Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: recent Court: karnataka Page 1 of about 17,207 results (0.183 seconds)

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 .....

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 .....

Commissioner of Income-tax Vs. Hotel Ayodya

Court : Karnataka

Reported in : (1993)109CTR(Kar)106; [1993]201ITR1002(KAR); [1993]201ITR1002(Karn); 1993(37)KarLJ140

..... trading concern as it is mainly intended for trading and not for production or manufacture 6. this decision is based on the definition of industrial company in section 2 (6) (d) of the finance act, 1968. 7. the madras high court also took a similar view in cit v. buhari sons pvt. ltd. [1983] 144 itr 12. the decision is ..... under section 2 (7) (d) of the finance act, 1966. the bench held that the definition is always subject to the context and the expression 'manufacture' does note cannot a trading ..... 8. koshy's pvt. ltd. v. cit : [1985]154itr53(kar) is a decision of this court which was concerned with section 2 (8) (c) of the finance act, 1975. the phrase 'mainly engaged in' is found in all the above referred finance acts. the bench considered the scope of the terms 'processing' and 'manufacturing' and thereafter held as follows (at page 58) : .....

Commissioner of Income-tax Vs. T.T. Pvt. Ltd.

Court : Karnataka

Reported in : (1991)100CTR(Kar)183; [1992]195ITR614(KAR); [1992]195ITR614(Karn)

..... is to be deducted again for the purpose of charging the profits under the surtax act cannot go beyond what was added earlier. the same idea is conveyed by section 80aa of the income-tax act which was inserted by the finance (no. 2) act of 1980, with retrospective effect from april 1, 1968. it reads thus : '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 is .....

Kirloskar Asea Ltd. Vs. Commissioner of Income-tax, Karnataka

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 .....

Bharat Electronics Ltd. Vs. Commissioner of Income-tax, Mysore

Court : Karnataka

Reported in : [1973]91ITR841(KAR); [1973]91ITR841(Karn)

..... by working out the tax payable as well as the rebate to be given on the exempted income. 20. section 84 was debated by the finance act of 1967 and substituted by section 80j with effect from april 1, 1968. in section 80j, the legislature has expressly provided for deduction of six per cent. on the capital employed in the newly established ..... rs. 4,19,040 on the basis of the interpretation of section 84 and section 110 of the income-tax act, 1961, but only entitled to a relief of rs. 2,11,574 ?' 8. section 84 of the act which has been deleted by the finance act of 1967 with effect from 1st april, 1968, provided that : '...... income-tax shall not be payable by ..... a assessee on so much of the profits and gains derived from any industrial undertaking, etc., to which the section applies, as does not exceed six per .....

Karnataka State Beverages Corpn. Ltd. Vs. Commissioner of Income-tax

Court : Karnataka

..... as business expenditure. the respondents 1 and 2 have drawn inspiration from the 2013 amendment, whereby clause (iib) of sub-clause (a) of section 40 of the it act was inserted by the finance act, 2013 with effect from 1.4.2014. this apparently has been held by the assessing authority as being clarificatory in nature and has sought ..... the privilege fee. the notification issued by the state government in exercise of powers conferred under section 24 of the karnataka excise act, 1965 read with rule 8(4) of the karnataka excise (sale of indian and foreign liquors) rules, 1968 is legitimate and in order. the state government has fixed certain percentage on the purchase value ..... fee or charges received by the government for parting with its exclusive right to distribute as per the provisions of section 24 of the excise act and 1968 rules, is allowable expenditure as per the provisions of the it act. the assessing officer, seeking to question the state's power to levy fees in a federal set up, is .....

Eshwarappa and Another Vs. State of Karnataka and Others

Court : Karnataka

Reported in : ILR2000KAR3597; 2000(6)KarLJ418

..... appointment either on daily wages or at the time of regularisation. the date of birth so recorded is subject to any alteration made under section 5 of the act. sub-section (2) of section 5 of the act provides a remedy for the state servant to make an application for the purpose of alteration of the date of birth entered in the ..... birth as mentioned in the school leaving certificates which are produced as annexure-b and c respectively.2. the petitioners were employed as group d employees in the year 1968 on daily wages. thereafter, pursuant to the judgment rendered by the supreme court in case of dharwad daily wages association, their services were regularized with effect from 1 ..... public servants to raise such a dispute, without explaining as to why this question was not raised earlier'.the petitioners joined the service in the year 1968 on daily wage basis. their services were regularized in the year 1991, whereas these petitions have been filed in the year 2000, when they were about to .....

N.M. Anniah and Co. Vs. Commissioner of Income-tax, Mysore

Court : Karnataka

Reported in : [1975]101ITR348(KAR); [1975]101ITR348(Karn)

..... concur, the first contention urged on behalf of the assessee has to fail. the next contention urged of sri k. srinivasan is based on section 40a of the act which was inserted by the finance act, 1968. the relevant part of the that section reads : '40a. (1) the provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provisions of this ..... act relating to the computation of income under the head 'profits and gains of business of professions'. (2)(a) where the assessee incurs any expenditure in respect of which .....

Stumpp, Schuele and Somappa Pvt. Ltd. Vs. Second Income-tax Officer, C ...

Court : Karnataka

Reported in : [1976]102ITR320(KAR); [1976]102ITR320(Karn); 1975(1)KarLJ481

..... vi-a was later on substituted by the new chapter vi-a by the finance (no. 2) act of 1967 containing sections 80a to 80t. section 80u was added by act 19 of 1968. sections 80-i and 80j were enacted by the finance (no. 2) act of 1967. section 80a(1) provides that in computing the total income of an assessee there ..... shall be allowed from the gross total income in accordance with and subject to the provisions of that chapter the deduction specified in sections ..... tax payable by the assessee in respect of a portion of the income of a newly established industrial undertaking. by the finance (no. 2) act of 1967, section 84 was repealed and in its place section 80j was enacted. having regard to the history of the legislation i am of the view that in substance there is .....