Court : Gujarat
Reported in : [2003]261ITR113(Guj)
..... will be seen that this decision was rendered on september 23, 1974, much prior to the insertion of the provisions of clause (v) in section 9(1) of the act by the finance act, 1976, with effect from june 1, 1976. (t) the decision of the supreme court in central bank of india v. ravindra : air2001sc3095 was cited to point out that, in ..... property in the ship was transferred to the buyer, prima facie with the passing of the risk.28. the definition of 'interest' in section 2(28a) of the act was inserted with effect from june 1, 1976, by the finance act, 1976. 'interest' means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or ..... the date of the tender of goods or from the date on which the price was payable. we may note that the word 'debt' is defined in section 2(c) of the interest act, 1978, inter alia, to mean any liability for an ascertained sum of money. the price payable under the moa for the ship was an ascertained sum of money .....
Tag this Judgment!Court : Allahabad
Reported in : (2005)198CTR(All)378; [2005]279ITR581(All)
..... the ito. according to the assessee, it is as small scale exporter and is entitled to the benefit under section 35b(1a). section 35b was amended by insertion of section 35b(1a) by the finance act, 1978, w.e.f 1st of april, 1978, and was omitted w.e.f. 1st of april, 1980. the ito found that the assessee was ..... does not own any plant and machinery upto the prescribed limit would not be entitled to claim weighted deduction under section 35b of the act, in view of clause (1a) of section 35b, as it stood by the finance act, 1978.9. all the three authorities have found that the assessee does not own any plant and machinery. the learned ..... treated as an 'industrial company'. the interpretation of 'industrial company' as contained in the first schedule to the finance act, 1966, was involved. section 2(7) of the finance act, 1966, inter alia, reads as follows :'for the purposes of this section and the first schedule.--(d) 'industrial company' means a company which is mainly engaged in -the business of .....
Tag this Judgment!Court : Allahabad
Reported in : (2006)202CTR(All)528; [2006]283ITR175(All)
..... /opposite party hereinafter referred to as 'assessee') was an exporter of brassware. the assessment year involved is 1979-80. the assessee claimed weighted deduction under section 35b(1a) as inserted by the finance act, 1978 w.e.f. 1.4.1978. it claimed to be a small scale exporter/however, the i.t.o. disallowed the claim. he held that the assessee's sphere of ..... facts and in the circumstances of the case, tribunal was justified in law in holding that the assessee firm fulfilled all the relevant conditions prescribed in section 35b(1-a) as amended by theu finance act, 1978 and was entitled to weighted deduction under section 35a? whether the tribunal was justified in dismissing the department's second appeal on the issue of weighed deduction under .....
Tag this Judgment!Court : Kerala
Reported in : 1983LC1462D(Kerala); 1983(14)ELT1751(Ker)
..... also the special duty (additional duty/auxiliary duty) of excise which has been levied in respect of the said goods under the finance act, 1978. it is contended therein that the relief in excise duty under the notifications is intended to recover in its scope both the basic duty of ..... second category of the exemption notifications grant exemption from so much of the special/additional/auxiliary duty leviable thereon under stated sub-section of stated section of the finance act or special act as is in excess of the specified percentage of the duty of excise chargeable under that statutory provisions read with any notification. here again the ..... etc. and, perhaps most important of all, the act also lays down or declares the charge of customs duty. section 12 of act is the charging section. somewhat in the manner of the income-tax act, which relegates the actual rates of income tax to the annual finance acts, section 12 of the customs act too relegates the enumeration of dutiable goods and the .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)198CTR(Guj)251; [2005]279ITR477(Guj)
..... rs. 22,80,051 vide assessment order dt. 2nd march, 1982, passed under section 143(3) read with section 144b of the act.3. thereafter, the ao initiated rectification proceedings under section 154 of the act on the basis of the amendment carried out by finance act, 1978, to disallow weighted deduction in relation to the following items :rs.commission on ..... revenue, submitted that the amendment was clear and unambiguous and any expenditure which is incurred after 1st april, 1978, and falling within sub-clauses (i) and (iii) of clause (b) of sub-section (1) of section 35b of the act cannot be allowed. that is the exercise which the ao undertook while framing the rectification order. she, ..... applying the aforesaid principles to the facts of the case, it is apparent that the tribunal was justified in holding that the true scope of section 35b of the act could not be subject-matter of rectification proceedings as the issue was highly debatable and as to which item would fall under each of the .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1996)136CTR(AP)321; [1996]221ITR561(AP)
..... v. venkataramana, learned counsel for the assessee, supported the orders of the tribunal. before we construe the definition of the 'industrial company' in section 2(7)(c) of the finance act, 1978, it would be useful to notice the findings of fact recorded by the tribunal. 6. from the order of the commissioner, the tribunal noted the ..... 'whether the assessee-company is an 'industrial company' within the meaning of section 2(7)(c) of the finance act, 1978;' and accordingly we reframe the question as noted above. 10. it may be appropriate to note here the provisions of section 2(7)(c) of the finance act, 1978 : '2(7)(c). - 'industrial company' means a company which is ..... of fixing the trusses for purposes of roofing on the buildings which were under construction. 3. by the finance art, 1978, a reduced rate of tax was prescribed for an industrial company. section 2(7)(c) of that act defines the expression 'industrial company'. the assessee claimed that it was an 'industrial company' and entitled .....
Tag this Judgment!Court : Kerala
Reported in : (2000)159CTR(Ker)325; [2000]243ITR336(Ker)
..... one type with another and selling the tea so blended in packets can be brought under the definition of an industrial company, in terms of section 2(7)(c) of the finance act, 1978. the court took the view that the blending operation done by the assessee would come within the term 'process' in the definition of industrial ..... the claim of the assessee for weighted deduction in respect of the expenditure incurred in connection with the exports in view of the provisions of section 35b(1a) introduced by the finance act, 1978. the commissioner of income-tax (appeals) upheld the claim of the assessee for weighted deduction on the ground that the assessee was a ..... weighted deduction in respect of the expenditure incurred in connection with the exports in view of the provisions of section 35b(1a) introduced by the finance act, 1978. the above provision which came into effect from april 1, 1978, was omitted by act 21 of 1979 with effect from april 1, 1980. therefore, as far as the assessment year 1979 .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR23(Mad)
..... , the assessee had not manufactured any of the articles specified in the ninth schedule to the act. the ninth schedule was substituted by the eleventh schedule in section 32a of the act by a subsequent amendment made by the finance (no. 2) act, 1977, with effect from april 1, 1978. he, therefore, held that the assessee was not entitled to deduction, which was confirmed, on appeal ..... , by the commissioner of income-tax (appeals).2. the appellate tribunal, on appeal by the assessee, however, held that the amendment made by the finance (no. 2) act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)18ITD599(Coch.)
..... be paid by the purchaser towards the outstanding loan, finance charges and insurance under the above hire-purchase agreement, the written down value of the lorry as on 1-4-1978 was rs.56,458. the assessee returned rs.25,362 as profit under section 41(2) of the income-tax act, 1961 ('the act') as under :sale proceeds 1,15,000less : ..... written down value 56,458 _______finance charges 28,180 33,180 _______ ______profits under section 41(2) 25,362 ______ the ito ..... claim for the deduction had to be accepted since in the assessee's case also the profit under section 41(2) had to be treated as business income and the expenses claimed, viz., finance charges and insurance, will be expenses admissible under section 37. but the aac observed that difficulty will arise in quantifying the amount admissible for this year .....
Tag this Judgment!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 .....
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