Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: delhi Page 21 of about 2,077 results (0.096 seconds)

Commissioner of Income Tax Vs. Ankitech Pvt Ltd. and ors.

Court : Delhi

..... sec.2(22)(e) was applicable to shareholders having substantial interest in the company and the benchmark of the substantial interest was 20% of the voting power. by finance act, 1987, this benchmark of substantial interest was done away with. it is important to note here that section 2(32) defining the expression "person who has substantial ..... the hands of the concern, where all the following conditions are satisfied.......................... she, thus, argued that when the aforesaid category was introduced by way of amendment by finance act 1987 making the said category effective from 13.04.1988, this circular issued by cbdt would clearly show that what was intented was that the amount in the form ..... also the first limb of provisions of section 2(22)(e) will not apply. 25. the new category of payment which was considered as dividend introduced by the finance act, 1987 w.e.f. 1st april, 1988 by the second limb of section 2(22)(e) is payment "to any concern in which such shareholder is a .....

Commissioner of Income-tax, Delhi-ii Vs. Mahabir Prashad and Sons

Court : Delhi

Reported in : (1980)17CTR(Del)161; ILR1980Delhi1147

..... claim of the assessed for waiver on the merits and in accordance with law. we may mention here that s. 139(8) had been introduced by the finance act of 1963, but under certain departmental instructions this section was considered to have retrospective effect and this was the reasons why the tribunal gave the directions to the ..... (all) , vidyapat singhania v. cit : [1977]107itr533(all) , ram chand and sons sugar mills(p.)ltd. v. cit : [1977]107itr539(all) , addl. cit v. allahabad milling co. : [1978]111itr111(all) and mewa lal v. cit : [1979]117itr598(all) . all these decisions have been considered and the matter thrashed out fully in the recent full bench decision in cit ..... the case of cit v. sharma construction co. : [1975]100itr603(guj) , which has been explained in the more recent decision in bhikhoobhai n. shah v. cit : [1978]114itr197(guj) . this court also held that no appeal lies against an order levying penal interest either under s. 139 or s. 215 if in the appeal the assessed .....

R. Dalmia (Decd.) (Through Executors and L. Rs.) Vs. Commissioner of I ...

Court : Delhi

Reported in : [1982]137ITR169(Delhi)

..... gains chargeable before s. 12b was enacted the section was first inserted by the income-tax and excess profits tax (amendment) act, 1947, which taxed capital gains arising after 31st march, 1946. in 1949, the indian finance act provided that capital gains could not be charged except when they arose before 1st april, 1948. the result was that capital ..... p.) ltd. should have been charged to capital gains for the alleged capital gains arising in that period. after that, the law was again amended by the finance (no.3)act,1956, and capital gains were re-defined to mean profits or gains arising from the sale, exchange or transfer of capital assets made after 31st march, 1956. ..... taxable could be determined only after the sale price had been determined. in the bombay high court decision in akola electric supply co. p. ltd. v. cit : [1978]113itr265(bom) , it was held that although the possession vested in the board at an earlier date, the transaction became a sale only when the price was settled .....

Commissioner of Wealth-tax Vs. A.K. Tandon and Others

Court : Delhi

Reported in : (1992)103CTR(Del)42; ILR1992Delhi996; [1992]198ITR26(Delhi)

..... used for commercial purposes. this is clear because the words 'and exclusively used by him for residential purposes' have been deleted in section 5(1)(iv) by the finance (no. 2) act, 1971, with effect from april 1, 1972. instructions issued by the central board of direct taxes, vide letter f. no. 317/23/73-wt dated july ..... of the kerala high court and it is really based on the karnataka high court decision already referred to by us, reported in cwt v. mrs. christine cardoza : [1978]114itr532(kar) . 26. the judgment of the calcutta high court reported in cwt v. sri naurangrai agarwalla : [1985]155itr752(cal) is an elaborate judgment on the point ..... firm, messrs. wengers and co., filed appeals before the tribunal. the tribunal, relying on the judgments of the karnataka high court reported in cwt v. mrs. christen cardoza : [1978]114itr532(kar) , of the orissa high court reported in cwt v. i. butchi krishna : [1979]119itr8(orissa) and of the madhya pradesh high court reported in narsibhai patel .....

The Commissioner of Wealth-tax, New Delhi Vs. A.K. Tandon

Court : Delhi

Reported in : 1992(22)DRJ334

..... house used for commercial purposes. this is clear because the words 'and exclusively used by him for residential purposes' have been deleted in section 5(1)(iv) by the finance (no.2) act, with effect from april 1, 1972. instructions issued by the central board of direct taxs, vide letter f.no.317/23/73-wt dated july 24, 1973 are ..... own the property and in whom the property is vested, the benefit of section 85'.(22) the counsellor the assesseds has also cited c.w.t. vs. mrs. christine cardoza : [1978]114itr532(kar) . this case related to the question of exemption under section 5(1)(iv) being available to a firm or a partner of the firm at the time of ..... who are partners in the said firm m/s wengers and co. filed appeals before the tribunal. the tribunal relying on the judgments of the kamatka high court reported in : [1978]114itr532(kar) , orissa high court reported in : [1979]119itr8(orissa) and m.p. high court reported in : [1981]127itr633(mp) , held that the order of the wealth-tax officer .....

L. Bansi Dhar and Sons Vs. Commissioner of Income-tax, Delhi

Court : Delhi

Reported in : ILR1980Delhi415; [1980]123ITR58(Delhi)

..... . normally, a contract may ripen into property. this is why s. 4 of the transfer of property act 1882, provides that the chapters and sections of that act which relate to contracts shall be taken as part of the indian contract act, 1872. the question, however, arises as to when a contractual right is property and when it is not ..... purchase of the shares by her. 18. the learned counsel for the revenue relied upon the decision of the supreme court in y. l. agarwalla v. cit : [1978]114itr471(sc) , for the argument that the use of the joint family funds for the acquisition of property by individual member thereof would make the property a part of ..... during the lifetime of the assured, the contingent beneficial interest belonged not to the assured but to his legal representatives. 12. certain decisions under the estate duty act were referred to during the course of argument. we are here not concerned with the assessment of estate duty. that assessment becomes relevant when property passes on death .....

Chiranji Lal Ramji Das Vs. Income-tax Officer and ors.

Court : Delhi

Reported in : ILR1976Delhi779; [1978]115ITR842(Delhi)

..... respondent no. 1) , the commissioner of income-tax (respondent no. 2) , central board of direct taxes (respondent no. 3) and the union of india through secretary, ministry of finance (respondent no. 4) . in other writ petitions, that is, c. w. 228 to 233 of 1970, income-tax officer, commissioner of income-tax and central board of direct taxes ..... and a different year's assessment and is not the same as the subject-matter 'of the previous ruling'.'(30) that applies to income-tax authorities under the act or valuation officers under the rating law. their direct function is fixing the assessment. the jurisdiction of these tribunals to which the decision belongs by the administrative scheme ..... as required by s. 148(2) . (52) the grounds or reasons which led to the formation of the belief contemplated by s. 147(a) of the act must have a material bearing on the question of escapement of income of the assessed from assessment because of his failure or omission to disclose fully and truly all material .....

P.N.B. Finance and Industries Ltd. Vs. Gita Kripalani

Court : Delhi

Reported in : [1986]59CompCas235(Delhi); 1985(1)Crimes1094; [1986]157ITR385(Delhi)

..... reasonable cause or excuse, fails to deduct or after deducting, fails to pay the tax as required by or under the provisions of subsection (9) of section 80e or chapter xvii-b, he shall be punishable : (i) in a case where the amount of tax which he has failed to deduct or may exceeds one hundred thousand rupees, ..... made during the pendency of the proceedings in the complaints. the complaints sought to be quashed, which are in identical terms, were filed on or about march 31, 1978, and are grounded on the allegations that the payment to the shareholders, in excess of the face value of the share, was 'deemed dividend' within the meaning of ..... 482 of the code, by p.n.b. finance & industries ltd, for short, the company, its chairman, director, and secretary, 'to quash 220 complaints against them by the income-tax officer, company circle, respondent herein, for an offence under section 276b of the income-tax act 1961, for short, the act, and the orders summoning the petitioners in the complaints .....

Escorts Electronics Ltd. Vs. Commissioner of Income-tax (Central)-i

Court : Delhi

Reported in : (2002)178CTR(Del)21

..... head 'income from other sources'. however, relying on the decision of the bombay high court in commissioner of income-tax bombay city ii v. estate and finance limited : [1978]111itr119(bom) , the commissioner allowed set off of the carry forward unabsorbed depreciation of earlier years against the income computed under the head 'income from other ..... was not right in holding that the unabsorbed depreciation carried forward from earlier years could not be allowed against the income assessed under section 56 of the act under the head 'income from other sources'. consequently, the first question is answered in the negative i.e. in favor of the assessed and against the ..... appellate tribunal, delhi bench 'e', delhi (for short, 'the tribunal') has referred the following questions under section 256(1) of the income-tax act, 1961 (for short, 'the act'), for our opinion:'1. whether on the facts and in the circumstances of the case, the tribunal was right in holding that unabsorbed depreciation of an .....

Rajan Gupta Vs Commissioner of Income Tax

Court : Delhi

..... may also point out that in case of applications made under section 245c on or after 01.06.2007, two provisos have been made applicable by virtue of the finance act, 2007 with effect from 01.06.2007. the two provisos to sub-section (2) read as under:- "provided that where an application has been made under section ..... to be further proceeded with, as the case may be.14. an analysis of the above provisions indicates that in the course of regular assessments under chapter xiv of the said act, if the assessing officer considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed the assessee's ..... while construing the expression assessment proceeding as appearing in the said explanation 1, the supreme court examined various provisions dealing with the procedure for assessment as contained in chapter-xiv and held:-the process of assessment thus commences with the filing of the return or when the return is not filed by the issuance by the assessing .....