Court : Orissa
Reported in : [2003]116CompCas557(Orissa); [2003]262ITR553(Orissa)
..... chapter dealing with aggregation of income and set-off or carry forward of loss in the income-tax act, section 72a was introduced by the finance (no. ..... company, namely, the petitioner company, moved an application under section 72a(3) of the income-tax act, 1961 (in short, the 'act'), by submitting the proposed scheme of amalgamation to the specified authority praying that the scheme of amalgamation be recommended to the central government so that the grant of benefit under section 72a(1) of the act could be considered by the central government. ..... that for a reasonable proximity of time, the amalgamated company had continued the business of the amalgamating company and that would be enough to entitle the amalgamating company to carry forward the loss as provided under section 72a of the act, notwithstanding the fact that the business of the amalgamating company was completely closed down at a subsequent point of time, most of the workers of the amalgamating company were sent out one way or ..... immediately before such amalgamation, the amalgamation was in the public interest and other conditions specified by the central government by notification in the official gazette intending to ensure that the benefit under the section was to be restricted to amalgamations which will facilitate the rehabilitation or revival by the amalgamated company, the central government was to make a declaration to that effect on an application by the amalgamated company ..... 2) act, 1977, with effect from april .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1998]229ITR615(MP)
..... sub-section (1) of section 9 of the income-tax act are ..... section 9 of the income-tax act deals with income ..... claridenistrasse, zurich (for short 'krebs')is a foreign company and national newsprint and paper mills limited (for short 'nepa mills') is its agent within the meaning of section 163 of the income-tax act, 1961 (for short the 'act'). ..... use in connection with radio broadcasting, but not including consideration for the sale, distribution or exhibition of cinematographic films ; or (vi) the rendering of any services in connection with the activities referred to in sub-clauses (i) to (v) ; (vii) income by way of fees for technical services payable by- (a) the government ; or (b) a person who is a resident, except where the fees are payable in respect of services utilised in a business or profession carried on by such person outside ..... except where the royalty is payable in respect of any right, property or information used or services utilised for the purposes of a business or profession carried on by such person outside india or for the purposes of making or earning any income from any source outside india ; or (c) a person who is a non-resident, where the royalty is payable in respect of any right, property or information used or services utilised for the purposes of business or profession carried on ..... fee should be taxed at 50 per cent, in view of clause ii(i)(b) of paragraph e of part i of the first schedule to the finance act, 1980 (no. ..... act of 1977 with effect from april 1, 1977 .....
Tag this Judgment!Court : Delhi
Reported in : [1989]30ITD209(Delhi)
..... we, however, found that the necessary exercise had been done by the tribunal in respect of assessment years 1975-76 and 1976-77 and by closely analysing the provisions of section 2(8) (c) of the finance act, 1975 and 2(7) (c) of the finance act, 1977 had held that the assessed was engaged in manufacturing activity. ..... orderper grover, judicial member - in this appeal the contention is that, the order of the learned commissioner of income-tax central-iii, new delhi, dated 21-11-1985 in respect of assessment year 1980-81 passed under section 263 of the income-tax act, 1961 be quashed and the appellant- assessed company be treated as an industrial company for the purposes of determining the tax rate applicable to it.2. ..... revenue was granted reference in relation to the tribunals orders in respect of assessment years 1975-76 and 1976-77, but that would make no difference as far as the year under appeal is concerned because we find no provision under the income-tax act by which an order of assessment passed in conformity with the tribunals decision can come for review, change or cancellation under section 263 of the act adversely against the assessed.21. ..... we are not concerned with the final figure of assessment because the dispute before us is a limited and narrow one and which is whether the income- tax officer wrongly accepted the assesseds claim of being treated as an industrial company after raising and computing the assessment.6. .....
Tag this Judgment!Court : Mumbai
Reported in : (2008)220CTR(Bom)425; [2009]310ITR320(Bom); [2009]177TAXMAN81(Bom)
..... . before answering the issue we may point out that finance act, 2007 has inserted explanation to section 9(1) after section 9(1)(vii) with retrospective effect from 1st june, 1976 and which reads as under:for the removal of doubts it is hereby declared that for the purposes of this section where income is deemed to accrue or arise in india under clauses (v), (vi) and (vii) of sub-section (1) such income shall be included in the total income of the non-resident, whether or not the non-resident has a ..... the issue which arises for consideration in the present reference is whether the amounts received under those agreements by the respondent from the three companies were chargeable to tax in india either having regard to the provisions of the it act, 1961 (hereinafter referred to as the act) or having regard to the provisions of the double taxation avoidance agreement (dtaa) entered into between the government of india and the federal republic of germany (hereinafter referred to as the german dtaa ..... . the proviso which was inserted by finance act, 1977 w.e.f ..... . 1st april, 1977 provides that nothing contained in this clause shall apply in relation to any income by way of fees for technical services payable in pursuance of an agreement made before the 1st day of april, 1976 and approved by the central government .....
Tag this Judgment!Court : Allahabad
Reported in : (1998)147CTR(All)418; [1997]226ITR475(All); [1997]92TAXMAN514(All)
..... when an assessee files a return of income after the passing of the finance act and pays self-assessment tax under section 140a of the act, such taxes are, on the own admission of the assessee, amounts properly chargeable under the act for that year and they cannot lose that character of being the amount with which he is properly chargeable under the act simply because an assessment is not made. ..... it is further provided in sub-section (2) that, in respect of income chargeable under sub-section (1), income-tax shall be deducted at source or paid in advance, where it is so deductible or payable under any provision of the act. ..... it is not the assessee's case at all that according to the provisions of the act and the finance act, 1977, the sum of rs. ..... by this petition under article 226 of the constitution of india the petitioner seeks quashing of a notice issued under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the act'), for the assessment year 1977-78 and a direction to refund to the petitioner the entire taxes deposited by it for the assessment year 1977-78 with interest. 2. ..... the facts are that the assessee, who is an old assessee under the act, filed the return of income for the assessment year 1977-78 declaring an income of rs. .....
Tag this Judgment!Court : Chennai
Reported in : [1983]141ITR656(Mad)
..... 1978, the following questions are referred : '(1) whether, on the facts and in the circumstances of the case, it has been rightly held by the tribunal that the assessee was entitled to registration under section 185 of the income-tax act, 1961 (2) whether the appellate tribunal's finding that there was a genuine firm in existence during the accounting year relevant for the assessment year 1973-74, is based on relevant and valid materials and is a reasonable ..... when the matter came on appeal to the tribunal, the tribunal also has not found that there was anything done by the firm of finance corporation apart from making those entries in its books and apart from seeking to get the benefit of a difference of 3% interest, which it ..... shanmugha nadar had been utilised as a part-time accountant of the firm of the financing corporation and, in his view, there was no violation of the terms of the partnership deed in any manner or non-observance of any essential ..... therefore, the question of the genuineness of the firm referred to as the financing corporation which has claimed registration for the two years is the first question to be decided and the answers to the rest of the ..... 809 of 1977, as indicated earlier, the only question is whether the amount paid or in fact only shown to have been paid as interest to the financing corporation can ..... of 1977 and 484 of 1978, relate to the allowability of the interest paid to what may be conveniently called hereafter as the financing corporation. .....
Tag this Judgment!Court : Chennai
Reported in : [2000]243ITR314(Mad)
..... observe in that very paragraph that it was not necessary for the court to express any opinion on the question as to what would be the position if the respondent had claimed the benefit of section 80hh of the income-tax act on the value of the articles manufactured or produced by him which articles have gone into/been consumed in the construction of the dam.11. ..... the assessee before the authorities below, and it had succeeded in convincing the commissioner, who in his order dated july 27, 1982, relating to the assessment years 1973-74, 1974-75, 1976-77 and 1977-78 had, after calling for the details from the assessee and after perusing the data so furnished, held that the data relating to 17 items of work completed by the assessee during the period from ..... income of the assessee was derived from activity which could properly be regarded as manufacturing activity and, therefore, the assessee satisfied the stipulation in the explanation to section 2(7)(c) of the finance ..... income of the company which claims to be an industrial company is derived from any one of the activities specified in section 2(7)(c) of the finance ..... in the form of an explanation which must be used for deciding as to whether an assessee claiming to be an industrial company is engaged 'mainly' in any of the activities referred to in section 2(7)(c) of the finance (no. ..... section 5(1)(xxxii) of the wealth-tax act, 1957, does not contain any explanation similar to the one found under section 2(7)(c) of the finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)20ITD50(Delhi)
..... . those words in section 39(2) of the finance act, 1977 would cover cases where the rectification application had been filed after the appointed day or the aac had issued the show-cause notice on his own after ..... considering the explanations given by the assessee, the ito held that these payments could not be allowed in view of the provisions of section 40a(3) of the income-tax act, 1961 ('the act'). ..... dated 29-4-1980: certain jurisdictional problems in regard to the interpretation of the provisions of section 246(2) [of the income-tax act] and of the corresponding sections of other direct tax acts, and also in regard to the scope of the board's notification issued under section 246(2)(i) have been referred to the board for clarification ..... has been placed on rule 6dd(j) of the income-tax rules, 1962 read with the circular of the board ..... under the income-tax law payments in excess of ..... therefore, contended that this was a case where the law itself had conferred jurisdiction on the commissioner (appeals) as the order was passed after obtaining directions of the iac as required under section 144b.he also pointed out that the assessed income of the assessee was more than rs. ..... fact that authority was created only for the purpose of dealing with higher income cases, like the one in the case before us ..... reason of the jurisdictional changes in the meantime the aac ceased to have the appellate jurisdiction over these files because of the income factor and the commissioner (appeals) assumed jurisdiction .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)84ITD459(Chennai)
..... case the question is not whether the assessee was actually carrying on the business of manufacture of rubber products during the previous year under consideration; rather the question is whether the profit chargeable to tax under section 41(2) could be considered as income attributable to the activity of manufacture of rubber products, as provided in the explanation to section 2(8)(c) of the finance act, 1976. ..... profit charged to tax under section 41(2) should be treated as profit attributable to the business of manufacture of rubber products, and accordingly such profit being not less than 51 per cent of the total income the assessee qualifies as an industrial company within the meaning of section 2(8)(c) of the finance act. ..... the cit later passed a revision order under section 263 of the it act setting aside the assessments with the direction to adopt the correct rate of tax as per section 2(8)(c) of the finance act, 1976 after giving the assessee a fresh opportunity of being heard.the ao then passed revised assessment orders levying tax at the rate of 65 per cent (with surcharge at 5 per cent) as applicable to a non-industrial company.though the assessee took up the matter in appeal ..... 1977-78, we have already held that income by way of lease rent is not profit attributable to ..... 1977-78 the total income was ..... 1976-77 and 1977-78 the assessee was not carrying on that business and the factory premises were leased out to ..... 1976-77 and 1977-78 as the company had ..... 1977 ..... (1977) 109 itr ..... 1977-78.2 .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1987)62CTR(AP)189; [1988]170ITR332(AP)
..... irc [1964] i wlr 1073 , lord reid, while considering the transaction of loan and repayment of loan, and the meaning of 'loan' under section 408 of the income-tax act, 1952, held at page 1077 thus : 'i realise that if legislation is to be effective to forestall attempts at evasion, it must often be drafted in terms so wide that it can apply to a variety of quite innocent transactions.' 45. ..... fleming (inspector of taxes) [1973] ac 628 (hl), the question was whether the expenses laid out for the provision of hospitality by a newspaper publisher to informants and contributors is deductible in computing the profits under section 15 of the finance act, 1965, to the newspapers published in the united kingdom. ..... it was further amplified by the explanation to sub-sections (2) and (2a) introduced by the finance act of 1968 expanding the scope of the restriction imposed by sub-section (2a) so as to take in any expenditure incurred by an assessee in expending entertainment allowance to its employees or other persons from february 29, 1968, and also the amount of any expenditure in the nature of entertainment expenditure incurred by any employee or other person ..... section 37(2b) was omitted by the finance act, 1976, with effect from april 1, 1977, and it was again reintroduced by further amendment with effect from april 1, 1979, through the taxation laws (amendment) act, 1978. .....
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