Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: recent Court: punjab and haryana Page 1 of about 11,420 results (5.525 seconds)

Vijay Kumar Aggarwal Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Reported in : (1997)142CTR(P& H)510; [1998]232ITR179(P& H)

..... insurance, shipping port fees, packing materials, etc.30,49,61668,15,39343,83,5462.export inspecting agencycharges.84,7161,44,33079,9923.bank commission13,03326,24325,1395. section 35b of the act was inserted by the finance act of 1968 with effect from april 1, 1968, to provide for the export markets development allowance in certain cases, it was omitted by the direct tax laws (amendment ..... considered to be a part of manufacturing expenses, that would again not entitle the assessee to claim weighted deduction. explanation 2 below clause (b) of section 35b(1) of the act was substituted by the finance (no. 2) act, 1980, with effect from april 1, 1981. after substitution, explanation 2 reads as under ; 'explanation 2.--for the removal of doubts, it is hereby declared .....

Commissioner of Wealth-tax Vs. Smt. Shanti Devi and anr.

Court : Punjab and Haryana

Reported in : [1998]234ITR81(P& H)

..... at 55 per cent, of its total income as an industrial company. it was held that the expression used in the definition of 'industrial company' in section 2(6)(d) of the finance act, 1968, is 'manufacture or processing of goods'. therefore, it is enough if the assessee, in order to get the benefit of the lower rate of tax, ..... the firm to claim it as an industrial undertaking,12. a question, whether a company publishing a fortnightly journal, was an industrial undertaking within the meaning of section 2(6)(d) of the finance act, 1968, has been examined by the madras high court in cit v. commercial laws of india pvt. ltd. : [1977]107itr822(mad) . the assessee-company, ..... the firm. the plea of the assessees was that under sub-section (1) of section 5 of the act, wealth-tax was not payable by an assessee in respect of the assets specified in the clauses of sub-section (1). clause (xxxii) was inserted in section 5(1) of the act by the finance act, 1972, with effect from april 1, 1973, and it .....

Commissioner of Income-tax Vs. Grewal Group of Industries

Court : Punjab and Haryana

Reported in : [1977]110ITR278(P& H)

..... be allowed, the extent to which they may be allowed and deductions which may not be allowed. sections 40 and 40a deal particularly with deductions which may not be allowed. section 40a was introduced into the income-tax act with effect from april 1, 1968, by way of amendment, by the finance act of 1968. section 40a(1) is significant and it enacts that the provisions of this ..... section shall have effect notwithstanding anything to the contrary contained in any other provision of the act relating to the computation of income under .....

The Budhewal Co-operative Sugar Mills Ltd. Vs. Commissioner of Income ...

Court : Punjab and Haryana

Reported in : (2009)225CTR(P& H)261; (2009)156PLR215

..... the governor general in council in exercise of power conferred on him under section 60 of that act itself. the 1922 act was amended by finance act, 1955 whereby sub-section (3) to section 14 was inserted thereto and the exemption provision was made very wide. amendments were made to the aforesaid provision by finance act, 1960. the amendment curtailed the general exemptions which were enjoyed by co-operative ..... shall apply to that part of its profits and gains as is attributable to such activities and as exceeds fifteen thousand rupees.12. the finance (no. 2) act, 1967 amended the 1961 act w.e.f. 1st april, 1968 wherein section 80p was introduced by replacing section 81(i), which provided for deduction with respect to income of the co-operative societies. sub-clause (iii) of .....

Commissioner of Income-tax Vs. Haryana State Co-operative Marketing Fe ...

Court : Punjab and Haryana

Reported in : [2008]297ITR370(P& H)

..... account of that business, it was also exempt.3. learned counsel for the revenue submitted that vide finance (no. 2) act, 1967, section 81(i)(c) of the act was omitted and was reenacted as section 80p and the relevant extract from the said section is to the following effect:80p.(1) where, in the case of an assessee being a ..... the income-tax officer the assessee had made, inter alia, a claim that income from purchase and sale of agricultural commodities was exempt under section 81(i)(c) of the act but his decision was reversed by the appellate assistant commissioner by following the judgment of the tribunal in the case of national agricultural co-operative marketing ..... , substituting section 80p(2)(a)(iii) by the following:(iii) the marketing of agricultural produce grown by its members.5. amendment is retrospective with effect from april 1, 1968.6. none appears for the assessee.7. the amended provision has since been upheld by the high court of delhi in national agricultural co-operative .....

Cit Vs. Nikko Auto Ltd.

Court : Punjab and Haryana

Reported in : (2002)175CTR(P& H)154

..... books of that concern and are fully verifiable. thus neither the genuineness of the transactions nor the genuineness of the parties is in dispute.4. section 40a(3) was inserted by the finance act, 1968, and was made applicable to the payments made after 31-3-1969. the object of information of this provision was explained in para 76 ..... of circular no. 6p dated 6-7-1968, issued by the central board of direct taxes as under :'76. sub-section (3) of new section 40a makes a provision for ..... singh & sons .the revenue filed an appeal before the tribunal which upheld the findings of the commissioner (appeals). thereafter the revenue filed an application under section 256(1) of the act before the tribunal requiring it to refer the aforesaid question of law for our opinion. the prayer was declined vide order dated 22-10-1999, on the .....

Commissioner of Income-tax Vs. Nikko Auto Ltd.

Court : Punjab and Haryana

Reported in : [2002]256ITR476(P& H)

..... of that concern and are fully verifiable. thus neither the genuineness of the transactions nor the genuineness of the parties is in dispute.6. section 40a(3) was inserted by the finance act, 1968, and was made applicable to payments made after march 31, 1969. the object of introduction of this provision was explained in para. 76 of ..... circular no. 6p, dated july 6, 1968, issued by the central board of direct taxes as under :'76. sub-section (3) of new section 40a makes a provision ..... revenue filed an appeal before the tribunal which upheld the findings of the commissioner of income-tax (appeals). thereafter the revenue filed an application under section 256(1) of the act before the tribunal requiring it to refer the aforesaid question of law for our opinion. the prayer was declined vide order dated october 22, 1999, .....

Porritts and Spencer (Asia) Ltd. Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Reported in : (1989)79CTR(P& H)109; [1989]180ITR211(P& H)

..... be treated as being new for purposes of grant of development rebate under section 33, subject to the conditions mentioned therein. obviously, the decision contained in the circular was arrived at before the finance act of 1964, i.e., before the insertion of section 33(1a), whereunder on buying used machinery and plant also, development rebate ..... or plant and such a provision was inserted in the act by the finance act of 1964 with effect from april 1,1964.it appears that before section 33(1a) was inserted with effect from april 1, 1964, the matter of granting development rebate under section 33(1)(a) arose before the central board of direct ..... has been allowed but at a rate less than the development rebate allowable on purchase of new machinery and plant. precedents : the first decision on the subject is that of the supreme court in cochin co. v. cit : [1968 .....

Smt. Meera Jaiswal Vs. Commissioner of Wealth-tax

Court : Punjab and Haryana

Reported in : (1981)20CTR(P& H)128; [1982]136ITR548(P& H)

..... that these gold ornaments were articles of her personal use and did not fall within the meaning of assets exigible to tax.3. section 5(1)(viii) of the act, as it stood before the promulgation of the finance act (no. 2 of 1971), on august 10, 1971, read as under:'5. (1) wealth-tax shall not be payable by ..... or household use of the asses-see.' 4. this provision came up for consideration before a division bench of the gujarat high court in cwt v. mrs. arundhati balkrishna : [1968]70itr203(guj) , wherein it was held as under (p. 224):'so far as the dictionary definition is concerned, even according to the dictionary meaning, 'jewellery and ornaments' ..... sharma, j.1. for the assessment year 1968-69, the assessee submitted a wealth-tax return mentioning therein that she also possessed gold ornaments of the value of rs. 25,000. the wto recorded those ornaments as an 'asset' within the meaning of the w.t. act (hereinafter referred to as 'the act') and framed the assessment. the contention of .....

Dilawar Singh Vs. State of Haryana

Court : Punjab and Haryana

..... referred to it in the council, s. sundar singh majithia replied on behalf of the government that although the sikhs had been permitted to wear the kirpan, section 5 of the arms act did not allow them to manufacture it without licence. he also declared that the kirpans were in no case to exceed nine inches in length. consequent upon this ..... being prosecuted, was a kirpan, and that kirpan was another name for the sword. they themselves had with them similar kirpans. and yet the man was convicted under section 19 of the act and sentenced to 6 month's r.i. bhai bachittar singh, lathedar of the akal takht, who had been picked out of so many kirpan carrying sikhs, was ..... carry kirpans as part of the profession of sikh religion, the kirpans carried or possessed by sikhs are exempted from the provisions of section 4 of the arms act, 1959. this exemption applies to all parts of india where section 4 applies. thus, no licence is required for a sikh to wear or carry a kirpan. conclusion: it is in the .....