Court : Delhi
Reported in : ILR1981Delhi102; [1982]137ITR97(Delhi)
..... income of a previous year of any person, any income falling within any of the clauses under section 10 of the act has not to be included. clause (iv)(c) of sub-section (15) of section 10 of the act prior to its amendment by the finance act, 1964 w.e.f. april 1, 1964 read as follows : 'interestpayable by an industrial ..... orders dated september ii, 1969 are quashed and are set aside. the central government in the ministry of finance will reconsider the application of the petitioner dated july 24. 1968 on merits for exemption under section 10(15)(iv)(c) of the act. on the peculiar facts and circumstances of the case, there will be no order as to costs. ..... a foreign country under section 10(15)(iv)(c) of the act contained full information including the forwarding of the copy of the contract and the ministry of industry's (metal section) letter dated january 2, 1964.(7) the first impugned order dated september 11, 1968 says that the government of india in the ministry of finance re-examined the .....
Tag this Judgment!Court : Kerala
Reported in : [1980]126ITR522(Ker)
..... industrial company and whether profits derived by the sale of import entitlements could be treated as export profits for the purpose of grant of rebate under section 2(4)(a)(i) of the finance (no. 2) act, 1967. as pointed out by pathak j. in the passage above extracted from indian & eastern newspaper society : [1979]119itr996(sc) any error ..... that income chargeable to tax had escaped assessment. the question whether the assessee-company could be regarded as an ' industrial company ' as denned in section 2(7)(d) of the finance (no. 2) act, 1967, as well as the further question whether the profits realised by the assessee by sale of the import entitle merits could be treated as export ..... year was completed by the ito, on april, 29 1968. in that assessment order the ito had stated with reference to the claim put forward by the assessee for the grant of a deduction by way of rebate on export profit under section 2(4)(a)(i) of the finance (no. 2) act, 1967, that such rebate will be given on .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)25CTR(Cal)75,[1982]137ITR777(Cal)
..... only franked investment income if the recipient is a company resident in the united kingdom. (finance act, 1965 section 48(1)). such a company is not chargeable to corporation tax thereon (finance act, 1965, section 50(2)(a)), and so is not exempt from income-tax (finance act, 1965, section 46(2)(b)), unless under a double taxation convention.' 14. in our opinion, ..... be included in the assessee's total income, the tribunal is right in holding that the assessee is entitled to relief under section 91 of the income-tax act, 1961, on such net amount ?' 1967-68 & 1968-69 : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that only ..... out to rs. 16,411, rs. 13,901 and rs. 2,287 in the assessment years 1966-67, 1967-68 and 1968-69, respectively. simultaneously he also allowed reliefs under section 91 of the act on the above inclusions. 3. the assessee, thereafter, being aggrieved, went up before the aac and contended that foreign dividends should .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]182ITR396(Cal)
..... net amount with a view 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 to the income-tax act, 1961, with retrospective effect from 1st april, 1968. since in several cases, the high courts, following the said decision of the supreme court, held that even for purposes of ..... be excluded from such total income.12. dr. pal has drawn our attention to section 80aa of the income-tax act inserted by the finance (no. 2) act of 1980 with effect from april 1, 1968. the said section lays down 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 .....
Tag this Judgment!Court : Mumbai
Reported in : (1990)92BOMLR659; [1991]187ITR517(Bom)
..... deduction under this section is claimed and allowed for any assessment year.... deduction shall not be allowed in respect of ..... business or profession. each of these sections is independent. wherever the legislature has intended that a deduction under one section will deprive the assessee of a right to claim a deduction under another section, it has expressly so provided. for example, section 35b provides for export markets developments allowance. section 35b(2) which was introduced from april 1, 1968, by the finance act, 1968 (since deleted), states 'where a .....
Tag this Judgment!Court : Delhi
Reported in : 76(1998)DLT832; [1999]236ITR766(Delhi)
..... from time to time. for our pur-poses it would suffice to note that section 35b was introduced into the body of the main act by the finance act, 1968 w.e.f. 1.4.1968. the words before the first day of march, 1983 in section 35b(1)(a) were inserted by the finance act, 1983 w.e.f. 1.4.1983. sub-clause (ii)(iii) (v)(vi ..... )(viii) were omitted by the finance ( no.2) act 1980 from 1.4.81.7. the rule ..... 6aa of income-tax rules, 1962 reads as under :-6aa. for the purposes of sub-clause (ix) of clause (b) of sub-section (1) of section 35b, other activities for .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR771(Guj)
..... of the definition of 'gross total income' given in clause (5) of section 80b, and the amendment which is made in sub-section (2) of section 33, which relates to development rebate, by the same finance (no. 2) act of 1967 with effect from april 1, 1968. the definition shows that the expression 'gross total income' not only means the ..... company to which this section applies, where the gross total income includes any profits and gains attributable to any ..... new chapter vi-a has replaced the old chapter vi-a which contained corresponding section as regards deduction to be made in computing total income. this substitution came into force by virtue of finance (no. 2) act, 1967, with effect from april 1, 1968. substituted section 80-i is in the following terms : '(1) in the case of a .....
Tag this Judgment!Court : Mumbai
Reported in : (1991)91CTR(Bom)163; [1992]194ITR167(Bom)
..... to the legislative 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 april 1, 1968. in several cases, high courts have held that, even for the purposes of determining chargeable profits under the companies (profits ..... company.21. to get over the supreme court decision in cloth traders (pvt.) ltd. : [1979]118itr243(sc) , section 80aa was introduced by the finance (no. 2) act, 1980, with retrospective effect from april 1, 1968. it 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, this deduction shall .....
Tag this Judgment!Court : Mumbai
Reported in : (1991)95CTR(Bom)142; [1991]191ITR403(Bom)
..... (no. 2) act, 1967, was submitted by the finance (no. 2) act ..... section 80-o of the act was originally dealt with by section 85c of the act. section 85c was inserted in the act by the finance act of 1966, with effect from april 1, 1966. by the finance (no. 2) act of 1967, section 85c of the act was deleted and in place thereof section 80-o was inserted with effect from april 1, 1968. the said section 80-o incorporated in the act by the finance .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1995)127CTR(AP)267; [1995]216ITR510(AP)
..... provisions of chapter vi-a by the said act, section 80ab was inserted. we shall refer ..... as computed in accordance with the provisions of the act. 8. the judgment in that case led to the insertion of section 80aa (by the finance (no. 2) act, 1980) retrospectively with effect from april 1, 1968. that section prescribes the mode for computation of deduction under section 80m. in respect of the deduction allowed under other ..... 7. it may be relevant to note here that similar deductions were allowed under sections 80e (now section 80-i) and section 80m (as it stood on april 1, 1968) of the act, which were included in the same chapter. section 80m provides for special deduction in respect of certain intercorporate dividends. the supreme court .....
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