Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1989)29ITD514(Delhi)
..... he referred to the second schedule to the companies (profits) surtax act, 1964 and the rules thereunder made for computing the capital of a company for the purpose of surtax.in the impugned order, he reproduced rule 1 of this schedule ..... that the order passed by the iac (assessment), new delhi under section 6(2) of the companies (profits) surtax act, 1964 was erroneous as well as prejudicial to the interest of the revenue. ..... that issuance of the notice under section 16 of the companies (profits) surtax act, 1964 and the subsequent completion of the proceedings terminating in the passing of the impugned order under section 16 of the act is without jurisdiction, because the id. ..... directed against the order of the commissioner of income-tax, delhi made under section 16 of the companies (profits) surtax act, 1964 for the assessment year 1983-84 on 27-3-1987. ..... section 16 of the companies (profits) surtax act, 1964 invests the commissioner of income-tax with the powers of ..... for some of the earlier assessment years, the assessee had been taxed under the companies (profits) surtax act, 1964. ..... commissioner has not appreciated the relevant provisions of law and has erroneously interferred with the assessment made by way of invoking the powers under section 16 of the surtax act because the order made by the surtax officer was neither erroneous nor prejudicial to the interests of revenue as that order had been made in a bona fide manner by the sartax officer considering all the relevant material .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)14ITD450(Delhi)
..... rule 1(viii) of the first schedule to the companies (profits) surtax act, 1964 in computing chargeable profits under the act.the first two grounds related to the treatment of contingency reserve, foreign exchange fluctuation reserve and development reserve for the purpose of computation of chargeable profits as well as the capital. ..... the amounts transferred to the 'contingency reserve', 'foreign exchange fluctuation reserve' and 'development reserve' should be treated as sums transferred to reserves for the purpose of rule 1(xi)(b) of the first schedule to the companies (profits) surtax act, 1964 and were deductible in computing chargeable profits under the act. 2. ..... of the tribunal holding that contingency reserve was a reserve within the meaning of the companies (profits) surtax act, 1964 ('the act'). ..... the credit of the 'contingency reserve', 'foreign exchange fluctuation reserve' and 'development reserve' as on 1-1-1973 are to be taken into account in computing the capital under the second schedule to the companies (profits) surtax act, 1964. 3. ..... he allowed the deduction in respect of general reserves, he did not treat contingency reserve, foreign exchange fluctuation reserve and development rebate reserve for the purpose, of computing the chargeable profits of the company.similarly, for computing the capital of the assessee for working out the statutory deduction the ito deducted the balances in the contingency reserve account, foreign exchange fluctuation reserve account and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)35ITD31(Delhi)
..... -tax is levied under the companies (profits) surtax act, 1964 on the chargeable profits as defined in sub-section 2(5) and after allowing therefrom a statutory deduction of 15 percent of the capital of the company. ..... the assessees the commission vide orders under appeal set aside the assessment orders directing the assessing officer to, (i) add the perquisite value of sur-tax; (ii) consider the profits arising from the foreign portion of the work under section 9(1)(i) of the act; (iii) enquire about the mobilisation/demobilisation charges; & (iv) grossing up of income for inclusion of the perquisite value of income-tax and sur-tax should be done in multiple stages as against ..... officer's order taking one stage grossing up of income was not erroneous and prejudicial.the only point raised by the commissioner in the notice issued to the assessee under section 263 was that the surtax leviable on the foreign company was also payable by the ongc and this tax perquisite was also to be added in the total income. ..... therefore, the commissioner has failed to make out a prima facie case for the leviability of surtax on the assessee.further, the commissioner failed to take into account notification no.gsr 307 (e) dated 31-3-1983 by which the central government exempted foreign companies with whom the central government has entered into agreement for the association or participation of the central government or any person authorised by the central government in any business consisting of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1996)56ITD42(Delhi)
..... 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 - (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) ; (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 if any debited to the profit and loss account ; and as reduced by any amount or amounts withdrawn from reserves or provisions, if ..... 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 -- (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) ; (v) the amount or amounts set aside to provisions made for meeting liabilities .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1982)1ITD362(Delhi)
..... voluntarily disclosed income shall not be included in the total income of the declarant for any assessment year under the indian income-tax act, (11 of 1922), or the income-tax act, 1961 or the excess profits tax act, 1940 (15 of 1940), or the business profits tax act, 1947 (21 of 1947), or the super profits tax act, 1963 (14 of 1963), or the companies (profits) surtax act, 1964 (7 of 1964), if the following conditions are fulfilled, namely :- (i) the declarant credits such amount in the books of account, if any, maintained ..... prosecution under the provisions of any of the said acts, that is, the indian income-tax act, 1922, or the income-tax act, 1961, the excess profits tax act, 1940, the business profits tax act, 1947, the super profits tax act, 1963, or the companies (profits) surtax act, 1964.the explanation to section 14, it was pointed out, clearly contemplated the inclusion of the amount declared under that section in the total income of the assessee and treating the aggregate of the said amounts ..... income-tax assessment, for purposes of computing the chargeable profits for levying surtax under the companies (profits) surtax act, 1964 ("the act").2. ..... company filed a return of the chargeable profits on 30-3-1976 declaring the net chargeable profit ..... by it under section 14, for purposes of determining the surtax payable by it is not in accordance with the provisions of the voluntary disclosure act, as section 8 of the said act is not applicable to a disclosure made under section .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1996)56ITD274(Delhi)
..... to the 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 n and in of the sixth schedule to the companies act, 1956 (1 of 1956) (as increased by the aggregate of- (ii) the amount of income-tax paid or payable, and provision there for; (iii) the amount of surtax paid or payable under the companies (profits) surtax act, 1964 (7 of 1964); (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 if any debited to the profit and loss account; and as reduced by any amount or amounts withdrawn from reserves or provisions, if such amounts are credited .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2006)100ITD73(Delhi)
..... , the hon'ble supreme court of india considered the issue which arose regarding the requirement of 'period not less than seven years', appearing in proviso to rule 1(v) of schedule ii to the companies (profits) surtax act, 1964. ..... appellant is rejected in view of the fact that the appellant was not an existing assessee and it was only the acit, who was the officer competent to issue a notice under section 158bd of the income-tax act.9.5 on going through the material on record, it is found that the validity of the assessment made by the assessing officer cannot be challenged on the ground that the assessing officer did not have a valid authority to make the ..... for want of jurisdiction.9.3 in his letter dated 20-11-2003 available at page 90 of the paper book, the assessee made following specific submissions in support of this ground: your honour, jurisdiction of the assessee under the income-tax act, vested with the assessing officer ward 1(3), faridabad and not with acit, range-1, faridabad and, therefore, the assessment having been framed without jurisdiction, is illegal, bad in law and ab initio void, for want ..... vide this office letter, dated 23-12-2002, the assessee was informed that the proceedings under section 158bd of the income-tax act, 1961 initiated on 23-4-2001 are not barred by limitation of time and, therefore, subsequent notices under section 142(1) requiring him to file the return of income for the above block period are valid in law. .....
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