Court : Mumbai
Reported in : (1986)51CTR(Bom)195; [1986]162ITR764(Bom)
..... qualities, blending the same by mixing one type with another and selling it, was entitled to be considered as an 'industrial company' within the meaning of section 2(7)(c) of the finance act, 1978.10. in cit v. lakhtar cotton press co. (pvt.) ltd. : [1983]142itr503(guj) , a division bench of the gujarat high court pointed out ..... [1984]145itr387(cal) , the calcutta high court was called upon to consider the meaning of the term 'processing' used in the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978. after analysing the decision of the supreme court in the case of chowgule & co. pvt. ltd. v. union of india : 1985ecr263(sc) , and on ..... claim of the assessee. the reference arises form the aforesaid decision of the tribunal.3. the material part of clause(c) of sub-section(6) of section 2 of the said finance act runs as follows :'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other .....
Tag this Judgment!Court : Mumbai
Reported in : [1992]193ITR781(Bom)
..... activity. he pointed out that, in the calcutta case, the facts were identical. the question considered was whether the assessee was an industrial company under section 2 (7) (c) of the finance act, 1978, and the court held that it was so. in the gujarat case, the assessee was carrying on the business of a printing press. it was ..... , the calcutta high court's decision in g. a. renderian ltd. v. cit : [1984]145itr387(cal) is not applicable in this case inasmuch as section 2 (7) (c) of the finance act, 1978, defined an industrial company, inter alia, as one which is engaged in the processing of goods. it is pertinent to mention that the expression provisions of ..... section 2 (5) (a) (ii) of the finance acts, 1966 or 1967, with which we are concerned in this reference. as regards the gujarat decision, it is .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]209ITR41(Bom)
..... and tax the assessee as a non-industrial company. by an order dated september 23, 1978, the income-tax appellate tribunal held that the assessee-company was an industrial company within the meaning of section 2(8) (c) of the finance act, 1975. the expression 'industrial company' under the said act is defined as under : 'industrial company' means a company which is mainly engaged in ..... industrial company, as in fact it was, within the meaning of the said expression used in section 2(8) (c) of the finance act, 1975, section 104(4) of the income-tax act, 1961, was clearly attracted. section 104(4) of the income-tax act provides that section 104 of the act is not applicable to company which is engaged in the manufacture or processing of goods. the income .....
Tag this Judgment!Court : Mumbai
Reported in : (2003)182CTR(Bom)395; [2003]261ITR263(Bom)
..... namely, the accounting year in which such undertaking begins to manufacture or produce articles and the two accounting years immediately following that year.' 13. section 37(3d) introduced by the finance act, 1978, reads as under :'(3d) in a case where an assessee has set up an industrial undertaking for the manufacture or production of any articles ..... heard counsel on both the sides and perused the records placed before us. section 37(3a) to 37(3d) were introduced in the income-tax act with effect from april 1, 1979, by the finance act, 1978. the said provisions were repealed by the finance (no. 2) act, 1980, with effect from april 1, 1981. thus, these provisions were ..... or produce such articles and each of the two previous years immediately succeeding that previous year.'14. thus, the provisions of sections 37(3a) to 37(3d) were introduced by the finance act, 1978, with a view to place a curb on extravagant and socially wasteful expenditure on advertisement, publicity and sales promotion .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)19ITD45(Mum.)
..... all articles or things, except certain articles or things of low priority specified in the list in the new eleventh schedule inserted in the income-tax act by section 28 of the finance act. the list of articles or things contained in the new eleventh schedule is given in annex. ii to this circular. the disqualification arising from the ..... finance act, 1976, with effect from 1-4-1976 and has partially replaced development rebate in respect of ships, aircrafts or machinery and plants installed after 31-3-1976. this section was amended by the finance (no. 2) act, 1977 with effect from 1-4-1978. in the course of the discussion of the bill in the lok sabha, the then finance ..... of any article or thing specified in the said list.it is also seen that the finance (no. 2) bill, 1977 proposed amendment of section 32a as follows : 9. amendment of section 32a.-in section 32a of the income-tax act, with effect from the 1st day of april, 1978,- (i) in clause (b), for sub-clauses (ii) and (iii), the .....
Tag this Judgment!Court : Mumbai
Reported in : (1990)87CTR(Bom)98; [1991]187ITR1(Bom)
..... alone unabsorbed depreciation becomes depreciation 'actuallowed'13. in this context, it may not be out of place to mention that section 72a has been inserted in the income-tax act, 1961, by the finance (no. 2) act, 1977, with effect from april 1, 1978. the section provides for carry forward and set off of accumulated loss and unabsorbed depreciation in certain cases of amalgamation. the result ..... is that in cases falling under section 72a, unabsorbed depreciation in the hands of the hands of the amalgamating company will hereafter .....
Tag this Judgment!Court : Mumbai
Reported in : [1986]17ITD430(Mum)
..... , therefore, on this account also the case of the assessee had not within the provisions of section 209a (4).6. we have considered the submission and arguments advanced by both the parties.7. section 209a was introduced by the finance act, 1978 with effect from 1-6-1978. under sub-section (1) liability to pay the tax is fastened on every person if his current income is ..... likely to exceed the amount specified under section 208(2). therefore, if an assessee estimates that his current income is .....
Tag this Judgment!Court : Mumbai
Reported in : (1995)126CTR(Bom)242; [1995]214ITR239(Bom)
..... called upon to decide whether the assessee who was engaged in the business of processing and export of fish was an industrial company within the meaning of section 2(7)(a) of the finance act, 1976, and, therefore, liable to be taxed at the concessional rate of tax applicable to industrial companies.'industrial company' was defined in that case ..... in question. while arriving at this conclusion, the tribunal relied upon the decision of the kerala high court in cochin co. v. cit : [1978]114itr822(ker) . hence, this reference under section 256(1) of the act at the instance of the commissioner. 3. in the course of hearing of this reference, learned counsel for the revenue, mr. g. s. ..... from the business of catching fish in the deep seas. 6. we have also perused the decision of the kerala high court in cochin co. v. cit : [1978]114itr822(ker) . we fail to understand how that decision is relevant for determination of the controversy before us in the present case. in that case, the kerala high .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)39ITD197(Mum.)
..... clause (4) of that section. in this connection he also invited our attention to the decision of the hon'ble calcutta high court in the case of g.a. renderian ltd. v. cit[1984] 145 itr 387 and pointed out that while interpreting the provisions of clause 2(7)(c) of the finance act, 1978, the hon'ble high ..... it, was engaged in "processing of goods".therefore, being an industrial company, it was entitled to be taxed at the concessional rate of tax contemplated under section 2(6)(c) of the finance no. (2) art of 1971. relying on yet another decision of the hon'ble bombay high court in the case of hoechst dyes & chemicals ltd ..... tribunal. the learned counsel for the assessee, reiterated the submissions which were made before the it authorities and strongly urged that the order passed by the iac under section 104 of the act should be cancelled. inviting our attention to pages 1 & 2 of his paperbook, containing statement showing bifurcation of trading, profit & loss account between manufacturing & .....
Tag this Judgment!Court : Mumbai
Reported in : [1980]124ITR783(Bom)
..... , k. babu naidu v. wto : [1978]112itr341(ker) . the division bench of the kerala high court has observed whilst allowing the appeal that if the provisions of section 68 of the finance act, 1965, are read along with section 4 of the i.t. act, 1961, the irresistible conclusion would be that the finance act, 1965, only provided the rate of tax ..... conclusion reached in favour of the assessee is the decision of the calcutta high court in cwt v. bansidhar poddar : [1978]112itr957(cal) . in the said decision, it was observed by the calcutta high court that section 68 of the finance act, 1965, did not impose an entirely new tax or a new charge. in bansidhar poddar's case ..... : [1978]112itr957(cal) , the calcutta high court considered the decision of the gujarat high court in ahmed ibrahim sahigara's case : [ .....
Tag this Judgment!