Court : Chennai
Reported in : (1989)77CTR(Mad)18; [1989]179ITR170(Mad)
..... learned counsel for the assessee contended that in the interpretation of the word 'attributable' occurring in the explanation appended to section 2(6) (c) of chapter ii of the finance act, 1970, a wider interpretation has to be adopted and receipts referable to sources other than the actual conduct of the business of the manufacturing industry, i.e., ..... the assessee-company was not an industrial company within the meaning of clause 2(6)(c) of chapter ii of the finance act, 1970 ?' 2. the assessee is a private limited company and the assessment year we are concerned with is 1970-71, for which the previous year ended on december 31, 1969. the assessee has its ..... deciding the question whether the assessee is an industrial company within the meaning of section 2(6)(c) and the explanation appended thereto, as introduced by the finance act, 1970. apart from this, the amounts in controversy relate predominantly to the trading activities of the assessee, as held earlier, and cannot, even if a wider .....
Tag this Judgment!Court : Chennai
Reported in : [1974]94ITR397(Mad)
..... that demand in this writ petition on various grounds.3. it is contended that chapter xxii-a dealing with annuity deposit was inserted in the income-tax act, 1961, by section 44 of the finance act of 1964 with effect from 1st april, 1964, that under the said scheme of annuity deposit the taxpayers have the ..... counsel refers to the decision of the supreme court in rayala corporation (p.) ltd. v. director of enforcement, a.i.r. 1970 s.c. 494 in support of his plea that where the legislature by an amending act merely omits certain provisions of an existing statute, it will not amount to repeal and that, therefore, in cases of omissions section ..... as annuity deposit during the year and deducting the said sum, a demand had been issued on march 22, 1970, for the balance of the annuity deposit of rs. 62,520 in form 37b under section 156 of the income-tax act read with rule 48a(ii) of the income-tax rules, 1962. the petitioner has challenged the validity of .....
Tag this Judgment!Court : Delhi
Reported in : ILR1980Delhi1559
..... be excluded from the total income of the recipient. section 12 deals with the income of trusts and institutions from voluntary contributions. the section before its amendment by the finance act of 1972 with effect from 1st april, 1973, stood as follows : '12. income of trusts or institutions from voluntary contributions. - (1) any income of a ..... daulat ram general education society, new delhi, is the assessed-respondent in income-tax references nos. 226 and 227 of 1977 and the assessment years are 1969-70 and 1970-71. all these assesseds are charitable institutions. 2. the question in the respective references are as follows : eternal science of man's society, new delhi. '1. ..... basis of which the above question have been referred, it is advisable to refer briefly to the relevant statutory provisions. chapter iii of the income-tax act, 1961 (to be referred to in brief as 'the act'), contains provisions pertaining to income which does not form part of the total income. section 11, which is in .....
Tag this Judgment!Court : Delhi
Reported in : (1980)19CTR(Del)384; [1981]128ITR456(Delhi)
..... from the total income of the recipient. section 12 deals with the income of trusts and institutions from voluntary contri- butions. the section before its amendment by the finance act of 1972 with effect from 1st april. 1973 stood as follows:12.income of trusts ornstitutions from voluntary contributions : (1) any income of a trust for ..... educa- corporation society, new delhi is the assessed-respondent in income-tax ref- erences nos. 226 and 227 of 1977 and the assessment years are 1969-70 and 1970-71. all three assesseds are charitable institutions,(2) the questions in the respective references are as follows : the eternal science of man's society, new delhi1. ..... on the basis of which the above questions have been referred, it is advisable to refer briefly to the- relevant statutory provisions. chapter iii of the income-tax act (to be referred to in brief as ''the act') contains provisions pertaining to income which does not form part of the total income. section 11, which is in this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD473(Hyd.)
..... total income other than the income from such self-occupied property but without deductions allowable under chapter via, the excess is to be disregarded. however, as a result of substitution with effect from 1-4-1987 of section 23(2) by finance act, 1986, the method of determining the annual value of a self-occupied house property has ..... , the annual value is determined in the manner as if the property were let out to tenants. the amendment to section 23(2) by taxation laws (amendment) act, 1970, effective for and from assessment year 1971-72, assures that full municipal taxes payable are to be deducted in such computation. secondly, the amount of annual value so ..... the total income for this purpose is to be computed without including therein any income from such self-occupied property and before making any deductions under chapter via of the income-tax act.12. it is, therefore, clear from the provisions of section 23(2) that the maximum value of the income from house property which is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1982)2ITD654(All.)
..... the cancellation of the penalty imposed by the ito under section 221, read with section 201. our attention was also invited to the scheme of the act, particularly chapter xvii where sub-section (1) of section 190 lays down that notwithstanding that the regular assessment in respect of any income is to be made in ..... or before us to show that the co-operative cane development unions or co-operative cane development councils were wholly financed by the government and, therefore, even the notification no. 3489 dated 29-10-1970 cannot be said to cover the payments by way of income from interest to these bodies. the other persons mentioned ..... no. so 3489 dated 22-10-1970 whereby there was exemption from deduction of tax at source on payments made to any undertaking or body including a society registered under the societies registration act, 1860, financed wholly by the government. in these circumstances, according to dr. vaish, considering the purpose of chapter xvii under which section 194a appears .....
Tag this Judgment!Court : Kerala
Reported in : [1972]83ITR362(Ker)
..... 44/71 have been preferred.4. criminal appeals nos. 210 and 211 of 1970 are appeals preferred by the same income-tax officer against the finding of the lower court that since section 276b was introduced in the act only from april 1, 1969, by amendment of the indian finance act, 1969, since the failure to deduct the tax from the dividend took ..... section. section 276(d) is to the effect that 'if a person fails without reasonable cause or excuse .... (d) to deduct and pay tax as required by the provisions of chapter xvii-b or under sub-section (2) of section 226 .. .. '13. so, to fasten guilt upon the accused the complainant must show that they failed to deduct and pay ..... the tax as required by the provisions of chapter xvii-b and we have already seen from section 194 which falls under chapter xvii-b that the principal officer when he declares and pays dividends under sub-clause (a), (b), (c), (d) or (e) .....
Tag this Judgment!Court : Delhi
Reported in : (1985)46CTR(Del)23; ILR1985Delhi77; [1985]156ITR796(Delhi)
..... to the taxpayers due to the delay in issue of refunds in cases where the completion of regular assessment is likely to be delayed, the finance act, 1968, introduced section 141a in the act enabling taxpayers to claim tax deducted at source or paid in advance in excess of the tax due on the basis of the return of income ..... the regular assessment is not specified. the power could be constructed as simply enabling and not mandatory. but any ambiguity has been recovered by the taxation laws (amendment) act, 1970, with effect from april 1, 1971. the statue has been amended so as to incorporate therein the substance of the assurance given in the lok sabha that where ..... some other relevant statutory provisions. the government has a definite desire to secure the tax at the earliest possible stage. this is reflected in the provisions contained in chapter xvii in sections 192 to 195 which deal with deduction of tax at source and sections 207 to 212 which provide for advance payment of tax. section 141 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD157(Mad.)
..... shall be charged on trust income as if such income were the total income of an association of persons. (b) in section 164(1) as substituted by the finance act, 1970, the income received by the trustees of a discretionary trust was chargeable at the rate of sixty five per cent or the rate which would be applicable if such ..... section 80l.in this regard, the learned counsel for the assessee highlighted the fact that section 164 does not preclude the grant of any deduction/allowance enumerated under chapter via of the act.thirdly, no doubt, section 2(31) contains an inclusive definition of the term "person". even so, apart from the consideration that the definition contained in ..... in respect of such income, however, is deemed to be made upon him in his representative capacity only and the tax, subject to the other provisions contained in chapter xv, is to be levied upon and recovered from him "in like manner and to the same extent" as would be leviable upon and recoverable from the person .....
Tag this Judgment!Court : Chennai
Reported in : [1986]161ITR135(Mad)
..... ceased to exist and hence it cannot be set off against the income from refractory works determined for the assessment year 1970-71 ?' 9. this court, after referring to the different provisions in chapter iv of the act which dealt with computation of total income and particularly sections 28, 30, 31, 32 and 33, observed as follows ..... no more in existence, unabsorbed depreciation cannot thereafter be adjusted in the assessment of future years in respect of a different business. the later decision in estate and finance ltd.'s case : [1978]111itr119(bom) takes an exactly contrary view. in sahu rubbers private ltd.'s case : [1963]48itr464(bom) , the bombay high ..... the accounting year.' 10. the division bench which decided the the suppliers ltd.'s case : [1985]152itr694(mad) had referred to the contrary view taken in cit v. estate and finance ltd. : [1978]111itr119(bom) , cit. rampur timber and turnery co. ltd. : [1973]89itr150(all) , cit v. virmani indstries (p) ltd. : [1974]97itr461(all) , cit .....
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