Court : Chennai
Reported in : [1978]113ITR737(Mad)
..... the temple on november 30, 1968, and had requested the temple to give them a letter acknowledging donation of the building for production before the income-tax authorities, evidently to claim rebate under section 80g(2)(b) of the act. 7. explanation 5 to section 80g(2) of the act was inserted by the finance act, 1976, with effect from 1st ..... april, 1976, probably with the object of getting over the effect of decisions such as the one rendered by the bombay high court in the aforesaid commissioner of income-tax v. associated cement co. ltd. : [1968]68itr478 ..... a place of public worship of renown throughout tamil nadu for the purpose of section 88(6) of the income-tax act, 1961, as it stood before section 88 was omitted by finance (no. 2) act of 1967, with effect from 1st april, 1968. the appellate assistant commissioner found that sri ranganathaswami temple has been declared as a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2006)101TTJ(Delhi)369
..... one of the aspects of the legal contention urged before the tribunal and in this connection reliance was made on the amendment placed to section 80m by section 10 of the finance act, 1968. the high court examined the contention with reference to the statement of objects and reasons and the notes on clauses of the ..... finance bill and found that the reason for omitting certain words from the section was different from what was sought to be urged on behalf of the department. therefore, ..... high court from which the appeal arose, these controversies were not before the supreme court.19. section 80aa introduced by the finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968 as well as section 80ab which was inserted by the same finance act, but w.e.f. 1st april, 1981, have the same effect. the only difference .....
Tag this Judgment!Court : Karnataka
Reported in : [1979]118ITR703(KAR); [1979]118ITR703(Karn)
..... at six per cent. per annum for the purpose of giving the tax concession under s. 84. 7. section 80j was inserted in the act and s. 84 was repealed by the finance (no. 2) act, 1967, with effect from april 1, 1968. section 80j provides, inter alia, that where the gross total income of an assessee includes any profits and gains derived ..... for the revenue, it is necessary to set out briefly the history of the statutory provisions relating to such concession. 4. section 84 which has since been repealed by finance (no. 2) act, 1967, with effect from april 1, 1968, provided inter alia, that income-tax shall not be payable by an assessee on so much of his profits and gains ..... derived from his industrial undertaking to which that section applied, as did not exceed six per cent. per annum on the capital .....
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 : Chennai
Reported in : [1978]113ITR99(Mad)
..... it therein. hence by his order dated march 20, 1971, he levied a penalty of rs. 6,400 applying the provisions of section 271(1)(c) of the income-tax act, 1961 as amended by the finance act, 1968, that being the minimum penalty impossiable.aggrieved by such levy of penalty, the assessee preferred an appeal to the income-tax appellate tribunal, ..... , thereby rendering the penalty only a technical and purpose less one. as a matter of fact, the amendment of clause (iii) of section 271(1) by section 19 of the finance act of 1968, with effect from april 1, 1968 will support our conclusion in this behalf. as far as the present case is concerned, as we pointed out already, even clause (iii ..... the tax, but it was made as a measure of the income in respect of which the default has been committed because clause (ii) of section 271(1), as substituted by section 19 of finance act of 1968, stated :'in the cases refereed to in clause (c) in addition to any tax payable by him a sum which shall not be less .....
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 : 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 : 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 : 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 .....
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