Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Court: supreme court of india Page 1 of about 29,501 results (0.249 seconds)

Nawn Estates (P.) Ltd. Vs. Commissioner of Income-tax, West Bengal

Court : Supreme Court of India

Reported in : [1977]106ITR76(SC)

..... services of any deceased person, or which is chargeable under that head under clause (ii) of sub-section (2) of section 56 of the income tax act, and xx xx xx xx28. clause (ii)of section 109 was again amended by finance act, 1968 (act 19 of 1968) with effect from april 1, 1969. as a result of this amendment, the clause read as ..... .23. in 1959 the statutory percentage was raised to 50 per cent for industrial companies and to 65 per cent for non-industrial companies by means of section 11 of finance act, 1959 (no. 12 of 1959) with effect from april 1, 1960. the statutory percentage was reduced from 100 per cent to 90 per cent in ..... has, on the other hand, contended that the expression 'a company whose business consists wholly or mainly in the holding of investments' appearing in section 23a of the act as amended by finance act, 1955 means a company whose income is derived from investments in contra-distinction to the income received from manufacturing or processing or trading operations and .....

The Nawn Estates (P)ltd. Vs. C.i.T., West Bengal

Court : Supreme Court of India

Reported in : AIR1977SC153; [1977]106ITR45(SC); (1977)1SCC7; [1977]1SCR798

..... past services of any deceased person, or which is chargeable under that head under clause (ia) of sub-section (2) of section 56 of the income tax act, and28. clause (ii) of section 109 was again amended by the finance act, 1968 (act 19 of 1968) with effect from april 1, 1969. as a result of this amendment, the clause read as under: ..... 23. in 1959 the statutory percentage was raised to 50 per cent for industrial companies and to 65 per cent for non-industrial companies by means of section 11 of finance act, 1959 (12 of 1959) with effect from april 1, 1960. the statutory percentage was reduced from 100 per cent to 90 per cent in ..... on the other hand, contended that the expression a company whose business consists wholly or mainly in the holding of investments appearing in section 23-a of the act as amended by finance act, 1955 means a company whose income is derived from investments in contradistinction to the income received from manufacturing or processing or trading operations and .....

M/S. Vijay Industries Vs. Commissioner of Income Tax

Court : Supreme Court of India

..... is to be charged at the rate or rates fixed for the year by the annual finance act. also the levy is to be on the total income of the assessable entity, computed in accordance with the provisions of the act. section 5 lays down the scope of the total income. while computing the total income, certain ..... the legislative intent and with a view to setting at naught such interpretation. parliament, by section 12 of finance (no.2) act, 1980, introduced in the income tax act, 1961, section 80-aa with retrospective effect from april 1, 1968, that is, the date when section 80-m was originally enacted, providing that the deduction required to be allowed under ..... section 80-m in respect of inter-corporate dividends shall be computed with reference to the .....

Brij Mohan Vs. C.i.T., New Delhi

Court : Supreme Court of India

Reported in : AIR1979SC1897; (1979)12CTR(SC)198; [1979]120ITR1(SC); (1979)4SCC118; [1980]1SCR199; 1979(11)LC617(SC)

..... is not regarded by the statute as filed within the time originally prescribed.12. accordingly, we are of opinion that clause (iii) substituted in sub-section (1) of section 271 of the income tax act, 1961 by the finance act, 1968, governs the case before us and, therefore, the penalty imposed on the assessee in the instant case is covered by that provision.13. we answer ..... determined the figure of concealed income at rs. 7,357.4. the income tape officer instituted penalty proceedings, and applied clause (iii) of sub-section (1) of section 271 of the act, as it stood after amendment by the finance act, 1968. having regard to the minimum penalty which, in his opinion, was leviable, he referred the case to the inspecting assistant commissioner. the inspecting assistant .....

Cloth Traders (P) Ltd. Vs. Additional C.i.T., Gujarat-i

Court : Supreme Court of India

Reported in : AIR1979SC1691; (1979)10CTR(SC)393; [1979]118ITR243(SC); (1979)3SCC538; [1979]3SCR984

..... , material and that was made by finance act 1968 by which the words 'received by it' occurring in sub-section (1) of section 80m were omitted with effect from 1st april, 1968. the finance act of 1968 also provided in sub-sections (2) and (3) of section 31 that notwithstanding the omission of section 99, sub-section (1), clause (iv) and section 85a, the provisions of those sections shall have and be deemed always to ..... for which the words 'received by it' were deleted. it is clear from the notes on clause 31 which subsequently became section 31 of the finance act, 1968 that the amendments retrospectively deleting the words 'received by it' from the opening part of section 99, sub-section (1), clause (iv) and section 85a were made with a view to widening scope of the relief granted under these .....

The Indian Hotels Company Ltd. and Others Vs. the Income Tax Officer, ...

Court : Supreme Court of India

Reported in : AIR2000SC2645; [2000]245ITR538(SC); JT2000(9)SC139; 2000(5)SCALE475; (2000)7SCC39; [2000]Supp2SCR261

..... goods. in c.i.t., kerala v. casino (pvt.) ltd. : [1973]91itr289(ker) division bench of the kerala high court referred to section 2(6)(d) of the finance act, 1968 which defines an 'industrial company' and held that the activity carried on by the assessee in preparing articles of food from raw materials would not constitute ..... 'manufacture or processing of goods' within the meaning of said section. foodstuffs prepared in the hotels using raw materials such as pulses, wheat, ..... high court also took the similar view in commissioner of income-tax v. berry's hotels pvt. ltd. : [1994]207itr615(bom) and held that benefit of section 2(7)(c) of finance act, 1973 can be given to manufacturing concerns and not to trading concerns. in fariyas hotels pvt. ltd. v. commissioner of income tax : [1995]217itr390(bom .....

Commissioner of Income-tax, Bombay Vs. Tiecicon P. Ltd.

Court : Supreme Court of India

Reported in : [1987]168ITR744a(SC); 1988Supp(1)SCC481; 1988(Supp)SCC487

..... and chilled air through air-conditioning apparatus to the lessees in the building under consideration, it was an industrial company within the meaning of section 2(6)(d) of the finance act, 1968 and section 2(6)(c) of the finance acts, 1969 and 1970, as it could be said to have engaged in the manufacture or processing of goods and therefore, the rate of tax applicable .....

income-tax Officer, a-ward, Indore Vs. Gwalior Rayon Silk Manufacturin ...

Court : Supreme Court of India

Reported in : [1975]101ITR457(SC)

..... notice of demand the liability of the assessee to pay the arrears arose only after the expiry of 35 days and this period had expired before the finance act, 1965, amending section 220(2) of the act and, therefore, the revenue had no jurisdiction to demand payment of the arrears at the rate of 6% interest. thus, it would appear that the high court ..... march 15, 1967 1,34,76,000 by march 15, 19683. soon after the request of the assessee was granted by the income-tax officer, sub-section (2) of section 220 of the act was amended by the finance act, 1965, by which the rate of interest was increased from 4% to 6% per annum. in view of this amendment, the income-tax officer by ..... -tax officer has no power to vary the rate on which the income of the previous year is to be assessed. the rate of tax is fixed by the finance act every year. by section 3, the tax is levied at that rate for an assessment year in respect of the income of the previous year. once the length of the previous year .....

The Income-tax Officer, 'A' Ward, Indore Vs. Gwalior Rayon Silk Manufa ...

Court : Supreme Court of India

Reported in : AIR1976SC43; (1975)2SCC721

..... , 1966 rs. 1,20,00,000 by march 15, 1967 rs. 1,34,76,000 by march 15, 1968,soon after the request of the assessee was granted by the income-tax officer, sub-section (2) of section 220 of the act was amended by the finance act, 1965 by which the rate of interest was increased from 4 % to 6 % per annum. in view of ..... notice of demand the liability of the assessee to pay the arrears arose only after the expiry of 35 days and this period had expired before the finance act, 1965 amending section 220(2) of the act and therefore the revenue had no jurisdiction to demand payment of the arrears at the rate of 6 per cent interest. thus it would appear that the ..... -tax officer has no power to vary the rate on which the income of the previous year is to be assessed. the rate of tax is fixed by the finance act every year. by section 3, the tax is levied at that rate for an assessment year in respect of the income of the previous year. once the length of the previous year .....

Commissioner of Income Tax Vs. P.V.A.L. Kulandagan Chettiar (Dead) Thr ...

Court : Supreme Court of India

Reported in : (2004)189CTR(SC)193; [2004]267ITR654(SC); 2004(6)SCALE36; (2004)6SCC235

..... economic development in india- (i) in relation to royalties, as set forth in the relevant annual finance act of india; and(ii) in relation to other income as set forth in the following sections of the income-tax act, 1961 of india or which may be introduced in future in the indian tax laws in modification of ..... and assumes substantially similar character of tax referred to in the preceding paragraph.21. taxation policy is within the power of the government and section 90 of the income tax act enables the government to formulate its policy through treaties entered into by it and even such treaty treats the fiscal domicile in one state ..... development in malaysia- (aa) which are set forth in section 21, 22 and 26 of the investment incentives act, 1968 of malaysia; or(bb) which may be introduced in future in the income tax act, 1967, supplementary income tax act, 1967, petroleum (income tax) act, 1967 or investment incentives act, 1968 in modification of or in addition to the existing measures; .....