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 .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]191ITR195(Cal)
..... a person is employed in 'directors or higher-paid employment'. higher-paid employment means, after 1978, employment with emoluments at the rate of pounds 8,500 a year or more (section 69(1), as amended by section 23 of the finance act 1978). section 61 introduced into charge to income tax under schedule e a wide range of benefits, where ..... these are provided for the employee or members of his family or household by reason of his employment. the section treats as emoluments of the ..... of deference to the attractively presented argument of mr. oliver, for the taxpayers, and because this case has certain features which case me concern.section 61(1) of the finance act 1976 requires that in cases where the subsection applies there shall be treated as emoluments of the employment of each of the taxpayers, and .....
Tag this Judgment!Court : Kolkata
Reported in : [1992]195ITR763(Cal)
..... mixing of one type with another and selling it. it was held in that case that the assessee came within the definition of 'industrial company' given in section 2(7)(c) of the finance act, 1978.6. strong reliance has been placed by mr. dhar on a judgment of the kerala high court in the case of cit v. casino (pvt.) ..... to other licensees for distribution of electricity by them under the provisions of the indian electricity act, 1910, then both the bulk licensee and the distributing-licensee will have to be treated as 'industrial companies': section 2(8)(c) of the finance act, 1975, does not provide that only a company which manufactures and distributes electricity will be ..... ltd. : [1973]91itr289(ker) . there, the kerala high court, in construing the expression 'industrial company' in the finance act, 1968, held (p. 300) 'there may be trading .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD1(Kol.)
..... and rectified the order under section 35 withdrawing the exemption granted in the earlier order. the assessee challenged the validity of the rectification order in a writ petition in the high court. the high court set aside the order by holding that whether the retrospectivity given by the finance act would cover completed assessments or ..... assessments for the assessment years 1977-78 and 1978-79, section 80aa came to be inserted by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 in the income-tax act, 1961 (for brevity the act) which in substance provides that deduction allowable to a company under section 80m should be computed not on the ..... made by the income-tax officer, the law as interpreted was that the gross dividend was to be allowed as a deduction under section 80m. subsequently, the parliament by enacting section 80aa by finance (no. 2) act of 1980 with retrospective effect from 1-4-1968, provided that: where any deduction is required to be allowed under .....
Tag this Judgment!Court : Kolkata
Reported in : [1988]174ITR672(Cal)
..... in its letter dated february 8, 1979. the commissioner of income-tax (appeals), however, rejected this claim on the ground that by the finance (no. 2) act, 1980, a new section 80aa had been inserted with retrospective effect from april 1, 1968, according to which, for the purpose of computing the deductions under chapter vi ..... the precise computation of the profit attributable to the new industrial undertaking lose their importance after the supreme courts decision in rajapalayam mills ltd. v. cit : [1978]115itr777(sc) , namely, that the deficiency in the new business can be set off against profit from the old business and that no separate recomputation with retrospective ..... be restored to the income-tax officer for making all necessary deductions in view of the principles laid down in the case of rajapalayam mills ltd. : [1978]115itr777(sc) with the following observations :'there is no discussion in the order of the income-tax officer in this behalf and the commissioner of income-tax .....
Tag this Judgment!Court : Kolkata
Reported in : (1986)55CTR(Cal)409,[1986]161ITR756(Cal)
..... was, however, reduced from 8 per cent. to 5 per cent. section 80-i was deleted with effect from april 1, 1973. it may be mentioned that the 1961 act, as originally enacted, did not contain chapter vi-a. this chapter was first inserted by the finance act, 1965, with effect from april 1, 1965. chapter vi-a as ..... before making any deduction under chapter vi-a or under section 280-o. section 80e substantially reproduces section 80-i. so also section 80j. the supreme court in the case of rajapalayam mills ltd. v. cit : [1978]115itr777(sc) , observed that section 84 of the act and section 15c of the indian income-tax act, 1922, for all material purposes, are in the ..... the said decision of the gujarat high court in cambay electric supply industrial co. ltd. : [1976]104itr744(guj) . the judgment of the supreme court is reported in : [1978]113itr84(sc) (cambay electric supply industrial company v. cit). this court also in the case of oil india co. ltd. v. cit : [1982]137itr156(cal) , following .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)10ITD542(Kol.)
..... asian signal industry (p.) ltd. for the year 1978-79 was also framed by the same officer on 30-1-1980. thereafter, the finance (no. 2) act, 1980 came into force and by that act section 80aa of the act was inserted in the act with retrospective effect from 1-4-1968. according to section 80aa, net amount and not the gross amount of ..... the dividends is allowed to be deducted under section 80m of the act. since there was no such ..... structural works (p.) ltd. for the assessment years 1977-78 and 1978-79 and one by asian signal industry (p.) ltd. for the assessment year 1978-79-against the order of the commissioner of even date 8-1-1982 under section 263 of the income-tax act, 1961 ('the act'), common issues are involved and, therefore, they are disposed of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD738(Kol.)
..... (m). for example, there is the decision of the calcutta high court in cwt v. bansidhar poddar [1978] 112 itr 957 in which the assessee had made a voluntary disclosure under section 68 of the finance act, 1965, and paid the tax on 26-5-1965. he claimed deduction from the net wealth for the assessment year 1965-66, the ..... relevant valuation date whereof had already expired before making the disclosure. the high court held that the disclosure envisaged under section 68 was in respect of ..... tax assessment is completed, the liability to income-tax has to be computed on the basis of the return filed and the rates of tax stipulated in the relevant finance act. but if the income-tax assessments, in question, have already been completed, the tax quantified through such assessment orders would be the debt. this logic has been .....
Tag this Judgment!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' .....
Tag this Judgment!Court : Kolkata
Reported in : [1983]139ITR664(Cal)
..... , the assessee is entitled to set off the depreciation brought forward, it will be a question of law flowing from the interpretation of section 32(2) read with section 72(2) of the act. section 34 which deals with the furnishing of particulars for allowance of depreciation allowance would not strictly be applicable in this case because, in this ..... bench of the bombay high court observed that when enacting the provision regarding carry forward and set off of unabsorbed depreciation under section 32(2) of the i.t. act, the legislature could have imposed a condition that unabsorbed depreciation ..... b) of the indian i.t. act, 1922. in that view of the matter, it is not necessary, in our opinion, to deal with this decision in great detail.21. our attention was drawn to a decision of the bombay high court in the case of cit v. estate and finance ltd. : [1978]111itr119(bom) , there, the division .....
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