Judgment Search Results Home > Cases Phrase: finance act 1968 Court: kolkata Page 5 of about 13,667 results (0.116 seconds)

Commissioner of Income-tax Vs. National Insurance Co. Ltd.

Court : Kolkata

Reported in : (1986)54CTR(Cal)172,[1986]159ITR314(Cal)

..... ) , held that the special mode of computation of income of an insurance company under the first schedule to the income-tax act treating its entire income as income from business cannot be imported into the calculation of tax under the finance act. merely because the income of a general insurance company has to be computed in a particular manner, it could not be ..... of cloth traders p. limited v. addl. cit : [1979]118itr243(sc) .24. the contention of the revenue is that section 80aa was inserted by the finance (no. 2) act, 1980, with retrospective effect from 1st april, 1968, which a view to counter the aforesaid decision of the supreme court in which it was held that deduction in respect of intercorporate dividend should be .....

Calcutta Discount Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1986]161ITR301(Cal)

..... not on the gross dividend ?'2. in view of the provisions contained in section 80aa of the income-tax act, 1961, inserted by the finance (no. 2) act, 1980, with retrospective effect from april 1, 1968, the question must be answered in the affirmative and in favour the revenue.3. miss seal has drawn our attention to a news item published in [1981] 130 ..... ajit k. sengupta, j. 1. in this reference under section 256(2) of the income-tax act, 1961, for the assessment years 1974-75, 1975-76 and 1976-77, the following question has been referred by the tribunal :'whether, on the facts and in the circumstances of .....

Commissioner of Income Tax Vs. Swadeshi Commercial Co. Ltd.

Court : Kolkata

Reported in : (1992)106CTR(Cal)122

..... (as it then stood) were allowed. later, the provision of s. 80m was amended by virtue of provision of s. 80aa by finance (no. 2) act, 1980 which was given retrospective effect from 1st april, 1968. in view of the said amendment to the ito treated the deduction allowed under s. 80m as mistake apparent from the record and proceeded ..... to rectify the said mistake in both the assessment orders under s. 154 of the it act. the objection of the assessee thereto was overruled. the ..... of the case in order to discover the mistake which would be evident from the following observations made by the ito in the proceedings under s. 154 of the it act :'the assessee had income from business, interest, dividend and rent. considering the nature of the activities i feel, that out of expenses incurred by the assessee for .....

West Bengal State Warehousing Corporation Vs. Commissioner of Income-t ...

Court : Kolkata

Reported in : [1986]157ITR149(Cal)

..... . there, it was held that to claim exemption under section 10(29) (corresponding to section 83 since deleted by the finance (no. 2) act, 1967 with effect from april 1, 1968), it must be proved that the income derived by an authority constituted for the marketing of commodities is income which is derived ..... , then such income is not exempt under that clause. therefore, the income derived by the assessee, a corporation established under the warehousing corporations act, 1962, by way of commission charges for handling the work of loading and unloading of agricultural commodities from the fertillizer and food corporation of ..... commodities ; (c) arrange facilities for the transport of agricultural produce, seeds, manures, fertilisers, agricultural implements and notified commodities to and from warehouses ; (d) act as an agent of the central warehousing corporation or of the government for the purposes of the purchase, sale, storage and distribution of agricultural produce, seeds, manures, .....

The Islampur Municipality and anr. Vs. Chaudhuri M. Manjar Afaque and ...

Court : Kolkata

..... establishing markets for agricultural produce in the state of west bengal. accordingly, in the object it has been stated that earlier in the west bengal markets regulation act, 1968 there was some lacuna in the statute whereby the wholesale traders could be restrained to carry the business within the market yard and also in the market ..... and every phrase of the statute must have a meaning. reliance may be placed to the judgment passed in the case reserve bank of india v. peerless general finance and investment co. ltd. and ors. reported in : [1987]2scr1 , wherein in para 33 the apex court discussed the issue in the following language:interpretation ..... agricultural produce sold in the market area. section 17 reads such:17. levy of fee by market committee.- (1) notwithstanding anything contained in the bengal finance (sales tax) act, 1941 or any other law relating to taxation of agricultural produce in force, the market committee shall levy fees on any agricultural produce sold in the market .....

Aparna Trading Corporation (i) Pvt. Ltd. Vs. Commissioner of Commercia ...

Court : Kolkata

Reported in : [1982]51STC199(Cal)

..... the order of the board of revenue passed in revision under section 20(3). in that case an order in revision under section 20(3) of the bengal finance (sales tax) act, 1941, was made by the board of revenue on 28th january, 1967 and the communication of the order was made to the assessee on 4th march, 1967 ..... provisions, apart from other stationery goods and has been stated to be a dealer within the meaning of section 2(c) of the bengal finance (sales tax) act, 1941 (hereinafter referred to as the said act). the said company has further stated to be regularly assessed by the commercial tax officer, rajakatra charge, calcutta, respondent no. 5. the ..... . additional member, board of revenue, west bengal [1968] 22 stc 198 decided on 22nd april, 1968, it has been observed that the words 'or for revision' in section 12(2) of the limitation act, 1963, would not include an application for reference under section 21(1) of the bengal finance (sales tax) act, 1941, against an order in revision made by .....

State Bank of India Vs. Inspecting Assistant

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 .....

Chandra and Sons (P) Ltd. Vs. Union of India (Uoi)

Court : Kolkata

Reported in : 1992(57)ELT537(Cal)

..... origin primary gold and other items i.e. items no. 2, 4 and 5 of the search list under section 71(1) & 71(2) of the gold (control) act, 1968.i also impose penalty of rs. 500/- (rupees five hundred only) each on m/s. chandra & sons (pvt.) ltd. and shri tarak nath chandra under section 74 of ..... paid by the two petitioners be remitted and order for the refund of the full amount to the petitioners herein be made'.7. by virtue of the finance (no. 2) act, 1980 the customs, excise and gold control appellate tribunal (cegat) was set up. all revisional applications/appeals from the decision of the appellate collector under ..... should be addressed to the additional joint secretary (revision application), government of india, ministry of finance (department of revenue) jeevan deep buildings, parliament street, new delhi.'6. the petitioners accordingly filed a revision application under section 131 of the 1962 act from the order dated 15-1-1979 before the revisional authority. it is not disputed that .....

East India Hotels Ltd. Vs. Central Board of Direct Taxes and ors.

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. .....

Commissioner of Income-tax Vs. North Koshalpur Colliery Co. Pvt. Ltd.

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 .....