Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Sorted by: recent Page 1 of about 15,502 results (0.065 seconds)

Pepper (inspector of Taxes) Vs. Hart and Others.

Court : Kolkata

Reported in : [1991]191ITR195(Cal)

..... with emoluments at the rate of pounds 8,500 a year or more (section 69(1), as amended by section 23 of the finance act 1978). section 61 introduced into charge to income tax under schedule e a wide range of benefits, where these are provided for the employee or members of his ..... deference to the attractively presented argument of mr. oliver, for the taxpayers, and because this case has certain features which case me concern.section 61(1) of the finance act 1976 requires that in cases where the subsection applies there shall be treated as emoluments of the employment of each of the taxpayers, and accordingly chargeable to income tax ..... apportionment of the relevant expense would produce a figure close to the amount of the ordinary school fees.the relevant statutory provisions are to be found in chapter ii of part iii of the finance act 1976, in particular, sections 61 and 63. those two sections have now been replaced, with amendments immaterial for present purposes, by sections 154 and .....

Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

..... contained in chapter xvii-b of the act dealing with tax deduction at source and at no point of time the issue had ever been raised by the department. they also contended that section 194bb of the act which relates to deduction of tax at source (tds) for winnings from horse races was inserted by finance act, 1978 and with ..... binding on all the authorities administering the tax department. the above referred circular which is in the nature of explanatory notes on the provisions relating to the finance act, 1978 cannot be held or construed as one not binding on the department inasmuch as, it is in pursuance of the said circular the stake money is not considered ..... of owning and maintaining horses and cannot be treated as winnings from horse races . 7.2. he further draws the attention of the court to the finance act, 1978 whereunder section 194bb was introduced to entail deduction of tax at source 30 specifically on winnings from horse races and draws the attention of this court to explanatory .....

Bangalore Turf Club Ltd. Vs. Union of India

Court : Karnataka

..... contained in chapter xvii-b of the act dealing with tax deduction at source and at no point of time the issue had ever been raised by the department. they also contended that section 194bb of the act which relates to deduction of tax at source (tds) for "winnings from horse races" was inserted by finance act, 1978 and with ..... binding on all the authorities administering the tax department. the above referred circular which is in the nature of explanatory notes on the provisions relating to the finance act, 1978 cannot be held or construed as one not binding on the department inasmuch as, it is in pursuance of the said circular the stake money is not considered ..... of owning and maintaining horses and cannot be treated as "winnings from horse races". 7.2 he further draws the attention of the court to the finance act, 1978 whereunder section 194bb was introduced to entail deduction of tax at source specifically on "winnings from horse races" and draws the attention of this court to explanatory .....

Star Television News Limited Vs. Union of India (Uoi) Through the Secr ...

Court : Mumbai

Reported in : 2009(111)BomLR3617; (2009)225CTR(Bom)140; [2009]317ITR66(Bom); [2009]184TAXMAN400(Bom)

..... of the assessee's disclosure was maintained, as the same could be used only in the settlement commission.17. scheme of the act and relevant changes in chapter xix-a of the act by the finance act, 2007.prior scheme(i) an application to the settlement commission was submitted in accordance with form 34b in appendix ii to the ..... an exhaustive review of almost all decisions bearing on the question of article 14, this court speaking through chandrachud, c.j. in re. special courts bill. 1978 restated the settled propositions which emerged from the judgments of this court undoubtedly insofar as they were relevant to the decision on the points arising for consideration in that ..... has settled 1213 cases of which only one case was admitted by the supreme court. the direct tax laws committee in its final report submitted in september, 1978 further recommended that all restrictions on the powers of the settlement commission to entertain cases should be removed. as a result of this recommendation w.e.f. .....

In Re: Sopropha S.A.

Court : Authority for Advance Rulings

Reported in : (2004)268ITR37AAR

..... be useful to refer to the observations in the report of the direct taxes administration enquiry committee in paragraphs 3.55, 3.56 and 3.58 of chapter iii, which read as under (see [1978] 115 itr 824, 834) : "3.55. definition of speculative transaction.--an important criticism made by a large number of witnesses who appeared before us, ..... central board of revenue had put too rigid and restrictive an interpretation on this provision, which is not in accord with the spirit of the assurance given by the finance minister. it does not, therefore, surprise us that the assessing officers have also taken an unduly narrow view in the matter and genuine businessmen have been put to ..... also be of the same quality/quantity of goods as are held in stock ?" 5. the applicant's learned counsel explained that section 43(5) of the income-tax act, 1961 (the act), and the central board of revenue (the board) circular no. 23d (f. no. 4(124) -- 60/tpl dated september 12, 1960) are relevant for understanding the .....

Commissioner of Income-tax Vs. M.K. Raju Consultants (P.) Ltd.

Court : Chennai

Reported in : [1999]239ITR232(Mad)

..... total income' is defined as meaning the total income computed in accordance with the provisions of the act before making any deduction under chapter-vi-a or under section 80o of the act. by the finance (no. 2) act of 1980, sections 80aa and 80ab were introduced. section 80aa deals with the manner of computation of deduction under section 80m, while ..... subjected to tax in that year, directed the assessing officer to permit carry forward of all the losses and unabsorbed depreciation for the assessment years 1977-78 and 1978-79.3. learned counsel for the revenue submitted that the tribunal has clearly erred in law in holding that the expenses relating to the earning of the fees ..... by it by way of fees from abroad, from its gross total income, and, therefore, of the amount of loss and unabsorbed depreciation for 1977-78 and 1978-79 and carry forward of the unabsorbed depreciation. the income-tax officer negatived the claim so made. the commissioner of income-tax on appeal and the income-tax .....

Commissioner of Income-tax Vs. Mathew M. Thomas and ors.

Court : Kerala

Reported in : [1993]201ITR494(Ker)

..... notice under section 269d, the proceedings will be dropped if the apparent consideration of the immovable property is below rs. 5 lakhs.' 4. the provisions of chapter xx-c of the income-tax act introduced by the finance act of 1986, with effect from october 1, 1986, has been explained in another circular dated july 9, 1986. the explanatory note is seen reported in ..... tax due. under section 269d(1), a preliminary notice was served on the assessees on june 26, 1978. the valuation report was submitted by the officer on february 14, 1979. the competent authority passed an order after hearing objections under section 269f of the act on march 31, 1981. aggrieved by the same, the respondents-assessees filed an appeal before the appellate .....

Mentha and Allied Products Pvt. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)43ITD33(Delhi)

..... the purpose of finding out the profit and, therefore, the income must be said to belong only to the industrial undertaking. he further held that, by the finance act of 1990, an amendment was brought in treating the receipts both of cash compensatory support and of sale of import licences, retrospectively as profits and gains of ..... make only those profits eligible for appropriate relief which are derived from the industrial undertaking. on this aspect, it would be worthwhile to note that, by the finance act, 1990, both the receipts are retrospectively sought to be treated as profits and gains of business, and that is why appropriate amendments are made not only in ..... the retrospective amendments of various sections in chapter via, it appears to me that such controversy need not be gone into. even, in the circular issued by the central board of direct taxes, when-section 80hha had been inserted by the finance (no. 2) act, 1977, with effect from april 1, 1978, in paragraph 20 of the circular, .....

Assistant Collector of Customs (imports) Vs. Sundaram Textiles

Court : Chennai

Reported in : 1990(25)ECC392; 1989(25)LC470(Madras); 1989(44)ELT464(Mad)

..... 6 and 7 granted full exemption of customs leviable under chapter 38 [this should read 'chapter 56'.] of the first schedule of the customs tariff act, and also the auxiliary duty of 20 per cent leviable under section 32 [this should read 'section 35(4)'.] of the finance act, while 2 notification no. 8, an additional duty ..... , had been periodically extended and was also in force upto and inclusive of 31-12-1978. the next series of exemption notifications are issued only on 5-1-1979 as notification nos. 6, 7 ..... chapter 56 of the first schedule of the customs tariff act, 1975 and the whole of the additional duty leviable under section 3 of the act, had been periodically extended and was in force upto and inclusive of 31-12-1978. similarly, notification no. 385 dated 23-7-1976, granting exemptions from the auxiliary duty of customs leviable under section 32(1) of the finance act .....

Balsaaheb Keshawrao Bhapkar Vs. Securities And Exchange Board Of India

Court : Supreme Court of India

..... sation rajhara, district balod, state of chhattisgarh, against the petitioners under sections 3, 4, and 5 of the prize chits and money circulation scheme (banning) act, 1978 (hereinafter, prize chits act ). it appears that the petitioners were arrested in that case on 27.01.2016. (i) thereafter, a series of firs were registered in the states ..... said complaint and in page 2 of 21 furtherance of the orders passed by the high court of madhya pradesh and the department of financial services, ministry of finance, the whole time member of sebi (hereinafter, wtm ) issued an interim order-cum-show cause notice dated 17.07.2013, inter alia, directing spfl and ..... claimed to be refunded, bank account statements indicating the refunds to investors, and replies from the investors acknowledging such refunds. in addition, proceedings under chapter vi-a of the sebi act, 1992 were also initiated, and an adjudicating officer was appointed to inquire into the violations. (g) it may not be necessary to refer to .....