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Commissioner of Income Tax, Karnataka, Bangalore Vs. M/S. Shaan Financ ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A(2 and 47) and 33; Finance Act, 1976

Reported in : 1998IIIAD(SC)176; AIR1998SC1372; 1998(2)CTC87; [1998]231ITR308(SC); JT1998(2)SC564; 1998(2)SCALE395; (1998)3SCC605; [1998]2SCR367

1st of April, 1976, however, Section 32A was introduced in the Income-tax Act, 1961 granting investment allowance under Finance Act, 1976. A circular of the department being circular No. 202 dated 5th of July, 1976, which explained the provisions … High Courts of Karnataka and Madras.11. The provisions relating to investment allowance are akin to the provisions under section 33 of Income-tax Act, 1961 relating to development rebate which was discontinued with effect from 1st of April, 1974

Commissioner of Income Tax Vs. Hydle Constructions Pvt. Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 15C, 32A, 32A(2), 33(1), 33B, 80HH, 80HHA, 80HHA(1), 80J, 80J(4), 84, 84(2), 84(7), 256 and 256(1); Indian Companies Act; Finance Act, 1978 - Sections 2(7)

Reported in : [2003]259ITR344(Delhi)

the materials and also having regard to the Explanationn to the definition of'Industrial Company' as given in the Finance Act. (iii) The assessed company which is engaged in constructing tunnels, dams,Power Houses etc. in not eligible for deduction … said Act') for opinion of this Court:-'ITR No. 86-88/1984For the assessment year 1976-77: (i) 'Whether on the facts and in thecircumstances of the case, the … 'manufacture or production' of articles within the meaning of Section 84(2)(iii) and was entitled to relief under the section.'33. In the instance case, the assessed does not claim benefit in respect of the entire profit earned by

T.R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1999)240ITR33(Mad.)

by section 32A providing for investment allowance by the Finance Act of 1976. The conditions prescribed were the same as for development rebate except that … history would be necessary to keep the matter in the right perspective.The development rebate was introduced by the Finance Act, 1955. In the Budget Speech ([1955] 27 ITR (St.) 42), the Finance Minister referred to the recommendation of … by the assessee and is wholly used for the purposes of the business carried on by him', in section 33(1)(a), it must be held that the benefit of development rebate is available only to the assessee, which is

Indian Aluminum Company Ltd. and anr. Vs. Union of India (Uoi) and ors ...

Court : Delhi

Subject : Excise

Acts : Companies Act, 1956; Essential Commodities Act, 1955 - Sections 3; Central Excise Act, 1944 - Sections 4; Finance Act, 1976 - Sections 36, 36(1) and 36(5); Finance Act, 1977; Finance (No. 2) Act, 1977; Central Excise Rules, 1944 - Rules 8, 8(1), 52A, 56A and 173G(2); Constitution of India - Article 226; Aluminum (Control) Order, 1970

Reported in : 1993(12)ELT349(Del)

Aluminum.4. By Clause 36 of the Finance Bill, 1976, which was later replaced by Section 36 of the Finance Act, 1976, an auxiliary duty of excise equal to 20 per cent of the value of the goods as determined … Item No. 27 from so much of the said auxiliary duty livable thereon as was in excess of 33-1/3 per cent of the duty livable under the Act. This exemption was not to & apply to levy

Commissioner of Income Tax Vs. Daljeet Tyres

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A, 32A(2), 33, 80I, 143(3) and 260A; Finance Act, 1976; Finance Act, 1972

Reported in : (2006)201CTR(All)530; [2006]287ITR344(All)

1st April, 1976, however, Section 32A was introduced in the IT Act, 1961 granting investment allowance under the Finance Act, 1976. A circular of the Department being Circular No. 202 dt. 5th July, 1976, which explained the provisions of … under Section 32A. The Court also considered the provisions relating to investment allowance as against the provisions of Section 33 of the IT Act, 1961 and held as under :The provisions relating to investment allowance are akin to

T.R.F. Limited Vs. Commissioner of Income Tax

Court : Jharkhand

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1977 - Sections 2(7); Finance Act, 1976 (66 of 1976) - Sections 32A(2A); Indian Income Tax Act, 1922 - Sections 10(2); Income Tax Act, 1961 - Sections 32, 32A, 32A(1), 32(1), 32(1)(2) 32A(2), 33, 33A, 33(1), 43(3), 256(1) and 256(2)

Reported in : (2007)213CTR(Jharkhand)557; [2008]298ITR78(Jharkhand); [2006(4)JCR21(Jhr)]

before the income-tax authorities or the Tribunal.12. Section 32A of the Income Tax Act was inserted by the Finance Act, 1976 (66 of 1976) with effect from 1st April, 1976 i.e. for and from assessment year 1976-77. Sub-section (1) … [1986]161ITR673(Bom) and held that data processing machines are not office appliances and are entitled to development rebate under Section 33 of the Income Tax Act, 1961.7. The Calcutta High Court in the case of in the case of

Seshasayee Paper and Boards Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (2003)84ITD707(Mad.)

brought forward investment allowance in preference to unabsorbed depreciation. Sri Suryanarayanan submitted that Section 32A was inserted by Finance Act, 1976, w.e.f.1st April, 1976, and that the scope and effect of Section 32A had been elaborated in the Circular … with the set off of unabsorbed development rebate, the wording in Section 32A was similar to that in Section 33 relating to development rebate and so, the decision was equally applicable to setting off the brought forward investment

Commissioner of Income-tax, Bangalore Vs. Venkateswara Hatcheries (P) ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act - Sections 2(45), 3, 7, 10(27), 32A(2), 33(1), 43A, 80JJ, 88J and 256(2); Finance Act, 1964; Finance Act, 1975; Finance Act, 1976; Sales Tax Act; Central Excise Act

Reported in : AIR1999SC1225; [1999]237ITR174(SC); JT1999(2)SC338; 1999(2)SCALE257; (1999)3SCC632; [1999]2SCR177

one-third of the aggregate amount of such profits and gains or ten thousand rupees, whichever is higher.13. The Finance Act 1976 inserted Section 32A with effect from 1st April, 1976 in replacement of development rebate. Section 32A provided investment … a list of items which are treated as articles or things manufactured or produced for the purpose of Section 33(1)(b) of the Act. In this Schedule we find that processed seeds which are products of plants have been

Rupenjuli Tea Co. Ltd. Vs. Commissioner Income-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 44C

Reported in : [1990]186ITR301(Cal)

case and on a proper interpretation of Section 44C of the Income-tax Act, 1961, as inserted by the Finance Act, 1976, read with the Explanation with regard to the insertion of this section, as contained in the 'Memorandum explaining … this section or in Sub-section (2) of Section 32 or the deduction referred to in Section 32A or Section 33 or Section 33A or the first proviso to Clause (ix) of Sub-section (1) of Section 36 or any

Softek (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1990)32ITD540(Delhi)

rival submissions as also the facts on record. Section 32A was brought on the statute book by the Finance Act, 1976. Section 32A replaced the scheme of initial depreciation allowance by a scheme of in vestment allowance. The new scheme … 259 dated 11-7-1979 regarding the creation of statutory reserve in connection with the claim of development rebate under Section 33 may be followed while considering the adequacy of the reserve created in respect of grant of investment allowance