Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD421(Mum.)
..... taxman 335, where it was observed that the amount of deduction under section 80mm should be worked out with reference to gross income. section 80ab, inserted by the finance (no. 2) act, 1980, provides that the deduction under section 80mm should be worked out with reference to net income. section 80ab has been made effective from april 1, 1981, and not ..... services rendered by the sub-contractors the assessee has also rendered qualifying services, payment for which was eligible for deduction under section 80-o. as already mentioned in the letter of approval dated 4 april 1978, the amount eligible for deduction will be determined by the income-tax officer at the time of assessment who would ..... on behalf of the assessee can be summarised as under:- (i) that on the basis of approval granted by the central board of direct taxes dated 4th april 1978 (assessee's paper book page 27), it cannot be said that either facts have been mis-stated or, else, incomplete facts have been given to the central .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)31ITD183(Mum.)
..... the department took us through the historical background of the provisions brought on the statute right from 1963 by the finance act, 1963 onwards to impress upon us that in order to claim exclusion under section 40a(5)(b)(i) of the act the employment/posting of an employee should be outside india. he also referred to the meaning of the word " ..... the tribunal has taken a view similar to the one taken in the assessee's own case in respect of the assessment year 1978-79. thereafter, he referred to the relevant provisions of section 40a(5) of the act and submitted that the words "period of employment outside india" mentioned in clause (b)(i) referred to the period of posting of ..... , therefore, urged that the cit(a) was not justified in deviating from the earlier order of the tribunal in the assessee's own . case for the assessment year 1978-79. he also pointed out that the permission of the reserve bank of india is required in the case of a foreign trip/tour undertaken by an employee employed in .....
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 : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)38ITD70(Mum.)
..... by huf. similar view was expressed by the karnataka high court in south kanara central co-op.wholesale stores v. cit [1978] 114 itr 298 where the karnataka high court held that section 54 of the income-tax act which deals with profit on sale of property used for residence by its very terms, speaks of the residence of an individual ..... capital of that concern. these provisions will curb the use of the funds of charitable and religious trusts to acquire control over industry and business.the notes on clauses of finance bill, 1970, are to be seen at pages 70 and 71 (statutes) of the same itr. the relevant notes read as under : the effect of the proposed ..... first instance no specific decisions were cited. secondly, and more importantly section 54 of the act significantly docs not refer to a person and refers only to an assessee. so, the revenue cannot get any advantage out of this submission.17. regarding the speech of the hon'ble finance minister also it could be said that once there was some .....
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 : 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 : [1993]203ITR46(Bom)
..... in the case of yercaud coffee curing works ltd. v. cit [1978] 11 itr 787. this decision dealt, inter alia, with the interpretation of section 23a as it stood after its amendment by the finance act, 1957. interpreting a similar condition in the explanation to the above section, the madras high court held that, where a single entity holds ..... more than 50 per cent. of the shares of the company, sub-clause (iii) of clause (b) of the explanation is not attracted so as to take such a company out of the pale of section ..... of cit v. east west import and export p. ltd. : [1989]176itr155(sc) . the supreme court was concerned with the interpretation of section 23a of the indian income-tax act, 1922. in the case before the supreme court also the articles of association which restricted the transferability of the shares were amended a few days before .....
Tag this Judgment!Court : Mumbai
Reported in : 1994(2)BomCR164; [1994]208ITR623(Bom)
..... from payment of taxes in respect of advertisements. in this connection, it is interesting to note that earlier by the finance act, 1978, sub-sections (3a) to (3d) were inserted in section 37 of the act and those sub-sections were omitted by the finance act, 1980. in those sub-sections, the aggregate expenditure which was in excess of rs. 40,000 was not allowed deduction at a certain percentage ..... the computation of its income subject to certain small disallowances under rule 6d of the income-tax rules, 1962, made pursuant to section 37(3) of the act. in the year 1978, section 37 of the act was amended by the finance act, 1978, by inserting sub-sections (3a) to (3d). the effect of the amendment was to disallow a portion of the expenses incurred by an assessee on .....
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 : [1999]236ITR220(Bom)
..... a domestic company. a combined reading of sub-paragraph i of paragraph f of the first schedule to the finance act, section 2(6) (a) of the finance act and clauses (a) and (b) of section 108 of the income-tax act makes it abundantly clear that the expression 'company' referred to therein means only a domestic company and no other ..... company in which the public are substantially interested, and (2) not a company in which the public are substantially interested. 8. under section 2(6) (a) of the finance act read with section 108 of the act, a company in which the public are substantially interested also includes 'a subsidiary company of such company if the whole of the share ..... contention of the assessee. the assessee appealed to the appellate assistant commissioner of income-tax who, by order dated march 7, 1978, decided in favour of the assessee and on an interpretation of section 108 of the income-tax act held that a subsidiary of a subsidiary also falls within the ambit of clause (b) of .....
Tag this Judgment!