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Commissioner of Income-tax, Delhi-i Vs. Bharat Ram Charat Ram P. Ltd.

Court : Delhi

Reported in : (1985)47CTR(Del)5; [1986]157ITR199(Delhi)

..... itself omitted by the finance act, 1972. ..... and in the circumstances of the case, the tribunal was right in holding that in respect of intercorporate dividend earned by the assessed-company from other domestic companies, the rebate under section 85a of the income-tax act, 1961, for the assessment year 1967-68 and deduction under section 80m for the assessment years 1968-69 to 1970-71, was to be computed on the basis of the net amount of dividend arrived at, by deducting, ..... a similar provision is to be found in all the finance acts for the subsequent periods also. ..... whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the rebate admissible under section 85a of the income-tax act, 1961, for the assessment year 1967-68, was to be computed on the basis of the net amount of dividend arrived at by deducting from the intercorparate dividend received by the assessed-company from other domestic ..... later on, by the finance act of 1968, there was a subsequent change with which we ..... this enactment is that section 80e was inserted by the finance act of 1966 and then that section was replaced by section 80-i with effect from april 1, 1968, by the finance (no. ..... arose in the assessment year 1967-68 was that the income-tax officer held that the gross dividend was not to be deducted under section 85a of the act as it then stood, but the interest on money borrowed for purchasing the shares in question had to be deducted and also exempted dividend amounting to rs. .....

Monohar Gidwany and ors. and Smt. Bhagwanti Gidwany and anr. Vs. Commi ...

Court : Kolkata

Reported in : [1983]139ITR498(Cal)

..... ito : [1977]107itr559(cal) , a single judge of this hon'ble court held that prior to the amendment of section 139 of the act by the finance act, 1972, with effect from april 1, 1972, on the construction of the section, it has got to be held that in a case where the assessee had not applied for an extension and there was no order of extension and where the assessee had not filed ..... it appears that as a result of the amendment by the finance act, 1972, the provisions of section 139 were altered after april 1, 1972. ..... in the prescribed manner and setting forth such other particulars as may be prescribed- (a) in the case of every person whose total income, or the total income of any other person in respect of which he is assessable under this act, includes any income from business or profession, before the expiry of four months from the end of the previous year or where there is more than one previous year, from the end of the previous year ..... in the prescribed manner and setting forth such other particulars as may be prescribed- (a) in the case of every person whose total income, or the total income of any other person in respect of which he is assessable under this act, includes any income from business or profession, before the expiry of six months from the end of the previous year, or where there is more than one previous year, from the end of the previous year ..... 2, passed an order under section 254 of the said act on january 15, 1972, to give effect to the said orders of the tribunal .....

Commissioner of Income-tax Vs. Bengal Assam Steamship Company Ltd.

Court : Kolkata

Reported in : (1985)49CTR(Cal)23,[1985]155ITR26(Cal)

..... it was held in that case that anassessee is entitled to relief under section 80-i of the act (before it was deleted by the finance act, 1972), on the profits of the priority industry before setting off of the unabsorbed development rebate of ..... i of the first schedule to the finance act, 1965, the correct interpretation whereof was laid down by the supremecourt in cambay electric supply's case and, therefore, the : [1978]113itr84(sc) profits and gains attributable to the business of manufacture or production of the articles or things specified in part iii of the first schedule to the finance act, 1965, here, soda ash, which qualified for the special rebate ..... i of the first schedule to the finance act, 1965, the ito was wrong in not deducting the development ..... i of the first schedule to the finance act, 1965, could not be gross or commercial profits or gains but were the net or taxable profits or gains computed after allowing all allowable deductions and rebates including the development ..... i of schedule i to the finance act, 1965, for the assessment year ..... to the finance act, 1965. ..... correct interpretation of section 80b(5), section 80a(2) and other relevant provisions of the income-tax act, 1961, the tribunal was correct in holding that setting off of the current year's losses and carried forward losses of the earlier years against the current year's income under sections 71 and 72 of the said act was not part of the computation of total income and deductions under sections 80l and 80m .....

Boake Allen Limited and Others (Appellants) Vs. Her Majesty's Revenue ...

Court : House of Lords

..... sought to meet that point by relying on the legislative history of section 788 of the 1988 act, namely section 347(1) of the income tax act 1952, sections 39(1) and 64(1) of the finance act 1965, section 497(1) of the income and corporation taxes act 1970, and section 100(1) of the finance act 1972. ..... reflected in clauses 93 and 95 of the draft bill attached to the white paper, which in due course became sections 98 and 100 of the finance act 1972 (now substantially re-enacted in the 1988 act). ..... if one is to consider the legislative history, therefore, it seems to me that it is very unlikely that the draftsman of the 1972 act, introducing act substantially in accordance with the proposals in the white paper, could have intended section 98 or 100 to have the effect of enabling uk subsidiaries and their foreign parents, even based in countries with whom there was a ..... mr aaronson pointed out that, if the revenue were right as to the effect of section 788, it would be open to the legislature to impose more penal rates of act on subsidiaries of foreign companies than on subsidiaries of uk companies, and that this would be a breach of articles 25(3) and (5) of the dtc with japan (and article 24(5) read together with article 2(4) of the dtc with the us), which ..... is so incorporated, in its entirety, by the european communities act 1972. ..... reinforced in the present case by considering the white paper which gave rise to the introduction of act (reform of corporation tax (1972) (cmnd 4955). .....

Deutsche Morgan Grenfell Group Plc (Respondents) Vs. Her Majesty's Com ...

Court : House of Lords

..... . does it follow that section 14 (1) of the income and corporation taxes act 1988 (originally section 84 (1) of the finance act 1972), which imposed the obligation on uk companies to pay act in respect of dividends paid to their shareholders, was unlawful, or, to put the question another way, imposed an unlawful tax ..... . the structure of the tax was radically altered by the finance act 1972 with the introduction of act, which was in force from 1973 until its abolition (probably hastened by the oncoming wave of litigation based on article 43) in 1999 ..... the leading examples are to be found in section 33 of the taxes management act 1970 as to income tax and capital gains tax and the finance act 1998, schedule 18, para 51 as to corporation tax. ..... this provision no longer applies in relation to a mistake of law relating to a taxation matter under the care and management of the commissioners for revenue and customs: finance act 2004, section 320 (read together with section 5 of the commissioners for revenue and customs act 2005). ..... . if that is thought to be too generous in some cases, parliament can change it (and has done so by section 320 of the finance act 2004) ..... . corporation tax was first introduced by the finance act 1965 ..... . the matter has, of course, been addressed so far as the revenue is concerned by section 320 of the finance act 2004 ..... " (with effect from 8 september 2003, this provision no longer applies to mistakes of law in tax cases: see section 320 of the finance act 2004. .....

Escorts Founder'S Welfare Trust Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1987)21ITD342(Delhi)

..... substituted by the finance act, 1970 with effect from 1-4-1971 and "or section 12" was inserted by the finance act, 1972 w.e.f. ..... income-tax (appeals) has not touched this aspect apparently because he accepted the contention that if the provisions of section 11(1a) of the act could be said to be available the prohibitions and constraints of section 13(4) were not available to the revenue to deny exemption.10. ..... the relevant portion of the circular reads "under section 11 of the it act as the income derived from property held under trust for charitable or religious purpose is exempt from income-tax to the extent such income is actually applied to such purposes during the previous year ..... officer in terms recorded that like the two companies escorts limited also came within the prohibitory category under section 13(2)(ft) and under section 13(4) of the act and there has been no denial in that regard.7. ..... the said companies were accordingly covered under section 13(2)(h) of the income-tax act, 1961 (hereinafter referred to as 'the act')- the income-tax officer stated that though investments were made by the assessee in the said two companies in contravention of section 13(2)(h) of the act but these being less than 5 per cent of the capital only dividends received were taxable in terms of section 13(4) of the act.3. ..... under the trust act and in other acts of the indian civil code even a company or a corporate body or an artificial juridical person can be an author or a founder of a trust .....

Shri Dinesh Mills Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1998)60TTJ(Ahd.)429

..... the finance act, 1972, introduced a new tariff item 18-e whereby for the first time, blended yarn was subjected to excise duty under the new tariff item w.e.f ..... for some reasons or the other, undisputed liabilities also are not paid.35.3 to curb this practice, the finance act has inserted a new s. ..... on appeal, the high court ruled that though the excise collected by the revenue prior to 16th march, 1972, was illegal, the assessee did not suffer any injury and is not entitled to claim refund of excise duty ..... similarly, in the case of digvijay cement (supra), the tribunal found that the provisions of gujarat sales-tax act about imposition of interest or arrears of sales-tax were pari materia with the provisions relating to imposition of interest on arrears of cess in the u.p ..... the tribunal, therefore, held that the interest levied under the gujarat sales-tax act was a part and parcel of the tax and hence within the purview of s ..... till 1972, the assessee paid excise duty on the yarn manufactured by it under tariff item 18 and 18a of the first schedule to the central excises and salt act, 1944 (the excise act). ..... shah, the learned counsel for the assessee, argued that the impugned liability was not a statutory liability because under no provision of the statute (the excise act in this case) the interest in question was levied. ..... from 16th march, 1972.after protracted litigation, the trial court held that the levy of excise duty on blended yarn upto 15th march, 1972, was illegal, void and ultra .....

Shri Dinesh Mills Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... the finance act, 1972, introduced a new tariff item 18-e whereby for the first time, blended yarn was subjected to excise duty under the new tariff item w.e.f. ..... 35.3 to curb this practice, the finance act has inserted a new s. ..... on appeal, the high court ruled that though the excise collected by the revenue prior to 16th march, 1972, was illegal, the assessee did not suffer any injury and is not entitled to claim refund of excise duty. ..... similarly, in the case of digvijay cement (supra), the tribunal found that the provisions of gujarat sales-tax act about imposition of interest or arrears of sales-tax were pari materia with the provisions relating to imposition of interest on arrears of cess in the u.p. ..... the tribunal, therefore, held that the interest levied under the gujarat sales-tax act was a part and parcel of the tax and hence within the purview of s. ..... till 1972, the assessee paid excise duty on the yarn manufactured by it under tariff item 18 and 18a of the first schedule to the central excises and salt act, 1944 (the excise act). ..... shah, the learned counsel for the assessee, argued that the impugned liability was not a statutory liability because under no provision of the statute (the excise act in this case) the interest in question was levied. ..... from 16th march, 1972.after protracted litigation, the trial court held that the levy of excise duty on blended yarn upto 15th march, 1972, was illegal, void and ultra vires. .....

Bio Pharma Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)75TTJ(Ahd.)486

..... act, 1967, it used the phrase "attributable to"- the section was however omitted by the finance act, 1972, with effect from 1-4-1973, and reinserted by the finance ..... 2) act, 1980, with effect from 1-4-1980 earlier section 80-i was omitted by the finance act, 1972 with effect from 1-4-1973, the legislature opted for the use of expression "profits and gains derived from an industrial undertaking" obviously for the purpose of narrowing down the ..... following decisions of various other high courts laying down that interest received by a company from bank deposits and loans could only be taxed as income under the head "other sources" under section 56 of the act.applying the ratio of the aforesaid decisions to the facts of the instant case, it is evidently clear that interest on fixed deposits received by the assessee, even if such fixed deposits have been utilised by ..... was inserted by the finance act, 1966 with effect from ..... cit (supra) the supreme court has also given the same meaning to the word "derived" while examining the scope of section 80e of the act as it then stood.while explaining the distinction between the expression "attributable to" and the expression "derived from" this is what the supreme court observed : "as regards the aspect emerging from the ..... there is a well known principle of construction of statute that where legislature uses in act a legal term which has received a judicial interpretation, it was to be assumed that the term is used in the sense in which it has been .....

S.P. Gupta Vs. President of India and ors.

Court : Supreme Court of India

Reported in : AIR1982SC149; 1981Supp(1)SCC87; [1982]2SCR365

..... . section 5 (2) (a) (ii) was amended with effect from may 28, 1972 by finance act, 1972 and the words 'in the union territory of delhi' were added after the word 'manufacturer' so as to provide that manufacture should be inside the territory....it is clear from the ..... view to avoid burdening the record with additional filet containing the notings which were, however, produced for court's inspection and these facts are:(9) that pursuant to the executive instructions contained in the 1972 memorandum dealing with the procedure to be adopted in connection with the appointment and transfer of judges of high courts the union law minister had ascertained the views of the concerned ..... reliance is placed on another part of maxwell on the inter-pretation of statutes' (12th edition) at page 286 where it is stated thus:just as the presumption that the same meaning is intended for the same expression in every part of an act is not of much weight, so the presumption of a change of intention from a change of language--which is of no great weight in the construction of documents--seems entitled to less weight in the construction of a statute than ..... . 803):the reason given, in the statement of objects and reasons of the 1972 act, for an elucidation of the 'definition' of iron and steel, was that the 'definition' had led to varying interpretations by assessing authorities and the courts so that a comprehensive list ..... . 1203):amending act 22 of 1972 was, therefore, enacted for the express purpose .....