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Commissioner of Income Tax Vs. Asian Cable Corporation Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1980; Income Tax Act, 1961 - Sections 80AB, 80B(5) and 80O

Reported in : (2003)180CTR(Bom)293; [2003]262ITR537(Bom)

the review petition ought to be dismissed.Reasons7. We find merit in this review petition of the Department. By Finance (No. 2) Act, 1980, which came into force w.e.f. 1st April, 1981, deductions under Chapter VI-A were made relatable to the income … Supreme Court in the case of CIT v. Alcock Ashdown & Co. Ltd. : [1997]224ITR353(SC) . Question No. 2, which related to Section 80-O was also answered in favour of the assessee on the following concession made

income-tax Officer Vs. Dharamsi Morarji Chemicals Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1986)18ITD256(Mum.)

Rule 1. It was further submitted that whereas Section 80AA of the 1961 Act was inserted by the Finance (No.2) Act, 1980 with effect from 1-4-1968 in order to make provision to the effect that net income by way … computed in accordance with the provisions of the 1961 Act as reduced in accordance with the provisions in Chapter VIA of the 1961 Act. It was submitted that since this amendment was brought into force with effect … Indian concern ; 4. In the definition of 'chargeable profits' in Section 2(5) of the Act, the total income as assessed for the relevant previous

Plastiblends India Ltd., a Company Incorporated Under the Companies Ac ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 29 to 43A, 72, 80A, 80AA, 80AB, 80B(5), 80E, 80HH, 80HH(6), 80HH(7), 80I, 80IA, 80IA(5), 80IA(8), 80IA(10), 80IB, 80IB(13), 143(1), 143(3), 147 and 260A; Companies Act, 1956; Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 - Sections 34(1); Finance (No. 2) Act, 1980; Finance Act, 2001 - Sections 5

Reported in : (2009)223CTR(Bom)291; [2009]178TAXMAN397(Bom)

of the provisions of Section 80HH along with Section 80B(5), it is clear that even prior to the Finance No. 2 Act of 1980, Parliament had clearly intended to say that what is included in the gross total income is … in the return for the normal computation of income has to be allowed while computing the deductions under Chapter VI-A viz. Sections 80HH, 80-IA, 80-IB etc. of an industrial undertaking?9. The Special Bench by its order dated … this purpose it has its manufacturing Units at Daman. Units I and II at Daman commenced its operation in the previous years relevant to assessment

Chettinad Agencies (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1993)44ITD243(Mad.)

assessee's representative "was issued prior to the introduction of Section 80AA with retrospective effect from 1-4-1968 by the Finance (No. 2) Act, 1980. Further, after such introduction of Section 80AA with retrospective effect from 1-4-1968, the Board had issued instructions bringing … follows: (ii) Secondly, incomes which by virtue of the provisions of Chapter III do not form part of the income of the assessee must be … considerations weighed with him: (i) Section 80AA stipulates that 'before making any deduction under Section 80M falling under Chapter VIA, the total income (sic) has to be computed taking into account all the provisions of the Act

Gopal Srinivasan Trust Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1993)46ITD157(Mad.)

income of an association of persons, whichever course is more beneficial to the revenue. (c) Then came the Finance (No. 2) Act, 1980, which stipulated that income of discretionary trusts would be charged to tax at the maximum marginal rate, the … even gross total income, but total income which can be arrived at only after applying the provisions of Chapter VIAof theAct.Itshould, therefore, follow that the assessees before us are entitled to the benefit of Section 80L.In this … In this regard, he was impelled by the consideration that while Section 2(31) of the IT Act, 1961 defined the term "person" as including "every

Collector of Central Excise and Vs. Papyrus Papers Ltd.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Subject : Land Acquisition

Reported in : (1989)(24)ECC150

Finance (No. 2) Act of 1980 making provisions for the constitution of this Tribunal and substituting a new Chapter VIA in place of erstwhile Chapter VIA in the Central Excises & Salt Act, 1944 whereby Sections 35,35A … the concerned party the Legislature itself empowered the Central Government under Sub-section (3) of Section 50 of the Finance (No. 2) Act, 1980 to pass any general or special order to do anything not inconsistent with the amended provisions which appear … Central Excises & Salt Act, 1944 was amended by the Finance (No. 2) Act of 1980 making provisions for the constitution of this Tribunal and

Bermaco Industries Ltd. Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)5SOT570(Mum.)

is that of the business income of the assessee- company.Sections 80AA and 80AB have been introduced by the Finance (No. 2) Act, 1980. In the light of the introduction of the above two new provisions, the Central Board of Direct Taxes … assessee- company.Sections 80AA and 80AB have been introduced by the Finance (No. 2) Act, 1980. In the light of the introduction of the above two … in respect of royalties etc. from certain foreign enterprises. He submitted that the said deduction is provided under Chapter VI-A. The said Chapter provides for deductions to be made in computing total income of an assessee. The

Commissioner of Income-tax Vs. Shree Bajrang Electric Steel Co. (P.) L ...

Court : Kolkata

Subject : Direct Taxation

Reported in : [1988]174ITR672(Cal)

February 8, 1979. The Commissioner of Income-tax (Appeals), however, rejected this claim on the ground that by the Finance (No. 2) Act, 1980, a new section 80AA had been inserted with retrospective effect from April 1, 1968, according to which, for … however, rejected this claim on the ground that by the Finance (No. 2) Act, 1980, a new section 80AA had been inserted with retrospective effect … with retrospective effect from April 1, 1968, according to which, for the purpose of computing the deductions under Chapter VI of the Income-tax Act, the amount of income which had to be computed in accordance with the

Yenpeyees Rubber (P.) Ltd. Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (1983)5ITD605(Mad.)

is sought to be revised by referring to the introduction of Section 80AB of the Act by the Finance (No. 2) Act, 1980, with effect from 1-4-1981. The budget speech of the Finance Minister for 1980-81 merely mentions : I also … coupled with a limitation in Section 80A(2) of the Act with respect to the gross total income. When Chapter VIA was originally introduced, the Finance Minister said that he was replacing the system of rebates with a … Act by setting off of past losses, other deductions and the like. 2. In the later case of Cloth Traders (supra), the Supreme Court had

Mahalaxmi Rice Factory Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Subject : Direct Taxation

Reported in : (1983)5ITD238(Chd.)

is concerned, it came on the statute book with effect from 1-9-1980 as it was inserted by the Finance (No. 2) Act, 1980. We find that the orders of the authorities below were made before this date. Therefore, the grievance of … with effect from 1-9-1980 as it was inserted by the Finance (No. 2) Act, 1980. We find that the orders of the authorities below were … are procedural in character, has to be accepted as it pertains to procedure for the assessment contained in Chapter XIV of the Act. A reading of Sub-section (9) shows that it contains only a rule of natural