Court : Kolkata
Reported in : [1977]110ITR715(Cal)
..... whose business consists wholly or mainly in the dealing in or holding of investments.'.8. the section was, however, subsequently amended twice, respectively, by the finance act, 1966, and the finance act, 1968.9. it is to be determined in the instant case whether the assessee is a company whose business consists primarily in the dealing in or holding of ..... whether the loans made by the assessee to these members of the non-marine syndicate was capital employed in the trade or business within the meaning of the finance act, 1939, and whether the said amounts should be included in computation of the 'pledged amount of the capital' for the purpose of assessment of excess profits ..... tax leaflet, no 42......these deposits on loan tohenderson and broadbridge were performing an active operation as compared with the passive operation of such balances. i read the finance (no. 2) act, 1939, sched. vii, pt. ii, para. 1 : ' (1) subject to the provisions of this part of this schedule, the amount of the .....
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 : 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 : 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 : (1980)18CTR(Cal)166,[1980]126ITR66(Cal)
..... referred to this court the question as mentioned hereinbefore.5. before we consider the question further it may be necessary to refer to the definition of the relevant finance act, namely, the finance act, 1968. section 2(6), clause (d), defined 'industrial company' as follows :' 'industrial company' means a company which is mainly engaged in the business of ..... the case of cit v. casino (pvt.) ltd. : [1973]91itr289(ker) was concerned with the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. there, the court was dealing with the hotel which prepared cooked food for serving its customers from raw materials like vegetables or meat. there, the court was of ..... was engaged in the processing of goods and was accordingly an industrial company within the meaning of section 2(6)(d) of the finance act, 1968, or under section 2(6)(c) of the finance act, 1969 ?'2. the assessee-company has been engaged in the business of running a cold storage plant. its income consists of .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)20CTR(Cal)272,[1982]135ITR35(Cal)
..... payment referred to in clause (ii) of sub-section (3) of that section shall not be taken into account.' 7. this clause was, however, omitted by the finance act, 1968, with effect from 1st april, 1969. there was no dispute about the fact that there was no material in support of the contentions made by the department that the cars ..... to disallowance of expenditure on depreciation or other allowance in the case of companies. but we are concerned here with clause (c)(iii) which was first added by the finance act, 1963, with effect from 1st april, 1963, and which reads as follows;'any expenditure which results directly or indirectly in the provision of any remuneration or benefit or ..... car was provided ?'3. this reference, at the instance of the commissioner of income-tax, west bengal-iv, calcutta, under section 256(1) of the i.t. act, 1961, relates to the assessment year 1966-67. for this assessment year, the assessee, which is a limited company, claimed that the value of the perquisite of free .....
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 : (1986)53CTR(Cal)418,[1985]153ITR747(Cal)
..... section (1), deduction shall not be allowed in respect of such expenditure under any other provision of this act for the same or any other assessment year.' 14. it was by the finance act, 1968, and with effect from april 1, 1968, that this section was inserted. the section then was without either the proviso to sub-section (1)(a ..... ) or explanation 2 of that sub-section. the same were inserted by the finance act, 1973, the former with effect from april 1, 1973 ..... cannot be claimed in respect of transportation and freight charges.20. the substitution of sub-clause (iii) of section 35b(1)(b) by the finance act, 1970, with effect from april 1, 1968, i.e., the date from which section 35b was introduced, makes it clear that expenditure on the distribution, supply or provision outside india of 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 : [1987]165ITR550(Cal)
..... finance act. the high court held that the term 'manufacture or processing of goods' had not been defined in the finance act, 1968, and in its ordinary meaning, the expression 'manufactured' meant a process which resulted in alteration or change ..... of food from raw materials would not constitute 'manufacture or processing of goods' within the meaning of section 2(6)(d) of the finance act, 1968. a company carrying on the above activity will not come within the definition of 'industrial company' under the said section of the said ..... the expressions 'production' and 'manufacture' and observed as follows (at page 153) :'neither of the words 'production' or 'manufacture' is defined in the bihar sales tax act but according to the oxford english dictionary, 'production' means, amongst other things, that which is produced ; a thing that results from any action, process or effort, a product .....
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