Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)84ITD459(Chennai)
..... to cover receipts from sources other than the actual conduct of the business also for the purpose of the definition of 'industrial company' in section 2(8)(c) of the finance act, 1976.8. the assessee had been allowed depreciation on plant and machinery, while computing the income of business for the earlier years. by ..... that was the main contention of the learned departmental representative.shri babu also drew our attention to the definition of industrial company appearing in section 2(8)(c) of the finance act, 1976, and submitted that for qualifying as an industrial company the assessee should be mainly engaged in the business of manufacture or processing ..... , as provided in the explanation to section 2(8)(c) of the finance act, 1976. regarding the meaning of the expression 'attributable to' recurring in the phrase 'profits and gains attributable to the business of, in section 80e, the supreme court in cambay electric supply industrial co. ltd v. cit (1978) 113 itr 84 (sc) observed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)39ITD229(Mad.)
1. this appeal relates to the claim of the assessee for exemption under section 54e of the income-tax act, 1961.2. section 54e was originally inserted by finance (no. 2) act of 1977 with effect from 1-4-1978. it provided that where the assessee invests the consideration received in respect of a transfer of capital asset in any specified ..... asset would mean among other items deposits for a period of not less than 3 years with the state bank of india or other notified banks. the finance act, 1978 provided a further condition that a declaration should be given along with the deposit that no loan will be taken upon the fixed deposit. in the budget ..... valid and avoid that construction which attributes irrationality to the legislature.14. we are, therefore, compelled to take a close look at the mechanism of this section. in section 8 of the finance act, itself two expressions are used. in respect of clause (a) the word used is 'substituted' whereas in respect of clause (b) the word used .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)25ITD1(Mad.)
..... into account the amendments brought about in section 55(2)(i) of the act with reference to the date of substitution which was originally 1-1-1954, which was later on amended as 1-1-1964 by the finance (no. 2) act of 1977 with effect from 1-4-1978 and subsequently as 1-4-1974 by the finance act of 1986 with effect from 1- ..... 4-1987.we derive support for this view of ours from the twelfth schedule of the income-tax act, 1961, which was introduced with effect from 1-4-1983, by the finance act, 1982. under this schedule, a percentage deduction is given under section 80t(b) ..... following passages appearing at page 62 of indian tax laws, 1966 by a.n. aiyer explaining the changes in the law relating to capital gains in section 45 of the income-tax act brought about by the finance act of 1964 : (i) bonus shares - an assessee who holds any equity shares and receives any bonus shares will be liable to be charged to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)11ITD125(Mad.)
..... after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. 2) act, 1980] becomes available 2. in the course of the assessment proceedings for the assessment year 1978-79, the contention of the assessee-company before the ito was that its liabilities should not be deducted ..... from the value of the assets employed by it in the new industrial undertaking for the purpose of computing its capital under section 80j. in view of the provisions of section 80j, as retrospectively amended by the finance (no. 2) act, 1980, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD798(Mad.)
..... the date of the partition as if no partition had taken place and the divided members shall be liable to pay tax thereon. by section 28 of the finance (no. 1) act, 1980, sub-section (9) was introduced with effect from 1-4-1980 which is as follows: notwithstanding anything contained in the foregoing provisions of this ..... family property allotted to them inter se.4. it is in this background, the finance (no. 2) act, 1980, has amended section 171 by inserting sub-section (9) with effect from 1-4-1980. to resolve the point of dispute construction of the section is called for.according to maxwell, the rule of literal construction is only the safe ..... section, where a partial partition has taken place after the 31st day of december, 1978, among the members of a hindu undivided family hitherto assessed as undivided,-- (a) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD1a(Mad.)
..... will be allowed for a total of eight years (ten years in the case of co-operative societies). further amendments were made by the finance act of 1983andfinance act of 1985. we quote below the relevant provisions of section 80-i as applicable to the assessment year 1985-86 and as published in a.n. aiyar's indian tax laws [1985] at pages ..... would be available to it for later years also. he further submitted that these arguments urged on behalf of the revenue have been rejected in cit v.satellite engg. ltd. [1978] 113 itr 208 (guj.) and in madras machine tools mfrs. ltd. v. cit [1975] 98 itr 119 (mad.). the learned counsel therefore submitted that the appellant's claim ..... is not an allowable expenditure under the income-tax law. he relied on the decisions in yogiraj charity trust v. cit [1976] 103 itr 777 (sc), dharamaposhanam co. v. cit [1978] 114 itr 463 (sc), east india industries (madras) (p.) ltd. v. cit [1967] 65 itr 611 (sc) and jaipur charitable trust v. cit [1981] 127 itr 620 (delhi). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD129(Mad.)
..... submissions we are of the opinion that the revenue is entitled to succeed. we are concerned with the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978, which is in the following terms: industrial company' means a company which is mainly engaged in the business of generation or distribution of ..... which has been given by the commissioner (appeals) in his order. apart from the fact that decision related to a different section, namely, section 32a and not to the definition under the finance act, we find that in the present definition of 'an industrial company' the manufacture or processing of goods is a distinct sub-clause ..... by the commissioner (appeals) have nothing to do with the definition of 'industrial company' in the finance act since they were decisions given in respect of certain other sections, such as sections 80j, 80hh and 32a of the 1961 act, which contained different definitions and were, therefore, out of the present context. it was submitted that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD917(Mad.)
..... tax officer for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j (as amended by section 17 of the finance (no. 2) act, 1980) becomes available ?" 2. the point of difference was very clearly worded and the difference of opinion between my learned brothers is ..... third member under section 255(4) of the act: whether, on the facts and in the circumstances of the case, and relying on the ratio of ..... afresh after the decision of the supreme court or the madras high court is available.order under section 255(4) of the income-tax act, 1961 - whereas we are unable to agree on the point set out below for the assessment year 1978-79, we refer the following point of difference of opinion to the president for reference to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)16ITD529(Mad.)
..... penalties passed by the iac, and the appellate order of the commissioner (appeals) and pointed out that in the present case the old explanation to section 271 (l)(c) as inserted by the finance act, 1964 with effect from 1-4-1964 would be applicable for the first two assessment years 1974-75 and 1975-76 and that for the ..... remaining three assessment years 1976-77 to 1978-79, explanation i to section 271(l)(c) as substituted by the taxation laws (amendment) act, 1975, with effect from 1-4 ..... cancelling the penalties levied by the iac (assessment), range-i, salem-4, against the assessee for the five assessment years 1974-75 to 1978-79 under section 271(l)(c) of the income-tax act, 1961 ('the act'). the amounts of penalties levied by the iac are the following :assessment year penalty levied rs.1974-75 92,6901975-76 57,1301976-77 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)9ITD690(Mad.)
..... the parties. at the hearing, reference was made to the provisions of explanation 2 inserted with retrospective effect from 1-4-1976 by the finance act," 1983, according to which for the purpose of section 37(2a), 'entertainment expenditure' would include expenditure on hospitality of every kind, including provision of food or beverages to any person, whether by ..... we have considered the rival submissions. this point has been considered in detail by the madras bench 'a' of the tribunal in its order for the assessment years 1978-79 and 1979-80 in the case of sundaram fastners ltd. [it appeal nos. 1608 and 1609 (mad.) of 1982, dated 27-5-1983]. in this ..... for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. 2) act, 1980] becomes available 2. the point of difference was very clearly worded and the difference of opinion between my learned brothers is .....
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