Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)14ITD450(Delhi)
..... chargeable under the income-tax act under the head 'interest on securities' derived from any ..... under the income-tax act under the head 'capital gains' ; (ii) any compensation or other payment as is referred to in clause (ii) of section 28 of the income-tax act; (iv) any income referred to in sub-section (2) of section 41 of the income-tax act; (v) [omitted by the finance (no. 2) act, 1967, with effect from 1-4-1968 ;] (vi) income ..... us to place on this provision would make it anomalous. under rule 1(xi)(a), the reserve to be deducted is as provided in section 17(1) of the banking companies act. that section provides that every banking company shall create a reserve fund out of its profits by transferring a sum equivalent to not less than 20 per .....
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 : Allahabad
Reported in : (1983)34CTR(All)78; [1983]143ITR793(All); [1983]12TAXMAN351(All)
..... carpets and derived income from the sale of import licences, that the assessee is an industrial company within the meaning of clause (d) of sub-section (7) of section 2 of the finance act, 1966. in our opinion, the income of the assessee has been wrongly taxed at 65% and this was an error which could be rectified under ..... electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) , the supreme court had occasion to consider the expression occurring in section 80e (as it stood prior to its amendment by the finance (no. 2) act, 1967). it was held that the legislature had deliberately used the expression ' attributable to', having a wider import than the expression ' derived ..... per cent. when he completed the original assessment. the assessee went up in appeal. it also made an application before the ito under section 154 of the i.t. act on december 3, 1968, claiming that it was an industrial company in which the public are not substantially interested and it was liable to be taxed at .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1982)31CTR(MP)188; [1982]137ITR329(MP)
..... high court considered the expression used in the definition of 'industrial company' under section 2(6)(d) of the finance act, 1968. (the definition of 'industrial undertaking' under the explanation to section 5(1)(xxxi) is identical with the definition of 'industrial company' under the finance act, 1968). the assessee-company was a printer and publisher of a fortnightly journal, sales ..... this activity of the firm, m/s. mehta & company fell within the definition of an 'industrial undertaking' as per the explanation to section 5(1)(xxxi) of the w.t. act. at the instance of the revenue the appellate tribunal has referred to us the following question for our opinion :'whether, on the facts and ..... is a partner in a partnership firm, m/s. mehta & company, petlawad. for the assessment year 1977-78, the assessee claimed exemption under section 5(1)(xxxi) of the w.t. act, 1957, in respect of her capital invested in the firm, m/s. mehta & company, petlawad. according to the assessee the above firm was .....
Tag this Judgment!Court : Allahabad
Reported in : (1982)29CTR(All)301; [1983]142ITR185(All)
..... f of part i of the first schedule to the finance act, 1965, or that the assessee-company was an ' industrial company ' within the meaning of section 2(7)(d) of the finance act, 1966, and the finance (no. 2) act, 1967, or section 2(6)(d) of the finance act, 1968, or section 2(6) of the finance act, 1969, so as to be entitled to the concessional ..... rates of tax in the assessment years 1064-65, 1965-66, 1966-67, 1967-68, 1968-69 and 1969-70? (2) ..... 1 )(ii) of the proviso to paragraph f of part i of the first schedule to the finance act, 1968 (2) whether the income-tax appellate tribunal was light in holding that the assessee is not a company as is mentioned in section 108(b) on the ground that the orient carpet ., london, of which the assessee is a subsidiary .....
Tag this Judgment!Court : Delhi
Reported in : (1982)29CTR(Del)230; [1983]141ITR595(Delhi)
..... applies as is attributable to that part of such profits and gains on which income-tax is not payable by the company under section 84.' 15. section 85 was deleted by finance (no. 2) act of 1967 with effect from april 1, 1968, and s. 80k was inserted in its place. both these provisions deal with deduction in respect of dividend attributable to profits and ..... of dividends from a company which was entitled to relief under section 84 of the income-tax act ?' 2. the assessed is an individual who has shares in two registered firms and was a shareholder of several companies. the assessment years in question are 1966 ..... , is as follows : 'whether, on the facts and in the circumstances of the case, the assessed was entitled to relief under section 85 of the act as it stood at the relevant time in respect of amounts of rs. 4,494 in the first year and rs. 9,876 for the second year received by way .....
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