Court : Kolkata
Reported in : (1980)18CTR(Cal)166,[1980]126ITR66(Cal)
..... 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. of such total income.' 6. similar definition was there in the finance act, 1969. we need not set out that definition. we are not concerned, in ..... referred to this court the question as mentioned hereinbefore.5. before we consider the question further it may be necessary to refer to the definition of the relevant finance act, namely, the finance act, 1968. section 2(6), clause (d), defined 'industrial company' as follows :' 'industrial company' means a company which is mainly engaged in the ..... that handling was processing and dealt with the dictionary meaning of the expression 'processing '.14. in the case of addl. cit v. chillies export house ltd. : [1978]115itr73(mad) , the madras high court was concerned with a different question. there, the assessee, an exporter of chillies, purchased the chillies, sorted them, graded them as .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]129ITR352(Cal)
..... sanction of the import licence on 8th october, 1966, had assumed a right which was further strengthened by entering into a forward contract with the state bank to finance funds towards the purchase of the machinery and it was a valuable right and could be characterised as a intangible asset or an actionable claim. he, therefore, held ..... . kuppuswamy pillai & co. : [1977]106itr954(mad) and the full bench of the madras high court in the case of addl. cit v. k. s. sheik mohideen : [1978]115itr243(mad) have held that the sale of import entitlement cannot attract capital gains. similar view has been expressed by the andhra pradesh high court in the case of addl ..... the import licence had relinquished an asset and had also extinguished its right contained therein which amounted to transfer within the meaning of s. 2 (47) of the act. he, therefore, confirmed the addition of the amount in question in the assessment of the assessee as capital gains. he also discussed certain authorities relating to the .....
Tag this Judgment!Court : Kolkata
Reported in : 85CWN431,[1981]132ITR308(Cal)
..... not adjudicated. learned advocate for the assessee contended that in view of the observations of the house of lords in the case of craddock (inspector of taxes) v. zevo finance co. ltd. [1946] 27 tc 267, this question was no longer open for investigation. the said decision, in our opinion, is not quite apposite to the present ..... aforesaid observations which we have mentioned before. basing on the aforesaid decision, in an unreported decision in i.t. ref.' no. 203 of 1975, judgment delivered on 16th february, 1978 (since reported in mahamaya dassi v. cit : [1980]126itr748(cal) ), i had observed that the powers of the ito, so far as revenue purpose was concerned, were ..... of the asset in question in his wealth-tax returns for the years under consideration. penalty is, therefore, exigible againsthim under section 18(1)(c) of the act. the amounts of the penalty levied are fair and reasonable and call for no interference.'6. the tribunal thus held that the conclusion of the iac that the .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]130ITR267(Cal)
..... . (11) insecticides, fungicides, weedicides and the like. (12) textile auxiliaries. (13) sizing materials including starch. (14) miscellaneous chemicals. ' 24. it was only after the finance acts of 1964 and 1965 that the legislature had used the term 'petrochemical'. it appears that the legislative history indicates that the intention was to include all the products that come ..... in the assessment years, under appeal the fifth schedule used the same language in item no. (18) which was used in item no. (19) of the two finance acts*. the legislative history of the provisions granting this relief in one or the other form year after year show that nylon-6 is covered by the term ' petrochemicals ..... chips was liable to excise duty and the assessee's attention was invited to section 3 of the central excises and salt act, 1944, and rule 9 of the rules made thereunder. on january 23, 1978, the asst. collector of central excise, poona, issued a show-cause notice to the assessee on the ground that the .....
Tag this Judgment!Court : Kolkata
Reported in : [1983]53CompCas591(Cal)
..... proposed scheme of amalgamation are stated in para. 13 of the petition as follows : ' (1) the transferor-company is a sick unit and is lacking in finance. the amalgamation will end the financial crisis and give stability to the transferor-company. (2) the transferor-company is a wholly owned subsidiary of the transferee-company ..... thereof the court, is precluded from sanctioning this amalgamation. 17. in reply to this contention mr. mookerjee drew my attention to a letter dated 22nd september, 1978, from the joint directors of the ministry of law, justice and company affairs of the govt. of india, addressed to the transferee-company alleging that the company ..... of the amalgamating company, then, the central government may make a declaration to that effect, and, thereupon, notwithstanding anything contained in any other provision of this act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for .....
Tag this Judgment!Court : Kolkata
Reported in : [1982]137ITR798(Cal)
..... of income represented by the dividends shall be determined by reference to the fixed gross rate of dividend.' it appears that under sub-section (2) of section 47 of the finance act, 1965, of england, income under sch. f for any assessment year shall be charged in respect of any distribution made in the year on such sum as, after deduction of ..... year involved is 1970-71. therefore, it was sought to be urged that in view of section 47 of the finance act, 1965, of england which is again more or less in similar lines with section 232 of the income & corporation taxes act, 1970, of england--sch. f, the position would be different. but as the year in question is covered by the ..... court in the case of cit v. clive insurance co. ltd. : [1978]113itr636(sc) , this question must be answered in the affirmative and in favour of the assessee. it must be remembered that section 91 of the i.t. act 1961, is similar to section 49d of the indian i.t. act, 1922.2. so far as the first question is concerned, the .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)21CTR(Cal)285,[1981]132ITR466(Cal)
..... no liability to the shareholder by doing so for any amount except the net sum after the deduction. whether it be correct or not, that before section 7 of the finance act, 1931, the company was authorised to make a deduction from dividends out of profits on which the company paid no tax (see per romer l.j. in newmann's ..... at pp. 518-519 which we have mentioned hereinbefore. we have also noted that the supreme court considered this case in the case of cit v. clive insurance co. ltd. : [1978]113itr636(sc) , mentioned hereinbefore.19. our attention was also drawn to a decision in the case of irc v. cull [1939] 22 tc 603 ; : [1940]8itr1(bom) , and ..... concerned is previous to that act. this aspect has been considered by several english authorities and our attention was drawn to several english decisions. but the position, in our opinion, is clear from the enunciation of the law on this aspect by the supreme court in the case of cit v. clive insurance co. lid. : [1978]113itr636(sc) , a decision .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]132ITR822(Cal)
..... not capable of being included in the total income. it would, therefore, be appropriate to refer to some of the provisions of the i.t. act which throw light on this aspect. chapter iii of the i.t. act, 1961, deals with incomes which do not form part of the total income. therefore, they do not enter into the total income at all ..... deductions in respect of profits and gains from newly established hotel establishments and hotel business in certain cases.10. our attention was drawn to the notes on clauses of the finance (no. 2) bill of 1967, item no. 13 which sought to explain why chap. vi-a was substituted. it stated that the new chap. vi-a sought, inter alia, to ..... v. bimetal bearings ltd. : [1977]110itr131(mad) took more or less the identical view. the bombay high court in the case of cit v. century spg. and mfg. co. ltd. : [1978]111itr6(bom) also was in agreement with that view.17. the division bench of the bombay high court in the case of commr. of surtax v. ballarpur industries ltd. : [1979 .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]129ITR772(Cal)
..... members of the tribunal were of the view that the firm had saved considerable funds by taking advantage of the concession offered by the voluntary disclosure scheme contained in the finance act of 1965. if the firm had utilised the funds provided by the assessee at a later date in any way it liked, this controversy would not perhaps have arisen. ..... that background, the majority members of the tribunal were of the view that as the firm was making use of the concession extended to it by section 68 of the finance act of 1965, a timely payment of the reduced tax liability was a considerable advantage and benefit to the firm and hence to the partner. therefore, the amount borrowed by ..... co. ltd. : [1977]110itr642(sc) , and in the case of cit v. rajendra prasad moody and cit v. raghunandan prasad moody : [1978]115itr519(sc) . in view of the construction of section 67(3) of the i.t. act, 1961, it is not necessary for us to deal with this aspect any further.26. in that view of the matter, we are .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1980Cal341,85CWN25
..... that argenti nitras i. p. comes within the description of silver salts, silver chemicals or compounds.33. a division bench of the delhi high court in nirmal construction and finance co. v. unon of india in civil writ no. 1038 of 1979, has also taken the same view, as we have taken, that argenti nitras i- p. ..... commodities, the export of which are allowed on merits or sub-iect to ceiling or other conditions to be specified from time to time. under the export policy of 1978-79, the articles mentioned in item no. 55 were included in item no. 77 (ii) of part b of sch. i. such inclusion under part b meant ..... set out above that each entry has the same scope and meaning as the corresponding chapter and heading of the first schedule to the customs tariff act, 1975. the corresponding chapter 30 of the first schedule to the customs tariff act, 1975, deals with pharmaceutical products. in that chapter, pharmaceutical products have been defined and explained. it provides inter alia that pharmaceutical .....
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