Judgment Search Results Home > Cases Phrase: finance act 1968 section 28 amendment of section 280zb Year: 1996 Page 1 of about 262 results (0.242 seconds)

Premier Vegetable Products Ltd. Vs. Commissioner of Income-tax

Court : Rajasthan

Reported in : [1997]227ITR698(Raj)

..... , or incidental to, the execution of any contract for the supply outside india of such goods, services or facilities, and . . ,' explanation 2 was also inserted by the finance act, 1973, retrospectively with effect from april 1, 1968, which reads as under :-- ' explanation 2.-for the purposes of sub-clause (iii) and sub-clause (viii) of clause (b) expenditure incurred by an assessee engaged ..... to the crew, passengers or livestock) shall not be regarded as expenditure incurred by the assessee on the supply outside india of services or facilities.' 3. sub-clause (iii) of section 35b refers to any expenditure on supply or provision outside india of goods, services or facilities. explanation 2 has circumscribed the ambit of exemption that it must not be pertaining .....

Commissioner of Income-tax Vs. Lakshmi Industries (P.) Ltd.

Court : Chennai

Reported in : [1996]222ITR36(Mad)

..... income earned by leasing out the factory and the machinery would be entitled to the concessional rate of tax under section 2(7)(c) of the finance (no. 2) act, 1977, and the finance act, 1978.6. section 2(7)(c) of the finance (no. 2) act, 1977, states as under (see : [1977]109itr1(all) : ''industrial company' means a company which ..... activities by itself during the assessment years under consideration. the assessee claimed the concessional rate of tax of 55 per cent. under section 2(7)(c) of the finance (no. 2) act, 1977, and the finance act, 1978. according to the department, inasmuch as the assessee was not mainly engaged in the manufacturing activities, it cannot be considered ..... any manufacture or processing of goods undertaken by the assessee. therefore, the assessee could not be held to be an industrial company within the meaning of section 2(8)(c) of the finance act, 1975.11. we have also come across a decision of this court rendered in cit v. first leasing co. of india ltd. : [1995] .....

Commissioner of Income Tax Vs. N. C. John and Sons Ltd.

Court : Kerala

Reported in : (1996)135CTR(Ker)319

..... india of such goods, services or facilities as may be prescribed.original explanation was renumbered as explanation 1 and a new explanation 2 was inserted by finance act, 1973 w. r. e. f. 1st april, 1968 explanation 1. - in this section, 'domestic company' shall have the meaning assigned to it in cl. (2) of 80b.explanation 2 was inserted by ..... finance act, 1973 w. r. e. f. 1st april, 1968 explanation 2. - for the purposes of sub-cl. (iii) and sub-cl. (viii) of cl. (b), expenditure incurred by an ..... w.e.f. 1st april, 1978, but it is to stand deleted w.e.f. 1st april, 1980 by finance act, 1979. (1a). notwithstanding anything contained in sub-s. (1), no deduction under this section shall be allowed in relation to any expenditure incurred after the 31st day of march, 1978, unless the following conditions are fulfilled, namely :(a) .....

Assistant Commissioner of Wealth Tax Vs. Prasad Productions (P) Ltd.

Court : Chennai

Reported in : (1997)57TTJ(Mad)400

..... it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and s. 40 of the finance act, 1983, specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a production cannot be treated ..... more of such precious metals (not being any such precious metal or alloy held for use as raw material in industrial production).'the last portion of the said sub-section, i.e., not being any such precious metal or alloy held for use as raw material in industrial production has been included in the said ..... section w.e.f. 1st april, 1989. further from 1st april, 1989, a proviso was introduced to the said section, which reads as follows :'provided that this section shall not apply to any asset referred to in cls. (i), (ii), (iii), (iv), (v) or .....

M/S. Prakash Trading Co. Vs. Commissioner of Income-tax, Gujarat

Court : Supreme Court of India

Reported in : 1996IIAD(SC)341; AIR1996SC3387; [1996]220ITR1(SC); JT1996(2)SC465; 1996(2)SCALE337; (1996)7SCC685; [1996]2SCR849

..... clauses (ii) and (iii) of clause (a) of section 2(5) of the finance act, 1966 and section 2(4) of the finance act, 1967. the relevant provisions in both the finance acts are identical. it would suffice if we refer to the provisions in the finance act, 1966. insofar as relevant, the provisions in section 2(5) read as follows :2(5)(a) in respect ..... the provisions of section 2(5)(a)(ii) and (iii) of the finance act, 1966 and under section 2(4)(a)(ii) and (iii) of the finance act, 1967. the income tax officer rejected the claim with reference to and relying upon clause (c) of section 2(5) of the finance act, 1966 and clause (c) of section 2(4) of the finance act, 1967. on ..... which the said articles fall. just as the first schedule (to the i.d.r. act) mentions several articles under various heads, so does clause (c) of section 2(5) of the finance act, 1966 and section 2(4) of the finance act, 1967. the description is identical in both the first schedule and clause (c). we may illustrate what we .....

Shroff Leasing (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)58ITD273(Kol.)

..... is fully justified.3. further aggrieved, the assessee is in appeal before us. the ld.counsel for the assessee contended before us that by the finance act, 1988 proviso to section 40 (3) of the finance act, 1983 was inserted by which the motor cars held by a company as stock-in-trade in its business or registered as tax is and used ..... business were never intended to be brought to tax and therefore exceptions were provided thereunder. by the same spirit and intendment, the legislature has inserted proviso to section 40 (3) of the finance act, 1983 with effect from 1-4-1989 whereby motor cars used in a business of running motor cars on hire were excluded from wealth-tax. we ..... is carrying on business of leasing and in the course of its regular business activities the motor cars are leased on hire and hence the proviso to section 40 (3) of the finance act, 1983 is applicable.he therefore submitted that the motor cars which were owned by the assessee and used as stock-in-trade in the business of .....

Assistant Commissioner Vs. Prasad Productions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1997)60ITD267(Mad.)

..... proceedings. it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a ..... of development and printing of films.therefore, it is a manufactured item by the assessee-company, which cannot be treated as an assets within the meaning of section 40(3) of the finance act, 1983. again the said order, the revenue is in appeal before us.2. on behalf of the revenue it was contended that although silver is ..... against the said order passed by the assessing officer.according to the assessee, the silver collected from the dust and flakes is not asset within the meaning of section 40 of the finance act, 1983 so that it can be included in the net wealth of the assessee.the commissioner (appeals) by the impugned order held that the silver is .....

Assistant Commissioner of Wealth Vs. Prasad Productions (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and s. 40 of the finance act, 1983, specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a production cannot be ..... more of such precious metals (not being any such precious metal or alloy held for use as raw material in industrial production)." the last portion of the said sub-section, i.e., 'not being any such precious metal or alloy held for use as raw material in industrial production' has been included in the said ..... section w.e.f. 1st april, 1989. further from 1st april, 1989, a proviso was introduced to the said section, which reads as follows : "provided that this section shall not apply to any asset referred to in cls. (i), (ii), (iii), (iv), (v) or .....

Commissioner of Income-tax Vs. Oceanic Products Exporting Co.

Court : Kerala

Reported in : 1996(54)ECC80; [1996]219ITR293(Ker)

..... namely :' 21. the assessee would contend that both the words 'manufacture' and 'production' are used in the first schedule. therefore, when we consider section 2(5)(a)(ii) of the finance act, 1966, the word 'manufacture' is to be taken as used in juxtaposition with production. learned counsel forthe assessee who relied on the above decisions, further ..... is contended before us on behalf of the revenue that the view taken by the tribunal is directly against the statutory provision as also settled legal position. section 2(5)(a)(ii) of the finance act, 1966, reads as follows : ' . . . . where he is engaged in the manufacture of any articles in an industry specified in the first ..... authority took the view that such process will not come within the term 'manufacture' so as to enable the assessee to claim rebate under section 2(5)(a)(ii) of the finance act, 1966. the appellate authority took the view that the process would amount to manufacture. 4. for the assessment year 1966-67, an appeal .....

Collector of Central Excise, Hyderabad Etc. Etc. Vs. M/S. Vazir Sultan ...

Court : Supreme Court of India

Reported in : 1996IIAD(SC)580; AIR1996SC3025; 1996(54)ECC94; 1996(83)ELT3(SC); JT1996(3)SC112; 1996(2)SCALE603; (1996)3SCC434; [1996]2SCR1194

..... not on any other basis. the special excise duty is a separate and distinct levy from the central excise. it is levied for the first time by section 37 of the finance act, 1978 on and with effect from march 1,1978. counsel submitted that when the goods in question were manufactured, there was no levy of special excise ..... time. it was discontinued from 1972 until 1978 when it was revived by the finance act, 1978. thereafter, it was being levied from year to year by annual finance act. the provisions of these finance acts, insofar as the levy special excise duty is concerned, are identical. in the finance acts of 1987 and 1988, however, the rate of special excise duty was raised ..... jeevan reddy, j.1. sub-section (1) of section 37 of the finance act, 1978, levied a special duty of excise equal to five percent of the amount of excise duty chargeable on goods. the levy came into effect on and from march 1, 1978 and was to remain in force till march 31, 1979. sub-section (3) provided that the said .....