Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Court: mumbai Page 4 of about 34,211 results (0.544 seconds)

Mafatlal Holdings Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)85TTJ(Mum.)821

..... the value of his share from the net partnership assets. with a view to blocking this escape route for avoiding capital gain tax, the finance act, 1987, has inserted new sub-section (3) in section 45, the effect of this amendment is that profits and gains arising from the transfer of a capital asset by a partner to a firm ..... income. the learned departmental representative also referred to p. 13 of the cit(a)'s order and contended that section 14a has been inserted by the finance act, 2001, retrospectively w.e.f. 1st april, 1962 and under that section any expenditure not only interest on earning of exempt income cannot be allowed. the learned departmental representative also fully ..... any allowance under the proviso to section 10(2)(vi)(b).it could not, therefore, be said that the cit has failed to appreciate the ratio of the decision in jaipuria china clay case". he also placed his reliance on the supreme court decision in the case of cit v.rajendra prasad moody (1978) 115 itr 519 (sc). he .....

Shapoorji Pallonji and Co. (P.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD1(Mum.)

..... section 263 of the income-tax act, 1961 ('the act'). the assessee-company was carrying on business of construction of buildings and other civil construction works. in the original assessments, the ito had allowed investment allowance and had also treated the assessee-company as an 'industrial company' within the meaning of the relevant finance act ..... in the said order and, as such, the commissioner was justified in revising the said order. as regards, the additional grounds for the assessment year 1978-79 raised by the assessee, the learned departmental representative submitted that since the items relating to investment allowance and treating of the assessee-company as an ..... was also not erroneous. consequently, the commissioner had no jurisdiction to revise the assessment order on these two points. in respect of the assessment year 1978-79, two additional submissions were made by shri s.p. mehta.the first was that since the assessee had filed appeal before the commissioner (appeals) .....

Premier Automobiles Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD169(Mum.)

..... following decisions in support of his contention that in the given circumstances reasonable bifurcation of the cost of each asset is permissible : he further submitted that section 50b inserted by finance act, 1999 deals with slump sale but it is not applicable retrospectively because a highly artificial definition of slump sale was given therein for a set purpose. ..... not a slump sale.12. the contention of the assessee was that slump sales are assessable to tax only by virtue of amendment made in the statute book by finance act, 1999 which is prospective in operation. since the instant sale took place prior to that, it is not taxable. this was rejected by the learned cit(a ..... cannot be extended and applied while interpreting the scope and extent of section 45 of the it act. in this regard he relied upon the decision of hon'ble bombay high court in the case of akola electric supply co. (p) ltd. v.cit (1978) 113 itr 265 (bom). section 41(2) deals with individual assets only and not with the .....

Estate of Late Shri Dharambir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95ITD83(Mum.)

..... compensation used to be received the originally completed assessment were used to be rectified under section 154. to simplify the procedure section 155(7a) was introduced by finance act, 1978 with retrospective effect from 1974-75. as per this section a rectification of 'original assessment was possible within a period of 4 years from ..... the end of the year in which enhanced compensation was received. however, it was also deleted by direct tax laws (amendment) act, 1987. then as per finance act, 1987 section ..... and 1948-49. as a result capital gain was not taxable from 1949-50 to 1956-57. it was reintroduced by finance act, 1956 with effect from 1957-58. thereafter section 45 is continuously in existence. uptil assessment year 1973-74 the original compensation was taxed as capital gain in the year .....

Krishnaji S/O Venkatesh Sane and ors. Vs. Saroj Screens Private Limite ...

Court : Mumbai

Reported in : 1989(2)BomCR410

..... sale deed was insisted with a view to avail the benefit of finance act, 1978 as the period thereunder was to expire by 31st of march, 1979. the plaintiff wanted to have 15 days at his disposal to invest the sale proceeds by way of security under section 54 of the act. the vendors were thereby planning to save the tax on capital ..... the agreement. according to them, the period of finance act, 1978 was to expire by 31st of march, 1979. the period from 16th of march, 1979 to 31st of march, 1979 was required so as to enable them to invest sale-proceeds in securities as provided under section 54(e) of the income tax act, 1961. they would have then saved payment of ..... payment to non-residents. the position as contended was also prevailing on 5th of october, 1978 when plaintiff paid earnest money of rs. 1,00,000/- mr. padhye by his letter dated 12th december, 1978 (exh. 116) in view of the provisions of the said act, proposed an amendment in the agreement to the effect 'the sale deed could not be .....

Lic of India Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD749(Mum.)

..... of india securities (government securities for short), debentures and bonds for the purpose of chargeable interest under the act as the same could not be classified as interest on loans and advances under section 2(7) of the interest-tax act, 1974 (as amended by the finance act, 1994).4. assessing officer (ao for short) in the assessment for asst. yr.1992-93, referred to ..... were referred to [(1974) 96 itr (st) 31). the tax was withdrawn in 1978, reintroduced in a modified form in 1980 and again withdrawn in 1985. on its reintroduction by finance (no. 2) act, 1991 w.e.f. 1st oct., 1991, the scope was enlarged by inserting sub-section (2) in section 4 to include certain credit institutions over and above the scheduled banks. the .....

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of india securities (govt. securities for short), debentures and bonds for the purpose of chargeable interest under the act as the same could not be classified as interest on loans and advances under section 2(7) of the interest-tax act, 1974 (as amended by the finance act, 1994).4. assessing officer (ao for short) in the assessment for asst. yr.1992-93, referred to ..... legislation were referred to (196 itr 31 (st)]. the tax was withdrawn in 1978, reintroduced in a modified form in 1980 and again withdrawn in 1985. on its reintroduction by finance (no. 2) act, 1991, w.e.f. 1st oct., 1991, the scope was enlarged by inserting sub-section (2) in section 4 to include certain credit institutions over and above the scheduled banks. the .....

Walchand Hindustan Ltd. Vs. the Asst. Cit [Alongwith Int. T.A.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD331(Mum.)

..... 28^th day of february 1978.subsequently. finance act, 1980 which amended the interest-tax act, 1974, extended the scope of interest-tax act to some selected financial institutions also. in the finance act, 1983, the rate of tax was reduced to three and half per cent. the finance act, 1985, suspended the operation of the act from the ay. 1986- ..... , public financial institutions, state financial corporations and other financial companies the term "financial company" is defined in section 2(5b) of the act to mean a hire purchase finance company, an investment company, a housing finance company, a loan company, or mutual benefit financial company, a company which carries on the business consisting of ..... the learned departmental representative, on the other hand, strongly supported the findings of the cit(a) in this regard according to her. section 2(5b) of the interest-tax act does not make a distinction of shares held as investment or as stock-in-trade.the learned cit(a), according to her, has .....

Commissioner of Income-tax Vs. Hindustan Petroleum Corporation Ltd.

Court : Mumbai

Reported in : (1990)87CTR(Bom)98; [1991]187ITR1(Bom)

..... alone unabsorbed depreciation becomes depreciation 'actuallowed'13. in this context, it may not be out of place to mention that section 72a has been inserted in the income-tax act, 1961, by the finance (no. 2) act, 1977, with effect from april 1, 1978. the section provides for carry forward and set off of accumulated loss and unabsorbed depreciation in certain cases of amalgamation. the result ..... is that in cases falling under section 72a, unabsorbed depreciation in the hands of the hands of the amalgamating company will hereafter .....

Discount and Finance House of India Ltd. Vs. S.K. Bhardwaj, Cit and or ...

Court : Mumbai

Reported in : 2003(3)ALLMR621; 2003(3)BomCR283; (2003)180CTR(Bom)278; [2003]259ITR295(Bom); 2003(2)MhLj772

..... advances and not to the gross amount of interest received from the rbi on dated government securities and that deletion of the exclusionary clause by the finance (no. 2) act of 1991 had no effect on section 2(7) as the exclusionary clause was only clarificatory in nature. therefore, there is no merit in the argument advanced on behalf of the ..... the impugned order of the revisional authority. we are, therefore, required to examine the act in the context of this argument. the act came into force with effect from september 23, 1974. it continued to operate up to march 31, 1978. it was dropped from april 1, 1978, up to june 30, 1980. it was revived from july 1, 1980, up ..... interest earned on dated government securities are shown as business income and are assessed under the income-tax act, 1961.3. on august 1, 1974, the interest-tax act came into force for the first time. it remained in force up to february 28, 1978. it was revived from july 1, 1980. it continued up to march 31, 1985. thereafter, .....