Court : Chennai
Reported in : (2006)200CTR(Mad)682; [2005]273ITR320(Mad)
..... be allowed in respect of such expenditure under any other provision of this act for the same or any other assessment year.'section 35c was introduced by the finance act, 1968 with effect from 1st april, 1968 and was deleted by the direct tax laws (amendment) act, 1987 with effect from 1st april, 1989. there is no dispute, ..... department as well as the travelling expenditure incurred in the cane department would come within the qualifying expenditure as mentioned in clause (b) of section 35c of the act, the assessing officer was justified in apportioning the expenditure and disallowing a portion thereof and the disallowance was, in our view, rightly upheld ..... of travelling expenses. learned counsel submitted that the expenditure incurred by the assessee for the transport of fertiliser would also qualify for weighted deduction under section 35c of the act.4. mr. j. nareshkumar, learned junior standing counsel for the revenue, on the other hand, submitted that the tribunal was justified in .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2004)189CTR(SC)193; [2004]267ITR654(SC); 2004(6)SCALE36; (2004)6SCC235
..... economic development in india- (i) in relation to royalties, as set forth in the relevant annual finance act of india; and(ii) in relation to other income as set forth in the following sections of the income-tax act, 1961 of india or which may be introduced in future in the indian tax laws in modification of ..... and assumes substantially similar character of tax referred to in the preceding paragraph.21. taxation policy is within the power of the government and section 90 of the income tax act enables the government to formulate its policy through treaties entered into by it and even such treaty treats the fiscal domicile in one state ..... development in malaysia- (aa) which are set forth in section 21, 22 and 26 of the investment incentives act, 1968 of malaysia; or(bb) which may be introduced in future in the income tax act, 1967, supplementary income tax act, 1967, petroleum (income tax) act, 1967 or investment incentives act, 1968 in modification of or in addition to the existing measures; .....
Tag this Judgment!Court : Gujarat
Reported in : (2003)184CTR(Guj)312
..... of bharat beedi works (p) ltd. and anr. v. cit : [1993]201itr1063(sc) .20. when section 40a(2) was introduced by the finance act, 1968, the cbdt issued an explanatory circular being circular no. 6-p(lxxvi-66) of 1968, dt. 6th july, 1968. para. 74 of the said circulars reads as under :'74. it may be noted that the new provision is ..... (supra), in that case this court had no occasion to consider the provisions of section 40a(2) of the act because that case related to asst. yrs. 1962-63 to 1965-66 whereas the provisions of section 40a were inserted by the finance act, 1968 w.e.f. 1st april, 1968. moreover, in the aforesaid case, the commodity in question was tobacco and the ..... possible to state that the tribunal was justified in invoking the provision of section 40a(2) of the act and disallow of 50 per cent of the expenditure. as can be seen from the circular dt. 6th july, 1968, issued by the cbdt when the provision of section 40a(2) is invoked the authority is expected to exercise his judgment .....
Tag this Judgment!Court : Kerala
Reported in : [2002]253ITR53(Ker)
..... that case the question that came up for consideration was whether the assessee was entitled to a concessional rate of tax provided to an industrial company by the finance act, 1968. 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the ..... : [1991]191itr656(sc) , where the supreme court held that the appellant-company running a cold storage was not an industrial company for the purpose of section 2(7)(c) of the finance act, 1973. it was held that in a cold storage there was no processing of goods. in a bench decision of this court in cwt v. mrs ..... manufacture resulting in the production of commercially a new commodity different from the old and worn out castings. therefore, the assessee is entitled to deduction under section 80-i of the act.3. we heard learned counsel for the revenue, sri p. k. ravindranatha menon. learned counsel for the revenue contended that retreading is only replacing .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]252ITR846(Guj)
..... provide the exemption in respect of interest only on funds which are repatriable outside india. in order to bring out this intention, section 10(4a) of the income-tax act has been amended by the finance act, 1968. under the amended provision, the exemption will be available only in respect of interest on moneys standing to the credit of a ..... 115. interest income of non-residents from non-resident accounts in a bank in india--under the provisions in section 10(4a) of the income-tax act prior to its amendment by the finance act, 1968, a non-resident was exempt from tax on his income by way of interest on moneys standing to his credit in a ..... other meaning to the words 'not resident'.9. when the finance act, 1968, amended and altered the exemption originally granted by section 10(4a) of the act with effect from april 1, 1969,the central board of direct taxes issued circular no. 6-p (lxxvi-66) of 1968, dated july 6, 1968. the relevant portion from the said circular reads as under :' .....
Tag this Judgment!Court : Delhi
Reported in : (2002)178CTR(Del)294; [2001]250ITR83(Delhi)
..... v. cit : [1986]157itr253(delhi) wherein it was held that the activity undertaken by the assessed came within the definition of 'industrial company' in section 2(6)(d) of the finance act, 1968. that being the position, we answer the question referred in the affirmative, in favor of the assessed and against the revenue.7. the reference stands ..... however, held that the assessed was producing garments manufactured from cloth and the unit for producing garments was an industrial undertaking within the meaning of section 80j of the act. the matter was carried in appeal before the tribunal by the revenue. the tribunal referred to some earlier judgments rendered by it and held ..... industrial undertaking, and that its manufacturing unit had started functioning during the assessment year in question and, thereforee, it was entitled to relief under section 80j of the act. the income-tax officer, however, was of the view that the business carried on by the assessed could not be held to bo an industrial .....
Tag this Judgment!Court : Delhi
Reported in : (2001)168CTR(Del)266; [2001]250ITR157(Delhi); [2001]116TAXMAN138(Delhi)
..... relevance to the present dispute. originally, the word 'deliberately' existed which was omitted by the finance act, 1964, with effect from april 1, 1964. an explanationn was inserted at the end of sub-section (1) of section 271, by the said finance act (section 40 of the finance act, 1964). in between, by the finance act, 1968, the base for levy of penalty became the amount of concealment as against the quantum ..... of tax sought to be avoided under the then existing provisions. subsequently, further amendments were brought by the taxation laws (amendment) act, 1975 (section 61 of the said amending act). four explanationns .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2000SC2645; [2000]245ITR538(SC); JT2000(9)SC139; 2000(5)SCALE475; (2000)7SCC39; [2000]Supp2SCR261
..... goods. in c.i.t., kerala v. casino (pvt.) ltd. : [1973]91itr289(ker) division bench of the kerala high court referred to section 2(6)(d) of the finance act, 1968 which defines an 'industrial company' and held that the activity carried on by the assessee in preparing articles of food from raw materials would not constitute ..... 'manufacture or processing of goods' within the meaning of said section. foodstuffs prepared in the hotels using raw materials such as pulses, wheat, ..... high court also took the similar view in commissioner of income-tax v. berry's hotels pvt. ltd. : [1994]207itr615(bom) and held that benefit of section 2(7)(c) of finance act, 1973 can be given to manufacturing concerns and not to trading concerns. in fariyas hotels pvt. ltd. v. commissioner of income tax : [1995]217itr390(bom .....
Tag this Judgment!Court : Mumbai
Reported in : (2002)76TTJ(Mumbai)974
..... intent 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 in the income tax act clarifying the intention with retrospective effect from 1-4-1968. in several cases, high courts have held that even for the purposes of determining chargeable profits under ..... it can be observed that the explanation to rule 1 was added as a consequence to the insertion of new section 80aa in the income tax act with retrospective effect from 1-4-1968. thus, insertion of section 80aa with retrospective effect formed the foundation of the insertion of explanation to rule 1 of the first schedule to ..... the surtax act. since the very foundation was given a retrospective effect, the explanation to rule 1 was also held to .....
Tag this Judgment!Court : Mumbai
Reported in : (1999)154CTR(Bom)455; [1999]236ITR914(Bom)
..... required to be allowed under section 80m in respect of any income by way of dividends from a domestic company which is included ..... at in accordance with the provisions of the act. the supreme court overruled its earlier decision in cloth traders p. ltd. v. addl. cit : [1979]118itr243(sc) , wherein a contrary view had been taken. the supreme court also noticed section 80m of the act, inserted by the finance (no. 2) act, 1980, with retrospective effect from april 1, 1968, which provides that where any deduction is .....
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