Court : Kolkata
Reported in : (1980)18CTR(Cal)166,[1980]126ITR66(Cal)
..... referred to this court the question as mentioned hereinbefore.5. before we consider the question further it may be necessary to refer to the definition of the relevant finance act, namely, the finance act, 1968. section 2(6), clause (d), defined 'industrial company' as follows :' 'industrial company' means a company which is mainly engaged in the business of ..... the case of cit v. casino (pvt.) ltd. : [1973]91itr289(ker) was concerned with the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. there, the court was dealing with the hotel which prepared cooked food for serving its customers from raw materials like vegetables or meat. there, the court was of ..... was engaged in the processing of goods and was accordingly an industrial company within the meaning of section 2(6)(d) of the finance act, 1968, or under section 2(6)(c) of the finance act, 1969 ?'2. the assessee-company has been engaged in the business of running a cold storage plant. its income consists of .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)20CTR(Cal)272,[1982]135ITR35(Cal)
..... payment referred to in clause (ii) of sub-section (3) of that section shall not be taken into account.' 7. this clause was, however, omitted by the finance act, 1968, with effect from 1st april, 1969. there was no dispute about the fact that there was no material in support of the contentions made by the department that the cars ..... to disallowance of expenditure on depreciation or other allowance in the case of companies. but we are concerned here with clause (c)(iii) which was first added by the finance act, 1963, with effect from 1st april, 1963, and which reads as follows;'any expenditure which results directly or indirectly in the provision of any remuneration or benefit or ..... car was provided ?'3. this reference, at the instance of the commissioner of income-tax, west bengal-iv, calcutta, under section 256(1) of the i.t. act, 1961, relates to the assessment year 1966-67. for this assessment year, the assessee, which is a limited company, claimed that the value of the perquisite of free .....
Tag this Judgment!Court : Kolkata
Reported in : [2001]250ITR414(Cal)
..... the apex court, while deciding the question of applicability of clause (iii) substituted in section 271(1) by the finance act, 1968, held that it is the law operating on the date on which the wrongful act is committed which determines the penalty. where penalty is imposed for the concealment of particulars of income, it is the ..... of jurisdiction under article 226 to interfere with this order substituting its own reasons, since the petitioner has not fulfilled all the conditions mentioned in section 220(2a) of the act. he referred to cases, viz., ramapati singha-nia v. cit : [1998]234itr655(all) ; eminent enterprises v. cit : [1999]236itr883(ker) ; auro food ltd. v. ..... 'paid or payable' sufficiently indicate the aforesaid proposition. in this case, the demand for payment of interest was made in 1989 long after theaforesaid amendment act came into force. he contends that the payability of tax and interest by the petitioner crystallised finally after the delivery of the judgment of this court in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... great length. his arguments/submissions can be summarized as follows: 2. that section 40a(3) was introduced by the finance act, 1968, with effect from april 1, 1968. in the memorandum explaining the provisions in the finance bill, 1968, it was explained that the purpose behind the enactment of the provisions of section 40a(3) was to curb ..... has been contended by learned counsel sri s.k. tulsiyan that section 40a(3) was introduced by the finance act, 1968 with effect from april 1, 1968. he referred to the memorandum explaining the provisions in the finance bill, 1968 and pointed out that the purpose of introduction of section 40a(3) was to curb wasteful or lavish ..... high court in the case of kamath marbles v. ito have upheld the constitutional validity of section 40a(3) and of rule 6dd after amendment by the finance act, 1995 and the income-tax (fourth amendment) rules, 1995, respectively.11. he further submitted that while upholding the constitutional validity of amendment in section 40a( .....
Tag this Judgment!Court : Kolkata
Reported in : (1986)53CTR(Cal)418,[1985]153ITR747(Cal)
..... section (1), deduction shall not be allowed in respect of such expenditure under any other provision of this act for the same or any other assessment year.' 14. it was by the finance act, 1968, and with effect from april 1, 1968, that this section was inserted. the section then was without either the proviso to sub-section (1)(a ..... ) or explanation 2 of that sub-section. the same were inserted by the finance act, 1973, the former with effect from april 1, 1973 ..... cannot be claimed in respect of transportation and freight charges.20. the substitution of sub-clause (iii) of section 35b(1)(b) by the finance act, 1970, with effect from april 1, 1968, i.e., the date from which section 35b was introduced, makes it clear that expenditure on the distribution, supply or provision outside india of the .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]207ITR589(Cal)
..... : [1984]148itr544(cal) on the ground that, in that case, the question decided was about the scope of section 40(c)(iii) which was deleted by the finance act, 1968, with effect from the assessment year 1969-70. according to him, the implication of the subsequent amended provisions in a broader form as contained in section 40a(5) did ..... perquisite, whether convertible into money or not, subject to certain exceptions, to one-fifth of the amount of salary payable for the relevant period. the finance act, 1968, brought in a new section 40(a)(v) operative from the assessment year 1969-70 onwards.5. while introducing section 40(a)(v), the ..... finance minister mentioned in the explanatory note placed before parliament the following as objects and reasons for introducing the provision (see [1968] 67 itr 87) :'(2) expenditure on providing perquisites, benefits or amenities to higher paid employees in .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]110ITR715(Cal)
..... whose business consists wholly or mainly in the dealing in or holding of investments.'.8. the section was, however, subsequently amended twice, respectively, by the finance act, 1966, and the finance act, 1968.9. it is to be determined in the instant case whether the assessee is a company whose business consists primarily in the dealing in or holding of ..... whether the loans made by the assessee to these members of the non-marine syndicate was capital employed in the trade or business within the meaning of the finance act, 1939, and whether the said amounts should be included in computation of the 'pledged amount of the capital' for the purpose of assessment of excess profits ..... tax leaflet, no 42......these deposits on loan tohenderson and broadbridge were performing an active operation as compared with the passive operation of such balances. i read the finance (no. 2) act, 1939, sched. vii, pt. ii, para. 1 : ' (1) subject to the provisions of this part of this schedule, the amount of the .....
Tag this Judgment!Court : Kolkata
Reported in : [1987]165ITR550(Cal)
..... finance act. the high court held that the term 'manufacture or processing of goods' had not been defined in the finance act, 1968, and in its ordinary meaning, the expression 'manufactured' meant a process which resulted in alteration or change ..... of food from raw materials would not constitute 'manufacture or processing of goods' within the meaning of section 2(6)(d) of the finance act, 1968. a company carrying on the above activity will not come within the definition of 'industrial company' under the said section of the said ..... the expressions 'production' and 'manufacture' and observed as follows (at page 153) :'neither of the words 'production' or 'manufacture' is defined in the bihar sales tax act but according to the oxford english dictionary, 'production' means, amongst other things, that which is produced ; a thing that results from any action, process or effort, a product .....
Tag this Judgment!Court : Kolkata
Reported in : [1989]179ITR580(Cal)
..... , however, unable to accept the contentions of dr. pal for more than one reason.14. originally, sub-section (1a) of section 214 was inserted by the finance act, 1968, with effect from april 1, 1968. the said sub-section reads as follows :'(1a) where on completion of the regular assessment the amount on which interest was paid under sub-section (1) has ..... for the purpose of computation of the admissible amounts of depreciation under section 32(l)(iii) and/or development rebate and profit under section 41(2) of the act for the assessment years 1968-69 and 1969-70, the written down value of the fixed assets should be determined, not in pound sterling, but in equivalent amount of rupees ? (ii) ..... of the assessee.8. the facts of the case are stated hereunder :9. at the time of the original assessment for the year 1968-69, the amount of interest payable under section 214 of the income-tax act was rs. 14,64,130 although at the time of the original assessment, the figure was shown at rs. 14,61,738. .....
Tag this Judgment!Court : Kolkata
Reported in : [1987]166ITR646(Cal)
..... 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 ..... 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 ..... normal decay was prevented. this amounted to processing of goods within the meaning of the said acts. it was held further that the expression ' processing ' was distinct and .....
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