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 : Allahabad
Reported in : [1991]188ITR370(All)
..... (p.) ltd. : [1973]91itr289(ker) merely says that a hotel being mainly a trading concern cannot be treated as an industrial company within the meaning of section 2(6)(d) of the finance act, 1968. the decision of the madras high court in cit v. standard motor products of india ltd. : [1962]46itr814(mad) related to an assessee who was engaged ..... of these imported parts it used some of them for assembling cars and the remaining parts were sold as spare parts. the assessee claimed relief under section 15c of the 1922 act on the entire income, but the income-tax officer excluded the profits derived by the company from the sale of spare parts. this was questioned by ..... of various components resulting inthe formation of tractor which has propulsion amounts to manufacture and the assessee was thus an industrial undertaking entitled to relief under sections 80-i and 80j of the income-tax act, 1961 ?'2. in i. t. r. no. 614 of 1977, a further question is referred. it readsthus :'whether, on the facts .....
Tag this Judgment!Court : Allahabad
Reported in : [2008]296ITR616(All)
..... employer towards reimbursement of the expenditure incurred by the assessee it would not fall under the aforesaid clause. similar provision existed under section 40a(5)(a)(ii) and section 40(a)(v) inserted by the finance (no. 2) act, 1971, and finance act, 1968, with effect from april 1, 1969, respectively. the apex court in the case of cit v. mafatlal gangabhai and co. ..... the by-pass surgery. moreover, it cannot be treated as a benefit.11. thus, it would also not qualify under sub-clause (a) of sub-section (2) of section 17 of the act as it cannot be considered as a amenity or benefit granted by the employer.12. in this view of the matter, we answer the question in ..... in holding that the reimbursement of medical expenses to an employee being the director of the company, is not 'perquisite' within the meaning of section 17(2)(iii)(a) of the income-tax act, 1961?2. the present reference relates to the assessment year 1990-91.briefly stated the facts giving rise to the present reference are as .....
Tag this Judgment!Court : Allahabad
Reported in : [1977]108ITR271(All)
..... the facts and in the circumstances of the case, the tribunal was legally justified in holding that clause (iii) of sub-section (1) of section 271 of the income-tax act, 1961, as substituted by the finance act, 1968, was not retrospective in effect and as such not applicable to theassessment years 1960-61 and 1961-62, even though the ..... revised returns were filed after april 1, 1968 ?' 2. the facts leading up to this reference fall within a narrow compass. ..... the books of account. as a consequence, the assessment for these two years were reopened and in response to notices under section 148 of the act, the assessee filed returns on april 17, 1968. the assessee filed returns, which were not accepted and assessment was made at a higher figure. penalty proceedings were thereafter initiated .....
Tag this Judgment!Court : Allahabad
Reported in : (1983)34CTR(All)78; [1983]143ITR793(All); [1983]12TAXMAN351(All)
..... carpets and derived income from the sale of import licences, that the assessee is an industrial company within the meaning of clause (d) of sub-section (7) of section 2 of the finance act, 1966. in our opinion, the income of the assessee has been wrongly taxed at 65% and this was an error which could be rectified under ..... electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) , the supreme court had occasion to consider the expression occurring in section 80e (as it stood prior to its amendment by the finance (no. 2) act, 1967). it was held that the legislature had deliberately used the expression ' attributable to', having a wider import than the expression ' derived ..... per cent. when he completed the original assessment. the assessee went up in appeal. it also made an application before the ito under section 154 of the i.t. act on december 3, 1968, claiming that it was an industrial company in which the public are not substantially interested and it was liable to be taxed at .....
Tag this Judgment!Court : Allahabad
Reported in : (2005)198CTR(All)598; [2006]280ITR465(All)
..... from the object and reaches to the eyes of the person. taking into account the pious aim and object of the introduction of section 80u in the act by the finance act, 1968, we are of the opinion that total blindness under section 80u means an individual who is unable to perceive the light the total blindness does not mean that the person is totally unaffected ..... totally blind and, therefore, the authorities below were justified to deny deduction under section 80u of the act.5. we have considered the respective submissions of the learned counsel for the parties. we find that section 80u was introduced in the statute book for the first time by the finance act, 1968. the original section 80u reads as follows.' 80-u - deduction in the case of blind .....
Tag this Judgment!Court : Allahabad
Reported in : (1979)9CTR(All)160; [1980]122ITR913(All)
..... gains of business attributable to any one or more of such activities.' 4. this section was inserted in place of section 81, which was deleted by the finance (no. 2) act of 1967, with effect from the 1st april 1968. the deleted section 81(i)(a) was the same as the present section 80p(2)(a)(i). in the case of addl. cit v. u. p. ..... co-operative cane union : [1978]114itr70(all) , which was inter partes, this court held that income from printing press business was not exempt from tax under section ..... 81(i)(a) of the act. following .....
Tag this Judgment!Court : Allahabad
Reported in : (1979)9CTR(All)169; [1979]116ITR811(All)
..... the case, the tribunal was legally correct in holding that the assessee-company was an 'industrial company' within the meaning of section 2(7)(d) of the finance (no. 2) act, 1967 or section 2(6)(d) of the finance act, 1968, so as to be entitled to concessional rates of tax in the assessment year 1974-75 '3. the relevant and ..... satish chandra, c.j. 1. the assessee manufactures and sells carpets. for the assessment year 1974-75, it had claimed relief under section 2(8)(c) of the finance act, 1974 (20 of 1974). it claimed that it was an industrial company as denned in these provisions and so it was liable to tax at the ..... industrial company ltd. v. cit : [1978]113itr84(sc) , the supreme court had occasion to consider the expression 'attributable to' occurring in section 80e (as it stood prior to its amendment by the finance (no. 2) act, 1967). the court had held hat the legislature had deliberately used the expression 'attributable to' having awider import than the expression 'derived from .....
Tag this Judgment!Court : Allahabad
Reported in : [1993]203ITR93(All)
..... latter not to dispose of the seized gold until further orders from him inasmuch as the said gold is liable to be confiscated under the provisions of section 71 of the gold (control) act, 1968.(ii) on january 6, 1987, the deputy collector, central excise, kanpur, wrote a letter to the inspecting assistant commissioner informing the latter that ..... sell the seized gold for realizing the tax arrears. in this letter, reference is made to a communication dated march 15, 1988, from the deputy secretary, ministry of finance, new delhi, which is said to contain certain directions, probably those referred to in (iii) above. in this letter, the commissioner of income-tax complained that the ..... and ornaments and that on receipt of such clarification, further action will be taken.(iii) on may 25, 1987, the revenue secretary in the ministry of finance decided in a joint meeting held on that day that the income-tax dues shall be recovered initially from the house property and thereafter by sale of the .....
Tag this Judgment!Court : Allahabad
Reported in : [1976]104ITR664(All)
..... the taxable income of the assessee for the assessment year 1970-71 ?' 3. section 40a was added to the income-tax act by section 7 of the finance act of 1968, with effect from 1st april, 1968. we are concerned with the interpretation of sub-section (3) of this section which reads:'40a. (3) where the assessee incurs any expenditure in respect of ..... a crossed bank draft, such expenditure shall not be allowed as a deduction.'4. sub-section (1) of section 40a provides that the provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this act relating to the computation of income under the head 'profits and gains of business or ..... word 'expenditure' must be restricted to expenditure which is allowed as a deduction under sections 30 to 43a of the act and the payments made for the purchase of stock-in-trade is not covered by any of these provisions.6. section 28 deals with the profits and gains of business or profession and by virtue of .....
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