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 : Gujarat
Reported in : [2001]252ITR846(Guj)
..... provide the exemption in respect of interest only on funds which are repatriable outside india. in order to bring out this intention, section 10(4a) of the income-tax act has been amended by the finance act, 1968. under the amended provision, the exemption will be available only in respect of interest on moneys standing to the credit of a ..... 115. interest income of non-residents from non-resident accounts in a bank in india--under the provisions in section 10(4a) of the income-tax act prior to its amendment by the finance act, 1968, a non-resident was exempt from tax on his income by way of interest on moneys standing to his credit in a ..... other meaning to the words 'not resident'.9. when the finance act, 1968, amended and altered the exemption originally granted by section 10(4a) of the act with effect from april 1, 1969,the central board of direct taxes issued circular no. 6-p (lxxvi-66) of 1968, dated july 6, 1968. the relevant portion from the said circular reads as under :' .....
Tag this Judgment!Court : Delhi
Reported in : (2001)168CTR(Del)266; [2001]250ITR157(Delhi); [2001]116TAXMAN138(Delhi)
..... relevance to the present dispute. originally, the word 'deliberately' existed which was omitted by the finance act, 1964, with effect from april 1, 1964. an explanationn was inserted at the end of sub-section (1) of section 271, by the said finance act (section 40 of the finance act, 1964). in between, by the finance act, 1968, the base for levy of penalty became the amount of concealment as against the quantum ..... of tax sought to be avoided under the then existing provisions. subsequently, further amendments were brought by the taxation laws (amendment) act, 1975 (section 61 of the said amending act). four explanationns .....
Tag this Judgment!Court : Chennai
Reported in : (2006)200CTR(Mad)682; [2005]273ITR320(Mad)
..... be allowed in respect of such expenditure under any other provision of this act for the same or any other assessment year.'section 35c was introduced by the finance act, 1968 with effect from 1st april, 1968 and was deleted by the direct tax laws (amendment) act, 1987 with effect from 1st april, 1989. there is no dispute, ..... department as well as the travelling expenditure incurred in the cane department would come within the qualifying expenditure as mentioned in clause (b) of section 35c of the act, the assessing officer was justified in apportioning the expenditure and disallowing a portion thereof and the disallowance was, in our view, rightly upheld ..... of travelling expenses. learned counsel submitted that the expenditure incurred by the assessee for the transport of fertiliser would also qualify for weighted deduction under section 35c of the act.4. mr. j. nareshkumar, learned junior standing counsel for the revenue, on the other hand, submitted that the tribunal was justified in .....
Tag this Judgment!Court : Kerala
Reported in : [1977]109ITR596(Ker)
..... the inspecting assistant commissioner found the assessee guilty of concealment and he had to impose penalty for these two years. section 271(1)(c)(iii) of the income-taxact, 1961, before it was substituted by the finance act, 1968, with effect from april 1, 1968, provided that the penalty imposable shall be a sum which shall not be less than 20% but which shall ..... the law at the time of the commission of the offence is the law as it stood after the amendment by the finance act, 1968, and, therefore, the minimum penalty had to be computed according to that law. reliance was placed on behalf of the department on the decision in commissioner of income-tax ..... of tax which would have been avoided if the income as returned by the assessee had been accepted as the correct income. but with effect from april 1, 1968, the finance act of 1968 enacted that the penalty shall be a sum less than, but not exceeding twice the amount of, income in respect of which the particulars had been furnished. the .....
Tag this Judgment!Court : Chennai
Reported in : [1981]127ITR404(Mad)
..... as is attributable to that part of such profits and gains on which income-tax is not payable by the company under section 84. '3. after deleting the section, the finance act of 1968 reintroduced the section with an amendment. the amended section substituted the words ' by an owner of the shares in respect of so much of any dividend paid or deemed ..... . got the benefit of section 85, and the dividend income received from kalinga tubes ltd. was exempted in computing the taxable income of the ..... to apply for the years 1962 to 1968. the year of assessment with which we are concerned is 1962-63. it is agreed on all hands that we must decide the question referred to us in the light of the provision in the amended section 85 which has been reintroduced by the finance act of 1968.4. the firm of tarapore & co .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1977SC757; (1977)1SCC606; [1977]2SCR28; 1977(1)SLJ90(SC)
..... by an under secretary in the ministry of finance does not prove that the requirement of 10 years' experience for promotion to the post of assistant commissioner was a rule made by the governor general or any person authorised by him under section 241(2) of the government of india act, 1935. furthermore, there is no basis ..... scheduled castes/scheduled tribes officers should have been given a grade higher than the grade assessed by the committee because of the home ministry instructions dated 11 july, 1968. the respondents' contentions are incorrect for these reasons. in paragraph 2 of the home ministry instructions dated 26 march, 1970 on the subject 'concessions to scheduled ..... the contention for the following reason. these 4 officers were taken on the ground that they were ex-military officers recruited to the income tax department in 1968 and were deemed to have been recruited in 1964 by virtue of the ministry of home affairs notification dated 4 october. 1967.52. another submission was .....
Tag this Judgment!Court : Delhi
Reported in : [1992]198ITR539(Delhi)
..... , which pertain to the assessment years 1968-69, 1969-70 and 1970-71.2. the income-tax appellate tribunal has stated the case and referred questions of law under section 256(1) to this court at the instance of the commissioner of income-tax. the assessed is a statutory corporation set up under the industrial finance corporation act for the purpose of making medium ..... out in relation to the gross amounts of dividend, and not the net amount of such dividend after deducting the expenses relatable thereto under section 57 of the income-tax act, 1961 '5. in respect of the assessment years 1968-69 and 1971-72, three other questions of law were also referred at the instance of the assessed. we are informed by mr .....
Tag this Judgment!Court : Kerala
Reported in : [1981]128ITR742(Ker)
..... .a. no. 355/coch/1974-75: 'whether, on the facts and in the circumstances of the case, the reopening of the assessment for the assessment year 1968-69 under section 147(b) of the income-tax act, 1961, was not valid ?'2. the assessee is a public limited company--the kerala state industrial development corporation ltd.--incorporated with the object of supplying information ..... to entrepreneurs about the possibilities of starting industries in kerala state, financing the same by share participation, underwriting of shares, guaranteeing and advancing of loans, etc. it gets remuneration for the services rendered by it.3. for the assessment year 1968-69, the assessee filed a return disclosing an income of rs. 9,20,800. in so .....
Tag this Judgment!Court : Mumbai
Reported in : (2002)76TTJ(Mumbai)974
..... intent to grant such deduction with reference to the net income by way of dividends only, the finance (no. 2) act, 1980, inserted a new section 80aa in the income tax act clarifying the intention with retrospective effect from 1-4-1968. in several cases, high courts have held that even for the purposes of determining chargeable profits under ..... it can be observed that the explanation to rule 1 was added as a consequence to the insertion of new section 80aa in the income tax act with retrospective effect from 1-4-1968. thus, insertion of section 80aa with retrospective effect formed the foundation of the insertion of explanation to rule 1 of the first schedule to ..... the surtax act. since the very foundation was given a retrospective effect, the explanation to rule 1 was also held to .....
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