Court : Kolkata
Reported in : [1992]195ITR763(Cal)
..... court in the case of cit v. casino (pvt.) ltd. : [1973]91itr289(ker) . there, the kerala high court, in construing the expression 'industrial company' in the finance act, 1968, held (p. 300) 'there may be trading concerns which may sometimes engage in production which isincidental to trading. it nevertheless will continue to be a trading concern. a hotel, ..... to non-edible stuff.2. the correctness of the conclusion of the tribunal has been challenged by the department. the definition of 'industrial company' as given by the finance act, 1975, is as under :'2(8)(c) 'industrial company', means a company which is mainly engaged in the business of generation or distribution of electricity or ..... , then both the bulk licensee and the distributing-licensee will have to be treated as 'industrial companies': section 2(8)(c) of the finance act, 1975, does not provide that only a company which manufactures and distributes electricity will be treated as an 'industrial company'. the language employed by the .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]122ITR728(Cal)
..... however, we are satisfied that the penalty should have been imposed as per the law, which was in force prior to the amendment made by the finance act, 1968, as the amendment made by the finance act, 1968, does not relate to purely procedural matter but affects the right of an assessee [cit v. scindia steam navigation co, ltd. : [1961]42itr589( ..... but it is not disputed that when the amendment came into effect, that is to say, on 1st march, 1971, by virtue of the t.l. (amendment) act, 1970, the limitation had not expired and the amendment enlarged the period of limitation. therefore, the tribunal overruled this objection. another contention was that the iac did not ..... reference, 1955-56, 1956-57 and 1961-62, the original assessments were made by the income-tax officer, under section 23(3) of the indian income-tax act, 1922. later, the ito reopened the assessments and brought to tax certain amounts on the ground that the amounts had escaped assessment under the original assessments. the amounts .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1998)65ITD214(Kol.)
..... the income was first assessable, where such assessment year is an assessment year commencing on or after the 1st day of april, 1969; or [substituted by finance act, 1968 (with e.f. 1-4-1968)] (b) the expiry of eight years from the end of the assessment year in which the income was first assessable, in a case falling within clause ..... years from the end of such assessment year; (ii) where the return relates to a previous year relevant to the assessment year commencing on the 1st day of april, 1968, three years from the end of the assessment year; (iii) where the return relates to a previous year relevant to any other assessment year, two years from the ..... -3-1989 and, therefore, the extension of one year period expired on 27-3-1990. according to him, the assessment was finalised within the time prescribed under the act. the learned dr extended his arguments further and submitted that although according to the decision of the supreme court (supra), once the return is filed under section 139(4 .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]127ITR842(Cal)
..... given.7. counsel for the assessee, however, drew our attention to sub-section (1a) of section 214 of the i.t. act which was inserted by section 16 of the finance act, 1968, and came into effect from april 1, 1968. though the assessment year involved is 1967-68, there is no dispute that sub-section (1a) of section 214 would be ..... :'229. recovery of penalties, fine, interest and other sums.--any sum imposed by way of interest, fine, penalty, or any other sum payable under the provisions of this act, shall be recoverable in the manner provided in this chapter for the recovery of arrears of tax.'15. in view of this provision, if parliament wanted that sub-section ( ..... fiction, such determination as in this case of excess interest paid would be determination of tax and, therefore, appealable under clause (c) of section 246 of the i.t. act, 1961. on behalf of the revenue, it was, however, urged that the question of excess interest as contemplated in sub-section (la) of section 214 was related to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD89(Kol.)
..... articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. a company which carries on such activity will not fall within the definition of an "industrial company" under that provision. the decisions of kerala high court in ..... change which is considerable and substantial but in the instant case it is not so. here we consider necessary to refer section 80hh of the income-tax act, 1961. in order to encourage industrial activity in backward areas, this section grants deduction to an assessee, whose total income includes any profits and gains derived ..... spirit supplied by rampur distillery blends them and adding essence bottles them. this amounts 'manufacturing' and, therefore, is entitled to deduction under section 80hh of the act. it is the contention of the learned ar of the assessee that production of potable liquor involves dilution of the alcohol which is the raw material with .....
Tag this Judgment!Court : Kolkata
Reported in : (1987)64CTR(Cal)167,[1987]166ITR636(Cal)
..... bank or a land mortgage bank. ' 17. learned advocate for the assessee submitted that section 199 of the income-tax act, 1961, had been amended with retrospective effect by the finance act, 1968.18. learned advocate for the assessee submitted further that the andhra pradesh high court did not consider the effect of the retrospective ..... amendment introduced in section 199 of the income-tax act, 1961, in smt. batool begum : [1976]104itr642(ap) , which has been ..... certificate furnished under section 203 in the assessment (including a provisional assessment under section 141a), if any, made for the immediately following assessment year under this act: provided that--..... (ii) in any other case, where the dividend on any share is assessable as the income of a person other than the shareholder .....
Tag this Judgment!Court : Kolkata
Reported in : (1984)41CTR(Cal)360,[1984]148ITR544(Cal)
satish chandra, c.j.1. for the assessment year 1968-69, the tribunal has referred the following question of law for our opinion :'whether, on the facts and in the circumstances of the case, the tribunal erred in law in .....
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 : (1989)77CTR(Cal)112,[1989]176ITR473(Cal)
..... seven thousand five hundred rupees or less.'10. minor changes were also introduced in the first proviso to section 40(c)(iii) which are not relevant.11. by the finance act of 1968, sub-clause (iii) of section 40(c) and explanation 2 thereof stood omitted with effect from april 1, 1969, and explanation 1 remains attached to clause (c ..... ). by the said finance act, section 40(a)(v) was inserted with effect from 1st april, 1969. section 40(a)(v), as introduced by the finance act of 1968, is as follows :'(a) in the case of any assessee ... (v) any expenditure which results directly or ..... employee for any period of his employment after the aforesaid date.'8. the proviso and the explanations to the aforesaid clause are not however reproduced.9. by the finance act of 1965, the second proviso was inserted in section 40(c)(iii) which runs as follows :'provided further that nothing in this sub-clause shall apply to .....
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