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Shree Ram Milis Ltd. Vs. Commissioner of Income-tax, Bombay City-i

Court : Mumbai

Subject : Direct Taxation

Acts : Super Profit Tax Act, 1963 - Schedule - Rule 1; Income Tax Act, 1961 - Sections 2(5) and 2(9), 4 and 34(3); Wealth Tax Act, 1957 - Sections 2

Reported in : [1977]108ITR27(Bom)

the provision for taxation is not liable for inclusion in the capital computation for the purposes of the Super Profits Tax Act, 1963 (2) Whether, on the facts and in the circumstances of the case, the Tribunal erred in … Schedule VI to the Companies Act, 1956, which defines provision and reserve).' 9. It will thus appear clear that where an amount is set aside … to determine 'standard deduction' it becomes necessary to compute the capital of the company in accordance with the rules laid down in the Second Schedule and rule 1 is relevant for our purposes, the material portion whereof … that are required to be considered they are the same. 4. Under section 4 of the Act, there shall be charged on every company for

Commissioner of Income-tax Vs. Official Liquidator, Palai Central Bank ...

Court : Kerala

Subject : Company

Acts : Super Profits Tax Act, 1963 - Sections 2(5), 2(9), 4, 12, 25 and 27 - Schedule - Rule 1; Companies Act, 1956 - Sections 210 and 211; Companies (Court) Rules, 1959 - Rules 298 and 299

Reported in : [1979]49CompCas268(Ker); [1979]117ITR676(Ker)

and in the circumstances of the case, was the Tribunal justified in holding that no assessment under the Super Profits Tax Act, 1963, can be made on the assessee-company (in liquidation) ?'2. The assessment year with which we are … submitted any return under the Super Profits Tax Act, a notice under Section 9(a) of the Act calling for the return was issued. The assessee … is clear on an analysis of the provisions of Sections 210 and 211 of the Companies Act and Rules 298 and 299 of the Companies (Court) Rules that the concept of share capital is unknown to a

Commissioner of Income-tax, Gujarat Vs. Jyoti Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Super Profits Tax Act, 1963 - Sections 9; Income Tax Act

Reported in : [1978]112ITR973(Guj)

Tribunal was justified in law in holding that the initiation of reassessment proceedings under section 9(b) of the Super Profits Tax Act, 1963, was not valid as there was no 'information' ?' II. Assessment years 1965-66 and 1966-67 : … the development reserve were considered for the purpose of capital computation for determining the standard deduction under the rule 1 of Second Schedule to the Super Profits Tax Act, 1963, hereinafter referred to as the 'S. P.

Soma Sundarams (Private) Ltd. Vs. Commissioner of Income-tax, Karnatak ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 2(5), 2(9), 2(10), 2(43), 4, 139, 148, 156, 271 and 271(1); Super Profit Tax Act, 1963 - Sections 2(5), 2(9), 2(10) and 4; Super Profit Tax Rules - Rules 2 and 3

Reported in : [1979]116ITR620(KAR); [1979]116ITR620(Karn)

271(1)(a) of the I.T. Act, 1961, is not deductible under r. 2(i) of the First Schedule to the Super Profits Tax Act, 1963 ?' 2. The assessment in question is one made under the Super Profits Tax Act, 1963 … have the meaning respectively assigned to them in the I.T. Act. First Schedule to the Act contains the rules for computing the chargeable profits. In computing the chargeable profits of a previous year, the total income computed … is not open to the courts to indulge in any such exercise. 9. We, therefore, hold that the penalty payable under an order made pursuant … this court. But the Tribunal referred only one question referred to above. Section 4 of the Act, which levies the charge, reads : '4. Charge

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

Court : Allahabad

Subject : Direct Taxation

Acts : Super Profits Tax Act, 1963 - Sections 2(9) - Schedule - Rule 1

Reported in : [1973]92ITR38(All)

This is a reference under Section 256(1) of the Income-tax Act 1961, read with Section 10 of the Super Profits Tax Act, 1963, at the instance of the Commissioner of Income-tax, Kanpur. 2. The assessee is a public limited … provisions of the Second Schedule, or an amount of Rs. 50,000, whichever is greater.'3. The Second Schedule contains rules for computing the capital of a company for purposes of super profits tax. Rule 1 of the Schedule

Commissioner of Income-tax Vs. Indian Steel Rolling Mills Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Super Profits Tax Act, 1963 - Schedule - Rule 1; Companies Act, 1956

Reported in : [1973]92ITR78(Mad)

In working out the capital base for the purpose of ascertaining the amount of standard deduction under the Super Profits Tax Act, 1963, the assessee included the following sums apart from the capital of Rs. 53,82,682 :Rs.Development rebate reserve1,30,950General … It is necessary at this stage to refer to the relevant provisions of the Super Profits Tax Act, 1963. Section 4 levies a tax called 'super profits tax' on every company for every assessment year commencing on and … amount of Rs. 50,000, whichever is greater. Schedule 1 sets out the rules for computing the chargeable profits. Rule 1 provides that the income, profits … development rebate reserve :55,000Proposed dividend :Preference35,746Ordinary4,87,8585,78,6042. This left a balance of Rs. 9,760. The provisions made towards tax liability and actual payments of tax were

United Breweries Ltd. Vs. Addl. Commissioner of Income-tax, Mysore and ...

Court : Karnataka

Subject : Direct Taxation

Acts : Super Profits Tax Act, 1963

Reported in : [1978]115ITR120(KAR); [1978]115ITR120(Karn); 1977(2)KarLJ86

Venkatachaliah, J.1. I.T.R.C. NO. 15 of 1974 is a reference under section 19 of the Super Profits Tax Act, 1963, read with section 256(1) of the Income-tax Act, 1961, and I.T.R.C. No. 7 of 1974, I.T.R.C. … to the exclusion of the sum of Rs. 4,91,761 in the computation of the capital in accordance with rules in the Second Schedule to the Super Profits Tax Act, 1963. Corresponding questions in I.T.R.C. Nos. 7, 8, … I.T.R.C. No. 7 of 1974, I.T.R.C. No. 8 of 1974, I.T.R.C. No. 9 of 1974, I.T.R.C. No. 16 of 1974 and I.T.R.C. No. 17 of

Madras Auto Service and Others Vs. Commissioner of Income-tax, Madras.

Court : Chennai

Subject : Direct Taxation

Reported in : [1978]112ITR540(Mad)

account for the purpose of computation of capital of the assessee company under the Second Schedule to the Super Profits Tax Act, 1963 ?'The question referred to this court in T.C. No. 277 of 1972 is :'Whether, on the … provision for proposed dividends amounting to Rs. 6,22,500 are not reserves within the meaning of the term in rule 1 of the Second Schedule to the Super Profits Tax Act, 1963 ?'Two questions have been referred in … :'1. Whether it has been rightly held that the proceedings initiated under section 9(b) of the Super Profits Tax Act, 1963, are valid ?2. Whether,

Nav Bharat Vanijya Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Super Profits Tax Act, 1963 - Sections 2(9) and 4 - Schedule - Rule 1

Reported in : [1980]123ITR865(Cal)

into the facts of the case it would be appropriate to set out a few provisions of the Super Profits Tax Act, 1963, and a few provisions of the First and Second Schedules to the Act. Section 2(5) defines … India,' 5. Under Section 2(9) the capital of a company is to be computed in accordance with the rules in the Second Schedule. The provisions of the Second Schedule which require our attention are as follows:'1. Subject

Hooghly Mills Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (1985)13ITD173(Kol.)

was the assessee's submission that no penalty should be imposed or prosecution started for any default under the Super Profits Tax Act, 1963 or the Surtax Act, 1964 as the case may be, either for non-submission of returns or … applications. At para 18 of its order, the Commission has noted that as far as penalty liable under Section 9 or 20 of the Surtax Act is concerned, its reduction or waiver is beyond the scope of Section … the assessee as per the provisions of the Surtax Act and the rules thereunder.18. The facts in the case of Mysore Electrical Industries Ltd. (supra)