Court : Delhi
Reported in : [1990]69CompCas268(Delhi); (1990)85CTR(Del)116; [1990]185ITR178(Delhi)
..... tax relief on the profits derived by them from foreign contracts. in the bill as presented to parliament the section contained only four sub-sections. thereafter, while passing the finance act, 1982, sub-section (5) was also inserted and with effect from april 1, 1983, section 80hhb was enacted. the said section 80hhb as enacted is as ..... section being reckoned from the end of the previous year in which the money was so utilised. (5) notwithstanding anything contained in any other provision of this chapter under the heading 'deductions in respect of certain incomes,' no part of the consideration payable to the assessed for the execution of a foreign project referred to clause ..... referred to sub-section was absolute in its terms and it makes section 80hhb the first provision to be considered for allowance of deduction under this sub-chapter and if it is found that the whole consideration or the income payable to the assessed for the execution of the foreign projects is covered under this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)34ITD523(Delhi)
..... assessees claim that concessional rate of tax at 20% is applicable under chapter xii-a of the income-tax act, 1961. the assessing officer has rejected the claim of the assessee in this regard and has imposed the tax at normal rates as applicable under the finance act of 1987. the cit(a), faridabad, has dismissed the appeals filed ..... favours the subject has to be adopted as held by their lordships of the supreme court in the case of cit v. kulu valley transport co. (p.)ltd. [1970] 77 itr518. since, however, in our view, the language of the statute is unambiguous and that the short term capital gains falls within the definition of "investment income ..... exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973) and any ' rules made thereunder. 'foreign exchange asset' means any specified asset which the assessee has acquired or purchased, with, or .....
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 : Delhi
Reported in : (1991)92CTR(Del)163
..... the pre-emptive right to acquire any immovable property undergoing a transfer for consideration for this, the finance act has inserted a new chapter xx-c in the income-tax act. the registering officer under the registration act has been barred form registering any document purporting to transfer any immovable property exceeding the value prescribed ..... very short but interesting question of law has arisen. the question posed is whether the jurisdiction of the appropriate authority under chapter xx-c of the income-tax act (hereinafter called 'the act') is only limited to either pass an order within the specified period for purchase of property by the central government ..... authority is a creature of the statute and function within the four corners of chapter xx-c of the income-tax act. under this chapter, the appropriate authority has been constituted by the central government under section 269ub of the act. section 269uc places restrictions on the transfer of any immovable property of the value .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1992)43ITD33(Delhi)
..... purpose of finding out the profit and, therefore, the income must be said to belong only to the industrial undertaking. he further held that, by the finance act of 1990, an amendment was brought in treating the receipts both of cash compensatory support and of sale of import licences, retrospectively as profits and gains of ..... make only those profits eligible for appropriate relief which are derived from the industrial undertaking. on this aspect, it would be worthwhile to note that, by the finance act, 1990, both the receipts are retrospectively sought to be treated as profits and gains of business, and that is why appropriate amendments are made not only in ..... the legislative intent in the retrospective amendments of various sections in chapter via, it appears to me that such controversy need not be gone into. even, in the circular issued by the central board of direct taxes, when-section 80hha had been inserted by the finance (no. 2) act, 1977, with effect from april 1, 1978, in paragraph .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1991)38ITD193(Delhi)
..... 80vva has not produced the desired results. by the finance act of 1987, section 80vva was withdrawn and a new chapter xii b was inserted to be operative with effect from 1-4-1988 i.e., for assessment year 1988-89 onwards. under ..... a small portion of their profits to the national exchequer, when other and less better off sections of society were bearing a burden, section 80vva was introduced by the finance act of 1983 providing that the fiscal incentives and concessions available to the companies would not be more than 70% of the profits. in 1987 it was felt that section ..... into consideration unabsorbed depreciation of the past years, was less than 30% of the book profits for the year.section 115j of the income-tax act, 1961 was in voked by the assessing officer.2. section 115j inserted by finance act of 1987 with effect from 1-4-1988 provides that where the income of a company as computed under the .....
Tag this Judgment!Court : Delhi
Reported in : [1993]200ITR325(Delhi)
..... an indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends within india...' 5. it may here be noticed that by the finance act, 1981, an explanationn to this rule 1(viii) was added with effect from april 1, 1981, which was in the following terms : 'explanation. - notwithstanding anything contained ..... under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter via thereof), and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said ..... statement of the case, are that in respect of the assessment year 1971-72, the relevant previous year having ended on october 31, 1970, the assessed was liable to assessment under the companies (profits) surtax act, 1964. in respect of this year, the net chargeable profits were computed at rs. 60,34,958. the assessed had claimed before .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1993)46ITD312(Delhi)
..... deduction under chapter vi-a of the income-tax act" which appear in brackets in the explanation to the relevant section in the finance (no. 2) act, 1980. this, however, is not a material difference insofar as it pertains ..... total income of the previous year (as computed before making any deduction under chapter vta of the income-tax act) is not less than fifty one per cent of such total income.10. the aforesaid definition is at par with the definition appearing in section 2(7)(d) of the finance act, 1966 with the exception of the words "as computed before making any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)50ITD37(Delhi)
..... 'profits and gains of business or profession (which again will include the three export incentives). the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following examples : deduction under section 80hhc, if entire export proceeds, i.e., rs. 100 lakhs is brought into ..... the provisions of section 80ab, which is a controlling section to allow deductions with reference to the incomes included in the gross total income of the assessee under chapter vi-a and, therefore, that is a controlling section. (4) this controlling section deems every activity as a separate activity, entitled to deduction under the respective ..... held that there should be an enquiry to find out the genealogical tree from which the profits are immediately "derived" as contrasted with "attributable". he relied upon air 1970 (sc) 1880 and the decision of the calcutta high court in the case of cit v. sutna stone and lime co. ltd. [1982] 138 itr 37 .....
Tag this Judgment!Court : Delhi
Reported in : 1994(30)DRJ692
..... to it.(24) before proceeding further, it is necessary to clarify that i am not considering the effect of the words added to section 269ug(1) by the finance act, 1993. as per this addition on the purchase order being made by the appropriate authority, the property shall, on the date of the order, vest in the ..... petitioner commits default in making payment of the balance consideration as aforesaid, the interim orders made earlier shall stand vacated and necessary consequences as contained in chapter xx- c of the act shall follow as from the date when the stay stands vacated. (iv) the property in question shall be in custodia legis and the concerned ..... order of the appropriate authority stood vacated, by virtue of direction no. (iii) contained in the order dated 11.5.1989; thereforee, the necessary consequences under chapter xx-c, permitted by this court shall have to be clarified as to whether the statutory consequences would include auctioning of the property by the central government after .....
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