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Commissioner of Income-tax Vs. L.G. Balakrishnan

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 .....

Commissioner of Income-tax Vs. M. Balasubramanian

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.

Gujarat Narmada Valley Vs. Income-tax Officer

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 .....

The Oriental Construction Co. Vs. Commissioner of Cen. Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2006)(105)ECC400

..... the question whether fabrication work was done 'man open site or in a "factory", as defined in section 2(m) of the factories act having become irrelevant in the context of heading 73.03, the ratio in aruna industries would not on that count be applicable in respect of fabrication work done in an open site, having regard to the provisions of the said act including the definition of "manufacture" in section 2(f) and "factory" in section 2(e) of the said act read with heading 73.08 of the first schedule to the tariff ..... , dated 1.3.1981 which granted exemption from the whole of the excise duty to the goods other than manufactured in "factory" as defined in section 2(m) of the factories act which were relevant for the decision in aruna industries (supra) are reproduced below: "all other goods, not elsewhere specified, manufactured in a factory hut excluding - (a) alcohol all ..... classification under cet sub-heading 6807.90 , together with interest under section 11ab, invoking the extended period of limitation under the proviso to section 11a(1) of the central excise act, confiscating the girders under rule 173q read with rule 226 of the central excise rules with option to redeem the same on payment of fine of rs. ..... central excises, dated the 1^st march, 1979, the central government hereby exempts all ..... conferred by sub-rule (1) of rule 8 of the central excise rules, 1944, and in supersession of the notification of the government of india in the ministry of finance (department of revenue) no. .....

Max India Ltd. Vs. Commissioner of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

..... 44-customs, dated the 1st march, 1979, the central government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in the table annexed here and falling within chapter 28, chapter 29 or chapter 30 of the first schedule to the customs tariff act, 1975 (51 of 1975), when imported into india for the manufacture of penultimate drug intermediates ..... (b) 10% ad valorem, if the goods are produce or manufacture of any country on territory declared by the central government under sub-section (3) of section 4 of the customs tariff act, 1975 as preferential area: provided that the importer furnishes an undertaking to the effect that: (a) the said imported goods shall be used for the purpose specified above; (b) an account of the said imported goods ..... is being denied relying on that portion of the notification which describes the exempted goods as "falling within chapter 28, chapter 29 or chapter 30 of the first schedule to the customs tariff act. ..... exercise of the powers conferred to sub-section (1) of section 25 of the customs act, 1962 (52 of 1962), and in supersession of the notification of the government of india in the ministry of finance (department of revenue) no. ..... in the first step penicillin g potassium first crystals is converted into penicillin ..... first ..... 64 of 1979).subsequently, show cause notices were issued alleging that "wet acry-lonitrile fibre" was not eligible for the exemption as it was classifiable under customs tariff .....

Mahindra and Mahindra Ltd. Vs. Cce [Alongwith Appeal No.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2005)(190)ELT301TriDel

..... has to be viewed in the background of the exemption notification issued in respect of goods manufactured otherwise than in a "factory" as defined in section 2(m) of the factories act and the tariff item 68 of the first schedule which was omitted 11.6 we may now refer to the contention that aruna industries has been affirmed by the supreme court in commissioner of central excise, nagpur v. ..... that they came into existence only by their functional use and were not movable goods was rejected in view of rule 2(a) of rule of interpretation of schedule to the central excise tariff act, according to which even incomplete or unfinished goods were also classifiable provided that they had the essential character of complete and finished goods and in fact ..... dispute over the proposition that it is always open to the assessee to prove that even though the goods in which he was carrying on business were excisable goods being mentioned in the schedule, they could not be subjected to duty as they were not goods either because they were not produced or manufactured by it or if they had been produced or manufactured they were not ..... 1st march, 1979, the central ..... it in section 2(c) of the factories act, 1948/" exemption to goods other than the goods manufactured otherwise than in a factory- in exercise of the powers conferred by sub-rule (1) of rule 8 of the central excise rules, 1944 and in suppression of the notification of the government of india in the ministry of finance (department of revenue) no. .....

Forest Development Corporation Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2004)87TTJ(Nag.)519

..... learned commissioner (appeals) has erred in overlooking the requirements for computation of agricultural income as mentioned in part iv of the first schedule to the annual finance act. ..... be shown that any provision.like section 10 has exempted it from tax, it will be taxable.the question of adjustment of interest payable by the company against the interest earned by it will depend upon the provisions of the act.the expenditure would have been deductible as incurred for the purpose of business if the assessee's business had commenced. ..... court, therefore, is that interest received by a company which carries on business from bank deposits and loans could only be taxable as 'income from, other sources' and not as 'business income'.under the income tax act, the distinct heads under which the income of an assessee are to be classified are set out in section 14. ..... as the interest income of the appellant- company chargeable to tax under the income tax act, 1961, under the head 'income from other sources'. ..... argument of the appellant-company that the aforesaid amount is a revenue receipt earned by the appellant-company in its agricultural business division, thus falling beyond the scope of taxability provided by the income tax act, 1961, and the legal pronouncements available on the subject. ..... 140 of 1978, for relief, who on 24-2-1979 (exhibit e), has dismissed them. ..... (1979) 116 itr 255 (ap) which position has been confirmed by the supreme court of india in cit v.maharashtra ..... (1979) 120 itr 897 .....

Collector of Central Excise Etc. Vs. the Himalayan Cooperative Milk Pr ...

Court : Supreme Court of India

Reported in : AIR2000SC3669; 2000(72)ECC464; 2000(122)ELT327(SC); 2000(7)SCALE342; (2000)8SCC642; [2000]Supp4SCR431; [2001]123STC403(SC)

..... 68 of the first schedule to the central excise and salt act 1944 (1 to 1944), (hereinafter referred to as the said goods), in respect of the first clearances of the said goods for home consumption by or on behalf of a manufacturer from one or more factories upto a value not exceeding rupees thirty lakhs, cleared on or after the 1st day of april in any financial year ..... the time being in force, shall not be taken into account.a bare perusal of the notification quoted above shows that the central government under rule 8(1) of the excise rules exempts goods in respect of first clearance for home consumption by or on behalf of the manufacturer from one or more factories upto a value not exceeding rupees thirty lakhs. ..... of the proviso under consideration, it would be clear that it does not refer to any other goods under clearance except the goods falling under item 68 of the first schedule to the central excise and salt act, 1944. ..... 68 of the first schedule to the central excise and salt act 1944, on fulfilment of certain conditions, the appeals are being disposed of by this ..... 89/79-central excises, dated the 1st march 1979 aforesaid, during the period commencing on the 1st day of april, 1980, shall not exceed rupees thirty lakhs; and(ii) the value of clearances eligible for exemption contained in this notification during the ..... 89/79-central excises, dated the 1st march 1979, the central government hereby exempts goods, falling under ..... india in the ministry of finance (department of revenue) .....

The Indian Hotels Company Ltd. and Others Vs. the Income Tax Officer, ...

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) ... .....

Indian Hotels Company Ltd. and ors. Vs. Income Tax Officer and ors

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 .....