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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. .....

M/S. Dagi Ram Pindi Lall and Another Vs. Trilok Chand JaIn and Others

Court : Supreme Court of India

Reported in : AIR1992SC990; (1992)102CTR(SC)170; [1992]194ITR228(SC); JT1992(1)SC526; 1992(1)SCALE249; (1992)2SCC13; [1992]1SCR545

..... single judge to the full bench revolved around the scope and effect of the provisions of sections 54 and 59b of the indian income tax act 1922 (hereinafter referred to as the '1922 act') and sections 137 and 138 of the income tax act 1961 (hereinafter referred to as the '1961 act') as amended from time to time in 1964 and 1967 in the context of the claim of privilege by the income tax department for the production of the documents relating to assessment of an assessee summoned by the civil court. ..... the substituted section 138 was once again amended and substituted vide section 28 of the finance act, 1967 with effect from april 1, 1967. ..... evidence given or affidavit or deposition made in the course of any proceedings under this act, other than proceedings under chapter xxii, or in any record of any assessment proceedings, or any proceedings relating to recovery of a demand, prepared for the purposes of this act, shall be treated as confidential, and notwithstanding anything contained in the indian evidence act, 1872, no court shall, save as provided in this act, be entitled to require any public servant to produce before it any such return, accounts, documents or ..... she has questioned the findings of the full bench only as regards the power and jurisdiction of the court to summon the documents, after the repeal of the 1922 act and after the deletion of section 137 from the 1961 act by the finance act, 1964 as also the interpretation placed by the bench on section 138(1)(b) of the act. .....

Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... 25.2 through finance act, 2001, a new section 14a has been inserted so as to clarify the intention of the legislature since the inception of the income tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income tax act. ..... the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07.9. ..... -(i) for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act. ..... cto (1981) 48 stc 466 (sc), the hon'ble supreme court has held: "it is settled law that a distinction has to be made by courts while interpreting the provisions of a taxing statute between charging provisions which impose the charge to tax and machinery provisions which provide the machinery for the quantification of the tax and the levying and collection of the tax so imposed. .....

Manohar Lal Munshi Lal Vs. Commissioner of Income-tax, New Delhi

Court : Punjab and Haryana

Reported in : AIR1960P& H520; [1962]44ITR618(P& H)

..... income-tax officer, the appellate assistant commissioner and finally the income-tax appellate tribunal, after a difference between the learned members who heard the appeal originally and a reference to a third member, all held that the loss in the speculative transactions cannot be set off against the assessee's profits in other trading business in the light of the first proviso contained in sub-section (1) of section 24 of the income-tax act ..... 'this is followed by a proviso introduced by the finance act of 1953 which reads:'provided that in computing the profits and gains chargeable under the head 'profits and gains of business, profession or vocation', any loss sustained in speculative transactions which are in the ..... contained in chapter iii of the act dealing with 'taxable income'. ..... chapter iii in which these sections appear is headed 'taxable income', and then comes chapter iv which deals with deductions and assessment, and then we come to section 24 which deals with set-off of loss in computing aggregate income ..... -off only arises when there is a loss under one head, the loss having been arrived at in the manner of computation laid down in chapter iii, and there is a profit under another head, the profit having been arrived at in the manner laid down in chapter iii. ..... this chapter is followed by chapter iv dealing with ..... that the question of set-off only arises after the profits and gains of a business, profession or vocation have been computed in the manner laid down in chapter iii. .....

P.K. Badiani Vs. the Commissioner of Income Tax, Bombay

Court : Supreme Court of India

Reported in : AIR1977SC560; [1976]105ITR642(SC); (1976)4SCC562; [1977]1SCR638

..... by the amendments made by the income-tax amendment act, 1946, the finance act, 1955 and the finance act, 1956 certain initial depreciation was allowed in respect of buildings newly erected or the machinery ..... stated here that according to the 1922 act only the accumulated profits possessed by the company at the end of the corresponding previous year had to be taken into account unlike the corresponding provision engrafted in section 2(22) of the income-tax act, 1961hereinafter referred to as the 1961 act, read with explanation ii thereto. ..... ) , to quote the placitum only :for the purposes of section 2(6a)(e) of the income-tax act, 1922, 'accumulated profits' include general reserves. ..... concept of the taxation law that the term 'profits' in the various sections of the income-tax acts have not got the same meaning. ..... the appellate assistant commissioner modified the figure of the deemed dividend calculated by the income-tax officer and wok the highest amount of advance made to the assessee by the company at a particular point of time in the year in question as the amount of dividend taxable in ..... the taxation enquiry commission in its report aforesaid had recommended in chapter vii, page 98 of vol.ii for assisting the expansion and development of productive enterprise by allowing them a proportion of new investment in fixed assets to be charged to current costs of production thereby permitting the taxable profits to be ..... is the nature of the depreciation allowance; vide chapter v, page 74. .....

The International Association For Protection Of Intellectual Property ...

Court : Supreme Court of India

..... the changes brought about in the tenure and age limits were not only through the schedule to the finance act, 2017, but also through its substantive provisions - sections 156 to 182.6 these provisions introduced changes relating to tenure and age limits for members and chairpersons of 19 tribunals (including the income tax appellate tribunal; securities appellate tribunal, competition commission of india, cestat, railway claims tribunal, central administrative tribunal ..... the chairperson, vice-chairperson and other members of the appellate board appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act: provided that the chairperson, vice-chairperson and other members appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the ..... vice-chairperson and other members of the appellate board appointed after the commencement of part xiv of chapter vi of the finance act, 2017 (7 of 2017), shall be governed by the provisions of section 184 of that act: provided that the chairperson, vice-chairperson and other members appointed before the commencement of part xiv of chapter vi of the finance act, 2017 (7 of 2017), shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 25.2 through finance act, 2001, a new section 14a has been inserted so as to clarify the intention of the legislature since the inception of the income tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income tax act. ..... the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07. 7. ..... the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. ..... section 14a has been inserted in the income tax act, by section 11 of the finance act, 2001, with retrospective effect from 1-4-1962, i.e. ..... -(1) for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act. .....

Karnataka Small Scale Industries Development Corporation Ltd. Vs. Comm ...

Court : Supreme Court of India

Reported in : (2003)179CTR(SC)1; [2002]258ITR770(SC); JT2002(10)SC41; (2003)7SCC224

..... written down values of the assets will have to do adjusted by deducting therefrom the amounts of depreciation which would have been allowed on such assets in the regular method of assessment in accordance with the provisions of section 28 to 43 of the income tax act, 1961 without applying the provisions of section 115j(1), and the resultant amount of written down values will only have to be carried forward to the next year.'7. ..... since there was no law between the date the territories were merged in india and the date when the income tax act was extended to those territories under which the income of those prior years could be computed, there was no question of any depreciation being claimed, allowed or carried forward by the assessee for any year prior to ..... construction of sub-sections (1) and (2) section 115j is in keeping with the (sic) purpose for which chapter xii-b was introduced in the act by the finance act, 1987. ..... in 168 itr 87 at page iii the circular gives explanatory notes on the provisions relating to direct tax in the finance act. ..... it was inserted by the finance act, 1987 with effect from the assessment year 1988-89 and remained in operation till the assessment year 1990 ..... section 115j is in chapter xii-b of the act which is entitled 'special provisions relating to certain companies ..... was stated by the finance minister in his budget speech reported in : [1987]165itr14(sc) in the following manner;'it is only fair and proper that the prosperous should pay at least some tax. .....

Commissioner of Income-tax Vs. Texmaco Ltd.

Court : Kolkata

Reported in : (1982)29CTR(Cal)64,[1983]141ITR531(Cal)

..... by the amendments made by the income-tax (amendment) act, 1946, the finance act, 1955, and the finance act, 1956, certain initial depreciation was allowed in respect of bnildings newly erected or the ..... by an amendment introduced retrospectively by section 6 of the 2nd finance act, 1965, a proviso was added which stipulates as follows :'provided that in determining the written down value in respect of buildings, machinery or plant for the purposes of clause (ii) of subsection (1) of section 32, 'depreciation actually allowed' shall not include depreciation allowed under sub-clauses (a), (b) and (c) of clause (vi) of sub-section (2) of section 10 of the indian income-tax act, 1922 (xi of 1922), where such depreciation was not deductible in ..... all these new forms of allowances came into force later and particularly the allowance of initial depreciation was introduced by the indian income-tax (amendment) act (8 of 1946), but the words in section 10(5) denning ' written down value ' to include in the case of assets acquired before the previous year, all depreciation actually allowed to an ..... the taxation enquiry commission in its report aforesaid had recommended in chapter vii, page 98 of volume ii, for assisting the expansion and development of productive enterprise by allowing them a proportion of new investment in fixed assets to be charged to current costs of production thereby permitting the taxable profits to ..... the nature of the depreciation allowance : vide chapter v, page 74. .....

Rajata Trust Vs. Chief Commissioner of Income-tax and Others

Court : Karnataka

Reported in : (1991)97CTR(Kar)97; ILR1991KAR2350; 1991(2)KarLJ612

..... . chapter xx-c of the income-tax act which contains the provisions to which we have to bestow considerable attention came to be introduced by the finance act, 1986, with effect from october 1, ..... the schedule property being acquired under the provisions of chapter xx-c of the income-tax act, 1961, then this agreement shall be treated as cancelled without any of the aforementioned penal consequences and the vendors shall refund the entire advance to the purchasers forthwith; such refund shall be by authorising the purchasers to receive the refund of advance to the purchasers to receive the refund of advance directly from the appropriate authority, income-tax department, from out of the sale price; in ..... an important stipulation in pages 10 and 11 of the agreement is that, in the event of the schedule property being purchased by the appropriate authority for the central government under section 269ud(1) of the income-tax act, the agreement of november 28, 1990 for sale of 'mohan buildings' between the transferor and the transferee will be treated as cancelled without any of the penal consequences contemplated in the agreement and the transferor has to refund ..... . therefore, it is one thing to say that the right to obtain a conveyance would be 'property of any kind' under section 2(14) of the income-tax act and, consequently, a 'capital asset' while it is a totally different thing to say that a mere agreement-holder could have an interest in the immovable property by reason of that .....