Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: recent Page 1 of about 324,163 results (0.556 seconds)

Commissioner of Income-tax, Gujarat Vs. Ahmedabad Kaiser-i-hind Mills ...

Court : Gujarat

Reported in : [1983]141ITR472(Guj)

..... for the assessment year commencing on the april 1, 1968, income-tax shall be charged at the rates specified in part i of the first schedule ..... rates shall be charged for that year in accordance with, and subject to the provisions of, this act in respect of the total income of the previous year or previous years, as the case may be, of every person :...... section 2(1) of the finance act, 1968 : 2. income-tax. -(1) subject to the provisions of subsections (2) and (3), ..... was no liability to basic tax, the question of levy of additional tax in respect of excess dividends did not arise under the provisions of the finance act, 1968, for the assessment year 1968-69 a) in the affirmative and against the revenue for the reasons specified hereinabove q 5. whether, on the facts and in the circumstances of .....

Commissioner of Income-tax Vs. Vijaya Retreaders

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 .....

income-tax Appellate Tribunal Vs. B. Hill and Co. (P.) Ltd.

Court : Allahabad

Reported in : (1982)29CTR(All)301; [1983]142ITR185(All)

..... f of part i of the first schedule to the finance act, 1965, or that the assessee-company was an ' industrial company ' within the meaning of section 2(7)(d) of the finance act, 1966, and the finance (no. 2) act, 1967, or section 2(6)(d) of the finance act, 1968, or section 2(6) of the finance act, 1969, so as to be entitled to the concessional ..... rates of tax in the assessment years 1064-65, 1965-66, 1966-67, 1967-68, 1968-69 and 1969-70? (2) ..... 1 )(ii) of the proviso to paragraph f of part i of the first schedule to the finance act, 1968 (2) whether the income-tax appellate tribunal was light in holding that the assessee is not a company as is mentioned in section 108(b) on the ground that the orient carpet ., london, of which the assessee is a subsidiary .....

M/S. Vijay Industries Vs. Commissioner of Income Tax

Court : Supreme Court of India

..... is to be charged at the rate or rates fixed for the year by the annual finance act. also the levy is to be on the total income of the assessable entity, computed in accordance with the provisions of the act. section 5 lays down the scope of the total income. while computing the total income, certain ..... the legislative intent and with a view to setting at naught such interpretation. parliament, by section 12 of finance (no.2) act, 1980, introduced in the income tax act, 1961, section 80-aa with retrospective effect from april 1, 1968, that is, the date when section 80-m was originally enacted, providing that the deduction required to be allowed under ..... section 80-m in respect of inter-corporate dividends shall be computed with reference to 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 .....

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 .....

Commissioner of Income-tax Vs. D.P. Kanodia

Court : Allahabad

Reported in : [2008]296ITR616(All)

..... employer towards reimbursement of the expenditure incurred by the assessee it would not fall under the aforesaid clause. similar provision existed under section 40a(5)(a)(ii) and section 40(a)(v) inserted by the finance (no. 2) act, 1971, and finance act, 1968, with effect from april 1, 1969, respectively. the apex court in the case of cit v. mafatlal gangabhai and co. ..... the by-pass surgery. moreover, it cannot be treated as a benefit.11. thus, it would also not qualify under sub-clause (a) of sub-section (2) of section 17 of the act as it cannot be considered as a amenity or benefit granted by the employer.12. in this view of the matter, we answer the question in ..... in holding that the reimbursement of medical expenses to an employee being the director of the company, is not 'perquisite' within the meaning of section 17(2)(iii)(a) of the income-tax act, 1961?2. the present reference relates to the assessment year 1990-91.briefly stated the facts giving rise to the present reference are as .....

Pondy Metal and Rolling Mills (P) Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... in the circular of cbdt no. 6p(lxxxvi-66) of 1968, dated 6-7-1968 in which in paras 72 and 74, it is stated para 72: the finance act, 1968, has introduced a new section 40a in the income tax act with effect from 1-4-1968. under sub-section (2) of new section 40a, expenditure incurred in a business or profession for which payment ..... assessee. in the facts and circumstances of the case, we are of the view that the assessing officer is not justified to invoke the provisions of section 40a(2) of the act in the case of the assessee.hence, we direct to delete the same.10. the second and third grounds of appeal relate to the order ..... to the income of the assessee. on appeal, the learned commissioner (appeals) has confirmed the addition made by the assessing officer by invoking the provisions of section 40a(2) of the act by observing as under: 7. i have carefully considered all the relevant records and the arguments of the learned authorised representative of the appellant company. regarding .....

The Assistant Commissioner of Income Tax Vs. Abcon Engineering and Sys ...

Court : Karnataka

Reported in : (2007)208CTR(Kar)146; [2006]287ITR201(KAR); [2006]287ITR201(Karn)

..... operation with effect from april 1, 1981. section 80aa had the effect of effacing the decision of the supreme court ..... purpose of deduction under section 80-o. 12. supreme court has considered section 80ab in a judgment in motilal pesticides (i) pvt ltd., v. cit : [2000]243itr26(sc) and ruled as under;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 april 1, 1968, section 80ab was to have .....

Punjab State Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)292ITR268(Chd.)

..... after referring to the decision in the case of distributors (baroda) (p) ltd. (supra) as well as the fact of introduction of section 80aa by the finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968, overruled the judgment of the bombay high court; in the case of cit v. united general trust (p) ltd. . the position ..... referred to its own decision in the case of cit v. united general trust ltd. (supra) and the provisions of section 80aa introduced by the finance (no. 2) act, 1980 w.e.f. 1st april, 1968 to support the answer in favour of the revenue. the hon'ble supreme court having answered the question raised by the ..... , i.e., dividend minus admissible expenditures. with a view to supersede the aforementioned decision of the supreme court, section 80aa was inserted by finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968 providing that deduction under section 80m is to be allowed on the net dividend as computed in accordance with the provisions of the .....