Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD1(Mum.)
..... works. in the original assessments, the ito had allowed investment allowance and had also treated the assessee-company as an 'industrial company' within the meaning of the relevant finance act and had applied the rate of tax at 60 per cent, which was prescribed for and applicable to 'industrial company' as against the rate of tax at 65 per ..... allowed in spite of the above findings. this is because of the following facts. in that assessment year the net income computed in accordance with the act before deduction under chapter via of the act came to rs. 1,71,68,541. this figure was arrived at after deduction of investment allowance of rs. 2,28,916. the total amount ..... rs. 1,71,68,541 and the net total income assessed came to nil. if the investment allowance is withdrawn, identical amount which could not be deducted under chapter via would be liable to be deducted and as a result the net income would still be nil. consequently, even if the investment allowance is withdrawn the net income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD236(Kol.)
..... the point regarding deduction of expenses from dividend income for allowing relief under section 80m, read with section 80aa as amended by the finance act, 1980. according to him, the ito did consider this issue as could be apparent from the order of assessment itself and in ..... or business. the learned departmental representative further refers to another decision of the hon'ble supreme court in the case of cit. national finance ltd. [1962] 44 itr 788 in which similar view was expressed that the issue has to be decided in the light of ..... during the year and the other incomes were from sources other than share dealings. in another case of investment ltd. v. cit [1970] 77 itr 533, the hon'ble supreme court on the facts of that case held that though it was true that order made ..... 63 and onwards.amongst other things, it is seen that before the tribunal for the assessment years 1966-67 to 1968-69 and 1970-71 in the case of the assessee being it appeal nos. 628 to 631 (cal.) of 1979 dated 28-5-1980 it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)21ITD401(Delhi)
..... public place or in any other place for the purpose of carrying passengers or people unless the vehicle is registered in accordance with chapter iii and the certificate of registration of the vehicle has not been suspended or cancelled and the vehicle carries a registration mark displayed in the prescribed manner. section 123 ..... waiting to be put into motion, there is no legal impediment to its being put on the road and to be run. section 22 of the motor vehicle act, 1939 clearly enjoins that no person shall drive any motor vehicle and no owner of a motor vehicle shall cause or permit the vehicle to be driven in any ..... of the motor vehicles act, 1939 makes the contravention of section 22, punishable.it would not be right to say that the motor vehicles act, 1939 does not prohibit the plying of the truck absolutely. the reason for which a fitness certificate or the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1987)22ITD414(Mum.)
..... years 1977-78, 1978-79 and 1979-80 and consequently the explanation to rule 1 of the first schedule to the companies (profits) surtax act, 1964 inserted by the finance act, 1981 with effect from 1-4-1981 will not be applicable to these assessment years. proceeding further, he submitted that the issue before the ..... that the capital worked out under rules 1 to 3 of the second schedule to the companies (profits) surtax act, 1964 shall not be proportionately diminished having regard to the deductions under chapter via of the income-tax act, 1961. both the learned departmental representative, shri subramanian, as well as the learned counsel for the assessee-company, ..... that the capital computed under rules 1 to 3 of the second schedule to the companies (profits) surtax act, 1964 is not to be proportionately diminished having regard to the deductions admissible under chapter via of the income-tax act, 1961, therefore, in our view, was perfectly justified and is upheld.8. we now deal with the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD403(Mum.)
..... the 'total income'. chapter iv-d deals with the topic 'profits and gains of business or profession'. it is comprised over sections 28 to 44d. section 44b speaks of 'special provision for computing profits and gains of shipping business in the case of non-residents'. this was brought on the statute book by insertion by finance act, 1975 with effect ..... ground no. 2 taken by the assessee-appellant before the income-tax appellate tribunal, i will like to supplement our reasoning in the following terms.2. chapter iv in the income-tax act, 1961 deals with the topic,'computation of total income'. subject matter of charge to income-tax under the provisions of the income-tax ..... under sections 28 to 43a do not come into play. the net result is that under chapter iv-d the measure of computation provided in section 44b becomes the net but other chapters in the apt do not stand excluded. naturally chapter vi of the act, which deals with the, topic, 'aggregation of income and set off or carry forward of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)35ITD211(Delhi)
..... . we have considered the submissions made on behalf of the parties and have gone through the record of the case. clause (c) of section 2(7) of the finance act, 1982 defines "industrial company as a company which is mainly engaged in the business of generation of distribution of electricity or any other form or power or in the construction ..... 1982-83, the income from the manufacturing activity was less than 51% of the total income and, therefore, in view of the explanation to section 2(7) of the finance act, 1982, the assessee-company cannot be held to be an industrial company and, therefore, in this case concessional rate of tax at 55% was not applicable.6. the learned ..... income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter xvi-a of the income-tax act) is not less than 51% of such total income.8. according to the board's circular no. 103 dated 17-2-1973 an industrial company .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1991)36ITD35(Delhi)
..... said that the decision of the delhi high court is not a considered decision.17. the main case of the assessee is that the proviso which was introduced by the finance act 1987 is retrospective in nature. the proviso was a declaratory provision and, therefore, it was retrospective or at least retro-active. although this provision was effective from 1 ..... section 43b.second, what is the position after the introduction of the section under attack. third, how is the position changed after the introduction of the proviso by the finance act 1977 and, four, to what extent has the explanation altered the position.19. as regards the position prior to the introduction of this section, it is now a ..... all, it must be proved that the act is declaratory. we do not find any material to say that the proviso is declaratory. the requirements to consider an amendment or a statute as declaratory, as laid down by the supreme court in the case of channan singh v. smt. jai kaur air 1970 sc 349 'it is well settled .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD185(Mum.)
..... amalgamating companies. the tribunal decided the issue in favour of the amalgamated company for the years 1981-82 and 1985-86 mainly relying on the new provisions inserted by the finance act, 1988, in the form of section 43c w.e.f. 1-4-1988.such provisions are totally not available to the assessee. an objection has been raised that if ..... approved ex pane vis-a-vis the department. the clue to the problem in fact could unmistakably be found in the provisions of section 43c. these provisions inserted by the finance act w.e.f. 1 -4-1988 clearly lays down that where an asset which becomes the property of an amalgamated company under a scheme of amalgamation, is sold after ..... investigated could get at the truth of the matter is no defence. in this connection our attention is drawn to the decisions in malegaon electricity co. (p.) ltd. v. cit [1970] 78 itr 466 (sc)and cit v. aj.rahimtulla [1986] 160 itr 784 (bom.). in the latter case, the question was about the applicability of section 2(6a)(e) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)40ITD538(JP.)
..... in own house. proceedings were initiated by the ito, b-ward, beawar under section 147/ 148 of the income-tax act in respect of the assessment years in question vide notices dated 13-8-1970 and 1-9-1970 on the ground that no returns were filed by the assessee in respect of any of these assessment years under section 139 ..... ito ujjain in the assessment years 1966-67 to 1969-70 was perfectly in order.he found that the maintenance of the order sheet was regulated vide part iv of chapter xii of the office manual, vol. ii, dealing with the procedure for the assessment records and the registers in the income-tax department and prescribed the manner in ..... consideration is whether the assessments for the assessment years in question could have been validly reopened by virtue of the notices under section 148 issued on 13-8-1970 and 1-9-1970. the validity of the reopening of the assessments solely depends upon the question whether earlier assessments were pending on the basis of any returns filed by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD37(Coch.)
..... advanced by both sides.we will first consider the question whether the assessee-company could be considered as an 'industrial company' within the meaning of the relevant finance acts. in the relevant finance acts, 'industrial company' has been defined as under: industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or ..... to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent of such total income.a close reading of the definition shows that the crucial words are 'mainly ..... issue whether the assessee is entitled to the grant of relief or not in a way becomes academic if there is no income liable to tax because under chapter via, the relief to be granted is available only when there is gross total income and not otherwise and as it appeared to me there does not appear .....
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