Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: chennai Page 11 of about 410 results (0.106 seconds)

Commissioner of Income Tax Vs. Greenham Estates (P) Ltd.

Court : Chennai

Reported in : [1996]217ITR80(Mad)

..... 2(7)(c) of the finance act for the relevant assessment years under consideration. ..... 2(7)(c) of the finance act for the relevant assessment year. ..... 2(7)(c) of the finance act, 1981. ..... 2(7)(c) of the finance act for the relevant assessment years. ..... 2(7)(c) of the finance act, 1981 ?' 2. ..... to the explanation the income attributable to any one or more of the manufacturing or the processing activities of the goods included in its total income of the previous year, as computed before making any deduction under chapter vi-a of the it act should be not less than 51 per cent of the total income. ..... 256(2) of the it act, 1961 : 'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the assessee who is a partner in the firm of kadammane estate and derives share income on its holding 40 .....

Short Bros. (P.) Ltd., in Voluntary Liquidation by Its Liquidator, A.K ...

Court : Chennai

Reported in : (1964)1MLJ66

..... ramamani to support his contention that the accumulated profits referred to in the provisions even after its amendment by the finance act of 1956 must be limited to such profits as appear in the books of the company at the commencement of the assessment year and that, in any event, it cannot take in the profits which arose during the accounting year in which ..... sub-clause (c) of section 2(6-a) was substituted by section 3 of the finance act of 1956 with effect from the 1st of april, ..... might have been accumulated, in former such profits would be dividend only in so far as they came out of profits accumulated within six years prior to liquidation.finally, they held that accumulated profits sought to be caught by section 2(6-a)(c) would be profis accumulated in the financial years preceding the year in which the liquidation took place.8. ..... will be open to the income-tax officer to examine the question afresh and determine what should be regarded as the correct amount of dividend within the meaning of section 2(6-a)(c) in the light of the above observations. ..... section 12-b of the act deals with capital gains and it states that tax under the head ' capital gains' shall be payable in respect of any profits or gains arising from the sale of a capital asset effected after the 31st day ..... income-tax officer by his letter dated 19th december, 1960, proposed to treat the sum of rs.8 lakhs so distributed as dividend falling within the meaning of section 2(6-a)(c) in the hands of the shareholders. .....

Commissioner of Wealth-tax Vs. N.M.R. Krishnamoorthy and Sons Pvt. Ltd ...

Court : Chennai

Reported in : [2000]241ITR439(Mad)

..... clearly discriminatory, untenable and not maintainable (ii) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that even where a property is valued under the specific provisions of sub-section (4) of section 40 of the finance act, 1983, for the purpose of levy of wealth-tax in the case of closely held companies, the provisions ..... and hence rule 1bb could not be applied to value it and section 40(4) of the finance act, 1983, excluded application of section 7(1) and rule 1bb made thereunder and accordingly assessed the property at rs. ..... the commissioner agreed with the assessee's case that section 40 of the finance act, 1983, did not exclude the operation of rule 1bb and accordingly directed the assessing officer to refer the matter again to the valuation officer to determine the value of the property on the basis of net maintainable ..... the commissioner took the view that section 40 of the finance act did not exclude the operation of rule 1bb which was confirmed by the tribunal. ..... counsel for the assessee submitted that sub-section (5) of section 40 specifically excluded certain sections of the wealth-tax act except section 7(1) and, therefore, rule 1bb was applicable. ..... on appeal to-the tribunal, the tribunal, held that the provisions of rule 1bb could not be ignored since the valuation had to be made under section 7(3) and thus dismissed the appeal.2. .....

Short Brothers (P.) Ltd. Vs. First Income-tax Officer, Salem.

Court : Chennai

Reported in : [1964]51ITR315(Mad)

..... there is thus intrinsic evidence to show that accumulated profits could not include the current profits during the year under assessment.after the amendment by the finance act of 1955, the above definition was replaced by the following :'(c) any distribution made to the shareholders of a company out of accumulated profits of the company on ..... sub-clause (c) of section 2 (6a) was submitted by section 3 of the finance act of 1956 with effect from ..... such interpretation cannot to our mind fit in with the plain terms of the explanation.section 12b of the act deals with capital gains and it states that tax under the head 'capital gains' shall be payable in respect of any profit or gains arising from the sale of a capital asset effected after ..... to be of accumulated profits, and if that is so, current profits which arose to the company during the accounting year up to the date of liquidation must necessarily form part of the accumulated profits referred to in the section.the next part of the contention of the petitioner hinges upon the explanation ..... 'finally, they held that accumulated profits sought to be caught by section 2 (6a) (c) would be profits accumulated in the financial years preceding the year in which the liquidation took place.it is this observation of the supreme court that ..... the income-tax officer to examine the question afresh and determine what should be regarded as the correct amount of dividend within the meaning of section 2 (6a) (c) in the light of the above observations. .....

K.S. Venkatraman and Co. (P) Ltd. Vs. Commissioner of Income Tax

Court : Chennai

Reported in : (1999)155CTR(Mad)303

..... the assessment year in question that is 1979-80 to 1983-84, it claimed the status of industrial company for the purpose of deriving the benefit of lower rate of taxation accorded to industrial companies under finance act 2 of 1977. ..... 2(7)(c) of the finance act 2 of 1977 formulates the tests for determining as to when a company is an industrial ..... 2(7)(c) of finance act 2 of ..... 2(7)(c) of finance act 2 of 1977, which lays down the terms for determining the claim of a company for being regarded as an industrial ..... 2(7)(c) of finance act 2 of ..... industrial undertaking in one part and non-industrial undertaking in another part does not by that reason cease to be capable of being regarded as an industrial undertaking to the limited extent of its claim for the benefits under the act, in relation to the activity which can properly be regarded as a manufacturing activity carried on by such an undertaking.7. ..... 32a0 of the act, if all other conditions as set out in that section are met by the ..... 1987. ..... 32a of the act which confers the benefit of investment allowance is a provision, which is obviously meant to encourage industries to install new plant and machinery, where such plant and machinery is utilised for the manufacture or process of articles ..... 32a(2) of the act, it must be held that if the assessee is able to demonstrate that the machinery or plant in respect of which the allowance is claimed, are used in the manufacturing or processing of articles, in which the assessee is engaged, the assessee .....

Cit Vs. Tirupur Sri Meenakshi Sundareswarar Finance Ltd.

Court : Chennai

Reported in : [2003]127TAXMAN392(Mad)

..... arises is whether the value o the portion of the building which was let out by the assessee in favour of punjab national bank would be an exempted asset from the list of assets found in section 40(3) of the finance act 1983?the assistant commissioner of wealth tax rejected the claim of the assessee by holding it was liable to wealth tax. ..... question of law referred by the income tax appellate tribunal for our consideration under the wealth tax act, 1957 in relation to the assessment of the assessee for the assessment year 1980-81 reads as under :whether on the facts and in the circumstances of the case the tribunal was right in law in holding that the property let out by the assessee was not an asset exigible to wealth tax within the meaning of section 40(3)(vi) of finance act, 19832. ..... held that the property was used by the assessee for its business and therefore, the assessee would be entitled to exemption as provided under section 40(3)(vi) of the finance act, 1983. ..... for letting out the properties, the company was owning the property as a landlord and therefore, that part of the building let out to punjab national bank was exigible to wealth tax under section 40(3) of the finance act, 1983. ..... (bom) and submitted that the income of the property was treated as business income under the income tax act and therefore, the asset of the assessee should be taken as a business asset. ..... that the income from the property was assessed as business income under the income tax act is not conclusive. .....

Smt. P. Balammal Vs. Controller of Estate Duty

Court : Chennai

Reported in : [2002]125TAXMAN562(Mad)

..... shankar bajoria : [1992]194itr132(cal) applied the principles laid down in ahmed ibrahim sahigra dhoraji's case (supra) and held that there are no distinguishable principles in section 68 of the finance act, 1965 and the voluntary disclosure of income and wealth ordinance act, 1975 in spite of certain dissimilarities, but the objects of both the schemes are to encourage disclosure of concealed income and there is no distinction in principle regarding the ..... the following observation of the supreme court is relevant for the purpose of this case :'the declaration contemplated under section 68 of the finance act, 1965, is a declaration in respect of income of earlier years which had been concealed and on which tax was payable ..... the court also held that section 68 of the finance act, 1965 under which the declaration was made prescribed the procedure for assessment of the concealed income but the ..... : [1977]110itr902(all) dealt with the case of deduction of liability which arose on voluntary disclosure of income scheme under section 68 of the income tax act in determining the net wealth of the assessee and whether the tax paid under the voluntary disclosure scheme is a debt which ..... duty paid is not liable to be taken into account in determining the principal value of the estate neither under section 36 of the act, nor deductible under section 44 of the act as the estate duty liability under the estate duty act arose subsequent to the death and, therefore, not liable to be taken into account. .....

Gannan Dunkerley and Co. (Madras) Ltd. Vs. State of Madras

Court : Chennai

Reported in : AIR1954Mad130

..... 272 considered the meaning of the word 'business' used in the finance act, section 39 and according to the learned master of rolls, the word denotes trade or business of any description carried on by a company and if a company did, as in that case, acquire concessions and turn them to account, it is impossible to maintain ..... under section 12-b, madras general sales tax act, raises an important question regarding the constitutional validity of certain of the provisions of the madras general sales tax amendment act (25 of 1947) by which 'works contracts' were included within the ambit of the madras general sales tax act and they are made subject to the levy of sales-tax within the limitations provided in the said act. ..... though before the tribunal and the department no attempt was made to justify the levy of the tax on the ground, that apart from the amendment introduced in 1947, the contracts on the face of them involve an element of sale of goods, such an argument was, however, attempted ..... the amending act of 1947 added an inclusive definition of sale in section 2(h) of the act by the words 'includes also a transfer of property in goods involved in the execution of ..... the contention as regards item 1, turnover of works contracts, was that the amending act of 1947 was beyond the legislative competency of the provincial legislature as the works contracts executed by the assessees were not contracts of sale of goods and, therefore, the provincial legislature had no jurisdiction or power .....

Commissioner of Income-tax Vs. Thangamaligai and Co.

Court : Chennai

Reported in : [2000]241ITR525(Mad)

..... 43 of 1961-for short 'it act'), which was inserted by the finance act, 1983, with effect from april 1, 1984, and omitted by the finance act, 1985, with effect from april 1, 1986, reads as under :'(3a) notwithstanding anything contained in sub-section (1), where the expenditure or, as the case may be, the aggregate expenditure incurredby an assessee on any one or more of the items specified in sub-section (3b) exceeds one hundred thousand rupees, twenty per cent, of such excess shall not be allowed as deduction in computing ..... sub-section (sb) of section 37 thereof, inserted by the finance act, 1983, with effect from april 1, 1984, and omitted by the finance act, 1985, with effect from april 1, 1986, reads as under :'(3b) the expenditure, referred to in sub-section (3a) is that incurred on- (i) advertisement, publicity and sales promotion ; or (ii) running and maintenance of aircraft and motor cars ; or (iii) payments made to hotels. ..... (3b),-- (a) the expenditure specified in clause (i) to clause (iii) of sub-section (3b) shall be the aggregate amount of expenditure incurred by the assessee as reduced by so much of such expenditure as is not allowed under any other provision of this act ; (b) expenditure on advertisement, publicity and sales promotion shall not include remuneration paid to employees of the assessee engaged in one or more of the said activities ; (c) expenditure on running and maintenance of aircraft and motor cars shall include,-- (i) .....

Ms.Thanjavur Textiles Ltd. Vs. the Joint Commissioner of Income Tax

Court : Chennai

..... of the amendment thus made under finance act, 2003 to the first proviso and on the deletion of the second proviso would show that the position that the deduction is available only on the sum actually paid by the assessee on or before the due date for furnishing the return of income under section 139(1) of the income tax act remained ..... alom extrusions limited), wherein the supreme court had considered the effect of the omission of the second proviso to section 43 b of the income tax act under finance act, 2003, as having retrospective effect from 1.4.1988, he submitted that going by the deposit made in the separate account, which cannot be in any manner used by the asssessee, ..... the second proviso, the apex court pointed out to the amendment to the first proviso brought about uniformity by equating tax, duty, cess and fee with contribution to welfare funds and with the uniformity brought about in the first proviso, the finance act 2003 is curative in nature and hence would apply from 1.4. ..... alom extrusions limited) the apex court pointed out that the object of section 43 b, inserted under the finance act 1983, with effect from 1.4.1983, was to disallow deduction claimed merely by making a book entry ..... the assessee in respect of excise duty payable on wastage of liquor in transit, the apex court pointed out that the deduction claimed by the assessee was to be tested on the touchstone of section 43 b(a) of the income tax act as to whether there had been an actual payment of duty or not. .....