Court : Chennai
Reported in : [2000]243ITR377(Mad)
..... it also claims investment allowance under section 32a of the income-tax act, 1961, on the ground that it was an industrial undertaking engaged ..... strong reliance on the passage at page 434 of the report wherein the apex court has held : we are, therefore, of the opinion that sub-clause (iii) of clause (b) of sub-section (2) of section 32a does not comprehend within its ambit construction of a dam, a bridge, a building, a road, a canal and other similar constructions.'7. ..... [1993]204itr412(sc) ), has since reversed that decision, but that reversal however was not on the ground that a construction company cannot be an industrial company for the purpose of the explanation to section 2(7)(c) of the finance (no. ..... , decided on august 3, 1998 remanded the matter to the assessing authority to consider that question afresh as to whether the assessee meets the requirements set out in explanation to section 2(7)(c) of the finance (no. ..... section 2(7)(c) of the finance ..... 2) act, 1977, which lays down the test for determining the claim of a company for being ..... of justice that the assessee as also the revenue should have an opportunity to address themselves to that question before the assessing authority, paying due attention to the requirements of the explanation to section 2(7)(c) of the finance (no. ..... , that is, 1979-80 to 1983-84, it claimed the status of an industrial company for the purpose of deriving the benefit of the lower rate of taxation accorded to industrial companies under the finance (no. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2001(4)ALD51; 2001(4)ALT160
..... as per section 67 of the finance act, 1977, the petitioner has to make payment of tax on the disclosed income within three months from the date of filing the declaration. ..... therefore, it would be appropriate to look into the exact provision, which contemplates the payment of the tax, after receiving the intimation.section 90 of the finance act provides for determination and payment of the tax in pursuance of the declaration filed under section 88 of the finance act, which reads as under:90. ..... it was held by the gujarat high court that the language of section 67(1) of the finance act is very clear that the declarant has to make payment of tax within three months from the date of filing of the declaration and the department could not insist that the period should be counted in days and not by months. ..... thereafter, the petitioner filed an application under section 119(2)(b) of the income tax act, 1961 to the central board of direct taxes for condoning the delay of one day in payment of the tax relatable to the income voluntarily disclosed. ..... the said declaration was for the assessment years 1993-94 and 1994-95, showing the tax arrears at rs.74,390/- and rs.1,14,598/- respectively, a certificate of intimation in form 2-a under section 90(1) of the finance (no.2) act, 1998 was issued to the petitioner. ..... now the dispute is whether the said presentation of the cheque on 27-3-1999 would amounts to the payment of tax within the time prescribed under section 90(2) of the finance act, 1998. .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR23(Mad)
..... the supreme court held that the question whether the loss in any year may be carried forward to the following year and set off against the income of the subsequent year has to be determined by the income-tax officer who deals with the assessment of the subsequent year and the decision rendered by the income-tax officer who has computed the loss in the previous year that the loss cannot be set off against the ..... 2) act, 1977, enlarging the scope of section 32a in retrospective operation would apply even for the assessment year 1977-78 is plainly erroneous in ..... the tribunal arrived at such a conclusion placing reliance on the budget speech by the finance minister of the government of india and the speech of the finance minister does not indicate that the provision was given retrospective effect and parliament has also not enacted the law with retrospective ..... to us for our consideration :'whether, on the facts and in the circumstances of the case, the assessee was entitled to investment allowance in respect of cost of installation of machinery incurred in the previous year relating to the assessment year 1977-78 in view of the amendment of section 32a by the finance (no. ..... ninth schedule was substituted by the eleventh schedule in section 32a of the act by a subsequent amendment made by the finance (no. ..... learned counsel for the revenue, submitted that the amendment made by the finance (no. ..... tribunal, on appeal by the assessee, however, held that the amendment made by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : [1999]97CompCas388(Mad)
..... 2) act, 1977, provides the rates of income-tax and surtax, but under the proviso to section 2 of the said finance (no. ..... 2,12,821, made by the assessee on march 15, 1977, with the industrial development bank of india under the companies deposits (surcharge on income-tax) scheme, 1976, qualifies for the reduction of surcharge on income-tax within the scope of the proviso to section 2(l)(b) of the finance (no. ..... tribunal, at the instance of the revenue has referred the following two questions of law for our consideration under section 256(2) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the expenses like rates and taxes paid in respect of the buildings and vehicles owned by the company, salary paid to watchman, maintenance of vehicles and depreciation thereon and personal accident insurance ..... , cannot be treated as perquisites for the purposes of disallowance under section 40(c)/40a(5) of the income-tax act, 1961, and hence the disallowance made on the basis of these expenses as forming part of the perquisites should be deleted ? ..... 2) act, 1977, and as the statutory conditions are complied with by the assessee-company, the assessee is eligible to get the credit for the deposit made by the company with the industrial development bank of india under the scheme in accordancewith section 2(1)(b) of the finance (no. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1984SC1182; (1983)3CompLJ30(SC); [1983]144ITR225(SC); 1983(2)SCALE222; (1983)4SCC392; [1983]3SCR773
..... section 72a of the income tax act, 1961 (herein-after referred to as the act) was inserted therein by finance act ..... for instance, while announcing its scheme of merging sick units with healthyones (finance act, 1977) government of india had classified 'those units where the losses, past and present, have ..... other hand, while stating the facts in the earlier part of our judgment we have pointed out that at the material time namely, immediately before its amalgamation with m&m; which took place on 1.11.1977 itci, having regard to its financial position, was commercially insolvent and that all the three parameters of profitability, liquidity and solvency, by reference to which its sickness (financial non-viability) is ..... facts are (a) 1tci was engaged in the manufacture of agricultural tractors which have been declared as an essential commodity under the essential commodities act, 1955, (b) the production had declined to 2000 tractors as against its licensed and installed capacity of 10,000 tractors during the period 1.10.76 to 31.10.1977, (c) because of its adverse financial position it was facing the prospect of immediate closure entailing social costs in terms of loss of ..... by its order dated august 10, 1977 passed under section 23(2) read with section 54 of monopolies & restrictive trade practices act and communicated to m&m; and itci, the central government accorded its approval to the amalgamation as per the scheme subject to the condition that the exchange ratio of the .....
Tag this Judgment!Court : Kerala
Reported in : (1989)78CTR(Ker)151; [1991]187ITR670(Ker)
..... conclusion of the appellate tribunal, that the amounts paid or settled by way of damages, after the breach of contracts entered into by the assessee, should not be treated as losses arising cut of speculative transactions as defined in section 43(5) of the income-tax act, is justified and valid in law.6. ..... tribunal was justified in holding that the amounts paid or settled by way of damages after the breach of contracts entered into by the assessee should not be treated as losses arising out of speculative transactions as defined in section 43(5) of the income-tax act, 1961 r. a. no. ..... order passed by the appellate tribunal dated december 8, 1982, on motion by the revenue, the income-tax appellate tribunal has referred the above two questions of law for the decision of this court.4. ..... on this basis, appropriate directions were given to the income-tax officer to verify certain details and afford relief to ..... this judgment, under the seal of this court and the signature of the registrar, shall be forwarded to the income-tax appellate tribunal, cochin bench. ..... of this court, by judgment dated february 25, 1986, held that the respondent-assessee is an industrial company within the meaning of section 2(6)(c) of the finance act, 1972. ..... act of 1977 ..... act, 1977 ..... act, 1977 (act ..... 326 (coch) of 1977-78 dated march 31, 1980, and held that the said decision would hold good for this year also, since the nature of the operations carried on by the assessee- ..... 1977 ..... ) of 1977-78 dated 31-3-1980 for the assessment .....
Tag this Judgment!Court : Gujarat
Reported in : (2001)165CTR(Guj)722
..... section 54f was introduced in the act by finance act, 2/1977 with effect from 1-4-1978, for the purpose of exempting capital gain from tax, if sale proceeds of the asset are invested within six months in shares, bank deposits, units of the unit trust or other 'specified assets'.where transfer of capital asset is by way of ..... income tax officer refused to grant any benefit of exemption from capital gain tax to the assessee on the additional compensation received by her on the ground that section 54f(3) as inserted by the finance act ..... of the assessee.in the opinion of the tribunal, by giving retrospective effect from 1-4-1974, only to section 155(7a) to enable the assessing officer to recompute capital ..... with this latter part of his order containing the ground of rejection of assessee's claim of exemption from tax on capital gain, we are not concerned as it is not a question referred to us.the reasoning of the income tax officer that benefit of investment or deposit in accordance with section 155(10b) of the act is not available on capital gain assessable for the assessment year 1974-75, was also confirmed by the commissioner (appeals).the tribunal rejected the appeal .....
Tag this Judgment!Court : Karnataka
Reported in : 1993(43)ECC132; [1993]201ITR588(KAR); [1993]201ITR588(Karn)
..... the following questions have been referred under section 256 (1) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case, the tribunal was right in holdings that the assessee was not an industrial company within the meaning of section 2(7) (c) of finance (no. ..... however, he states that mining does not fail within the concept of manufacture or processing of goods and, therefore, section 32a(2)(b)(iii) of the income-tax act, 1961, is not attracted. ..... thereafter, it was concluded that merely because some articles may undergo some kind of processing, the entire income cannot be attributed to the processing of the said articles and the object of the activity carried on by the assessee is relevant to consider the nature of the main activity of the assessee ..... the appellate tribunal thus affirmed the reasoning of the commissioner of income-tax (appeals).4. ..... in the appeal filed by the assessee, this order was affirmed by the commissioner of income-tax (appeals). ..... (2) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee was not entitled to investment allowance under section 32a of the act in respect of mobile crane and air compressor ?' 2. ..... at para 9, while considering section 32a of the act, again he observes that no productions of any articles or thing is involved in chipping and sizing the granite ..... 2) act, 1977 ? ..... this reference arise out of the assessment proceedings for the assessment year 1977-78. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD515(Hyd.)
..... on record.the board's instruction dated 12-11-1973 was withdrawn in its instruction dated 13-8-1979 which is as follows : xxv/i/50 - special reserve account under section 36(1)(viii) of the income-tax act, 1961 in the case of financial corporations - clarification regarding under section 36(1)(viii') of the income-tax act, 1961, 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 profits, of the amounts transferred by them out ..... authority and applied to the case on hand where we are concerned with the law as on 1-4-1982 and 1-4-1983 which governs the assessments for 1982-83 and 1983-84, respectively, for the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. ..... is given in the portion of the following board's circular : in computing the income attributable to house property owned and occupied by an assessee for his own residence, the annual value of such house property is determined under section 23(2) of the income-tax act, in a sum equal to the full amount of its annual value (i.e. ..... 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were ..... order for the assessment years 1977-78, 1978-79 and 1980-81. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1999)240ITR33(Mad.)
..... . he also contended that the learned accountant member adopted the meaning of the word "transfer" given under sections 2(xii) and 2(xxiv) of the gift-tax act and also under section 45(2) of the income-tax act, which were not in existence in the assessment years 1978-79 to 1981-82, with which we are concerned in these appeals.11 ..... the supreme court also held in that case that a sale by a firm to the company formed by the partners would fall within the prohibition contained in this section.the legislature, perhaps, took note of the hardship caused by this decision and that was the reason why the finance act, 1961, provided that a case of amalgamation or conversion of a firm into a company would not fall within the scope of a sale or transfer of the asset.this also indicates ..... . he felt that the legislature perhaps took note of the hardship caused by this decision and that was the reason why the finance act, 1961, provided that a case of amalgamation or conversion of a firm into a company would not fall within the scope of a sale or transfer of the asset ..... it was revived by the finance act, 1977, in some cases. ..... . ultimately, he traced out that section 32a, which provided investment allowance came into the statute book under the finance act of 1976 ..... this was then replaced by section 32a providing for investment allowance by the finance act of 1976. ..... ) 33), at page 55, para 97, and section 6 of the finance act, 1961.10. .....
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