Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... law as interpreted was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, 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, which ..... the original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should be computed not on the basis of gross dividend income but .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... at great length. his arguments/submissions can be summarized as follows: 2. that section 40a(3) was introduced by the finance act, 1968, with effect from april 1, 1968. in the memorandum explaining the provisions in the finance bill, 1968, it was explained that the purpose behind the enactment of the provisions of section 40a(3) was to curb wasteful and lavish expenditure and to counter tax evasion ..... (3). it has been contended by learned counsel sri s.k. tulsiyan that section 40a(3) was introduced by the finance act, 1968 with effect from april 1, 1968. he referred to the memorandum explaining the provisions in the finance bill, 1968 and pointed out that the purpose of introduction of section 40a(3) was to curb wasteful or lavish expenditure in the business or profession and to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD89(Kol.)
..... carried on in preparing articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. a company which carries on such activity will not fall within the definition of an "industrial company" under that provision. the decisions of kerala ..... turn the business of a hotel into a business of manufacturing or processing articles or things and hence the hotel does not-qualify for the benefit of section 32a of the act. it is, therefore, the case of the assessee that the decision of the tribunal in the assessce's own case for the earlier years requires ..... the help of spirit supplied by rampur distillery blends them and adding essence bottles them. this amounts 'manufacturing' and, therefore, is entitled to deduction under section 80hh of the act. it is the contention of the learned ar of the assessee that production of potable liquor involves dilution of the alcohol which is the raw material with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD359(Kol.)
..... correct.5. the department disputes the direction of the commissioner (appeals) regarding deduction allowed by him under section 80m. a new section 80aa was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. section 80aa shall be quoted later on. the supreme court pronounced a judgment in the case of cloth traders (supra). the decision of the supreme court was ..... also in respect of section 80m. the supreme court indicated that the deduction under section 80m should be made with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)52ITD239(Kol.)
..... , but, on the other hand, there was a statutory bar imposed on such claim by section 77(2) of the act. he drew our attention to the judgment of the calcutta high court in the case of ganga metal refining co. (p.) ltd. v. cit[1968] 67 itr 771. on the question of option to assess the a.o.p. or ..... and usha movies and amar jyoti industrial promotion ltd. for exploiting the distribution right of the picture 'bindiya chamkegi'.though the object of entering into the agreements was to secure finance for the purpose of ensuring payment of the huge royalty amounts payable by the assessee in respect of film to the producer m/s. guru dutt films pvt. ltd., ..... of the enterprise and efforts of all the three parties in the exploitation of the distribution rights. though the preamble to the agreements recited that the object is for procuring finance for the assessee, an association or combination with the object of producing income can be spelt out by the other terms of the agreements. the fact that in clause .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD132(Kol.)
..... industry'.the issue before the kerala high court in the case of casino (p.) ltd. (supra) also related to the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. it was held that a hotel was primarily a trading company and preparation of food was not manufacture or processing of goods.in the english case of ..... citv. farrukhabad cold storage (p.) ltd. [1977] 107 itr 816 (all.) has been whether a cold storage is an 'industrial company' as defined in section 2(1)(d) of the finance acts of 1966 and 1967. while accepting the claim that the assessee is an 'industrial company' the court has specifically observed that processing of goods need not lead ..... decision in usha prints india (p.) ltd.'s case (supra) deals with the word 'power' as used in clause (g) of section 2 of the finance act. the clause has a specific definition in that act.in the supreme court decision in the case of h. anraj (supra) the question involved was whether the lottery tickets were goods liable to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD542(Kol.)
..... .) ltd. for the year 1978-79 was also framed by the same officer on 30-1-1980. thereafter, the finance (no. 2) act, 1980 came into force and by that act section 80aa of the act was inserted in the act with retrospective effect from 1-4-1968. according to section 80aa, net amount and not the gross amount of the dividends is allowed to be deducted under ..... section 80m of the act. since there was no such provision at the time of framing the assessments in question, the iac had allowed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD738(Kol.)
..... , there is the decision of the calcutta high court in cwt v. bansidhar poddar [1978] 112 itr 957 in which the assessee had made a voluntary disclosure under section 68 of the finance act, 1965, and paid the tax on 26-5-1965. he claimed deduction from the net wealth for the assessment year 1965-66, the relevant valuation date whereof had ..... deductible while computing the asseesee's net wealth--kesoram industries & cotton mills ltd. v. cwt [1966] 59 itr 767 (sc) and also h.h. setu parvati bayi v. cwt [1968] 69 itr 864 (sc). the quantification of the said debt does take place after the valuation date but this quantum is in respect of the debt which existed on the ..... the wto noticed that he had been granted the following refunds:assessment year date of completion of amount of refund assessment determined1964-65 27-2-1968 2,5011965-66 31-7-1968 1,60,8991966-67 30-8-1968 38,9631967-68 2-6-1969 7,648 similarly, the second assessee, shri gobindlal bangur, was found to have been granted the refunds as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... be taken that the amended law stood during the assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under ..... 294, that the calcutta high court decision is an information within the meaning of section 147(b). it was further stated by the standing counsel that section 80m was retrospectively amended by introduction of sections 80aa and 80ab of the act from 1-4-1968 and 1-4-1981.therefore, even otherwise, the deduction was not available to the ..... section 147(b), only those materials could be considered which were available when the action was taken by the assessing officer. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)115TTJ(Kol.)390
..... 25 per cent ownership of the property, offered long-term capital gain on the aforesaid sale of the property at rs. 12,06,169.3. finance act, 2002 introduced a new section viz. section 50c, w.e.f.1st april, 2003, which reads as below: where the consideration received or accruing as a result of the transfer by the ..... consideration for transfer of capital asset from two different angles, viz. acquisition proceedings by the appropriate authority and then again the application of the deeming provisions of section 50c of the act. section 50c came into effect from 1st april, 2003. hence, it would cover in a general manner the entire 'previous year' 1st april, 2002 to 31st ..... entering into the transaction (of actual sale of the property) under a legal compulsion. at that point of time, there was no question of applicability of section 50c of the act. it has been reiterated that the assessee duly received the sanction (permission) on 3rd april, 2002 i.e. in the next financial year and that almost .....
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