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 : [1986]158ITR695(Cal)
..... amount as is sufficient to reduce the said total income to nil; and......' 4. the underlined portion was inserted by the finance (no. 2) act of 1967. the effect of this amendment is that from the assessment year 1968-69, the deduction on account of development rebate is limited to the assessee's total income of the year without making the ..... nil and, as such, the assessee is not entitled to any relief under section 80-i of the act. as regards the development rebate, the finance (no. 2) act, 1967 amended section 33(2) of the income-tax act, 1961, with effect from april 1, 1968. section 33(2), as amended, is in the following terms :' in the case of a ship acquired ..... income ' as defined in clause (5) of section 80b means, in the case of a company, total income computed in accordance with the provisions of the income-tax act, before making any deduction under chapter vi-a. section 80a(2) limits the aggregate of the deductions allowable under sections 80c to 80vv to the amount of the gross total .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]107ITR123(Cal)
..... applies as do not exceed six per cent. per annum on the capital employed in the undertaking or hotel, computed in the prescribed manner.'8. by the finance (no. 2) act, 1967, sub-section (1) was substituted by the following :'(1) save as otherwise hereinafter provided, income-tax shall not be payable by an assessee on ..... in cases to which the explanation to section 84 applies.' 10. as a result of the amendment effected by the finance (no. 2) act, 1967, these amendments in section 84 were effective for the prescribed period and from 1st april, 1968, section 84 stood repealed and section 80j was introduced. section 80j provides as follows : .'80j. deduction in ..... undertaking, or business or ship, computed in the prescribed manner.'9. the said provision came into effect from 1st april, 1967, and was effective upto 1st april, 1968. rule 19 of the income-tax rules, 1962, was introduced for the purpose of working out the computation of capital in such industrial undertakings. the said rule 19 .....
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 : [1979]116ITR440(Cal)
..... supreme court, was that by the charging section, namely, section 3, income-tax was levied for a financial year at the rate prescribed by the annual finance act on the total income of the previous year. each previous year's income was the subject of separate assessment in the relevant assessment year. though the year ..... , and also section 33 of the i.t. act, 1961, by section 32 of the finance act, there was no provision in the act which provided security and protection of the documents filed or statements made during the assessment proceedings. in the case of daulat ram v. som nath : [1968]68itr779(delhi) , the delhi high court had to consider ..... this aspect of the matter in a proceeding instituted under the delhi rent control act, .....
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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
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