Court : Allahabad
Reported in : (1991)95CTR(All)26; [1991]189ITR124(All)
..... of that property is deductible under clause (iv) of sub-section (1) of section 24 of the act. the assessment years concerned herein are 1969-70, 1970-71 and 1971-72. by the finance act, 1968, clause (iii) of sub-section (1) of section 24 of the act was deleted and certain words were inserted in clause (iv). for the sake of convenience, we may ..... read both clause (iii) as well as clause (iv) as amended by the said finance act. clause (iii) reads ;'(iii) where the property is subject ..... b. p. jeevan reddy, c.j. 1. following two questions have been referred by the tribunal under section 256(2) of the income-tax act, 1961, for our opinion :'1. whether, on the facts and in the circumstances of the case, the tribunal was legally justified in allowing the claim of the assesses in respect .....
Tag this Judgment!Court : Gujarat
Reported in : [1972]85ITR315(Guj)
..... - and here we are setting out the section as it stood during the assessment year 1961-62 prior to its amendment by the finance act, 1968 - that if the income-tax officer, in the course of any proceedings under the act, is satisfied that any person has concealed the particular on his income or furnished inaccurate particulars of such income, he may direct that ..... (1) calling upon the assessee to show cause why penalty should not be imposed on the assessee for concealment of income under section 271(1)(c) of the income-tax act, 1961. now, according to the computation made by the income-tax officer, the income-tax payable by the assessee on the total income of rs. 25,557 was rs. 5 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)241ITR43(Mum.)
..... by an indian company from a foreign company in consideration for its supply of technical know-how or technical services under approved agreements.sec. 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of royalties, etc. the department's circular no. 72, dt. ..... . it is noteworthy that deduction provided under s. 80-o at the time of its introduction was related to the income the income as computed under the act. the finance act of 1968 enhanced the deduction under s. 80-o to hundred per cent of the income by way of specified sources. the income for purposes of deduction is the ..... w.e.f. 1st april, 1972, before amendment by the finance act of 1974 and s. 80-o after the amendment by the finance act of 1974 would be extremely useful in appreciating the intention of the legislature : "sec. 80-o as inserted by finance act, 1967, w.e.f. 1st april, 1968. - where the gross total income of an assessee being an indian .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1979KAR127; [1978]115ITR131(KAR); [1978]115ITR131(Karn); 1979(1)KarLJ34
..... case was the penalty which could have been imposed according to the provisions in force at the commencement of the assessment year and the provisions of the act as amended by the finance act, 1968, were inapplicable to the case. accordingly, it reduced the quantum of penalty payable by the assessee. at the instance of the additional commissioner of income- ..... the inspecting assistant commissioner passed an order on july 24,1970, imposing a penalty of rs. 3,51,682 in accordance with the provisions of the act as amended by the finance act, 1968. the assessee filed an appeal before the income-tax appellate tribunal in ita no. 383/bang/1970-71. the tribunal came to the conclusion that the ..... penalty that is leviable should, therefore, be in accordance with the law in force on date on which the returns were filed, i.e., the act as amended by the finance act, 1968. the questions referred to us are answered accordingly. 34. in i.t.r.c. no. 73 of 1974, sri srinivasan submitted that the tribunal, in .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1979SC1691; (1979)10CTR(SC)393; [1979]118ITR243(SC); (1979)3SCC538; [1979]3SCR984
..... object and purpose for which the words 'received by it' were deleted. it is clear from the notes on clause 31 which subsequently became section 31 of the finance act, 1968 that the amendments retrospectively deleting the words 'received by it' from the opening part of section 99, sub-section (1), clause (iv) and section 85a were ..... of interpretation posed before us. one amendment is, however, material and that was made by finance act 1968 by which the words 'received by it' occurring in sub-section (1) of section 80m were omitted with effect from 1st april, 1968. the finance act of 1968 also provided in sub-sections (2) and (3) of section 31 that notwithstanding the ..... computing the total income.7. the original chapter vi-a and certain other sections including section 85a were, deleted from the present act by finance (no. 2) act, 1967 with effect from 1st april, 1968 and replaced by a new chapter vi-a which contains a fasciculous of sections from section 80a to section 80vv. section 80a, sub .....
Tag this Judgment!Court : Delhi
Reported in : ILR1983Delhi512; [1985]151ITR93(Delhi)
..... his income was effected by the assessed when he filed a return of total income on april 24, 1968. accordingly, it is the substituted clause (iii), brought in by the finance act, 1968, which governs the case. that clause came into effect from april 1, 1968.' 11. before the supreme court, it was also argued by the assessed that under s. 139 ..... court in the case of jain brothers v. union of india : [1970]77itr107(sc) . 4. the second set of changes was effected by the finance acts of 1964, 1968 and 1975. the finance act of 1964 deleted the word 'deliberately' in s. 271(1)(c) and also introduced an explanationn casting the onus of proof on the assessed in cases ..... returned income. the penalty varied from 20% to 150% of the tax sought to be avoided. the new provision, as substituted with effect from april 1, 1968, by the finance act of 1968, provided for the computation of the penalty at figures varying between 100% and 200% of the amount of income in respect of which there has been concealment. .....
Tag this Judgment!Court : Delhi
Reported in : (1984)40CTR(Del)285
..... his income was effected by the assessed when he filed a return of total income on april 24, 1968. accordingly, it is the substituted clause (iii), brought in by the finance act, 1968 which governs the case. that clause came into effect from april 1, 1968.'(6) before the supreme court, it was also argued by the assessed that, under section. 139, ..... the supreme court in the case of jain brothers and others v.uoi : [1970]77itr107(sc) . the second set of changes was effected by the finance acts of 1964, 1968 and 1975. the finance act of 1964 deleted the word 'deliberately' in section 271(1)(c). and also introduced an explanationn casting the onus of proof on the assessed in cases ..... the penalty varied from 20 percent to 150 percent of the tax sought to be avoided. the new provision as substituted with effect from 1-4-1968 by the finance act of 1968 provided for the computation of the penalty at figures varying between 1,00 percent and 200 percent of the amount of income in respect of which there .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1995)128CTR(SC)361; [1995]216ITR759(SC); JT1995(6)SC549; 1995(5)SCALE362; (1995)6SCC396; [1995]Supp3SCR642
..... assessment, a provisional assessment is made under section 141a, the credit shall be given also in such provisional assessment.(the proviso was added by finance act, 1968 from april 1, 1968.)42. this section introduces a legal fiction that amount of advance tax paid shall be treated as payment of tax in respect of income of ..... suffered by reason or in consequence of any provisional assessment shall prejudice the determination, on the merits, of any issue in course of the regular assessment. finance act, 1968 amended sections 199 and 209 to enable the assessee to get refund pursuant to the summary assessment under section 141 a. section 199 was amended to enable ..... to have been collected towards the provisional assessment. the amendments made in section 214 should be seen in the background of all these provisions introduced by finance act, 1968. a proviso was added that in respect of any amount refunded on a provisional assessment under section 141a, no interest shall be paid for any period .....
Tag this Judgment!Court : Chennai
Reported in : (1984)38CTR(Mad)88; [1983]144ITR12(Mad)
..... given by the kerala high court in cit v casino (pvt.) ltd. : [1973]91itr289(ker) , that the expression 'manufacture' in s. 2(6) (d) of the finance act, 1968, will not denote a trading activity, the use of the word 'goods' is another reason for holding that the definition of 'industrial company' will not include a trading activity such ..... similar terms have been subject of discussion in a number of judicial decisions but those decisions gave only a limited assistance on the construction of the terms in the finance act, 1968, which would depend on the context of the enactment, the context or setting in which the term appears and that the nature of an enactment is of ..... pvt. ltd. : [1973]91itr289(ker) , wherein it has been held that the term 'manufacturing or processing of goods' occurring in s. 2(6) (d) of the finance act, 1968, should be understood in the context in which the term appears land the nature of the enactment and the meaning attributed to the said term under any other statue has .....
Tag this Judgment!Court : Chennai
Reported in : (1998)144CTR(Mad)313; [1999]236ITR885(Mad)
..... by the assessee in preparing articles of food from raw materials, constitutes 'manufacture or processing of goods' within the meaning of s. 2(6)(d) of the finance act, 1968, and that the assessee is an 'industrial company' within the meaning of the definition contained in that section ?' (h) their lordships of a division bench ..... food from raw materials such as grains, pluses, meat, vegetables, etc., constituted 'manufacture or processing of goods' within the meaning of s. 2(6)(d) of the finance act, 1968, and, therefore, the assessee was an 'industrial company'. (f) a reference has arisen out of the said order of the tribunal. (g) the question referred to therein ..... . a company engaged in the process of manufacturing being included in the definition of an 'industrial company' by the definition in s. 2(6)(d) of finance act, 1968, the assessee claimed that it should be taxed at the rate applicable to an 'industrial company'. (c) the aac found that though manufacturing operations were carried .....
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