Judgment Search Results Home > Cases Phrase: finance act 2005 schedule 6 sixth schedule Page 1 of about 27,078 results (0.203 seconds)

Commissioner of Wealth-tax, Bombay City-i, Bombay Vs. Andhra Valley Po ...

Court : Mumbai

Reported in : [1978]114ITR783(Bom)

..... a further contention of the assessee before the tribunal was that the amount standing in the consumers' benefit account which is created in accordance with the requirement of the latter part of clause ii of the sixth schedule was also liable to be excluded because, according to the assessee, it was not in the nature of a reserve but that the amount represented a clear liability and it was not a part of the assessee's wealth because it was only ..... it is, however, important to bear mind that the functioning of a licensee under the electricity act, 1910, so far as its financial affairs are concerned, is controlled by the provisions of the sixth schedule which, as we have earlier pointed out, is always deemed to be a part of the license ..... it was also held that the rate was always easily ascertainable inasmuch as if the finance act was passed it was the rate fixed by that act or if the finance act was not yet passed it was the rate proposed in the finance bill which incidentally even in that case happened to be the finance (no. ..... of income-tax and super-tax in respect of the year of account as reduced by the advance tax paid is liable to be deducted (4) whether in computing the net wealth of the company the provisions for payment of additional taxes according to finance (no. ..... provision for income-tax and corporation tax for the material year as reduced by the advance tax paid as also in respect of the reserve for proposed additional taxes for the assessment years 1957-58, under finance (no. .....

Arvind Boards and Paper Products Ltd Vs. Commissioner of Income-tax, G ...

Court : Gujarat

Reported in : (1982)28CTR(Guj)322; [1982]137ITR635(Guj)

..... and gains from a priority industry, (ii) that 'priority industry', as defined, meant, inter alia, manufacture or production of any one or more of the articles or things specified in the list in the sixth schedule, (iii) that the relevant item in the sixth schedule, namely, item 16, specified 'paper and pulp including newsprint' as the articles or things, and (iv) that straw-board, which is used for packing purposes, is not covered by the said item, ..... :'(7) priority industry means the business of generation or distribution of electricity or any other form of power or of construction, manufacture or production of any one or more of the articles or things specified in the list in the sixth schedule or the business of any hotel where such business is carried on by an indian company and the hotel is for the time being approved in this behalf by the central government. ..... the very fact that the word 'paper' in the commodities act and the regulation order as also in the sixth schedule of the act under consideration has been given an inclusive description shows that the meaning ..... section 80-i itself came to be deleted by the finance act, 1972, with effect from april 1, 1973.section 80-i used the words 'priority industry' and those ..... question set out at the commencement of the judgment.we may first look at the relevant provisions of law governing the case in the light of the legislative history.section 80e was introduced by the finance act, 1966, with effect from april 1, 1966. ..... finance ..... finance .....

Goa Carbon Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT152(Mum.)

..... mineral oil'- item 3 of- part tv of the first subject : scope of the term 'mineral oil'- item 3 of the part iv of the first schedule to the finance act, 1964, item 3 of part iii of the first schedule to the finance act, 1965, and item 3 in both the fifth and sixth schedules to the income tax act, 1961 a question has been raised whether a company carrying on the business of refining crude oil into motor spirit, aviation spirit, kerosene and allied articles can ..... term 'mineral oil'-item 3 of the part iv of the 1st schedule to the finance act, 1964, item 3 of part 111 of 1 st schedule to the finance act, 1965 and item 3 in both the fifth & sixth schedules to the income tax act, 1961.circular no. ..... xii schedule are not eligible for the export incentive deduction with effect from 1-4-1991 as per finance (no, 2) act of ..... crude if would quality, for higher rebate in respect super-tax available in relation to the profits and gains attributable to the business of manufacture and production of' mineral oil under the finance act, 1964, and the finance act, 1965, provided the other conditions specified in this behalf are fulfilled.2. ..... on the lines of 'mineral and ores' (since 1991, the export of processed 'mineral and ores' specified in the xii schedule are now eligible for deduction under section 80hhc) for processed mineral oil has been made in the income tax act, it appears that benefits of section 80hhc cannot be given to the assessee (the calcined petroleum coke appears to be a processed .....

Mahendra R. Patel (Huf) Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)86TTJ(Ahd.)351

..... even in section 32ab, after referring to the profits from business worked out in accordance with part-ii and part-iii of sixth schedule of the companies act there is no statutory requirement set out under section 32ab for excluding such items of miscellaneous receipts and income as listed out above.therefore, we feel that the action of the assessing officer in excluding the interest ..... even after specifically enumeration and listing out such items of receipts which are clearly not chargeable to tax as business income under the income tax act, there is no express requirement under the sixth schedule for excluding such items while working out the profits of business or profession. ..... the provisions of section 32ab wherein it has been provided that profits of business are to be adopted in accordance with part ii and part iii of sixth schedule of companies act has not been considered by the hon'ble gauhati high court. ..... (5) and sub-section (3) of section 32ab.sub-section (3) provides that the profits of business or profession of the assessee for the purpose of sub-section (1) shall be an amount arrived at in accordance with part ii and part iii of the sixth schedule to the companies act as increased by specified items included in clauses (i) to (vii) of sub-section (3) of section 32ab. ..... 32ab has been inserted by the finance act, 1986, with effect from april, 1987. .....

Parikh Engineering and Body Building Co. Ltd. and anr. Vs. Union of In ...

Court : Patna

..... by the finance act, 1989, the words 'prepared in accordance with the provisions of parts ii and iii of the sixth schedule to the companies act, 1956 (1 of 1956)' occurring in the explanation were deleted and substituted by the words 'prepared under sub-section (1a)', and new sub-section (1a) was inserted as follows : '(1a) every assessee, being a company, shall for the purposes of ..... the amount was, however, taxed in view of the provisions of section 28 of the act as amended by the finance act, 1990 (with effect from april 1, 1967), and accordingly the intimation was issued. ..... this section prepare its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956 (1 of 1956).' 12. ..... the purposes of this section 'book profit' means the net profit as shown in the profit and loss account for the relevant previous year prepared in accordance with the provisions of parts ii and iii of the sixth schedule to the companies act, 1956 (1 of 1956), as increased by-- . .' 11. .....

M/S. Innoventive Industries Ltd Vs. Icici Bank

Court : Supreme Court of India

..... the finance act, 1994 shall be amended in the manner specified in the sixth ..... in the indian partnership act, 1932, the central excise act, 1944, customs act, 1962, income-tax act, 1961, the recovery of debts due to banks and financial institutions act, 1993, the finance act, 1994, the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, the sick industrial companies (special provisions) repeal act, 2003, the payment and settlement systems act, 2007, the limited liability partnership act, 2008, and the ..... the said laws) as may be specified in the notification; (ii) all or any of the agreements, settlements, awards or standing orders made under any of the laws in the schedule to this act, which may be applicable undertaking immediately before it was acquired or the to 90 taken over by the state government or before any loan, guarantee or other financial assistance was provided to it by, or with the approval of ..... official gazette, direct that (a) in relation to any relief undertaking and in respect of the period for which the relief undertaking continues as such under sub-section (2) of section 3 (i) all or any of the laws in the schedule to this act or any provisions thereof shall not apply (and such relief undertaking shall be exempt therefrom), or shall, if so directed by the state government, be applied with such modifications (which do not however affect the policy of .....

Jabalpur Bijlighar Karamchari Panchayat Vs. Jabalpur Electric Supply C ...

Court : Supreme Court of India

Reported in : AIR1972SC70; 1972LabIC3; (1971)2SCC502; [1972]1SCR60

..... by this court was whether the full bench formula should be applied to an electric supply undertaking in preference to the provisions of the different clauses of paragraph xvii of the sixth schedule to the electricity supply act and this court concurred with the view expressed by the labour appellate tribunal that even in such a case the full bench formula should be applied. ..... with regard to rebate to consumers it was argued before the tribunal that it was never paid to the consumers as the sixth schedule to the electricity supply act, under paragraph 11(1) went to show that:if the clear profit of a licensee in any year of account is in excess of the amount of reasonable return, one-third of such excess, not ..... before this court was whether depreciation hould be calculated according to the provisions of the income-tax act and the rules framed thereunder or according to the provisions contained in the seventh schedule the electricity supply act, it was held that the rates prescribed under the rules framed under the income tax act lay down the proper measure of depreciation to be allowed as in the view of this court ..... earnings of the year was accepted by the employees and finally on the failure of negotiations and conciliations, following service of notice under section 32 of the industrial disputes act, the matter had been referred by the government, the employees having pressed for at least 33-1/8 per cent of their total earnings for the year by way of bonus.7. ..... per finance act i. .....

Commissioner of Income-tax, Tamil Nadu-i Vs. Standard Motor Products o ...

Court : Chennai

Reported in : (1980)17CTR(Mad)317; [1981]131ITR300(Mad)

..... iii of the first schedule to the finance act, 1965, the tribunal held that there was no warrant to limit the expressions in the list to the manufacturer of those items alone and that the benefit could be had by any ..... schedule to the finance act ..... granted where the total income included the profits or gains attributable to the business of manufacture or production of any one or more of the articles or things specified in the list in the relevant schedule and that the assessee would be eligible for the allowance even though the relevant components came to be used in the automobiles manufactured. ..... company to which this section applies, where the total income (as computed in accordance with the other provisions of this act) includes any profits and gains attributable to the business of generation or distribution of electricity or any other form of power or of construction, manufacture or production of any one or more of the articles or things specified in the list in the fifty schedule, there shall be allowed a deduction from such profits and gains of an amount equal to eight per cent. ..... the relevant provision of the finance act provides for the rebate of 35% on so much of the total income as consists of profits and gains attributable to the business of the manufacture or production of any one or ..... or distribution of electricity or any other form of power or of construction, manufacture or production of any one or more of the articles or things specified in the list in the sixth schedule. .....

Appeejay Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : 1994(46)ECC180,[1994]206ITR367(Cal)

..... considered that, as there is no specific or separate definition of the expression 'processing' or the expression 'manufacturing' although both the expressions appear in section 2(7)(c) of the finance act, 1978, the tribunal was in error in observing that the end result is tea having a particular blend and no commercially new or different article is produced by this process ..... cit : [1979]120itr342(all) , it was held that section 33 and the fifth schedule and section 80b and the sixth schedule, treat processed seeds as an article obtained by the process of manufacture or production and as such it will be safe to infer that the legislature did not exclude processed seed from the category of manufactured or ..... (26) of the fifth schedule of the income-tax act also speaks of tea ..... (26) of the fifth schedule of the income-tax act speaks of tea and ..... by way of development rebate the machinery and plant installed for the purpose of manufacture or production of tea is eligible for deduction as tea is an article or thing specified in the list in the fifth schedule to the said act. ..... articles and things of the fifth schedule for the purpose of claiming deduction of development rebate under section 33 of the said act. ..... defined but it is approved by schedule v as a manufactured article or ..... the rate in respect of machinery or plant installed for the purposes of business of construction, manufacture or production of any one or more of the articles or things specified in the list in the fifth schedule. .....

Commissioner of Income-tax Vs. Sutna Stone and Lime Co. Ltd.

Court : Kolkata

Reported in : (1982)26CTR(Cal)343,[1982]138ITR37(Cal)

..... was omitted by the finance act, 1972, with effect from april 1, 1973, but which at the relevant time was as follows :'(7) 'priority industry' means the business of generation or distribution of electricity or any other form of power or of construction, manufacture or production of any one or more of the articles or things specified in the list in the sixth schedule or the business of any hotel where such business is carried on by an indian company and the hotel is for the ..... of the case, thetribunal was right in holding that the manufacture of lime by the assesseeout of limestone produced in its quarries was a priority industry withinthe meaning of section 80b(7) of the income-tax act; 1961, read withitem 3 of the sixth schedule to the said act and in that view holdingthat the assessee was entitled to relief under section 80-i of the said actin respect of the profits and gains derived from such manufacture oflime ?'6. ..... profits and gains had to be attributable and not derived from the operation contemplated by the schedule, but the distinction is important because as emphasised by the supreme court in cambay electric ..... there, the other items in schedule v were so inter-linked, that the expression 'metal' was specially signified and in that context the observation was ..... opinion that the profits on the sale of limestone and lime manufactured or sold for the assessee were not eligible for the concession under section 80-i of the act as the assessee itself did not manufacture these items. .....