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Kerala State Industrial Development Corporation Ltd. Vs. Commissioner ...

Court : Kerala

Reported in : [1989]180ITR323(Ker)

..... before the tribunal, the assessee had relied on the circular letter written by the assistant chief officer of the industrial finance department of the reserve bank of india to the state financial corporations, wherein reference has been made to a communication of the central board of direct taxes dated november 12, 1973, to substantiate its plea that it is entitled to deduction of 10% of the total income and not of the total assessed income. ..... 204/35/73/ita-ii, dated 12th november, 1973, to the ministry of finance of the government of india that the deduction envisaged in section 36(1)(viii) is on the total income computed before making any deduction under chapter vi-a and before making any deduction under section 36(1)(viii) is not binding on the subordinate authorities as an instruction under section 119 of the act ?' 2. ..... according to the commissioner, section 36(1)(viii) of the income-tax act clearly directed computation of the allowance before making any deduction under chapter vi-a and so this necessarily implied that whatever deduction was intended by the legislature was expressly specified therein and the intention of the legislature not to make the deduction under section 36(1)(viii) also, as in the case of the allowance under chapter vi-a, clearly showed that the allowance under section 36(1)(viii) had to be deducted while computing ..... 30,41,567 by way of deduction under section 36(1)(viii) of the act, before the allowance of relief under chapter-via. .....

S.P. Jaiswal Estates Pvt. Ltd. Vs. Commissioner of Income-tax (No. 1)

Court : Kolkata

Reported in : [1994]209ITR298(Cal)

..... 17, 1973, issued by the central board of direct taxes, explaining the meaning of industrial company under explanation to section 2(7)(d) of the finance act, 1966 ..... considering the aforesaid supreme court decision and other decisions on this point, held that the word 'processing' used in the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978, has not been defined in the income-tax act, 1961, and it must, therefore, be interpreted according to its own natural meaning. ..... cal) , as well as the board's circular referred to hereinabove, the assessee-company must be held to be an industrial company within the meaning of section 2(7)(c) of the finance act, 1982, and should accordingly be heldto be chargeable to tax at the concessional rate of 60 per cent. ..... for the purposes of business of construction, manufacture or production of any article or thing, the activity of processing is not referred to in sub-section (2) of section 32a, but the definition of industrial undertaking as contained in section 2(7)(c) of the finance act, 1982, specifically provides that a company will be an industrial company even when it is engaged in the processing of goods. ..... of ships or in the manufacture or processing of goods or in mining, if the 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 vi-a of the income-tax act) is not less than fifty-one per cent. .....

Karnataka State Financial Corporation Vs. Commissioner of Income-tax

Court : Karnataka

Reported in : [1988]174ITR206(KAR); [1988]174ITR206(Karn)

..... in disallowing the claim of the assessee, while the income-tax officer did not give reasons, the appellate assistant commissioner, in allowing the same, exclusively based it on the opinion furnished by the central board of direct taxes to which it did not later subscribe. ..... (v), the income-tax officer is directed to calculate the allowance under section 36(1)(viii) at 40% of the total income before allowing deduction under chapter vi-a and not under section 36(1) of the income-tax act. ..... , 7/5 t = yhence, t = 5/7 ythus, x = 2/5 t = 2/5 * 5/7 y = 2/7 y the above calculation would show that once the total income is computed before making any deduction provided for under chapter vi-a and also before making the deduction under section 36(1)(viii), the deduction under that section would be 2/7ths of the amount so arrived at. ..... section 10 of the finance act of 1985 (central act no. ..... in this reference made under section 256(1) of the income-tax act, 1961 (central act 43 of 1961) ('the act'), the income-tax appellate tribunal, bangalore bench, bangalore ('the tribunal'), at the instance of the assessee, has referred the following question of law for the opinion of this court : 'whether, on the facts and in the circumstances of the case, ..... this point has been clarified by the central board of direct taxes in a letter to the ministry of finance, department of banking in their letter f. no. ..... 204/35/73/ita ii dated 12-11-1973.' 6. .....

Burton (Her Majesty's Collector of Taxes) (Respondent) Vs. Mellham Lim ...

Court : House of Lords

..... chapter va was introduced by the finance act 1994 to provide some measure of relief in respect of a long-standing grievance of companies (such as mellham) which had (directly or through subsidiaries) overseas earnings which attracted double taxation relief ("dtr") (see generally peter harris, "the foreign income dividend scheme: a damage ..... -off, interest ran on the unpaid act under section 87(1) of the taxes management act 1970 ("tma1970"): "any tax assessable in accordance with schedule 13 or 16 to [icta 1988] shall carry interest at the rate applicable under section 178 of the finance act 1989 from the date when the tax becomes due and payable until payment. ..... your lordships to consider, not only the basic statutory provisions about late payment of tax and repayment of overpaid tax, but also some of the very complex provisions, now repealed, which formed chapter va in part vi of the income and corporation taxes act 1988 ("icta 1988"). 5. ..... it in the relevant period has so far as possible been set against its liability to corporation tax for the period under section 239(1), but (b) the company's liability to corporation tax for the period is to any extent undischarged, the amount mentioned in subsection (1) above shall so far as possible be set off against the company's liability to corporation tax for the relevant period (and an amount of that liability equal to the amount so set ..... in 1973 when the united kingdom adopted the imputation system of corporation tax, of which act was .....

New Okhla Industrial Development Authority Vs. Chief Commissioner of I ...

Court : Supreme Court of India

..... a commodity or service [(not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside own jurisdictional area; which from its its from 10(20) section after amendment by the finance act, 2002 the income of a local authority is chargeable under the head income house property , capital gains or income from other sources or from a trade or business carried on by it which accrues or arises from the supply ..... the adityapur industrial area development authority was covered within the meaning of local authority as per section 10(20) as amended by the finance act, 2002, the high court held that the appellant authority could not have claimed benefit under the provisions after 01.04.2003. ..... noticed that all agricultural market committees at different places were enjoying exemption from income tax under section 10(20) prior to its amendment by the finance act, 2002 w.e.f. ..... to 12.4 under the heading: income of certain local authorities to become taxable are to the following effect: 12.2 through finance act, 2002, this exemption has been restricted to the panchayats and municipalities as referred to in articles 243(d) and 243(p)(e) ..... save as provided in clause ( 2 ), all the seats in a municipality shall be filled by persons chosen by direct election from the territorial constituencies in the municipal area and for this purpose each municipal area shall be divided into territorial ..... development act, 1973 has ..... chapter vii deals finance .....

income-tax Officer Vs. Kalima Plastics (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)35ITD211(Delhi)

..... since the assessee is an industrial company within the meaning of clause(c) of section 2(7) of the finance act, 1982 concessional rate of tax at 55% would be applicable for the assessment year under consideration. ..... year 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. ..... it is, therefore, not correct to say that it is only when income derived by a company from one or more activities enumerated in clause(c) of section 2(7) of the finance act, 1982 is not less than 51% of its total income that it can be treated as an industrial company for the purpose of applying the concessional rate of tax at 55%. ..... 103 dated 17-2-1973, the relevant portion whereof is also reproduced in taxman's direct taxes circulars (1988) edition volume ii at pages 1804 and 1805. ..... construction of six ships or building manufacture or processing of goods or in mining, if the 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. .....

industrial Finance Corporation of India Vs. Commissioner of Income-tax

Court : Delhi

Reported in : [1998]233ITR13(Delhi)

..... 204/35/73-ita-i dated november 12, 1973, issued by the central board of direct taxes interpreting the provisions of section 36(1)(viii) of the income-tax act, 1961, in favor of the assessee, was not to be applied to the assessor's case ..... the question whether the specified percentage of rate is to be applied to the total income (computed before making any deduction under chapter vi-a) before or after making any deduction under section 36(1)(viii) was considered by the central board of direct taxes and in a circular letter no. f. no. ..... section 10 of the finance act, 1985, has amended section 36(1)(viii) of the act with effect from april 1, 1985, so that the total income shall be computed before making any deduction under section 36(1)(viii) also ..... ..... the assessor's claim before the income-tax officer was that the specified percentage of deduction under section 36(1)(viii) should be given on the total income which should be worked out before making any deduction under chapter vi-a and without making any deduction under section 36(1)(viii) ..... under the provisions of section 36(1)(viii) financial corporations engaged in providing long-term finance for industrial or agricultural development in india are entitled to a deduction in the computation of their taxable profit of the amount transferred by them out of such profits to a special reserve account, up to a specified percentage of their total income as computed before making any deduction under chapter vi-a of the income-tax act, 1961. .....

Surendranath Gangopadhyaya Trust Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : (1982)29CTR(Cal)44,[1983]142ITR149(Cal)

..... 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 said act, which is, inter alia, as follows, in our opinion, the tribunal arrived at the correct conclusion :'section ..... in cases to which chapter xii or section 164 of the income-tax act, 1961 (xliii of 1961) (hereinafter referred to as the income-tax act) applies, the tax chargeable shall fee determined as provided in that chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that chapter or section, as ..... the association of persons under the finance act was not applicable to theassessee's ..... act itself and this will have precedence over the rate which might be specified in the finance act ..... the finance act?' 3 ..... act, 1961, the following question of law has been referred to this court : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that while imposing tax under section 164(3)(b) of the income-tax act on the assessee-trust, the rate of 65% was to be calculated without ..... the ito is, therefore, directed to compute tax on the above basis after ascertaining the fact regarding the part of income to which ..... regarding the manner in which the tax was to be levied, the tribunal observed as follows : 'as regards the question of allowance of basic exemption, we are of the view that there is no force in .....

Commissioner of Income-tax Vs. S.B. Oil Industries Pvt. Ltd.

Court : Punjab and Haryana

Reported in : (2006)203CTR(P& H)218; [2005]274ITR495(P& H)

..... it was only by an amendment of the said section 80j that the provision for reducing the gross total income by the amount of deduction under section 80hh of the act by the direct taxes (amendment) act, 1974, with effect from april 1, 1974, was inserted. ..... section 80hh was inserted by the direct taxes (amendment) act, 1974, with effect from april 1, 1974. ..... nima specific family trust [2001] 248 itr 29 and laid down the following proposition (headnote):'chapter vi-a, which consists of sections 80a to 80v of the income-tax act, 1961, becomes operative on reaching the last stage of computation of income from different sources. ..... computation of gross total income of the industrial undertaking for the purpose of deduction under section 80hh and section 80-i operates independently and has to be made without making any deduction under chapter vi-a.the language and intent of the provisions of sub-section (9) of section 80hh make it clear that the three deductions, viz. ..... cit : [1998]229itr123(mp) , a division bench of the madhya pradesh high court, after noticing the provisions of sections 80hh, 80i and 80j of the act, held as under (headnote):'sub-section (9) of section 80hh of the income-tax act, 1961, as it stood prior to insertion of section 80i by the finance (no. ..... at this stage, it is also important to bear in mind that section 80i was a dead section during the period april 1, 1973, to april 1, 1981. .....

V. Shanmughavel and anr. Vs. Commissioner of Central Excise and ors.

Court : Chennai

Reported in : 2001(131)ELT14(Mad); [2002]254ITR717(Mad); (2001)2MLJ581; 2006[2]STR466; [2007]6STT183

..... in the instant petition, the petitioner claims a writ of prohibition or any other writ, prohibiting the respondent from invoking the provisions of section 88, chapter vi of the finance act, 1997, for the purpose of levy and collection of service tax from the members of the petitioner institute on and from july 7, 1997, in respect of the services rendered by the petitioner's members as 'valuers' of the properties, plant and machinery, etc. ..... it reads as follows ;' 'consulting engineer' means any professionally qualified engineer or an engineering firm who, either directly or indirectly, renders any advice, consultancy or technical assistance in any manner to a client in one or more disciplines of engineering.'5. ..... similarly, it was pointed out that the members of the petitioner-institution could be covered under the definition of 'consulting engineer' as they were professionally qualified engineers and were directly or indirectly rendering consultancy or technical assistance to a client in one or more disciplines of the engineering. ..... which he may be required to make;(ii) furnish a report of such valuation in the prescribed form ;(iii) charge fees at a rate not exceeding the rate or rates prescribed in this behalf;(iv) not undertake valuation of any asset in which he has a direct or indirect interest. .....