Court : Chennai
Reported in : (1988)74CTR(Mad)137; [1989]176ITR121(Mad)
..... be, which were later on despatched to the subscribers. this, in our opinion, would constitute `processing of goods' so as to come within the scope of section 2(6)() of the finance act, 1968. consequently, the question which we have reframed is answered in the affirmative and against the revenue.' 10. in cwt v. k. lakshmi : [1983]142itr656(mad ..... laws of india (p.) ltd. : [1977]107itr822(mad) , and observed as follows (at page 660) : 'no doubt, the learned judges were concerned with section 2(6)(d) of the finance act, 1968. but, we can take inspiration from such a reasoning of the division bench of this court.' 11. in cit v. j. b. kharwar and sons : [1987 ..... 9. in cit v. commercial laws of india (p.) ltd. : [1977]107itr822(mad) , a division bench of this court, while considering the scope of section 2(6)(d) of the finance act, 1968,has observed as follows (at page 824) : 'the tribunal has found after a consideration of the remand report as follows : `the appellant-company was printing the .....
Tag this Judgment!Court : Mumbai
Reported in : [1989]176ITR449(Bom)
..... -o were satisfied and the commission amounting to rs. 4,59,000 was wholly exempt thereunder.5. section 85c was introduced into the income-tax act, 1961, with effect from april 1, 1966, by the finance act, 1966. it reads thus :'85c. deduction of tax on royalties, etc., received from certain foreign companies. - where the total income ..... -tax on the income so included as exceeds the amount of twenty-five per cent. thereof.'6. section 85c was deleted with effect from april 1, 1968, by the finance (no. 2) act, 1967, which introduced section 80-o. at the material time, section 80-o read thus :'80-o. deduction in respect of royalties, etc., received from certain foreign companies ..... affairs, government of india, for approval of the terms and conditions of the said letter under section 85c of the income-tax act, 1961. on february 3, 1968, such approval was conveyed to it. a further letter dated april 19, 1968, stated that the approval that was accorded was effective from july 21, 1966, the date on .....
Tag this Judgment!Court : Delhi
Reported in : AIR1989Delhi163; 36(1988)DLT397; 1989(16)DRJ172
..... tibbia college is affiliated to the university of delhi imparting education in unani system of medicine. all its income is exempt from taxation under section 10(22) of the indian income-tax act. admittedly apart from constitution fee its finances are derived from contribution form hamdard dawakhana (waqf) and the hamdard national foundation (india). it is also not disputed that respondent no. i ..... the losses are made up by these organisations. learned counsel further submitted that in fact jamia tibbia purchased three properties in the year 1968-69 i.e. two buildings bearing no. 1455-1456 qasimjan street, delhi on 20th january, 1968 and the adjoining property no. 1457 on the same street on 20th november, 1969. respondent no. i is thereforee, not likely to .....
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 : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)26ITD397(Mum.)
..... this interpretation would be clear if the scheme of the act as it now stands after the introduction of chapter vi-a is considered.sections 81 to 85c were deleted by the finance (no. 2) act, 1967 with effect from 1-4-1968. the present chapter vi-a was substituted by the same finance (no. 2) act, 1967. the main scheme of this chapter was that it ..... provided for straight deductions in respect of certain types of income or items of expenditure as specified in section 80c to section 80vv. thus, the scheme of tax rebates which existed till 1968 was replaced by a scheme of straight deductions in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1988)24ITD488(All.)
..... powers or performs the functions of an income-tax officer, in pursuance of an order made by the commissioner of income-tax under sub-section (1) of section 125a of the act, reference in the act or in any rule made thereunder to the income-tax officer, shall be construed as reference to the inspecting assistant commissioner. this provision leaves ..... . we have carefully considered the arguments that have been advanced by both the parties. section 125a found its way into the statute book by means of finance (no. 2) act, 1977 effective from 10th july, 1977.the provisions contained in clause (1) and clause (4) of this section are reproduced below : 125a. (1) the commissioner may, by general or special ..... was granted without proper enquiry. since no enquiry was made, the setting aside was proper for which reliance was placed on rampyari devi saraogi v. cit [1968] 67 itr 84 (sc), smt. tara devi aggarwal v. cit [1973] 88 itr 323 (sc), [1975] 99 itr 386 (sic), thalibai f. jain v. ito [1975] 101 itr .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1987]168ITR744a(SC); 1988Supp(1)SCC481; 1988(Supp)SCC487
..... and chilled air through air-conditioning apparatus to the lessees in the building under consideration, it was an industrial company within the meaning of section 2(6)(d) of the finance act, 1968 and section 2(6)(c) of the finance acts, 1969 and 1970, as it could be said to have engaged in the manufacture or processing of goods and therefore, the rate of tax applicable .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1987]168ITR744(SC); JT1987(3)SC578
..... and chilled air through air conditioning apparatus to the lessees in the building under consideration, it was an 'industrial company' within the meaning of section 2(6)(d) of the finance act, 1968 and section 2(6)(c) of the finance acts, 1969 and 1970, as it could be said to have engaged in the manufacture or processing of goods and therefore, the rate of tax applicable .....
Tag this Judgment!Court : Kolkata
Reported in : [1987]166ITR646(Cal)
..... of running a cold storage and who earned income by storing potatoes in the plant was an industrial company within the meaning of section 2(6)(d) of the finance act, 1968, and section 2(6)(c) of the finance act, 1969, as it was engaged in processing of goods. it was held that potatoes kept in the cold storage preserved their ..... original state and their normal decay was prevented. this amounted to processing of goods within the meaning of the said acts. it was held further that ..... , a division bench of the allahabad high court held that storing of potatoes in a cold storage amounted to processing of goods within the meaning of section 2(7)(d) of the finance acts, 1966 and 1967, and an assessee earning income from storing potatoes in cold storage was taxable at the concessional rate prescribed under the said .....
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