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Commissioner of Income-tax Vs. Andhra Metal (P.) Ltd.

Court : Kolkata

Reported in : [1988]172ITR153(Cal)

..... order of the tribunal which was passed on august 23, 1976, a new section 80aa was inserted in the income-tax act, 1961, by the finance (no. 2), act, 1980, with retrospective effect from april 1, 1968. the said section reads as follows:' 80aa. 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 is included in the gross total income of the assessee, then, notwithstanding anything contained in that section, the .....

The Commissioner of Income Tax Vs. Ms.B.T.System and Service Limited

Court : Chennai

..... services rendered from india but shall not include services rendered in india.(2) omitted by fa 1974 wef 1-4-75.section 80hhe, introduced in the statute book with effect from 1.4.1991 under finance act no.2 of 1991, is a specific provision for deduction in respect of profits from export of computer software, etc. ..... services would qualify for deduction other than under section 80-o of the income tax act. it may be noted that even for section 80-o, section 85-c was the fore-runner, in substitution of which alone, section 80c was inserted under finance (no.2) act, 1967 with effect from 01.04.1968 and section 80-o was later on amended. in ..... other words, the phrase "technical or professional services" is given a generic meaning for any type of technical or professional services. however, with the introduction of section 80hhe with effect from .....

income-tax Officer Vs. Smt. Gaitri Devi Agarwala

Court : Income Tax Appellate Tribunal ITAT Cuttack

Reported in : (1992)42ITD380Ctk

..... . ever since thereafter section 80c has undergone frequent changes with a view to widening its scope and ..... section 80c would inform that this provision was first inserted in the act by finance act, 1965 with effect from 1 -4-1965 to provide relief relating to payment for securing retiring annuities. the finance act, 1967, however, transferred the above mentioned topic to section 80e recasting, at the same time, section 80c in the present form w.e.f. 1-4-1968 ..... their total incomes for their previous year ending 31-3-1988 relevant to the assessment year 1988-89 which is under consideration, they claimed deductions under section 80c of it act, 1961 in respect of the sums of rs. 10,000 each paid by them on 5-8-1987 as contribution to the security of central .....

Suvardhan Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1998)67ITD104(Bang.)

..... is regarded as 'transfer'. subsequent to the omission of the above sub-section by the finance act, 1987, w.e.f.1-4-1988, section 45(4) is also inserted also w.e.f. 1-4-1988. from the above it is clear that w.e.f. 1-4-1988 ..... distribution of capital assets on the dissolution of a firm, body of individuals or other association of persons was regarded as not 'transfer'. this sub-section is also omitted w.e.f. 1-4-1988 by the finance act, 1987. this would show that any distribution of capital assets on the dissolution of a firm, body of individuals or other association of persons ..... by the jabalpur bench of the tribunal in thermoflics india's case (supra), it is held : "from decisions of supreme court in the case of cit v. dewas cine corpn. [1968] 68 itr 240, cit v. bankey lal vaidya [1971] 79 itr 594 and in malabar fisheries co. v. cit [1979] 120 itr 49, it was clear that on dissolution of .....

Commissioner of Income-tax Vs. Voltas Ltd.

Court : Mumbai

Reported in : [1994]205ITR569(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 ..... effect from april 1, 1981, by the finance act, 1981, should not influence our mind in deciding the question referred to us. 10. shri dwarkadas, learned counsel for messrs standard mills co. ltd., apart from adopting the arguments made in the case of messrs voltas ltd., invited our attention to section 2(5) of the surtax act which defines 'chargeable profits' as well as .....

Commissioner of Income-tax Vs. Voltas Ltd. (i.T.R. No. 177 of 1980).

Court : Mumbai

Reported in : (1993)122CTR(Bom)201; [1993]205ITR569(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 ..... effect from april 1, 1981, by the finance act, 1981, should not influence our mind in deciding the question referred to us.shri dwarkadas, learned counsel for messrs standard mills co. ltd., apart from adopting the arguments made in the case of messrs voltas ltd., invited our attention to section 2(5) of the surtax act which defines 'chargeable profits' as well as rule .....

P.K. Yeshodamma Vs. Commissioner of Income-tax

Court : Kerala

Reported in : [1973]87ITR54(Ker)

..... appeal.4. the question has to be decided on the basis of section 87(1)(a) of the income-tax act, 1961. this section has been omitted with effect from 1st april, 1968, by the finance (no. 2) act of 1967. the section reads as follows:' 87. (1) subject to the provisions of this section, the assessee shall be entitled to a deduction, from the amount of ..... alive a policy on her life or the life of her husband that can be deducted from the income-tax on the total income of the assessee.6. section 64(1) of the act provides as follows :' in computing the total income of any individual, there shall beincluded all such income as arises directly or indirectly- (i) to the spouse of ..... year 1964-65, the income-tax officer included in the income of the wife the share of the income of the husband from the aforesaid firm under section 64(i) of the income-tax act, 1961, by virtue of the explanation thereto, which provides that where both the husband and the wife are partners in the same firm, the spouse to .....

Cit and anr. Vs. Wipro Infotech Ltd.

Court : Karnataka

..... with effect from 1-4-1981. section 80aa had the effect of effacing the decision of the supreme court ..... law with regard to deduction under sections. 80-o and 80ab(5) of the act at para 19 p. 207 which relevant para of the said judgment is extracted as hereunder:two sections 80aa and 80ab of the income tax act, 1961 were introduced by the finance (no. 2) act, 1980. while section 80aa was to have retrospective effect from 1st april, 1968, section 80ab was to have operation .....

i.T.C. Limited Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1994]205ITR126(Cal)

..... . the concept of initial depreciation re-emerged and made its entry in the new act by the finance (no. 2) act, 1967, with effect from april 1, 1968. but the legislature, while reintroducing initial depreciation in the present act, evidently omitted to note that the proviso below clause (6) of section 43 defining 'written down value' should also be correspondingly amended conformably with the legislative policy ..... depreciation mentioned in clause (via) of section 10(2) of the 1922 act, are permitted to be deducted from the 'written down value'. by and large, the cost of replacements is allowed as deduction in lieu of depreciation in respect of certain assets. by the amendments made by the income-tax (amendment) act, 1946, the finance act, 1955, and the finance act, 1956, certain initial depreciation was .....

Orient Paper Mills Limited Vs. Commissioner of Income-tax (Central-i)

Court : Kolkata

Reported in : [1986]158ITR695(Cal)

..... the assessee is nil and, as such, the assessee is not entitled to any relief under section 80-i of the act. as regards the development rebate, the finance (no. 2) act, 1967 amended section 33(2) of the income-tax act, 1961, with effect from april 1, 1968. section 33(2), as amended, is in the following terms :' in the case of a ship ..... rebate for that assessment year under sub-section (1) or sub-section (1a) shall be only such amount as is sufficient to reduce the said total income to nil; and......' 4. the underlined portion was inserted by the finance (no. 2) act of 1967. the effect of this amendment is that from the assessment year 1968-69, the deduction on account of ..... and also without making any deduction under chapter vi-a or any deduction on account of annuity deposit under section 280-0.5. in view of the provisions contained in section 80a(2) and the amended section 33(2) of the act, the question in this reference is answered in the affirmative and in favour of the revenue.6. there .....