Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Court: kolkata Page 12 of about 18,837 results (0.156 seconds)

Commissioner of Income Tax Vs. A. V. Joshi and Sons.

Court : Kolkata

Reported in : (1986)54CTR(Cal)99

..... the contents of the disclosure petition submitted by the appellant and have found that the partners making the disclosure have surrendered for taxation under s. 68 of the finance act, 1965 the interest on the loans brought into this firm and other firms accounts in the garb inclusion of the interest on bogus hundi loans amounting to rs. ..... as an entity distinct and separate from the partners which constituted the firm. a firm is unit of assessment. firm and the partners are assessed separately. sec. 182 of the it act prescribes the procedure for assessment of registered firm.5. under s. 182 the income-tax payable by the registered firm itself is determined and the share of ..... firm bears the tax direct as also its partners are separately assessed in respect of share of profits allocated to them out of the income of the registered firm. sec.67 provides the method of computing and allocating a partners share in the assessed income of the firm. after the total income of the firm is computed, any .....

Ms. Dharampal Satyapal Limited Vs. the Assistant Commissioner, Commerc ...

Court : Kolkata Appellate

..... heading 2404.49. in the case before us, we are concerned with the assessment for the four quarters ending march 31, 2004 and thus, the amended provision of finance act, 2001 is applicable.7. therefore, in order to appreciate the question involved in this writapplication, it will be appropriate to refer to the following amended definition of pan ..... sale-price of pan masala being sold separately along with tobacco in a single pouch under the brand name double mazza.2. being dissatisfied, the applicant under section 8 of the act has come up with the present revisional application.3. the following facts are not in dispute:a) the petitioner sells an item under the brand name double ..... 1. this application under articles 226 and 227 of the constitution of india is at the instance of an applicant under section 8 of the west bengal taxation tribunal act, 1987 and is directed against an order dated january 15, 2010 passed by the west bengal taxation tribunal, in case no.rn-169 of 2008, thereby .....

Chunilal Mulji Motani and ors. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1983]139ITR166(Cal)

..... appellant or his daughters, nor assessment of such income, until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorised the present assessment. by sub-section (1) of section 6 of the indian finance act of 1939, the income-tax for the year beginning on the 1st april, 1939, is ..... urged on behalf of the assessee cannot be sustained. it is clear that the finance act of each year introduces the rate applicable for the previous year and section 4 of the i.t. act, 1961, has a similar provision which stipulates that, where the central act enacts that income-tax shall be charged for an assessment year at the rate ..... rani bhuvaneshwari kuer : [1964]53itr195(sc) , in the case of cit v. brojendra nath kundu : [1977]110itr326(cal) and in the case of cit v. shyamlal bhuwalka : [1978]113itr127(cal) , as well as the observations of the allahabad high court in the case of cit v. raja jagdish pratap sahi : [1971]79itr235(all) . in view of the ratio .....

Timken India Ltd. Vs. Commissioner of Income-tax and ors.

Court : Kolkata

Reported in : [2002]256ITR460(Cal)

..... year or financial year, mean--. . .(iii) for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in section 115a or the rate or rates of income-tax specified in this behalf in the finance act of the relevant year, whichever is applicable.' though the aforesaid provision was there at the relevant ..... of income-tax specified in an agreement entered into by the central government under section 90, whichever is applicable by virtue of the provisions of section 90.'17. in this case sub-section (2) of section 90 of the said act would be relevant, so the ..... this case, subsequently there was an amendment by the finance act, 1992, with effect from june 1, 1992. now the amended provision reads as follows :'(iii) for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf in the finance act of the relevant year or the rate or rates .....

Commissioner of Income-tax Vs. Rajnagar Tea Co. Ltd.

Court : Kolkata

Reported in : [1974]97ITR405(Cal)

..... we may first refer to section 49a which was substituted by the finance act, 1953, in place of the original section 49a and section 49aa. clause (a) of the present section 49a, it is necessary to mention, corresponded to section 49a before the amendment by the finance act, 1953. clause (b) of the present section 49a corresponded to section 49aa before the amendment by the finance act, 1953. section 49a provided as follows :'49a ..... which the government of india had entered into with the government of pakistan in exercise of the powers conferred by section 49aa of the indian income-tax act, 1922, which was subsequently replaced by the amended section 49a as introduced by section 3 of the finance act, 1953. this was done by the income-tax officer in spite of the contention of the assesses that abatement .....

J. Thomas and Co. (P) Ltd. Vs. Commissioner of Income Tax

Court : Kolkata

Reported in : (2005)195CTR(Cal)230,[2005]275ITR467(Cal)

..... parts ii and iii of schedule vi to the companies act, 1956, is to be excluded and deduction under the said section is not to be allowed with reference thereto ?(b) whether the petitioner can be considered as a trading company within the meaning of the finance act, 1989, and finance act, 1990 ?'1.1. these appeals arise out of ..... counsel for the parties it appears, as rightly pointed out by mr. bajoria, that the computation of income is made according to the it act, 1961 (it act), under different heads as specified in section 14 thereof. so far as the profits and gains of business on profession, which are being assessed in the present case, would not ..... a particular mode of computation has been provided for which substantially covers widely an area under the companies act rather than that of being covered by it act, as was pointed out by mr. bajoria, with reference to section 115ja and section 115j of the it act relying on the decision of the bombay high court in cit v. veekaylal co. (p) ltd., .....

income-tax Officer, c Ward and ors. Vs. Ryam Sugar Company Ltd.

Court : Kolkata

Reported in : [1976]105ITR819(Cal)

..... computation or recomputation should and can only be done in accordance with law. it was, therefore, urged that in accordance with the provisions of law and the relevant section of the finance act, 1958, the correct rate of tax was calculated and the assessee was not entitled to the rebate on his entire income at 30%. it was not expected, ..... naturally to be reduced and the revised total income was rs. 1,89,869. the income-tax officer, however, found that in accordance with the provisions of the finance act, 1958, the assessee was not entitled to rebate at 30% on its entire income. the assessee was entitled to certain reduced rebate which is indicated in the order ..... it was urged, that the income-tax officer would calculate the tax not in accordance with law but in violation of the same. under section 35 of the indian income-tax act, .....

Assistant Cit Vs. Anup (India) Ltd.

Court : Kolkata

Reported in : [2001]79ITD98(Cal)

..... 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 honble jurisdictional high court observed that'the nature and extent of processing may vary from case to case; in one case the processing may ..... 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 judgement it is clear that the honble high court never discussed section 80-i which is involved in the present case. subsequently, the bombay high court specifically ..... wherein it was observed that'mere blending of different kinds of tea for the purpose of export does not constitute manufacture of articles within the meaning of section 2(5)(a)(ii) of the finance acts, 1966 and 1967. therefore, a company engaged in such activity is not an industrial company entitled to deduction as per provisions of .....

Britannia Industries Ltd. Vs. Joint Cit and ors.

Court : Kolkata

Reported in : (2004)193CTR(Cal)26,[2004]271ITR128(Cal),[2005]143TAXMAN325(Cal)

..... ). the eligibility to and eligibility of have been made distinct by reason of these provisions when read with sub-section (2)(i) and sub-section (3)(a) and (b), the omission whereof by the finance act, 1989, is a clear expression of the legislative intendment in removing the distinction.precedents : citation and its application :we may note that such a view was taken by ..... the word 'eligible' in clause (ii) before the word 'business' in sub-section (1) and the definition of 'eligible business' in sub-section (2) and clause (b) of sub-section (3) was omitted. once the distinction between the eligibility to deduction and the eligibility of deduction are removed by the finance act, 1989, the position stood clear as has been contended by dr. pal. inasmuch .....

Commissioner of Income Tax Bengal-i, Calcutta Vs. M/S. M.N. Dastur and ...

Court : Kolkata

Reported in : (2000)2CALLT394(HC)

..... 1.4.72 and also amended by finance act 1974 but made effective from 1.4.1972. by ..... notice, specially after insertion of section 80ab in the act.24. for deduction of tax on royalties, etc., received from certain foreign companies were initially allowed under section 85c of the act. the provision of that section was substituted by section 80-o in the year 1968 and that section 80-ois further amendment by finance act 1971 w.e.f. ..... to earn the income?'4. since basic common issue does arise in both the reference applications, whether the assessee is entitled for deduction, under section 80-o of the act on gross amount of convertible foreign exchange brought into india, without taking into account the expenses direct or indirect incurred in india.5. the .....