Judgment Search Results Home > Cases Phrase: finance act 1978 section 19 amendment of section 155 Court: privy council Page 1 of about 353 results (0.036 seconds)

In Re: Byramshaw K. Illava

Court : Mumbai

Reported in : (1944)46BOMLR129

..... the shareholder in that year.' now, that has to be read for the present purpose in conjunction with the finance act of 1939, section 6(4) (b), which provides :(4) notwithstanding anything contained in sub-section (i) or sub-section (2) where more than half of the total income of any individual or hindu undivided family consists of income ..... applicable for the year 1938.4. the income-tax officer rejected the assessee's claim that his case fell under section 6(4) (b) of the finance act, but in appeal the assistant commissioner thought that the section covered the case, and from his decision the commissioner of income-tax appealed to the tribunal, and the tribunal reversed ..... this' court has been put on a slightly different ground. he relies on sub-section (5) of section 6 of the finance act, which provides :in respect of income to which sub-section (4) applies, the provisions of section 17 of the indian income-tax act, 1922, shall apply to the assessment to be made for the year beginning on .....

Byramshaw K. Illava, in Re.

Court : Mumbai

Reported in : AIR1944Bom143; [1944]12ITR358(Bom)

..... only machinery whereby such a rate could be ascertained was the machinery set up by section 17 of the amended act; and, according to mr. setalvad, as under the finance act by section 6, sub-section (5), section 17 of the amended income-tax act has not to be taken into consideration in determining the rates of super-tax applicable ..... shareholder in that year.' now, that has to be read for the present purpose in conjunction with the finance act of 1939, section 6 (4) (b), which provides :-'(4) notwithstanding anything contained in sub-section (1) or sub-section (2) where more than half of the total income of any individual or hindu undivided family consists of ..... the rates applicable for the year 1938.the income-tax officer rejected the assessees claim that his case fell under section 6(4) (b) of the finance act, but in appeal the assistant commissioner thought that the section covered the case, and from his decision the commissioner of income-tax appealed to the tribunal, and the tribunal .....

In Re: Assessment of Behari Lal Mullick

Court : Kolkata

Reported in : AIR1927Cal553,103Ind.Cas.609

..... to income-tax and super-tax. strictly speaking, it does not of itself impose the tax at all. this is to be done by the finance act of the year. section 7 of the finance act (12 of 1922) provides:income-tax for the year beginning on the first day of april 1922 shall be charged at the rates specified in part ..... words, it provides a graduated scale according to the amount of the 'total income.' provision having been made by the finance act in this manner, section 3 of the income-tax act is attracted. section 3 is as follows:where any act of the indian legislature enacts that income-tax shall be charged for any year at any rate or rates applicable to ..... of its imposition? the tax is to be deducted apparently at the rate laid down by the current finance act. in respect of the income of this year the finance act of next year may impose quite different rates or (theoretically) no income-tax at all. section 18 uses the wordsin respect of income chargeable under the following heads : (i) salaries and; .....

Commissioner of Income-tax Vs. Edulji F.E. Dinshaw

Court : Mumbai

Reported in : AIR1943Bom297

..... opinion on that second question, which seems to me to present no great difficulty. the question turns entirely on the construction of section 6, finance act of 1939. that section provides in sub-section (1):subject to the provisions of sub-section (2) (a) income-tax for the year beginning on 1st day of april 1939, shall be charged at the rates specified ..... he falls within sub-clause (b). no doubt, super, tax is merely an additional duty of income-tax for most of the purposes of the income-tax act, but in section 6, finance act, the two duties are distinguished. therefore, if it is necessary to answer the question, i should answer it by saying that, on a proper construction of the ..... not necessary to be answered. if necessary, i agree that it should be answered as suggested by the learned chief justice. it is clear that under the finance act, 1989, by section 6 (1) it was provided that for the financial year 1939 the rates of income-tax and super, tax should be as prescribed in the schedule to .....

Commissioner of Income-tax, Bombay Vs. Edulji F. E. Dinshaw.

Court : Mumbai

Reported in : [1943]11ITR340(Bom)

..... he falls within sub-clause (b). no doubt, super-tax is merely an additional duty of income-tax for most of the purposes of the income-tax act, but in section 6 of the finance act the two duties are distinguished. therefore, if it is necessary to answer the question, i should answer it by saying that. on a proper construction of ..... not necessary to be answered. if necessary, i agree that it should be answered as suggested by the learned chief justice. it is clear that under the indian finance act, 1939, by section 6(1) it was provided that for the financial year 1939 the rates of income - tax and super-tax should be as prescribed in the schedule to that ..... on that second question, which seems to me to present no great difficulty. the question turns entirely on the construction of section 6 of the finance act of 1939. that section provides in sub-section (1) :subject tot he provisions of sub-section (2(a) income-tax for the year beginning on the day of april 1, 1939, shall be charged at the .....

Ayrshire Employers Mutual Insurance Association Vs. Inland Revenue

Court : House of Lords

..... as follows: "whether the surplus arising from transactions of insurance of the association with its members is assessable to income tax by virtue of section 31 (1) of the finance act, 1933?" the special commissioners answered the question in the affirmative, but their decision was reversed by the first division of the court of ..... included in computing profits for the purposes of corporation profits tax, by virtue of the express provisions of paragraph (h) of subsection (2) of section 53 of the finance act, 1920, the material part of which provides, "profits shall include in the case of mutual trading concerns the surplus arising from transactions with members. ..... members. it is not disputed that the assessment was made on the footing that such surplus constituted profits chargeable to income tax by virtue of section 31 of the finance act, 1933, and could not otherwise be justified. on appeal, the special commissioners affirmed the assessment, and, on the requisition of the association, .....

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 .....

Indian Iron and Steel Company, Ltd., in Re.

Court : Kolkata

Reported in : [1941]9ITR539(Cal)

..... against future profits, had they continued to trade, yet it was recognised that the claim would have been sustainable but for the change in the law effected by section 32 of the finance act, 1926.i have, therefore, examined the rules as to wear and tear as they stood prior to the passing of that statute.rule 6(1) to cases ..... speech at page 828 of (1940) a.c. which run as follows :'it must be conceded that were it not for the change in the law effected by section 32 of the finance act, 1926, the appellants would have been entitled to deduct from their profits for the year ending april 5, 1937, the aggregate of the wear and tear allowances ..... who until that time carried on the trade, profession or vocation, shall be computed as if it had then been discontinued.'it should be mentioned here that section 29 of the english finance act, 1926, abolished the rule by which the profits of the business were assessed on the average of the previous three years and substituted therefor the profits of .....

In Re: Indian Iron and Steel Go. Ltd.

Court : Kolkata

Reported in : AIR1942Cal268

..... forward against future profits, had they continued to trade, yet it was recognised that the claim would have been sustainable but for the change in the law effected by section 32, finance act, 1926 i have, therefore, examined the rules as to wear and tear as they stood prior to the passing of that statute. rule 6 (1) to cases ..... lord romer in his speech at page 828 which run as follows : .it must be conceded that were it not for the change in the law effected by section 32, finance act, 1926, the appellants would have been entitled to deduct from their profits for the year ending 5th april 1937, the aggregate of the wear and tear allowances that ..... until that time carried on the trade, profession or vocation, shall be computed as if it had then been discontinued. 10. it should be mentioned here that section 29, english finance act, 1926, abolished the rule by which the profits of the business were assessed on the average of the previous three years and substituted therefor the profits of the .....

In Re: Income-tax Assessment of Misrimal Gulabchand of Beawar for the ...

Court : Allahabad

Reported in : AIR1950All270

..... the appellant or his daughters, nor assessment of such income, until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorised the present assessment. by sub-section (1) of section 6, finance act, 1939, income-tax for the year beginning on 1st april 1939, is directed to be ..... '. this can only refer to the indian income-tax act, 1922, as it stood amended at the date of the indian finance act, 1939, and necessarily includes the alterations made by the amending act, which had already come into force on 1st april 1939.'similar provisions are contained in section 6, finance act of 1914, and on a parity of reasoning the ..... charged at the rates specified in part 1 of schedule ii, and rates of super-tax are also provided for, and by sub-section (3) it is provided that 'for .....