Court : Kolkata
Reported in : [1990]182ITR396(Cal)
..... net amount with a view to grant such deduction with reference to the net income by way of dividends only, the finance (no. 2) act, 1980, inserted a new section 80aa to the income-tax act, 1961, with retrospective effect from 1st april, 1968. since in several cases, the high courts, following the said decision of the supreme court, held that even for purposes of ..... be excluded from such total income.12. dr. pal has drawn our attention to section 80aa of the income-tax act inserted by the finance (no. 2) act of 1980 with effect from april 1, 1968. the said section lays down 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 .....
Tag this Judgment!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 : Kolkata
Reported in : [1988]174ITR672(Cal)
..... the new and the old business according to the capital employed and turnover. the commissioner of income-tax (appeals), however, summarily rejected this contention because of the finance (no. 2) act, 1980, by which a new section 80aa had been inserted with effect from april 1, 1968, according to which, for the purpose of computing the deductions under chapter vi of the income-tax ..... assessee had claimed this relief in its letter dated february 8, 1979. the commissioner of income-tax (appeals), however, rejected this claim on the ground that by the finance (no. 2) act, 1980, a new section 80aa had been inserted with retrospective effect from april 1, 1968, according to which, for the purpose of computing the deductions under chapter vi of the income-tax .....
Tag this Judgment!Court : Kolkata
Reported in : [1988]172ITR153(Cal)
..... order of the tribunal which was passed on august 23, 1976, a new section 80aa was inserted in the income-tax act, 1961, by the finance (no. 2), act, 1980, with retrospective effect from april 1, 1968. the said section reads as follows:' 80aa. 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 included in the gross total income of the assessee, then, notwithstanding anything contained in that section, the .....
Tag this Judgment!Court : Kolkata
Reported in : (1986)54CTR(Cal)172,[1986]159ITR314(Cal)
..... traders p. limited v. addl. cit : [1979]118itr243(sc) .24. the contention of the revenue is that section 80aa was inserted by the finance (no. 2) act, 1980, with retrospective effect from 1st april, 1968, which a view to counter the aforesaid decision of the supreme court in which it was held that deduction in ..... special mode of computation of income of an insurance company under the first schedule to the income-tax act treating its entire income as income from business cannot be imported into the calculation of tax under the finance act. merely because the income of a general insurance company has to be computed in a particular manner, ..... respect of intercorporate dividend should be allowed on the gross amount of dividend received. on the other hand, it is contended by the learned advocate for the assessee that even in accordance with the provisions of section 80aa of the act .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]157ITR149(Cal)
..... warehousing corporation v. cit : [1982]133itr158(mp) . there, it was held that to claim exemption under section 10(29) (corresponding to section 83 since deleted by the finance (no. 2) act, 1967 with effect from april 1, 1968), it must be proved that the income derived by an authority constituted for the marketing of commodities is income which ..... income derived from warehousing before the income-tax officer or the appellate assistant commissioner can ask for the exemption in a proceeding under section 154 of the act. section 154 of the act provides that the income-tax officer may amend the order of assessment if there is a mistake apparent from the records. the ..... is derived from letting of godowns or warehouses for the purpose specified in section 10(29), which .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]158ITR695(Cal)
..... the assessee is nil and, as such, the assessee is not entitled to any relief under section 80-i of the act. as regards the development rebate, the finance (no. 2) act, 1967 amended section 33(2) of the income-tax act, 1961, with effect from april 1, 1968. section 33(2), as amended, is in the following terms :' in the case of a ship ..... rebate for that assessment year under sub-section (1) or sub-section (1a) shall be only such amount as is sufficient to reduce the said total income to nil; and......' 4. the underlined portion was inserted by the finance (no. 2) act of 1967. the effect of this amendment is that from the assessment year 1968-69, the deduction on account of ..... and also without making any deduction under chapter vi-a or any deduction on account of annuity deposit under section 280-0.5. in view of the provisions contained in section 80a(2) and the amended section 33(2) of the act, the question in this reference is answered in the affirmative and in favour of the revenue.6. there .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]161ITR301(Cal)
..... the net dividend income as per the computations of sections 56 and 57 of the income-tax act and not on the gross dividend ?'2. in view of the provisions contained in section 80aa of the income-tax act, 1961, inserted by the finance (no. 2) act, 1980, with retrospective effect from april 1, 1968, the question must be answered in the affirmative and in ..... , j. 1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment years 1974-75, 1975-76 and 1976-77, the following question has been referred by the tribunal :'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the deduction under section 80m was to be allowed on .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]162ITR880(Cal)
..... in respect of the net amount of such dividends computed in accordance with the provisions of section 57 of the said act ?'2. in view of the provisions of section 80aa of the income-tax act, 1961, inserted by the finance (no. 2) act, 1980, with restrospective effect from april 1, 1968, we answer the question by saying that the assesste will not be entitled to relief ..... under section 80m in respect of the gross amount of dividends but it will be entitled to relief under the said section only in respect .....
Tag this Judgment!Court : Kolkata
Reported in : (1980)18CTR(Cal)166,[1980]126ITR66(Cal)
..... to this court the question as mentioned hereinbefore.5. before we consider the question further it may be necessary to refer to the definition of the relevant finance act, namely, the finance act, 1968. section 2(6), clause (d), defined 'industrial company' as follows :' 'industrial company' means a company which is mainly engaged in the business of ..... that the assessee-company was engaged in the processing of goods and was accordingly an industrial company within the meaning of section 2(6)(d) of the finance act, 1968, or under section 2(6)(c) of the finance act, 1969 ?'2. the assessee-company has been engaged in the business of running a cold storage plant. its ..... high court in the case of cit v. casino (pvt.) ltd. : [1973]91itr289(ker) was concerned with the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. there, the court was dealing with the hotel which prepared cooked food for serving its customers from raw materials like vegetables or meat. there, the .....
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