Court : Mumbai
Reported in : [1973]43CompCas446(Bom); [1973]90ITR348(Bom)
..... industrial undertakings or hotels and section 85 made similar provision for dividends received by shareholders from such new industrial undertakings or hold business and it provided as follows : 'subject to ..... the circumstances of the case, the relief under those sections should be calculated on the gross dividend income or on the dividend income as reduced by proportionate management expenses. section 84 as it then stood before it was omitted by the third schedule to the finance (no. 2) act, 1967, with effect from 1st april, 1968, granted exemption from income-tax to certain newly established .....
Tag this Judgment!Court : Kerala
Reported in : [1973]91ITR313(Ker)
..... , 1964 (5 of 1964), authorising levy of super-tax at a rate higher than 25 per cent, of the total income, the finance act, 1966 (13 of 1966), authorising levy of income-tax at a rate higher than 55 per cent., the finance acts, 19 of 1968 ..... a closely held industrial company, 55 per cent, where the total income did not exceed rs. 10 lakhs and 60 per cent, on the rest. in the finance acts of 1968 and 1969, while the rate of income-tax fixed for a widely held company was 45 per cent, where the total income did not exceed rs. 50,000 ..... 1968-69 and 1969-70. the orders in respect of the years 1964-65 and 1966-67 relate to reassessment and those in respect of the remaining years to the original assessment itself. the challenge made is on the basis that section 2(18) read with section 2(41) and section 104 read with section 108 of the act and the provisions of the finance act .....
Tag this Judgment!Court : Kerala
Reported in : [1972]85ITR401(Ker)
..... of section 84 of the income-tax act, 1961, which was deleted by the finance (no. 2) act, 1967, with effect from the 1st april, 1968, 2. at the instance of the assessee, chembra peak estates ltd., coimbatore, the income-tax appellate tribunal, cochin bench,, referred under section 256(1) of the income-tax act, 1961 ..... , the following question: 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee was not entitled to relief under section ..... business of the assessee without any new business having come into existence and the assessee is, therefore, not entitled to concession under section 84(1) of the income-tax act. the tribunal held thus : 'the entire leaves from both the divisions which were being manufactured from one factory, viz., chembra .....
Tag this Judgment!Court : Gujarat
Reported in : [1972]85ITR315(Guj)
..... the determination of the question : one is section 271, sub-section (1), clause (c), and the other is section 274, sub-section (2). section 271, sub-section (1), clause (c), provides - and here we are setting out the section as it stood during the assessment year 1961-62 prior to its amendment by the finance act, 1968 - that if the income-tax officer, in ..... the course of any proceedings under the act, is satisfied that any ..... (1) calling upon the assessee to show cause why penalty should not be imposed on the assessee for concealment of income under section 271(1)(c) of the income-tax act, 1961. now, according to the computation made by the income-tax officer, the income-tax payable by the assessee on the total income of .....
Tag this Judgment!Court : Kerala
Reported in : [1973]87ITR54(Ker)
..... appeal.4. the question has to be decided on the basis of section 87(1)(a) of the income-tax act, 1961. this section has been omitted with effect from 1st april, 1968, by the finance (no. 2) act of 1967. the section reads as follows:' 87. (1) subject to the provisions of this section, the assessee shall be entitled to a deduction, from the amount of ..... alive a policy on her life or the life of her husband that can be deducted from the income-tax on the total income of the assessee.6. section 64(1) of the act provides as follows :' in computing the total income of any individual, there shall beincluded all such income as arises directly or indirectly- (i) to the spouse of ..... year 1964-65, the income-tax officer included in the income of the wife the share of the income of the husband from the aforesaid firm under section 64(i) of the income-tax act, 1961, by virtue of the explanation thereto, which provides that where both the husband and the wife are partners in the same firm, the spouse to .....
Tag this Judgment!Court : Mumbai
Reported in : (1989)80CTR(Bom)210; [1990]185ITR354(Bom)
..... ) the assessee itself was not exporting any goods and was, therefore, not entitled to deduction under section 35b(ii) that by virtue of explanation 2 to section 35b(1) inserted by the finance act, 1973, with retrospective effect from april 1, 1968, the claim was not admissible in respect of expenditure falling under the sub-clauses (iii) and ..... activities are covered by sub-clauses (ii) and (vii), instead of clauses (iii) and (viii) of section 35b(1)(b) and hence holding that explanation 2 inserted by the finance act, 1973, with retrospective effect from april 1, 1968, is not applicable in this case ?'2. the assessee, a firm, carries on business as freight-brokers and ..... (viii) of section 35b(1)(b) and that expenditure was falling under these sub-clauses only, and ( .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]181ITR427(Cal)
..... 1979, and opined that the same should not be considered to be fatal to the assessee's claim.5. while dealing with the application under section 256(1) of the act, the tribunal held that although the application had been contested on the ground that the total income determined in respect of this year will get wiped ..... up to the year 1969-70 as well as the unabsorbed depreciation and unabsorbed development rebate admissible in respect of the new industrial undertaking for which the deductions under section 80j and 80-i were claimed, the supreme court decision in the case of rajapalayam mills ltd. v. cit : [1978]115itr777(sc) was no longer ..... 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 subsection 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 .....
Tag this Judgment!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 Cochin
Reported in : (1989)31ITD75(Coch.)
..... due to the manufacture. 'processing' has in one sense a wider meaning than the term manufacture. but, in the context of the finance act, 1968, this does not appear to be the position. the finance act, 1968, gives certain benefits to industrial companies which satisfy certain requirements. the four categories of companies which are included in the term are those mainly ..... calcutta high court judgment we reject this point raised on behalf of the revenue.7. lastly, it was stated that the assessee did not fulfil the conditions under section 80hh(2)(iv) inasmuch as it had only nine permanent workers. this is a case where the manufacturing process is carried on by the aid of power. ..... 1987] 23 itd 364 held that the activity of decortication of groundnuts into kernel should be held to be a manufacturing activity to be entitled to relief under section 80hh.6. another point raised by the revenue was that the assessee did not own any plant or machinery and that it has no industrial undertaking, for the .....
Tag this Judgment!Court : Kolkata
Reported in : [1992]195ITR763(Cal)
..... company' given in section 2(7)(c) of the finance act, 1978.6. strong reliance has been placed by mr. dhar on a judgment of the kerala high court in the case of cit v. casino (pvt.) ltd. : [1973]91itr289(ker) . there, the kerala high court, in construing the expression 'industrial company' in the finance act, 1968, held (p. ..... other licensees for distribution of electricity by them under the provisions of the indian electricity act, 1910, then both the bulk licensee and the distributing-licensee will have to be treated as 'industrial companies': section 2(8)(c) of the finance act, 1975, does not provide that only a company which manufactures and distributes electricity ..... -edible stuff.2. the correctness of the conclusion of the tribunal has been challenged by the department. the definition of 'industrial company' as given by the finance act, 1975, is as under :'2(8)(c) 'industrial company', means a company which is mainly engaged in the business of generation or distribution of electricity .....
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