Judgment Search Results Home > Cases Phrase: finance act 1978 section 36 amendment of act 1 of 1944 Court: income tax appellate tribunal itat kolkata Page 8 of about 75 results (0.215 seconds)

income-tax Officer Vs. Apeejay (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1986)19ITD1a(Kol.)

..... entitled to be taxed at the lower rate of tax under the relevant finance act. that was not a case which empowered all blended tea to be regarded as manufacture or production of an article or thing and so the commissioner (appeals) erred in allowing relief under sections 32a and 80j relying on the aforesaid case. in this connection he ..... the same by mixing one type with another and selling it is an operation of processing and so it was entitled to the lower rate of tax under the relevant finance act which speaks of processing in addition to manufacture or production. finally, dr. d. pal referred to the decision in the case of tarai development corpn. v. cit [ ..... and, secondly, because they were held to be engaged in processing of goods.apart from the above, the question involved there was relevant under the appropriate sales tax act and not under section 32a or 80j. on the contrary, he relied on the decision in the case of nilgiri ceylon tea supplying co. (supra) as discussed in the case .....

Nippon Denro Ispat Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1998)67ITD205(Kol.)

..... -4-1989, sub-section (1a) was inserted which reads as under : "every assessee, being a company, shall, for the purposes of this ..... . prior to insertion of sub-section (1a) of section 115j the explanation to section 115j(1) used the words "net profit as shown in the profit and loss account for the relevant previous year prepared in accordance with the provisions of parts ii and iii of the sixth schedule to the companies act, 1956". by the finance act, 1989 w.e.f.1 ..... clear that the assessee is not bound by the method followed while computing the profit for the purpose of declaring dividend. adverting our attention to section 115ja of the act (inserted by the finance (no. 2) act, 1996, w.e.f. 1-4-1997, ld. counsel submitted that the claim of taxing zero tax company was re-introduced by employing .....

Graphite India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD384(Kol.)

..... force' which, in turn, has been explained under section 2(37a)(iii) as mows : 'for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered ..... into by the central government under section 90, whichever is applicable by virtue of the provisions of section 90.' as we have earlier observed, provisions of the dtaa clearly override ..... of dy. cit v. itc ltd. (2002) 76 ttj (cal) 323 : (2002) 82 itd 239 (cal) wherein, inter alia, the following observations were made : "20. under section 195(1) of the act, any person making payment in the form of income to a non-resident is required to deduct tax at source, from the said income, at the 'rate in .....

Shree Baidyanath Ayurved Bhawan Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)83TTJ(Kol.)409

..... commission payments. we are thus urged to uphold the orders of the authorities below and decline to interfere in the matter.4. we find that section 194h, which was reintroduced by the finance act, 2001, w.e.f. 1st june, 2001, imposes certain tax deduction obligations on persons, other than individuals and huf, paying commission or brokerage ..... to a resident. the expression 'commission or brokerage', for the purpose of section 194h, has been defined as follows : "'commission or brokerage" includes any payment received or ..... .9. in view of the above discussion, we are of the considered view that the cit(a) indeed erred in sustaining the impugned order under section 154 of the act. we, accordingly deem it fit and proper to cancel the impugned order.10. we may make it clear that as we have decided the matter .....

Asian Exports Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)110TTJ(Kol.)152

..... the definition of an "industrial company" because it processed cotton into cotton bales and was entitled to the concessional rate of tax within the meaning of sections 2(7)(c) and 2(8)(c) of the finance acts, 1973 and 1974, respectively.nu-look (p) ltd. v. cit (supra) held, reversing the decision of the tribunal, that when the ..... the hon'ble supreme court has largely relied upon the rule of construction and legislation intentions in coming to its decision by earlier provisions of the it act under section 10(27) of the act. it has been submitted by the learned counsel that the main crux of the matter before the hon'ble supreme court in above case was ..... or thing and/or no new article or thing emerged which are distinctive in character or identity and thereby disallowing the claim of the appellant under section 10b of the it act though it was demonstrated with evidence that the appellant was engaged in the business of ornamental fishes which was produced by them and new ornamental fishes .....

Varas International (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the tribunal (a) whether, on the facts and in the circumstances of the case and on a correct interpretation of the amendment made by the finance act, 1988 to the section 43b(a) of the income tax act, 1961 which has been explained as clarificatory of legislative intention by the explanatory notes issued by the government, the tribunal was justified in law in not ..... a distillery and is engaged in the bottling of country liquor after importing the same from outside the west bengal. he invited our attention to section 43b and submitted that the provision was inserted by the finance act, 1983, with effect from 1-4-1984 and has enacted a deeming fiction whereby certain expenses can be allowed only on payment basis even if .....

income-tax Officer Vs. Bharat Roadways

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)12ITD647(Kol.)

..... of the bombay high court was approved by their lordships of the hon'ble supreme court, who pointed out, inter alia, that the fourth proviso to section 10(2)(vii), inserted by the amendment act, which came into force in may 1946, was not retrospective ..... in its nature.7. where there is an amendment of substantive law, it is normally not retrospective unless the amending act itself makes it retrospective as in the case, for example, sub-section (1a) of section 80j of the act introduced by the finance (no. 2) act, 1980. in the present case, the amendment to item no. 9 in group d in appendix i of ..... , which held that the fourth proviso to section 10(2)(vii) did not apply to the assessment for the assessment year 1946-47 as the said proviso was not in force on 1-4-1946 and that the liability of the company had to be determined as on 1-4-1946, when the finance act, 1946 came into force.the above finding .....

United Provinces Electric Supply Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1987)23ITD69(Kol.)

..... connection the assessee took the following grounds of appeal : (1) for that the company being in liquidation has no income referred to in section 5 of the income-tax act 1961. (2) for that the finance act, 1981 has not fixed any rate of tax for a company in liquidation which is neither a company in which the public are substantially ..... ) v. c.k. (construction) ltd. [1975] 3 w.l.r.16 (hl.).5. he referred to the finance act of 1981 and section 2(18) of the income-tax act and so also sections 104 & 108 of the income-tax act and contended that these provisions do not envisage the company in liquidation. according to him, a company in liquidation is neither ..... liquidator is appointed and on appointment of a liquidator, all the powers of the board of directors cease and the liquidator exercises the powers mentioned in section 512 of the companies act including the powers to do such things as may be necessary for winding up the affairs of the company and distributing its assets. these observations of .....

Hindusthan Welfare Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1988)26ITD1a(Kol.)

..... period of at least six months ending with the relevant valuation date.the words "owned by him" were substituted for "held by him" by the finance act, 1975. the "bank deposits" are the "assets" referred to in section 5(1)(xxvi). for getting the exemption, the fixed deposit should have been "owned" by the assessee for at least six months ending with the ..... of consideration to arrive at "net consideration". at this juncture, we may state that the provisions of section 11(1a) were introduced by the finance act of 1971 with retrospective effect from 1-4-1962, i.e., the date of commencing of the income-tax act, 1961 to embody in the statute certain concessions which were given by administrative circulars, from time to time .....

Borhat Tea Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)28ITD166(Kol.)

..... supra) cited on behalf of the assessee.9. the assessee's contention that if tax deductible under sections 194 and 195 is deducted from the income-tax calculated under section 209(1), the advance tax payable would be nil is not tenable. under the finance act, 1981, income-tax is payable by the assessee on interest and dividend income at 70 per cent ..... . further surcharge at 7j per cent is also payable on income-tax. in respect of income by way of dividends tax at the rate of 25 per cent is deductible at source under section 194 and no surcharge ..... appeared to the ito that the assessee without reasonable cause failed to furnish an estimate of advance tax payable by it in accordance with the provisions of section 209a of the it act, 1961. in the penalty order itself the ito has clearly stated that the assessee did not file statement of advance tax nor paid advance tax during .....