Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: recent Court: delhi Page 1 of about 42,260 results (0.202 seconds)

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 .....

Assistant Commissioner of Income Vs. Eicher Ltd.

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 .....

Commissioner of Income-tax Vs. East West Linkers (P.) Ltd.

Court : Delhi

Reported in : (2002)178CTR(Del)294; [2001]250ITR83(Delhi)

..... v. cit : [1986]157itr253(delhi) wherein it was held that the activity undertaken by the assessed came within the definition of 'industrial company' in section 2(6)(d) of the finance act, 1968. that being the position, we answer the question referred in the affirmative, in favor of the assessed and against the revenue.7. the reference stands ..... however, held that the assessed was producing garments manufactured from cloth and the unit for producing garments was an industrial undertaking within the meaning of section 80j of the act. the matter was carried in appeal before the tribunal by the revenue. the tribunal referred to some earlier judgments rendered by it and held ..... industrial undertaking, and that its manufacturing unit had started functioning during the assessment year in question and, thereforee, it was entitled to relief under section 80j of the act. the income-tax officer, however, was of the view that the business carried on by the assessed could not be held to bo an industrial .....

Commissioner of Income-tax Vs. Gurbachan Lal

Court : Delhi

Reported in : (2001)168CTR(Del)266; [2001]250ITR157(Delhi); [2001]116TAXMAN138(Delhi)

..... relevance to the present dispute. originally, the word 'deliberately' existed which was omitted by the finance act, 1964, with effect from april 1, 1964. an explanationn was inserted at the end of sub-section (1) of section 271, by the said finance act (section 40 of the finance act, 1964). in between, by the finance act, 1968, the base for levy of penalty became the amount of concealment as against the quantum ..... of tax sought to be avoided under the then existing provisions. subsequently, further amendments were brought by the taxation laws (amendment) act, 1975 (section 61 of the said amending act). four explanationns .....

Continental Construction Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Reported in : [1990]69CompCas268(Delhi); (1990)85CTR(Del)116; [1990]185ITR178(Delhi)

..... of rule 2 of part a of the fourth schedule.' 77. section 40a was enacted with effect from april 1, 1968. by the finance (no. 2) act, 1971, sub-clause (v) of section 40(a) was omitted and sub-section (5) was inserted in section 40a. sub-section (1) and sub-section (5) of section 40a with effect from april 1, 1972, are as under ..... : '40a. expenses or payments not deductible in certain circumstances. -(1) the provisions of this section shall ..... certain foreign enterprises, was first dealt with by section 85c which was inserted in the income-tax act with effect from april 1, 1966. by the finance (no. 2) act, 1967, section 80o was inserted in place of 85c with effect from april 1, 1968. amendments were made to the said section from time to time and during the previous .....

Jeevan Thread Mfg. Pvt. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)40ITD152(Delhi)

..... 1986] 157 itr 253, wherein it was said to have been held that stitching of readymade garments amounted to processing of goods within the meaning of section 2, sub-section (6)(d), of the finance act, 1968. the learned commissioner of income-tax (appeals) confirmed the assessment order on the point with the following observation : " similarly, in cit v. ..... the learned commissioner of income-tax (appeals) no doubt, has noted the facts and relation, but did not comment upon the operation of section 40a(2) of the act. this 'section was specifically applied by the income-tax officer and thus absence of this aspect by the learned commissioner of income-tax (appeals) is not ..... that the payment was made due to business expediency. the learned income-tax officer, taking note of the situation and keeping in view the provisions of section 40a(2) of the act, made a disallowance of rs. 75,000, with the following observations ; "there appears discrimination between the sales made to messrs. navin bharat co .....

Punjab National Bank Vs. Surtax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)14ITD450(Delhi)

..... chargeable under the income-tax act under the head 'interest on securities' derived from any ..... under the income-tax act under the head 'capital gains' ; (ii) any compensation or other payment as is referred to in clause (ii) of section 28 of the income-tax act; (iv) any income referred to in sub-section (2) of section 41 of the income-tax act; (v) [omitted by the finance (no. 2) act, 1967, with effect from 1-4-1968 ;] (vi) income ..... us to place on this provision would make it anomalous. under rule 1(xi)(a), the reserve to be deducted is as provided in section 17(1) of the banking companies act. that section provides that every banking company shall create a reserve fund out of its profits by transferring a sum equivalent to not less than 20 per .....

Addl. Commissioner of Income-tax, Delhi-i Vs. Seth Vineet Virmani

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 .....

The Commissioner of Income Tax, Delhi-1, New Delhi Vs. Indian Institut ...

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 .....

Additional Commissioner of Income-tax, Delhi-i Vs. Kalsi Tyre (P.) Ltd ...

Court : Delhi

Reported in : [1981]131ITR636(Delhi)

..... decisions are applied, it will be quite clear that the assessed in the present case is engaged in the processing of goods within the meaning of the finance act, 1968. in this connection, we may point out that on the facts before them the aac and the tribunal have found that the machinery employed by the ..... income-tax reference raises the question whether the assessed-company is entitled to the concessional rate of tax provided to an industrial company by the finance act of 1968. section 2(6)(d) of the above act defines as industrial company as follows : ''industrial company' means a company which is mainly engaged in the business of generation or distribution of ..... tyres. its claim that it was an industrial company within the meaning of the definition contained in the relevant finance act was being rejected by the department. but when the assessed appealed to the aac for the assessment year 1968-69, he took a different view. he observed : 'the appellant says that the company should be .....