Court : Kolkata
Reported in : [1977]110ITR98(Cal)
..... on the whole of their total income. in my opinion, in view of the scheme of the income-tax acts and the provisions of the finance acts it must be held that section 2(17) of the income-tax act, 1961, does not deal with any assessment as such but it merely deals with a status, that is to ..... assessment'. therefore, the words 'was assessable......as a company' used in section 2(17)(ii) of the act when readwithin its context and in the light of the relevant provisions of the income-tax act, 1964, and the finance acts must mean a company which was capable of being assessed as a company, that is to say, in the ..... individuals, hindu undivided families, registered firms, companies, association of persons, local authorities, etc. income-tax acts read with the finance acts have also placed the companies on a different footing from the other assessees. the minimum taxable limits prescribed by the finance acts for the assessees does not apply to the companies, which are liable to pay income-tax and super .....
Tag this Judgment!Court : Kolkata
Reported in : (1982)29CTR(Cal)44,[1983]142ITR149(Cal)
..... beneficiaries were indeterminate. he took the status as association of persons but held that the basic exemption of rs. 5,000 as available to the association of persons under the finance act was not applicable to theassessee's case. the ito determined the income at rs. 6,500. when the matter went up in appeal before the aac he did not accept ..... act, which is, inter alia, as follows, in our opinion, the tribunal arrived at the correct conclusion :'section 2(3). in ..... was to be calculated without allowing the basic exemption of rs. 5,000 as laid down in the finance act?' 3. in view of the language used in section 164(3)(b), read in the background of section 164 as also the provisions of the finance act, 1973, which was relevant for the year, and sub-section (3) of section 2 of the said .....
Tag this Judgment!Court : Kolkata
Reported in : 1992(60)ELT205(Cal)
..... november, 1964 the respondent union of india informed the petitioner that the board of revenue had decided that:'notwithstanding the change in the tariff description made by the finance act, 1964, 'boroline' by virtue of its composition having boric acid (1%) and zinc oxide as ingredients will continue to be treated as 'patent or proprietary ..... under tariff item no. 14e of the first schedule to the central excises and salt act, 1944 as patent and proprietary medicine. tariff item 14f in the first schedule to the central excises and salt act, 1944 was amended by the finance act, 1964. by such amendment the definition of cosmetics was enlarged. thereupon the respondent union ..... meerut, the respondents contend that in view of amendments made in tariff item no. 14f of the first schedule to the central excises and salt act, 1944 by the finance bill introduced in lok sabha on march 16,1985 boroline would merit classification under the said amended tariff item 14e chargeable to duty at 105% ad .....
Tag this Judgment!Court : Kolkata
Reported in : 1993(63)ELT63(Cal)
..... rates specified in such exemption notifications. the television sets manufactured in india are also chargeable to additional duties of excise under section 49 of the finance act, 1985 (hereinafter referred to as 'the finance act'). the said additional duties of excise were introduced as a one time levy on television sets at a uniform rate of rs. 100/- per ..... set in lieu of the licence fee of rs. 50/- which was payable every year by the owner of a television set till the set lasted.2. the central excise act ..... on television sets manufactured by the petitioner for the purpose of export to foreign countries.9. the petitioner has relied firstly on the statement given by the union finance minister in his budget speech, which is as follows :-'the second proposal regarding simplification concerns the licence fee on television sets, vcrs and radios. while the .....
Tag this Judgment!Court : Kolkata
Reported in : (2004)192CTR(Cal)336,[2004]270ITR160(Cal)
..... m. george : [2002]254itr45(ker) and m.m. thomas : [2004]265itr327(ker) , respectively, having regard to the amended provision incorporated in the section itself by the finance act, 2002, with retrospective effect from july 1, 1995, these two questions are answered in favour of the assessee and against the departmentground no. 1 :'for that the income-tax ..... court had taken a view that the income for the periods which were below the taxable limit could not be included in the block assessment. however, subsequently by the finance act, 2002, section 158bb was amended with effect from july 1, 1995. by reason of such amendment, the principle laid, down in m.m. george [2002] 254 ..... appellate tribunal allowed the adjustment and excluded the income for those years where the income was found to be below the taxable limit. the law as it stood before the finance act, 2002, provided some grounds for confusion. even then on the same proposition in cit v. m.m. george : [2002]254itr45(ker) , the kerala high .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]119ITR431(Cal)
..... to in the said section meant benefits or amenities or perquisites in kind and did not include direct cash payments to the employee.14. he submitted that by the finance act, 1964, the word 'remuneration ' in clause (c)(iii) of the said section 40 was specifically deleted and the expression ' whether convertible into money or ..... thousand rupees per month for any period of his employment after the 28th day of february, 1963:...... ' 8. section 40(c)(iii) was amended by the finance act of 1964, whereafter it reads as follows :' (iii) any expenditure incurred after the 29th day of february, 1964, which results directly or indirectly in the provision ..... the assessee) laid out or expended wholly and exclusively for the purposes of the business or profession...... '7. section 40(c)(iii) was originally introduced by the finance act, 1963, and provided, inter alia, as follows :' 40. amounts not deductible.--notwithstanding anything to thecontrary in sections 30 to 39, the following amounts shall not .....
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 : [1985]154ITR323(Cal)
..... a view to grant such deduction with reference to the net income by way of dividends only, the finance (no. 2) act, 1980, inserted a new section 80aa to the i.t. act, 1961, with retrospective effect from 1st april, 1968. since the several cases, the high courts, following the said decision of the supreme court, held ..... that even for the purposes of determining the chargeable profits under the companies (profits) surtax act, the gross amount of dividend should be excluded from the total income, rule 1 has since been amended by the finance act, 1981, ..... takes effect from april 1, 1981, and will apply in relation to the assessment year 1981-82 and the subsequent years. the explanation added by the finance act, 1981, cannot be construed as clarifying the legislative intent. it declares the legislative intent to exempt from surtax the amount of dividends which has actually been included .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]108ITR802(Cal)
..... fifth schedule.48. mr. suhas sen, learned counsel for the revenue, has contended on the other hand that the items in the schedules of the finance act, 1965, and the finance act, 1966, were quite clear and there was no ambiguity. taking their plain language it was not difficult to understand what articles or things were intended ..... entitled to development rebate for this item in the schedule there was no reason why the assessee should be deprived of the benefit under section 80e or the finance act, 1965, on the identical item in the same schedule.65. this particular point was not raised before nor considered by the tribunal. the questions before ..... (11) steel castings and forgings and malleable iron and steel castings (22) gears. (23) ball, roller and tapered bearings...... ' section 80e which was introduced by the finance act, 1966, which came into force on 13th may, 1966, provided as follows : '80e. deduction in respect of profits and gains from specified industries in the case of certain .....
Tag this Judgment!Court : Kolkata
Reported in : 78CWN561,[1974]96ITR562(Cal)
..... the petitioner as determined by the commissioner under sub-section (3) of section 24 of the said finance act. once that power is exhausted by issuing a demand notice for the tax under section 156, there is no provision under the said finance act to issue a further, demand notice under section 156 for payment of interest.5. the point seems ..... officer has no power, authority and/or jurisdiction to invoke section 220(2) of the income-tax act, 1961, in respect of the amount of tax payable under the said finance act and the provisions contained in section 220(2) of the said act can be invoked only by the commissioner of income-tax and none else.3. provisions of chapter ..... selected colliery situated at ranigunj. by a declaration dated december 4, 1965, the petitioner made a voluntary disclosure under sub-section (3) of section 24 of the finance (no. 2) act of 1965, declaring therein a sum of rs. 7,23,274 as the undisclosed income of the petitioner for the assessment years 1963-64 and 1964-65, before .....
Tag this Judgment!