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Commissioner of Income-tax Vs. North Koshalpur Colliery Co. Pvt. Ltd.

Court : Kolkata

Reported in : (1986)55CTR(Cal)409,[1986]161ITR756(Cal)

..... assessment year 1966-67, a new section, being section 80e, was inserted in the income-tax act, 1961, providing for straight deduction to certain companies in respect of profits and gains from priority industries specified in the then fifth schedule to the act. ..... first inserted by the finance act, 1965, with effect from april 1, 1965. ..... , namely, 'profits and gains attributable to the business of generation or distribution of electricity or any other form of power or of construction, manufacture or production of any one or more of the articles or things specified in the list in the fifth schedule' and not to the quantum of the profits and gains included in the total income, so that the profits and gains exigible to the deduction of 8% were the profits and gains attributable to the specified business in their ..... amount of deficiency of the past assessment years against 'theprofits and gains referred to in sub-section (1)' of section 80j, as computed after allowing, inter alia, the deduction admissible under that sub-section and, therefore, if for the purpose of sub-section (1) of section 80j, the profits or gains of the new industrial undertaking are to be computed in accordance with the provisions of the act and no part of the losses, depreciation allowance or development rebate for the past assessment years ..... court, after considering the judgment in the case of cloth traders' case : [1979]118itr243(sc) , as well as the amendment made by the finance (no. ..... substituted by the finance (no. .....

Erach S. Mehta Vs. Second Assistant Controller of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1987)22ITD266(Ahd.)

..... the loss of revenue as a result of these measures will be nominal.4.1 we would at this stage also reproduce the relevant portion of the finance bill, 1965 which reads as follows : sub-clause (vi) seeks to insert a new section 29a in the estate duty act to secure that estate duty shall not be attracted in respect of any pension payable on the death of an employee to his widow or other dependants under the relevant pension rules of the central government, a state government, a local authority or a ..... , sub-section (b) which reads as follows : (i) a superannuation fund approved under the indian income-tax act, 1922 (11 of 1922) or the income-tax act, 1961 (43 of 1961), to the extent to which the amount of such annuity or pension does not exceed the equivalent of fifteen thousand rupees per annum, or (ii) a superannuation or pension fund established by such international organisations as the central government may, by notification in the gazette, specify in this behalf.5.1 the superannuation funds are dealt with in schedule ..... the scheme of such funds as detailed in the aforesaid schedule has to be read with rules 82 to 97 of the income-tax rules, 1962. .....

Niemla Textile Finishing Mills P. Ltd. Vs. Income-tax Officer and Anot ...

Court : Punjab and Haryana

Reported in : (1985)45CTR(P& H)263; [1985]152ITR429(P& H)

..... the finance act 1965, chapter xxii-b pertaining to tax- credit certificates was inserted in ..... to the word 'textile' are :'that has been or may be woven; of or connected with weaving; a woven fabric any kind of cloth; of or pertaining to weaving or to woven fabrics'.again, according to the websters third new international dictionary, the meanings of the word 'textile' are :'cloth, especially a woven or knit cloth; a fibre, filament, or yarn used in the making of cloth'.again, the following are the meanings given to the word 'textile ..... section 2 of the act declared that it was expedient in public interest that the union should take under its control the industries specified in the first schedule ..... it was observed that in the said case, no new article was produced by the assessee and what they produced were known as bristles both in the form in which these were bought and the form in which ..... in the context of the central sales tax act 1956, that bleaching or dyeing or raw cloth turns it into a different marketable commodity and, as such amount to 'manufacture' of a commercially new product. ..... it was held that unless a commercially new different article is produced, the process could not be called a manufacturing process.whilst considering the authorities relied upon by the petitioner, what has to be pointedly kept in mind is the note of caution sounded by ..... and balanced lines of these industries was sought to be secured by the licensing of all new undertakings by the central government. .....

Devi Das Gopal Krishnan and ors. Vs. State of Punjab and ors.

Court : Supreme Court of India

Reported in : AIR1967SC1895; [1967]3SCR557; [1967]20STC430(SC)

..... it was then contended that even if the whole act was not still-born, section 5 was non est, that the amending act did not insert a new section 5 but purported to amend the earlier section 5 which was not in existence. ..... ', where there is acquisition of cotton through commission agents, the state legislature has exceeded its legislative power under entry 54 of list ii, of schedule 7 to the constitution; (ii) during the relevant period tax was leviable on cotton without fixing any stage and at more than one stage in violation of section 15 of the central sales act, 1956; and (iii) there is no rational basis to single out the three items, namely, cotton, oil-seeds and resin for imposition ..... the only difference between income-tax act and the present act is that while in the income-tax act section 3 thereof does not expressly make the liability subject to there provisions of the finance act which fixes the rate, under the sales-tax act in question section 4 thereof in terms is made subject to section 5. ..... there, sub-section (1) of section 2 of the pondicherry general sales tax act, 10 of 1965, provided that : 'the madras general sales tax act, 1959 (no. .....

Modern Tyre Moulds (India) (P.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)34ITD232(Delhi)

..... in fact paragraph 19.3 of the said circular clearly states as follows:- the finance act has inserted a new section 80-i which will apply in relation to new industrial undertakings (including cold storage plants) which are set up after 31st march, 1981 or approved hotels which start functioning after that date or ships which are brought into use after 1st ..... 2) act, 1980 inserted a new section 80-i which applied in relation to new industrial undertakings which were set up after ..... this clause lays down that the industrial undertaking should manufacture or produce any article or thing, not being any article or thing specified in the list in the eleventh schedule and it should begin to manufacture or produce such articles or things at any time within the period of 4 years, next following the 31st day of march, 1981 or such further period as the ..... the learned counsel for the assessee submitted that section 80-i of the income-tax act, 1961 was inserted by the finance (no. ..... previously the "tax holiday provisions were contained in section 80-j of the income-tax act which were applicable in relation to new industrial undertakings which went into production before 1st april ..... to understand how the aforesaid circular can be interpreted to mean a benevolent circular when the intention of the board is very clear that the new provisions of section 80-i shall be available to an industrial undertaking which has started functioning on or after 1-4-1981. ..... sen, aac [1965] 56 itr 198, ellerman lines ltd .....

Ags Entertainment Private Limited Vs. Union of India

Court : Chennai

..... w.p.no.5777 of 2012 is filed under article 226 of constitution of india praying to issue a writ of declaration declaring section 65(105)(zzzzt) of the finance act, 1994 as ultra vires entry 54 of list ii of the seventh schedule to and article 14, 19(1)(g) and 245 of the constitution of india w.p.no.5900 of 2012 is filed under article 226 of constitution of india praying to issue a writ of declaration declaring section 65(105)(zzzzt) of the finance act, 1994 as ultra vires entry 54 of list ii of the seventh schedule to and article 14, 19(1)(g) and 245 of the constitution of india. ..... it was further submitted that insofar as inter-state sales are concerned, section 2(g) of central sales tax act has been amended by finance act,2002 inserting various clauses of deemed sale in terms of article 366(29a). ..... the finance act has been amended year after year in order to bring more services into the tax net, as well as to insert certain new provision found necessary.22. ..... johar's case (air1965sc1082= (1965) 2 scr112 that there is a sale only when the purchaser exercises the option to purchase which is at a later date and therefore only the depreciated value of the goods involved in such transaction at the time the option is ..... johar's case, (air1965sc1082= (1965) 2 scr112 this court held that the states can tax hire-purchase transactions resulting in sale but only to the extent to which tax is levied on the sale price. .....

G.V.Matheswaran Vs. the Union of India

Court : Chennai

..... software dealers association versus union of india, ministry of finance, department of revenue, central board of excise and customs.new delhi-1 and 4 others.two writ petitions were filed seeking to declare section 65(105)(zzzze) of chapter v of the finance act, 1994 (as amended by the finance act 2 of 2009) as null and void in and by which, an information technology software is also brought under the meaning of taxable service and the said amendment was brought in by virtue of residuary power under entry 97 of list i of schedule vii. ..... 32 w.p.nos.24586 and 24588 of 2010 are filed seeking to declare that (i) the impugned provisions, i.e.section 65(105)(zzzz) read with section 65(90-a) of the finance act, 1994, as amended by the finance act, 2010, as null and void and ultra vires and violative of entry 49, list-ii, seventh schedule, articles 14, 19 and 246(3) of the constitution of india, (ii) section 76(a)(6)(h) and section 77 of the finance act, 2010 as null and void and ultra vires the constitution of india insofar as the petitioners are concerned; and (iii) the notification no.24/2007 .....

Commissioner of Income-tax, Kerala Vs. K. Srinivasan

Court : Supreme Court of India

Reported in : AIR1972SC491; [1972]83ITR346(SC); (1972)4SCC526; [1972]2SCR309

..... section 95 which was omitted by the finance act of 1965 contained similar provision with regard to ..... the finance act of 1952 was a short document and section 2 thereof simply provided :the provisions of section 2 of and the first schedule to, the finance act 1951, shall apply in relation to income tax and super tax for the financial year 1952-53 as they apply in relation to income tax and super tax for the financial ..... no specific mention whatsoever of surcharge in section 2 nor was there any modification of the first schedule to the finance act of 1951 which contained the rates etc. ..... reference being sought the following question of law was referred to the high court :-whether the words 'income tax' in the finance act of 1964 in sub-section (2)(a) and sub-section (2)(b) of section 2 would include surcharge and additional surchargethe high court answered the question in the negative and m favour of the assessee.3. ..... section 2 of the finance act 1971 is to the effect that the provisions of section 2 and of the first schedule to the finance act 1970 shall apply in relation to income tax for the assessment year or as the case may be the financial year commencing on the first day of april 1971 as they apply in relation to income tax for the assessment year commencing on first day of april 1970 with certain modifications set out in the section ..... the meaning of the word 'surcharge' as given in the webster's new international dictionary includes among others 'to charge; (one) too much or in .....

Kanoria Industries Ltd. Vs. Union of India (Uoi)

Court : Karnataka

Reported in : 2005(190)ELT295(Kar)

..... provisions of law or rule and therefore there was no occasion at all for the parliament to have enacted a validating levy and if there was no occasion, the very provisions of section 112 of the finance act, 2000 cannot be sustained inasmuch as it is the submission of learned counsel for the petitioners that there was no cause of action for the parliament to make such a law, ..... has been deprived of modvat credit to which the petitioners are otherwise entitled to in terms of the rules governing allowing of modvat credit, only because of the provisions of section 112 of the finance act, 2000, the petitioners are entitled to question the legality of this provision and further submits that even the supreme court while disposing of the review petition in the case ..... court had earlier dismissed the appeal of the revenue as against this order, nevertheless, the revenue having brought to the notice of the supreme court the provisions of section 112 of the finance act, 2000, which was enacted as a validating legislation and which had now virtually taken away any benefit or concession that had been given to an assessee under the ..... have continued to reap the benefit of modvat credit and the petitioner therefore feeling aggrieved by this endorsement as also the provision of section 112 of the finance act, 2000, has challenged the constitutional validity of this statutory provision and for quashing the consequential endorsement and further direction for restoration of the modvat credit entry.4. .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... charged at the rates specified in part i of the first schedule and also stipulates increase of income-tax by levy of surcharge, by making appropriate provisions in section 2(8) read with part iii of schedule a of the finance act and that section 2 of the finance act, 2000 also correspondingly stipulates that income-tax shall be charged at the rates specified in part i of first schedule.thus, he submitted that in view of the specific provisions found in section 2 of finance act, 1999 and in finance act, 2000, it is clear that the charge has been created ..... been no valid levy of surcharge under any central act/finance act during the period 1.7.1995, the date on which chapter xiv b was first inserted by the finance act, 1995, to 1.6.2002 the date on which the proviso was inserted in section 113 of the income tax act 1961 authorising levy of surcharge, for the reason that neither sub-section (8) of section 2 of the finance act nor the first proviso refers to chapter xivb. ..... of rates income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the central government under section 90, whichever is applicable by virtue of the provisions of section 90; "regular assessment" means the assessment made under sub-section (3) of section 143 or section 144; "tax" in relation to the assessment year commencing on the 1st day of april, 1965, and any subsequent assessment year means income-tax chargeable .....