Court : Chennai
Reported in : [2002]255ITR339(Mad)
..... by the income-tax officer in the respective assessments in the absence of particulars furnished by the assessee 2. whether on the facts and in the circumstances of the case and having regard to the provisions of rule 9(5) of part iv of the first schedule to the finance act, 1979, the appellate tribunal was right in holding that there was neither an obligation on the assessee to return the net agricultural loss for the earlier years in the assessment of those years nor a duty was ..... absence of any express prohibition, an assessee is not to be denied the benefit of set off provided for in rule 9 of part iv of the first schedule to the finance act, 1979, as long as the assessee is able to show that he had incurred loss from his agricultural activities in the earlier assessment years after a computation made in accordance with the requirements of the rules provided in the relevant finance acts and that such loss had not been set off against the agricultural income of earlier years ..... . the finance act of 1979 in rule 9(5) of part iv of the first schedule theretoimposed a bar on loss not determined by the income-tax officer, under the provisions of those rules and the rules contained in the finance acts of earlier years being set off against the income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of april, 1979 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD515(Ahd.)
..... a point has been raised before us that the assessee is entitled to deduct tax in the light of the provisions of first schedule, part ii, item 2(b)(m)()(7) of the finance act, 1979, at the rate of 20 per cent and not any higher rate. ..... prejudice to the above, even assuming that the tax was deductible on the remittance, the ito erred in directing deduction of tax at the rate of 40 per cent instead of 20 per cent prescribed in section 2(b)(iii)(b)(1) of part ii of the first schedule to the finance act, 1979. ..... according to the provisions of the finance act, where an agreement was made after 31-3-1976 the tax is to be deducted at 20 per cent on so much of the amount of such income as consists of lump sum consideration for the transfer outside india of, or the imparting of information outside india in ..... 's case would come under the above quoted provisions or any other provision on this point, the matter is remitted to the commissioner (appeals) for consideration afresh in the light of the facts and the provisions of the finance act.24. ..... rates in force would have regard to the rates prescribed by the finance acts. ..... for instance, in respect of the first payment mentioned in the ito's letter dated 1-3-1979 of dm 81,736 remitted the tax to be paid would not be dm 54,490 on the grossed amount of dm 1,36,227 but something different.the ultimate liability to tax would be : remittance : dm 81,736 tax (assuming it to be 40 per cent - this is not the rate at .....
Tag this Judgment!Court : Chennai
Reported in : [2000]246ITR796(Mad)
n.v. balasubramanian, j. 1. at the instance of the revenue, the appellate tribunal has stated the case and referred the following question of law under section 256(1) of the income-tax act, 1961, for the opinion of this court :'whether having regard to rules 5 and 7 in part iv of the first schedule to the finance act, 1979, the assessee's share of loss from a firm should be taken into account and given set off while computing the net agricultural income of the assessee for the year 1979-80 ?'2. a similar question came up before this court in the case of cit v. m. manickasundaram : [1996]220itr133(mad) wherein this court has held that the share of loss of an unregistered firm could not be taken into account and set off against the assessee's other agricultural income, while computing his net agricultural income in assessing to tax his non-agricultural income for the purpose of fixing the rate of tax. 3. we are of the opinion that the decision of this court in the case of cit v. m. manickasundaram : [1996]220itr133(mad) would govern the facts of the case as well. accordingly, we answer the question referred to us in the negative and in favour of the department. no costs.
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1986SC1730; 1986(10)ECC1; 1986(25)ELT473(SC); 1986(2)SCALE15; (1986)3SCC480; [1986]3SCR126; [1986]63STC322(SC)
..... 34a prior to the enforcement of finance act 1979 and after the enforcement of that act they fall under tariff item no. ..... prior to the enforcement of the finance act, 1979 the central government had, under rule 8, issued notification ..... it was when the customs tariff act, 1975 was enacted that the first schedule to that act was framed in accordance with the brussels tariff nomenclature, evidently because the progress made in industrial growth and economic development, and the substantial changes in the composition and pattern of india's external trade called ..... it seems to us that this circumstance can hardly advance the case of the revenue, because the first schedule to the central exercises and salt act does not appear to have been modelled on the brussels tariff nomenclature. ..... 68 of the first schedule to the central excises and salt act. ..... 68 of the first schedule to the central excises and salt act.2. ..... 34a other than those specified in the schedule annexed to the notification, from the whole of the duty of excise leviable thereon ..... is nothing to show that the tariff items were classified in the schedule on the basis of the brussels tariff nomenclature. ..... parts and accessories specifically mentioned in the notification to the schedule were covered by a notification no. ..... the schedule annexed to the notification did not mention the screens manufactured for motor ..... it is first given shape and size according to the specifications contained in the order and thereafter subjected to the process of .....
Tag this Judgment!Court : Kolkata
Reported in : 1994LC258(Calcutta),1992(58)ELT178(Cal)
..... the finance act, 1979 had added to item 23b the following explanation ii:-'this item does not include electrical insulators or electrical insulating fittings or parts of such insulators or insulating fittings'.in this rule, i am, however, not concerned with the effect of ..... 23b of the first schedule of the central excises and salt act, 1944 upon the petitioners' finished product and to remit the matter for fresh assessment in accordance with law.6. ..... 23b of the first schedule of the act, it would be possible to pronounce whether the porcelain part of the insulators were independent and separate goods which were liable to be assessed under item no. ..... 23b of the first schedule of the central excises and salt act, 1944 and i am not called upon to determine the petitioners' liability to pay excise duty on electric insulators for the period subsequent to the date of issue of this rule. ..... 23b of the first schedule of the central excises and salt act, 1944, made upon electric insulators manufactured by them be quashed and the respondents be commanded to refund all excise duties already recovered. ..... 23b of the first schedule of the act (vide trade notice no. ..... 23b of the first schedule of the central excises and salt act, 1944.7. ..... 68 has been inserted in the first schedule of the central excises and salt act, 1944 for levy of excise duty on all other goods, not elsewhere specified, manufactured in a factory. ..... 23b of the first schedule of the central excises and salt act, 1944.2. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2000SC2645; [2000]245ITR538(SC); JT2000(9)SC139; 2000(5)SCALE475; (2000)7SCC39; [2000]Supp2SCR261
..... (emphasis supplied)9, chapter ii of the finance act, 1979 provides for rates of income tax. ..... in accordance with and subject to the provisions of this section, be allowed a deduction, in respect of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed or, if the ship, aircraft, machinery or plant is first put to use in the immediately succeeding previous year, then, in respect of that previous year, of a sum by way of investment allowance equal to twenty-five per cent of the actual cost of the ship, aircraft, machinery or plant to the ..... and gains derived by an assessee, being a company', from an industrial undertaking which begins to 'manufacture' or 'produce' articles or to operate its cold storage plant or plants after the 31st day'' of march, 1976, or from a ship which is first brought into use after that date, or from the business of a hotel which starts functioning after that date, the provisions of this sub-section shall have effect as if for the words 'six per cent ..... for appreciating the contentions raised by the learned counsel for the parties, we would first refer to the relevant provisions of the act.section 80: deductions to be made in computing total income.section 80j: deduction in respect of profits and gains from newly established industrial undertakings or ships or hotel business in certain cases. ..... relevant part dealing with the company is as under:2(7) for the purposes of this section and the first schedule.(a) ...(b) ... .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2000)162CTR(SC)310
..... ii of the finance act, 1979 provides for rates ..... subject to the provisions of this section, be allowed a deduction, in respect of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed or, if the ship, aircraft, machinery or plant is first put to use in the immediately succeeding previous year, then, in respect of that previous year, of a sum by way of investment allowance equal to twenty-five per cent of the actual cost of the ship, aircraft, machinery or plant ..... , being a company, from an industrial undertaking which begins to manufacture or produce articles or to operate its cold storage plant or plants after the 31st day of march, 1976, or from a ship which is first brought into use after that date, or from the business of a hotel which starts functioning after that date, the provisions of this sub-section shall have effect as if for the words six per cent ..... as under: - 2(7) for the purposes of this section and the first schedule. ..... .relevant parts of the provisions that are required to be considered:for appreciating the contentions raised by the learned counsel for the parties, we would first refer to the relevant provisions of the act.section 80: deductions to be made in computing total income. ..... the court also considered the ixth schedule (applicable at the relevant time) which contained item no.15 therein relating to ships and observed that the appropriate word in the case of ships is construction and in common parlance one speaks of .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]130ITR710(Cal)
..... also allowed the special rebate of 35 per cent, on the profits and gains attributable to the business of manufacture and production of soda ash under paragraph f of part i of the first schedule to the finance act, 1965, and in allowing such rebate made a separate computation of the profits and gains attributable to the said business at rs. ..... the contentions of the parties raised before us the rele-vantportion of the provisions of paragraph f of part i of the first schedule to the finance act, 1965, is set out below : ' paragraph f in the case of every company, other than the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956),-- rate of income-tax on the whole of the total income 80 per cent. ..... is no dispute that soda ash is one of the items mentioned in part iii of the first schedule to the finance act, 1965, and the appellant was, therefore, entitled to a special rebate of 35 per cent ..... cit : [1979]116itr383(cal ..... cit : [1979]118itr243(sc) , on appeal from the decision of the gujarat high court in cloth ..... : [1979]118itr243(sc) has greatly shaken or impliedly overruled its earlier decision in cambay electric supply : [1978] ..... : [1979]118itr243(sc) , which dealt with sections 85a and 80m of ..... : [1979]118itr243(sc) : 'it is true that the gujarat high court has taken a contrary view ..... : [1979]118itr243(sc) did not accept the interpretation put by the gujarat high court on section 85a of ..... : [1979]118itr243(sc) . ..... : [1979]118itr243(sc) . .....
Tag this Judgment!Court : Delhi
Reported in : 1984(2)ECC30; 1983(12)ELT24(Del)
..... the additional surcharge livable under clause (c) of paragraph a of part i of the first schedule to the finance act, 1963 read with section 2(1)(a)(ii) of that act was held by the supreme court in 'madurai district central cooperative bank ltd. v. i. t. o. ..... dated august 1, 1974 which exempts the tyres for motor vehicles falling under sub-item (1) of item 16 of the first schedule to the act from so much of the duty livable thereon as is in excess of fifty five per cent ad valorem, not only consists of the basic duty of excise livable under the act but also the special duty (additional duty/auxiliary duty) of excise which has been levied in respect of the said goods under the finance act, 1978. ..... the impugned orders dated november 23, 1979 passed by the assistant collector, respondent no. ..... by the impugned order dated november 23, 1979, the assistant collector, central excise ordered that the petitioners are liable to pay the duty of excise at the effective rate indicated in notification no. ..... union of india & others', decided on may 24, 1979 by one of us (chadha, j), the petitioners submitted fresh classification lists wherein they claimed that the total duty of excise livable inclusive of special duty of excise could not exceed the effective duty livable in terms of notification no. ..... union of india and others' decided on may 24, 1979 by one of us (chadha, j. ..... 1773 of 1979 succeeds and is allowed. .....
Tag this Judgment!Court : Delhi
Reported in : 1984(15)ELT106(Del)
..... of three lakh tonnes of soybean oil, sunflower oil, rapeseed oil, palm oil and palm oleine falling within chapter 15 of the first schedule to the customs tariff act, 1975 (51 of 1975 ..... having regard to the circumstances of exceptional nature as mentioned above and in exercise of the powers conferred by sub-section (2) of section 25 of the customs act, 1962 (52 of 1962) read with subsection (4) of clause 31 of the finance bill, 1979, which clause has by virtue of the declaration made in the said bill under the provisional collection of taxes act, 1931 (16 of 1931), the force of law, the central government, being satisfied that it is necessary in the public interest so to do, hereby exempts in all a total quantity ..... state trading corporation of india limited from,-(a) that portion of the duty of customs livable thereon which i$ specified in the said first schedule as is in excess of 5 percent ad valorem; (b) the whole of the auxiliary duty of customs which is livable thereon under sub-clause (1) of clause 31 of the finance bill, 1979; and(c) the whole of the additional duty livable thereon under section 3 of the said customs tariff act.3. .....
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