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Assistant Commissioner of Income Vs. Choice Trading Corporation Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Land Acquisition

Reported in : (2004)90ITD1(Coch.)

a hotel would not constitute "manufacture or processing of goods" within the meaning of Section 2(6)(d) of the Finance Act, 1968. A company which carries on such activity will not fall within the definition of an "industrial company" under … also the decision of the Calcutta High Court in the case of Woolcombers India Ltd. v. CIT (1982) 134 ITR 219 (Cal). He further added that the average interest for the company was only 12 per cent

Hansraj Aggarwal Vs. Addl. Commissioner of Income-tax

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 142(1), 142(2A), 143(2), 144 and 271(1); Finance Act, 1968

Reported in : [1979]119ITR688(MP)

filed on April 9, 1968, i.e., after the substitution of new Clause (iii) in Section 271(1)(c), by the Finance Act, 1968, w.e.f. April 1, 1968, the IAC held that penalty had to be computed by reference to the amount … followed by an assessment by the Income-tax Officer to the best of his judgment under Section 144, i. 13. Failure to comply with a notice under Section 142(1) or Section 143(2) or a direction under Section 142(2A),

Madurai District Central Co-operative Bank Ltd. Vs. Third Income-tax O ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 81 and 110; Finance Act, 1963 - Sections 2(1), 2(3), 2(5) and 2(8)

Reported in : [1975]101ITR24(SC); (1975)2SCC454; AIR 1975 SC 2016

rate the income was taken at Rs. 9,48,335 in view of Section 110 of the Act. Applying the Finance Act, 1963 (XIII of 1963), the respondent computed the residual income of the appellant at Rs. 5,39,386 and levied … surcharge on its residual income. The High Court dismissed the writ petition by its judgment dated October 15, 1968, but it has granted to the appellant a certificate to file an appeal to this Court under Articles … appellant a certificate to file an appeal to this Court under Articles 133(1)(a) and (c) of the Constitution.2. The appellant is a co-operative society engaged

Commissioner of Income-tax Vs. Madras Motor and General Insurance Co. ...

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1963; Income Tax Act, 1961 - Sections 99(1); Finance Act, 1968 - Sections 31(3); Companies (Profits) Surtax Act, 1964 - Schedule - Rule 1

Reported in : [1975]99ITR243(Mad)

to the learned counsel now in view of the deletion of the words 'received by it' by the Finance Act, 1968, with retrospective effect. While deleting the provisions of Section 99, Finance Act, 1968, by Section 31(3) omitted the

Commissioner of Income-tax Vs. Radha Nagar Cold Storage (P.) Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Finance Act, 1968 - Section 2(6); ;Finance Act, 1969 - Section 2(6)

Reported in : (1980)18CTR(Cal)166,[1980]126ITR66(Cal)

question further it may be necessary to refer to the definition of the relevant Finance Act, namely, the Finance Act, 1968. Section 2(6), Clause (d), defined 'industrial company' as follows :' 'Industrial company' means a company which is mainly engaged

Misrilal JaIn and anr. Vs. State of Orissa and anr.

Court : Supreme Court of India

Subject : Other Taxes

Acts : Orissa Taxation (on Goods Carried by Roads or Inland Waterways) Validation Act, 1959 - Sections 1(3), 3 and 27; Orissa Taxation (on Goods Carried by Roads or Inland Waterways) Validation (Amendment) Act, 1962; Constitution of India - Articles 13(3), 144A, 226 and 304; Orissa Taxation (on Goods carried by Roads or Inland Waterways) (Amendment) Act, 1964 - Sections 4; Orissa Taxation (on Goods carried by Roads or Inland Waterways) (Amendment) Act, 1968 - Sections 12; Finance Act, 1961; Finance (Amendment) Act, 1962

Reported in : AIR1977SC1686

by Roads or Inland Waterways) Validation Act, 1962, Orissa Taxation (on Goods Carried by Roads or Inland Waterways) Act, 1968 and Articles 13 (3), 144 A, 226 and 304 of Constitution of India - Act of 1959 was … substance provided that the failure to comply with the constitutional mandate of Presidential sanction shall not invalidate the Finance Acts of 1961 and 1962. It was held by this Court that it was not competent to the … of Orissa and to validate certain taxes imposed on such goods. By Section 1(3), the Act was to be deemed to have come into force

Thanthi Trust Vs. Central Board of Direct Taxes and Others

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(15), 11, 11(1), 11(4), 11(4A), 12, 13, 13(1), 13(1) and 119

Reported in : [1995]213ITR639(Mad)

11 for the assessment years 1979-80 to 1983-84, relying on section 13(1)(bb) of the Act. 9. By the Finance Act, 1983, the following sub-section (4A) was introduced in section 11 of the Act, with effect from April 1, … Establishing and/or running or helping to run orphanages; and (6) Other educational purposes. 4. For the assessment year 1968-69, the previous year ending June 30, 1967, the petitioner filed its return of income on October 10, 1968,

Shree Sajjan Mills Ltd. Vs. Commissioner of Income Tax, M.P., Bhopal a ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30, 34(3), 36(1), 37, 37(1), 39, 40A, 40A(1), 40A(7), 40D, 155(13) and 256(1); Payment of Gratuity Act, 1972; Finance Act, 1968 - Sections 40A; Companies Act; Finance (Amendment) Act, 1975

Reported in : AIR1986SC484; 1986LC276(SC); [1985]156ITR585(SC); 1985(2)SCALE737; (1985)4SCC590; [1985]Supp3SCR593

the total Rs, 48,59,431 made by the assessee towards liability for gratuity?9. Section 40A was inserted by the Finance Act, 1968 with effect from 1st April, 1968. It is necessary to set out, the relevant provisions of Section 40A: … of Section 40A of the Act. The question was, therefore, answered in the negative and against the assessee. 13. On behalf of the assessee in these appeals it was submitted with reference to Section 40A(7) of the

Asstt. Cit Vs. Choice Trading Corporation Ltd

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Land Acquisition

Reported in : (2002)76TTJ(Coch.)892

a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the Finance Act, 1968. A company which carries on such activity will not fall within the definition of an "industrial company" under … also the decision of the Calcutta High Court in the case of Woolcombers India Ltd. v. CIT (1982) 134 ITR 219 (Cal). He further added that the average interest for the company was only 12 per cent

Atul Drug House Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 3, 5, 80A, C, J and U, 81 and 104; Finance Act, 1968 - Sch. I, Part I and Para. F

Reported in : [1995]216ITR584(Bom)

so declared amounted to Rs. 3,90,000. Such excess dividend entailed an additional income-tax under the provisions of the Finance Act, 1968. The Income-tax Officer, however, failed to take note of this fact at the time of the assessment proceedings. … Such is not the present case. The mistake is obvious and patent. 13. It has lastly been submitted by the Department that question No. 3 … take note of this fact at the time of the assessment proceedings. He thereupon initiated rectification proceedings under section 154 of the Income-tax Act, 1961. The assessee resisted the proceedings. The assessee contended that the declaration of