Court : Delhi
Reported in : [1987]163ITR861(Delhi)
..... with this finding of fact, the tribunal held that the items manufactured by the assessed clearly fell within the scope of item 16 read with item 6 of the iii schedule to the companies (profits) surtax act, 1964, for the year 1964-65 and also for the year 1965-66 and held that the assessed is entitled to the relief accordingly. 9. ..... 115 and 116 of 1974 : 'whether, on the facts and circumstances of the case and on a proper interpretation of items 6 and 16 in rule 2 of schedule iii to the companies (profits) surtax act, 1964, the assessed was entitled to a rebate on the share income derived from electrical industries corporation ?' 4. ..... the tribunal heard the two appeals under the companies (profits) surtax act, 1964, and delivered the order on may 30, 1973. ..... 115 and 116 of 1974 arise out of the proceedings under the companies (profits) surtax act, 1964. ..... whether, on the facts and the circumstances of the case and on a proper interpretation of items 6 and 16 of the list in part iv of the first schedule to the finance act, 1964, and of items 7 and 25 of the list in part iii of the first schedule to the finance act, 1965, the assessed was entitled to rebate on its share of profits derived from electrical industries corporation, for the. ..... in the three appeals against the income-tax assessments, the tribunal placed reliance on the order of the tribunal in the assessed's own case in its surtax assessments for the years 1964-65 and 1965-66 under the surtax act. .....
Tag this Judgment!Court : Delhi
Reported in : (2002)173CTR(Del)69; [2002]254ITR159(Delhi); [2001]119TAXMAN702(Delhi)
..... instance of the revenue, the following question has been referred by the income-tax appellate tribunal, delhi bench (in short 'the tribunal'), for the opinion of this court under section 256(1) of the income-tax act, 1961 (in short 'the act'), read with the provisions of the companies (profits) surtax act, 1964 (in short 'the surtax act'):'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that penalty is not livable under section 9 of the ..... the assessed a public limited company was required to furnish its return of income of chargeable profits under section 5(1) of the surtax act, 1964, by september 30, 1973. ..... -section (1) of section 6, or has concealed the particulars of the chargeable profits or has furnished inaccurate particulars of such profits, he may direct that such person shall pay, by way of penalty, in addition to the amount of surtax payable, a sum not exceeding-(a) where the person has failed to furnish the return required under section 5, the amount of surtax (chargeable under the provisions of this act); (b) in any other case, the amount of surtax which would have beenavoided if the return made had .....
Tag this Judgment!Court : Delhi
Reported in : [2002]254ITR560(Delhi)
1. the following question has been referred under section 256(1) of the income-tax act, 1961, read with the provisions of the companies (profits) surtax act, 1964, by the income-tax appellate tribunal, delhi bench :'whether, the order of the tribunal that when once the return was filed under one or the other of the three sub-sections in section 5 of the companies (profits) surtax act, 1964, no penalty is attracted under section 9 of the said act is legally correct ?'2. we had the occasion to deal with a similar case in surtax reference no. 2 of 1982 (see cit v. international airport authority of india : [2002]254itr159(delhi) . following the view expressed in that case, we answer the question in the affirmative, in favor of the assessed and against the revenue.
Tag this Judgment!Court : Delhi
Reported in : (2001)170CTR(Del)629; [2002]256ITR587(Delhi)
..... accepting the prayer of the assessed for reference in terms of section 18 of the companies (profits) surtax act, 1964 (in short 'the act'), read with section 256(1) of the income-tax act, 1961 (in short 'the i. t. ..... act'), the following question has been referred for the opinion of this court by the income-tax appellate tribunal, delhi bench (in short 'the tribunal') :'whether, on the facts and in the circumstances of the case, the reserve on account of retrocession's ceded by the company could form a part of capital and/or reserve of the assessed-company under the second schedule to the companies (profits) surtax act, 1964 ?'2. ..... it was the assessed's stand that the appellate assistant commissioner's view was erroneous as the assessing officer was required under rule 5 of the first schedule to the income-tax act to accept the balance of the profits disclosed by the annual account of a general insurance company, which are required to be prepared under the insurance act, 1938, and to be furnished to the controller of insurance subject to annual adjustments as were permissible under the said rule 5.4. ..... it was held that 'provision' and 'reserve' are not defined in the act, thereforee, the two concepts which are fairly well known in commercial accountancy and which are used in the companies act, 1956, dealing with preparation of balance-sheets and profit and loss accounts will have to be gathered from the meaning attached to them by the companies act, 1956, itself. .....
Tag this Judgment!Court : Delhi
Reported in : [1984]149ITR372(Delhi)
..... rule 1 of schedule ii to the companies (profits) surtax act, 1964, lays down that : '1. ..... 13,44,392 had already been allowed as deduction in the income-tax assessment for assessment years 1956-57 to 1960-61, it could not be allowed as deduction in terms of clause (iii) of rule 1 of the second schedule to the companies (profits) surtax act, 1964 (hereinafter referred to as 'the act'). ..... 18 of the companies (profits) surtax act, 1964, the following question for the decision of this court : 'whether, on the facts and in the circumstances of the case, the amount of rs. ..... 25,46,717) credited to the 'provision for rent of unicef plant and machinery account', is a reserve within the meaning of rule 1 of the second schedule to the companies (profits) surtax act, 1964 ?' 2. ..... minerals & metals trading corporation : [1982]134itr78(delhi) , this court with reference to the definition of the expression 'provision' in rule 7 of part iii of schedule vi to the companies act, 1956, held that it was very wide, but some meaning had to be given and significance to be attached to the use of the word 'known' in the definition ..... 4, imposes a levy of surtax on the amount of the chargeable profits of a company of the previous year as exceed the statutory deduction ..... in proceedings under the surtax act for the assessment year 1965-66, it was submitted before the surtax officer by the assessed that while computing the capital of the assessed for the purpose of surtax, the provision for lease money amounting to rs .....
Tag this Judgment!Court : Delhi
Reported in : ILR1993Delhi1; [1992]197ITR655(Delhi)
..... the income-tax appellate tribunal has referred, under section 256(1) of the income-tax act, 1961, in relation to the companies (profits) surtax act, 1964 (hereinafter referred to as 'the said act'), the following question to this court : 'whether, on the facts and in the circumstances of the case, the income-tax tribunal was right in holding that rs. ..... . in vazir sultan's case : [1981]132itr559(sc) , the supreme court was concerned with the question as to what was the difference between 'reserve' and 'provision' for the purposes of the super profits tax act, 1963, or the companies (profits) surtax act, 1964 ..... due but is only a provision with regard to the sum that might become liable to be paid is 'other reserves' within the meaning of rule 1 of the second schedule and should be taken into account in computing the capital of the company for the purpose of the companies (profits) surtax act, 1964.' 20 ..... . for one thing, unlike the surtax act which makes a reference to the definition, the super profits tax act avoids the incorporation of the said definition and since the companies act was of 1956, this must be taken to be deliberate ..... . in that case, an amount had been transferred from the profit and loss appropriation account to the preference shares capital redemption reserve account which was created under section 80 of the companies act to meet the liability to repay capital covered by redeemable preference shares .....
Tag this Judgment!Court : Delhi
Reported in : [1981]127ITR567(Delhi)
..... balance to the credit of the earned surplus accounts on the books of the assessed as on 1st day of the relevant previous year or any part thereof represented reserves with in the meaning of rule 1 to the second schedule to the companies (profits) surtax act, 1964, as read with the explanationn to the same rule ?' 3. ..... 1 of the second schedule to the companies (profits) surtax act, 1964, did not make any change in the essential legal position and as such the earned surplus was to be treated as a part of the reserve. ..... view that the 'earned surplus' was not to be included in the 'reserve' and as such was not to be deemed a part of the capital on the basis of which the statutory deduction was to be computed under the provisions of the companies (profits) surtax act, 1964. ..... 1 of the second schedule of the companies (profits) surtax act was absent in the super profits tax act, 1963, and as such the judgment of the supreme court are distinguishable on facts. ..... 1 of the second schedule to the surtax act, 1964, the present case was fully covered by the aforesaid observations of their lordships of the supreme court. ..... but he characteristics noted are not peculiar to the accounts of a banking company : they are applicable with appropriate variations to the accounts of all companies, in which different nomenclatures are used in the accounts to designate the residue on hand as 'surplus', 'undivided profits' or 'earned surplus'.' 10. .....
Tag this Judgment!Court : Delhi
Reported in : (1981)23CTR(Del)65; [1981]129ITR731(Delhi)
..... at the instance of the commissioner of surtax, the following question has been referred to us for decision : 'whether, on the facts and in the circumstances of the case, the tribunal was legally correct in holding that the capital of the company as computed in accordance with rule 1 of the second schedule of the companies (profits) surtax act, 1964, could be increased by the increase in the paid up capital which took place with effect from ..... `be convenient to set out the provisions of the second schedule to the super profits tax act, 1963, which was in force before the companies (profits) surtax act, 1964, came into force. ..... the companies (profits) surtax act, 1964, at the instance of the commissioner of surtax. ..... 2 of the second schedule to the super profits tax act, 1963, which was in the following terms : 'where after the first day of the previous year relevant to the assessment year, the paid up share capital of a company is increased or reduced by any amount during that previous year, the capital computed in accordance with rule 1 shall be increased or decreased, as the case may be, by a portion of that amount which is proportional to the ..... a company is charged to surtax in respect of its chargeable profit of the previous year in so far as ..... 3 of the second schedule to the 1964 act, contended that in respect of this increase in the paid up capital of the company, it was entitled to the paid up capital and reserves calculated as on 1st january, 1968, being stepped up .....
Tag this Judgment!Court : Delhi
Reported in : (1993)110CTR(Del)81; [1993]200ITR575(Delhi)
..... in respect of the assessment year 1972-73, the income-tax appellate tribunal has stated the case and referred the following question to this court : 'whether, on a true interpretation of rule 1 (viii) of the first schedule to the companies (profits) surtax act, 1964, and, on the facts and in the circumstances of the case, the appellate tribunal was justified in upholding the action of the income-tax officer in excluding rs. ..... we are in agreement with the calcutta high court that for the purpose of rule 1 of the first schedule to the companies (profits) surtax act, 1964, in computing the chargeable profits of the previous year, the total income computed for that year under the income-tax act shall be adjusted by deducting the net dividend and not the gross dividend. ..... in order to arrive at the chargeable profit liable to tax under the companies (profits) surtax act, 1964, income by way of dividends from an indian company or a company which had made the prescribed arrangements for the declaration and payment of dividends within india, was to be excluded from such total income in accordance with rule 1 (viii) of the first schedule to the said act. ..... the short question which is involved is the correct interpretation of rule 1 (viii) of the first schedule to the companies (profits) surtax act, 1964, under which the chargeable profits are computable. .....
Tag this Judgment!Court : Delhi
Reported in : [1993]200ITR325(Delhi)
..... 2,51,350 and not net dividend after giving deductions under sections 80l and 80 of the income-tax act, 1961, was deductible from the total income of the assessed in computing the chargeable profits in accordance with clause (viii) of rule 1 of the first schedule to the companies (profits) surtax act, 1964 ?' 2. ..... the facts, as stated in the statement of the case, are that in respect of the assessment year 1971-72, the relevant previous year having ended on october 31, 1970, the assessed was liable to assessment under the companies (profits) surtax act, 1964. ..... 's case : [1985]155itr120(sc) , a number of high courts have come to the conclusion that, on a correct interpretation of the said rule 1(viii) of the first schedule to the surtax act, it is only the net dividend which is included in the total income and, thereforee, it is this amount which would be deductible while arriving at the figure of the chargeable profits. ..... the said first schedule contains the rule for computing the chargeable profits of a previous year and it, inter alia, provides as follows : 'in computing the chargeable profits of a previous year, the total income computed for that year under the income-tax act shall be adjusted as follows : (1) income, profits and gains and other sums falling within the following clauses shall be excluded from such total income, namely :.... .....
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