Finance Act, 1989

The appellant, S.R. Kumar, sold agricultural lands situated within the municipal limits of Bina for the assessment years 1981-82 and 1983-84 and was assessed to capital gains tax. The Income Tax Officer levied tax, the Tribunal held that the profit was not capital gains, and the High Court dismissed the appellant's wri…

The case concerned whether employers could claim a deduction under Section 43‑B of the Income Tax Act, 1961 for contributions to provident or welfare funds that were paid after the statutory due date but before filing the income‑tax return. The Finance Act, 2003 deleted the second proviso of Section 43‑B and amended th…

The appellants, including Checkmate Services Pvt. Ltd., deposited employees' EPF and ESI contributions after the statutory due dates and claimed deductions under s.36(1)(va) of the Income Tax Act, 1961. The Assessing Officer disallowed the deduction, holding that the amounts constituted "income" under s.2(24)(x) and we…

The assessee, Shree Man. Junathesware Packing Products and Camphor Works, constructed a cinema theatre and claimed a certain cost in its return for AY 1977‑78. The Income‑Tax Officer (ITO) passed an assessment based on the assessee’s figure because the Departmental Valuation Officer’s (DVO) report was not available at …