Court : Mumbai
Reported in : [1984]10ITD63(Mum)
..... granted by the uk authorities regarding the income or loss and the wear and tear allowance.3. section 44b of the income-tax act, 1961 (the act) which was inserted in the act, by the finance act, 1975, with effect from the assessment year 1976-77, made a special provision for computing profits and gains of shipping business in ..... submissions and facts and record. we find that prior to coming into force of section 44b as well as the amendment to section 172 of the act made by the finance act, 1975, the taxable profits of the foreign shipping enterprises were determined by suitably apportioning their profits between their indian business and foreign business or on the ..... learned counsel for the assessee to the effect that circular no. 7 of 1942 would be binding on the assessing authorities even after insertion of section 44b by the finance act, 1975.8. we, however, find that circular, no. 169, dated 23-6-1975, contains elaborate directions regarding the manner in which the assessment of the non .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD226(Mum.)
..... contrary.14. the delhi high court in r. dalmia v. cit [1972] 84 itr 661 observed that it was well recognized that specific dates in the 1961 act and the finance act, 1955, had reference to assessment years and had nothing to do with the accounting years of an assessee which might differ from person to person. thus, the ..... there is no room for trying to go behind the clear language of the section.31. maxwell on interpretation of statutes, twelfth edn. observes at p.28 under chapter 2 while discussing the general principles of interpretation that the primary rule is of literal construction. the rule of construction is 'to intend the legislature to have meant what ..... para : "thus, as a charge on the income of the previous year, the substantive law of that year must be applied." the commentator relied on cit v. madhusudan agarwalla [1978] 111 itr 525 (cal.). the commentator further observed that "applying the above rule, the supreme court in cit v. scindia steam navigation co. ltd. [1961] 42 itr .....
Tag this Judgment!Court : Mumbai
Reported in : 1989(24)LC513(Bombay); 1990(47)ELT305(Bom)
..... two industries. it may also be seen that apart from section 3 of the cess act, there are other modes of raising the finances provided in chapter iii of the board act for carrying out the objects of the board under the said act and the fund created thereunder is also known as the 'oil seeds and vegetable oils ..... however no provision for raising finance by levying any cess under the board act. the cess is leviable only under the cess act under which the charging section is section 3 in ..... therewith. the constitution of the boards is provided under the said act and it is clear from section 9 that it is charged with the functions of promotion and development of the oilseeds industry and vegetable oils industry. chapter iii of the act makes provisions for raising finances for carrying out the purposes of the board. there is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)27ITD228(Mum.)
..... of the supreme court in cloth traders (p.) ltd.'s case (supra) was not accepted by the department. hence section 80aa was inserted in the act by the finance (no. 2) act, 1980 and its operation was made retrospective with effect from 1-4-1968. this section laid down that where any deduction is required to be allowed ..... indicating gross dividends. the parliament wanted to make it clear that those words meant "net dividends". in order to clarify this limited aspect section 80aa was inserted by the finance (no. 2) act, 1980, with retrospective effect. subsequently, the supreme court itself in the case of distributors (baroda) (p.) ltd. (supra) interpreted words in sub-section (1 ..... making any deduction under chapter vi) and not with reference to gross amount of such dividends.6. a plain reading of section 80aa indicates that object of its insertion by the finance (no. 2) act, 1980 was to nullify the effect of the earlier decision of the supreme court in the case of cloth traders (p.) ltd. (supra .....
Tag this Judgment!Court : Mumbai
Reported in : 1988(3)BomCR581a; (1987)89BOMLR485
..... whether such unit or division is located at the same place... or at a different place or places.'9. we are here concerned with the provisions of chapter iii of the act which deals with 'concentration of economic power'. part a thereof by reason of section 20 within it, applies to an undertaking. if the total value of the ..... such application information with regard to the inter-connection. if any, of the new undertaking (which is intended to be established) with every other undertaking, the scheme of finance for the establishment of the new undertaking and such other information as may be prescribed.(3) (a) the central government may call upon the person or authority to satisfy ..... a.p. sen, j., struck down section 27 having regard to the provisions of article 19(1)(f).35. the judgment in maneka gandhi v. union of india, : [1978]2scr621 , must now be examined in regard to the test to be applied, it was held, following the judgment in (rustom cavasjee coopers case), : [1970]3scr530 that what .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)26ITD397(Mum.)
..... be clear if the scheme of the act as it now stands after the introduction of chapter vi-a is considered.sections 81 to 85c were deleted by the finance (no. 2) act, 1967 with effect from 1-4-1968. the present chapter vi-a was substituted by the same finance (no. 2) act, 1967. the main scheme of this chapter was that it provided for straight deductions ..... the ito in the body of the order was wrongly mentioned.however, a claim for relief under section 80k was made by the assessee in its letter dated 28-7-1978 at item 6 of the various reliefs claimed.in the course of arguments, the assessee's representative tended to expand the scope of the claim for relief not only ..... v. cit [1961] 41 itr 630, whereas for the department reliance was placed on the decision of the supreme court in cambay electric supply industrial co. ltd. v. cit [1978] 113 itr 84. the tribunal refused to go into this issue in the appeal against the order under section 154. one more point was raised before the tribunal which was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD421(Mum.)
..... deduction under section 80m, section 80aa is to be taken note of while for deductions under section 80 as contained in chapter via, section 80ab is to be taken note of; (viii) that the very fact that finance (no. 2) act, 1980 brought on the statute book the above two sections, viz. sections 80aa and 80ab, since one is made retrospective ..... raised on behalf of the assessee can be summarised as under:- (i) that on the basis of approval granted by the central board of direct taxes dated 4th april 1978 (assessee's paper book page 27), it cannot be said that either facts have been mis-stated or, else, incomplete facts have been given to the central board of ..... these appeals, which have been filed by the assessee, a resident company, are 1979-80, 1980-81 and 1982-83 with respective previous years having ended with 31st december 1978, 31st december 1979 and 31st december 1981. one of the common issues involved in all these appeals is the deduction claim of the assessee made under section 80-o .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD403(Mum.)
..... the 'total income'. chapter iv-d deals with the topic 'profits and gains of business or profession'. it is comprised over sections 28 to 44d. section 44b speaks of 'special provision for computing profits and gains of shipping business in the case of non-residents'. this was brought on the statute book by insertion by finance act, 1975 with effect ..... ground no. 2 taken by the assessee-appellant before the income-tax appellate tribunal, i will like to supplement our reasoning in the following terms.2. chapter iv in the income-tax act, 1961 deals with the topic,'computation of total income'. subject matter of charge to income-tax under the provisions of the income-tax ..... under sections 28 to 43a do not come into play. the net result is that under chapter iv-d the measure of computation provided in section 44b becomes the net but other chapters in the apt do not stand excluded. naturally chapter vi of the act, which deals with the, topic, 'aggregation of income and set off or carry forward of .....
Tag this Judgment!Court : Mumbai
Reported in : [1990]32ITD331(Mum)
..... since it speaks for itself and its effect is so very clear inasmuch as it speaks of, with effect from 1-6-1988.7. in the memo explaining provision in finance act, 1988, vide para 48, dealing with the topic, amendment of provisions relating to revision of orders prejudicial to revenue, it is stated in very clear terms and that speaks ..... injunction of any court shall be excluded.'4. now the issue for our decision is whether the explanation appended to sub-section (1) of section 263 of the act, which was substituted by the finance act, 1988 with effect from 1-6-88 will apply and, if so, to what effect. the assessee claims that this explanation being effective from 1-6-1988 ..... if we have to take that to be so, which, in this case, is then explanation appended to sub-section (1) of section 263 of the act, which was substituted (as mentioned above by finance act, 1988), is to be effective from 1-6-88. the cut off date if clearly mentioned and accordingly it has to be held that the statute speaks .....
Tag this Judgment!Court : Mumbai
Reported in : 1990(3)BomCR104
..... powers of the commissioner under this sub-section shall extend to such matters as had not been considered and decided in such appeal.the explanation was further amended by finance act, 1989 with retrospective effect from 1-6-1988 on the basis of which the explanation (b) to section 263(1) came to be as :(b) 'record ..... this amendment explanation (b) was inserted reading as:(b) 'record' includes all records relating to any proceeding under this act available at the time of examination by the commissioner.it was amended in the present form by the finance act, 1989 with retrospective effect from 1-6-1988. in the present form it reads as under :(b) 'record' ..... assessment and directing a fresh assessment.this section was thereafter first amended by the taxation laws (amendment) act, 1957 with effect from 1-4-1958. this amendment was of not much consequence. the section was again amended by the finance act, 1988 with effect from 1-6-1988. by this amendment explanation to section 263(1) was amended .....
Tag this Judgment!