Court : Kolkata
Reported in : AIR1958Cal524,62CWN83
..... consequently, no valid assessment for the year at all. this argument appears to me to be entirely misconceived. the liability to income-tax is under section 3 of the income-tax act. the annual finance acts legislate about the rate of tax and other facts that affect the assessment. where, therefore, say, on 6th april, 1945 a law is passed ..... law. 8. a somewhat similar question arose before an english court in eastwood v. inland revenue commissioners, 1943 1 k. b. 314 (e). section 21 (1) of the (english) finance act of 1936 deals with income for the benefit of a child in any year of assessment. the income under the settlement for the first relevant year was ..... federal court had to deal with a notification under section 2 (1) by which the governor of bihar directed that the indian income tax (amendment) act, 1939 (vii of 1939) the income-tax law amendment act, 1940, (xii of 1940), the excess profits tax act, 1940 (xv of 1940) and the indian finance act, 1940 (xvi of 1940) shall be deemed to .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]119ITR145(Cal)
..... in a net loss of rs. 2,27,620. therefore, it cannot be said that the assessee was an industrial company in view of the expln. to section 2(7)(d) of the finance act, 1966, inasmuch as the income attributable to the aforesaid activity included in its total income for the accounting year 1965 was less than 51 per cent. of such ..... wholly or mainly engaged in the manufacture or processing of certain types of goods and the finance act, 1966, provides that the concessional rate of tax is payable by an industrial company. section 2(7) of the finance act, 1966, inter alia, reads as follows:' for the purposes of this section and the first schedule,--... (d) 'industrial company' means a company which is mainly engaged in .....
Tag this Judgment!Court : Kolkata
Reported in : (2009)223CTR(Cal)241,[2009]319ITR264(Cal)
..... learned counsel appearing on behalf of the appellant contended that the disallowance in both the years has been made with regard to the provision of section 43b. section 43b was inserted in the act by the finance act, 1983 w.e.f. 1st april, 1984, providing for deduction of certain amounts only upon actual payment irrespective of the method of accounting ..... where the authority concerned is the dy. cit(a) or the cit(a), by the ao also:from 14th may, 1992 : finance act, 1992 : a proviso to sub-section (2) was inserted with effect from the date on which the finance act, 1992, received the assent of the president, i.e., 14th may, 1992. as per the existing provisions, an assessee can ..... basis of mercantile system of accounting.9. he also drew attention to the two provisos which were inserted under section 43b w.e.f. 1st april, 1988. he also drew our attention to the finance act, of 2003 by which the said section 43b was amended w.e.f. 1st april, 2004. in the instant case it would be evident .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)122CTR(Cal)7,[1994]209ITR307(Cal)
..... 209itr298(cal) ). by our judgment delivered on september 22, 1993, we have already held that having regard to the definition of industrial company as contained in section 2(7)(c) of the finance act, 1981, the assessee-company is entitled to claim the concessional rate of income-tax since it was engaged in the processing of goods during the relevant previous ..... year. in this year too we find that the definition of industrial company as contained in section 2(7)(c) of the finance act, 1983, is in pari materia with that contained in the finance act, 1982. we also find from the printed accounts of the assessee-company that the earnings from the restaurant on account ..... engaged in the processing of goods and is liable to be assessed at a concessional rate of income-tax of 60 per cent. as laid down in the finance act, 1983, in respect of the assessment year 1983-84.6. question no. 4 in the assessee's reference is covered against the assessee by the decision of .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]112ITR957(Cal)
..... by the supreme court in the case of kesoram industries and cotton mills ltd. : [1966]59itr767(sc) also applied in a case where tax was paid under section 68 of the finance act, 1965.21. the last decision cited was madurai district central co-operative bank ltd. v. third income-tax officer : [1975]101itr24(sc) . here the facts ..... babu naidu : [1971]82itr410(ker) were cited and considered.20. the delhi high court agreed with the kerala high court to the extent that under section 68 of the finance act the assessee could compound his income-tax liability in respect of his undisclosed income which he may choose to disclose under the scheme and that by such disclosure ..... the relevant valuation date being the 9th april, 1965.2. the facts found or admitted are, inter alia, that the assessee had made a voluntary disclosure under section 68 of the finance 'act, 1965, on the25th may, 1965. the amount disclosed was rs. 2 lakhs with interest accrued thereon being rs. 3,716. the tax due thereon computed .....
Tag this Judgment!Court : Kolkata
Reported in : [1966]36CompCas365(Cal),[1966]60ITR384(Cal)
..... included in the share premium account. ' 5. having regard to the provisions of the explanation to paragraph d of the first schedule to the finance act, 1956, and section 78(3) of the companies act, 1956, the appellate assistant commissioner held that the sum of rs. 45,50,000 (rupees forty-five lakhs and fifty thousand) formed an ..... credit of the share premium account '. the reason is that companies which did not have an account called the share premium account could also take advantage of this explanation under sub-section (3) of section 78 which is obviously retrospective in operation. ..... of premium received on the issue of shares. section 78(1) now requires an account which is to be styled as the ' share premium account '. since this requirement did not exist before the 1956 enactment in the explanation to paragraph d of the first schedule to the finance act, 1956, the language is ' standing to the .....
Tag this Judgment!Court : Kolkata
Reported in : (1983)32CTR(Cal)318,[1984]145ITR387(Cal)
..... be necessary to refer to the relevant sections of the finance act of the year 1978. the finance act provides the definition as follows':''industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or ..... the tribunal was in error in basing its conclusion on the facts found by it indetermining whether the assessee was an industrial company in terms of section 2(7)(c) of the finance act, 1978. we would, therefore, answer the question in the affirmative and in favour of the assessee. in the facts and circumstances of the case ..... the assessee in the course of its assessment had claimed that by carrying on the above business it was an 'industrial company' in terms of section 2(7)(c) of the finance act, 1978, and so it was entitled to the concessional rate of tax allowed to such a company. in order to appreciate the contentions, it would .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1955Cal97
..... word 'reserves' as occurring in the explanation (a) to the proviso to paragraph d of part ii of the schedule to the indian finance act of 1947. that explanation is concerned with the definition of 'capital of the company' and says that'capital of the company shall be deemed ..... : 'whether upon a correct interpretation of explanation (a) to the proviso to paragraph d of part ii of the schedule to the indian finance act, 1947, the sum of rs. 82,760/- could be added to the share capital of the assessee company as a part of the ..... sum of rs. 82,760/-, however, the tribunal accepted the contention of the assessees. they held that although the amount had not been specifically sec aside as a reserve, it was, nevertheless, a reserve' in sub-stance, inasmuch as it consisted of the unutilised profits of earlier years and ..... chakravartti, c.j.1. this is a reference under section 66(1), income-tax act, by the calcutta bench of the income-tax appellate tribunal of a question of law at the instance of the .....
Tag this Judgment!Court : Kolkata
Reported in : 2006(2)CHN290
..... the relevant period for which service tax was admittedly payable by them. the port authority, however, did not have registration at that point of time under the finance act. they got themselves registered by the competent authority on may 21, 2004. 3. after getting the registration, the port authority issued notices to various organization and/ ..... taxable services. surely, this is a type of information which cannot, under any circumstances, be supplied by the customer. moreover the operative part of sub-section (1) of section 70 clearly stipulates that it is a person responsible for collecting the service tax who is to furnish the return. by rules which are framed, the person ..... to whether the arrears of tax could be recovered by the port authority or not. reliance was placed, by mr. bahadur, on section 73 wherein the competent authority under the act has been empowered to collect arrears of service tax levied or short-levied or short-paid or erroneously refunded by serving notice on the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD161(Kol.)
..... were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 i e., for a period of three assessment years. the ..... provisions were contained in section 80vva and remained on the statute book from assessment year 1984-85 to assessment year 1987-88 i.e., for a period of 4 years. the provisions ..... year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from 1-4-1990. the rationale offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. these .....
Tag this Judgment!