Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD198(Chd.)
..... section 32a was inserted by the finance act ..... -section (1) or sub-section (2) of section ..... under sub-section (1) or sub-section (2) of section 139, whether ..... which the deduction by way of development rebate is allowable under section 33; and (d) any machinery or plant, the whole of ..... : provided that no deduction shall be allowed under this section in respect of- (a) any machinery or plant installed in ..... section 10(2)(v) ..... deductions shall, subject to the provisions of section 34, be allowed- (vi) in the case ..... section 17(1)(a) of the wealth-tax act ..... provisions of this section, be allowed ..... section 148 of the act issued for the purpose of reassessment under section 147(b) of the act ..... section (2) of section 32a of the income-tax act, 1961 ('the act') and was, therefore, entitled to investment allowance under section 32a of the act ..... section (2) of section 10 of the 1922 act ..... sections ..... section ..... sections with the aid of machinery. ..... section 147(6) could be ascertained and allowed by the ito and for the assessment year 1977-78, the issue is whether on the facts and in the circumstances of the case, the assessee is entitled to investment allowance under section 32a of the act ..... section ..... section 143(3)/144b, the ito rejected the claim of investment allowance made under section ..... section 147 it is found that the assessee's total income is actually less than the income assessed, the assessee would not be entitled to have the assessment revised downward under this section ..... section 10(2)(v) of the 1922 act. ..... section ..... section ..... section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1982)2ITD489(Chd.)
..... has only been shown as some one admitted to the benefits of partnership.therefore, when the revenue argued that clause 8, which provides that the parties shall contribute the finances towards the firm and they may or may not charge interest on the finances so contributed, be read so as to include the minor rakesh kumar, it does not cut much ice because the minor was not sui juris on the date of the instrument and ..... the issue in this appeal is whether the aac erred in holding that section 64(1)(vi) of the income-tax act, 1961 ('the act') is applicable and as such the income accruing and arising to the minor rakesh kumar as share of profit from the firm of karam chand rakesh kumar is includible in the total income of the assessee.2. ..... one has to remember that in this case itself the supreme court has further held that section 16(3) of the 1922 act (corresponding to section 64 of the 1961 act) creates an artificial income and it must receive a strict construction. ..... that the parties shall contribute the finances towards the firm and they may or may not charge any interest on the finances so contributed.smt. ..... gifts from his grandmother, namely, parmeshri devi who was a partner in the firm and, therefore, the share of profit of shri rakesh kumar minor was to be included in the hands of parmeshri devi within the meaning of section 64(1 )(w). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1982)1ITD1060(Chd.)
..... section 80u(a) came on the statute book by an insertion by the finance act ..... or occupation, there shall be allowed a deduction of a sum of five thousand rupees : provided that such individual produces before the income-tax officer, in respect of the first assessment year for which deduction is claimed under this section- (i) in a case referred to in clause (i), a certificate as to his total blindness from a registered medical practitioner being an oculist ; and (ii) in a case referred to in clause (ii), a certificate as to the permanent physical disability referred to ..... in the said clause from a registered medical practitioner.a simple reading of the section shows that for purposes of claiming a deduction under this section, an individual, who is resident at the end of the previous year, in respect of an assessment year in which the deduction is claimed, should produce a certificate from a registered medical practitioner as to ..... the ito examined this claim but came to the conclusion that "the assessee's case is not covered under this section for the simple reason that disease, not a permanent physical disability from which the assessee is suffering, had not the effect of reducing substantially his ..... section was substituted by the taxation laws (amendment) act ..... effect from 1-4-1971, by the taxation laws (amendment) act, 1970, the deduction allowed was of a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1984)8ITD396(Chd.)
..... section 40a(7) was inserted by the finance act, 1975 with effect from 1-4-1973.in other words, it has retrospective effect from the assessment ..... such a liability had been actuarially valued, it was deductible even if the employer did not transfer the amount of the liability to a trust fund and this was deductible under section 36.however, with the amendment in law by the insertion of sub-section (7), the gratuity is deductible only in three cases: (i) where it is paid or has become payable from the accounting period; (ii) where a contribution is made towards an ..... bank towards gratuity fund approved by the cit vide his letter judl/i/gratuity/fund/shp/72-73/31616, dated 11-12-1972 effective from 1-1-1970 and in terms of rule 104 read with section 36(1)(v) it would be admissible being initial contribution towards an approved gratuity fund because the same represented the contribution as calculated on the actuarial valuation and calculations vide certificate from ..... approved gratuity fund or the provision is made for such contribution; and (iii) where a contribution is made towards an unapproved gratuity fund held under a trust.clause (6)(ii) of this sub-section makes ..... but later on the learned counsel for the assessee amended this word 'revaluing' with the word 'valuing' .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD119(Chd.)
..... , the assessee found that with effect from 1-4-1976, the finance act, 1976 had inserted section 32a for deduction of investment allowance, if the conditions prescribed in the section were fulfilled by the claimant. ..... taken a contrary view in the case of keshavlal vithaldas (supra).but in this judgment, that is in the case of rita mechanical works (supra), the court was interpreting the provisions of section 34(3)(a) of the 1961 act and upheld the earlier view of the punjab and haryana high court in the case of sardar singh sachdeva (supra) which was decided under the ..... claimed on account of investment allowance under section 32a(4) of the income-tax act, 1961 ('the act')- insofar as this issue is concerned, the ..... of the punjab and haryana high court in the case of sardar singh sachdeva (supra) was under the 1922 act with regard to the provisions of section 10(2)(vi) of that act, which employed different language from that of section 34(3)(a) of the act ..... . in this case, he submitted, in rectification proceedings under section 154 of the act, the ito held that the assessee was entitled to the development rebate, at a rate higher than that already allowed but, as the assessee had not created the ..... these conditions have been prescribed under sub-section (4) of this section and are that (i) the particulars prescribed on-this behalf have been furnished by the assessee in respect of the ship or aircraft or machinery or plant ; and (ii) an amount equal to 75 per cent of the investment allowance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD587(Chd.)
..... section 7(4) was brought on the statute book by the finance act, 1976 with effect from 1-4-1976 by ..... this must be exclusively used by him for residential purposes through the period of 12 months immediately preceding the valuation date.there is further clarification in the explanation to this sub-section that where the house has been constructed by the assessee, he shall be deemed to have become the owner thereof on the the construction of such house is complete and for purposes of getting this concession ..... issue involved in all these appeals is whether the assessee was entitled to the benefit of the provisions of section 7(4) of the wealth-tax act, 1957 ('the act'), with regard to the kothi in sant nagar, civil lines, ludhiana, onstructed in the financial year 1973 ..... the memorandum to the finance act explained that the valuation of self-occupied properties had from year to year resulted in certain practical difficulties and ..... . these words are in wide contrast to the provisions of section 6(1)(b) of the 1961 act, where an individual is said to be resident in india in any previous year if he, inter alia, maintains or causes to maintain for him a ..... has accepted the claim of the assessee for all the years under appeal that the provisions of section 7(4) are applicable and, therefore, the value of this residential house as on 31-3-1974, which ..... has not been fulfilled in this case.therefore, the provisions of section 7(4) are not applicable for any of the assessment years under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD542(Chd.)
..... took into consideration the provisions of section 64(1)(i), read with explanation 2 to section 64(2), inserted by the finance act, 1979 with effect from 1-4-1980 ..... the finance act, 1979 added explanation 2 to section 64(2) ..... the question may, however, arise whether the explanation added by the finance act, 1979 with effect from 1-4-1980 can be said to be applicable to the assessment year 1978-79 which ..... clearly decided by the learned commissioner by reference to the speech of the finance minister made on 28-2-1975 when he was explaining the provisions contained in the amendments in the finance bill, 1979. ..... the word 'income' taken as positive income would necessitate the loss to be excluded at the time when the assessment may have to be revised in order to give effect to the order of appellate authorities under section 250/254 read with section 155(1) of the act.it, therefore, becomes clear that the word 'income' in section 64(1)(i) has to be taken as connoting income as well as loss.7. ..... substituted by the taxation laws (amendment) act, 1975, with effect from 1-4-1975, provides that in computing the total income of any individual, there shall be included all such income as arises directly or indirectly (i) to the spouse of such individual from the membership of the spouse in a firm carrying on a business in which such individual is a partner.explanation 1 to sub-section (1) of section 64 provides that for the purposes of clause (i), the individual, in computing whose total income the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)5ITD429(Chd.)
..... in this view of the matter, it has been contended that a reasonable and proper interpretation of item 32 of the fifth schedule, which was inserted by section 23 of the finance act, 1969, with effect from 1-4-1970, is that any assessee engaged in the manufacture of textiles wholly or mainly of cotton and any assessee who is manufacturing cotton yarn and hosiery and rope is entitled to development rebate at 25 per ..... the ito, however, allowed the development rebate at 15 per cent with the general observation that it was clear that section 33(1)(b) and schedules under the act did not permit development rebate to the assessee at the rate of 25 percent.3 to 5. ..... the assessee claimed development rebate at the rate of 25 per cent under section 33 of the income-tax act, 1961 ('the act'). ..... the claim of the assessee is that it is entitled to development rebate at 25 per cent in view of the provisions of section 33(1)(b)(b)(i)(b) read with item 32 of the fifth schedule. ..... it is, therefore, to be seen whether on these facts, the assessee is entitled to development rebate in view of the provisions of section 33(1)(b)(b)(i)(b) read with item 32 of the fifth schedule to the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)5ITD238(Chd.)
..... been inserted by the finance act, 1975, the deduction under sub-section (1) of section 80j from the profits and gains derived from an industrial undertaking shall not be admissible unless the accounts of the industrial undertaking for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant, as defined in the explanation below sub-section (2) of section 288 of the act and the assessee furnishes, ..... assessee also submitted that if the assessee had not filed the audit report along with the return for claim of deduction under section 80j, it was merely a defective return and by virtue of the provisions of sub-section (9) of section 139 of the act the assessee should have been given an opportunity to rectify the defect. ..... the assessee from the judgment of the tribunal in coromandel steel products' case (supra), it was contended on behalf of the revenue that the provisions of section 80j(6a) are mandatory because the word used for the filing of the audit report is 'shall'. ..... this argument was raised with the legal contention that the provisions of section 80j(6a) are only directory and, therefore, if the compliance had been made even at the appellate stage, the assessee should have been granted necessary relief ..... filed along with the return, as pointed out by the authorities below, the learned counsel for the assessee submitted that the assessee was not given an opportunity to make amendments before the assessment was completed. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)6ITD44(Chd.)
..... included in the net wealth of the assessee in terms of sub-section (7) of section 4 of the act inserted by the finance (no. ..... therefore, the wto and for that matter the aac could not invoke the provisions of section 4(7) for purposes of bringing into the net wealth of the assessee what they considered to be the right, title and interest of the assessee in the plot of land allotted ..... net wealth means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under the act, is in excess of the aggregate value of all the debts owed by the assessee on the ..... now coming to the provisions of section 4(7), we find that where the assessee is a member of aop being a co-operative housing society and a building or a part thereof is allotted or leased to him under a house building scheme of the society, the assessee shall, notwithstanding anything contained in this act or any other law for the time being in force be deemed to be the owner of such building or part and the value of such building for part shall be included in ..... , does not dispose of the issue in its entirety.section 2(m) of the act defines net wealth. ..... course of assessment proceedings, a claim was made before the wto that the value of the plot shown by the assessee was exempt under section 5(1) (xxx) of the wealth-tax act, 1957 (the act). .....
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