Judgment Search Results Home > Cases Phrase: companies profits surtax act 1964 Page 10 of about 28,721 results (0.168 seconds)

Doom Dooma Tea Co. Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

..... cit held that deduction of surtax levied under the companies profits (surtax) act, 1964, is not prohibited under section 40(a)(ii). ..... 2,26,280 under the companies (profits) surtax act vii of 1964, and unsuccessfully claimed deduction before the revenue authorities. ..... the computation of surtax was considered in this regard and it was stated that after income is distributed under chapter xi-d of the income-tax act, surtax payable by a company is determined and profits alone are charged under the surtax act. ..... we have earlier in this regard referred to section 15 ofthe surtax act, 1964, in that notwithstanding section 109 for ascertainment of distributable income, surtax is to be deducted. ..... in the objects and reasons of the bill which became later act vii of 1964, it is recited (see : [1964]51itr82(mad) ) : 'the object of this bill is to impose a special tax on companies (other than those which have no share capital) on their excess profits, namely, the amount by which the total income of a company as reduced by certain types of income and certain sums and the income-tax and super-tax payable by it exceeds a sum of ten per cent. ..... that court next held that surtax is charged on profits earned by companies and is determined with reference to the total income of the company under the income-tax act. ..... thus, surtax is levied on the chargeable profits of certain companies and it reduced the profits of the affected companies. 6. .....

Braithwaite and Co. (India) Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1978]111ITR825(Cal)

..... . it also could not be stated to be a provision for taxation, as, on the 1st january, 1964, the companies (profits) surtax act, 1964, had not come into operation and, therefore, on the 1st january, 1964, it could not be stated that the said amount was in the nature of a provision for any known ..... further relied on part iii of schedule vi to the companies act, 1956, where parts i and ii of schedule vi of the companies act (which are relevant in the context of the companies (profits) surtax act, 1964) had been interpreted. ..... facts found as appearing from the statement of the case and the annexures thereto are as follows :on the 2nd may, 1964, the companies (profits) surtax act, 1964, received the assent of the president and came into force while the corresponding earlier act, namely, the super profits tax act, 1963, ceased to be in operation. ..... . 17,00,000 was specifically reserved for the purpose of payment of surtax at a time when the present tax, namely, the companies (profits) surtax act, 1964, came into existence and, therefore, the said allocation was really in the nature of a provision for taxation and directly came under the relevant item under the heading 'current liabilities and provision' in ..... cannot be said that the provisions of the earlier act of 1963 are in pari materia with the provisions of the companies (profits) surtax act, 1964, particularly in view of the explanation to rule 1(a) of the second schedule to the latter act which was not there in the earlier act. 24. .....

Waldies Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1978]115ITR286(Cal)

..... another argument was sought to be based on the ground that as a result of the amendment introduced in section 14 of the companies (profits) surtax act, 1964, by virtue of section 73 of the taxation laws (amendment) act, 1970, which came into effect from the 1st day of april, 1971, the impugned order could not rectify the previous order dated 16th ..... 'chargeable profits' upon which the levy of the companies (profits) surtax act, 1964, is directed cannot be computed without the records of the income-tax assessment and neither the income assessed and determined nor the deductions contemplated by the first schedule to the companies (profits) surtax act, 1964, be ..... that the ito cannot invoke section 14 of the companies (profits) surtax act, 1964, as amended with effect from april 1, 1971, by the taxation laws (amendment) act, 1970, to recompute chargeable profits in a case where the order of the appellate tribunal under section 254 of the income-tax act, 1961, as a result of which order it became necessary to recompute the chargeable profits, was passed prior to april 1, 1971.8. ..... that the ito cannot invoke section 14 of the companies (profits) surtax act, 1964, as amended with effect from april 1, 1971, by section 73 of the taxation laws (amendment) act, 1970, to recompute chargeable profits in a case where the order under section 254 of the income-tax act, 1961, as a result of which order it became necessary to recompute the chargeable profits, was passed prior to april 1, 1971. .....

Hooghly Mills Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1993]199ITR336(Cal)

..... for taxation before the settlement commission after finalisation of the balance-sheets for the respective years, and accepted by the settlement commission should be treated as reserve for the purposes of computation of capital under the companies (profits) surtax act, 1964, and in sustaining the order of the lower authorities whether in doing so, the tribunal ..... in paragraph 18 of their order, the settlement commission stated as follows :' as for the penalty, if any, to which the applicant company may be liable under section 9 or 20 of the companies (profits) surtax act, 1964, the reduction or waiver is beyond the scope of section 245h. ..... on the basis of the above recommendation made by the settlement commission, the assessee in its assessment under the companies (profits) surtax act, 1964 ('the surtax act'), made the following claim :(i) the order of the settlement commission passed under section 245d of the act is conclusive as to matters stated therein in view of section 245-i of the act. ..... the companies (profits) surtax act, 1964, as the name implies, relates to companies only. ..... the surtaxe is imposed under the provisions of the companies (profits ) surtax act, 1964. .....

Vazir Sultan Tobacco Co. Ltd. Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Reported in : [1988]169ITR35(AP)

..... suryanarayana murthy, learned counsel for the revenue, contends that it was only after the profits had reached the assessee, that the same were brought to tax under the companies (profits) surtax act, 1964, and, therefore, the contention that the doctrine of overriding title in favour of the state was attracted, the counsel pleads, ..... referred was as follows : 'whether, on the facts and in the circumstances of the case, the assessee is entitled to deduction of the surtax payable under the companies (profits) surtax act, 1964, as business expenditure under section 37 of the income-tax act, 1961, or alternatively as expenditure incidental to the carrying on of the business deductible under section 28 of the income-tax act while computing the income under the head 'business 2. ..... when profits are received which fall within the ambit of 'tax net' as contemplated by the companies (profits) surtax act, 1964, then alone the tax, as worked out under the companies (profits) surtax act, 1964, would be levied ..... by the assessee before the tribunal was that the surtax payable by the company under the companies (profits) surtax act, 1964 (act 7 of 1964) (for short 'the c. p. s. t. ..... section 4 of the companies (profits) surtax act, 1964, which is the charging section says that subject to the provisions of the act, tax shall be levied on every company in respect of so much of its chargeable profits of the previous year or years which exceed the statutory deduction at the rate or rates specified in .....

Chesebrough Pond's Inc. Vs. Commissioner of Income-tax, Bombay City-i

Court : Mumbai

Reported in : (1979)13CTR(Bom)85; [1981]131ITR324(Bom); [1979]2TAXMAN71(Bom)

..... 2 - whether, on the facts and in the circumstances of the case, and having regard to the explanation to rule 1 of the second schedule to the companies (profit) surtax act, 1964, the tribunal was right in holding that the addition to 'earned surplus' as shown in the balance-sheet of the company as on december 31, 1962, and as on december 31, 1963, are not reserves as on the first day of the previous year, that is to say, january 1, 1963, and january 1, 1964 ?' 14. ..... 1 - whether the amount shown as 'earned surplus' in the balance-sheet of the assessee was eligible for being included as a 'reserve' in computing the capital of the assessee for the purpose of the companies (profits) surtax act, 1964 ?' 'q. ..... the assessee's contention was that these amounts shown in its balance-sheets as on january 1, 1962, as on january 1, 1963, and as on january 1, 1964, were eligible for being included as a 'reserve' in computing the capital of the assessee-company for the purpose of super profits tax and surtax under the respective statutory provisions for the assessment year 1963-64 (for super profits tax) and for the assessment years 1964-65 and 1965-66 (for surtax). 3. ..... in its order the tribunal has dealt with the contention which had found favour with the aac that the two decisions given under the business profits tax act could not be availed of by the assessee since the assessments for the years in its case were concerned with the calculation of the super profits tax and surtax. .....

Commissioner of Income-tax Vs. Boots Company (i.) Limited

Court : Mumbai

Reported in : (1994)120CTR(Bom)85; [1995]214ITR175(Bom)

..... by this reference under section 256(1) of the income-tax act, 1961, read with section 18 of the companies (profits) surtax act, 1964, the income-tax appellate tribunal has referred the following two questions of law to this court for opinion :'1. ..... whether, on the facts and in the circumstances of the case, in the computation of the capital for purpose of the companies (profits) surtax act, 1964, in terms of rule 4 of the second schedule, an amount in proportion to the relief allowed to the assessee under section 80j of the income-tax act, in the corresponding assessment to income-tax had to be deducted in assessment to surtax for the assessment year 1977-78 ? 2. ..... the companies (profits) surtax act, 1964, provides for imposition of a special tax called 'surtax' on the profits of certain companies. ..... 2 is concerned, it is evident that it is a pure question of law and its answer would depend on the interpretation of rule 2 of the first schedule to the companies (profits) surtax act, 1964 ('the surtax act'). ..... whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the surcharge though notlevied in the assessee's case was deductible while computing the chargeable profits under the companies (profits) surtax act ?' 2. .....

Commissioner of Income-tax Vs. Griffon Laboratories Pvt. Ltd.

Court : Kolkata

Reported in : [1993]201ITR5(Cal)

..... to this court under section 256(1) of the income-lax act, 1961 ('the act'), read with section 18 of the companies (profits ) surtax act, 1964 ( ' the surtax act ' ) :'whether, on the facts and in the circumstances of the case, the tribunal wus correct in holding that whether the deposit under the companies deposits (surcharge on income-tax) scheme, 1976, has to be considered as a payment of surcharge within the meaning of rule 2(i) of the first schedule to the surtax act is a debatable issue and in that view cancelling the order ..... while the delhi bench has construed that a deposit under the scheme is to be considered as payment of surcharge in terms of rule 2(i) of the first schedule to the companies (profits) surtax act, 1964, the special bench of the tribunal held that the word 'deposit' could not be equated with the word ' payment'. ..... 17 (delhi) of 1979), wherein it was held that, in computing the chargeable profits under rule 2(i) of the first schedule to the companies (profits) surtax act, 1964, deduction was to be made in respect of income-tax including surtax paid in the form of deposits under the companies deposits (surcharge on income-tax) scheme, 1976. .....

Molins of India Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : (1983)35CTR(Cal)254,[1983]144ITR317(Cal)

..... act, 1961, arising out of the tribunal's order dated 9th february, 1978,'whether, on the facts and in the circumstances of the case, and on a correct interpretation of the provisions of the income-tax act, 1961, the tribunal was right in holding that the surtax liability under the companies (profits) surtax act, 1964, for the relevant year should not be deducted in arriving at the total income under the income-tax act, 1961 ..... following the said decision, we reject the assessee's contention that the surtax liability under the companies (profits) surtax act, 1964, for the relevant year should be deducted in arriving at the total income under the income-tax act, 1961.' 5. ..... companies (profits) surtax is also a tax on profits. ..... in that case under an act the company's profit could not exceed a stated ..... this connection it is to be borne in mind that the assessee under the surtax act is a company and not an individual. ..... amount of surtax paid by a company has been specifically made deductible from the total income under section 15 of the surtax act.'15. ..... act, 1964, is a statutory charge on the income of the company, therefore, the income of the assessee has been statutorily diverted at ..... contained in clause (i) of section 109 of the income-tax act, in computing the distributable income of a company for the purposes of chapter xi-d of that act, the surtax payable by the company for any assessment year shall be deductible from the total income of the company assessable for that assessment year. .....

Mohan MeakIn Breweries Ltd. Vs. Commissioner of Income-tax (No. 2)

Court : Himachal Pradesh

Reported in : [1979]118ITR300(HP)

..... , the income-tax appellate tribunal, chandigarh, has referred to us the following question of law for opinion :' 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. ..... act and the two decisions of the bombay and kerala high courts which directly refer to rule 1(viii) of the first schedule of the companies (profits) surtax act, 1964 ..... we have observed that the language used in section 85a or section 80m and the language used in rule 1(viii) of the surtax act, 1964, are in pari materia similar, and therefore, the decisions arrived at with reference to section 85a and section 80m would certainly be more pertinent for our ..... the legislative predecessors of the surtax act, 1964, were the provisions relating to super-tax and section 99 of the ..... act is to be reduced to the extent of the gross dividend for payment of surtax under the surtax act, 1964 ..... singh, the learned counsel representing the revenue, contended that the language used in section 99 is different from the language used in section 85a or section 80m or rule 1(viii) of the first schedule of the surtax act, 1964. ..... act, 1964, a company deriving income by way of dividends from another indian company is entitled to the exclusion of the gross dividend recieved, unaffected by the provisions of sections 57 and 80m of .....