Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)27ITD619(Delhi)
..... chargeable profits have to be worked out under this schedule and in the context of the present appeal the following explanation' which was inserted by the finance act, 1981, w.e.f, 1-4-1981 is relevant: explanation - notwithstanding anything contained in any clause of this rule, the amount of any income or profits and gains which is ..... from the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof) and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said ..... from the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof), and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said .....
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 : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)28ITD1a(Mad.)
..... circular dated 16th may, 1986, which bears repetition, stated as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 1961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 2690 of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes ..... in 159 itr (statutes) page 105. this circular reads as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 3961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes .....
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 : Supreme Court of India
Reported in : AIR1988SC2267; (1988)90BOMLR434; 1988(3)Crimes655(SC); [1989]176ITR1(SC); JT1988(4)SC265; 1988(2)SCALE688; (1988)4SCC419; [1988]Supp2SCR942; [1989]72STC384(SC)
..... which the crpc, 1973 came into force. section 28 of the finance act amended section 136 of the income-tax act, and it was provided that the words 'and every income-tax authority shall be deemed to be a civil court for the purposes of section 195 but not for the purposes of chapter xxvi of the crpc, 1973', shall be inserted and shall ..... ) of the cine workers etc. (regulation of employment) act, 1981, section 37(2) of the emigration act, 1983,s.13(5) of the consumer protection act, 1986, section 14 of the sick industrial companies (special provisions) act, 1985, section 19 of the illegal migrants (determination by tribunals) act, 1983 and section 95 of the coast guard act, 1978, deeming the commissioner or the tribunal appointed under the .....
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 : 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 : Andhra Pradesh
Reported in : [1990]181ITR414(AP)
..... 1, 1989. prior to its substitution, sub-section (1), as substituted by the taxation laws (amendment) act, 1975, with effect from october 1, 1975, and later on amended by the income-tax (second amendment) act, 1981, with effect from july 11, 1981, the finance act, 1982, with effect from july 1, 1982 (see [1982] 137 itr 6), and the taxation laws ..... on him under clause (iii) of sub-section (1) of section 271 has been reduced or waived by an order under section 273a. (2) any offence under this chapter may, either before or after the institution of proceedings, be compounded by - (a) the board or a chief commissioner or a director general authorised by the board in this ..... to quash the prosecution proceedings...' 15. the supreme court in that case also held that the reasons given by the calcutta high court in j. p. mitter's case : [1978]112itr384(cal) do not apply to the case before them. 16. but, there is lot of difference between jayappan's case : [1984]149itr696(sc) and the present case. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1989SC1829; 1989(41)ELT3(SC); [1990]184ITR387(SC); 1989(1)SCALE968; 1989Supp(1)SCC541; [1989]2SCR444
..... chapter ii of the act dealt with the levy and collection of duty. section 3 as it stood at the relevant time provided that duties specified in the first schedule were to be levied. we have quoted sub-section (1)-20. the first schedule contained item nos. description of goods and rates of duty. section 3 has subsequently been amended by the finance acts ..... it was amended with effect from that date and the amended rule continued till 16-11-1980 whereafter it was enacted as section 11-a of the act by the amendment act 25 of 1978 and that section came into force with effect from 17-11-1980.6. mr. ambrish kumar, the learned counsel for the respondent submits that the ..... that was specially provided for by rule 10 and, therefore, action should have been taken under that rule.16. in assistant collector v. national tobacco co. ltd. : 1978(2)elt416(sc) , this court held that the high court erroneously refused to consider whether the impugned notice in that case fell under rule 10-a. it was observed .....
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