Court : Supreme Court of India
Reported in : AIR1975SC946; [1975(30)FLR133]; [1975]99ITR592(SC); 1975LabIC602; (1975)IILLJ12SC; (1975)3SCC862; [1975]3SCR542; 1975(7)LC231(SC)
..... rebate or development allowance) or credit or relief or deduction (not hereinbefore mentioned in this section) in the payment of any direct tax allowed under any law for the time being in force relating to direct taxes or under the relevant annual finance act, for the development of any industry.7. the rates of income-tax applicable to private ltd ..... as contemplated by section 7(e) of the act. 5. aggrieved, the mazdoor sangh impugned the tribunal's award, dated 29-2-1968, by a writ petition under article 227 of the constitution before the high court of bombay. the high court held that the company being an industrial company, was liable to pay tax under the finance act, 1966 at the ..... in the levy of income-tax provided in the finance act, 1966 is to be construed a 'rebate' or 'relief' in the payment of any direct tax, for the development of an industry for the purposes of section 7(e) of the payment of bonus act, 1965, (for short, the bonus act) is the short question that falls to be answered .....
Tag this Judgment!Court : Delhi
Reported in : [1978]48CompCas720(Delhi); [1978]114ITR645(Delhi)
..... the tribunals denominated for this purpose by the law in question. the high court as the company court,which is the alternative court under the companies act as per section 446, cannot possibly deal with subjects like assessment, reassessment or appeals against assessments or reassessments, etc. the whole scheme concerning the computation of income-tax ..... ltd. : [1974]94itr378(delhi) . 2. the facts of the present case are that there is a company, m/s. narula finance (p.) ltd. in liquidation ; the winding-up order was passed on 20th december, 1968 ; since then the winding-up proceedings have resulted in the recovery of some assets. according to the official liquidator, who is present, ..... between creditors. reference has to be made to sections 528 to 530 of the companies act for this purpose. the analysis need not be amplified any further. 12. in the present case, the position is quite a simple one. the company went into liquidation in the year 1968. the realisation of the assets has not been .....
Tag this Judgment!Court : Delhi
Reported in : (1982)26CTR(Del)401; ILR1981Delhi555; [1982]134ITR23(Delhi)
..... amendment, effective 1-4-1969, by the finance act, 1969 which substituted, for the words underlined above, the following words: 'deduction of the whole of such income'. (3) for the assessment year 1968-69, for which the relevant previous year was calendar year 1967, the assessed was granted relief under section 80o. similarly, for the assessment year 1969-70 ..... to the government of india for its approval under section 80o of the income-tax act, 1961. the approval was also obtained on 2-2-1968. this provision, at the time of its enactment, with effect from 1-4-1948, by the finance (no. 2) act, 1967, was in the following terms : 'sec. 80o. deduction in respect of royalties, etc., ..... october of that assessment year. he derives support for this construction of the section by referring to the section as it was amended w.e.f. 1-4-1972 by the finance (no. 2) act, 1971. apart from certain changes in the body of the section which are not relevant for our present purposes, the portion of the amended .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)23CTR(Cal)180,[1983]139ITR763(Cal)
..... may incidentally be mentioned that prior to section 80-i, the subject-matter covered by section 80-i was dealt with by section 80e, which was inserted by the finance act of 1966 with effect from april 1, 1966. that section was deleted and section 80-i was introduced with effect from april 1, 1968. it may also be mentioned that this section 80-i has subsequently been deleted ..... . it would also be material for the present purpose to refer to chap. vi which deals with deductions under several sections, viz., sections 80j, 80m, etc. section 80h .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1983)37CTR(MP)245; [1984]146ITR178(MP)
..... the words 'income by way of dividends' as they occur in section 80m. it may be here mentioned that by the finance act, 1980, parliament has introduced section 80aa with retrospective effect from 1st april, 1968, to get over the ruling of the supreme court. by section 43 of the finance act, 1981, the following explanation has been added in rule 1 :' ..... total income in computing the chargeable profits as provided under clause (viii) of rule 1 of the first schedule to section 2(5) of the companies (profits) surtax act, 1964?'the relevant assessment year is 1968-69. the assessee is a company and the reference relates to assessment of surtax. the assessee had received gross dividend ..... received from indian companies on the ground that 60% of the gross dividend income had already been deducted while computing total income under section 80m of the i.t. act. the tribunal took a different view and following its earlier decisions it allowed the deduction of the entire amount of rs. 59,944.2 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1993)116CTR(SC)55; [1993]205ITR433(SC); [1993]71TAXMAN237(SC)
..... : [1979]118itr243(sc) . by reason of the interpretation placed upon section 80m in cloth traders case : [1979]118itr243(sc) , the legislature had, by the finance (no. 2) act, 1980, introduced sections 80aa and 80ab into the said act. section 80aa was introduced with retrospective effect from april 1, 1968, and section 80ab with effect from april 1, 1981. sections 80aa and 80ab read thus :'80aa. computation of deduction under ..... under section 80m. -where any deduction is required to be allowed under .....
Tag this Judgment!Court : Delhi
Reported in : (1982)29CTR(Del)230; [1983]141ITR595(Delhi)
..... applies as is attributable to that part of such profits and gains on which income-tax is not payable by the company under section 84.' 15. section 85 was deleted by finance (no. 2) act of 1967 with effect from april 1, 1968, and s. 80k was inserted in its place. both these provisions deal with deduction in respect of dividend attributable to profits and ..... of dividends from a company which was entitled to relief under section 84 of the income-tax act ?' 2. the assessed is an individual who has shares in two registered firms and was a shareholder of several companies. the assessment years in question are 1966 ..... , is as follows : 'whether, on the facts and in the circumstances of the case, the assessed was entitled to relief under section 85 of the act as it stood at the relevant time in respect of amounts of rs. 4,494 in the first year and rs. 9,876 for the second year received by way .....
Tag this Judgment!Court : Kerala
Reported in : [1989]177ITR458(Ker)
..... allowance reserve should be included in the computation of capital. similarly, it was argued that the tribunal overlooked the impact of section 80a, which was introduced with retrospective effect from 1-4-1968 by the finance (no. 2) act, 1980, and which has now been fully explained by the supreme court in the supreme court in the decision in ..... question no. 1 is a referable question of law. regarding question no. 2, we are of the view that the impact of section 80a introduced in the income-tax with effect from april 1, 1968, by the finance (no. 2) act, 1980, and the impact of he decision of the supreme court in distributors (baroda) p. ltd., case : [1985]155itr120(sc ..... v. thomas and co. v. cit : [1977]110itr515(ker) , and held that the entire dividend is excludable. the revenue filed applications under section 256(1) of the income-tax act to refer certain questions of law for the decision of this court. it was rejected. thereafter, these original petitions were filed by the revenue.we heard .....
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