Court : Chennai
Decided on : Dec-08-1976
Reported in : [1977]107ITR822(Mad)
..... as framed by the tribunal does not bring down the real controversy. as pointed out already, the expression 'industrial company' as defined by section 2(6)(d) of the finance act, 1968, refers to 'manufacture' or 'processing' of goods. in the question as framed, the expression 'manufacture' alone has been used. the question has, therefore, to be reframed ..... to a proprietary concern known as 'techniprint'. the assessee got the printing work done from the said proprietary concern. under paragraph f of the first schedule to the finance act, 1968, the rates of income-tax in the case of companies are set out. the relevant provision runs as follows: 'in the case of a company, other than ..... to pay income-tax as an industrial undertaking on its total income at the rate of 55 per cent, under paragraph f of the first schedule to the finance act, 1968 ?' the assessee is the printer and publisher of a fortnightly journal known as sales tax cases. the printing of the journal was done in the press known .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-23-1976
Reported in : [1978]113ITR745(Guj)
..... exceeds one-fifth of the amount of salary payable to the employee for any period of his employment after the aforesaid date.' 6. this sub-clause was omitted by the finance act, 1968, with effect from april 1, 1969, and in its place sub-clause (v) as extracted above as inserted in clause (a) of section 40. in our ..... of benefit, amenity or perquisite to an employee. in the submission of the learned advocate for the assessee, by the legislative changes brought about in clause (c) by the finance act, 1968, which deleted sub-clause (iii) of clause (c) and inserted sub-clause (v) to clause (a) in section 40, the distinction between an employee and a ..... ii) is excessive or unreasonable having regard to the legitimate business needs of the company and the benefit derived by or accruing to it therefrom.' (iii) (omitted by finance act, 1968, with effect from 1-4-1969). 3. on behalf of the revenue it has been contended that having regard to the legislative history of the provision contained in section .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Oct-14-1976
Reported in : [1977]106ITR76(SC)
..... which is chargeable under that head under clause (ii) of sub-section (2) of section 56 of the income tax act, and xx xx xx xx28. clause (ii)of section 109 was again amended by finance act, 1968 (act 19 of 1968) with effect from april 1, 1969. as a result of this amendment, the clause read as under :-investment company' ..... cent in respect of an investment company and 37 per cent in respect of other companies.22. in 1958 a new provision was introduced by section 9 of finance act, 1958 (act no. 11 of 1958) with effect from april 1, 1958, empowering the income tax officer to refrain from passing an order under old section 23a, if ..... the other hand, contended that the expression 'a company whose business consists wholly or mainly in the holding of investments' appearing in section 23a of the act as amended by finance act, 1955 means a company whose income is derived from investments in contra-distinction to the income received from manufacturing or processing or trading operations and the word .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Oct-14-1976
Reported in : AIR1977SC153; [1977]106ITR45(SC); (1977)1SCC7; [1977]1SCR798
..... or which is chargeable under that head under clause (ia) of sub-section (2) of section 56 of the income tax act, and28. clause (ii) of section 109 was again amended by the finance act, 1968 (act 19 of 1968) with effect from april 1, 1969. as a result of this amendment, the clause read as under: investment company means ..... cent in respect of an investment company and 37 per cent in respect of other companies.22. in 1958 a new provision was introduced by section 9 of finance act, 1958 (act 11 of 1958) with effect from april 1, 1958, empowering the income tax officer to refrain from passing an order under old section 23-a, if ..... other hand, contended that the expression a company whose business consists wholly or mainly in the holding of investments appearing in section 23-a of the act as amended by finance act, 1955 means a company whose income is derived from investments in contradistinction to the income received from manufacturing or processing or trading operations and the word .....
Tag this Judgment!Court : Kerala
Decided on : Jul-30-1976
Reported in : [1977]106ITR610(Ker)
..... the case of companies this sub-section has specified the maximum allowable entertainment expenditure in the case of other assessees also on a slab basis. by the finance act, 1968, an explanation was added to sub-section (2a) of section 37, the effect of which was to extend the scope of the restrictions imposed by those ..... this provision by assessees and by gradual stages restrictions were imposed on the allowability of such entertainment expenditure. the first of such restrictions was introduced by the finance act, 1961, and it took the form of the imposition of ceiling limits on the expenditure that could be allowed to companies under this head. the maximum ..... entertainment allowance paid to him by the assessee. two years thereafter came the final step in the matter when by the finance act, 1970, parliament introduced sub-section (2b) in section 37 of the act laying down that no allowance shall be made in respect of expenditure in the nature of entertainment expenditure incurred within india .....
Tag this Judgment!Court : Kolkata
Decided on : Apr-21-1976
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 : Allahabad
Decided on : Apr-29-1976
Reported in : [1977]110ITR419(All)
..... which the particulars have been concealed or inaccurate particulars have been furnished.' clause (iii) which fixes the quantum of penalty was amended by the finance act, 1968, with effect from 1st april, 1968, but we are not concerned with the amendment in the present case as the penalty relates to an earlier year, and the inspecting assistant ..... evidence to prove the contention regarding the genuineness of certain loans. in pursuance of this order, the income-tax officer made a fresh assessment on november 21, 1968, determining the total income at rs. 1,17,779. this was reduced in appeal to rs. 1,13,277 by the appellate assistant commissioner. the income ..... provision for imposition of penalty runs :'271. (1) if the income-tax officer or the appellate assistant commissioner, in the course of any proceedings under this act, is satisfied that any person--... (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall .....
Tag this Judgment!Court : Gujarat
Decided on : Apr-05-1976
Reported in : [1977]107ITR590(Guj)
..... mortgage and in this connection he wanted relief under section 24(1)(iii) of the income-tax act, 1961. it may be mentioned at this stage that with effect from april 1, 1969, by virtue of the provisions of the finance act, 1968, section 24(1)(iii) has been deleted. the income-tax officer apportioned the amount of interest ..... income-tax v. radha swami bank : [1972]85itr136(all) , the decision of the bombay high court in commissioner of income-tax v. industrial investment trust co. ltd. : [1968]67itr436(bom) and the decision of the madhy pradesh high court in commissioner of income-tax v. bhopal sugar industries ltd. : [1970]78itr209(mp) . he relied upon these ..... ltd. : [1965]56itr77(sc) , commissioner of income-tax v. south indian bank ltd. : [1966]59itr763(sc) , commissioner of income-tax v. maharashtra sugar mills ltd. : [1968]68itr512(bom) , this being a bombay decision, and the decision of the supreme court in the same case on appeal against the decision of the bombay high court being the .....
Tag this Judgment!Court : Mumbai
Decided on : Nov-30-1976
Reported in : [1979]119ITR664(Bom)
..... question should be made absolute and in that behalf he relied upon the amendment that has been made in s. 80m of the act by s. 10 of the finance act of 1968, which came into operation from april 1, 1968. it may be stated that by the amendment introduced in s. 80m what was done was that the words, 'received by it ..... with reference to the net dividend income and not gross dividend income. it may be stated that in the statement of objects and reasons and notes on clauses of the finance bill, 1968, it has been clarified why the deletion of the words, 'received by it' was effected and it has been explained thus : 'the effect of the amendment ..... the case of new great insurance co. ltd. : [1973]90itr348(bom) to the assessment year in question without considering the effect of the amendment operative from april 1, 1968, and in thus holding that the assessee would be entitled to the deduction under section 80m on the gross dividend before deduction of the proportionate management expense ?' 2. in .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Nov-04-1976
Reported in : [1977]110ITR278(P& H)
..... 40 and 40a deal particularly with deductions which may not be allowed. section 40a was introduced into the income-tax act with effect from april 1, 1968, by way of amendment, by the finance act of 1968. section 40a(1) is significant and it enacts that the provisions of this section shall have effect notwithstanding anything to ..... the contrary contained in any other provision of the act relating to the computation of income under the head 'profits and gains ..... clear parliamentary intention. that is not permissible. in state of tamil nadu v. kandaswami : [1976]1scr38 , construing section 7a of the madras general sales tax act, the supreme court observed : 'its main object is to plug leakage and prevent evasion of tax. in interpreting such a provision, a construction which would defeat its .....
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