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 : 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 : 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 : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should be computed not on the ..... was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under section 80m in respect of any income by way of dividends from ..... of the rectification order in a writ petition in the high court. the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or would apply to pending assessments was a debatable point and since it was a debatable point, there could not be said to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)6ITD225(Kol.)
..... assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under section 147(b), only those materials could be ..... in which the assessee has been placed and not with reference to his system of accounting.the conclusion is supported by the decision in the case of cit v.ferozepur finance (p.) ltd. [1980] 124 itr 619 (punj. & har.): income-tax is levied on income, whether the accounts are maintained on mercantile system or on cash ..... of section 147(b). it was further stated by the standing counsel that section 80m was retrospectively amended by introduction of sections 80aa and 80ab of the act from 1-4-1968 and 1-4-1981.therefore, even otherwise, the deduction was not available to the assessee because deduction under section 80m was amended with retrospective effect. once .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1983)3ITD359(Kol.)
..... supra), allowed deduction at 60 per cent on the gross dividend income. section 80aa, quoted above, was newly introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968.the department has challenged the finding of the commissioner (appeals) on the ground that deduction allowed by the commissioner (appeals) is ..... direction of the commissioner (appeals) regarding deduction allowed by him under section 80m. a new section 80aa was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. section 80aa shall be quoted later on. the supreme court pronounced a judgment in the case of cloth traders (supra). the ..... net dividend.shri bajoria, the learned departmental representative, referred to section 80aa and stated that the section was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. under the circumstances, deduction under section 80m cannot be allowed on the gross dividend of the assessee. shri bajoria stated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD542(Kol.)
..... for the year 1978-79 was also framed by the same officer on 30-1-1980. thereafter, the finance (no. 2) act, 1980 came into force and by that act section 80aa of the act was inserted in the act with retrospective effect from 1-4-1968. according to section 80aa, net amount and not the gross amount of the dividends is allowed to be ..... signal industry (p.) ltd. for the assessment year 1978-79-against the order of the commissioner of even date 8-1-1982 under section 263 of the income-tax act, 1961 ('the act'), common issues are involved and, therefore, they are disposed of by this common order.2. assessments of income of apeejay structural works (p.) ltd. for both the ..... deducted under section 80m of the act. since there was no such provision at the time of framing the assessments in .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Reported in : (1990)(26)LC248Tri(Kol.)kata
..... basak, proprietor, m/s. minar jewellers on 1st august, 1980 before the gold control administrator, ministry of finance, department of revenue, new delhi, under section 80 of the gold (control) act, 1968 (hereinafter to be referred to as 'the act', for short) being aggrieved from an order no. 25 (gold) 78/5 of 1980 passed by collector ..... primary gold and gold ornaments so recovered were not recorded in the g.s 13 register required to be maintained by shri basak under the gold (control) act, 1968 and the rules framed thereunder. shri chand mohan basak could not produce any evidence, documentary or otherwise, in support of his bona fide acquisition and possession of ..... the gold and gold ornaments weighing altogether 664.800 gms were, therefore, seized for contravention of the provisions of the gold (control) act, 1968 along with three private account books, two g.s. 13 registers of shri pradip kumar basak and two g.s. 13 registers of shri chand mohan basak.3 .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Reported in : (1985)(5)LC1595Tri(Kol.)kata
..... of finance, dept. of revenue, new delhi being aggrieved from order no. 26 (gold) 79/6 of 1980, dated 20th may, 1980 passed by the collector of central excise, calcutta. after the coming into existence of the tribunal, the said revision application stands transferred to the tribunal under section 82 of the gold (control) act, 1968 to be ..... to observe that the maintenance of the g.s. 13 register is a mandatory requirement. non-maintenance of the same will defeat the provisions of the gold (control) act, 1968.private 'panama' book maintained by the appellant, cannot be treated as a substitute for the g.s. 13 register. undoubtedly, the 'panama' book was maintained in ..... . keeping in view the totality of the circumstances, i uphold the findings of, the lower authorities for the violation of the provisions of the gold (control) act, 1968. the learned collector had been very harsh in imposing a penalty of rs, 2,00,000/-. the broad principle that punishment must be proportioned to the offence .....
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