Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat madras Page 11 of about 679 results (0.179 seconds)

Tamil Nadu Cements Corpn. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)49ITD39(Mad.)

..... lok sabha on 29-4-1989 (165 itr (st.) 354) : 4. in respect of direct taxes, i propose to make the following amendments: (b) the finance bill inserts a new section 115j in the income-tax act to levy a minimum tax on 'book-profits' on certain companies. representations have been received that in computing book profits for the purpose of determining the ..... profits after some years of losses, and sick companies that have just turned the corner, will become subject to minimum tax. there is merit in this suggestion. under section 205 of the companies act, 1956, past losses or unabsorbed depreciation, whichever is less, are allowed to be set off against the book profits of the current year for determining profits for the ..... loss or depreciationprevious assessment loss cash depreciation loss or cash loss year year profit/ depreda- or depredation, 1 2 3 4 5 6 7 (3/5) (4/5)31-03-1978 1978-79 64.11 (-) 3.14 60.97 60.97 3.1431-03-1979 1979-80 31.33 (+) 23.57 54.90 31.33 -31-03-1980 1980-81 728.54 .....

Pondicherry Industrial Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)49ITD190(Mad.)

..... assessment for the assessment year 198788, the addition should be restricted to the said sum of rs. 5,41,622, by virtue of the provisions of section 41(4) of the act.as a corollary to the aforesaid proposition, shri philip george contended that the balance amount relating to the assessment year 1987-88 and the entirety of ..... assessee's business funds necessary to carry on its activities.consequently, the funds thus injected could not be treated as the assessee's income.in relation to the financing activities of the assessee, the interest received by it is income that is chargeable to tax. and the assessee has been returning interest income on cash basis. ..... eligible persons, processes them and sanctions and disburses loans to them. it also sets up industrial complexes. apart from its share capital, the major source of its finance is refinance from the industrial development bank of india. it also takes loans from the idbi under various schemes such as new debt insurance scheme.4. with a .....

Tamilnadu Sugar Corpn. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)48ITD345(Mad.)

..... decision of the supreme court in the case of shri ambica mills ltd. (supra) was rendered in connection with the computation of bonus under the payment of bonus act. the section, as it stood at that time, provided that subsidy may be deducted in arriving at the distributable surplus. the company claimed that duty draw back and excise rebate ..... 2033 (cal.) of 1988, dated 14-5-1992]. it was further pointed out that representations had been made by the sugar industry to the minister of state for finance for suitable instructions to the department not to tax an incentive which was meant to be absorbed as capital.5. on the other hand, it was contended on behalf ..... not to lose the character merely because it was paid out of capital. the revenue also referred to the decision in kesoram industries & cotton mills ltd. v.cit [1978] 115 itr 143 (cal.), where under an export promotion scheme an exporter was eligible for grant of export licence. the assessee in that case obtained premium in respect of .....

Assistant Commissioner of Vs. Hamosons Export (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)48ITD410(Mad.)

..... by the cit(a).7. we have considered the rival submissions, ease law cited and the papers filed before us. explanation 2 to section 37(2a) was inserted by the finance act, 1983 with retrospective effect from 1-4-1976. as per the said explanation, entertainment expenditure included expenditure on provision of hospitality of every ..... into the details filed separately for the export development expenses for the year under consideration. he failed to note that explanation 2 to section 37(2a) was inserted by the finance act, 1983 with retrospective effect from 1-4-1976. on going through the amendment, the assessing officer had come into possession information warranting ..... disallowance under section 37(2a). he failed to see in any event that the discovery of the assessing officer, after he made the assessment, that .....

Sri Ganapathy Mills Co. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)48ITD397(Mad.)

..... the impugned orders of the lower authorities on this issue. in this regard, she made the following three points: (i) with the insertion of clause (iv) to section 28 by the finance act, 1964 w.e.f. 1-4-1964, the ratio of the supreme court case in maheshwari devi jute mills ltd. (supra) is not applicable to the assessee' ..... (a) has not passed a speaking order in this regard. it would appear that he was having in the back of his mind the amendment to section 32(1 )(iv) made by the finance acter, 1983. but he has not made any specific reference to the said amandment; nor has he considered the legal consequences thereof. we, therefore, remit ..... unsuccessfully.while deciding the issue against the assessee the cit (appeals) was impelled by the following considerations: (i) the receipts in question fall to be assessed under section 28(iv) of the act. (ii) even otherwise, the receipts having arisen in the course of the assessee's business, they are of revenue nature. (iii) no comparison can be made .....

M.A.C. Khaleeli Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)48ITD191(Mad.)

..... is actually utilised and not for depriving the assessee of the use of the funds. this is in contrast with section 54e where originally any investment of the proceeds in specified assets were exempt under the section as enacted by finance act, 1978. subsequently, by finance act, 1983 it was provided that if the tax-payer takes a loan on the security of the specified asset, he ..... would forfeit the exemption from capital gains. in the present section there is no such provision and hence in our considered opinion the .....

Deputy Commissioner of Vs. Sulzer Bros.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD546(Mad.)

..... but the continuation of the original agreement dated 29-1-1976, he held: - that the lump sum consideration was chargeable to tax at 50% (as stipulated in the finance act); and - that the payment for special engineering services must be brought to tax at the rate of 70% for the assessment years 1985-86and 1986-87 and at the ..... entered into after 1-4-1976.23. since the said appendix is a new agreement entered into after 1-4-1976, the provisions of section 9(1)(vi) and (vii) and section 115a of the act would clearly apply.24. the question that then arises for consideration is whether the payments made by bhel under the said appendix are royalty ..... made for securing special engineering services of sulzer personnel were in the nature of fees for technical services and were, therefore, taxable at the rates indicated above under section 115a(1)(b)(iii) as amended from time to time.none of the aforesaid contentions found favour with the assessing officer. taking the line that the appendix-a dated .....

Gopal Srinivasan Trust Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD157(Mad.)

..... that tax shall be charged on trust income as if such income were the total income of an association of persons. (b) in section 164(1) as substituted by the finance act, 1970, the income received by the trustees of a discretionary trust was chargeable at the rate of sixty five per cent or the rate ..... was that if one travelled outside the inclusive definition contained in section 2 (31), one would face difficulties in administering the act because the finance act does not prescribe the rate of taxation for any category other than the seven categories enumerated in section 2(31) of the act. theoretically that may be so.in the cases before us ..... enumerated therein one might face difficulties in administering the act. one difficulty readily suggested itself and that was that the finance act does not prescribe the rate of taxation for any category other than the seven categories enumerated in section 2(31) of the act.therefore, the fact that section 2(31) contains an inclusive definition of the term .....

Oriental Hotels Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

..... . the finance act, 1965, inserted sub-section (6) of section 33. the effect of this sub-section was that no deduction by way of development rebate shall be allowed in respect of any plant or machinery installed after march 31, 1965 ..... rebate was being granted. the scheme of granting development rebate was continued in the new act also.26. the finance act, 1964, inserted sub-section (5) of section 33 with effect from april 1, 1904, by the said sub-section, the central government assumed powers to withdraw the development rebate by giving a clear three-year notice of its intention to withdraw the development rebate.27 .....

Jeyar Consultant and Investment Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD71(Mad.)

..... second point made by the iearned counsel for the assessee was that the deduction claimed by the assessee had been calculated strictly in accordance with the provisions of section 80hhc of the act.in view of the foregoing, therefore, contended shri ramamani, the assessee is entitled to succeed.11. on his part, shri k. argal, the learned departmental ..... the trading sector. therefore, the instructions issued by the board as respects kacha and pacca arhatias cannot be applied to the case of the assessee before us, who arranges finances for others for a fee. the assessee may choose to label the fee as brokerage or even as commission. but the fee - or to use a generic expression ..... and mechanics of computing export profits, no other factor, such as dividend income, interest income, profit on sale of shares or even the fees received for arranging finance for the assessee's clients can be taken into reckoning.in the case before us, it is common ground, the exports made by the assessee had resulted in .....