Judgment Search Results Home > Cases Phrase: finance act 1978 section 19 amendment of section 155 Court: income tax appellate tribunal itat west bengal Page 1 of about 12 results (0.739 seconds)

Gkw Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... section was brought into the statute book vide finance (no. 2) act of 1996 w.e.f. 1st april, 1997, and is said to be in pari materia with earlier s. 115j which has been rendered inoperative with effect from the asst. yr.1991-92 by an amendment made to sub-s. (1) by the finance act ..... introduction of s. 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 w.e.f. 1st april, 1984. these provisions were contained in s.80vva and remained on the statute book ..... 85 to asst.yr. 1987-88 i.e., for a period of 4 years. the provisions were again reintroduced by the finance act, 1987 by introduction of a new s. 115j and these provisions remained in force from asst. yrs. 1988-89 to 1990 ..... at least a small proportion of their profits to the national exchequer at a time when other and less better off sections of the society were bearing a burden. because of the various hardships, complications, litigations, etc., provisions of s. 80vva .....

Assistant Commissioner of Vs. Anup (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... jurisdiclional high court in the case of g.a. renderian ltd. (supra) discussed the word "process" used in the definition of the industrial company in section 2(7)(c) of the finance act, 1978. the hon'ble jurisdictional high court observed that-- "the nature and extent of processing may vary from case to case; in one case the processing may be slight and ..... of purchasing tea of different qualities, blending the same by mixing one type with another and selling it, claimed that it was an industrial company, within the meaning of section 2(7)(c) of the finance act, 1978 entitled to concessional rate of tax." from this judgment it is clear that the hon'ble high court never discussed ..... section 80-i which is involved in the present case.subsequently, the bombay high court specifically dealt with the similar issue in the case of j.b. advani & co. (supra) .....

Deputy Commissioner of Income Tax Vs. Stone India Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... exclusive definition and not exhaustive. therefore, mere exclusion of certain items from the figure of total turnover by expln. (ba) appended below s. 80hhc(4a) by the finance (no. 2) act, 1991, with retrospective effect from 1st april, 1987, does not ipso facto lead to the conclusion that whatever is not expressly stated to be excluded from the figure ..... iron out the creases by taking the text and context into consideration in interpreting a legislation and by considering the provision in the backdrop of the purpose for which the section is introduced. the following case laws were relied upon on this issue :gramophone co. of india ltd. vs. birendra bahadur pandey air 1984 sc 667; 678reserve ..... and such payment is not required by any law for the time being in force and, therefore, hit by s. 40a(9) of the act.6. we have carefully considered the rival submissions. sec. 40a(9) reads as under : "no deduction shall be allowed in respect of any sum paid by the assessee as an employer towards the .....

Sibonarayan Patro and Bros. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... liable to be quashed. the learned counsel has also submitted before us that s. 44ab was introduced by the finance act, 1984, and while presenting the union budget for 1984-85, the then finance minister observed as under (1984) 146 itr (st) 65 at page 66] : "with the reduction in rates and expeditious disposal of assessments, i ..... incumbent ao has initiated the penalty proceedings. to our mind, taking the limitation period prescribed in s. 275 for initiation of penalty proceedings under the other sections of this chapter and also by respectfully following the judgment of the jurisdictional high court in the case reported in 1990 crlj 1110, maximum of two years from ..... of s. 275, which comes into operation from 1st april, 1989, initiation of penalty proceedings cannot be deferred unendingly and by taking the spirit of the section as a whole, the initiation of the penalty proceedings should take place within a reasonable period of time. the learned counsel for the assessee placed before us .....

Badridas Keshawprasad Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... the returned income is less than 8090 of the assessed income, then explanation to section 271(1)(c) is attracted and the penalty under section 271(1)(c) is attracted and is leviable. in this connection the explanation to section 271(1)(c) of the income tax act inserted by the finance act, 1964 which reads as follows : "explanationwhere the total income returned by any person ..... that if the returned income was less than 80 per cent of the assessed income, then explanation to section 271(1)(c) is attracted and penalty under section 271(1)(c) is leviable. he then referred to the provisions of explanation as inserted by, the finance act, 1964 and thereafter the decision of the supreme court in the case of mcdowell & co. ltd. (supra .....

Badridas Keshawprasad Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... the returned income is less than 80% of the assessed income, then explanation to section 271(1)(c) is attracted and the penalty under section 271(1)(c) is attracted and is leviable.in this connection the explanation to section 271(1)(c) of the it. act was inserted by the finance act, 1964 which reads as follows : "explanation - where the total income returned by any person ..... was held that if the returned income was less than 8096 of the assessed income, then explanation to section 271(1)(c) is attracted and penalty under section 271(1)(c) is leviable. he then referred to the provisions of explanation as inserted by the finance act, 1964 and thereafter the decision of the supreme court in the case of mcdowell & co. ltd. (supra .....

Shaw Scott Distilleries (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of s. 2(6)(d) of the finance act, 1968. a company which carries on such activity will not fall within the definition of an "industrial company" under that provision.the decisions of kerala high court ..... undertaking) or the business of a hotel in a notified backward area.sec. 80hh(1) defines the word "derived" from an industrial undertaking.the meaning of the term "derived" has been construed to have a definite narrow and restrictive ..... and substantial but in the instant case it is not so. here we consider necessary to refer s. 80hh of the it act, 1961. in order to encourage industrial activity in backward areas, this section grants deduction to an assessee, whose total income includes any profits and gains derived from an industrial undertaking (other than a mining .....

Assistant Commissioner of Vs. Executors of the Estate of Bhagwan

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... and ascertainable in view of the calcutta high court decision aforesaid.5. the dispute, however, does not end here. there is another provision inserted by way of section 167b introduced in the act by the finance act, 1992 w.e.f. 1-4-1993, whereby an aop is to be charged to tax at the maximum marginal rate or at the higher rate if ..... of individuals as aforesaid [not being a case falling under sub-section (1)]- (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the ..... any of the members exceeds the maximum amount which is not chargeable to tax in the case of that member, but that aop does not fall under sub-section (1) of section 167b of the act. as we have held earlier, the shares of the members of the association are determinate and known, i.e., 1/5th in the income and the .....

Asstt. Cit Vs. Executors of the Estate of Bhagwan

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2001)79ITD539Cal

..... and ascertainable in view of the calcutta high court decision aforesaid.the dispute, however, does not end here. there is another provision inserted by way of section 167b introduced in the act by the finance act, 1992 with effect from 1-4-1993, whereby an association of persons is to be charged to tax at the maximum marginal rate or at the ..... as aforesaid (not being a case falling under sub-section (1)) (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on ..... members exceeds the maximum amount which is not chargeable to tax in the case of that member, but that association of persons does not fall under sub-section (1) of section 167b of the act.as we have held earlier, the shares of the members of the association are determinate and known, i.e., 1/5th in the income and the .....

Assistant Commissioner of Income Vs. Executors of the Estate of Bhagwa ...

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... and ascertainable in view of the calcutta high court decision aforesaid.5. the dispute, however, does not end here. there is another provision inserted by way of section 167b introduced in the act by the finance act, 1992 w.e.f. 1st april, 1993, whereby an aop is to be charged to tax at the maximum marginal rate or at the higher rate if ..... or boi as aforesaid (not being a case falling under sub-section (1))-- (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the ..... any of the members exceeds the maximum amount which is not chargeable to tax in the case of that member, but that aop does not fall under sub-section (1) of section 167b of the act. as we have held earlier, the shares of the members of the association are determinate and known, i.e., l/5th in the income and the .....