Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Court: kolkata Page 1 of about 18,837 results (0.261 seconds)

G.A. Renderian Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : (1983)32CTR(Cal)318,[1984]145ITR387(Cal)

..... the tribunal was in error in basing its conclusion on the facts found by it indetermining whether the assessee was an industrial company in terms of section 2(7)(c) of the finance act, 1978. we would, therefore, answer the question in the affirmative and in favour of the assessee. in the facts and circumstances of the case, the ..... the assessee in the course of its assessment had claimed that by carrying on the above business it was an 'industrial company' in terms of section 2(7)(c) of the finance act, 1978, and so it was entitled to the concessional rate of tax allowed to such a company. in order to appreciate the contentions, it would be ..... . the assessee relied on certain decisions in support of this contention and the meaning of the expression used in the act and contended that it was an 'industrial company' in terms of the relevant section of the finance act, 1978. these contentions were repelled on behalf of the revenue. the tribunal had referred to the definition of 'industrial company' .....

C I T W Biv,cal. Vs. M/S.The Indian Textile Co.Ltd.

Court : Kolkata

..... was issued on 21st march, 2000 on the following question: whether, on the facts and in the circumstances of the case, and in view of the provision of section 2(7)(c) of the finance act, 1978, the ld.tribunal was justified-in-law in upholding the decision of the cit(a) in treating the assessee company as an industrial company , while denied by ..... the assessing officer?. however, from the report dated 27th june, 2014 prepared by the assistant registrar, appeal section, o.s., it appears that the appellant/revenue did not take delivery .....

S.P. Jaiswal Estates Pvt. Ltd. Vs. Commissioner of Income-tax (No. 1)

Court : Kolkata

Reported in : [1994]209ITR298(Cal)

..... manufacture or processing of goods and the assessee-company running a restaurant in that case was held to be an industrial company within the meaning of section 2(7)(c) of the finance act, 1978. there the court held that the word 'processing' was broad enough to take in the activity of processing of goods and rendering the eatables ..... tea of different qualities and blending the same by mixing one type with another, claimed that it was an industrial company within the meaning of section 2(7)(c) of the finance act, 1978, and was entitled to concessional rate of tax. this court held that the assessee was an industrial company entitled to this benefit. there, this ..... was engaged in processing of goods and accordingly, the court held that the sky room private limited was an industrial company within the meaning of section 2(7)(c) of the finance act, 1978. there the court held that the word 'processing' is broad enough to take in the activity of purchasing of goods and rendering them edible .....

Appeejay Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : 1994(46)ECC180,[1994]206ITR367(Cal)

..... although both the expressions appear in section 2(7)(c) of the finance act, 1978, the tribunal was in error in observing that the end result is tea having a particular blend and no commercially new or different article is ..... industrial company in terms of section 2(7)(c) of the finance act, 1978.25. the calcutta high court considered that, as there is no specific or separate definition of the expression 'processing' or the expression 'manufacturing' ..... . v. cit : [1984]145itr387(cal) , while considering the claim of the assessee for treating it as an 'industrialcompany' within the meaning of section 2(7)(c) of the finance act, 1978, for allowing the benefit of concessional rate of tax, it was held that blending of tea amounts to processing and as such the assessee was an .....

Commissioner of Income-tax Vs. S.P. Jaiswal Estates (P.) Ltd.

Court : Kolkata

Reported in : [1992]196ITR179(Cal)

..... tea of different qualities and blending the same by mixing one type with another, claimed that it was an industrial company within the meaning of section 2(7)(c) of the finance act, 1978, and was entitled to concessional rate of tax. this court held that the assessee was an industrial company entitled to this benefit. there, this ..... was engaged in processing of goods and accordingly, the court held that the sky room private ltd. was an industrial company within the meaning of section 2(7)(c) of the finance act, 1978. there the court held that the word 'processing' is broad enough to take in the activity of purchasing of goods and rendering them edible ..... decision and other decisions on this point, held that the word 'processing' used in the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978, has not been defined in the income-tax act, 1961, and it must, therefore, be interpreted according to its own natural meaning. webster's dictionary gives the following meaning .....

Commissioner of Income-tax Vs. Sky Room Pvt. Ltd.

Court : Kolkata

Reported in : [1992]195ITR763(Cal)

..... mixing of one type with another and selling it. it was held in that case that the assessee came within the definition of 'industrial company' given in section 2(7)(c) of the finance act, 1978.6. strong reliance has been placed by mr. dhar on a judgment of the kerala high court in the case of cit v. casino (pvt.) ..... to other licensees for distribution of electricity by them under the provisions of the indian electricity act, 1910, then both the bulk licensee and the distributing-licensee will have to be treated as 'industrial companies': section 2(8)(c) of the finance act, 1975, does not provide that only a company which manufactures and distributes electricity will be ..... ltd. : [1973]91itr289(ker) . there, the kerala high court, in construing the expression 'industrial company' in the finance act, 1968, held (p. 300) 'there may be trading .....

National Planning and Construction Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1980]122ITR197(Cal)

..... a decision of the kerala high court in cochin company v. cit : [1978]114itr822(ker) , where the kerala high court considered section 2(5)(a)(i) of the finance act, 1966, which is in pari materia with the sections of the finance acts with which we are concerned. construing the said section, the kerala high court held that the explanation to the said ..... following question of law :' whether, on the facts and in the circumstances of the case and on a proper interpretation of clause (c) of sub-section (8) of section 2 of the finance acts, 1974 and 1975, the appellate tribunal was justified in holding that the assessee was not an ' industrial company ' and was, therefore, not entitled to ..... concerned.14. in the instant case, it appears that the tribunal did not consider the scope and effect of the explanation to clause (c) of section 2(8) of the finance acts, 1974 and 1975, and, therefore, did not enquire nor ascertain what part of the total income of the assessee was attributable to its activity of .....

Commissioner of Income-tax Vs. Shiva Prasad Bagaria

Court : Kolkata

Reported in : [1991]191ITR139(Cal)

..... bombay high court in the case of cit v. estate and finance ltd. : [1978]111itr119(bom) , where the division bench observed that when enacting the provision regarding carry forward and set off of unabsorbed depreciation under section 52(2) of the income-tax act, 1961, the legislature could have imposed a condition that unabsorbed ..... supreme court clearly creates an infirmity in the view which is taken by the division bench in estate and finance ltd.'s case : [1978]111itr119(bom) , inasmuch as the relevant provisions of the 1922 act and the 1961 act have been held to be in pari materia. further, the supreme court, in mother india refrigeration industries ..... section 32(2) of the 1961 act and with this decision of the supreme court, it would be difficult to carry the fiction beyond what according to the supreme court was the limit to which such fiction can be carried. therefore, with great respect to the learned judges who delivered the decision in estate and finance ltd.'s case : [1978 .....

income-tax Officer Vs. General Investment Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD1(Kol.)

..... and rectified the order under section 35 withdrawing the exemption granted in the earlier order. the assessee challenged the validity of 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 ..... 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 be computed not on the ..... made by the income-tax officer, the law as interpreted was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under .....

Machino Techno Sales (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)59ITD303(Kol.)

..... its business of manufacturing goods it could not be 'industrial company'. for that purpose, he has placed reliance upon the explanation to the clause (c) of section 2(7) of the finance act, 1981 which is reproduced above. 4. we find no merit in such contention of learned departmental representatives. such provision has already been interpreted by the kerala ..... . the controversy reached the tribunal and in ita no. 1001/cal/1984, it was held, following the judgment of the kerala high court in cochin co. v. cit [1978] 114 itr 822 and the judgment of the andhra pradesh high court in nava bharat enterprises (p.) ltd. v. cit [1983] 143 itr 804/13 taxman 52, that ..... high court and andhra pradesh high court in the case of cochin co. v. cit [1978] 114 itr 822 and nava bharat enterprises (p.) ltd. v. cit [1983] .....