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India Leather Corporation (P.) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1970 - Sections 2(6); Income Tax Act, 1961 - Sections 80E, 147 and 256(1)

Reported in : (1989)77CTR(Mad)18; [1989]179ITR170(Mad)

the assessee-company was not an industrial company within the meaning of clause 2(6)(c) of Chapter II of the Finance Act, 1970 ?' 2. The assessee is a private limited company and the assessment year we are concerned with is … making adjustments to arrive at the figure of Rs. 3,29,008, the Income-tax Officer took into account three items, viz., (1) profit on sale of imported chemicals - Rs. 3,501; (2) nomination premium - Rs. 1,54,898; and (3)

Canara Bank and ors. Vs. State of Kerala and ors.

Court : Kerala

Subject : Other TaxesConstitution

Acts : Kerala Municipalities Act, 1961 - Sections 2, 133, 133(1) and 279; Travancore Distirct Municipalities Act, 1116 - Sections 3(8) and 91; Travancore Distirct Municipalities Rules - Rule 16 and 16(1); Constitution of India - Article 276(2); General Clauses Act, 1897 - Sections 6; Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 - Sections 2, 2(10) and 10

Reported in : AIR1982Ker1

look at the section is sufficient to dismiss this argument Section 133 (1) provides that nothing contained in Chapter VI of the Kerala Act relating to Taxation and Finance shall be construed to make liable the Government to … the assessees herein are corresponding new banks as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the remaining one is a trust. They raise the following questions for consideration in these cases :--

Commissioner of Income-tax Vs. Industrial Promotion and Investment Cor ...

Court : Orissa

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1)

Reported in : (1992)103CTR(Ori)222; [1993]199ITR761(Orissa)

the Finance Act, 1981, with effect from April 1, 1982. The original Explanation which was inserted by the Finance Act, 1970, with effect from April 1, 1966, was omitted by the Finance Act, 1974, with effect from April 1, … the deduction was to be of the specified percentage of the total income before making any deduction under Chapter VI-A of the Act, as reduced by the deduction allowable under that section, i.e., under Section 36(1)(viii). In

Commissioner of Income Tax Vs. Bhavnagar Bone and Fertiliser Co. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 28 and 260(1); Finance Act, 1971 - Sections 2(6)

Reported in : (1987)59CTR(Guj)116; [1987]166ITR316(Guj)

of the Financed Act so as to qualify for lower rate of tax as stipulated under the said Finance Act.' It was the duty of the Tribunal to discuss the evidence which was led by the assessee-company and … of the assessee-company passed on April 21, 1954. However, the shares were not issued and on June 22, 1970, the board of directors of the assessee-company resolved that the aforesaid credit balance be transferred to the Profit … income of the previous year (as computed before making any deduction under Chapter VI-A of the Income-tax Act) is not less than fifty one per

Commissioner of Income-tax, Patiala Vs. Patiala Flour Mills Co. P. Ltd ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act

Reported in : AIR1979SC216a

relevant provisions of that section. Section 80J was introduced in the Act in place of Section 84 by Finance Act, 1967 with effect from 1st April, 1968. The material portions of that section read as under :80J. (1) … applying the provisions of Section 64 and before making any deduction under Chapter VI-A or Section 280(d) in respect of the previous year relevant to … plant remained un-absorbed so as to be available for carry forward and set off in the assessment year 1970-71. The business of cold storage plant turned the corner after the initial teething trouble and it made a

The Commissioner of Income-tax Delhi Ii Vs. the Punjab and Sind Bank L ...

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(15), 32(1), 33, 43(3), 80-J and 256(1)

Reported in : 2000VAD(Delhi)661; 86(2000)DLT438; 2000(54)DRJ370; [2000]244ITR393(Delhi)

apparatus installed in shop premises qualified as plant within the meaning of Section 40 and 41 of the Finance Act. 1971. the Revenue held it not to be plant. On the above decision being affirmed by the chancery … included in its total income before it has not considered deduction under Chapter VI-A, Section 80A to 80U. A Banking company cannot prima facie be … the dispute essentially is as follows. assessed is engaged in the business of banking. For the assessment years 1970-71, 1971-72 disallowances were made by the assessing officer in respect of certain deductions claimed as depreciation and development

Heminder Kumari Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1996)57ITD409(Delhi)

refers only to the territorial jurisdiction. In this connection he invited our attention to the speech of the Finance Minister given at the time of introducing the Finance Bill, 1970 [75 ITR (Statutes) 22-23] wherein it was … the same does not fall within the definition of "capital assets" given in section 2(14)(iii)(a) of the Income-tax Act, 1961.2. The case was heard on 20-12-1994, 19-1-1995 and 4-4-1995 and lengthy submissions were made by the learned … ceased to be included in rural areas were excluded. He submitted that Chapters XXV and XXVI of the DMC Act, deal with miscellaneous and supplemental … that the agricultural land sold by the assessee, which is situated in village Dera Mandi, Tehsil Mehrauli, Delhi, is not liable to long term capital

Heminder Kumari Vs. Assistant Commissioner of Income-tax.

Court : Delhi

Subject : Direct Taxation

Reported in : (1996)56TTJ(Del)280

refers only to the territorial jurisdiction. In this connection he invited our attention to the speech of the Finance Minister given at the time of introducing the Finance Bill, 1970 [75 ITR (Statutes) 22-23] wherein it was … the same does not fall within the definition of 'capital assets' given in section 2(14)(iii)(a) of the Income-tax Act, 1961.2. The case was heard on 20-12-1994, 19-1-1995 and 4-4-1995 and lengthy submissions were made by the learned … ceased to be included in rural areas were excluded. He submitted that Chapters XXV and XXVI of the DMC Act, deal with miscellaneous and supplemental … that the agricultural land sold by the assessee, which is situated in village Dera Mandi, Tehsil Mehrauli, Delhi, is not liable to long term capital

Deputy Commissioner of Income Tax Vs. Catholic Syrian Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

Reported in : (2004)267ITR52(Coch.)

provision for bad and doubtful debts.9. Clause (viia) of Sub-section (1) of Section 36 was introduced by the Finance Act, 1979, w.e.f. 1st April, 1980. The Memorandum explaining the provision (Circular No. 258, dt. 14th June, 1979) gives … 1959, a nationalized bank as specified in Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, or any other bank included in the Second Schedule to the Reserve Bank of India Act, 1934. It … the total income (computed before making any deduction under this clause and Chapter VI-A) and an amount not exceeding two per cent of the aggregate

Om Parkash Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Subject : Direct Taxation

Reported in : (1982)1ITD1060(Chd.)

considered for relief under Section 80U(ii).5. Section 80U(a) came on the statute book by an insertion by the Finance Act, 1968, with effect from 1-4-1969. This section was substituted by the Taxation Laws (Amendment) Act, 1970, with effect … deductions in the case of totally blind or physically handicapped resident persons. This section is a part of Chapter VI-A of the Act, dealing with the deductions to be made in computing the total income. The deductions