Court : Punjab and Haryana
Reported in : [1998]234ITR81(P& H)
..... at 55 per cent, of its total income as an industrial company. it was held that the expression used in the definition of 'industrial company' in section 2(6)(d) of the finance act, 1968, is 'manufacture or processing of goods'. therefore, it is enough if the assessee, in order to get the benefit of the lower rate of tax, ..... the firm to claim it as an industrial undertaking,12. a question, whether a company publishing a fortnightly journal, was an industrial undertaking within the meaning of section 2(6)(d) of the finance act, 1968, has been examined by the madras high court in cit v. commercial laws of india pvt. ltd. : [1977]107itr822(mad) . the assessee-company, ..... the firm. the plea of the assessees was that under sub-section (1) of section 5 of the act, wealth-tax was not payable by an assessee in respect of the assets specified in the clauses of sub-section (1). clause (xxxii) was inserted in section 5(1) of the act by the finance act, 1972, with effect from april 1, 1973, and it .....
Tag this Judgment!Court : Gujarat
Reported in : (1994)122CTR(Guj)164; [1995]212ITR614(Guj)
..... high court in cit v. casino (pvt.) ltd. : [1973]91itr289(ker) wherein the division bench, while dealing with the word 'processing' appearing in section 2(6)(d) of the finance act, 1968, observed that it was evident from the context in which that word was used that it was complementary to the term 'manufacture' and, therefore, would not ..... examination might indicate loss of moisture content, that it not sufficient for holding that the stored articles have undergone a 'process' within the meaning of section 2(7)(c) of the finance act, 1973. with great anxiety we have gone through the facts of the said case and the principle of law as discussed therein. we, however, ..... trades dealing in or using cotton. the assessee-company claimed that pressing of cotton fell within the expression 'processing of goods' within the meaning of section 2(7)(c) of the finance act, 1973, and, therefore, it was an 'industrial company' entitled to the concessional rate of tax. this court held that loose cotton in bulk .....
Tag this Judgment!Court : Chennai
Reported in : [1999]238ITR529(Mad)
..... be said to take place.' ' (iii) what their lordships of a division bench of the delhi high court said, as respects the expression 'processing of goods' used in section 2(6)(d) of the finance act, 1968, in the case of addl cit v. kalsi tyre (p.) ltd. : [1981]131itr636(delhi) , reads as under (headnote) : 'the expression 'processing of goods' ..... used in section 2(6)(d) of the finance act, 1968, refers to a wide category of activities. the expression means the subjection of the goods to some special process of treatment. it may be for the purpose of ..... p.) ltd. : [1981]131itr636(delhi) , held that the assessee was engaged in 'processing of goods' and was an 'industrial company', as defined in section 2(7)(c) of the finance act (no. 2) act, 1977, and was liable to tax only at the lower rate of 55 per cent.23. in the backdrop and setting of the principles, as enunciated .....
Tag this Judgment!Court : Karnataka
Reported in : (1993)109CTR(Kar)106; [1993]201ITR1002(KAR); [1993]201ITR1002(Karn); 1993(37)KarLJ140
..... trading concern as it is mainly intended for trading and not for production or manufacture 6. this decision is based on the definition of industrial company in section 2 (6) (d) of the finance act, 1968. 7. the madras high court also took a similar view in cit v. buhari sons pvt. ltd. [1983] 144 itr 12. the decision is ..... under section 2 (7) (d) of the finance act, 1966. the bench held that the definition is always subject to the context and the expression 'manufacture' does note cannot a trading ..... 8. koshy's pvt. ltd. v. cit : [1985]154itr53(kar) is a decision of this court which was concerned with section 2 (8) (c) of the finance act, 1975. the phrase 'mainly engaged in' is found in all the above referred finance acts. the bench considered the scope of the terms 'processing' and 'manufacturing' and thereafter held as follows (at page 58) : .....
Tag this Judgment!Court : Gujarat
Reported in : [1972]85ITR315(Guj)
..... the determination of the question : one is section 271, sub-section (1), clause (c), and the other is section 274, sub-section (2). section 271, sub-section (1), clause (c), provides - and here we are setting out the section as it stood during the assessment year 1961-62 prior to its amendment by the finance act, 1968 - that if the income-tax officer, in ..... the course of any proceedings under the act, is satisfied that any ..... (1) calling upon the assessee to show cause why penalty should not be imposed on the assessee for concealment of income under section 271(1)(c) of the income-tax act, 1961. now, according to the computation made by the income-tax officer, the income-tax payable by the assessee on the total income of .....
Tag this Judgment!Court : Kerala
Reported in : [1973]91ITR289(Ker)
..... the view taken by the appellate tribunal that the assessee is an ' industrial company ' within the meaning of the definition contained in section 2(6)(d) of the finance act, 1968. we do not think that the activity carried on by the assessee in preparing articles of food from raw materials constitutes manufactureor processing of ..... of manufacturing. a company engaged in the process of manufacturing being included in the definition of an industrial company by the definition in section 2(6)(d) of the finance act, 1968, the assessee claimed that it should be taxed at the rate applicable to an industrial company. the appellate assistant commissioner found that ..... assessee was an industrial company. this reference has arisen out of the said order of the tribunal.3. section 2(6)(d) of the finance act, 1968, defines an ' industrial company '. that reads thus :' 2. (6) for the purposes of this section and the first schedule,--. ... (d) ' industrial company' means a company which is mainly engaged .....
Tag this Judgment!Court : Kerala
Reported in : [2002]253ITR53(Ker)
..... that case the question that came up for consideration was whether the assessee was entitled to a concessional rate of tax provided to an industrial company by the finance act, 1968. 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the ..... : [1991]191itr656(sc) , where the supreme court held that the appellant-company running a cold storage was not an industrial company for the purpose of section 2(7)(c) of the finance act, 1973. it was held that in a cold storage there was no processing of goods. in a bench decision of this court in cwt v. mrs ..... manufacture resulting in the production of commercially a new commodity different from the old and worn out castings. therefore, the assessee is entitled to deduction under section 80-i of the act.3. we heard learned counsel for the revenue, sri p. k. ravindranatha menon. learned counsel for the revenue contended that retreading is only replacing .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1977]106ITR76(SC)
..... services of any deceased person, or which is chargeable under that head under clause (ii) of sub-section (2) of section 56 of the income tax act, and xx xx xx xx28. clause (ii)of section 109 was again amended by finance act, 1968 (act 19 of 1968) with effect from april 1, 1969. as a result of this amendment, the clause read as ..... .23. in 1959 the statutory percentage was raised to 50 per cent for industrial companies and to 65 per cent for non-industrial companies by means of section 11 of finance act, 1959 (no. 12 of 1959) with effect from april 1, 1960. the statutory percentage was reduced from 100 per cent to 90 per cent in ..... has, on the other hand, contended that the expression 'a company whose business consists wholly or mainly in the holding of investments' appearing in section 23a of the act as amended by finance act, 1955 means a company whose income is derived from investments in contra-distinction to the income received from manufacturing or processing or trading operations and .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1977SC153; [1977]106ITR45(SC); (1977)1SCC7; [1977]1SCR798
..... past services of any deceased person, or which is chargeable under that head under clause (ia) of sub-section (2) of section 56 of the income tax act, and28. clause (ii) of section 109 was again amended by the finance act, 1968 (act 19 of 1968) with effect from april 1, 1969. as a result of this amendment, the clause read as under: ..... 23. in 1959 the statutory percentage was raised to 50 per cent for industrial companies and to 65 per cent for non-industrial companies by means of section 11 of finance act, 1959 (12 of 1959) with effect from april 1, 1960. the statutory percentage was reduced from 100 per cent to 90 per cent in ..... on the other hand, contended that the expression a company whose business consists wholly or mainly in the holding of investments appearing in section 23-a of the act as amended by finance act, 1955 means a company whose income is derived from investments in contradistinction to the income received from manufacturing or processing or trading operations and .....
Tag this Judgment!Court : Gujarat
Reported in : (2003)184CTR(Guj)312
..... of bharat beedi works (p) ltd. and anr. v. cit : [1993]201itr1063(sc) .20. when section 40a(2) was introduced by the finance act, 1968, the cbdt issued an explanatory circular being circular no. 6-p(lxxvi-66) of 1968, dt. 6th july, 1968. para. 74 of the said circulars reads as under :'74. it may be noted that the new provision is ..... (supra), in that case this court had no occasion to consider the provisions of section 40a(2) of the act because that case related to asst. yrs. 1962-63 to 1965-66 whereas the provisions of section 40a were inserted by the finance act, 1968 w.e.f. 1st april, 1968. moreover, in the aforesaid case, the commodity in question was tobacco and the ..... possible to state that the tribunal was justified in invoking the provision of section 40a(2) of the act and disallow of 50 per cent of the expenditure. as can be seen from the circular dt. 6th july, 1968, issued by the cbdt when the provision of section 40a(2) is invoked the authority is expected to exercise his judgment .....
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