Court : Mumbai
Reported in : (1986)51CTR(Bom)195; [1986]162ITR764(Bom)
..... clause.5. it was submitted by miss patel, learned counsel for the assessee, that the expression 'processing' used in clause(c) of sub-section(6) of section 2 of the said finance act has a wider connotation than the term 'manufacture' and that for an activity to be considered processing, it was not necessary that the activity must ..... the claim of the assessee. the reference arises form the aforesaid decision of the tribunal.3. the material part of clause(c) of sub-section(6) of section 2 of the said finance act runs as follows :'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other ..... commodity as such.9. in g. a. renderian ltd. v. cit : [1984]145itr387(cal) , the calcutta high court was called upon to consider the meaning of the term 'processing' used in the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978. after analysing the decision of the supreme court in the case of chowgule .....
Tag this Judgment!Court : Allahabad
Reported in : (2009)225CTR(All)188; [2009]315ITR48(All)
..... not involving the carrying on of any activity for profit.' thus, the scope of the definition was changed by the income-tax act, 1961, especially after an amendment in section 2(15) by the finance act, 1983, with effect from 1st april, 1984.26. in the instant case, the assessee is not only providing traditional education but also preparing students by providing guidelines to get ..... admissions in professional institutions to pursue their higher studies. the sense in which the word 'education' has been used in section 2(15) of the act is the .....
Tag this Judgment!Court : Patna
..... cit : [1986]162itr764(bom) , the question before the bombay high court was whether the assessee was an industrial company within the meaning of section 2(6)(c) of the finance act entitled to the concessional rate of tax. the assessee was a company engaged in export of wool to foreign countries. the assessee after purchasing the mixed ..... that the storing of goods in the cold storage is not sufficient for holding that the stored articles had undergone a process within the meaning of section 2(7)(c) of the finance act. the observation of the supreme court is as follows (page 660) :'in common parlance, 'processing' is understood as an action which brings ..... 47 stc 124. in thecase of g.a. renderian ltd. v. cit : [1984]145itr387(cal) the question for consideration before the calcutta high court was whether the assessee-company was an industrial company within the meaning of section 2(7)(c) of the finance act, entitled to the concessional rate of tax. the industrial company included even a company .....
Tag this Judgment!Court : Kolkata
Reported in : [1992]196ITR179(Cal)
..... was engaged in processing of goods and accordingly, the court held that the sky room private ltd. was an industrial company within the meaning of section 2(7)(c) of the finance act, 1978. there the court held that the word 'processing' is broad enough to take in the activity of purchasing of goods and rendering them ..... decision and other decisions on this point, held that the word 'processing' used in the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978, has not been defined in the income-tax act, 1961, and it must, therefore, be interpreted according to its own natural meaning. webster's dictionary gives the following meaning ..... renderian ltd. v. cit : [1984]145itr387(cal) . in that case, the assessee, who carried on the business of purchasing tea of different qualities and blending the same by mixing one type with another, claimed that it was an industrial company within the meaning of section 2(7)(c) of the finance act, 1978, and was entitled to concessional .....
Tag this Judgment!Court : Allahabad
Reported in : [2007]291ITR473(All)
..... collections and to ascertain whether the balance amount had been paid within the statutory time allowed under the first proviso to section 43b of the income-tax act which, though inserted by the finance act, 1987, with effect from april 1, 1988, was held to be retrospective in operation, being explanatory in nature, ..... balance of rs. 26,447 was disallowed under section 43b in the assessment for the assessment year under consideration. in appeal, besides confirming the disallowance of rs. 26,447 in view of explanation 2 inserted by the finance act, 1989, with retrospective effect from april 1, 1984, the learned commissioner of income-tax (appeals) ..... appellate tribunal was legally justified in holding that the first proviso to section 43b, inserted by the finance act, 1987, with effect from april 1, 1988, was retrospective in operation being clarificatory in nature, and thereby directing to restrict the disallowance under section 43b, out of sales tax collections made during the year, to .....
Tag this Judgment!Court : Gujarat
Reported in : (1995)116CTR(Guj)620; [1995]211ITR157(Guj)
..... view to countering this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new section 269ss in the income-tax act debarring persons from taking or accepting, after june 30, 1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee ..... -cause notice calling upon the petitioner to explain five deposits of rs. 20,000 each and also to show cause why for contravention of section 269ss of the income-tax act, 1961, penalty should not be imposed upon him. the assessing officer held that the said deposits were genuine, but the explanation that the ..... worse footing, the borrower alone was placed under an obligation, leaving the lender out of the scope of the section and furthermore non-compliance of section 269ss is made punishable under section 276dd of the income-tax act, 1961, which provides a very stringent punishment, viz., imprisonment for a period up to two years and fine .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)42ITD325(Coch.)
..... royalty in question is a lump sum consideration of the type referred to in section 115a(1)(b)(ii)(1) and hence, income-tax is exigible at 20%.30. thirdly under item no. i(2)(b)(iv)(b)(1) of part-ii of the first schedule to the finance act, 1984, tax deductible at sources is also fixed at 20%.31. from the foregoing ..... /technical fees paid to foreign companies. in the case before us, the first instalment of the money payable to the foreign company under the agreement was paid on 7-12-1984. therefore, the provisions of the finance act, 1984, relating to the rates at which tax has to be deducted at source, will govern this case. part ii of the first schedule to the ..... finance act, 1984, which prescribes the rates for deduction of tax at sources in certain cases, contains the following provisions, which are relevant to the case before us: property. 20% item i(2)( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2003)85ITD230(Delhi)
..... 1st april, 1984. the intention behind bringing the above provisions on the statute was clarified by the cbdt ..... vide its circular no. 387, dt. 6th sept., 1984 [146 itr 162 (st)). the relevant part of the ..... the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the deposit so repaid. (2) any penalty imposable under sub-section (1) shall be imposed by the dy./jt. cit" the provisions of sections 269ss and 269t were brought on the statute by the finance act, 1984, w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2006)99TTJAgra212
..... ) to para 7 of its order, has held as under : on the question of legislative intent, the cbdt has explained the object of introduction of section 269ss by the finance act, 1984, in its circular no. 387, dt. 6th july, 1984, (1985) 152 itr (st) 1 thus : 'unaccounted cash found in the course of searches carried out by the it department is often explained by ..... sum equal to the amount of the deposit so repaid. (2) any penalty imposable under sub-section (1) shall be imposed by the dy. jt. cit' the provisions of sections 269ss and 269t were brought on the statute by the finance act, 1984 w.e.f. 1st april, 1984. the intention behind bringing the above provisions on the statute was clarified by the cbdt vide its .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]217ITR157(Guj)
..... view to countering this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new section 269ss in the income-tax act debarring persons from taking or accepting, after june 30, 1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee ..... -cause notice calling upon the petitioner to explain five deposits of rs. 20,000 each and also to show cause why for contravention of section 269ss of the income-tax act, 1961, penalty should not be imposed upon him. the assessing officer held that the said deposits were genuine, but the explanation that the ..... worse footing, the borrower alone was placed under an obligation, leaving the lender out of the scope of the section and furthermore non-compliance of section 269ss is made punishable under section 276dd of the income-tax act, 1961, which provides a very stringent punishment, viz., imprisonment for a period up to two years and fine .....
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