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Cairn Uk Holdings Limited Vs. Director of Income-tax

Court : Delhi

..... provided also that no deduction shall be allowed in computing the income chargeable under the head capital gains in respect of any sum paid on account of securities transaction tax under chapter vii of the finance (no.2) act, 2004. ..... indian currency shall be at the rate of exchange prescribed in this behalf; (iii) indexed cost of acquisition means an amount which bears to the cost of acquisition the same proportion as cost inflation index for the year in which the asset is transferred bears to the cost inflation index for the first year in which the asset was held by the assessee or for the year beginning on the 1st day of april, 1981, whichever is later; (iv) indexed cost ..... -resident (not being a company) or a foreign company, (i) the amount of income tax payable on the total income as reduced by the amount of such longterm capital gains, had the total income as so reduced been its total income; and (ii) the amount of income tax calculated on longterm capital gains except where such gain arises from transfer of capital asset referred to in subclause (iii) at the rate of twenty per cent; and (iii) the amount of income tax on long-term capital gains arising from the transfer .....

The Commissioner of Income-tax Delhi Ii Vs. the Punjab and Sind Bank L ...

Court : Delhi

Reported in : 2000VAD(Delhi)661; 86(2000)DLT438; 2000(54)DRJ370; [2000]244ITR393(Delhi)

..... according to section 2(t)(c) of the finance act, 1981, an industrial company means a company which is mainly engaged in the business of generation of electricity or any other form of power or in ..... tiles, suspended ceilings, raised floors, light fittings, wall finishes, fire doors and fire proofing and other decorative items, in their assessments to corporation tax they claimed that this expenditure qualified for capital allowance under section 41 of the finance act, 1971, as plant used in the carrying on of their respective trades. ..... the revenue following questions have been referred for the opinion of this court under section 256(1) of the income-tax act, 1961 (for short, the act) by the income-tax appellate tribunal delhi bench 'b' (in short 'the tribunal'). 1. ..... whether on the facts and in the circumstances of the case, the income-tax appellate tribunal is correct in law in holding that the equipments used in the assessor's business, such as counter, guns, steel equipments, steel furniture, electrical fittings and cooling equipments are to be treated as ..... of mainly is laid down in the explanationn to that section that income attributable to any one or more of the aforesaid activities included in its total income before it has not considered deduction under chapter vi-a, section 80a to 80u. ..... usually referred to in rate schedules in the finance act. ..... the case, the tribunal is correct in law in holding that the assessed bank is an industrial company for the purpose of rate of tax. 3. .....

Commissioner of Income-tax Vs. Rattan Chand Sood and Other

Court : Delhi

Reported in : (1986)57CTR(Del)40; [1987]166ITR497(Delhi)

..... the circular reads as under : 'with a view to achieve early finalisation of proceedings under the existing chapter xxa of the income-tax act, 1961, acquisition proceedings under section 269c will not be initiated in respect of an immovable property for which the apparent consideration is rs ..... , thereforee, declared under section 269f(7) that 'the property in question shall not be acquired under chapter xxa of the income-tax act, 1961'. ..... , after obtaining the approval of the commissioner of income-tax, the competent authority passed an order under section 269f(6) acquiring the property under chapter xxa. 3. ..... respect of the first of the above sales, viz, the one dated february 28, 1973, a notice under section 269d(1) of the income-tax act, 1961, (hereinafter referred to as the act) was published in the official gazette on july 28, 1973. ..... but the subsequent transfer of the property by mool chand and bimla devi to sushila madan, reinforced by the order dated july 20, 1981, which has been brought to our notice recently, has only further accentuated the inequity of upholding the order under section 269f(6) of january 31, 1976 ..... /38/85-wt) dated may 16, 1986 - : [1986]159itr105(cal) issued in consequence of the amendments to chapter xxa by the finance bill (now act) of 1986. ..... the finance act, 1986, has repealed chapter xxa with effect from september 30, 1986, and substituted a modified chapter xxc enabling the purchase by the central government of immovable property in certain cases of .....

Chandra Estates Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : 2001IAD(Delhi)613; 89(2001)DLT717; [2001]249ITR54(Delhi)

..... in the said chapter, as originally enacted by the income-tax (amendment) act, 1981, section 269ab was inserted with effect from july 1, 1982, and section 269rr was inserted by the finance act, 198g, with effect from october 1, 1986.' 12 ..... it was also contended that pursuant to the order passed by the revenue on june 22, 1989, under section 269f(7) of the income-tax act, proceedings under chapter xx-a were dropped and it was found that there was no evasion of tax, the applicability of chapter xx-c will automatically come to an end. ..... it was further contended that rule 48l of the income-tax rules made pursuant to section 269uc(3) by the income-tax (seventh amendment) rules, 1986, the word 'transfer' has been defined under section 269ua under clause (f) and the word 'immovable properly' has beendefined in clause (d) whereas under chapter xx-a pari materia words 'immovable property' and 'transfer' have been defined under section 269a in clauses (e) and (h), ..... 37-i pursuant to coming into operation of chapter xx-c of the income-tax act would not confer jurisdiction on respondent no ..... (1995] 213 1tr 749 , it was observed (page 755) :'in both the writ petitions on the facts, we are of the view that the agreements in question have enabled the vendees to enjoy the respective properties or at any rate they have enabled the vendees to enjoy certain rights with respect to the properties in question and those rights are deemed to be immovable properties both under chapters xx-a and xx-c.'21. .....

Rambai Manjanath Nayak and Others Vs. Union of India and Others

Court : Supreme Court of India

Reported in : AIR1993SC342; (1992)108CTR(SC)294; (1993)1GLR183; [1993]201ITR422(SC); 1992(3)SCALE166; (1992)4SCC742; [1992]Supp3SCR56

..... chapter, as originally enacted, by income-tax (amendment) act, 1981, section 269ab was inserted with effect from 1st july, 1982 and section 269rr was inserted by finance act ..... of chapter xx-a of the income-tax act, 1961 ..... acts, the scheme of chapter xx-a of the income tax act ..... chapter xx-a of the income tax act, 1961 and consequently the order under section 269f(6) of the act ..... chapter xx-a of the income tax act, 1961 are liable to be evicted therefrom under section 269-i of the act ..... provisions of chapter xx-a is ..... chapter ..... chapter xx-a of the act and deprivation of the protection of the rent act ..... act ..... act, in occupation of the acquired property continues as a tenant of the central government and the order of acquisition made under chapter xx-a of the act does not permit taking possession from the tenant by virtue of the other provisions in that chapter ..... income tax act, 1961 initiated proceedings for acquisition of the said property under chapter xx-a of the act ..... chapter, ..... chapter shall not apply to, or in relation to the transfer of any immovable property made after the 30th day of september, 1986, in view of chapter ..... chapter xx-c was inserted by the finance act, 1986 with effect from october 1, -1986 providing for purchase by central government of immovable properties in certain cases of transfer and, therefore, chapter ..... chapter xx-a in the income tax act, 1961 and the scheme of the chapter ..... act, 1972 was enacted incorporating those suggestions whereby chapter xx-a was inserted in the act ..... income tax .....

Mathew M. Thomas and ors Vs. Commissioner of Income Tax

Court : Supreme Court of India

Reported in : AIR1999SC999; (1999)152CTR(SC)172; 1999(111)ELT4(SC); [1999]236ITR691(SC); JT1999(1)SC481; 1999(1)KLT740(SC); 1999(1)SCALE485; (1999)2SCC543; [1999]1SCR651

..... the pendency of the appeal, chapter xx-c was introduced in the income tax act (hereinafter referred to as 'act') by finance act of 1986 w.e.f. ..... the relevant part of the circular reads as follows:-with a view to achieve early finalisation of proceedings under the existing chapter xx-a of the income - tax act, 1961, the board has decided that with effect from april 1, 1986, acquisition proceedings under section 269c will not be initiated in respect of an immovable property for which the apparent consideration in ..... the inspector of income tax valued them at ..... same view has been expressed by the madras high court in commissioner of income tax v. ..... commissioner of income tax v. ..... before the matter was considered by the full bench of the kerala high court in the present case, the delhi high court had occasion to decide the question in commissioner of income tax v. ..... the orders, instructions and directions issued by the board, the bench referred to section 199 of the act and observed that all authorities employed in the execution of the act are duty bound to observe and follow such orders, instructions and directions of the board. ..... /-.the inspecting assistant commissioner, acquisition range, ernakulam ordered acquisition of the property on 31.3.1981.the appellants filed an appeal to the tribunal by order dated 31.10.1981. ..... full bench opined that the circular was not applicable to the case on hand as the acquisition proceedings were over by the order of the competent authority passed on 31.3.1981. .....

Chandra Estates Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : (2001)165CTR(Del)98

..... the said chapter, as originally enacted, by income tax (amendment) act, 1981, section 269ab was inserted with effect from 1-7-1982, and section 269rr was inserted by finance act, 1986 with ..... to the order passed by the revenue on 22-6-1989, under section 269(7) of the income tax act, proceedings under chapter xx-a were dropped and it was found that there was no evasion of tax, the applicability of chapter xx-c will automatically come to an end. ..... after coming into force of chapter xx-c petitioner has filed form 37-i under a mistaken notion and to avoid any technical objection and merely filing of form 37-i pursuant to coming into operation of chapter xx-c of the income tax act would not confer jurisdiction ..... it was further contended that rule 48l of the income tax rules, made pursuant to section 269uc(3) by income tax (seventh amendment) rules, 1986, the word 'transfer' has been defined under section 269ua under sub-section (f) and the word 'immovable property' has been defined in sub-section (d) whereas under chapter xx-a pari materia words 'immovable property' and 'transfer' have been defined under section 269a in sub ..... it was observed :'in both the writ petitions on facts we are of the view that the agreements in question have enabled the vendees to enjoy the respective properties or at any rate they have enabled the vendees to enjoy certain rights with respect to the properties in question and those rights are deemed to be immovable properties both under chapter xx-a and xx-c.'8. .....

Khandelwal Metal and Engg. Vs. Union of India and Others

Court : Delhi

Reported in : 1983LC91D(Delhi); 1983(12)ELT292(Del)

..... next argument to confer territorial jurisdiction on this court was on the ground that as the virus of some of the provisions of the finance act, 1981 have been challenged the central government would be a necessary party and as the central government has its seat in delhi this court ..... srinivasa setty : [1981]128itr294(sc) , where the charging section of the income tax act and the computation section were said to constitute an integrated code and it was explained that a transaction to which these provisions apply cannot be understood without making a ..... uncut circles involved manufacture so as to attract excise duty the court laid special emphasis on the fact that legislature has laid down that excise duty shall be livable on billets at a lower rate and on manufacture of circles at higher rate and observed - 'this provision itself makes it clear that the legislature was aware that billets are converted into circles, and it was decided that excise duty should be livable at both ..... first schedule to the import tariff provide by rule 1 that for legal purposes, classification shall be determined according to the terms of the headings and any relative section or chapter notes and, provided such headings or notes do not otherwise require, according to these provisions hereinafter contained. ..... article one must necessarily refer to the rules for the interpretation of schedule and chapter notes and the rules of classification of alloys in chapter 73 and 74 given in section 15 of the first schedule. .....

Mirje Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1986)18ITD25(Pune.)

..... appeal is filed by the assessee-trust against the order of the commissioner dated 6-3-1984 for the assessment year 1980-81, under section 263 of the income-tax act, 1961 ('the act').2. ..... in the case of closely-held companies, statutory percentage was changed by the finance act, 1959, which received the assent of the president on 28-4-1959 with effect from ..... they are not mentioned here separately as they come into the picture again in chapter iv, which gives the relevant provisions touching the issue as below : the trustees shall hold and stand possessed of the trust fund upon the trust with and subject to the powers, provisions, acts, directions and discretions hereinafter referred to contain and concerning the same that is to ..... it was contended that this aspect was accepted in the assessment year 1981-82 and that the document explains the intention of the parties right from the ..... relevant portion is as under : under the existing provisions, the flat rate of 65 per cent is not applicable where the beneficiaries and their shares are known in the previous year, although such beneficiaries or their shares have not been specified in the relevant instrument of trust...this provision has been misused in some cases by giving discretion to the trustees to decide the allocation of income every year and in other ways. ..... to the commissioner, the above provisions when read in the light of the explanation to section 164 (newly added) render the trust liable to assessment as such at maximum rate. .....

Commissioner of Income-tax Vs. T.A.V. Trust

Court : Kerala

Reported in : (2003)185CTR(Ker)466; [2003]264ITR52(Ker)

..... the finance act, 1984 (21 of 1984), with effect from april 1, 1985, which is relevant for the purposes of this case reads as follows :'notwithstanding anything contained in sub-section (1), where any income in respect of which the person mentioned in clause (iv) of sub-section (1) of section 160 is liable as representative assessee consists of, or includes, profits and gains of business, tax shall be charged on the whole of the income in respect of which such person is so liable at the maximum marginal rate : ..... the first appellate authority accordingly held that section 26 of the income-tax act which deals with computation of income under the head 'income from house property' overrides section 161(1a) of the act which deals with the definition of a 'representative assessee' ; all the beneficiaries or co-owners of the property have a definite share in the property ; following the ratio of the decision in thiruvenkata reddiar's case : [1981]128itr689(ker) , each one of the beneficiaries has to be ..... assessee, shall be subject to the same duties, responsibilities and liabilities as if the income were income received by or accruing to or in favour of him beneficially, and shall be liable to be assessed in his own name in respect of that income ; but any such assessment shall be deemed to be made upon him in his representative capacity only, and the tax shall, subject to the other provisions contained in this chapter, be levied upon and recovered from him in like manner and to the same .....