Judgment Search Results Home > Cases Phrase: finance act 1978 section 19 amendment of section 155 Court: kolkata Page 11 of about 2,816 results (0.164 seconds)

Eveready Industries India Ltd. Vs. Commissioner of Income-tax, Kolkata ...

Court : Kolkata

..... and the payment of tax-free dividend, hence, disallowance of the loss. in the lead case, we are concerned with the assessment years prior to insertion of section 94(7) vide the finance act, 2001 with effect from april 1, 2002. we are of the view that the assessing officer had erred in disallowing the loss. in the case of vijaya ..... of the department. at the outset, we may state that we have two sets of cases before us. the lead matter covers assessment years before insertion of section 94(7) vide the finance act, 2001 with effect from april 1, 2002. with regard to such cases we may state that on the facts it is established that there was a sale. ..... and 94(7). however, it is the duty of the court to examine the circumstances and reasons why section 14a inserted by the finance act, 2001 stood inserted with effect from april 1, 1962 while section 94(7) inserted by the same finance act as brought into force with effect from april 1, 2002. 7. in view of the aforesaid decision, dr. paul prays .....

C.i.T. Kolkata Iv Vs. Shyamal Kumar Parui

Court : Kolkata

..... high court in the case of halmira estate tea pvt.ltd. versus cit (2004) 268 itr498(cal) is prior to the amendment made by the finance act, 2003 inasmuch as 2nd proviso to section 43b has been omitted by the finance act, 2003. the tribunal in the case of jagatdal jute & industries limited (supra) after considering the amendment made by the ..... finance act, 2003 has held that no such disallowance shall be made if the said sum is actually paid by the assessee on or before the due date ..... soumitra pal the hon'ble justice debangsu basak date : 10th september, 2014. ms.s.das de, advocate the court : this appeal has been preferred under section 260a of the income tax act, 1961 from the order dated 13th june, 2005 passed by the income tax appellate tribunal d bench, kolkata in ita no.2147/kol/2004 for the .....

Mcgregor and Balfour Ltd., Calcutta Vs. Commissioner of Income-tax, We ...

Court : Kolkata

Reported in : [1955]27ITR389(Cal)

..... purposes of income-tax and super-tax the profits and gains of any business, the amount of any repayment under sub-section (1) of section 28 of the finance act, 1941 (4 & 5 geo. 6, c. 30) as amended by section 37 of the finance act, 1942 (5 & geo. 6, c. 21), in respect of those profits, shall be deemed to be income ..... tax - the sum paid as national defence contribution remaining unaffected. secondly, even assuming that a portion of the repayment is national defence contribution, still what section 11 (14) of the indian finance act, 1946, annexes is not the whole of the repayment as it, is but repayment 'in respect of those profits', that is profits and gains of ..... the income-tax officer included the amount in the taxable profits of the assessee for the accounting year, purporting to do so under the provisions of section 11 (14) of the indian finance act, 1946; and upon adding that amount to the assessees business income in calcutta which was rs. 4,03,928 and treating the whole of the .....

A. and J. Kucklow Ld. (In Liquidation) Vs. Inland Revenue Commissioner ...

Court : Kolkata

Reported in : [1955]28ITR850(Cal)

..... a decision of the special commissioners, which upheld a direction made against the appellant company, a. & j. mucklow ld. (in liquidation), under section 21 of the finance act, 1922, and section 31 of the finance act, 1927, to the effect that the actual income of the company from all sources, for the period from the close of the last complete ..... l. j. stands alone.cur. adv. vult.june 3, 1954. evershed m. r. (reading his judgment) read section 21(1) of the finance act, 1922, and continued : that section as amended by section 31 of the finance act, 1927. [his lordship read section 31(4), and continued :] it is not in doubt that the company, a. & j. mucklow ld., was at ..... our opinion on the broad question of what was reasonable. were it possible to view this question apart from the proviso to section 21(1) of the finance act, 1922, and section 31(4) of the finance act, 1927, with the relevant authorities, we should have formed the opinion that it was not unreasonable for the appellant company to .....

Smith (inspector of Taxes) Vs. Schofield.

Court : Kolkata

Reported in : [1994]209ITR572(Cal)

..... add my own observations, although the appeal was presented to us as raising the sole question whether the indexation allowance provided for by sections 86 and 87 of the finance act 1982, as amended by the finance act 1985, was to be taken into account before or after the application of the time-apportionment provisions of paragraph 11 of schedule 5 to ..... and whose gains are computed on the time -apportionment basis. as regards disposals after the latter date the law has been changed again. by virtue of section 96 of the finance act 1988 the general rule now is that all assets held on 31 march 1982 and disposed of on or after 6 april 1988 are deemed to have been ..... calculated by the taxpayer is pound 8,864. but this, in the terms of section 28(1), is 'subject to' the indexation allowance for which provision is made by section 86 and 87 of the finance act 1982. these sections were very substantially amended by the finance act 1985. i set them out in the amended form in which they were in force .....

Rupenjuli Tea Co. Ltd. Vs. Commissioner Income-tax

Court : Kolkata

Reported in : [1990]186ITR301(Cal)

..... india by inflating their claims in respect of head office expenses. with a view to getting over these difficulties, the finance act, 1976, has inserted a new section 44c in the income-tax act, laying down certain ceiling limits for the deduction of head office, expenses in computing the taxable profits in the case of ..... itr 17). this circular explains the substance of the provisions relating to the income-tax act and other direct taxes contained in the finance act, 1976. paragraph 25 of the said circular seeks to explain the provisions of the new section 44c. paragraph 25.1 of the said circular which is relevant for our purposes almost ..... general administration as may be prescribed.' 6. the said section was inserted in the income-tax act by the finance act, 1976. paragraph 36 of the memorandum explaining the provisions in the finance bill, 1976 (see : [1976]102itr187(mad) ), underlined the legislative intention of introducing the said section. the said paragraph reads as under :'36. ceiling .....

Commissioner of Income-tax Vs. the Statesman Ltd.

Court : Kolkata

Reported in : [1992]198ITR582(Cal)

..... certain categories of avoidable or ostentatious expenditure by assessees carrying on business or profession, the finance act has made certain amendments to section 37 of the income-tax act.'13. it is, therefore, evident that the provisions of sub-sections (3a) and (3b) of section 37 were initially introduced by the finance act, 1978, with an object to place a curb on 'extravagant and socially wasteful expenditure ... at the ..... hearing before us, the contentions raised before the tribunal have been reiterated. the provisions of sub-sections (3a) and (3b) of section 37 were not there in the income-tax act, 1961, at the time of its commencement but the same were first grafted in the act by the finance act, 1978, with effect from april 1, 1979. these provisions were, however, subsequently withdrawn with effect from .....

Azimganj Estates Pvt. Ltd. Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1997)60ITD348(Kol.)

..... was also got vacated for the purpose of being disposed of by sale. he has contended that the object of bringing the company to wealth-tax under the finance act, 1983, was to defeat the avoidance of personal wealth-tax by forming closely-held companies to which the tax avoider assessees transferred their unproductive assets but in this ..... supra) the hon'ble supreme court has laid down that the heads of income described in s. 6 and further elaborated for the purposes of computation in following sections of the it act, 1922, are intended merely to indicate the classes of income and that the heads do not exhaustively delimit sources from which income arises. business income is broken up ..... shares held as stock-in-trade. the hon'ble high court laid down that the heads of income described in s. 6 and elaborated in the following sections do not exhaustively define sources for the purpose of computation of total income and the break up thereby indicated should not be income and the break-up thereby .....

Latilla Vs. Commissioners of Inland Revenue.

Court : Kolkata

Reported in : [1942]10ITR75(Cal)

..... by repayment of debentures was a favourite one, and it was effective for its purpose. these ingenious schemes the legislature set out to defeat in the finance act, 1936 section 18, and the question which arises in the present appeal is whether or not the transaction now under consideration falls outside its scope.as we have ..... .the questions raised by this appeal are short and the answers to them do not, in our judgment, admit of doubt. they arise in the finance act, 1936, section 18 : 'for the purpose of preventing the avoiding by individuals ordinarily resident in the united kingdom of liability to income-tax by means of transfers ..... the purpose of avoiding liability to taxation.'finance act, 1938, section 28 (2) : ' the proviso to sub-section 1 [of section 18 of the finance act, 1936] shall cease to have effect and the following two sub-sections shall be inserted immediately after the said sub-section... (1b) : the last two foregoing sub-sections shall not apply if the individual shows .....

Calcutta Hospital and Nursing Home Benefits Association Ltd., Calcutta ...

Court : Kolkata

Reported in : AIR1963Cal598,[1963]47ITR247(Cal)

..... be expedient to recommend any definite legislative provisions at this stage, either, on the lines of sections 5 (2) and 5 (2) (h) of the english finance act, 1920 and section 31 (1) of the finance act, 1933 01 section 117 etc., of the australian act.'29. the result is that we will have to examine, what mr. iyengar says, the ..... insurance co, v. styles, (1889) 14 a. c. 381. authoritative, decisions introduced some refinements into the english rule and in 1933 parliament (by section 31(1) of the finance act of that year) enacted that 'profit or surplus arising from transactions of the company or society with its members' would be taxable as 'profits or gains' ..... so decides, it must specifically use charging words to make the surplus arising from such transactions liable to tax, or as has been done in section 53 (2) (h) of the finance act, 1920, relating to corporation profits tax, income must be declared to include, in the case of mutual insurance companies, the surplus arising from transactions .....