Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)43ITD313(Mad.)
..... any of the provisions of chapter iv of chapter vi-a of the act.10. in view of the foregoing, therefore, urged shri gopal, the assessee is entitled to succeed.11. on his part, the learned departmental ..... the assessing officer to make the impugned prima facie adjustments.9. finally shri gopal drew our attention to section 119(2)(c), recently inserted by the finance (no. 2) act, 1991, and contended that even according to the department, a hyper-technical view should not be taken in matters relating to any requirement contained in ..... -- 'threshold conditions' -- prescribed by the statute. once the 'threshold conditions' are satisfied - there can be no compromise on them - the other provisions of the act relating to a particular incentive must be so construed as to ensure that the benefit of the incentive reaches the assessee and is not denied on flimsy, technical grounds. in .....
Tag this Judgment!Court : Orissa
Reported in : (1992)103CTR(Ori)222; [1993]199ITR761(Orissa)
..... was re-enacted in identical terms in the 1961 act. but, subsequently, it has undergone several amendments by the finance act, 1966, with effect from april 1, 1966 ; the finance (no. 2) act, 1967, with effect from april 1, 1968 ; the finance (no. 2) act, 1971, with effect from april 1, 1972 and the finance act, 1974, with effect from april 1, 1975 ..... any deduction under the aforesaid provision and chapter via.' (underlining * by us for emphasis) 5. before the amendment, obviously, the deduction under the provision, i.e., section 36(1)(viii), was not to ..... income carried to a special reserve. under the existing provisions, the total income for this purpose is the total income as computed before making any deduction under chapter via. it is proposed to provide that the deduction shall be for an amount not exceeding 40 per cent, of the total income as computed before making .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)44ITD170(Mum.)
..... 176/86-ce, dated 1-3-1986, to cover inputs and end products classifiable under the specified chapters of central excise tariff act, 1985, by introducing rules, 57a to 57p in the central excise rules, 1944. the finance minister's speech provides the following basics of the scheme : 114. the modvat scheme provides a transparency ..... and implement the modvat scheme in stages. as a first measure, i propose to introduce modvat scheme for a goods covered by 37 specified chapters of the central excise tariff act, 1985. the scheme as a result would cover products of chemical and allied industries, paint and packaging materials, plastics, glass and glassware, rubber ..... known as countervailing duty. set off will also be available for packaging materials, consumables paints, though these are not strictly raw materials. items, outside these chapters availing proforma credit and benefits of set off under any erstwhile schemes would be allowed to continue to get the relief to the extent the revised tariff .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)2GLR1577
..... articles 107 to 111.5. lastly it was contended that the finance bill annually gets introduced well in advance to the lapse of the finance act of the previous year and if the provisions of die act are to be worked out, it is likely to bring a conflict between the finance act of the previous year and the bill for the current year ..... before the commencement of the constitution if inconsistent with the provisions of part iii shall become void to the extent of such inconsistency. no such declaration is found in chapter 2 of part v wherein articles 107 to 111 are found, saying that the laws already made or in other words pre-constitutional laws, if they had not ..... of india cannot be asked to go through the legislative procedure set out under articles 107 to 111, and on account of not having gone through that process, the act cannot loose its sanctity as the law. the constitution of india is prospective and on the subject it is neither explicitly nor impliedly retrospective in operation. the first .....
Tag this Judgment!Court : Kerala
Reported in : [1993]201ITR494(Ker)
..... notice under section 269d, the proceedings will be dropped if the apparent consideration of the immovable property is below rs. 5 lakhs.' 4. the provisions of chapter xx-c of the income-tax act introduced by the finance act of 1986, with effect from october 1, 1986, has been explained in another circular dated july 9, 1986. the explanatory note is seen reported in ..... tax due. under section 269d(1), a preliminary notice was served on the assessees on june 26, 1978. the valuation report was submitted by the officer on february 14, 1979. the competent authority passed an order after hearing objections under section 269f of the act on march 31, 1981. aggrieved by the same, the respondents-assessees filed an appeal before the appellate .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)44ITD243(Mad.)
..... viz. that before allowing deduction under section 80m, the gross total income should be computed in accordance with the other provisions in the act except chapter via and with reference to the resultant amount of dividend that is included in such gross total income only, deduction under section 80m should be allowed".6 ..... to and relied upon by the assessee's representative "was issued prior to the introduction of section 80aa with retrospective effect from 1-4-1968 by the finance (no. 2) act, 1980. further, after such introduction of section 80aa with retrospective effect from 1-4-1968, the board had issued instructions bringing out the correct legal position ..... minus or negative figure.the calcutta high court also took a similar view in the case of national engg. industries ltd. v. cit [1978] 113 itr 252.21. the scheme of the act in matters relating to the computation of the total income of the assessee may now be summarised as follows: (ii) secondly, incomes which .....
Tag this Judgment!Court : Kerala
Reported in : 1993(44)ECC145
..... (sc) and asstt. collector, calcutta v. national tobacco co. of india ltd. 1978 elt 416 at 424. in the customs act the charging section is section 12 and instead of annual finance act, the rate is mentioned in the schedules of the customs tariff act. section 15 is complementary to the charging section, providing the definite date with respect ..... romer in the judgment of the privy council reported in commissioner of income-tax, bombay & aden v. khemchand ramdas [1938] 6 itr 414. chapter iii of the income-tax act headed 'taxable income' contains the various provisions with reference to which taxable income is determined. the tax is leviable under section 3 and is in ..... person as approved by the collector of customs until they are cleared for home consumption or are warehoused or are transhipped in accordance with the provisions of chapter viii. the importer of the goods other than goods intended for transit or transhipment will have to make entry thereof by presenting to the proper officer a .....
Tag this Judgment!Court : Mumbai
Reported in : [1993]201ITR348(Bom)
..... draw of lucky ticket. 3. the state governments and the union territories running lotteries are, therefore, requested to deduct tax at source at the rates prescribed by the annual finance act in respect of 'lotteries or crossword puzzles' from 'lucky dip' prizes by lottery agents. 4. this clarification may please be brought to the notice of all concerned under ..... concerned, it speaks of the totality of the income which not only accrues or arises, but includes also the income which is deemed to accrue or arise. 43. chapter iii relates to income which does not form part of the total income and section 10(3) clearly excludes any receipts which are of a casual and non-recurring ..... of the constitution. 20. the nearest case on locus in so far the present case is concerned is the decision in indian explosives ltd. v. commissioner, sales tax [1978] 41 stc 315 . the question was whether, in the matter of inter-state sale on supply of naphtha through pipelines from bihar to u. p., the purchaser from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)1ITD45(Hyd.)
..... profit. this measure will yield a revenue gain of approximately rs. 75 crores." 12. consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 (see [1987] 166 itr (st.) 26). in the bill as introduced, the provisions of item (iv) of the explanation to ..... amount by way of provision for losses of subsidiary companies ; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of chapter iii applies ; or (g) the amount withdrawn from the reserve account under section 80hhd, where it has been utilised for any purpose other than those referred to in ..... a net loss after adjusting depreciation and cannot be applied to a case where there is a net profit after adjusting depreciation.18. in nothman v. barnet london borough council [1978] 1 wlr 220 at page 228 (ca), lord denning m. r. observed thus : "the literal method is now completely out of date. it has been replaced .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)45ITD243(Pune.)
..... a part of appeal against order under section 143(3) or 144 as contemplated by clause (a) of section 246. in fact, after the finance act, 1975 inserted section 44b in chapter iv dealing with computation of regular business income, provisions of section 172(4) has virtually become otiose, though it is retained in the statute book ..... option to get a regular assessment completed instead of ad hoc assessment contemplated by section 172(4) has become meaningless in view of section 44b inserted by the finance act, 1975 which provides that notwithstanding anything to the contrary contained in sections 28 to 43a, profits of a non-resident from business of operation of ships, shall ..... and the record.the case of the assessee falls, no doubt, under section 172 of the income-tax act, 1961 pertaining to shipping business of non-resident.this section falls in chapter xv of the income-tax act which provides for liability in special cases. section 172(1) contains a non obstante clause stating that the .....
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