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Ford Business Services Center (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)881

..... the total income of a person. in other words, these incomes do not enter the computation part at all.subsequently also when section 10a was first introduced by the finance act, 1981 w.e.f. 1st april, 1981, the said provision provided for total exemption of the income described in section 10a. similarly, when section 10b was introduced ..... section from the total income of an assessee. since these provisions provided for total exclusion from the total income, they were grouped along with section 10 in chapter iii of the act. however, later on, the nature of relief provided by these sections underwent a sea change insofar as that total exclusion of the income was removed and ..... which was titled as "incomes which do not form part of total income" and there was a distinction between the provisions contained in chapter vi-a of the act and those in chapter iii. according to him, once the profits and gains of the unit are eligible for section 10b deduction, it cannot be taken into consideration for .....

Commissioner of Income-tax, Poona Vs. Jalgaon District Central Co-oper ...

Court : Mumbai

Reported in : (1982)30CTR(Bom)206; [1983]143ITR326(Bom); 1984TAXLR212

..... any, included in the total income.4. section 3 of the said finance act runs as follows :'notwithstanding anything contained in the provisions of chapter vii or chapter viii-a or section 110 of the income-tax act or sub-section (5) of section 2 of this act, in calculating any relief, rebate or deduction in respect of income-tax ..... admissible under any of the aforesaid provisions, no account shall be taken of the additional surcharge.'5. the relevant portion of the first schedule to the said finance act shows that the additional surcharge is to be calculated at a particular percentage of the residual income, provided it exceeds rs. 6,000. this provision is ..... business in banking at jalgaon. in respect of the assessment year 1963-64, the ito did not charge additional surcharge as provided under the finance act, 1963 (referred to hereinafter as 'the said finance act'). thereafter, by an order dated september 27, 1969, passed under s. 154, the ito held that the additional surcharge of rs. 31 .....

Vita Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1995)123CTR(Bom)256; [1995]211ITR557(Bom)

..... the factory to bombay forgings pvt. ltd., it should be still deemed to be an 'industrial undertaking' within the meaning of section 2(8) (c) of the finance act, 1975. according to the assessee, it continued its business of manufacturing goods in the year under consideration through the instrumentality of the lessee, bombay forgings pvt. limited. the ..... -company was not engaged in the business of manufacturing of goods within the meaning of the definition of an industrial company under section 2(8) (c) of the finance act, 1975 ?' 2. the assessee is a private limited company. this reference pertains to the assessment year 1975-76, the corresponding previous year being the year ended on ..... 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.' 5. from a reading of the above definition, it is absolutely clear that a company can be termed as an industrial company under section 2(8) (c) of the finance act, 1975, only if it .....

Asgar S. Patel and ors. Vs. Union of India and ors.

Court : Supreme Court of India

Reported in : (2000)160CTR(SC)307

..... . the scheme as to purchase by central government of immovable properties in certain cases of transfer as is envisaged by chapter xx-c of the income-tax act, 1971 came to be introduced by the finance act, 1986 in place of earlier chapter xx-a and applies to transactions effected after 1st october, 1986. once the appropriate authority has, after the receipt ..... terms of the agreement for transfer referred to in sub- section (1) of section 269 uc. section 269 ue, as it originally stood prior to its amendment by the finance act, 1993 with effect from 17.11.1992, provided for the vesting in the central government of such immovable property free from all encumbrances. in c.b. gautam v. ..... -matter of sale to the extent of the sellers interest in the property and thus would be an encumbrance on the property. section 269 ue(1) as amended by the finance act, 1993 (w.e.f. 17.11.1992) reads as under:-vesting of property in central government. 269ue. (1) where an order under sub-section (1) of section .....

Commissioner of Income-tax Vs. Kinetics Technology (P) Ltd.

Court : Delhi

Reported in : (2004)191CTR(Del)422; [2004]271ITR320(Delhi)

..... the court :whether on the facts and in the circumstances of the case, the assessed company was an 'industrial company' within the meaning of clause 8(c) of chapter 2 of the finance act, 1977?2. the assessed is deriving income from supervision and commissioning of heaters and erection of gas generation plants, furnaces and also manufactures equipment for these purposes and imparts .....

Commissioner of Income-tax Vs. Sharda Gum and Chemicals

Court : Rajasthan

Reported in : (2007)209CTR(Raj)143; [2007]288ITR116(Raj)

..... only condition was that the sale proceeds of such goods or merchandise exported out of india must be receivable by the assessee in convertible foreign exchange.32. however, vide the finance act, 1990, certain changes were made in sub-section (2)(a). the word 'receivable' was substituted by the words 'received in, or brought into, india'. this ..... exclusion has to be made of any income which is to be assessed under the head 'profits and gains of business or profession' under part d of chapter iv. the assessing officer seriously erred in excluding the profits or other income derived from one or more business by erroneously considering that such income does not relate ..... , deduction under section 80ab had to be considered for computing the profits and gains of business as per the provisions of the income-tax act, 1961, before considering claim of deduction under chapter vi-a.11. the revenue was aggrieved with allowing the assessee's claim in respect of receipts from the sale of export licence ; .....

The Timken Company 1835 Dueber Avenue Sw., Canton, Ohio – 44706 0 ...

Court : Authority for Advance Rulings

..... of sale of such equity share or unit is entered into on or after the date on which chapter vii of the finance (no.2) act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that chapter : [provided that the income by way of long-term capital gain of a company shall be taken ..... accept that the legislature had intended to make the foreign companies chargeable to mat. 6.6 the applicant took us to the provisions of section 115j (1a), inserted by finance act 1989, which were identical to section 115jb (2). section 115j (1a) reads as follows: every assessee, being a company shall, for the purpose of this section, ..... below sub-section (2) various adjustments/deductions are to be carried out in the net profit as shown by the profit and loss account. the deductions under chapter via of the act are applicable only to an indian company and/or other resident non-corporate assesses. similarly, clause (vii) of the explanation provides that the profits of a .....

Delhi Development Authority Vs. M/S. Karamdeep Finance and Investment ...

Court : Supreme Court of India

..... and 2 of sale deed. while finding out the tenor of grant as reflected in sale deed, the provisions of sub-section (1) of section 269ue as amended by finance act has also to be taken note of.25. we, thus, find that on true construction of sale deed, it is clear that all rights, titles and interests were not ..... opinion that any encumbrance on the property or leasehold interest specified in the aforesaid agreement for transfer is so specified with a view to defeat the provisions of this chapter, it may, by order, declare such encumbrance or leasehold interest to be void and thereupon the aforesaid property shall vest in the central government free from such encumbrance ..... singh rana and mrs. rani rana were only lease holders. thus, they could best transfer their right, which was conferred to them by the indenture dated 18.03.1970. learned counsel for the writ petitioner has submitted that clause 3 being clearly contradictory to clauses 1 and 2 has to give way to earlier clauses in the sale deed .....

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD226(Mum.)

..... contrary.14. the delhi high court in r. dalmia v. cit [1972] 84 itr 661 observed that it was well recognized that specific dates in the 1961 act and the finance act, 1955, had reference to assessment years and had nothing to do with the accounting years of an assessee which might differ from person to person. thus, the amendment ..... there is no room for trying to go behind the clear language of the section.31. maxwell on interpretation of statutes, twelfth edn. observes at p.28 under chapter 2 while discussing the general principles of interpretation that the primary rule is of literal construction. the rule of construction is 'to intend the legislature to have meant what ..... 457 was dealing with disallowance under section 40(a)(v) of reimbursement by employer company of medical expenses incurred by managing director in the assessment years 1969-70 and 1970-71 when the said provision was in force. [section 40(a)(v) was deleted and substituted by section 40a(5) with effect from 1-4-1972.] the .....

Mafatlal Apparel Mfg. Co. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)65ITD234(Mum.)

..... it could not be incorrect in view of the decision of the special bench in the case of gedore tools (india) (p) ltd. (supra). it became incorrect when finance act 1990, introduced retrospective amendment making cash compensatory support taxable. therefore, the court held : "an assessee cannot be imputed with clairvoyance. when the return was filed, the assessee could ..... adjustment contemplated is with regard to the claim of carried forward loss, deduction, allowance or relief.the court noted the deductions which are dealt with in chapter vi, ss.30, 31 et sequitur. the word 'allowance' has been used interchangeably with the word 'deduction' and is referred to in s. 33a and sections ..... following. chapter viii, ix and xviii deal with relief. the revenue's claim in that case was the addition of ccs which fell within the category of loss carried forward .....