Court : Kolkata
Reported in : [1989]179ITR580(Cal)
..... , however, unable to accept the contentions of dr. pal for more than one reason.14. originally, sub-section (1a) of section 214 was inserted by the finance act, 1968, with effect from april 1, 1968. the said sub-section reads as follows :'(1a) where on completion of the regular assessment the amount on which interest was paid under sub-section (1) has ..... for the purpose of computation of the admissible amounts of depreciation under section 32(l)(iii) and/or development rebate and profit under section 41(2) of the act for the assessment years 1968-69 and 1969-70, the written down value of the fixed assets should be determined, not in pound sterling, but in equivalent amount of rupees ? (ii) ..... of the assessee.8. the facts of the case are stated hereunder :9. at the time of the original assessment for the year 1968-69, the amount of interest payable under section 214 of the income-tax act was rs. 14,64,130 although at the time of the original assessment, the figure was shown at rs. 14,61,738. .....
Tag this Judgment!Court : Kolkata
Reported in : [1992]196ITR366(Cal)
..... a)(v) lays down as follows (see [1968] 67 itr 87) :'in the case of companies, the deductible amount of expenditure incurred by them in ..... the purpose of computing the disallowance made undersection 40(a)(v) of the act. the tribunal held that the expenses incurred on repair and maintenance of such bungalow cannot be considered as a perquisite.12. section 40(a)(v) was inserted by the finance act of 1968, with effect from april 1, 1969. the object clause introducing section 40( ..... by the assessee-company and it is sold to the indian oil corporation at its refineries at gauhati and barauni. these pipelines havebeen in operation from 1962. from 1968 onwards, the assessee-company is transporting through the same pipeline along with its own crude oil, the crude oil belonging to ongc with its field of operation .....
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 : 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 .....
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 : [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 : [1994]207ITR589(Cal)
..... : [1984]148itr544(cal) on the ground that, in that case, the question decided was about the scope of section 40(c)(iii) which was deleted by the finance act, 1968, with effect from the assessment year 1969-70. according to him, the implication of the subsequent amended provisions in a broader form as contained in section 40a(5) did ..... perquisite, whether convertible into money or not, subject to certain exceptions, to one-fifth of the amount of salary payable for the relevant period. the finance act, 1968, brought in a new section 40(a)(v) operative from the assessment year 1969-70 onwards.5. while introducing section 40(a)(v), the ..... finance minister mentioned in the explanatory note placed before parliament the following as objects and reasons for introducing the provision (see [1968] 67 itr 87) :'(2) expenditure on providing perquisites, benefits or amenities to higher paid employees in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1998)65ITD214(Kol.)
..... the income was first assessable, where such assessment year is an assessment year commencing on or after the 1st day of april, 1969; or [substituted by finance act, 1968 (with e.f. 1-4-1968)] (b) the expiry of eight years from the end of the assessment year in which the income was first assessable, in a case falling within clause ..... years from the end of such assessment year; (ii) where the return relates to a previous year relevant to the assessment year commencing on the 1st day of april, 1968, three years from the end of the assessment year; (iii) where the return relates to a previous year relevant to any other assessment year, two years from the ..... -3-1989 and, therefore, the extension of one year period expired on 27-3-1990. according to him, the assessment was finalised within the time prescribed under the act. the learned dr extended his arguments further and submitted that although according to the decision of the supreme court (supra), once the return is filed under section 139(4 .....
Tag this Judgment!Court : Kolkata
Reported in : (2000)2CALLT394(HC)
..... 72 and also amended by finance act 1974 but made effective from 1.4.1972. by amendment in ..... after insertion of section 80ab in the act.24. for deduction of tax on royalties, etc., received from certain foreign companies were initially allowed under section 85c of the act. the provision of that section was substituted by section 80-o in the year 1968 and that section 80-ois further amendment by finance act 1971 w.e.f. 1.4. ..... contained in that section for the purpose of computing the deduction under that section, the amount of income of that nature has computed in accordance with provisions of this act, 'shall alone be deemed to be amount of income for the purpose of deduction under that section'. thus, though anything contained in that particular section, the .....
Tag this Judgment!Court : Kolkata
Reported in : (2000)159CTR(Cal)417
..... -4-1972, and also amended by finance act, 1974, but made effective from 1-4-1972. by amendment ..... insertion of section 80ab in the act.15. for deduction of tax on royalties, etc., received from certain foreign companies were initially allowed under section 85c of the act. the provision of that section was substituted by section 80-o in the year 1968 and that section 80-o is further amended by finance act, 1971, with effect from 1 ..... 80-o.5. the basic common question for our consideration in both the reference applications is whether the deduction under section 80-o of the income tax act, 1961 is to be allowed on gross convertible foreign exchange receipt brought into india without taking into account the expenditure incurred in india for earning such income. .....
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