealing with section 12. ..... that case turns upon the provisions of the cochin income tax act and the language used in the relevant sections therein. ..... the definition of income under section 2(24) of the income tax act, as it stood at the relevant time was an extensive definition .....

Management of Ksrtc Th. Chief Law Officer Vs. R. Krishna Reddy

Court : Supreme Court of India

Reported in : [2006(111)FLR1194]; [2007(1)JCR126(SC)]; JT2006(9)SC561; (2007)ILLJ231SC; 2006(11)SCALE304

..... directors of the appellant in its meeting held on 14.01.1999 adopted a resolution in the following terms:the principal secretary, finance department stated that the provisions of the gratuity act, 1972 has to be followed as far as the ceiling on payment of gratuity is concerned. ..... 7808 approval is accepted for the payment of gratuity to the employees of the corporation from 28.11.1995 in terms of the gratuity act 1972 if it is more advantageous.the board of directors of the appellant also adopted the following resolution on 26.06.1999:approval is accorded to merge the dearness allowance as contemplated in ..... senior counsel appearing on behalf of the respondent, on the other hand, submitted that the amount of gratuity is required to be calculated in terms of section 5 of the act and in that view of the matter the rate prescribed therefore must be computed at par with the settlement. ..... position also under the payment of gratuity act, 1972 (for short 'the act'). 3. ..... when two views are possible, having regard to the purpose, the act seeks to achieve being a social welfare legislation, it may be construed in favour ..... gratuity is payable in terms of section 4 of the act to an employee inter alia on his superannuation after he has rendered continuous service for not less than five years.sub-section (2) of section 4 of the act envisages that for every completed year of service, the employer shall pay gratuity to an employee at the rate of 15 days' wages based on the rate of wages last drawn by .....

Independent Schools Federation Of India (regd.) Vs. Union Of India

Court : Supreme Court of India

..... of the income tax rules, 1962, enacted vide finance act (no.2 of 1980) with retrospective effect from 1st april 1972, thereby restricting the deduction available under section 80-j of the income tax act, 1961. ..... or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing; nor shall this act affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively ..... in the definition of employee in section 2(e) of the act of 1972 reinforces our conclusion that teachers are clearly not covered in ..... those affected persons who were denied their rightful benefits due to some technical flaw/legal lacuna in the definition of the term employee as contained in section 2 (e) of the payment of gratuity act, 1972.9. ..... and correct when the pag act was first enforced with effect from 16th september 1972, and when notification no.s- ..... on 16th september 1972, the date when the pag act came into effect, ..... the pag act enacted and enforced with effect from 16th september 1972, requires payment of gratuity to an employee after he has rendered continuous service for not less than 5 ..... of the word employee contained in various previous labour enactments when the act was passed in 1972. .....

Commissioner of Income Tax Vs. Shah Sadiq and Sons

Court : Supreme Court of India

Reported in : AIR1987SC1217; (1987)61CTR(SC)269; [1987]166ITR102(SC); JT1987(2)SC157; 1987(1)SCALE816; (1987)3SCC516

..... income-tax, w est bengal i, : [1972]86itr570(cal) on the question of carry forward of the loss after the coming into operation of the finance act, 1955. ..... the assessment for the year ending 31st day of march, 1940, in any business, profession or vocation, and the loss could not be wholly set off under sub-section (1) of section 24 of the said act, so much of the loss as was not so set off or the whole loss where the assessee had no other head of income would have been carried forward in the manner indicated therein. ..... carried forward for two years in accordance with the provisions of section 32(2) of the travancore income-tax act, 1121, could be carried forward beyond those two year for a period of six years in accordance with sections 24(2) of the indian income-tax act,1922 for the assessment year 1951-52, as the indian income-tax act, 1922 was applicable for that assessment year and the assessee the right to carry forward losses in ..... held that the right to carry forward the losses relating to the assessment years 1960-61 and 1961-62 was governed by the indian income-tax act, 1922 (hereinafter called the '1922 act') and the section 75(2) of the income-tax act, 1961 which was applicable to the assessment year 1960-61 had no application in the facts of this case. ..... gopi chand, : [1978]111itr807(all) where it was held that a registered firm could, so long as the 1922 act was in force, carry forward speculation loss, if it could not be set off against speculation income of the year in .....

Commissioner of Income-tax Vs. Lachhman Das Veerabhandas

Court : Supreme Court of India

Reported in : [2001]247ITR810(SC); (2002)9SCC476

order1. the civil appeal is dismissed. there shall be no order as to costs.

Essa @ Anjum Abdul Razak Memon Vs. State of Maharashtra Tr.Stf,cbi Mum ...

Court : Supreme Court of India

..... was closely associated with javed chikna (aa) who was one of the main conspirator in the blasts; (ii) he actively participated in the landing of arms and explosives at shekhadi smuggled for the purpose of committing terrorist acts; (iii) he went to pakistan and underwent training in arms and ammunitions and explosives; (iv) after completion of the aforesaid training, he took oath of maintaining secrecy and committing jehad alongwith other co- accused in ..... the appellant was also charged on the following counts: at head secondly; the appellant (a-54) was also charged for committing an offence punishable under section 3(3) of tada by committing the following overt acts:- (a) he participated in the training in handling of arms, ammunitions and explosives at borghat and sandheri along with tiger memon and other co-conspirators; (b) he participated in the landing and ..... (a) by knowingly facilitating the commission of terrorist act by making arrangements for finance through her bank account and by allowing her maruti van not mfc 1972 for using it as a transport vehicle by ..... acquitted of: (i) a part of charge stated in clause (a) at head secondly framed against her in respect of having facilitated commission of terrorist acts by making arrangement for finance through her bank account; and (ii) charge stated in clause (b). ..... secondly for arranging finance from the funds of m/s tejarath international for achieving the objective to commit terrorist acts. ..... 1972.was being used for terrorist acts .....