Judgment Search Results Home > Cases Phrase: companies profits surtax act 1964 Court: delhi Page 4 of about 2,291 results (0.072 seconds)

Commissioner of Income-tax, Delhi (Central) Vs. Dalmia Cement (Bharat) ...

Court : Delhi

Reported in : [1980]126ITR736(Delhi)

..... - these are three references under s.18 of the companies (profits) surtax act, 1964 (hereinafter shortly referred to as 'the act'). ..... whether, on the facts and in the circumstances of the case, the tribunal was right in holding that rule 4 of the second schedule of the surtax act refers only to such income, profits and gains which are not at all includible in the total income as computed under the income-tax act and not to items of deductions permitted under chapter vi-a of the income-tax act,1961 ?2. ..... what is material for this rule is the exclusion of an income from the total income as computed for income-tax purposes and not its exclusion from the said total income adjusted for the purposes of the surtax act in order to arrive at the chargeable profits ..... 80g, 80-i, 80k, 80m and 80q part of the income, profits and gains of the company had become not includible in its total income as computed under the i.t.act; hence the capital computed under rr.1 to 3 required to be further reduced by reference to the proportion which the amount of the income, profits and gains deducted under the above sections bore to the total amount of income, profits and gains of the company and this the ito had failed to do. ..... the surtax act was introduced in 1964. .....

Sita World Travel (i)(P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)38ITD383(Delhi)

..... the reading of the companies (profits) surtax act, 1964, first and second schedule, indicates that the intention of the legislature was to levy surtax on the profits of the company and not necessarily all the incomes that ..... he referred to the first schedule of the companies (profits) surtax act, 1964 and especially to sub-rule 8 which talks of income by way of dividends from an indian company or a company which is beyond the prescribed arrangements for the declaration and payments ..... sub-rule for the limited purpose that the income has to be excluded in computing the income, profits and gains of company which would be covered by the provisions of companies (profits) surtax act. ..... in the nature of investment, they shall not be deducted for arriving at the paid up share capital and reserves as per second schedule of the companies (profits) surtax act. ..... he pleaded that since the shares are transferred in the name of the assessee-company by virtue of the provision contained in the companies act, the depiction has to be as an investment but as per the civil law which governs all the transactions between the parties, the assessee having acquired these shares on trust for clarks group that ..... since the income computed from profits and gains does not contain any element of income from dividend, correspondingly for the computation of total paid up capital of the company, part of which is utilised in purchase of shares and shown as investment, have been directed to be deducted from the total paid .....

Addl. Commissioner of Income-tax, Delhi-i Vs. Minerals and Metals Trad ...

Court : Delhi

Reported in : (1981)25CTR(Del)228; [1982]134ITR78(Delhi)

..... of the case, the tribunal was correct in law in holding that the accounts styled as 'staff benefit reserves' and 'self-insurance reserve' were outside the scope of the explanationn to rule 1 of the second schedule to the companies (profits) surtax act, 1964, and the amounts standing to the credit thereof constitute reserves within the meaning of the said schedule ?' 5. ..... these two references arise under the companies (profits) surtax act, 1964 (hereinafter referred to as 'the act'), and involve the much debated question whether certain sums set apart by the respondent constituted 'reserves' within the meaning of r. ..... but that was because the definition in the companies act and the terms of the explanationn in the act of 1964 were not available there. ..... the 1964 act also brought to charge the chargeable profits of a company in excess of the amount of statutory deduction provided for by the act. ..... from the provisions of the bonus act referred to earlier, it will be seen that the company was providing against the contingency of its being required to pay the minimum bonus in a year in which there are not sufficient profits and also building up a fund which would enable the company to utilise the surpluses thus carried forward to distribute a large or the maximum bonus in respect of any year. ..... the 1963 act brought to tax the super profits of a company by which was meant the excess of its chargeable profits of a previous year over the standard deduction. .....

income-tax Officer Vs. Sanak Steel Tubes (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1988)27ITD619(Delhi)

..... liability' and subsidy is received as a capital receipt and has to be included in the capital basis as provided for in the 'second schedule', which deals with rules for computing the capital of a company for the purposes of surtax as per enabling provisions of section 2(8) of the companies (profits) surtax act, 1964. ..... as deduction to the assessee in accordance with law for the work out of chargeable profits under the companies (profits) surtax act, 1964.5. ..... are, the work out of "chargeable profits" and "statutory deduction", which have since been denned in the companies (fronts) surtax act, 1964, vide section 2(5) and 2(8) respectively. ..... income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof) and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said chapter vi-a, the amount of such income or profits and gains computed as aforesaid as reduced by the amount of such deduction ..... , as finds mention in rule 1 of the first schedule, speaks of that, the amount of any income or profits and gains which is required to be excluded from the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof), and in a case where any deduction is required to be allowed in respect of any .....

Cit Vs. M.M.T.C.

Court : Delhi

Reported in : [2001]120TAXMAN803(Delhi)

..... the accounts styled as 'staff benefits reserves', 'self insurance reserves' and 'provision for doubtful debts', doubtful advance and doubtful claims' were outside the scope of the explanationn to rule 1 of the second schedule to the companies (profits) surtax act, 1964 and the amounts standing to the credit thereof constitute reserves within the meaning of the said schedule ?2. ..... whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that 'provision for gratuity' was within the scope of the explanationn to rule 1 of the second schedule to the companies (profits) surtax act, 1964 and the provision for gratuity was calculated on an actuarial basis and was in respect of a specific liability ? ..... for the assessment year 1973-74, the following questions have been referred at the instance of the revenue and the assessed for opinion of this court under section 256(1) of the income tax act, 1961, read with section 18 of the companies (profits) surtax act, 1964:1. ..... since the provision for gratuity was in respect of a specific liability, the same could not be included in the capital for the purposes of surtax. .....

Commissioner of Surtax Vs. Gedore Tools (India) (P) Ltd.

Court : Delhi

Reported in : [2001]119TAXMAN568(Delhi)

..... opinion of this court under section 256(1) of the income tax act, 1961 (hereinafter referred to as the act), the tribunal, delhi bench a:'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the reopening of the assessment under section 8(b) of the companies (profits) surtax act, 1964 was merely on the basis of change of opinion on the part of the surtax officer and that the surtax officer had no information in his possession in consequence of which he could have ..... reasons to believe that chargeable profits had been the subject of excessive relief ..... 1969-70 to 1972-73, a common question has been referred which reads as follows :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the capital employed for earning the profits entitled to deduction under section 80-i and 80j of the income tax act, 1961 should not be excluded from the computation of capital under the second schedule to the companies (profits) surtax act, 1964?'2. .....

Paper Products Ltd. Vs. Commissioner of Income Tax-cum-super Profits T ...

Court : Delhi

Reported in : (1981)23CTR(Del)58

..... the second is that, though it is an enactment of 1963 applicable only to companies, it does not incorporate or even refer to the definitions of reserve and provision in schedule vi to the companies act, 1956 while its successor, the companies profits (surtax) act, 1964, specifically does so. ..... practically all the courts have held that these would be only provisions and not reserves within the meaning either of the super profits tax act, 1963 or the companies (profits) surtax act, 1964. ld. ..... other provisions contained in this schedule, the capital of a company shall be the sum of the amount, as on the first day of the previous year relevant to the assessment year of its paid up shares capital and of its reserves in so far as the amounts credited thereto have not been allowed in computing its profits for the purposes of the indian income-tax act, 1922 (11 of 1922), or the income-tax act, 1961 (43 of 1961)the point made by shri panjwani is that ..... it can be said that the business profits tax act, was, unlike the present act, applicable to all assesseds including assesseds other than companies and that is why the supreme court had to fall back on the dictionary meaning and could not narrow down the meaning of an expression used in reference to several categories of assesseds to the definition contained in an act which applied only to one of them. .....

Cit Vs. Escorts Ltd.

Court : Delhi

Reported in : [2002]121TAXMAN37(Delhi)

..... arijit pasayat, c.j.these four applications involve common questions which have been referred for opinion of this court by the tribunal, delhi bench 'e, under section 18(1) of the companies (profits) surtax act, 1964 read with section 256(1) of the income tax act, 1961. ..... whether, on the facts and in the circumstances of the case, the assessed is entitled to deduction at 50 per cent of the total donation made by the assessed which fell within the ambit of section 80g(2) of the income tax act, 1961 for the purpose of rule 1(vii) of the first schedule to the companies (profits) surtax act, 1964 ? ..... whether, on the facts and in the circumstances of the case, the deduction allowed under chapter vi-a of the income tax act, 1961 is to be proportionately reduced from the computation of capital for surtax purposes in terms of rule 4 of the second schedule to the surtax act, 1964 ?'2. .....

Deputy Commissioner of Surtax Vs. Sir Shadi Lal Enterprises Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)42ITD307(Delhi)

..... by the parties and the cross objection by the assessee arise out of the levy of interest under section 7d of the companies' profits (surtax) act, 1964 ('the act') for the assessment year 1983-84.2. ..... the cit (appeals) that the assessee could have submitted a statement of advance tax showing no liability for surtax.it was also pointed out that prior to 15-6-1982, the date on which the first instalment of advance surtax would have been payable in case there was any liability to pay surtax in advance, the assessee had submitted its surtax return for assessment year 1982-s3 showing a net income of rs. ..... a company which has previously been assessed has to file a statement of advance surtax while a company which has not been previously assessed by way of regular assessment has to file an estimate ..... the assessing officer thought that in this manner the assessee reduced its surtax liability for the first two instalments and he, therefore, levied an ..... in the present case as shown above, the advance surtax payable was nil and, therefore, if the assessee had filed a statement of advance surtax under sub-section (5) there was no amount payable at all and consequently no instalment was required to be paid where in the case of an old assessee the computation of advance tax results in no demand an assessee may not ..... to the cit (appeals) before whom it was pointed out that the assessee's last completed surtax assessment was for assessment year 1975-76 for which year there was no chargeable profit. .....

Commissioner of Income Tax Vs. M/S Kelvinator of India Ltd.

Court : Delhi

..... depreciation computed in accordance with the provisions of sub-section (1) of section 32 from the amounts of profits computed in accordance with the requirements of parts ii and iii of the sixth schedule to the companies act, 1956 (1 of 1956), as increased by the aggregate of (i) the amount of depreciation ; (ii) the amount of income-tax paid or payable, and provision therefor ; (iii) the amount of surtax paid or payable under the companies (profits) surtax act, 1964 (7 of 1964) ; (iv) the amounts carried to any reserves, by whatever names called ; (v) the amount or amounts set ..... aside to provisions made for meeting liabilities, other than ascertained liabilities ; (vi) the amount by way of provision for losses of subsidiary companies ; and (vii) the amount or amounts of dividends paid or proposed if any debited to the .....