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Bhai Sunder Dass Sardar Singh (P) Ltd. Vs. Commissioner of Income Tax

Court : Delhi

Reported in : [2008]306ITR159(Delhi)

..... income tax appellate tribunal ('tribunal') for our opinion under section 256(1) of the income tax act, 1961 ('act') for the assessment years 1978-79 and 1979-80:whether on the facts and in the circumstances of the case, the assessed company was an 'industrial company' as defined in the finance act, 1978/finance act, 1979?2. the assessed is running a restaurant under ..... an appeal before the tribunal which also came to the conclusion that the assessed is not entitled to the status of an industrial company as defined in the finance act 1978/1979 for the relevant assessment year and, thereforee, is not entitled to a concessional rate of tax.5. our attention has been drawn to the indian hotels ..... processing raw food and the cooked food is sold to its customers. on this basis the assessed claims that it is an industrial company as defined in the finance act, 1978/1979 and, thereforee, it is required to pay a lesser rate of tax.3. in one of the assessment years, the assessed did not raise this .....

Educational Trust Fund Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1985)12ITD563(Hyd.)

..... -1971. under explanation 2 to section 164, which is applicable to the assessment years 1980-81 ..... the change was brought about in the wording of the section by the finance (no. 2) act, 1980, with effect from 1-4-1980, whereas the section applicable to 1978-79 and 1979-80 is as substituted by the finance act, 1970, with effect from 1-4 ..... at the maximum marginal rate : explanation 2 : in this section 'maximum marginal rate' means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year.for 1980-81 and 1981-82, .....

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

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 .....

Commissioner of Income Tax, Bombay and ors. Vs. Mahindra and Mahindra ...

Court : Supreme Court of India

Reported in : AIR1984SC1182; (1983)3CompLJ30(SC); [1983]144ITR225(SC); 1983(2)SCALE222; (1983)4SCC392; [1983]3SCR773

..... to amalgamation, namely manufacture and sale of agricultural tractors and allied impliments.6. section 72a of the income tax act, 1961 (herein-after referred to as the act) was inserted therein by finance act no. 2 of 1977 with effect from 1.4.1978. this section enables an amalgamated company to carry forward and set off accumulated loss and ..... unabsorbed depreciation allowance in certain cases of amalgamation on fulfilment of the conditions mentioned in clauses (a), (b) and (c) of sub-section (1) ..... of the income for the said assessment year by the amalgamating company for claiming the benefit of the section.7. on april 27, 1978, m&m; made an application in the approved form under section 72a of the act for the grant of relief of the requisite declaration from the central government which was received by .....

Coimbatore Insulation Tapes (P) Vs. Income Tax Officer

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 .....

The Commissioner of Income Tax Vs. Smt. Amarjeet Kaur and ors.

Court : Karnataka

Reported in : (2006)201CTR(Kar)134; ILR2006KAR1060; [2006]283ITR71(KAR); [2006]283ITR71(Karn)

..... basic ingredients of money circulation scheme, which is banned under section 3 of the prize chits and money circulation schemes (banning) act, 1978, and therefore, the expenditure incurred by the assessee is an expenditure prohibited by law and therefore, in view of explanation inserted by finance (no. 2) act, 1998 to section 37(1) of the act, which has come into force with effect from 1-4 ..... ), the supreme court was considering a case of 'prize chit' and what are the ingredients, which constitutes a 'prize chit' for the purpose of section 2(e) of the prize chits and money circulation scheme (banning) act, 1978.14. in our view, the case law which is nearer to the issue which has fallen for our consideration, is the decision of the apex .....

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' .....

Commissioner of Income Tax, Kerala Vs. Tara Agencies

Court : Supreme Court of India

Reported in : (2007)210CTR(SC)454; 2007(214)ELT491(SC); [2007]292ITR444(SC); JT2007(9)SC65; 2007(3)KLT624(SC); 2007(9)SCALE100; (2007)6SCC429

..... different qualities, blending the same by mixing one type with another and selling it. the assessee 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. the tribunal disallowed the claim on the ground that there was no processing as the end product remained the same ..... properly comprehend the controversy involved in this case, it would be proper to reproduce section 35b(1a)&(2) as introduced by the finance act, 1978:(1a) notwithstanding anything contained in sub-section (1), no deduction under this section shall be allowed in relation to any expenditure incurred after the 31st day of march, 1978, unless the following conditions are fulfilled, namely:a) the assessee referred to in .....

Bangalore Turf Club Ltd. Vs. Union of India

Court : Karnataka

..... owning and maintaining horses and cannot be treated as "winnings from horse races". 7.2 he further draws the attention of the court to the finance act, 1978 whereunder section 194bb was introduced to entail deduction of tax at source specifically on "winnings from horse races" and draws the attention of this court to explanatory notes of ..... -word puzzle' the words 'or card game and other game of any sort' was inserted with effect from 01.06.2001. 48. section 194bb was introduced by finance act, 1978, with effect from 01.04.1978 which provides for deduction of tax at source from income by way of winnings from horse races at such rates as prescribed. the central ..... board of direct taxes by way of explanatory notes on the provisions of the finance act, 1978, issued circular no.240 dated 17.05.1978 which indicates that the provisions of section 194bb would not apply to stake monies since such stake monies are not regarded as winnings from a horse race or .....

Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

..... of owning and maintaining horses and cannot be treated as winnings from horse races . 7.2. he further draws the attention of the court to the finance act, 1978 whereunder section 194bb was introduced to entail deduction of tax at source 30 specifically on winnings from horse races and draws the attention of this court to explanatory notes of ..... cross-word puzzle the words or card game and other game of any sort was inserted with effect from 01.06.2001.48. section 194bb was introduced by finance act, 1978, with effect from 01.04.1978 which provides for deduction of tax at source from income by way of winnings from horse races at such rates as prescribed. the ..... central board of direct taxes by way of explanatory notes on the provisions of the finance act, 1978, issued circular no.240 dated 17.05.1978 which indicates that the provisions of section 194bb would not apply to stake monies since such stake monies are not regarded as winnings from a horse race or .....