Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... great length. his arguments/submissions can be summarized as follows: 2. that section 40a(3) was introduced by the finance act, 1968, with effect from april 1, 1968. in the memorandum explaining the provisions in the finance bill, 1968, it was explained that the purpose behind the enactment of the provisions of section 40a(3) was to curb ..... has been contended by learned counsel sri s.k. tulsiyan that section 40a(3) was introduced by the finance act, 1968 with effect from april 1, 1968. he referred to the memorandum explaining the provisions in the finance bill, 1968 and pointed out that the purpose of introduction of section 40a(3) was to curb wasteful or lavish ..... high court in the case of kamath marbles v. ito have upheld the constitutional validity of section 40a(3) and of rule 6dd after amendment by the finance act, 1995 and the income-tax (fourth amendment) rules, 1995, respectively.11. he further submitted that while upholding the constitutional validity of amendment in section 40a( .....
Tag this Judgment!Court : Kolkata
Reported in : [2001]250ITR414(Cal)
..... the apex court, while deciding the question of applicability of clause (iii) substituted in section 271(1) by the finance act, 1968, held that it is the law operating on the date on which the wrongful act is committed which determines the penalty. where penalty is imposed for the concealment of particulars of income, it is the ..... of jurisdiction under article 226 to interfere with this order substituting its own reasons, since the petitioner has not fulfilled all the conditions mentioned in section 220(2a) of the act. he referred to cases, viz., ramapati singha-nia v. cit : [1998]234itr655(all) ; eminent enterprises v. cit : [1999]236itr883(ker) ; auro food ltd. v. ..... 'paid or payable' sufficiently indicate the aforesaid proposition. in this case, the demand for payment of interest was made in 1989 long after theaforesaid amendment act came into force. he contends that the payability of tax and interest by the petitioner crystallised finally after the delivery of the judgment of this court in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)76ITD89(Kol.)
..... articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. a company which carries on such activity will not fall within the definition of an "industrial company" under that provision. the decisions of kerala high court in ..... change which is considerable and substantial but in the instant case it is not so. here we consider necessary to refer section 80hh of the income-tax act, 1961. in order to encourage industrial activity in backward areas, this section grants deduction to an assessee, whose total income includes any profits and gains derived ..... spirit supplied by rampur distillery blends them and adding essence bottles them. this amounts 'manufacturing' and, therefore, is entitled to deduction under section 80hh of the act. it is the contention of the learned ar of the assessee that production of potable liquor involves dilution of the alcohol which is the raw material with .....
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 : [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 : 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]195ITR763(Cal)
..... court in the case of cit v. casino (pvt.) ltd. : [1973]91itr289(ker) . there, the kerala high court, in construing the expression 'industrial company' in the finance act, 1968, held (p. 300) 'there may be trading concerns which may sometimes engage in production which isincidental to trading. it nevertheless will continue to be a trading concern. a hotel, ..... to non-edible stuff.2. the correctness of the conclusion of the tribunal has been challenged by the department. the definition of 'industrial company' as given by the finance act, 1975, is as under :'2(8)(c) 'industrial company', means a company which is mainly engaged in the business of generation or distribution of electricity or ..... , then both the bulk licensee and the distributing-licensee will have to be treated as 'industrial companies': section 2(8)(c) of the finance act, 1975, does not provide that only a company which manufactures and distributes electricity will be treated as an 'industrial company'. the language employed by the .....
Tag this Judgment!Court : Kolkata
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 : Kolkata
Reported in : [1987]166ITR646(Cal)
..... cold storage and who earned income by storing potatoes in the plant 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 act, 1969, as it was engaged in processing of goods. it was held that potatoes kept in the cold storage preserved their original state and their ..... the allahabad high court held that storing of potatoes in a cold storage amounted to processing of goods within the meaning of section 2(7)(d) of the finance acts, 1966 and 1967, and an assessee earning income from storing potatoes in cold storage was taxable at the concessional rate prescribed under the said ..... normal decay was prevented. this amounted to processing of goods within the meaning of the said acts. it was held further that the expression ' processing ' was distinct and .....
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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