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Madathil Brothers Vs. the Deputy Commissioner of Income Tax, Special R ...

Court : Chennai

Reported in : (2008)217CTR(Mad)416; [2008]301ITR345(Mad)

..... pvt. ltd.). 48. as already seen, the decision of the apex court was concerned on the meaning of 'owner' with reference to section 22. yet, the construction given to the amendment effected under the finance act of 1987 to section 2(47) is of relevance to the case on hand. given the interpretation of the term 'property' and that assessee having possession of ..... it must be noted that the decision is distinguishable as the same was with reference to the chargeability under section 45 with reference to 'transfer' as defined under section 2(47) as it then stood prior to the amendment under the taxation laws amendment act, 1984 with effect from 1.4.1985. hence, it does not cover the issue on hand. 42. in ..... method or by yield method, the value of shares of m/s. sudarsan clay products is shown as 'nil'; in fact it showed a negative figure for the years 1984-85, 1985-86, 1986-87 and 1987-88. in the face of full knowledge of the state of affairs of m/s. sudarsan clay products, the tribunal held that .....

Heirs and Legal Representatives of Late Laxmanbhai S. Patel Vs. Commis ...

Court : Gujarat

Reported in : (2009)222CTR(Guj)138

..... declaration by the creditor and taxed under the scheme, from investigating the true nature and source of the creditrs. (iv) the legal fiction created by section 24 (3) of the finance (no. 2) act, 1965, was limited in its scope and could not be invoked in assessment proceedings relating to any person other than the person making the declaration ..... but was the income of somebody else, then there was nothing to prevent an investigation into the true source of the amount. there was nothing in section 24 of the finance (no. 2) act, 1965, which prevented the ito, if he was not satisfied with the explanation of an assessee about the genuineness or source of an amount found ..... followed in the case of income-tax officer, new delhi and ors. v. rattan lal and ors. : [1984]145itr183(sc) wherein it was held that the the immunity enjoyable by a declarant under section 24 of the finance (no. 2) act of 1965, under the voluntary disclosure scheme is confined to the declarant alone and is not extended to the .....

The Commissioner of Income-tax and the Assistant Commissioner of Incom ...

Court : Karnataka

Reported in : (2009)226CTR(Kar)474

..... so forth.17. while this position continued for some time by the finance act of 1987 section (3) and (4) were reintroduced with effect from 1-4-1988 and ..... -85 and again modified as per finance act 1987 w.e.f 1-4-1988 and so on and ..... . it. appears, in the parent act section 45 was all by itself and later was introduced sub-sections (2) to (4) by way of amendment in the year 1964. sub-sections (2) and (3) were omitted w.e.f. 1-4-1966 by finance act 1964 and got back on the statute book by way of amendment through taxation laws (amendment) act 1984 w.e.f. 1-4 .....

The Commissioner of Income-tax and the Deputy Commissioner of Income-t ...

Court : Karnataka

Reported in : (2007)207CTR(Kar)620; [2007]293ITR146(KAR); [2007]293ITR146(Karn)

..... rate amounts to a benefit for the purposes of section 17(2)(iii) of the act, there was no need for parliament to introduce, by the taxation laws (amendment) act, 1984, the new sub-clause (vi) in section 17(2) of the act. the subsequent omission of the said sub-clause by the finance act of 1985 with effect from the date of its ..... proposed insertion was also, made with a view to give relief to salaried tax-payers. it is to be noticed that explanation 2(b) to section 40a(5 ..... vi). sub-clause (vi) which was introduced in explanation 2 (b) of section 40a(5) of the act included within the meaning of the expression 'perquisite' the amount treated as perquisite under section 17(2)(vi) which also was introduced by the same taxation laws (amendment) act, 1984. in other words, a loan granted to an employee who is a director .....

State of Kerala Vs. Mariyamma

Court : Kerala

Reported in : (2006)200CTR(Ker)361; [2006]280ITR225(Ker); 2005(2)KLT587

..... during the financial year does not exceed one hundred thousand rupees.provided further that no deduction shall be made under this section from any payment made on or after the 1st day of june, 2000'.the above section was introduced by finance act, 1999. so, for any amount which was deposited from 1.6.1999 to 1.6.2000 when s. 194l was ..... provided under sub-section (2) of section 23. (iv) interest on the amount awarded by the court in excess of the amount fixed by the collector under s. 28 of the act. (v) interest on the solatium in case the same is awarded in the decree.17. in this connection, the provisions of s. 30 of the land acquisition (amendment) act, 1984, which deals ..... the commencement of the provisions of s. 23(2). so, if the award of the collector was made before the date mentioned in s.30(1) of the amendment act of 1984, the claimant is not entitled to get the benefit of additional amount calculated at the rate of 12% per annum on the amount already awarded by the collector as .....

The Commissioner of Income-tax Vs. Pooshya Exports (P) Ltd.

Court : Chennai

Reported in : [2003]262ITR417(Mad)

..... be statutorily payable under the relevant statute in the same year. an explanation was therefore added by the finance act 1989 with retrospective effect from april 1 1984 for the purpose of removing any ambiguity about the term 'any sum payable under clause (a) of section 43b. while construing explanation, which has been inserted with retrospective effect in order to give effect to the ..... assessee as to the contention that the amendment brought out to sub-section 2(b)(ii) by finance act 2 of 1991 with effect from 1.4.1991 would related back to the previous year also . in that case section 43b of the income tax act was inserted with effect from 1.4.1984 to discourage tax payers who had not discharged their statutory liability of .....

Mohan Singh Oberoi and Prithvi Raj Singh Oberoi Vs. Income Tax Officer ...

Court : Kolkata

Reported in : (2007)213TTJ(Cal)484

..... amounts to a benefit for the purposes of section 17(2)(iii) of the act, there was no need for parliament to introduce, by the taxation laws (amendment) act, 1984, the new sub-clause (vi) in section 17(2) of the act. the subsequent omission of the said sub-clause by the finance act of 1985 with effect from the date of ..... for certain prescribed purposes either free of interest or at a rate which was lower than the specified rate. however, subsequently, the finance act, 1985, omitted the aforesaid amendments made by the taxation laws (amendment) act, 1984, with effect from the date of its insertion, namely, 1st april, 1985, with a view to provide relief to salaried taxpayers. ..... its proposed insertion was also made with a view to give relief to salaried taxpayers. it is to be noticed that expln. 2(b) to section 40a(5) of the act .....

K. Rajendran Pillai and ors. Vs. Union of India (Uoi) and ors.

Court : Kerala

Reported in : [2007]292ITR277(Ker)

..... the valuation clause, sub-rule (7), introduced in rule 3 of the income-tax rules, 1962, prescribed under new sub-clause (vi) of section 17(2), introduced by the finance act, 2001, with effect from april 1, 2002, that government proposes to introduce tax on interest incentive only from the assessment year 2002-03 onwards ..... both the cases, the courts have referred to section 17(2)(vi) introduced by the taxation laws (amendment) act, 1984 with effect from april 1, 1985, and its later deletion by the finance act, 1985, retrospectively to neutralize the provision as originally introduced. by introducing clause (vi) to section 17(2) parliament made it clear that interest ..... the financial institution from which the petitioners and other employees availed of house building loan is a perquisite falling under sub-clause (iv) of section 17(2) of the act, because under the terms of the loan, as admitted in this case, the financial institution can directly claim the interest subsidy from the third .....

inspecting Asstt. Cit and ors. Vs. Saurashtra Trust

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... is an object of general public utility under section 2(15) of the income tax act, 1961 (2) whether, the provisions of section 11(4a) introduced with effect from 1-4-1984 are applicable to assessees case (3) whether, the provisions of sub-section (4a) of section 11, as substituted by finance (no. 2) act, 1991 with effect from 1-4-1992 are ..... the separate books of accounts are maintained in respect of such business activity. in the assessment year 1984-85, in the light of the amendment in section 2(15) and the corresponding amendment in the scheme of the act by insertion of section 11(4a), the issue as to whether the assessee trust can be said to be eligible ..... income from other sources. : whether the object of the assessee trust is an object of general public utility under section 2(15) of the income tax act, 1961 : yes. in the light of the amendments in section with effect from 1-4-1984, the assessee trust is eligible for being treated as pursing an object of general public utility under .....

iac (Assessment) Range Iv C, Adit Vs. Saurashtra Trust

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD1(Mum.)

..... trust is an object of general public utility under section 2(15) of the income tax act, 1961 (2) whether, the provisions of section 11(4a) introduced w.e.f. 01.04.1984 are applicable to assessee's case (3) whether, the provisions of sub-section (4a) of section 11, as substituted by finance (no. 2) act 1991 w.e.f. 01.4.1992 are ..... unless the separate books of accounts are maintained in respect of such business activity in the assessment year 1984-85, in the light of the amendment in section 2(15) and the corresponding amendment in the scheme of the act by insertion of section 11(4a), the issue as to whether the assessee trust can be said to be eligible for ..... '. question no. (1) : whether the object of the assessee trust is an object of general public utility under section 2(15) of the income tax act, 1961 answer : yes. in the light of the amendments in section w.e.f. 1^st april 1984, the assessee trust is eligible for being treated as pursing an object of general public utility under .....