Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD800(Mad.)
..... assessee. the deduction will be an amount equal to 20 per cent thereof, meaning such profits and gains of the eligible industrial undertaking.this section occurs in chapter via of the act, which is entitled 'deductions to be made in computing the total income'. section 80a states that in computing the total income of an assessee deductions specified in ..... (supra), directly support the department's stands though it was rendered in the context of relief under section 80j. it was further submitted that there is nothing in the finance minister's speech referred to and relied on in the tribunal's order [1967] 64 itr (st.) 101, cited on behalf of the assessee, to support the view ..... a deduction where there is no total income and the overriding effect of section 80a(2) of the act has been emphasised. it is argued that the decision of the supreme court in cambay electric supply industrial co. ltd. v. cit [1978] 113 itr 84, which was sought to be distinguished in the orders of the tribunal, would still .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD795(Mad.)
..... of charging income-tax. reading section 4 and section 14 together, it will be evident that the charging of income-tax at the rate prescribed by the finance act shall be governed by section 14 both for the purpose of charge of income-tax and computation of total income. obviously the income arising from agricultural lands transferred ..... with the computation of total income under various heads of income.therefore, it is necessary to compute the total income in accordance with chapter iv only. chapter v of the act provides for inclusion of income of other persons in the total income of an assessee. in this connection it is essential to consider charging section, namely, ..... section 4, the relevant portion of which reads as under : 4. (1) where any central act enacts that income-tax shall be charged for any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD157(Mum.)
..... 80k and 80t. it was also pointed out by shri mehta that section 80ab of the act introduced by the finance (no. 2) act, 1980, with effect from 1-4-1981, laid down that any deduction required to be made under chapter via of the act, except under section 80m, shall be worked out with reference to the amount of the ..... to deduction under section 80m which is computed in accordance with the provisions of the act and not with reference to the gross amount of the dividends, section 80ab dealing with the other deductions under chapter via, inserted also by the finance (no. 2) act, 1980, is not retrospective but comes into effect from 1-4-1981. the assessment ..... year under appeal before us is 1977-78 and, therefore, the provisions of section 80ab, introduced by the finance (no. 2) act, 1980, with effect from 1-4-1981 .....
Tag this Judgment!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 : Gujarat
Reported in : (1984)2GLR1244
..... section 74 by which the requirement of periodical retirement by rotation is dispensed with in cases of specified societies.(ii) by the impugned amending act of 1981 sections 74a, 74b and 74c and chapter xi-a have been newly inserted.(iii) section 74a prohibits the designated officer which means any chairman, president and any other officer so ..... flows in the form of other indirect benefits such as preferential treatment accorded to the co-operatives, exemptions from the corporate tax into a certain extent and concessional finances from the various financial institutions; these are a few of the various support measures extended by the government. i say further, that the membership of a co- ..... justified only in relation to the right to carry on business.44. a seven judges' bench of the supreme court in maneka gandhi v. union of india : [1978]2scr621 was concerned, inter alia, in the context of impounding of passport of indian citizen by the government of india as to whether section 10(3)(c) of .....
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 : Karnataka
Reported in : ILR1985KAR955; [1985]152ITR618(KAR); [1985]152ITR618(Karn)
..... of the constitution has challenged item no. 2 of part i of the first schedule to the act introduced by the finance act of 1974 (central act no. 20 of 1974), as amended by the finance act of 1976 (central act no. 66 of 1976) (finance acts), as violative of arts. 14 and 19(1)(f) of the constitution. 4. article 19 ..... enquiry committee - final report (published by the government of indian n december, 1971). the wanchoo committee examined tax avoidance prevalent in the country in great detail in chapter iii - 'tax avoidance' - and made various recommendations action thereto. on huf, with which alone we are concerned in this case, the committee at paras 3. ..... on the new doctrine evolved by the supreme court in e. p. royappa v. state of tamil nadu, : (1974)illj172sc , maneka gandhi v. union of india, : [1978]2scr621 , ramana dayaram shetty v. international airport authority of india, : (1979)iillj217sc and ajay hasia v. khalid mujib sehervardi, : (1981)illj103sc , that arbitrariness was the very .....
Tag this Judgment!Court : Karnataka
Reported in : [1985]155ITR667(KAR); [1985]155ITR667(Karn)
..... in directing the payment of the interest. as to what was done by the supreme court in elpro international limited v. joint secretary, government of india, ministry of finance : 1985(19)elt3(sc) , in exercise of its special jurisdiction under article 136 of constitutuion, in particular , having regard to the conditions imposed while granting special ..... kar) donse not also permit a court to re-write a section. as ruled by the court in polystar electronic (p.) limited. v. additional commissioner sales tax : [1978]3scr98 , it is not open to a court to legislate in the guise of interpretation. bearing these principles, it is now necessary to ascertain the true scope and ambit ..... . 29. when refunds are made in pursuance of an order of tribunal or the first appellate authority under the act, it is just and reasonable interest on such refunds as in the united states of america (vide chapter 13, pages 1262-1263 of world tax series-taxation in the united states published by harward law school, 1963 .....
Tag this Judgment!Court : Karnataka
Reported in : [1988]174ITR206(KAR); [1988]174ITR206(Karn)
..... under section 36(1)(viii) at 40% of the total income before allowing deduction under chapter vi-a and not under section 36(1) of the income-tax act. this point has been clarified by the central board of direct taxes in a letter to the ministry of finance, department of banking in their letter f. no. 204/35/73/ita ii dated ..... of the view that the construction placed by the tribunal on the provision with due regard to the scheme and object of the act and its language is sound and correct. 15. section 10 of the finance act of 1985 (central act no. 32 of 1985) ('1985 act'), accepting the very case urged by the assessee, has suitably amended section 36(1)(viii) of the ..... . (as his lordship then was) and s. k. jha j. examining the scope and ambit of section 36(1)(viii) as it stood prior to its amendment by the finance (no. 2) act of 1967, set out at pages 521 and 522 of that report, accepted a similar claim of the assessee. in reaching that conclusion, the court also relied on the .....
Tag this Judgment!Court : Delhi
Reported in : [1987]62CompCas769(Delhi)
..... the executive and the legislature when bill 183 of 1978, the banking laws (amendment) bill, 1978, was introduced in parliament. by clause 5 of the said bill, a new chapter iii-c was sought to be incorporated in the reserve bank of india act. this chapter is broadly approximate to the impugned legislation in some ..... , the question of safeguarding the interest of depositors has assumed greater importance. it, thereforee, recommended that the reserve bank's control be extended to finance corporations and necessary enabling legislation be passed to that effect. it, however, recognised that the administrative task of watching and regulating the operations of a ..... that in order to meet this menace, it was necessary to have suitable legislation, but it was not possible to conceive of any legislation for financing, regulating or monitoring deposit acceptance activities of thousands of unincorporated bodies having no defined constitution, no set pattern and style of functioning who gave addresses .....
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