Court : Kolkata
Reported in : [1977]40STC230(Cal)
..... of the business and, as such, liable to be proceeded against under the provisions of the bengal finance (sales tax) act, 1941. the impugned order dated 4th may, 1968, negatived that contention. the petitioners challenge the propriety of that order. section 17 of the bengal finance (sales tax) act, 1941, provides that where the ownership of the business of a registered dealer is transferred absolutely ..... and sujit kumar laik. on 29th march, 1963, petitioner no. 1 and the deceased, narayan chandra laik, father of petitioner no. 2, obtained registration certificate under the bengal finance (sales tax) act, 1941, from the commercial tax officer, asansol charge. on 6th april, 1968, the aforesaid ajit kumar laik and sujit kumar laik retired from the said business with effect from 1st april .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]182ITR396(Cal)
..... or gain required to be excluded from such total income.12. dr. pal has drawn our attention to section 80aa of the income-tax act inserted by the finance (no. 2) act of 1980 with effect from april 1, 1968. the said section lays down that where any deduction is required to be allowed under section 80m in respect of any income by way ..... net amount with 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 income-tax act, 1961, with retrospective effect from 1st april, 1968. since in several cases, the high courts, following the said decision of the supreme court, held that even for purposes .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under section 147(b), only those materials could be ..... in which the assessee has been placed and not with reference to his system of accounting.the conclusion is supported by the decision in the case of cit v.ferozepur finance (p.) ltd. [1980] 124 itr 619 (punj. & har.): income-tax is levied on income, whether the accounts are maintained on mercantile system or on cash ..... of section 147(b). it was further stated by the standing counsel that section 80m was retrospectively amended by introduction of sections 80aa and 80ab of the act from 1-4-1968 and 1-4-1981.therefore, even otherwise, the deduction was not available to the assessee because deduction under section 80m was amended with retrospective effect. once .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]161ITR227(Cal)
..... per cent. per annum on the capital employed therein computed in the prescribed manner. section 80j was inserted in the act and section 84 was repealed by the finance (no. 2) act, 1967, with effect from april 1, 1968. section 80j provides, inter alia, that where the gross total income of an assessee includes any profits andgains derived ..... the petitioner made an application to the secretary, ministry of tourism, for approval under section 84(3) of the act. the petitioner also made a similar application on february 23, 1977, to the secretary, ministry of finance. the applications are in identical terms which are, inter alia, to the following effect 3'we have received approval ..... under section 80j(6)(d) of the income-tax act, 1961, of our 'hotel oberoi inter-continental', vide letter no. f.no. .....
Tag this Judgment!Court : Kolkata
Reported in : (1986)55CTR(Cal)409,[1986]161ITR756(Cal)
..... originally enacted, did not contain chapter vi-a. this chapter was first inserted by the finance act, 1965, with effect from april 1, 1965. chapter vi-a as substituted by the finance (no. 2) act, 1967, from april 1, 1968, includes all the provisions of the old chapter vi-a. it also contains certain general provisions applicable to the whole ..... itself. there, this court, after considering the judgment in the case of cloth traders' case : [1979]118itr243(sc) , as well as the amendment made by the finance (no. 2) act, 1980, held as follows (at page 790) :'therefore, in our opinion, on the ratio of the decision of the supreme court in the case of cloth traders ( ..... income'. along with the introduction of 'gross total income', section 33(2) of the act relating to unabsorbed development rebate was significantly amended with effect from april 1, 1968. the effect of the amendment made in section 33(2) from april 1, 1968, was that while under the unamended section 33(2), the deduction for any year on .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]205ITR126(Cal)
..... replacements is allowed as deduction in lieu of depreciation in respect of certain assets. by the amendments made by the income-tax (amendment) act, 1946, the finance act, 1955, and the finance act, 1956, certain initial depreciation was allowed in respect of buildings newly erected or machinery and plant newly installed. obviously, it was by ..... as initial depreciation allowed.13. we, however, find such contentions to be unsound. at the time, the proviso was inserted in the present act by the finance (no. 2) act, 1965, with retrospective effect from april 1, 1962, there was no scheme for initial depreciation over and above the normal depreciation. the law ..... when the proviso was inserted by the finance (no. 2) act, 1965. the concept of initial depreciation re-emerged and made its entry in the new act by the finance (no. 2) act, 1967, with effect from april 1, 1968. but the legislature, while reintroducing initial depreciation in the present act, evidently omitted to note that the proviso .....
Tag this Judgment!Court : Kolkata
Reported in : [1988]172ITR153(Cal)
..... to the order of the tribunal which was passed on august 23, 1976, a new section 80aa was inserted in the income-tax act, 1961, by the finance (no. 2), act, 1980, with retrospective effect from april 1, 1968. the said section reads as follows:' 80aa. where any deduction is required to be allowed under section 80m in respect of any income ..... to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends.'3. section 44 of the finance (no. 2) act, 1980, provides for savings in certain cases which are not attracted to the facts of the ..... instant case.4. for the reasons as aforesaid, in view of the said section 80aa of the income-tax act, 1961, the question has to be answered in the negative .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]162ITR880(Cal)
..... of such dividends computed in accordance with the provisions of section 57 of the said act ?'2. in view of the provisions of section 80aa of the income-tax act, 1961, inserted by the finance (no. 2) act, 1980, with restrospective effect from april 1, 1968, we answer the question by saying that the assesste will not be entitled to ..... in the circumstances of the case, and ona correct interpretation of section 80b(5) of the income-tax act, 1961,defining the term 'gross total income', the assessee is entitled to reliefunder section 80m of the income-tax act, 1961, in respect of the gross amount of dividends from domestic companies and not in respect of the ..... relief under section 80m in respect of the gross amount of dividends but it will be entitled to relief under the said section only in respect of the net amount of such dividends computed in accordance with the provisions of section 57 of the income-tax act .....
Tag this Judgment!Court : Kolkata
Reported in : (1992)104CTR(Cal)403
..... by observing as under :'we have heard the rival submissions and considered the facts of the case. the insertion of s. 80ab by the finance (no. 2) act, 1980 with retrospective effect from 1st august, 1968 has made it clear that 'where any deduction is required to be made or allowed under any section (except s. 80m) included in this ..... departmental representative that the provisions of s. 80ab were applicable to the facts of the present case, inasmuch as, we find that s. 80ab was inserted by the finance (no. 2) act, 1980, w.e.f. 1st april, 1981, without having any retrospective effect. on the other hand, we see that the decision of the madras high court in ..... of the ito on this point.'4. thereafter an application was filed as miscellaneous application requesting the tribunal to rectify the said order under s. 254(2) of the it act. the tribunal allowed the said application and accordingly changed paragraphs 5 and 7 of the original order dt. 24th september, 1982, in the following manner :'we have .....
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