Judgment Search Results Home > Cases Phrase: finance act 1968 Court: kolkata appellate Page 6 of about 521 results (0.068 seconds)

W.C. Shaw Pvt. Ltd. Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD535(Kol.)

..... 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made ..... made by the ao is within the time limit provided under section 153(2a) of the act.15. on reading sub-section (2a) of section 153 of the act substituted by the finance act,01 w.e.f. 1.6.01, it is seen that fresh assessment in pursuance ..... we have to refer to the relevant provisions provided elsewhere in the it act. at this stage, it is pertinent to note that new chapter xiv-b containing section 158b to 158bh was introduced by the finance act'95 w.e.f.1-7-95 laying down special procedure for ..... 147. explanation 1- in computing the period of limitation for the purposes of this section- 14. on reading section 158be of the act, it is seen that section 158be only specifies the period within which the ao must complete the assessment. the limitation specified in section .....

Commissiooner of Customs(Port), Kolkata Vs. M/S. Payodhi Foods Pvt. Lt ...

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Kolkata

..... review the position. learned member(technical) in his order in para 10 has held that section 35b of the finance act does not mandate that the review once done cannot be reopened or revised. the section 35b of the ce act does not provide any remedy for reopening the review committees decision. there is no provision in law to enable ..... that the review committee has been influenced by the chief commissioner and the order is not free from bias. there is no provision under section 35b of the ce act to reopen or review the review committees order. therefore, the committee has become functus officio as held by member (judicial). i agree with his finding and the ..... appeal before ld.commissioner(appeals). 4. the ld.consultant appearing on behalf of the respondent submitted that period of limitation provided under section 129d(3) of the customs act, 1962, for review of the order cannot be enlarged in view of the decision of honble high court at kolkata in the case of al saif international 2012 (281 .....

Dunlop India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1992)41ITD582(Kol.)

..... proviso were satisfied. the cit(a) concluded "in fine, it may be emphasised that the retrospective amendment of the section by insertion of explanation 2 by the finance act, 1989 sets at naught all the various contentions of the appellant, once it is established that the amount represented statutory liability for excise duty incurred during the year". ..... into account the explanation 2 for disposal of appeal.but there is no injunction prohibiting us for taking into account the first proviso to section 43b introduced through the finance act, 1987 with effect from april 1,1988. in fact, we have already applied the above proviso in favour of the assessee relating to rs. 410.13 ..... of rs. 49,000 to the workers' benevolent fund is concerned the contention of the appellant is correct inasmuch as the fund was first created on 1-1-1968 and has been in operation since then. therefore, under section 40a(10) any revenue expenditure in the relevant previous year incurred for the welfare of employees out .....

Pati Durga Cold Storage Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1986)18ITD132(Kol.)

..... the kerala high court in the case of casino (p.) ltd. (supra) also related to the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. it was held that a hotel was primarily a trading company and preparation of food was not manufacture or processing of goods.in the english case of chesterfield tube co ..... (p.) ltd. [1977] 107 itr 816 (all.) has been whether a cold storage is an 'industrial company' as defined in section 2(1)(d) of the finance acts of 1966 and 1967. while accepting the claim that the assessee is an 'industrial company' the court has specifically observed that processing of goods need not lead to manufacture of ..... that processing did not amount to manufacture and so those two decisions which were concerned with the language used in the definition of an 'industrial company' under the finance acts, were not of any help to the present assessee. next, the commissioner observed that for the purpose of section 32a, it was necessary for the assessee to .....

income Tax Officer Vs. S.P. Jain

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)13ITD288(Kol.)

..... their lordships of the hon'ble supreme court in bhikaji dababhai's case (supra). their lordships were interpreting in that case sub-section (1) of section 13 of the finance act, 1950 which saved the law relating to income-tax or super tax, which was in force in any part b state before 1-4-1950 for the purposes of ..... aac was not competent. on a reference, the high court held that the appeal was competent, but the provisions relating to the imposition of penalty were not saved by the finance act and, therefore, the order imposing the penalty was bad. on an appeal to the supreme court, it was held (reversing the decision of the high court): that penalty ..... imposed upon them and later by an order levied a penalty. in the meantime, the state of hyderabad merged with the indian union and the indian legislature by the finance act, 1950, provided that the law existing in the said state would cease to have effect except for the purposes of levy, assessment and collection of income-tax and super .....

income-tax Officer Vs. General Investment Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD1(Kol.)

..... original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should be computed not on the ..... was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under section 80m in respect of any income by way of dividends from ..... of the rectification order in a writ petition in the high court. the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or would apply to pending assessments was a debatable point and since it was a debatable point, there could not be said to .....

Dindayal Prasad Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)44ITD202(Kol.)

..... postponement of the year of taxation by means of the change of accounting period will result in loss of revenue, since the rates of income-tax were lowered by the finance act, 1986, for the assessment year 1986-87. the loss on this account has been worked out by the commissioner of income-tax to amount to rs. 11,14 ..... or postponement of the year of taxation by means of the change of accounting period resulted in loss of revenue since the rates of income-tax were lowered by the finance act, 1986 for the assessment year 1986-87. therefore, the commissioner of income tax has rightly invoked his revisional jurisdiction under section 263.: not to current assessment years ..... postponement of the year of taxation by means of the change of accounting period resulted in loss of revenue since the rates of income-tax were lowered by the finance act, 1986 for the assessment year 1986-87. once the commissioner was able to establish loss of revenue, the fact that the assessee or the income tax officer did .....

Khimjee Hunsraj Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1999)69ITD322(Kol.)

..... , the intention is that it is attributable as a part of the common expenses in earning such income, is mentioned in the memorandum explaining to the provisions in finance (no. 2) act, 1991 [190 itr (statute) at page 300].9. in the light of the scheme of section 80hhc which provides the mechanism to determine the quantum of profits ..... commission, brokerage, rent, etc. which do not have an element of turnover are included in the profit & loss a/c.therefore, by way of an amendment by finance (no. 2) act, 1991, an explanation at the end of sub-section (4a) to section 80hhc has been added as clause (baa) in the explanation with effect from 1-4-1992 ..... -84 but there have been amendments to this section various times and the basis for deduction was being changed over the years. section was lastly amended by the finance (no. 2) act, 1991. now section 80hhc provides incentive by giving exemption of profits derived by an assessee from exports of qualified goods in toto while computing the total income. .....

Graphite India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD384(Kol.)

..... 2(37a)(iii) as mows : 'for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the central government under section 90, whichever is applicable by virtue ..... of the provisions of section 90.' as we have earlier observed, provisions of the dtaa clearly override the provisions of the act to the extent the provisions in such agreements are more favourable to the assessee. therefore, in case a dtaa provides for lower rate, which includes 'nil' rate, of taxes ..... , such a rate will prevail over the rate given in the act. as a natural corollary to this proposition, when, in terms of the provisions of a dtaa, an income is not exigible to income-tax in india, no tax is .....

inspecting Assistant Vs. Black Diamond Beverages Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1986)18ITD551(Kol.)

..... ) to (3d) of section 37 which contain detailed provisions in regard to the admissibility of advertisement expenses were introduced with effect from 1-4-1979 by the finance act, 1978.sub-section (3d) reads as under : in a case where an assessee has set up an industrial undertaking for the manufacture or production of any articles ..... the, existing industrial undertaking. the intention of the legislature in introducing the new sub-sections (3a) to (3d) to section 37 may be found from the finance minister's budget speech for 1978-79, the relevant portion of which reads as follows : extravagant and socially wasteful expenditure is often incurred on advertisement, publicity and ..... expenditure incurred by it could be disallowed under section 37(3a) in view of the provisions contained in section 37(3d) of the income-tax act, 1961 ('the act'). the iag rejected the said contention by observing, inter alia, that no separate industrial undertaking had been set up by the assessee for the production .....