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Hind Nippon Rural Industries Pvt. Ltd. (No. 2) Vs. Commissioner of Inc ...

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. .....

Cwt Vs. Chikymagalur Club

Court : Karnataka

Reported in : (2005)197CTR(Kar)609

..... the apex court after concluding that the club is not assessable to wealth-tax in assessment years 1970-71 to 1977-78 as an aop, has made reference to insertion of section 21aa in the wealth tax act by the finance act, 1981, with effect from 1-4-1981, which provides for assessment of aop in certain specified cases and ..... the case of the charging section 3 of the wealth tax act, the phraseology of the charging section 3 of the indian income tax act, 1922, has not been adopted ..... similarity of wording between the various provisions of the wealth tax act and the corresponding provisions of the indian income tax act, 1922. ..... court while affirming the view expressed by the gujarat high court has observed :'all these provisions go to show that the wealth tax act has been drafted on thd same lines as the indian income tax act, 1922. ..... section 3 of the income tax act, section 3 of the wealth tax act does not mention a firm or an aop or a boi as taxable units of assessment.the position has been placed beyond doubt by the insertion of section 21aa in the wealth tax act ..... sub-section (1) of section 21aa provides that where assets chargeable to wealth-tax are held by an aop (other than a company or co-operative society) and the individual shares of the members of the association in the income or assets or both are indeterminate or unknown, wealth-tax shall be levied and recovered from such association in the same manner and to the same extent as an individual, citizen and resident in india, at the .....

Commissioner of Income-tax Vs. Datacons (P.) Ltd.

Court : Karnataka

Reported in : (1985)47CTR(Kar)162; ILR1985KAR1109; [1985]155ITR66(KAR); [1985]155ITR66(Karn)

..... act, 1961, and the question of law referred is : 'whether, on the facts and in the circumstances of the case, the appellate tribunal is correct in law in treating the assessee either as a manufacturer of goods or as engaged in the processing of goods within the meaning of section 2(7)(c) of the finance ..... 2) act, 1977, has to be understood in its ..... the ito rejected that claim and assessed the income by applying normal rate of taxation, but in appeal before the aac, the assessee ..... act, 1977 ..... act, 1977 ..... [1981] 47 stc 124, wherein it was observed : 'this word has not been defined in the act and it must therefore be interpreted according to its plain natural meaning. ..... ) 2) act, 1977, to mean : ''industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in ..... is subjected to a process or treatment with a view to its 'development or preparation for the market', as, for example, by sorting and repacking fruits and vegetables, it would amount to processing of the commodity within the meaning of section 8(3)(b) and rule 13. ..... the finance ..... the finance ..... the finance ..... an industrial company, it would be entitled to be taxed at a concessional rate. ..... : [1977]107itr822(mad) , the madras high court held that folding and stitching of the printed sheets by employing some labour contractors without even a printing machine would constitute 'processing .....

Karnataka Small Industries Development Corporation Ltd. Vs. Commission ...

Court : Karnataka

Reported in : [1987]164ITR140(KAR); [1987]164ITR140(Karn)

..... section 256(1) of the income-tax act, 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 for the three assessment years of the assessee : 'whether, on the facts and in the circumstances of the case, the assessee was not entitled to the allowance under section 35b of the income-tax act in respect of expenditure of rs. 30,900 for the assessment year ..... . the assessee has been incorporated, inter alia, with the primary object of carrying on business 'to aid, counsel, assist, finance, protect and promote the interests of small industries in karnataka, whether owned or run by the government, a statutory body, a company, firm or an individual, or to provide them with ..... its returns filed under the act before the income-tax officer, company circle-iv, bangalore, the assessee claimed 'weighted deduction' on the aforesaid amounts under section 35b of the act, and the income-tax officer by separate but identical ..... directly or in association with any other person, any expenditure (not being in the nature of capital expenditure or personal expenses of the assessee) referred to in clause (b), he shall, subject to the provisions of this section, be allowed a deduction of a sum equal to one and one-third times the amount of such expenditure incurred during the previous year : provided that in respect of the expenditure incurred after the 28th day .....

Karnataka State Financial Corporation Vs. Commissioner of Income-tax

Court : Karnataka

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

..... 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, the assessee is entitled for deduction under section 36(1)(viii) of ..... income' is defined in section 2(45) of the income-tax act as 'the total amount of income referred to in section 5, computed in the manner laid down in this act ..... 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 ..... to the accounting year ending on march 31, 1975, the assessee, a financial corporation, established and functioning under the state financial corporations act, 1951 (act lxii of 1951), filed its return before the income-tax officer, company circle-iv, bangalore, inter alia, declaring that it had created a sum of rs. ..... is set out in the memorandum explaining the provisions in the finance bill under 'income-tax', at para 106, thus (see [1985] 152 itr 175 ..... appellate assistant commissioner, the revenue filed a second appeal before the tribunal which by its order dated december 24, 1977, allowed the same, reversed the order of the appellate assistant commissioner and restored the order of the income-tax officer. .....

Widia (India) Ltd. Vs. Commissioner of Income-tax

Court : Karnataka

Reported in : (1991)98CTR(Kar)114; [1992]194ITR77(KAR); [1992]194ITR77(Karn)

..... as per the second proviso to section 2(6) of the finance act, 1976, an assessee, being a company, may in lieu of payment of surcharge on income-tax at the rate specified in para e of part iii of the first schedule to the act, make a deposit under the scheme framed under sub-section (8) thereof. ..... the assessee, instead of paying the surcharge on income-tax under the provisions of the companies (profit) surtax act, 1964 ('the act' for short), deposited the equivalent amount with prepared under the provision of the finance act, 1976. ..... the proviso to section 2(6) of the finance act, 1976, referred to above, gives an option to the assessee either to pay the surcharge or make the deposit. ..... another facet of interpretation is to understand the word 'payable' in rule 2 in the context of the second proviso to section 2(6) of the finance act. ..... under the provisions of the income-tax act, 1961, the following question has been referred for our consideration : 'whether, on the facts and circumstances of the case, the deposits made with the idbi do not tantamount to payment of income-tax and, therefore, are not deductible for the purpose of computing the chargeable profits ?' 2. ..... that is to say, the deposits made with the industrial development bank of india do not amount to payment of income-tax and, therefore, are not deductible for the purpose of computing the chargeable profits. ..... the assessment year is 1977-78. .....

Commissioner of Wealth Tax Vs. Chikmagalur Club

Court : Karnataka

Reported in : ILR2005KAR4673; [2007]290ITR522(KAR); [2007]290ITR522(Karn)

..... that is why an amendment is made by the finance act, 1981, whereby section 21aa of the act was inserted to bring to tax the net wealth of an aop where individual shares of the members of the ..... are concerned, keeping in view the provisions of section 21aa of the act, which has been inserted in wt act by finance act, 1981, w.e.f. ..... view the amendment effected to wt act by the finance act, 1981, by which amendment section 21aa is inserted w.e.f. ..... :a new section 21aa was inserted in the wt act by the finance act, 1981, ..... is rejected by the tribunal, on the sole ground that in the quantum appeals filed by the assessee for the same assessment years, the tribunal has held that the provisions of section 21aa of the act would not apply to a mutual club like the assessee and therefore, the assessment orders are not sustainable as the assessee is not an entity susceptible for wealth ..... has observed :'it will be seen that assessment as an aop can be made only when the individual shares of the members of the association in the income or assets or both the association on the date of its formation or any time thereafter are indeterminate or unknown. ..... 1977-78 as an aops, and while saying so, the court has observed that 'the position has been placed beyond doubt by the insertion of section 21aa in the wt act ..... 1977-78 as an aop, has made reference to insertion of section 21aa in the wt act by the finance act, ..... was that, the assessee was a club and the assessment years involved were 1970-71 to 1977-78. .....

Kanoria Industries Ltd. Vs. Union of India (Uoi)

Court : Karnataka

Reported in : 2005(190)ELT295(Kar)

..... invalidated any provisions of law or rule and therefore there was no occasion at all for the parliament to have enacted a validating levy and if there was no occasion, the very provisions of section 112 of the finance act, 2000 cannot be sustained inasmuch as it is the submission of learned counsel for the petitioners that there was no cause of action for the parliament to make such a law, which in effect ..... the petitioner has been deprived of modvat credit to which the petitioners are otherwise entitled to in terms of the rules governing allowing of modvat credit, only because of the provisions of section 112 of the finance act, 2000, the petitioners are entitled to question the legality of this provision and further submits that even the supreme court while disposing of the review petition in the case of associated ..... the supreme court had earlier dismissed the appeal of the revenue as against this order, nevertheless, the revenue having brought to the notice of the supreme court the provisions of section 112 of the finance act, 2000, which was enacted as a validating legislation and which had now virtually taken away any benefit or concession that had been given to an assessee under the modvat credit scheme ..... though had been availed when it had been allowed, the concession under rule 57a of the rules having now been withdrawn as it was done away in terms of section 112 of the finance act, 2000 and the supreme court in the case of commissioner of commercial taxes, hyderabad v. .....

Wipro Limited Vs. The Joint Commissioner Of Income Tax

Court : Karnataka

..... finance act, 2016; accordingly, reassessment is not envisaged u/s 153(3); such reassessment can only come u/s 153(2) or section 153(6) which deals with assessment, reassessment or recomputation to give effect to any finding or direction contained in the order of superior authority or court; thus if an order of assessment is set aside in appeal with a direction that a fresh reassessment be made, the same would be covered by section 153(3); one may also note that section 32 2(40) of the income tax act, 1961, ..... sections of the 1961 act: (cid:1) section 147 (prior to substitution vide finance act, 2021 with effect from 28 01.04.2021) and section 147 (post substitution vide finance act, 2021 with effect from 01.04.2021) (cid:1) explanation to section 147 (post substitution vide finance act, 2021 with effect from 01.04.2021) (cid:1) section 148 (prior to substitution vide finance act, 2021 with effect from 01.04.2021) and section 148 (post substitution vide finance act, 2021 with effect from 01.04.2021) (cid:1) section 150 (cid:1) section 153(3)(ii) [prior to substitution vide finance act ..... to pay interest for delayed payment of taxes in terms of section 234b; it may be pertinent to note that it was inserted and brought into effect from the same time as section 153 was substituted by finance act, 2016; similarly, section 153(5) was substituted by finance act, 2016 prescribing the time limit to give effect to the orders passed under the sections mentioned therein, wholly or partly, ..... [ .....

Jindal thermal Power Company Limited (Formerly Jindal Tracteble Power ...

Court : Karnataka

Reported in : (2006)203CTR(Kar)381; [2006]286ITR182(KAR); [2006]286ITR182(Karn)

..... . rates of income tax under section 2(8) of the finance act, 2000 reads as follows:2(8): subject to the provisions of sub-section (9) in cases in which income tax has to be charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the income tax act or deducted under section 192 of the said act from income chargeable under the head 'salaries' or in which the 'advance tax' payable under chapter xvii-c of the said act has to be computed, at the rate or rates in force, such income tax or, as the case may be 'advance tax' shall be so charged, deducted or computed at the rate or ..... view of the scheme of the income tax act section 4 of the act charges to tax the income at any rate or rates which may be prescribed by the finance act every year and section 207 deals with liability for payment of advance tax and section 209 deals with its computation based on the rates in force for the financial year, as are contained in the finance act and the first proviso to section 2(8) of the finance act, 2001 provides that the tax payable by way of advance tax in respect of income chargeable under section 115jb as introduced by finance act, 2000 and .....