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Chettinad Agencies (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)44ITD243(Mad.)

..... down by the supreme court of the ruling in the case of cloth traders (p.) ltd. (supra). parliament, by section 12 of the finance (no. 2) act, 1980, introduced in the income-tax act, 1961 section 80aa with retrospective effect from april 1, 1968 - the date when section 80m was originally enacted. in the case of distributors (barodaj (p.) ltd. (supra), the constitutional validity of the retro ..... .t. circular referred to and relied upon by the assessee's representative "was issued prior to the introduction of section 80aa with retrospective effect from 1-4-1968 by the finance (no. 2) act, 1980. further, after such introduction of section 80aa with retrospective effect from 1-4-1968, the board had issued instructions bringing out the correct legal position viz. that before allowing deduction under .....

Deputy Commissioner of Vs. India Cine Agencies

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)54ITD257(Mad.)

..... ctit sizes is an activity amounting to processing of goods. this argument naturally draws support from the definition of an 'industrial company' contained in section 2(6)(d) of the finance act, 1968, which talks of processing of goods.apart from the obvious fact that the definition given in a totally different context cannot avail the assessee, ..... there is the further fact that neither section 32a nor section 80-1 talks of 'processing of goods'. again, the cutting and slitting operations cannot be ..... cut sizes of the specifications mentioned supra.15. the assessee's case is that it is entitled to investment allowance as also to deduction under section 80-1 of the act, because the operations involved in cutting jumbo rolls into smaller rolls/cut sizes are manufacturing activity.16. the validity of this claim needs to .....

P.K. Ramasamy Nadar Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1982)2ITD624(Mad.)

..... deduction in respect of contribution to notified provident fund is available under section 80c(2)(a)(iv) where the assessee is an individual and under section 80c(2)(g)(i)(2) where the assessee is an aop or boi. the concession to individuals was introduced by the finance act, 1968, with effect from 1-4-1969. the requisite notification was issued ..... in so 2431 on 2-7-1968 in [1968] 69 itr (st.) 1. it was extended to ..... aop/boi of married persons, following the system of community property in erstwhile portuguese territories, by the finance act, 1970 with effect from 1-4-1971. assessees being hufs, the only clause applicable to them is clause (b) of section 80c(2) which authorises .....

Oriental Hotels Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

..... intention to withdraw the development rebate.27. the finance act, 1965, inserted sub-section (6) of section 33. the effect of this sub-section was that no deduction by way of development rebate shall be allowed in respect of any plant or machinery installed after march ..... rebate was being granted. the scheme of granting development rebate was continued in the new act also.26. the finance act, 1964, inserted sub-section (5) of section 33 with effect from april 1, 1904, by the said sub-section, the central government assumed powers to withdraw the development rebate by giving a clear three-year notice of its ..... , the finance (no. 2) act, 1967, gave a package of tax concessions to hotels as an integral part of the larger policy of promoting tourism in the country. the following are the details of the tax concessions : (a) the new clause (v) of section 32(1), which came into force with effect from april 1, 1968, granted .....

income-tax Officer Vs. R. Sivaraman

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)31ITD338(Mad.)

..... in the reference before the delhi high court in that case was whether the assessee was an 'industrial company' within the meaning of section 2(6)(c) of the finance (no.2) act, 1971 and the finance act, 1972. however, in the case before us firstly we need not consider whether the assessee is an industrial company or not within ..... rate of tax of 55 per cent instead of 65 per cent on the ground that it was an industrial company as defined in section 2(6) (c) of the finance (no.2) act, 1971 and the finance act, 1972. held that the assessee was not an 'industrial company' and was not entitled to be taxed at the concessional rate. ..... building it should be considered as an 'industrial company' within the meaning of finance act, 1983. even assuming that the word 'industrial undertaking' which we come across in section 32a(2), is to be understood in the same manner in which an industrial company under the finance act, 1983 should be understood, the assessee fulfils the requirements of such 'industrial .....

T. I. and M. Ltd. Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2000)73ITD180(Chennai)

..... october, 1989. the grievance of the appellant-company is with reference to the provisions of s. 40 of the finance act, 1983 (hereinafter referred to as the act). the plea as raised in this appeal is that the said section that was amended by the finance act, 1988 had extended the exemption to the buildings that are owned by the company and used by it for ..... consequences and to make the provisions workable, a proviso which supplies an obvious omission in the section and is required to be read into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation'. the lawmaker in their amendment made by finance act, 1988 has stated that 'the unintended hardship was noted with reference to the assets that .....

Khivraj Motors (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)50ITD576(Mad.)

..... decision of the appellate tribunal in the case of varadarqja theatres (p.) ltd. 29 itd 29 was distinguishable on facts. (iii) the 1988 amendment to section 40(3) of the finance act, 1983 is not retroactive, but prospective in operation with effect from 1-4-1989. therefore, the said amendment cannot help the assessee.14. shri v. ..... thereafter, the commissioner passed an order in revision holding that the theatre building could not be categorised in any of the exempted categories mentioned in section 40(3)(vi) of the finance act, 1983. the tribunal allowed the assessee's claim. in this regard, the tribunal followed the line of reasoning that it had earlier adopted ..... of the cinema theatre. this exemption was claimed on the ground that the cinema theatre building was a plant not chargeable to tax under section 40(3)(ut) of the finance act, 1983.alternatively, it was contended that the 1988 amendment which exempts theatre building from wealth-tax should be given retrospective effect.31. the .....

M.A.C. Khaleeli Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)48ITD191(Mad.)

..... a period of three years after the transfer of the asset a residential house, the amount invested would be allowed as a deduction. however, the finance act, 1987 introduced sub-section (4) to say that the amount of net consideration which is not utilised for the construction of a new asset before the date of filing the ..... to understand the purpose of this condition that the unutilised funds should be deposited in a bank account, we looked into the legislative history.6. section 54f was introduced by the finance act, 1982 permitting the reinvestment of the proceeds received by transfer of a capital asset in the purchase within a year or construction within three years ..... against the assessee by the decision of the supreme court in the case of sevantilal maneklal sheth v. cit [1968] 68 itr 503. the supreme court held that capital gains would also be income includible under that section. therefore, we have to reject the contention of the assessee that the long-term capital gains arising from .....

Assistant Commissioner Vs. Prasad Productions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1997)60ITD267(Mad.)

..... proceedings. it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a ..... of development and printing of films.therefore, it is a manufactured item by the assessee-company, which cannot be treated as an assets within the meaning of section 40(3) of the finance act, 1983. again the said order, the revenue is in appeal before us.2. on behalf of the revenue it was contended that although silver is ..... against the said order passed by the assessing officer.according to the assessee, the silver collected from the dust and flakes is not asset within the meaning of section 40 of the finance act, 1983 so that it can be included in the net wealth of the assessee.the commissioner (appeals) by the impugned order held that the silver is .....

Varadaraja theatres (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)29ITD29(Mad.)

..... we look into the subsequent amendment brought about by the finance act of 1988 in section 40(3)(fn) of the finance act of 1983. section 87 of the finance act of 1988 has introduced several amendments in section 40 of the finance act of 1983.sub-section (ii)(c) of section 87 of the finance act of 1988 has substituted the following three clauses for the ..... tax had interpreted the said provision of law.5. shri bhatt further relied on the latest amendment brought about in section 40 of the finance act of 1983 by the provisions of section 87 of the finance act of 1988, whereby a cinema house is expressly excluded from the category of assets includible in the net wealth of ..... k.v. ananthachari, the learned departmental representative opposed these contentions urged on behalf of the appellant and argued that the provisions contained in section 40 of the finance act of 1983 as quoted by the commissioner were clear and unambiguous and therefore there was no need for us to look into either the budget .....