Court : Supreme Court of India
Reported in : AIR1985SC421; (1985)1CompLJ249(SC); (1985)44CTR(SC)328; [1985]152ITR308(SC); 1985(1)SCALE115; (1985)2SCC197; [1985]2SCR686
..... of debentures and long term borrowing from approved sources was made, rule 3 of the first schedule was also simultaneously amended by section 29 of finance act 66 of 1976 and the provision for adding back the amount of interest payable by he company m respect of debentures and ..... (1) of section 80j brought about a material change in the provision as it stood in sub-section (1) of section 84. we shall have ..... act 1961 the same position prevailed as before in regard to exclusion of borrowed monies and debts in computing the capital employed in an undertaking or a hotel for the purpose of determining the quantum of exempted profits under that section. this position continued uninterrupted until section 84 was replaced by section 80j with effect from 1st april 1968 by finance (no. 2) act 1967. sub-section .....
Tag this Judgment!Court : Delhi
Reported in : (1985)47CTR(Del)5; [1986]157ITR199(Delhi)
..... that decision, but would also say that section 80e was repealed and re-enacted as section 80-i. the history of this enactment is that section 80e was inserted by the finance act of 1966 and then that section was replaced by section 80-i with effect from april 1, 1968, by the finance (no. 2) act, 1967. this section was itself omitted by the finance act, 1972. the provision was for allowing ..... one or more of the articles or things specified in the list in the fifth schedule. so, section 80-i was the same as section 80e. later on, by the finance act of 1968, there was a subsequent change with which we are not concerned. the position, thereforee, in 1968-69 was the same as in 1967-68. accordingly, following the aforementioned judgment, we come to .....
Tag this Judgment!Court : Gujarat
Reported in : [1982]138ITR61(Guj)
..... to the gross amount of such dividends.' 3. section 12 of the finance (no. 2) act of 1980, which inserted s. 80aa in the i.t. act, says 'after section 80a, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1968.....' 4. as a result of this amendment by ..... . addl. cit). after the decision of the supreme court, the legislature, by finance (no. 2) act of 1980, inserted s. 80aa but this amendment was with retrospective effect from april 1, 1968. in the statement of objects explaining the reasons for the insertion of section 80aa, it was specifically stated that the clause was being introduced so that the effect ..... income with reference to which the relief under section 85a will be granted. as regards assessment years 1968-69 and 1969-70, in view of s. 80aa inserted by the finance (no. 2) act of 1980 with effect from 1st april, 1968, the computation of the relief under s. 80m of the act will be with reference to the net dividend .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]161ITR227(Cal)
..... , as did not exceed 6 per cent. per annum on the capital employed therein computed in the prescribed manner. section 80j was inserted in the act and section 84 was repealed by the finance (no. 2) act, 1967, with effect from april 1, 1968. section 80j provides, inter alia, that where the gross total income of an assessee includes any profits andgains derived from a newly established ..... 30, 1973. on february 19, 1977, the petitioner made an application to the secretary, ministry of tourism, for approval under section 84(3) of the act. the petitioner also made a similar application on february 23, 1977, to the secretary, ministry of finance. the applications are in identical terms which are, inter alia, to the following effect 3'we have received approval under .....
Tag this Judgment!Court : Kolkata
Reported in : [1988]174ITR672(Cal)
..... the new and the old business according to the capital employed and turnover. the commissioner of income-tax (appeals), however, summarily rejected this contention because of the finance (no. 2) act, 1980, by which a new section 80aa had been inserted with effect from april 1, 1968, according to which, for the purpose of computing the deductions under chapter vi of the income-tax ..... assessee had claimed this relief in its letter dated february 8, 1979. the commissioner of income-tax (appeals), however, rejected this claim on the ground that by the finance (no. 2) act, 1980, a new section 80aa had been inserted with retrospective effect from april 1, 1968, according to which, for the purpose of computing the deductions under chapter vi of the income-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD359(Kol.)
..... correct.5. the department disputes the direction of the commissioner (appeals) regarding deduction allowed by him under section 80m. a new section 80aa was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. section 80aa shall be quoted later on. the supreme court pronounced a judgment in the case of cloth traders (supra). the decision of the supreme court was ..... also in respect of section 80m. the supreme court indicated that the deduction under section 80m should be made with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (2005)95TTJ(All.)489
..... came to the conclusion on the facts and no interference is called for.20.1 in the case of cit v. sophia finance ltd. (supra) again, the cit filed a petition under section 256(2) of the it act which was referred to the full bench because correctness of the observations in the judgment of the division bench of the delhi ..... stellar investments ltd. (supra) has not overruled the decision of the full bench of the delhi high court in case of sophia finance ltd. (supra) and therefore, the ao was quite justified in making enquiries under section 68 of the act. he further submitted that if on investigation, the 'share capital' or the 'share application money' or the 'cash credits' ..... not before the supreme court in the aforesaid civil appeal no.1968/1996, order dt. 20th july, 2000. in the case of stellar investment ltd. as decided by the hon'ble delhi high court at p. 105 of 205 itr (in case of sophia finance ltd.) "section 68 of the act was not referred to and the observations in the said judgment .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]181ITR427(Cal)
..... 1979, and opined that the same should not be considered to be fatal to the assessee's claim.5. while dealing with the application under section 256(1) of the act, the tribunal held that although the application had been contested on the ground that the total income determined in respect of this year will get wiped ..... up to the year 1969-70 as well as the unabsorbed depreciation and unabsorbed development rebate admissible in respect of the new industrial undertaking for which the deductions under section 80j and 80-i were claimed, the supreme court decision in the case of rajapalayam mills ltd. v. cit : [1978]115itr777(sc) was no longer ..... according to the capital employed and turnover. the commissioner of income-tax (appeals), however, summarily rejected this contention because of the finance (no. 2) act, 1980, by which a new subsection 80aa had been inserted with effect from april 1, 1968, according to which, for the purpose of computing the deductions under chapter vi of the income-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2006)101TTJ(Delhi)369
..... one of the aspects of the legal contention urged before the tribunal and in this connection reliance was made on the amendment placed to section 80m by section 10 of the finance act, 1968. the high court examined the contention with reference to the statement of objects and reasons and the notes on clauses of the ..... finance bill and found that the reason for omitting certain words from the section was different from what was sought to be urged on behalf of the department. therefore, ..... high court from which the appeal arose, these controversies were not before the supreme court.19. section 80aa introduced by the finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968 as well as section 80ab which was inserted by the same finance act, but w.e.f. 1st april, 1981, have the same effect. the only difference .....
Tag this Judgment!Court : Karnataka
Reported in : [1979]118ITR703(KAR); [1979]118ITR703(Karn)
..... at six per cent. per annum for the purpose of giving the tax concession under s. 84. 7. section 80j was inserted in the act and s. 84 was repealed by the finance (no. 2) act, 1967, with effect from april 1, 1968. section 80j provides, inter alia, that where the gross total income of an assessee includes any profits and gains derived ..... for the revenue, it is necessary to set out briefly the history of the statutory provisions relating to such concession. 4. section 84 which has since been repealed by finance (no. 2) act, 1967, with effect from april 1, 1968, provided inter alia, that income-tax shall not be payable by an assessee on so much of his profits and gains ..... derived from his industrial undertaking to which that section applied, as did not exceed six per cent. per annum on the capital .....
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