Madurai District Central Co-operative Bank Ltd. v. The Third Income Tax Officer, Madurai

M/S Jindal Equipment Leasing Consultancy Services Ltd vs. Commissioner of Income Tax

Appeals stand disposed of in the aforesaid terms

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

…it held that the Tribunal had erred in placing reliance on Rasiklal Maneklal while failing to consider the later and binding decision of this Court in Commissioner of Income-tax, Cochin v. Grace Collis and others5. The High 4 (1989) 177 ITR 198 : (1989) 2 SCC 454 5 (2001) 248 ITR 323 (SC) : (2001) 3 SCC 430 6 Court observed that where the shares of the amalgamating company were held as capital assets, the receipt of shares of the amalgamated company would constitute a “transfer” within the meaning of Section 2(47) of the I.T. Act, though such transfer would be exempt under Section 47(vii). However…

Jalaram Industries vs. Union of India

Bench: The Hon'Ble Mr.Justice S. Sunil Dutt Yadav

…the present case is by way of a duty of excise. The nature of alteration of duty by way of the Finance Act has been considered in the case of The Madurai District Central Co-operative Bank Ltd. v. The Third Income Tax Officer, Madurai reported in (1975) 2 SCC 454 (Bench of Three Judges). The Apex Court has clearly opined that the surcharge leviable under Section 2 (1) of the Finance Act, 1963 are relatable to Article 271 of the Constitution of India. In a detailed discussion, the Apex Court has also clarified that the purpose and concept of the 53 additional surcharge is different from the Incom…

Thrishul Zarda Pouches vs. Union of India

Bench: The Hon'Ble Mr.Justice S. Sunil Dutt Yadav

…the present case is by way of a duty of excise. The nature of alteration of duty by way of the Finance Act has been considered in the case of The Madurai District Central Co-operative Bank Ltd. v. The Third Income Tax Officer, Madurai reported in (1975) 2 SCC 454 (Bench of Three Judges). The Apex Court has clearly opined that the surcharge leviable under Section 2 (1) of the Finance Act, 1963 are relatable to Article 271 of the Constitution of India. In a detailed discussion, the Apex Court has also clarified that the purpose and concept of the 53 additional surcharge is different from the Incom…

Harsh International Flavour vs. Union of India

Bench: The Hon'Ble Mr.Justice S. Sunil Dutt Yadav

…the present case is by way of a duty of excise. The nature of alteration of duty by way of the Finance Act has been considered in the case of The Madurai District Central Co-operative Bank Ltd. v. The Third Income Tax Officer, Madurai reported in (1975) 2 SCC 454 (Bench of Three Judges). The Apex Court has clearly opined that the surcharge leviable under Section 2 (1) of the Finance Act, 1963 are relatable to Article 271 of the Constitution of India. In a detailed discussion, the Apex Court has also clarified that the purpose and concept of the 53 additional surcharge is different from the Incom…

Fast Track Packers Private Limited vs. Union of India

Bench: The Hon'Ble Mr.Justice S. Sunil Dutt Yadav

…the present case is by way of a duty of excise. The nature of alteration of duty by way of the Finance Act has been considered in the case of The Madurai District Central Co-operative Bank Ltd. v. The Third Income Tax Officer, Madurai reported in (1975) 2 SCC 454 (Bench of Three Judges). The Apex Court has clearly opined that the surcharge leviable under Section 2 (1) of the Finance Act, 1963 are relatable to Article 271 of the Constitution of India. In a detailed discussion, the Apex Court has also clarified that the purpose and concept of the 53 additional surcharge is different from the Incom…