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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 .....

V. Vaidyanathan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)39ITD229(Mad.)

1. this appeal relates to the claim of the assessee for exemption under section 54e of the income-tax act, 1961.2. section 54e was originally inserted by finance (no. 2) act of 1977 with effect from 1-4-1978. it provided that where the assessee invests the consideration received in respect of a transfer of capital asset in any specified ..... asset would mean among other items deposits for a period of not less than 3 years with the state bank of india or other notified banks. the finance act, 1978 provided a further condition that a declaration should be given along with the deposit that no loan will be taken upon the fixed deposit. in the budget ..... valid and avoid that construction which attributes irrationality to the legislature.14. we are, therefore, compelled to take a close look at the mechanism of this section. in section 8 of the finance act, itself two expressions are used. in respect of clause (a) the word used is 'substituted' whereas in respect of clause (b) the word used .....

Dynavision Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)36ITD1a(Mad.)

..... will be allowed for a total of eight years (ten years in the case of co-operative societies). further amendments were made by the finance act of 1983andfinance act of 1985. we quote below the relevant provisions of section 80-i as applicable to the assessment year 1985-86 and as published in a.n. aiyar's indian tax laws [1985] at pages ..... would be available to it for later years also. he further submitted that these arguments urged on behalf of the revenue have been rejected in cit v.satellite engg. ltd. [1978] 113 itr 208 (guj.) and in madras machine tools mfrs. ltd. v. cit [1975] 98 itr 119 (mad.). the learned counsel therefore submitted that the appellant's claim ..... is not an allowable expenditure under the income-tax law. he relied on the decisions in yogiraj charity trust v. cit [1976] 103 itr 777 (sc), dharamaposhanam co. v. cit [1978] 114 itr 463 (sc), east india industries (madras) (p.) ltd. v. cit [1967] 65 itr 611 (sc) and jaipur charitable trust v. cit [1981] 127 itr 620 (delhi). .....

H.F. Craig Harvey Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1988)25ITD1(Mad.)

..... into account the amendments brought about in section 55(2)(i) of the act with reference to the date of substitution which was originally 1-1-1954, which was later on amended as 1-1-1964 by the finance (no. 2) act of 1977 with effect from 1-4-1978 and subsequently as 1-4-1974 by the finance act of 1986 with effect from 1- ..... 4-1987.we derive support for this view of ours from the twelfth schedule of the income-tax act, 1961, which was introduced with effect from 1-4-1983, by the finance act, 1982. under this schedule, a percentage deduction is given under section 80t(b) ..... following passages appearing at page 62 of indian tax laws, 1966 by a.n. aiyer explaining the changes in the law relating to capital gains in section 45 of the income-tax act brought about by the finance act of 1964 : (i) bonus shares - an assessee who holds any equity shares and receives any bonus shares will be liable to be charged to .....

Sree Vadivambigai Textiles (P.) Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1985)11ITD125(Mad.)

..... after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. 2) act, 1980] becomes available 2. in the course of the assessment proceedings for the assessment year 1978-79, the contention of the assessee-company before the ito was that its liabilities should not be deducted ..... from the value of the assets employed by it in the new industrial undertaking for the purpose of computing its capital under section 80j. in view of the provisions of section 80j, as retrospectively amended by the finance (no. 2) act, 1980, the .....

income-tax Officer/Wealth-tax Vs. R. Brahadeeswaran/N. Srinivasan

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)6ITD798(Mad.)

..... the date of the partition as if no partition had taken place and the divided members shall be liable to pay tax thereon. by section 28 of the finance (no. 1) act, 1980, sub-section (9) was introduced with effect from 1-4-1980 which is as follows: notwithstanding anything contained in the foregoing provisions of this ..... family property allotted to them inter se.4. it is in this background, the finance (no. 2) act, 1980, has amended section 171 by inserting sub-section (9) with effect from 1-4-1980. to resolve the point of dispute construction of the section is called for.according to maxwell, the rule of literal construction is only the safe ..... section, where a partial partition has taken place after the 31st day of december, 1978, among the members of a hindu undivided family hitherto assessed as undivided,-- (a) .....

Sulzer Bros. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)44ITD16(Mad.)

..... , 1976 inserted a new clause (vii) in section 9(1) of the income-tax act, w.e.f. 1-6-1976 specifying the circumstances in which income by way of fees for technical services ..... of agreements executed before 1-4-1976, the payments are not totally exempt from tax.reference has been made to the provisions of sections 44(d), 115(a) and the schedules of the finance act from year to year. the learned departmental representative pointed out that royalty paid in recent years on the basis of agreements entered into ..... 1978] 115 itr 505 (mad.) and maharaja dharmendra pratap narain singh v. state of u.p. [1980] 121 itr 806 (all.). thus in the instant case the assessee has proved that the agreement in question was entered into prior to 1-4-1976 in accordance with the provisions contemplated under the proviso to sub-clause (vii) of section 9(1).15. the finance act .....

R.K. Ambady Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)36ITD315(Mad.)

..... under the head "salaries". with a view to removing hardship to retiring employees, the finance act, 1982 inserted, with retrospective effect from 1-4-1978, a new clause (10aa) in section 10 of the act, which exempts such receipts from income-tax, to the extent stipulated therein. the new clause was amended by the taxation laws (amendment ..... granted to the assessee.4. on hearing the rival submissions, we consider that the assessee is entitled to succeed.5. prior to the introduction of section 10(10aa) by the finance act, 1982, with retrospective effect from 1-4-1978, any amount received by an assessee, on his retirement from service, by way of cash equivalent of unutilised earned leave was chargeable to tax .....

C.M. Kothari Charitable Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)31ITD46(Mad.)

..... that the ito and the commissioner (a) were not correct in holding that the assessee was not entitled to exemption under section 11 of the act because the provisions of section 13(1)(d) as amended by the finance act, 1983 came into effect from 1-4-1983 and the assessee had not changed its investment as on 28-2-1983 to ..... however, having regard to the practical difficulties involved and also to ensure a more orderly change-over, the aforesaid date viz.31-3-1978 was extended by three years to 31-3-1981 by finance (no. 2) act, 1977. according to that, if any funds of a trust or institution were invested or deposited or continued to remain invested or ..... 1)(d) of the act would clearly show that section 13(1)(d) was only prospective and not retrospective.this will be confirmed by the fact that initially when the taxation laws (amendment) act, 1975 laid down an investment pattern for trust funds, it was applicable in respect of accounting years commencing after 31-3-1978 and that was how even .....

Sulzer Brothers Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

..... executed before april 1, 19'76, the payments are not totally exempt from tax. reference has been made to the provisions of sections 44d, 115a and the schedules to the finance act from year to year. the learned departmental representative pointed out that royalty paid in recent years on the basis of agreements entered into before ..... , 1976, inserted a new clause (vii) in section 9(1) of the income tax act, with effect from june 1, 1976, specifying the circumstances in which income by way of fees for technical ..... 1978] 115 itr 505 (mad); maharaja dharmendra pratap narain singh v. state of u.p. [1980] 121 itr 806 (all). thus, in the instant case, the assessee has proved that the agreement in question was entered into prior to april 1, 1976, in accordance with the provisions contemplated under the proviso to clause (vii) of section 9(1).17. the finance act .....