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 he further urged that the circular of 1952 was withdrawn only in 1978.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 .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]158ITR695(Cal)
..... (1a) shall be only such amount as is sufficient to reduce the said total income to nil; and......' 4. the underlined portion was inserted by the finance (no. 2) act of 1967. the effect of this amendment is that from the assessment year 1968-69, the deduction on account of development rebate is limited to the assessee's ..... in clause (5) of section 80b means, in the case of a company, total income computed in accordance with the provisions of the income-tax act, before making any deduction under chapter vi-a. section 80a(2) limits the aggregate of the deductions allowable under sections 80c to 80vv to the amount of the gross total income of ..... the assessee. this court held in the case of national engineering industries ltd. v. cit : [1978]113itr252(cal) , that the deductions allowable cannot result in any negative .....
Tag this Judgment!Court : Kolkata
Reported in : 1988(18)ECC16,1988(18)LC556(Calcutta),1988(36)ELT225(Cal)
..... in the manufacture of excisable goods as introduced under section 96 of the finance bill, 1987, modvat scheme was subsequently extended vide notification no. 83/87-c.e., dated 1.3.1987 to the goods falling in chapters in the first schedule of central excise tariff act including aerated waters produced and manufactured by the petitioner no. 1 on ..... 197/86-c.e., dated 14th march, 1986. originally the modvat scheme covered inputs and final products falling under 37 chapters of schedule to central excise tariff act, 1985, vide notification no. 177/86-c.e., dated 1.3.86 chapter 31 was also added by notification no. 371/86-c.e., dated 29.7.1986 bringing the number of ..... produced before this court and the following paragraphs of the said speech from the prime minister and finance minister of india referred to are as follows:'the modvat introduced in the 1986-87 budget was a major innovation. we covered 38 chapters of the excise tariff last year. i now propose to extend modvat to all the remaining .....
Tag this Judgment!Court : Kolkata
Reported in : [1988]174ITR672(Cal)
..... 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. a perusal of the memo explaining the provisions of the finance bill, 1980, would show that the intention behind this provision was that ..... the precise computation of the profit attributable to the new industrial undertaking lose their importance after the supreme courts decision in rajapalayam mills ltd. v. cit : [1978]115itr777(sc) , namely, that the deficiency in the new business can be set off against profit from the old business and that no separate recomputation with ..... undertaking for which the deduction under sections 80j and 80-i was claimed, the supreme court decision in the case of rajapalayam mills ltd. v. cit : [1978]115itr777(sc) was no longer applicable because of the amended provision. he, therefore, rejected the assessees ground holding the claim only to be of academic interest .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... .2. after completion of the original assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should ..... 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.acting on the basis of section 80aa, the income-tax officer sought to rectify the assessments made for these two ..... the rectification order in a writ petition in the high court. the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or would apply to pending assessments was a debatable point and since it was a debatable point, there could not be said to .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]181ITR427(Cal)
..... of such dividends as are 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. a perusal of the memo explaining the provisions of the finance bill, 1980, would show that the intention behind this provision was that ..... the precise computation of the profit attributable to the new industrial undertaking lose their importance after the supreme court'sdecision in rajapalayam mills ltd. v. cit : [1978]115itr777(sc) , namely, that the deficiency in the new business can be set off against profits from the old business and that no separate recomputation with ..... undertaking for which the deductions under section 80j and 80-i were claimed, the supreme court decision in the case of rajapalayam mills ltd. v. cit : [1978]115itr777(sc) was no longer applicable because of the amended provision. he, therefore, rejected the assessee's contention holding the claim only to be of academic .....
Tag this Judgment!Court : Kolkata
Reported in : (1992)104CTR(Cal)403
..... departmental representative that the provisions of s. 80ab were applicable to the facts of the present case, inasmuch as, we find that s. 80ab was inserted by the finance (no. 2) act, 1980, w.e.f. 1st april, 1981, without having any retrospective effect. on the other hand, we see that the decision of the madras high court in ..... for the purpose of computing the deduction under that section, the amount of income of the nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in ..... . 2) act, 1980 with retrospective effect from 1st august, 1968 has made it clear that 'where any deduction is required to be made or allowed under any section (except s. 80m) included in this chapter under the heading 'c-deductions in respect of certain income' in respect of any income of the nature specified in that section which is .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]191ITR195(Cal)
..... with emoluments at the rate of pounds 8,500 a year or more (section 69(1), as amended by section 23 of the finance act 1978). section 61 introduced into charge to income tax under schedule e a wide range of benefits, where these are provided for the employee or members of his ..... deference to the attractively presented argument of mr. oliver, for the taxpayers, and because this case has certain features which case me concern.section 61(1) of the finance act 1976 requires that in cases where the subsection applies there shall be treated as emoluments of the employment of each of the taxpayers, and accordingly chargeable to income tax ..... apportionment of the relevant expense would produce a figure close to the amount of the ordinary school fees.the relevant statutory provisions are to be found in chapter ii of part iii of the finance act 1976, in particular, sections 61 and 63. those two sections have now been replaced, with amendments immaterial for present purposes, by sections 154 and .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]207ITR130(Cal)
..... , on or after the 1st day of april, 1958. (vijay mathur),director (tpl-ii).ministry of financedepartment of revenue.' 9. the aforesaid two notifications were followed by the finance act, 1989, section 26 of which provided-'26. notwithstanding anything contained in the notification of the government of india in the ministry of home affairs, no. s. o. 1028( ..... force of that provision in the area where it has been brought into force :yearno.short title(1)(2)(3)196143income-tax act, 1961195727wealth-tax act, 1957195818gift-tax act, 1958(3) the provisions of chapter xvii of the income-tax act shall be made applicable with immediate effect. (4) in the case of all assessees liable to advance tax of current ..... , to the state of sikkim from the date which was to be notified by the central government. the provisions of chapter xvii of the income-tax act which related to payment of advance tax on current income of the previous year relevant to the assessment year 1989-90 were made applicable to the .....
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