Court : Kolkata
Reported in : [1988]172ITR153(Cal)
..... to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends.'3. section 44 of the finance (no. 2) act, 1980, provides for savings in certain cases which are not attracted to the facts of the ..... it appears that subsequent to the order of the tribunal which was passed on august 23, 1976, a new section 80aa was inserted in the income-tax act, 1961, by the finance (no. 2), act, 1980, with retrospective effect from april 1, 1968. the said section reads as follows:' 80aa. where any deduction is required to be allowed under section 80m ..... instant case.4. for the reasons as aforesaid, in view of the said section 80aa of the income-tax act, 1961, .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]190ITR418(Cal)
..... by a new section by the finance (no. 2) act, 1962, with effect from april 1, 1962, provided as follows :'(1) where in respect of any assessment year the net result of the computation under the head 'capital gains' is a loss to the assessee, such loss shall, subject to the other provisions of this chapter, be carried forward to the ..... as section 74 as originally enacted, capital loss could be carried forward for eight years. a change has been effected by the amendment of section 74 by the finance (no. 2) act, 1961, by bringing the concept of long-term and short-term capital loss and also the period during which the unabsorbed capital loss may be carried forward. unabsorbed ..... the right which has accrued to an assessee up to the assessment year 1961-62 was not intended to be disturbed by the provisions of the new act. the memo explaining the provisions of the finance (no. 2) bill of 1962, inter alia, stated as follows :'losses of years prior to 1962-63 ; such portion of the losses under the .....
Tag this Judgment!Court : Kolkata
Reported in : 84CWN459,[1980]122ITR552(Cal)
..... section 137, if he is satisfied that there are no circumstances justifying its refusal, furnish or cause to be furnished the information asked for. '7. by section 33 of the finance act, 1964, section 138, was substituted as under :' 138 (1) where a person makes an application to the commissioner in the prescribed form for any information relating to any assessee in ..... ) all particulars contained in any statement made, return furnished or accounts or documents produced under the provisions of this act, or in any evidence given, or affidavit or deposition made, in the course of any proceedings under this act other than proceedings under this chapter, or any record of any assessment proceeding, or any proceeding relating to the recovery of a demand, prepared .....
Tag this Judgment!Court : Kolkata
Reported in : [1971]82ITR513(Cal)
..... in that case certainly it would not be dividend either in the traditional meaning of the word or even in the extended meaning of it under the income-tax act or the finance act.21. it will be appropriate at this stage to make a reference to the decision of the supreme court in punjab distilling industries ltd. v. commissioner of ..... of electricity, then without anything more about accumulated profits being found as a fact, could this reduction of capital be dividend within the meaning of the income-tax act or the finance act. for instance, if a company is started by subscription to shares and immediately on allotment of shares it is found that a good part of the business of ..... in proviso (i) or paragraph d of the finance act. paragraph d of part ii of the finance (no. 2) act, 1957, deals with the case of rates of super-tax in the case of a company. the subject there is super-tax on a company. supertax is provided in chapter ix of the income-tax act* 1922, of which section 55, inter alia, .....
Tag this Judgment!Court : Kolkata
Reported in : (1991)1CALLT385(HC),1990(2)CHN385,[1990]185ITR453(Cal)
..... the submissions made on behalf of the respective parties and having gone through the impugned orders, this court finds that chapter xxc of the income-tax act consisting of sections 269u to 269uo inserted by the finance act, 1986, mainly deals with purchase by central government of immovable properties in certain cases of transfer. section 269uc envisages ..... market value of the said premises and that the respondents have no right or power or authority or jurisdiction to pass the impugned orders under chapter xxc of the income-tax act in respect of the said transfer. the petitioners have tried to make out a case that, in passing the impugned orders, respondent no. ..... the purpose of sale or for real estate development. according to the petitioners, the aforesaid order dated november 25, 1988, and the provisions of chapter xxc of the income-tax act are wholly illegal, invalid and without or in excess of jurisdiction and are ultra vires the constitution. on february 27, 1989, the company entered .....
Tag this Judgment!Court : Kolkata
Reported in : 78CWN561,[1974]96ITR562(Cal)
..... , in respect of the amount of tax payable under the said finance act and the provisions contained in section 220(2) of the said act can be invoked only by the commissioner of income-tax and none else.3. provisions of chapter xvii-d of the income-tax act, 1961, shall be applicable in a voluntary disclosure, under sub-section (7)(a) ..... under section 220(2) of the act. a noticeof demand dated november 25, 1970, was issued requiring the petitioner to pay a sum of rs. 44,463 within 35 days of the receipt of the said notice of demand. by ..... according to the scheme approved. the petitioner paid the last instalment granted on january 4, 1969, thereby satisfying fully the original demand of tax raised. thereafter, on november 25, 1970, an order was passed by the income-tax officer, 'b' ward, asansol, by which the income-tax officer charged the petitioner with interest amounting to rs. 44,463 .....
Tag this Judgment!Court : Kolkata
Reported in : (1982)29CTR(Cal)44,[1983]142ITR149(Cal)
..... beneficiaries were indeterminate. he took the status as association of persons but held that the basic exemption of rs. 5,000 as available to the association of persons under the finance act was not applicable to theassessee's case. the ito determined the income at rs. 6,500. when the matter went up in appeal before the aac he did not ..... said act, which is, inter alia, as follows, in our opinion, the tribunal arrived at the correct conclusion :'section 2(3). in cases to which chapter xii or section 164 of the income-tax act, 1961 (xliii of 1961) ( ..... was to be calculated without allowing the basic exemption of rs. 5,000 as laid down in the finance act?' 3. in view of the language used in section 164(3)(b), read in the background of section 164 as also the provisions of the finance act, 1973, which was relevant for the year, and sub-section (3) of section 2 of the .....
Tag this Judgment!Court : Kolkata
Reported in : [1995]213ITR236(Cal)
..... to the equipment lessor.' 'material purposes' is defined in paragraph 1 of schedule 17 as meaning 'the purposes of chapter i of part iii of the finance act 1971.' that is the chapter which starts with section 40 of the act of 1971 and includes sections 41 and 44.the submission for the crown is that the purposes of ..... and equipment under relevant statutory provisions relating to income and corporation tax allowances.the primary sections are in the finance act 1971. section 44, which in concerned with writing down allowances provides :'(1) subject to the provisions of this chapter where - (a) a person carrying on a trade has incurred capital expenditure on the provision of machinery ..... have been on or before 11 july 1984. but it was accepted that in any such remission fresh evidence could not be adduced : see lack v. doggett [1970] 46 t. c. 497.however, those were cases where there was full discovery before the hearings before the commissioners. the crown has prepared summaries, so far as .....
Tag this Judgment!Court : Kolkata
Reported in : (1992)104CTR(Cal)403
..... departmental representative that the provisions of s. 80ab were applicable to the facts of the present case, inasmuch as, we find that s. 80ab was inserted by the finance (no. 2) act, 1980, w.e.f. 1st april, 1981, without having any retrospective effect. on the other hand, we see that the decision of the madras high court in ..... for the purpose of computing the deduction under that section, the amount of income of the nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in ..... . 2) act, 1980 with retrospective effect from 1st august, 1968 has made it clear that 'where any deduction is required to be made or allowed under any section (except s. 80m) included in this chapter under the heading 'c-deductions in respect of certain income' in respect of any income of the nature specified in that section which is .....
Tag this Judgment!Court : Kolkata
Reported in : [1988]174ITR672(Cal)
..... the income by way of such dividends as computed in accordance with the provisions of this act, before making any deduction under this chapter and not with reference to the gross amount of such dividends. a perusal of the memo explaining the provisions of the finance bill, 1980, would show that the intention behind this provision was that the supreme ..... forward of loss under section 80j (3). the benefit of section 80j may be made available to us for the assessment years 1967-68, 1968-69, 1969-70 and 1970-71 both under sections 80j (1) and 80j (3) and necessary carry forward allowances allowed in accordance with law.necessary computation of the capital employed for each of ..... been redone on the basis of the direction of the tribunal. the assessee, in its letter dated february 8, 1979, informed the income-tax officer as follows :'assessment years 1970-71, 1971-72 and 1972-73 - claims under sections 80j and 80-i.you will notice from the directors report dated may 11, 1965, in respect of the .....
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