Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD89(Pat.)
..... the provisions of chapter xii-a which related to the incomes of non-residents were introduced by finance act, 1983 w.e.f.1-6-1983 and part-ii of the finance act, 1983 stipulated that in the case of a non-resident indian the tax should be deducted @ 20% on investment income and long-term capital gains and on other income other than interest on tax-free securities at 30%. ..... part-ii of the first schedule to the relevant finance act stipulates the rates at which the tax is to be deducted at source from income subject to such deduction under the provisions of sections 193 to 195 of the it act. ..... the assessing officer rejected the claim on the ground that the concessional tax rate of 20% stipulated in section 115e applied only to long-term capital gains and investment income which according to the assessing officer did not include short term capital gains. ..... the question whether short term capital gain is entitled to concessional rate of tax as stipulated in section 115e has to be determined with reference to definition of "investment income" under chapter xii-a of the i.t. ..... (1) where the total income of an assessee, being a non-resident indian, consists only of investment income or income by way of long-term capital gains or both, the tax payable by him on his total income shall be the amount of income-tax calculated on such total income at the rate of twenty per cent of such income. .....
Tag this Judgment!Court : Authority for Advance Rulings
..... chapter xii-a was inserted vide finance act, 1983 ..... income from investment or income from long-term capital gains of an asset other than a specified asset; (i) the amount of income-tax calculated on the income in respect of investment income referred to in clause (a), if any, included in the total income, at the rate of twenty per cent; (ii) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of ten per cent; and (iii) the amount of income-tax ..... with which he would have been chargeable had his total income been reduced by the amount of income referred to in clauses ..... which is not a private company, shall be treated as 'foreign exchange asset' under clause (b) of section 115c of the act; (ii) income by way of interest earned from the said nro deposit shall be treated as 'investment income' under clause (c) of section 115c and shall be liable to be taxed at the rate of twenty per cent under section 115e; and (iii) the banks paying interest on the nro deposit of the applicant are .....
Tag this Judgment!Court : Delhi
..... of this act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 2007, is less than ten per cent of its book profit, [such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of ten ..... '' xxxx xxxx xxxx xxxx xxxx 87 - rebate to be allowed in computing income-tax - (1) in computing the amount of income-tax on the total income of an assessee with which he is chargeable for any assessment year, there shall be allowed from the amount of income-tax (as computed before allowing the deductions under this chapter), in accordance with and subject to the provisions of sections 88, 88a, 88b, 88c, 88d and 88e, the deductions specified in ..... the purposes of sub-section (1), the amount of incometax on the income arising from the taxable securities transactions, referred to in that sub-section, shall be equal to the amount calculated by applying the average rate of income-tax on such income. ..... the purposes of this section, the expressions, taxable securities transaction and securities transaction tax shall have the same meanings respectively assigned to them under chapter vii of the finance (no.2) act, 2004.'' 8. ..... 1983, a new section 80vva was inserted in the act so that all profitable companies pay some tax .....
Tag this Judgment!Court : Delhi
..... of this act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 2007, is less than ten per cent of its book profit, [such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of ten ..... '' xxxx xxxx xxxx xxxx xxxx 87 - rebate to be allowed in computing income-tax - (1) in computing the amount of income-tax on the total income of an assessee with which he is chargeable for any assessment year, there shall be allowed from the amount of income-tax (as computed before allowing the deductions under this chapter), in accordance with and subject to the provisions of sections 88, 88a, 88b, 88c, 88d and 88e, the deductions specified in ..... the purposes of sub-section (1), the amount of incometax on the income arising from the taxable securities transactions, referred to in that sub-section, shall be equal to the amount calculated by applying the average rate of income-tax on such income. ..... the purposes of this section, the expressions, taxable securities transaction and securities transaction tax shall have the same meanings respectively assigned to them under chapter vii of the finance (no.2) act, 2004.'' 8. ..... 1983, a new section 80vva was inserted in the act so that all profitable companies pay some tax .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2009BusLR418(SC); (2009)223CTR(SC)20; [2009]312ITR225(SC); JT2009(5)SC78; 2009(4)SCALE384; [2009]178TAXMAN505(SC); 2009(4)LC1742(SC); 2009AIRSCW3104
..... -section (2) of section 174 or section 175 or sub-section (2) of section 176 or deducting income-tax under section 192 from income chargeable under the head 'salaries' or computation of the 'advance tax' payable under chapter xvii-c in a case not falling under section 115a or section 115b or section 115bb or section 115bbb or section 115e or section 164 or section 164a or section 167b, the rate or rates of income-tax specified in this behalf in the finance act of the relevant year and for the purposes of computation or of the 'advance ..... tax' payable under chapter xvii-c, in a case falling under section 115a or section 115b or section 115bb or section 115bbb or section 115e or section 164 or section 164a or section 167b, the rate or rates specified in section 115a or section 115b or section 115bb or section 115bbb or section 115e or ..... according to the learned counsel, the insertion with retrospective effect from 1.4.1979 by the finance act, 1983, however, was not all inclusive. ..... -(inserted by the finance act, 1983, with retrospective effect from 1.4.1979) - for the removal of doubts, it is hereby declared that income of the nature referred to in this clause payable for service rendered in india shall be regarded as income earned in india.explanation.- . .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD338(Mad.)
..... special bench clearly held at page 594, as was already extracted in the above paragraph, that after finance act, 1983 a company engaged in the construction of a building, road or other structures would get the benefit of the lower rate of tax under the finance act, even if it does not involve the company in manufacture or processing of goods to any substantial extent ..... industrial undertaking' which we come across in section 32a(2), is to be understood in the same manner in which an industrial company under the finance act, 1983 should be understood, the assessee fulfils the requirements of such 'industrial company' and the finding of the income-tax officer that the assessee is not an 'industrial undertaking' cannot be upheld. ..... slabs which do not come under the eleventh schedule.therefore in my view the assessee is entitled to investment allowance both under the provisions of section 32a(2) and section 32a (2a) of the income-tax act, the provisions of which are already extracted above.further in my opinion the c-bench order in the case of v. ..... deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent of such total income; (ii) 'project' means a project for the construction of a building, road-, dam, bridge or other structure or assembly or installation ..... by the revenue that the assessee does not manufacture or produce any article or thing as contemplated under section 32a(1) of the income-tax act, 1961 and hence he is not entitled to investment allowance. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... this section and sections 217 and 273, 'assessed tax', means the tax determined on the basis of the regular assessment (reduced by the amount of tax deductible in accordance with the provisions of sections 192 to 194, section 194a, section 194c, section 194d and section 195) so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment ..... however, the expenditure relating to incomes as well as the receipts relating to incomes to which the provisions of chapter iii of the income-tax act apply, will be excluded from the computation ..... as a consequential amendment, chapter vib of the income-tax act relating to restriction on certain deductions in the case of companies, ..... the tax system more progressive, a new chapter xiib is proposed to be inserted in the income-tax act. ..... under chapter vi-a of the income-tax act in computing total income. ..... is debited to the profit and loss account, and as reduced by,-- (i) the amount withdrawn from reserves or provisions, if any such amount is credited to the profit and loss account ; or (ii) the amount of income to which any of the provisions of chapter iii applies, if any such amount is credited to the profit and loss account ; and (iii) the amount of the loss or the amount of depreciation which would be required to be set off against the ..... chapter vi-b was introduced by section 32 of the finance act, 1983 [1983] .....
Tag this Judgment!Court : Chennai
Reported in : (2003)181CTR(Mad)317; [2003]259ITR674(Mad)
..... section 80hhc of the act was introduced by the finance act, 1983 with effect from 1.4.1984 to curb the expenditure in case of companies which had paid no tax or paid nominal tax due to absorption of various fiscal incentives and concessions granted to the companies though the companies were highly ..... the assessee was not entitled to carry forward and set off the deduction under section 80hhc of the act relating to the earlier years on the ground that the deduction cannot be carried forward and his view was also confirmed by the commissioner of income-tax (appeals) holding that section 80vva of the act was omitted from the statute book and therefore the assessee was not entitled to the relief claimed. 2 ..... that the appellate tribunal was correct in holding that a vested right had accrued to the assessee to treat the deduction disallowed as a part of deduction for the next assessment year to be allowed in the computation of total income for the next following assessment year and the assessee is entitled to carry forward the deduction for the subsequent assessment years, if not allowed, as the deduction disallowed would join the main stream of deduction. 10. ..... to be introduced when it was found that several highly profitable companies were able to reduce their tax liability to zero though they continued to pay dividend and hence, the restriction was imposed to the effect that the fiscal incentives and deductions granted under chapter vi-b of the act should not exceed 70% of the profits. .....
Tag this Judgment!Court : Chennai
Reported in : (1989)77CTR(Mad)18; [1989]179ITR170(Mad)
..... under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), the following question has been referred for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee-company was not an industrial company within the meaning of clause 2(6)(c) of chapter ii of the finance act, 1970 ?' 2. ..... concession so made available, it becomes necessary, in any given case, to ascertain the income which is referable or relatable to the manufacturing activities and other activities, and if the requirements of section 2(6)(c) read with the explanation are fulfilled, only then, the benefit of the concessional rate of tax can be availed of by the assessee as an industrial company. 5. ..... in this case, the assessee has a trading unit as well as a manufacturing unit, but what should be fulfilled for treating a company as an industrial company is that 51% of its total income, without deductions, should be referable or attributable to its manufacturing activities, failing which the company cannot be considered to be an industrial company for purposes of subjecting it to the concessional rate of tax. ..... [1983]143itr793(all) also, it was found that the proceeds received from other sources like the export entitlement and export of carpets were attributable to the activity of manufacturing and export of carpets and, therefore, the assessee would be entitled to the benefit of the concessional rate of tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
..... or goods or in the construction of ships or in the execution of projects or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent, of such total income ; (ii) ' project' means a project for the construction of a building, road, dam, bridge or other structure or assembly or installation of any ..... upon us that the business of building construction is an " industrial activity" and, therefore, the assessees are to be treated as-an " industrial undertaking " contemplated under section 80-i of the act, that there is a difference between an "industrial company" considered in certain reported decisions while dealing with the rate of tax applicable to such company provided in the annual finance act and an " industrial undertaking " with which we are concerned in these appeals, that the absence of the word " construction " in section 80-i of the ..... for our purpose, it would suffice to refer to clause (c) of sub-section (8) of section 2 of the finance act, 1983, wherein the definition of an "industrial company" is given as under : " (c) ' industrial company * means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing .....
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