Court : Supreme Court of India
Reported in : (1998)147CTR(SC)29
..... ) ...(b) ...(c) a society engaged in the marketing of the agricultural produce of its members; or ....'by finance act no. 2 of 1967, s. 81 was deleted w.e.f. 1st april, 1968 and s. 80p was incorporated in the act w.e.f. 1st april, 1968. sec. 80p(2)(a)(iii) after omitting the portion with which we are not concerned, reads as follows :'80p ..... the exemption in s. 81(1)(a)/80p(2)(a) one should look at the whole scheme of the provisions containing in ss. 81, 82 and 93 of the 1961 act till their amendment in 1968 and s. 10(29) and 80p thereafter. all these provisions correspond to one subject-matter dealt with in ss. 14(2)(b) of the 1922 ..... act. if we read all those sections together then it will be apparent that there is no reason to restrict the scope of the exemption by giving an unduly narrow meaning to the word .....
Tag this Judgment!Court : Kerala
Reported in : [1978]112ITR341(Ker)
..... on the income declared by the assessee. the latter part is only a machinery provision and the earlier provisions provides what is envisaged by section 4 of the income-tax act, 1961, that the finance act, 1965, shall declare the rates applicable. neither of these things can alter the liability, a liability that arises and stems from the existence ..... of the income-tax act containing the charging section, section 4. we have no doubt that the liability is a liability that arose on the valuation date (vide the supreme court decision in h. h. sethu parvati bayi v. commissioner of wealth-tax : [1968]69itr864(sc) ) and that the liability was a ..... debt owed by the assessees on the valuation dates falling under section 2(m) of the wealth-tax act, 1957. the wealth-tax officer was, therefore, in error in not having deducted the income- .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]110ITR151(Guj)
..... ,78,583 was deducted from the total income claiming that amount to be relief under section 84 of the income-tax act, 1961 (hereinafter referred to as 'the act'). section 84 subsequently came to be deleted by finance (no. 2) act, 1967, and the deletion has been with effect from april 1, 1968. on december 13, 1967, the assessee-company filed a revised return showing therein the ..... . : [1974]93itr548(bom) was considering the provisions of section 15c of the act of 1962 which,as we have pointed out, was in identical terms as section 84 of the act of 1961. it must also be pointed out that though section 84 was repealed with effect from april 1, 1968, by finance (no. 2) act, 1967, a new section 80j with minor variations which are of no relevance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)14ITD450(Delhi)
..... chargeable under the income-tax act under the head 'interest on securities' derived from any ..... under the income-tax act under the head 'capital gains' ; (ii) any compensation or other payment as is referred to in clause (ii) of section 28 of the income-tax act; (iv) any income referred to in sub-section (2) of section 41 of the income-tax act; (v) [omitted by the finance (no. 2) act, 1967, with effect from 1-4-1968 ;] (vi) income ..... us to place on this provision would make it anomalous. under rule 1(xi)(a), the reserve to be deducted is as provided in section 17(1) of the banking companies act. that section provides that every banking company shall create a reserve fund out of its profits by transferring a sum equivalent to not less than 20 per .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)94ITD446(Mum.)
..... hon'ble supreme court has laid down the following, amongst others, propositions: (i) as expressed in the speech of the finance minister white introducing section 85c in the income-tax act, 1961, the principal objective of section 80-o is to supply technical know-how or render technical services to developing countries and not the mere augmentation of foreign ..... ' has not been defined in the income-tax act, 1961.deduction as available under section 80-o in respect of technical services' was originally available under section 85-c till 31.3.1968.the object of the said provision when it was first introduced as section 85c in the income-tax act, 1961, was stated in board's circular no ..... registered firms deriving income from a profession as provided in sub-paragraph ii of paragraph c of part i of the first schedule to the finance act, 1976, and the finance (no. 2) act of 1977.30. the aforesaid propositions of law are squarely applicable to the case of the assessee before us. in our view, the .....
Tag this Judgment!Court : Delhi
Reported in : AIR1989Delhi163; 36(1988)DLT397; 1989(16)DRJ172
..... tibbia college is affiliated to the university of delhi imparting education in unani system of medicine. all its income is exempt from taxation under section 10(22) of the indian income-tax act. admittedly apart from constitution fee its finances are derived from contribution form hamdard dawakhana (waqf) and the hamdard national foundation (india). it is also not disputed that respondent no. i ..... the losses are made up by these organisations. learned counsel further submitted that in fact jamia tibbia purchased three properties in the year 1968-69 i.e. two buildings bearing no. 1455-1456 qasimjan street, delhi on 20th january, 1968 and the adjoining property no. 1457 on the same street on 20th november, 1969. respondent no. i is thereforee, not likely to .....
Tag this Judgment!Court : Delhi
Reported in : [1971]80ITR101(Delhi)
..... being availed of against the income of subsequent years. even as regards the deduction in section 80j of the of act of 1968, mr. kirpal urged that the section had been inserted in place of original section 84 which was deleted by the finance (no. 2) act, 1967 with effect from april 1, 1968, but its benefit was made effective from april 1, 1967, only by expressly providing ..... for the same. similar language was used in other provisions also wherever the legislature wanted to give retrospective effect to them. see section 31 of the indian income .....
Tag this Judgment!Court : Kerala
Reported in : [1994]207ITR319(Ker)
..... a society engaged in the marketing of the agricultural produce of its members ; or . ...' 9. section 81 was deleted by the finance (no. 2) act of 1967, with effect from april 1, 1968. section 80p was incorporated by the same act with effect from the same date. section 80p(2)(a)(iii) of the act is as follows :'80p. (2) the sums referred to in sub ..... -section (1) shall be the following, namely : -- (a) in the case of a co-operative society ..... incomes of co-operative societies are to be replaced by the provisions in section 80p in the new chapter vi-a of the act with effect from april 1, 1968, i.e., for and from the assessment year 1968-69. under the new section 80p of the act, co-operative societies will be entitled to a deduction, in the computation .....
Tag this Judgment!Court : Gujarat
Reported in : [1986]162ITR761(Guj)
..... the topic covered by section 80-i was dealt with by original section 80e, which was inserted by the finance act, 1966, with effect from april 1, 1966. that section, i.e., section 80e, was deleted and in its place the above section 80-i was introduced by the finance (no. 2) act, 1967, with effect from april 1, 1968. the income-tax ..... however, so far as the years under consideration are concerned, this section under which the assessee claimed relief was in existence. it further appears that ..... assessee claimed deduction in respect of profits and gains under section 80-i of the income-tax act, 1961 (hereinafter referred to as 'the act'), attributable to products manufactured at plant at serial no. 2. it may be mentioned here that section 80-i of the act has been deleted by the finance act, 1972, with effect from april 1, 1973. .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]162ITR880(Cal)
..... in respect of the net amount of such dividends computed in accordance with the provisions of section 57 of the said act ?'2. in view of the provisions of section 80aa of the income-tax act, 1961, inserted by the finance (no. 2) act, 1980, with restrospective effect from april 1, 1968, we answer the question by saying that the assesste will not be entitled to relief ..... under section 80m in respect of the gross amount of dividends but it will be entitled to relief under the said section only in respect .....
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