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 : AIR1976SC606; 1987(30)ELT320(SC); [1976]102ITR533(SC); (1976)1SCC536; [1976]2SCR894
..... benefit with which we are concerned. the finance (2) act of 1967 substituted the earlier provisions in that behalf in chapter vi-a in the income tax act, 1961 with effect from april 1, 1968. we will, therefore, read the provisions of the material sections in this chapter, namely, sub-sections (1) and (3) of section 80-j and section 80-k:80-j. (1) where ..... vishakhapatnam and it commenced production in december 1967.3. there is no dispute that the company as such fulfilled the appropriate conditions laid down under sub-section (1) of section 80-j of the act to qualify for deduction in respect of profits upto an extent of six per cent per annum on the capital employed in respect of profit for ..... a hotel, on which no tax is payable by the company under this act for any assessment year commencing prior to the 1st day of april, 1968, or in respect of which the company is entitled to a deduction under section 80-j.13. a perusal of sections 80-j(3) and 15-c would clearly show the difference in the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1976)1SCC536a
..... benefit with which we are concerned. the finance (2) act of 1967 substituted the earlier provisions in that behalf in chapter vi-a in the income tax act, 1961 with effect from april 1, 1968. we will, therefore, read the provisions of the material sections in this chapter, namely, sub-sections (1) and (3) of section 80-j and section 80-k:80-j. (1) where ..... vishakhapatnam and it commenced production in december 1967.3. there is no dispute that the company as such fulfilled the appropriate conditions laid down under sub-section (1) of section 80-j of the act to qualify for deduction in respect of profits upto an extent of six per cent per annum on the capital employed in respect of profit for ..... a hotel, on which no tax is payable by the company under this act for any assessment year commencing prior to the 1st day of april, 1968, or in respect of which the company is entitled to a deduction under section 80-j.13. a perusal of sections 80-j(3) and 15-c would clearly show the difference in the .....
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 : Supreme Court of India
Reported in : AIR1979SC1691; (1979)10CTR(SC)393; [1979]118ITR243(SC); (1979)3SCC538; [1979]3SCR984
..... , material and that was made by finance act 1968 by which the words 'received by it' occurring in sub-section (1) of section 80m were omitted with effect from 1st april, 1968. the finance act of 1968 also provided in sub-sections (2) and (3) of section 31 that notwithstanding the omission of section 99, sub-section (1), clause (iv) and section 85a, the provisions of those sections shall have and be deemed always to ..... for which the words 'received by it' were deleted. it is clear from the notes on clause 31 which subsequently became section 31 of the finance act, 1968 that the amendments retrospectively deleting the words 'received by it' from the opening part of section 99, sub-section (1), clause (iv) and section 85a were made with a view to widening scope of the relief granted under these .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1979SC1897; (1979)12CTR(SC)198; [1979]120ITR1(SC); (1979)4SCC118; [1980]1SCR199; 1979(11)LC617(SC)
..... is not regarded by the statute as filed within the time originally prescribed.12. accordingly, we are of opinion that clause (iii) substituted in sub-section (1) of section 271 of the income tax act, 1961 by the finance act, 1968, governs the case before us and, therefore, the penalty imposed on the assessee in the instant case is covered by that provision.13. we answer ..... determined the figure of concealed income at rs. 7,357.4. the income tape officer instituted penalty proceedings, and applied clause (iii) of sub-section (1) of section 271 of the act, as it stood after amendment by the finance act, 1968. having regard to the minimum penalty which, in his opinion, was leviable, he referred the case to the inspecting assistant commissioner. the inspecting assistant .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1987]168ITR744a(SC); 1988Supp(1)SCC481; 1988(Supp)SCC487
..... and chilled air through air-conditioning apparatus to the lessees in the building under consideration, it was an industrial company within the meaning of section 2(6)(d) of the finance act, 1968 and section 2(6)(c) of the finance acts, 1969 and 1970, as it could be said to have engaged in the manufacture or processing of goods and therefore, the rate of tax applicable .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1991SC2285; (1991)98CTR(SC)225; [1991]192ITR155(SC); JT1991(3)SC599; 1991(2)SCALE466; (1991)4SCC467; [1991]3SCR888
..... account being the financial year 1965-66 ending on march 31, 1966, the respondent claimed relief contemplated by section 84 of the act (as it stood prior to its being deleted with effect from april 1, 1968 by finance (no. 2) act, 1967). the income tax officer took the view that since the respondent had started production of cellulose pulp ..... the fact that cellulose pulp for captive consumption was manufactured in that year. according to him, therefore, the period of five years contemplated by sub-section (7) of section 84 of the act would represent the assessment year 1962-63 and the four assessment years immediately succeeding and in this view of the matter the high court was right ..... that the rule of interpretation canvassed by learned counsel for the respondent may be taken to. in the instant case a plain reading of sub-section (7) of section 84 of the act makes it clear without any doubt that the period of five years was to start from the assessment year relevant to the previous year in .....
Tag this Judgment!