Array ( [0] => ..... that the gross amount inclusive of the commissions and financing charges payable to the foreign agents have been included in your invoice while what you receive is the value of goods at sight this difference is obviously, therefore, paid ..... issued by the customs authorities, it is evident that in paras. 3(d), (e) and (f) to show cause notice no. 2, you have admitted having been financed by buntex s.a. through bunge & co. (london). the invoices prepared by you for all sales effected shows, as your explanation reads for the charge of under-invoicing, ..... person represented by him. (2) where any person is, in respect of any income, assessable under this chapter in the capacity of a representative assessee, he shall not, in respect of that income, be assessed under any other provision of this act.' 10. section 163, in so far as is material for our purpose, provides as follows :'(1) ..... [1] => ..... demand under section 156 and in case of default, take proceedings for recovery. for determining the income-tax payable on declaration of income contemplated under section 24 of the finance (no. 2) act, 1965, which is accepted unless thereis a proceeding under sub-section (4), there is no scope for any hearing of appeal. accordingly, the direction in the ..... considered and rejected by the tax recovery officer. it was held that the notice of demand under the income-tax act, 1961, for the assessment year 1965-66 and the notice of demand under the finance (no. 2) act of 1965 were in respect of separate and distinct liabilities and as such it could not be said that the latter ..... serve him a notice of demand under section 156 of the income-tax act, 1961, and provisions of chapter xv and chapter xvii-d of, and the second schedule and third schedule to, that act as far as may be apply as if the said sum was payable under that act. 9. the learned commissioner in his judgment under challenge has held ..... [2] => ..... advocate appearing in support of the appeal, submitted that clause 84 of the finance bill, 2008, as introduced on 29th february, 2008, referred to chapter 25 of the central excise tariff act. he contended that the declaration made under the provisions of provisional collection of taxes act, 1931 with reference to clause 84 of the bill, as introduced, would automatically ..... no declaration under pcta was made with regard to enhancement of duty on cement to rs.900/- pmt, which was moved by way of amendment to finance bill, 2008 by the finance minister on 29.04.2008. therefore, the effective date of the enhancement in the present case would be the date of enactment i.e.10.05. ..... expiry of the day on which the bill containing it is introduced. (2) a declared provision shall cease to have the force of law under the provisions of this act (a) when it comes into operation as an enactment, with or without amendment, or (b) when the central government, in pursuance of a motion passed by parliament ..... [3] => ..... on gross dividend and not on net dividend.shri bajoria, the learned departmental representative, referred to section 80aa and stated that the section was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. under the circumstances, deduction under section 80m cannot be allowed on the gross dividend of the assessee. ..... under that section shall be computed with reference to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends." 57. deductions.-the income chargeable under the head 'income from other sources' ..... that the provisions relating to dividend income are sections 8, 2(22), 194, 198, 199, 203, 56(2)(i) and 57(0 of the act. after referring to the decisions in cit v. raghunandan prasad moody [1978] 115 itr 519 (sc), cit v. cotton fabrics ltd. [1981] 131 itr 99 (guj.), cit.bagyalakshmi & co. [1965] 55 itr ..... [4] => ..... the amended law stood during the assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under section 147(b ..... allowed by the iac on the gross dividend.the commissioner (appeals) took into consideration the supreme court decision in cambay electric supply industrial co. ltd. v. cit [1978] 113 itr 84 and came to the conclusion that deduction under section 80m could not be allowed on the gross amount. he found that the bank charges 12 paise ..... amounts kept in suspense account under the heads interest, commission, etc., would not be assessable to tax. he further urged that the circular of 1952 was withdrawn only in 1978. therefore, the circular was in existence during the assessment years 1972-73 and 1975-76. the kerala high court in cit v. b.m. edward, india sea foods ..... [5] => ..... income of the previous year . . . .' it is to be noticed that the percentages mentioned above have been changed from year to year by the relevant finance acts and during the years under consideration the percentage for distribution in the case of companies like the petitioner were hundred per cent as its accumulated profits and reserves exceeded ..... assessment, but of determining whether the liability should be charged and imposed .... section 23a, before it was amended by the finance act, 1955, was undoubtedly procedural.... section 23a(1) after it was amended by the finance act, 1955, provides within itself machinery for imposition of liability to pay additional super-tax, but it has not on that ..... in abraham's case, where the scope and extent of the meaning to be given to the expression 'assessment' as used in the sections in chapter iv of the act were considered, the court observed that that expression was not used merely in the sense of computation of income and there was no ground, for ..... [6] => ..... the commissioner and the judge, and for substantially the same reasons, i would answer the first question in favour of the taxpayer company.schedule 12 to the finance act, 1973i have already anticipated my answer to the second quetion. once the legislative purpose underlying section 28 and part i of schedule 12 is understood - and ..... though not legally or equitably owned by a person, was nevertheless in that persons full possession and control, such as a charterer by demise. in i. congreso del partido [1978] q.b. 500, robert goff j. declined to follow brandon j.s decision. he held, at p. 538, that 'beneficially owned' referred only to equitable ownership ..... start by setting out for convenience the statutory provisions relevant to both question. i start with the act of 1970. section 258 provides :'(1) relief for trading losses ... may in accordance with the following provisions of this chapter be surrendered by a company (called the surrendering company) which is a member of a group of ..... [7] => ..... hereinbefore on 16th january, 1974. there was a fresh certificate of incorporation in favour of coal india limited on 21st october, 1975. section 17 of the bengal finance (sales tax) act, 1941, provides as follows :17. transfer of business. where the ownership of the business of a registered dealer is transferred absolutely by sale, gift, bequest, ..... a fresh assessment in accordance with law after giving the petitioner reasonable opportunity. if necessary, the respondent-authority will ensure compliance under section 21a of the bengal finance (sales tax) act, 1941, of such papers and documents that may be in the possession of the coal mines authority.15. with the aforesaid direction the rule is made ..... or group of coal mines specified in the second column of the schedule shall be given by the central government, in cash and in the manner specified in chapter vi, for the vesting in it, under section 3, of the right, title and interest of the owner in relation to such coal mine or group of ..... [8] => ..... paid by the assessee ; and in default of such payment shall be recoverable from the assessee in the manner provided in chapter xvild for the recovery of arrears of tax.sub-section (3) of section 142 requires an opportunity of hearing to the ..... to the petitioner. the proposal appears to have been made in the note-sheet which is in the following term :'peerless general finance and investment co. ltd,, c.c.i.ta1/hq/ asst-192/special audit 142(2a) of 1997-98.proposal for special ..... and upon compliance of the principles of natural justice.in the celebrated case of smt. maneka gandhi v. union of india, : [1978]2scr621 , the apex court has held (page 626) :'now, if this be the test of applicability of the doctrine of natural ..... charan das malhotra, : 1973ecr1(sc) , the apex court while considering the provision of sub-section'(2) of section 110 of the customs act, observed (page 692) :'there can be no doubt that the proviso to the second sub-section of section 110 contemplates some sort of4nquiry ..... [9] => ..... beneficiaries were indeterminate. he took the status as association of persons but held that the basic exemption of rs. 5,000 as available to the association of persons under the finance act was not applicable to theassessee's case. the ito determined the income at rs. 6,500. when the matter went up in appeal before the aac he did not ..... said act, which is, inter alia, as follows, in our opinion, the tribunal arrived at the correct conclusion :'section 2(3). in cases to which chapter xii or section 164 of the income-tax act, 1961 (xliii of 1961) ( ..... was to be calculated without allowing the basic exemption of rs. 5,000 as laid down in the finance act?' 3. in view of the 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 ..... [10] => ..... of the finance act, 1956, proviso (iii) was amended and the period of one year was extended to two years from the end of the assessment year and the income-tax officer sought recourse ..... 34 was barred because a notice of assessment or reassessment under proviso (iii) to section 34(1)(b), as it stood prior to its amendment by section 18 of the finance act, 1956, could not be issued after the expiry of one year from the end of the year of assessment and this period expired on 31st march, 1956. by section 18 ..... a foreign party under section 43 within two years from the end of the year of assessment. but the authority of the income-tax officer under the act before it was amended by the finance act of 1956 having already come to an end, the amending provision will not assist him to commence a proceeding even though at the date when he issued ..... [11] => ..... conclusion that the commissioner of income-tax (appeals) erred in holding that the assessee was an industrial company within the meaning of section 2(8)(c) of the finance act, 1984 ?4. whether, on the facts and circumstances of the case, the tribunal was justified in law in holding that the printing, publication and distribution of pharmaceutical ..... the appeal was allowed relying upon the decision of the calcutta high court in the case of addl. cit v. a. mukherjee and co. (p.) ltd. : [1978]113itr718(cal) . this time the revenue preferred an appeal and the income-tax appellate tribunal held that the assessee-company is not directly engaged in the manufacture of pharmaceutical goods ..... a manufacturer is a person by whom or under whose direction or control the goods are manufactured. the judgment of this court in a. mukherjee's case : [1978]113itr718(cal) was also noticed. the judgment of the tribunal in that case was reversed on the ground that the tribunal had not gone into the question as ..... [12] => ..... operative bank or a land mortgage bank. ' 17. learned advocate for the assessee submitted that section 199 of the income-tax act, 1961, had been amended with retrospective effect by the finance act, 1968.18. learned advocate for the assessee submitted further that the andhra pradesh high court did not consider the effect of the ..... certificate furnished under section 203 in the assessment (including a provisional assessment under section 141a), if any, made for the immediately following assessment year under this act: provided that--..... (ii) in any other case, where the dividend on any share is assessable as the income of a person other than the shareholder, ..... retrospective amendment introduced in section 199 of the income-tax act, 1961, in smt. batool begum : [1976]104itr642(ap) , which has been ..... [13] => ..... that by virtue of r. 2(2) of the income-tax (determination of export profits) rules, 1966, framed in pursuance of section 2(5)(d) of the finance act, 1966, the profits and gains derived from the export of any goods or merchandise referred to in section 2(5)(a)(i) had to be ascertained in accordance with ..... which our attention was drawn, i. e,, the full bench decision of the madras high court, in the case of addl. cit v. k. s. sheik mokideen : [1978]115itr243(mad) . there, the assessee had made remittances under the national defence remittance scheme and such remittance earned import entitlements which were sold by the assessee resulting in a profit ..... on behalf of the assessee. this bench had to consider the aspect though in different context in the case of kesoram industries and cotton mills ltd. v. cit : [1978]115itr143(cal) . there, the assessee was a manufacturer of textile goods. in order to acquire foreign exchange the govt. of india started an export promotion scheme. under the ..... [14] => ..... the year in which the liability is actually discharged. we may, however, add that clause (va) has been inserted in sub-section (1) of section 36 by the finance act, 1987. the effect of the amendment is that no deduction will be allowed in the assessment of the employer unless such contribution is paid to the fund on or before ..... allowed in respect of any sum paid by the assessee as an employer by way of contribution towards an approved gratuity fund, as defined in section 2(5) of the act, created by the employer for the exclusive benefit of his employees under an irrevocable trust. after the insertion of section 40a(7), for claiming deduction for gratuity payment, ..... section 40a(7) of the act had no application as it was an actual payment and not a provision. the income-tax officer did not accept the submissions on behalf of the assessee-company. he found that the assessee-company's initial contribution was made in five instalments of rs. 80,000 on december 9,1978. february 21, 1979, march ..... [15] => ..... the case, the tribunal was right in holding that the amount of tax paid by the assessee on the basis of voluntary disclosure of income under section 68 of the finance act, 1965, after the relevant valuation date was deductible in computing the net wealth of the assessee under section 2(m) of the wealth-tax ..... act, 1957 v'2. the relevant assessment year is 1965-66.3. in this case, both the appellate assistant commissioner and the tribunal were of the view that, the tax liability ..... [16] => ..... were 'automobile ancillaries', in the assessment for the assessment year 1965-66, the assessee claimed the higher development rebate of 35% under the aforesaid provisions of the finance act, 1965, in respect of its profits and gains attributable to its manufacture of production of automobile ancillaries. the ito disallowed the assessee's claim for higher rebate ..... the manufacture or production of any one or more of the articles or things specified in the list in part iii of the first schedule to the said finance act. the articles and things specified in item (10) in the said part were 'motor trucks and buses' while the articles and things specified in item ..... contemplated by the schedule, but the distinction is important because as emphasised by the supreme court in cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) , at page 93, where the supreme court expressed the view that the expression attributable had a wider amplitude than the expression derived from, thereby ..... [17] => ..... aac's action being right. we have looked up part iii of the schedule to the finance act, 1965, and find that item no. 21 specifically refers to automobile ancillaries. the assessee is clearly entitled to rebate as given by the aac for reasons mentioned by him in ..... his order. the relief was given by the aac in view of item no. 21 in part iii of the list of articles and things in the schedule to the finance act, 1965. the departmental representative stated that the aac was wrong in allowing the relief while the assessee's counsel said that there could be absolutely no two opinions about the ..... [18] => ..... of calculating the net wealth. such special cell of the directorate concerned appears to have been set up in or about august, 1972, under the ministry of finance, for collecting and supplying information and to have a research into the techniques of evasion/avoidance of taxes which they made by certain investigations from january, 1973, ..... of the appellate assistant commissioner of wealth-tax in the exercise of his appellate function. (2) every wealth-tax officer employed in the execution of this act shall observe and follow such instructions as may be issued to him for his guidance by the director of inspection or by the commissioner or by the inspecting ..... necessary reasons being recorded, since there is no provision for recording such reasons. section 17 in fact corresponds to section 34(1) of the indian j.t. act, 1922, with the exceptions of the years for reopening. the reasons of the officer concerned should disclose the circumstances for which such special power as under section ..... ) Finance Act 1978 Chapter Iii Direct Taxes - Court Kolkata - Page 6 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: kolkata Page 6 of about 825 results (0.159 seconds)

Mar 06 1970 (HC)

Bunge and Co. Ltd. Vs. Income-tax Officer and ors.

Court : Kolkata

Reported in : [1971]79ITR93(Cal)

..... that the gross amount inclusive of the commissions and financing charges payable to the foreign agents have been included in your invoice while what you receive is the value of goods at sight this difference is obviously, therefore, paid ..... issued by the customs authorities, it is evident that in paras. 3(d), (e) and (f) to show cause notice no. 2, you have admitted having been financed by buntex s.a. through bunge & co. (london). the invoices prepared by you for all sales effected shows, as your explanation reads for the charge of under-invoicing, ..... person represented by him. (2) where any person is, in respect of any income, assessable under this chapter in the capacity of a representative assessee, he shall not, in respect of that income, be assessed under any other provision of this act.' 10. section 163, in so far as is material for our purpose, provides as follows :'(1) .....

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Mar 22 1977 (HC)

Union of India (Uoi) and ors. Vs. Tulsidas Bhimji and ors.

Court : Kolkata

Reported in : [1977]109ITR557(Cal)

..... demand under section 156 and in case of default, take proceedings for recovery. for determining the income-tax payable on declaration of income contemplated under section 24 of the finance (no. 2) act, 1965, which is accepted unless thereis a proceeding under sub-section (4), there is no scope for any hearing of appeal. accordingly, the direction in the ..... considered and rejected by the tax recovery officer. it was held that the notice of demand under the income-tax act, 1961, for the assessment year 1965-66 and the notice of demand under the finance (no. 2) act of 1965 were in respect of separate and distinct liabilities and as such it could not be said that the latter ..... serve him a notice of demand under section 156 of the income-tax act, 1961, and provisions of chapter xv and chapter xvii-d of, and the second schedule and third schedule to, that act as far as may be apply as if the said sum was payable under that act. 9. the learned commissioner in his judgment under challenge has held .....

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May 13 2014 (HC)

Commissioner of Central Excise, Bolpur Commissionerate Vs. M/S. Ultra ...

Court : Kolkata

..... advocate appearing in support of the appeal, submitted that clause 84 of the finance bill, 2008, as introduced on 29th february, 2008, referred to chapter 25 of the central excise tariff act. he contended that the declaration made under the provisions of provisional collection of taxes act, 1931 with reference to clause 84 of the bill, as introduced, would automatically ..... no declaration under pcta was made with regard to enhancement of duty on cement to rs.900/- pmt, which was moved by way of amendment to finance bill, 2008 by the finance minister on 29.04.2008. therefore, the effective date of the enhancement in the present case would be the date of enactment i.e.10.05. ..... expiry of the day on which the bill containing it is introduced. (2) a declared provision shall cease to have the force of law under the provisions of this act (a) when it comes into operation as an enactment, with or without amendment, or (b) when the central government, in pursuance of a motion passed by parliament .....

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Sep 23 1982 (TRI)

income-tax Officer Vs. Kamsco Industries (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)3ITD359(Kol.)

..... on gross dividend and not on net dividend.shri bajoria, the learned departmental representative, referred to section 80aa and stated that the section was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968. under the circumstances, deduction under section 80m cannot be allowed on the gross dividend of the assessee. ..... under that section shall be computed with reference to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends." 57. deductions.-the income chargeable under the head 'income from other sources' ..... that the provisions relating to dividend income are sections 8, 2(22), 194, 198, 199, 203, 56(2)(i) and 57(0 of the act. after referring to the decisions in cit v. raghunandan prasad moody [1978] 115 itr 519 (sc), cit v. cotton fabrics ltd. [1981] 131 itr 99 (guj.), cit.bagyalakshmi & co. [1965] 55 itr .....

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Jul 20 1983 (TRI)

State Bank of India Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)6ITD225(Kol.)

..... the amended law stood during the assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under section 147(b ..... allowed by the iac on the gross dividend.the commissioner (appeals) took into consideration the supreme court decision in cambay electric supply industrial co. ltd. v. cit [1978] 113 itr 84 and came to the conclusion that deduction under section 80m could not be allowed on the gross amount. he found that the bank charges 12 paise ..... amounts kept in suspense account under the heads interest, commission, etc., would not be assessable to tax. he further urged that the circular of 1952 was withdrawn only in 1978. therefore, the circular was in existence during the assessment years 1972-73 and 1975-76. the kerala high court in cit v. b.m. edward, india sea foods .....

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Apr 24 1970 (HC)

Bharat Agencies Ltd. Vs. Income-tax Officer, C-ward and ors.

Court : Kolkata

Reported in : [1971]80ITR637(Cal)

..... income of the previous year . . . .' it is to be noticed that the percentages mentioned above have been changed from year to year by the relevant finance acts and during the years under consideration the percentage for distribution in the case of companies like the petitioner were hundred per cent as its accumulated profits and reserves exceeded ..... assessment, but of determining whether the liability should be charged and imposed .... section 23a, before it was amended by the finance act, 1955, was undoubtedly procedural.... section 23a(1) after it was amended by the finance act, 1955, provides within itself machinery for imposition of liability to pay additional super-tax, but it has not on that ..... in abraham's case, where the scope and extent of the meaning to be given to the expression 'assessment' as used in the sections in chapter iv of the act were considered, the court observed that that expression was not used merely in the sense of computation of income and there was no ground, for .....

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May 22 1991 (HC)

J. Sainsbury Plc. Vs. Oconnar (inspector of Taxes).

Court : Kolkata

Reported in : [1992]197ITR462(Cal)

..... the commissioner and the judge, and for substantially the same reasons, i would answer the first question in favour of the taxpayer company.schedule 12 to the finance act, 1973i have already anticipated my answer to the second quetion. once the legislative purpose underlying section 28 and part i of schedule 12 is understood - and ..... though not legally or equitably owned by a person, was nevertheless in that persons full possession and control, such as a charterer by demise. in i. congreso del partido [1978] q.b. 500, robert goff j. declined to follow brandon j.s decision. he held, at p. 538, that 'beneficially owned' referred only to equitable ownership ..... start by setting out for convenience the statutory provisions relevant to both question. i start with the act of 1970. section 258 provides :'(1) relief for trading losses ... may in accordance with the following provisions of this chapter be surrendered by a company (called the surrendering company) which is a member of a group of .....

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Feb 16 1976 (HC)

Shethia Mining and Manufacturing Corporation Ltd. Vs. Commercial Tax O ...

Court : Kolkata

Reported in : [1977]39STC246(Cal)

..... hereinbefore on 16th january, 1974. there was a fresh certificate of incorporation in favour of coal india limited on 21st october, 1975. section 17 of the bengal finance (sales tax) act, 1941, provides as follows :17. transfer of business. where the ownership of the business of a registered dealer is transferred absolutely by sale, gift, bequest, ..... a fresh assessment in accordance with law after giving the petitioner reasonable opportunity. if necessary, the respondent-authority will ensure compliance under section 21a of the bengal finance (sales tax) act, 1941, of such papers and documents that may be in the possession of the coal mines authority.15. with the aforesaid direction the rule is made ..... or group of coal mines specified in the second column of the schedule shall be given by the central government, in cash and in the manner specified in chapter vi, for the vesting in it, under section 3, of the right, title and interest of the owner in relation to such coal mine or group of .....

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Dec 24 1998 (HC)

Peerless General Finance and Investment Co. Ltd. and Another Vs. Deput ...

Court : Kolkata

Reported in : [1999]236ITR671(Cal)

..... paid by the assessee ; and in default of such payment shall be recoverable from the assessee in the manner provided in chapter xvild for the recovery of arrears of tax.sub-section (3) of section 142 requires an opportunity of hearing to the ..... to the petitioner. the proposal appears to have been made in the note-sheet which is in the following term :'peerless general finance and investment co. ltd,, c.c.i.ta1/hq/ asst-192/special audit 142(2a) of 1997-98.proposal for special ..... and upon compliance of the principles of natural justice.in the celebrated case of smt. maneka gandhi v. union of india, : [1978]2scr621 , the apex court has held (page 626) :'now, if this be the test of applicability of the doctrine of natural ..... charan das malhotra, : 1973ecr1(sc) , the apex court while considering the provision of sub-section'(2) of section 110 of the customs act, observed (page 692) :'there can be no doubt that the proviso to the second sub-section of section 110 contemplates some sort of4nquiry .....

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Mar 16 1982 (HC)

Surendranath Gangopadhyaya Trust Vs. Commissioner of Income-tax

Court : Kolkata

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

..... beneficiaries were indeterminate. he took the status as association of persons but held that the basic exemption of rs. 5,000 as available to the association of persons under the finance act was not applicable to theassessee's case. the ito determined the income at rs. 6,500. when the matter went up in appeal before the aac he did not ..... said act, which is, inter alia, as follows, in our opinion, the tribunal arrived at the correct conclusion :'section 2(3). in cases to which chapter xii or section 164 of the income-tax act, 1961 (xliii of 1961) ( ..... was to be calculated without allowing the basic exemption of rs. 5,000 as laid down in the finance act?' 3. in view of the 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 .....

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