Court : Gujarat
Reported in : [1983]141ITR472(Guj)
..... for the assessment year commencing on the april 1, 1968, income-tax shall be charged at the rates specified in part i of the first schedule ..... rates shall be charged for that year in accordance with, and subject to the provisions of, this act in respect of the total income of the previous year or previous years, as the case may be, of every person :...... section 2(1) of the finance act, 1968 : 2. income-tax. -(1) subject to the provisions of subsections (2) and (3), ..... was no liability to basic tax, the question of levy of additional tax in respect of excess dividends did not arise under the provisions of the finance act, 1968, for the assessment year 1968-69 a) in the affirmative and against the revenue for the reasons specified hereinabove q 5. whether, on the facts and in the circumstances of .....
Tag this Judgment!Court : Allahabad
Reported in : (1982)29CTR(All)301; [1983]142ITR185(All)
..... f of part i of the first schedule to the finance act, 1965, or that the assessee-company was an ' industrial company ' within the meaning of section 2(7)(d) of the finance act, 1966, and the finance (no. 2) act, 1967, or section 2(6)(d) of the finance act, 1968, or section 2(6) of the finance act, 1969, so as to be entitled to the concessional ..... rates of tax in the assessment years 1064-65, 1965-66, 1966-67, 1967-68, 1968-69 and 1969-70? (2) ..... 1 )(ii) of the proviso to paragraph f of part i of the first schedule to the finance act, 1968 (2) whether the income-tax appellate tribunal was light in holding that the assessee is not a company as is mentioned in section 108(b) on the ground that the orient carpet ., london, of which the assessee is a subsidiary .....
Tag this Judgment!Court : Kerala
Reported in : [2002]253ITR53(Ker)
..... that case the question that came up for consideration was whether the assessee was entitled to a concessional rate of tax provided to an industrial company by the finance act, 1968. 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the ..... : [1991]191itr656(sc) , where the supreme court held that the appellant-company running a cold storage was not an industrial company for the purpose of section 2(7)(c) of the finance act, 1973. it was held that in a cold storage there was no processing of goods. in a bench decision of this court in cwt v. mrs ..... manufacture resulting in the production of commercially a new commodity different from the old and worn out castings. therefore, the assessee is entitled to deduction under section 80-i of the act.3. we heard learned counsel for the revenue, sri p. k. ravindranatha menon. learned counsel for the revenue contended that retreading is only replacing .....
Tag this Judgment!Court : Delhi
Reported in : (2002)178CTR(Del)294; [2001]250ITR83(Delhi)
..... v. cit : [1986]157itr253(delhi) wherein it was held that the activity undertaken by the assessed came within the definition of 'industrial company' in section 2(6)(d) of the finance act, 1968. that being the position, we answer the question referred in the affirmative, in favor of the assessed and against the revenue.7. the reference stands ..... however, held that the assessed was producing garments manufactured from cloth and the unit for producing garments was an industrial undertaking within the meaning of section 80j of the act. the matter was carried in appeal before the tribunal by the revenue. the tribunal referred to some earlier judgments rendered by it and held ..... industrial undertaking, and that its manufacturing unit had started functioning during the assessment year in question and, thereforee, it was entitled to relief under section 80j of the act. the income-tax officer, however, was of the view that the business carried on by the assessed could not be held to bo an industrial .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]216ITR584(Bom)
..... was payable in respect of the dividend declared and paid out of profits exempt under section 80j of the income-tax act, 1961 ?' 2. in this connection, the relevant provisions of the finance act, 1968, are as follows : 'the first schedule(see section 2)part iparagraph f 3. in the case of a company, other than ..... clearly made a mistake in overlooking the provision relating to additional income-tax under the finance act, 1968, while making his assessment. this is a mistake which is apparent on the record. he has, therefore, rightly resorted to the proceedings under section 154 to rectify this mistake. the facts, in the present case, are not ..... dividend entailed an additional income-tax under the provisions of the finance act, 1968. the income-tax officer, however, failed to take note of this fact at the time of the assessment proceedings. he thereupon initiated rectification proceedings under section 154 of the income-tax act, 1961. the assessee resisted the proceedings. the assessee contended .....
Tag this Judgment!Court : Kolkata
Reported in : (1980)18CTR(Cal)166,[1980]126ITR66(Cal)
..... to this court the question as mentioned hereinbefore.5. before we consider the question further it may be necessary to refer to the definition of the relevant finance act, namely, the finance act, 1968. section 2(6), clause (d), defined 'industrial company' as follows :' 'industrial company' means a company which is mainly engaged in the business of ..... that the assessee-company was engaged in the processing of goods and was accordingly an industrial company within the meaning of section 2(6)(d) of the finance act, 1968, or under section 2(6)(c) of the finance act, 1969 ?'2. the assessee-company has been engaged in the business of running a cold storage plant. its ..... high court in the case of cit v. casino (pvt.) ltd. : [1973]91itr289(ker) was concerned with the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. there, the court was dealing with the hotel which prepared cooked food for serving its customers from raw materials like vegetables or meat. there, the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1982)31CTR(MP)188; [1982]137ITR329(MP)
..... high court considered the expression used in the definition of 'industrial company' under section 2(6)(d) of the finance act, 1968. (the definition of 'industrial undertaking' under the explanation to section 5(1)(xxxi) is identical with the definition of 'industrial company' under the finance act, 1968). the assessee-company was a printer and publisher of a fortnightly journal, sales ..... this activity of the firm, m/s. mehta & company fell within the definition of an 'industrial undertaking' as per the explanation to section 5(1)(xxxi) of the w.t. act. at the instance of the revenue the appellate tribunal has referred to us the following question for our opinion :'whether, on the facts and ..... is a partner in a partnership firm, m/s. mehta & company, petlawad. for the assessment year 1977-78, the assessee claimed exemption under section 5(1)(xxxi) of the w.t. act, 1957, in respect of her capital invested in the firm, m/s. mehta & company, petlawad. according to the assessee the above firm was .....
Tag this Judgment!Court : Kerala
Reported in : (1993)111CTR(Ker)138; [1994]207ITR353(Ker)
..... supreme court in cit v. tiecicon p. ltd. : [1987]168itr744(sc) . in that case, the question was whether the assessee was an 'industrial company' as defined in section 2(6)(d) of the finance act, 1968, and section 2(6)(c) of the finance acts of 1969 and 1970. the appellate tribunal, in that case, held that the assessee was an 'industrial company' as defined in the ..... finance act as meaning a company which, among other things, is mainly engaged in the manufacture or processing of goods. the income-tax appellate tribunal rejected the application filed by .....
Tag this Judgment!Court : Chennai
Reported in : (1988)74CTR(Mad)137; [1989]176ITR121(Mad)
..... be, which were later on despatched to the subscribers. this, in our opinion, would constitute `processing of goods' so as to come within the scope of section 2(6)() of the finance act, 1968. consequently, the question which we have reframed is answered in the affirmative and against the revenue.' 10. in cwt v. k. lakshmi : [1983]142itr656(mad ..... laws of india (p.) ltd. : [1977]107itr822(mad) , and observed as follows (at page 660) : 'no doubt, the learned judges were concerned with section 2(6)(d) of the finance act, 1968. but, we can take inspiration from such a reasoning of the division bench of this court.' 11. in cit v. j. b. kharwar and sons : [1987 ..... 9. in cit v. commercial laws of india (p.) ltd. : [1977]107itr822(mad) , a division bench of this court, while considering the scope of section 2(6)(d) of the finance act, 1968,has observed as follows (at page 824) : 'the tribunal has found after a consideration of the remand report as follows : `the appellant-company was printing the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)16ITD692(Hyd.)
..... to the reasoning given by the kerala high court in cit v. casino (p.) ltd. [1973] 91 itr 289, that the expression 'manufacture' in section 2(6)(d) of the finance act, 1968, will not denote a trading activity, the use of the word 'goods' is another reason for holding that the definition of 'industrial company' will not include ..... articles] of food from raw materials, constitutes 'manufacture or processing of goods' within the meaning of section 2(6)(d) of the finance act, 1968, and that the assessee is an 'industrial company' within the meaning of the definition contained in that section (p. 290) the above question was answered in the negative and against the assessee. it was ..... the hotel business carried on by the assessee in this case is a manufacturing activity so as to attract the definition of 'industrial company' occurring in section 2(7)(d) of the finance act, 1966, cannot legally be sustained. (p. 17) the ratio laid down in the above cases squarely applies to the instant case.9. the .....
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