Court : Gujarat
Reported in : [1976]104ITR255(Guj)
..... applicant-assessee, which is a private limited company, is entitled to the concession contemplated by section 84 of the income-tax act, 1961, for the assessment year 1967-68. this section 84 was deleted by finance (no. 2) act of 1967 with effect from april 1, 1968, but so far as the accounting period in question is concerned, the same was in ..... though it has been set up by a company which is already running an industrial unit before the setting up of the new unit. the object of section 15c of the act (act of 1922) is to provide an incentive for the setting up of new industries so as to accelerate the process of industrialisation. it does not appear ..... ' of the assessee's original business. such a substantial expansion cannot, in the opinion of the high court, be called 'reconstruction' within the meaning of section 15c of the act. the previous decision given by the same high court in textile machinery corporation was thus distinguished. in a still later decision given in the case of orient .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1991)39ITD65(Ahd.)
..... in cloth traders (p.) ltd. v. addl. cit [1979] 118 itr 243. to supersede this view, the finance (no. 2) act, 1980 introduced section 80aa with retrospective effect from 1-4-1968 as regards intercorporate dividend and section 80ab with effect from 1-4-1981 as regards other receipts. the hon'ble supreme court in the case of distributors ..... with reference to the net amount of income to be computed in accordance with the provisions of income-tax act, 1961 i.e., only after deducting the allowable expenditure. sub-section (1) of section 80p of the it act, 1961 provides that where the gross total income of a co-operative society includes any income referable to the ..... interest expenditure debited in the said interest account will have to be deducted from the gross interest income under section 57 of the it act, 1961. only the net income after allowing the aforesaid deductions under section 36 or section 57 will form part of gross total income and that net amount of interest income only will be .....
Tag this Judgment!Court : Chennai
Reported in : (1980)17CTR(Mad)312; [1981]131ITR277(Mad)
..... have been charged to income-tax at the rate of 54%, assuming that the company was not entitled to any other rebate as provided in the said finance act. in 1966, section 80e was introduced and the provision, in so far as it is material, runs as follows:' deduction in respect of profits and gains from specified industries ..... income-tax has brought this matter in dispute before this court on the question set out already.3. section 80e was introduced in the statute by section 14 of the finance act of 1966. before the introduction of this provision, under the finance act of 1965, in the case of every company the total income was chargeable to tax at the rate ..... rate of 55% applicable in the case of other companies. the deduction under this section is in replacement of the rebate of tax allowed to such companies in respect of their profits and gains from the aforesaid activities under the provisions of the finance act, 1965.'5. the central board of direct taxes issued a circular as guidance for .....
Tag this Judgment!Court : Mumbai
Reported in : [1989]176ITR449(Bom)
..... -o were satisfied and the commission amounting to rs. 4,59,000 was wholly exempt thereunder.5. section 85c was introduced into the income-tax act, 1961, with effect from april 1, 1966, by the finance act, 1966. it reads thus :'85c. deduction of tax on royalties, etc., received from certain foreign companies. - where the total income ..... -tax on the income so included as exceeds the amount of twenty-five per cent. thereof.'6. section 85c was deleted with effect from april 1, 1968, by the finance (no. 2) act, 1967, which introduced section 80-o. at the material time, section 80-o read thus :'80-o. deduction in respect of royalties, etc., received from certain foreign companies ..... affairs, government of india, for approval of the terms and conditions of the said letter under section 85c of the income-tax act, 1961. on february 3, 1968, such approval was conveyed to it. a further letter dated april 19, 1968, stated that the approval that was accorded was effective from july 21, 1966, the date on .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1997)142CTR(P& H)510; [1998]232ITR179(P& H)
..... insurance, shipping port fees, packing materials, etc.30,49,61668,15,39343,83,5462.export inspecting agencycharges.84,7161,44,33079,9923.bank commission13,03326,24325,1395. section 35b of the act was inserted by the finance act of 1968 with effect from april 1, 1968, to provide for the export markets development allowance in certain cases, it was omitted by the direct tax laws (amendment ..... considered to be a part of manufacturing expenses, that would again not entitle the assessee to claim weighted deduction. explanation 2 below clause (b) of section 35b(1) of the act was substituted by the finance (no. 2) act, 1980, with effect from april 1, 1981. after substitution, explanation 2 reads as under ; 'explanation 2.--for the removal of doubts, it is hereby declared .....
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 : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)292ITR268(Chd.)
..... after referring to the decision in the case of distributors (baroda) (p) ltd. (supra) as well as the fact of introduction of section 80aa by the finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968, overruled the judgment of the bombay high court; in the case of cit v. united general trust (p) ltd. . the position ..... referred to its own decision in the case of cit v. united general trust ltd. (supra) and the provisions of section 80aa introduced by the finance (no. 2) act, 1980 w.e.f. 1st april, 1968 to support the answer in favour of the revenue. the hon'ble supreme court having answered the question raised by the ..... , i.e., dividend minus admissible expenditures. with a view to supersede the aforementioned decision of the supreme court, section 80aa was inserted by finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968 providing that deduction under section 80m is to be allowed on the net dividend as computed in accordance with the provisions of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... law as interpreted was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under section 80m in respect of any income by way of dividends from a domestic company, which ..... the original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should be computed not on the basis of gross dividend income but .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1980]124ITR728(MP)
..... revised return showing his income from truck business. on these facts, the department sought to impose penalty under the provisions of section 271(1)(c) of the act as amended by the finance act, 1968. this court held that the act of concealment was committed by the assessee on 4-7-66 when he filed his original return and, therefore, the penalty ..... filed. in the instant case, the assessee filed its return for the assessment year 1965-66 on september 30, 1968. the amended section 271(1)(c) of the act came into force on april 1, 1968. in the circumstances, the act of concealment of the income for the assessment year 1965-66 was committed by the assessee on september 30 ..... finding of the iac that the assessee was guilty of concealment of income as provided under section 271(1)(c) of the act. however, the tribunal came to the conclusion that section 271(1)(c) of the act came into effect from april 1, 1968, and as the concealment related to the assessment year 1965-66, the penalty imposable could .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)106TTJ(Pune.)137
..... relatives and associate concerns in the form of excessive payments for goods and services etc. in order to stop such evasion, section 40a(2) was inserted by the finance act, 1968 with effect from 1st april, 1968.42. the provisions of section 40a have been declared to be of overriding nature because of the non obstante clause with which the ..... section 40a(1) starts. under sub-section (2) of the new section 40a, the expenditure incurred in a business or profession, for which the payment ..... 46. in the case of khan carpets v. cit it was held by the allahabad high court that 'reasonableness' within the meaning of sub-section (2) of section 40a of the act was to be determined after taking into account the legitimate needs of the business or profession of the assessee and the 'fair market value of .....
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