Court : Kolkata
Decided on : Feb-25-1987
Reported in : (1987)64CTR(Cal)167,[1987]166ITR636(Cal)
..... bank or a land mortgage bank. ' 17. learned advocate for the assessee submitted that section 199 of the income-tax act, 1961, had been amended with retrospective effect by the finance act, 1968.18. learned advocate for the assessee submitted further that the andhra pradesh high court did not consider the effect of the retrospective ..... amendment introduced in section 199 of the income-tax act, 1961, in smt. batool begum : [1976]104itr642(ap) , which has been ..... certificate furnished under section 203 in the assessment (including a provisional assessment under section 141a), if any, made for the immediately following assessment year under this act: provided that--..... (ii) in any other case, where the dividend on any share is assessable as the income of a person other than the shareholder .....
Tag this Judgment!Court : Andhra Pradesh
Decided on : Apr-14-1987
Reported in : [1987]169ITR324(AP)
..... (v). sub-clause (iii) to section 40(c) was first added by the finance act, 1963, bust the original sub-clause was substituted by the finance act, 1964, with effect from april 1, 1964. again, with effect from april 1, 1969, sub-clause (iii) was omitted by the finance act, 1968, and in its place, sub-clause (v) was inserted. this sub-clause (v ..... is wider than section 40(c)(iii) which has also been brought out by the kerala high court with reference to the statements of objects and reasons and the finance bill by which section 40(c)(iii) was introduced. the tribunal has relied upon its earlier decision under section 40(c)(iii), but as the present case arises ..... , on the facts and in the circumstances of the case, the medical expenses paid to the employees are a perquisite under section 40(c)(iii) of the income-tax act, 1961 ?' 2. the controversy relates to the two assessment years, viz., 1965-66 and 1967-68. the income-tax officer had disallowed certain expenditure incurred by the assessee .....
Tag this Judgment!Court : Rajasthan
Decided on : May-05-1987
Reported in : (1987)65CTR(Raj)306
..... the nature and extent of banking facilities available, considerations of business expediency and other relevant factors.' 5. section 40a was introduced in the act by the finance act, 1968, with effect from 1st april, 1968 with the object of checking tax evasion. subsection (3) of section 40a seeks to achieve this object by directing that an expenditure would ..... therefore, answered as under :question no. 1.--the payments made for the purchase of goods is ' expenditure ' within the meaning of section 40a(3) of the act. question 2.--on the facts and in the circumstances of the case and having regard to the provisions of rule 6dd(j) of the income-tax rules, 1962, ..... commissioner by his order (annexure ' b ') dated august 10, 1976, affirmed the order of the income-tax officer and disallowed the aforesaid expenditure under section 40a(3) of the act. on further appeal, the tribunal by order (annexure ' c ') dated february 28, 1977, and by order (annexure ' d ') dated january 10, 1978, has upheld .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Sep-03-1987
Reported in : [1987]168ITR744a(SC); 1988Supp(1)SCC481; 1988(Supp)SCC487
..... air-conditioning apparatus to the lessees in the building under consideration, it was an industrial company within the meaning of section 2(6)(d) of the finance act, 1968 and section 2(6)(c) of the finance acts, 1969 and 1970, as it could be said to have engaged in the manufacture or processing of goods and therefore, the rate of tax applicable to the .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Sep-03-1987
Reported in : [1987]168ITR744(SC); JT1987(3)SC578
..... air conditioning apparatus to the lessees in the building under consideration, it was an 'industrial company' within the meaning of section 2(6)(d) of the finance act, 1968 and section 2(6)(c) of the finance acts, 1969 and 1970, as it could be said to have engaged in the manufacture or processing of goods and therefore, the rate of tax applicable to the .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Nov-10-1987
Reported in : 1988MPLJ433
..... been avoided if the income as returned by such person had been accepted as the correct income.'5. this clause (iii) was substituted by the finance act, 1968, with effect from april 1, 1968, and continued to be operative till march 31, 1976. the clause so substituted and which was applicable during the relevant assessment year has already been quoted ..... above. thereafter, the taxation laws (amendment) act, 1975, came into force with effect from april 1, 1976, whereby the present clause (iii) was substituted along with ..... evaded, it is not the gross income but the taxable income which would be relevant. we see no reason to hold that during the period from april 1, 1968, to march 31, 1976, when in place of the amount of tax sought to be avoided or evaded, the amount of income was made the basis for .....
Tag this Judgment!Court : Andhra Pradesh
Decided on : Jan-23-1987
Reported in : (1987)62CTR(AP)189; [1988]170ITR332(AP)
..... allowance on other categories of assessees other than companies. it was further amplified by the explanation to sub-sections (2) and (2a) introduced by the finance act of 1968 expanding the scope of the restriction imposed by sub-section (2a) so as to take in any expenditure incurred by an assessee in expending entertainment allowance to ..... from february 29, 1968, and also the amount of any expenditure in the nature of entertainment expenditure incurred by any employee or other person for the purpose of the business or profession of the assessee other than, out of an entertainment allowance paid to him by the assessee. then, by the finance act, 1970, parliament ..... the expenses laid out for the provision of hospitality by a newspaper publisher to informants and contributors is deductible in computing the profits under section 15 of the finance act, 1965, to the newspapers published in the united kingdom. the word 'anything' in section 15(9) was pressed into service to claim deduction. it was .....
Tag this Judgment!Court : Kerala
Decided on : Jul-29-1987
Reported in : [1988]169ITR334(Ker)
..... those important enactments up to 1971 have been catalogued in stoke's case [1984] 1 all er 849, the customs and inland revenue act, 1878, income-tax act, 1918, income-tax act, 1945, income-tax act, 1952, finance act, 1957, capital allowances act, 1968, and finance act, 1971. the purpose of these statutory provisions was undoubtedly to encourage investment (robert goff l.j. says so in hi3 speech). lord justice ..... fox observed (at p. 855):' the purpose of the statutory provisions is evidently to encourage investment in machinery and plant.'38. sections 41 and 44 of the finance act, 1971 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Aug-21-1987
Reported in : (1988)27ITD228(Mum.)
..... traders (p.) ltd.'s case (supra) was not accepted by the department. hence section 80aa was inserted in the act by the finance (no. 2) act, 1980 and its operation was made retrospective with effect from 1-4-1968. this section laid down that where any deduction is required to be allowed under section 80m in respect of any ..... indicating gross dividends. the parliament wanted to make it clear that those words meant "net dividends". in order to clarify this limited aspect section 80aa was inserted by the finance (no. 2) act, 1980, with retrospective effect. subsequently, the supreme court itself in the case of distributors (baroda) (p.) ltd. (supra) interpreted words in sub-section (1) ..... under chapter vi) and not with reference to gross amount of such dividends.6. a plain reading of section 80aa indicates that object of its insertion by the finance (no. 2) act, 1980 was to nullify the effect of the earlier decision of the supreme court in the case of cloth traders (p.) ltd. (supra) wherein it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Dec-28-1987
Reported in : (1988)26ITD397(Mum.)
..... a was substituted by the same finance (no. 2) act, 1967. the main scheme of this chapter was that it provided for straight deductions in respect of certain ..... to that effect in the act as it stood at the relevant time. the rationale behind this interpretation would be clear if the scheme of the act as it now stands after the introduction of chapter vi-a is considered.sections 81 to 85c were deleted by the finance (no. 2) act, 1967 with effect from 1-4-1968. the present chapter vi- ..... types of income or items of expenditure as specified in section 80c to section 80vv. thus, the scheme of tax rebates which existed till 1968 was replaced by a scheme of straight .....
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