Court : Kolkata
Reported in : (2005)195CTR(Cal)230,[2005]275ITR467(Cal)
..... said section is not to be allowed with reference thereto ?(b) whether the petitioner can be considered as a trading company within the meaning of the finance act, 1989, and finance act, 1990 ?'1.1. these appeals arise out of a common judgment of the learned tribunal covering five assessment years between 1989-90 to 1993-94 ..... heard the learned counsel for the parties it appears, as rightly pointed out by mr. bajoria, that the computation of income is made according to the it act, 1961 (it act), under different heads as specified in section 14 thereof. so far as the profits and gains of business on profession, which are being assessed in the ..... bajoria, learned senior counsel, ably assisted by mr. j.p. khaitan, led us through the various materials and had pointed out that admittedly the authorities under the it act had found that the assessee was carrying on the principal business of tea broker and auctioneer. besides which it has some other business activities of agency commission, service .....
Tag this Judgment!Court : Kolkata
Reported in : [1976]105ITR819(Cal)
..... or recomputation should and can only be done in accordance with law. it was, therefore, urged that in accordance with the provisions of law and the relevant section of the finance act, 1958, the correct rate of tax was calculated and the assessee was not entitled to the rebate on his entire income at 30%. it was not expected, it was urged ..... income had naturally to be reduced and the revised total income was rs. 1,89,869. the income-tax officer, however, found that in accordance with the provisions of the finance act, 1958, the assessee was not entitled to rebate at 30% on its entire income. the assessee was entitled to certain reduced rebate which is indicated in the order passed under ..... relevant previous year in excess of 6% of the paid up capital. in other words, the original computation of the tax was not in conformity with the provisions of the finance act. this omission was discovered later and while giving effect to the appellate order, the tax had to be computed in terms of the .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]183ITR532(Cal)
..... object of explaining the real intendment of the statutory provision will be applicable only from the assessment year 1988-89. since the aforesaid proviso inserted by the finance act, 1987, merely clarifies the real legislative intention, the same should be made applicable ever since the provision of section 43b was introduced. such an interpretation ..... which the provisions of section 43b and various amendments therein were introduced from time to time. the first proviso to section 43b which was inserted by the finance act, 1987, to obviate unnecessary disallowance of the amount of sales tax for the quarter is merely a declaratory provision which was inserted to clarify the real ..... the revenue's appeal, the above observations have been made, apart from indicating that the recent insertion of the new explanation 2 to section 43b by the finance act, 1989, with retrospective effect from april 1, 1984, does not, in any manner, affect the non-applicability of the main provisions of section 43b with .....
Tag this Judgment!Court : Kolkata
Reported in : (2004)193CTR(Cal)26,[2004]271ITR128(Cal),[2005]143TAXMAN325(Cal)
..... been made distinct by reason of these provisions when read with sub-section (2)(i) and sub-section (3)(a) and (b), the omission whereof by the finance act, 1989, is a clear expression of the legislative intendment in removing the distinction.precedents : citation and its application :we may note that such a view was taken ..... of deduction has been classified to be distinct from the eligibility to deduction.9. we are not required to answer as to what would be the position after this finance act, 1989, which came into force with effect from 1-4-1991. inasmuch as the word 'eligible' in clause (ii) before the word 'business' in sub ..... omitted. once the distinction between the eligibility to deduction and the eligibility of deduction are removed by the finance act, 1989, the position stood clear as has been contended by dr. pal. inasmuch as after the amendment brought about in the finance act, 1989, the word 'eligible' from the phrase 'profits of eligible business or profession' having been omitted .....
Tag this Judgment!Court : Kolkata
Reported in : (2000)2CALLT394(HC)
..... 72 and also amended by finance act 1974 but made effective from 1.4.1972. by amendment in ..... after insertion of section 80ab in the act.24. for deduction of tax on royalties, etc., received from certain foreign companies were initially allowed under section 85c of the act. the provision of that section was substituted by section 80-o in the year 1968 and that section 80-ois further amendment by finance act 1971 w.e.f. 1.4. ..... contained in that section for the purpose of computing the deduction under that section, the amount of income of that nature has computed in accordance with provisions of this act, 'shall alone be deemed to be amount of income for the purpose of deduction under that section'. thus, though anything contained in that particular section, the .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)193CTR(Cal)26,[2004]271ITR123(Cal)
..... made distinct by reason of these provisions when read with sub-section (2)(i) and sub-section (3)(a) and (b), the omission whereof by the finance act, 1989, is a clear expression of the legislative intendment in removing the distinction. precedents : citation and its application :we may note that such a view was ..... of deduction has been classified to be distinct from the eligibility to deduction.12. we are not required to answer as to what would be the position after this finance act, 1989, which came into force with effect from april 1, 1991. inasmuch as the word 'eligible' in clause (ii) before the word 'business' in subsection ..... omitted. once the distinction between the eligibility to deduction and the eligibility of deduction are removed by the finance act, 1989, the position stood clear as has been contended by dr. pal. inasmuch as after the amendment brought about in the finance act, 1989, the word 'eligible' from the phrase 'profits of eligible business or profession' having been .....
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 : [1961]42ITR288(Cal)
..... comparison of sections 3 and 6 of the act shows that the act recognised the distinction between chargeability and the actual operation ..... of taxability with reference to the standing provisions of the act but the payability and the quantification of the tax depend on the passing and the application of the annual finance act. thus, income is chargeable to tax independent of the passing of the finance act but until the finance act is passed no tax can be actually levied. a ..... ' and a 'liability'. for example, a dividend when proposed does not become a debt, but only becomes a debt when declared. (see buckley on the companies acts, 12th edition, page 895, and nicholson v. rhodesia trading company). in the case of a dividend which has been proposed as buyer in the open market will .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1961Cal649,65CWN706
..... assessee attracts the quality of taxability with reference to the standing provisions of the act but the payability and the quantification of the tax depend on the passing and application of the annual finance act. thus, income is chargeable to tax independent of the passing of the finance act but until the finance act is passed no tax can be actually levied. a comparison of sections 3 ..... and 6 shows that the act recognises the distinction between chargeability and the actual operation o the charge.'8 .....
Tag this Judgment!Court : Kolkata
Reported in : [1972]86ITR570(Cal)
..... and the appeal fails.'14. it seems to us that the principles discussed by lord goddard c.j. arealso applicable to the amended provisions of the finance act of 1957, finance (no. 2) act, 1957 whichwe are considering in the present reference. the effect of these amendments is that unabsorbed losses, if any, would be governed by the newprovisions ..... be inserted.' 6. in this case, before the tribunal, it was submitted that by reason of the change introduced in section 24(2) of the income-tax act by the finance act of 1955, the loss suffered in any year could be carried forward indefinitely subject to the restrictions in proviso (f). it was urged that loss in the ..... 's submissions, a right which had vested in the taxpayer to carry forward loss sustained in 1949-50 and subsequent years without any period of limitation under the finance act, 1955, must be held to subsist unless there was a specific provision in the later amendment withdrawing such privilege; and even if the amendment in 1957 which .....
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