Court : Kolkata
Reported in : [1981]132ITR481(Cal)
..... the dividend income of a shareholder in a foreign company was only the net dividend ; but the english finance act, 1965, amended the previous law. ..... under section 47(1) to (4) of the english finance act, 1965, the dividend income of a shareholder in an english company is the ..... now to consider the provisions of section 47(1) and (3) of the english finance act, 1965. ..... the provisions of section 47(3) of the english finance act, 1965, runs thus:' where, in the year 1966-67 or any later year of assessment, a company resident in the united kingdom makes any distribution, not beinga payment of interest other than yearly interest, nor a payment in respect of which deductions or repayments of income tax may fall to be made under section 157 (pay as you earn) of the income tax act, 1952, the company shall under this sub-section account for and ..... section 47(1) is as follows :' except as otherwise provided by this part of this act, corporation tax shall not be chargeable on dividends and other distributions of a company resident in the united kingdom, nor shall any such dividends or distributions be taken into account in computing income for corporation tax; but income tax for a year of assessment after the year 1965-66 shall be chargeable under a new schedule f in respect of dividends and other distributions in that year of a company resident in ..... the gross dividend thereof, which is to be included in the total income of a shareholder resident in india by virtue of section 51 of the act of 1961.5. .....
Tag this Judgment!Court : Rajasthan
Reported in : RLW2006(4)Raj2970; 2006(4)WLC747
..... before amendment, commencement of period of six years within which action under section 74 could be commenced started from the date of alleged act or omission of the person concerned whereas under the new amended provision, the starting point was made depending upon the date of knowledge of the registrar about such alleged act or omission in respect of which action under section 74 of the act of 1965 is desired to be taken.23. ..... on close scrutiny, we find that the principle stated in sc paraser's case (supra) was in the background of income tax act and sovereign power of levy and collection of taxes with the legislative history of amendments in section 34 and keeping in view the fact that the amendment brought in section 34 of income tax act, 1972 came into effect retrospectively, saving the proceedings initiated under unamended provision, cannot be extended to present case.16. ..... assistant registrar of cooperative societies vide impugned order dated 19.2.1990, after holding the inquiry under section 74 of the act of 1965 against the petitioner-appellant directed recovery of rs. ..... before coming to this conclusien the nature of the liability under income tax was considered in the said judgment and it was held that:under the scheme of the income-tax act, a liability to pay tax is incurred when according to finance act in force the amount of income, profits or gains is above the exempted limit. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50ITD1(Coch.)
..... in the record, in that the assessee had claimed excess loss in the return, that would not result in the levy of additional tax on the amount of the excess claim of loss in terms of the provisions of section 143(1 a) as it stood then; nor at the time when the assessing officer rectified the "intimation" dated 24-10-1991 by an order under section 154 on 10-3-1993, the retrospective amendment envisaged by the finance act, 1993, had received the assent of the h.e. the president of india ..... . [1958] 34 itr 143 and contended that in view of the retrospective amendment to section 143(1a) of the income-tax act, 1961, as inserted by the finance act, 1993, there was a mistake apparent from record in that the additional tax was not levied on the amount of loss disallowed by the assessing officer and, therefore, the same was rightly rectified under section 154 of the act ..... it was only by a retrospective amendment with effect from 1-4-1989 introduced in section 143(1 a) by the finance act, 1993, that the additional tax is chargeable even in cases where the loss returned by the assessee though reduced did not result in an income. ..... . in the case of narayan row [1965] 57 itr 149 (sc), the amending act with retrospective effect was also in existence at the time when the income-tax officer proceeded to rectify the order and could determine whether the records disclosed an apparent mistake in the background of the amended act ..... . ishwar lal bhagwandas [1965] 57 itr 149 and m.k .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1975SC435; [1974]97ITR621(SC); (1975)4SCC176; [1975]2SCR685
..... the amendment brought about by the finance act, 1965 by inserting second proviso to section 10, as observed by this court in the case of george da costa v. ..... the second proviso to section 10 was inserted by the finance act, 1965 (act 10 of 1965).11. ..... . (4) is concerned, the law was subsequently amended by section 35(2) of the finance act, 1959 ..... it may be mentioned that the period 'two years' in sub-section (1) of section 9 and the first proviso to section 10 was substituted for 'one year' by the finance act, 1966 (act 13 of 1966). ..... this appeal by the control of estate duty on certificate is against the judgment of the madras high court whereby that court answered the following question referred to it under section 64(1) of the estate duty act, 1953 (act 34 of 1953) (hereinafter referred to as the act) partly in favour of the assessee and partly in favour of the revenue:whether,, on the facts and in the circumstances of the case, the entire value of the property known as 'mayavaram lodge' or any portion of its value is liable ..... . on a claim by the revenue authorities that on the death in 1921 of the settlor the subject of the settlement had formed part of the settlor's dutiable estate by virtue of section 102 of the new south wales stamp duties act, the judicial committee held that the interest of the son under the settlement in the shares and accumulations of income was ot an absolute vested interest, but was contingent on his attaining the age of 21 years .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker77; [1966]60ITR737(Ker)
..... by section 70 of the finance act 1965, for part i of the schedule lo the act, the following part was substituted:'(a) lu the case of every individuals: rate of tax(i) on the first rupees one lakhs of net wealthnil(ii) on the next rupees four lakhs of net wealth0.5%(iii) ..... wealthnil(ii)on the next rupees nine lakhs of net wealth1/2%(iii)on the next rupees ten lakhs of net wealth1%(iv)on the balance of net wealth11/2%xxxx xxxx'20.bv section 13 of the finance act of 1960 (act xii of i960) it was provided:'notwithstanding anything contained in the wealth tax act 1957 (hereinafter referred to as the wealth tax act) no tax shall be charged in respect of the net wealth of a company for any financial year commencing on or after the 1st day of ..... section 15a, as introduced by the wealth tax (amendment) act, 1964, provides for the signing and verification of a return to he made under sections 14 and 15 of the act ..... 1962]44itr708(sc) , the supreme court had to consider the validity of the proviso to section 10 (2) (vi) (b) of the indian income-tax act, 1922 (added by the taxation laws amendment act 1960). ..... the wealth tax (amendment) act, 1964 (act 46 of 1964) certain changes were made in the provisions of the act which it is ..... neither the muslim personal law (sharial) application act (central xxvi of 1937) nor its madras amendment by act xviii of 1949 had any effect on the rights and incidents of mappila tarwad (see puthiya purayil ..... , was conferred by the madras marumakkathayam (amendment) act, 1958. .....
Tag this Judgment!Court : Chennai
Reported in : (1995)124CTR(Mad)298; [1995]217ITR213(Mad)
..... included in the assessment was the net dividend income received by the assessee after deduction of income-tax and, as, according to hi, the gross dividend was includible under section 5(1)(c) of the income-tax act, 1961 (hereinafter referred to as 'the act'), especially in view of the amendment brought about by the finance act, 1965, to the united kingdom income-tax act, 1952, under which u. k. ..... act, by reason of the amendment brought about by the finance act of 1965 ..... income-tax act, 1952, by the finance act, 1965, reference was made to simon's ..... finance act, 1965, amounts deducted by way of tax from the dividends distributed at the standard rates were allowed to be retained by the companies, but after 1965, the amounts had ..... of relief against double taxation, it is income which has been subjected to tax in a foreign country in which it has arisen and irrespective of the fact that there is no provision comparable to section 18(5) of the act, yet the payment of tax by the company operates as a relief to the shareholder and on that account alone the dividend income is not chargeable to tax in the united kingdom. ..... we are, therefore, of the view that though the decision of the supreme court referred to above dealt with a case of the availability of relief under section 49d of the indian income-tax act, 1922, yet the considerations adverted to therein with reference to the nature of the deduction and with reference to the character of the tax deducted at source being eligible for double .....
Tag this Judgment!Court : Chennai
Reported in : [1981]131ITR506(Mad)
..... section 69a was introduced by the finance act of 1964 with effect from april 1, 1964, while section 69b was inserted with effect from april 1, 1965, by the finance act of ..... by the board, in consequence of information in his possession, has reason to believe that--(a) any person to whom a summons under sub-section (1) of section 37 of the indian income-tax act, 1922 (xi of 1922), or under subsection (1) of section 131 of this act, or a notice under sub-section (4) of section 22'of the indian income-tax act, 1922, or under sub-section (l)of section 142 of this act was issued to produce, or cause to be produced, any books of account or other documents has omitted or failed to produce, or cause ..... or other valuable article or thing represents either wholly or partly income or property which has not been or, would not be, disclosed for the purposes of the indian income-tax act, 1922 (xi of 1922), or this act (hereinafter in this section referred to as the undisclosed income or property), then--(a) the director of inspection or the commissioner, as the case may be, may authorise any deputy director of inspection, inspecting assistant ..... amendment of section 132 by the finance act of 1964 and again by central act ..... 1965, which came into force on 15th march, 1965, there were minor amendments ..... to amend the ..... the amendments were necessary in order to plug the loopholes which were discovered from time to time or which were brought to light in the course of the administration of these ..... ( .....
Tag this Judgment!Court : Kolkata
Reported in : (1982)29CTR(Cal)64,[1983]141ITR531(Cal)
..... 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 determining the written down value for the purposes of the ..... 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 machinery and plant newly installed. ..... 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 assessee continued to operate throughout. ..... the purpose of this amendment has been explained in the notes on clauses of the finance act no. .....
Tag this Judgment!Court : Mumbai
Reported in : 2004(2)BomCR785; [2004]271ITR269(Bom)
..... section 2(47) of the income-tax act came to be amended by the finance act, 1987, ..... on behalf of the respondent revenue, it is contended that the present case is not a case of issuing of notice after scrutiny assessment under section 143(3), but non-scrutiny assessment under section 143(1) and as such the extended period of limitation is available under section 149 of the income-tax act and, in any case, it has been exercised within 4 years from the end of the relevant assessment year, that is, within four years ..... their affidavit-in-reply clearly shows that they were processed in accordance with law and, therefore, there are only two possibilities following from the respondents, assertions, (a) summary assessment made under section 143(l)(a) on the petitioner but no section 143(2) notice issued as the then assessing officer was of the opinion that the assessee has not understated its income on examination of the return of income, and (b) no ..... learned counsel then points out that in view of the amendment to section 2(47) of the income-tax act, introducing clause (v) any transaction involving the allowing of possession of any immovable property to be taken or retained in part performance of a contract under section 53a of the transfer of property act and in view of option exercised by the bank of maharashtra by letter dated june 12, 1990, exercising their option to complete the sale in respect of the said premises in pursuance of clause (5) of ..... 1965]57itr185(sc) and india finance ..... 1965 .....
Tag this Judgment!Court : Chennai
Reported in : [1979]120ITR132(Mad)
..... section 271(1)(c) had undergone a modification or amendment as made by section 40 of the finance act of 1964 with effect from april ..... section 18 was again amended by section 32 of the finance act of 1968 with effect from april ..... the facts and in the circumstances of the case, the appellate tribunal was right in holding that the law to be applied to determine the quantum of penalty leviable under the provisions of section 18(1)(c) of the wealth-tax act in the present case was the law as obtaining on november 9, 1964, when the original return was filed ? 2. ..... dealing with this submission, the supreme court pointed out that when once proceedings under section 34 were taken to be validly initiated, the jurisdiction of the ito could not be confined only to that portion of the income, and at page 380, it was observed :'it is therefore, manifest that once assessment is reopened by issuing a notice under sub-section (2) of section 22, the previous under-assessment is set aside and the whole assessment proceedings start ..... was amended by central act 46 of 1964 with effect from april 1, 1965. ..... it may be seen that this provision came into force only from april 1, 1965, so that as on the date on which the original return was submitted, this provision fixing a statutory minimum for the levy of penalty was not ..... act and reopened the assessment made earlier on october 27, 1965, wherein there was a deduction ..... as originally payable under the assessment made on 27th october, 1965, was rs. ..... 27th october, 1965. .....
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