Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD515(Ahd.)
..... approved. the tax is to be deducted at the rates in force on amounts paid to the non-resident. this is provided in section 195(1). rates in force would have regard to the rates prescribed by the finance acts. a point has been raised before us that the assessee is entitled to deduct tax in the light of the provisions of first ..... 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. the commissioner also erred in upholding the enhanced rate. as a matter of fact, on account of the grossing up the actual ..... 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. the deduction is to be made, however, only on the actual payment to the non-resident. in our opinion, therefore, the ito is in error in expecting or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD837(Ahd.)
..... of the assessee was raised in the context of concessional rate of 55 per cent being applicable in the case of an "industrial company" as defined in section 2(9) of the finance act, 1976, the relevant clause being sub-clause (c). an "industrial company" for the purpose of this appeal will mean a company which is mainly engaged ..... 11. on a careful consideration of the rival submissions, we are unable to hold for the assessee that it is an "industrial company" within the meaning of section 2(9) of the finance act, 1976. shri shah has quoted one of the meanings given in the dictionary as under : to treat by a special process ; e.g., to reproduce ..... payment of labour charges and the issue was whether this activity on the part of the assessee gave rise to an "industrial undertaking" within the meaning of section 5(1)(xxxii) of the wealth-tax act. obviously, the position involved here is different. none of the authorities, namely, cit v. mubamkali khan (supra), addl. cit v. farrukhabad cold storage .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD810(Ahd.)
..... and this aspect had not been considered by the patna bench of the tribunal and also having regard to the provisions of section 70(2)(ii) of the income-tax act, 196] ("the act"), which provides for the carry forward of capital losses, he came to the conclusion that the interest received by the assessee ..... its shares. part of the salary of the secretary, finance manager and stenographer, could be attributed to these activities. the expenditure of rs. ..... expenditure was incurred was for the purposes of the business and allowable under section 37 of the act. even if the claim were to be considered under the head "income from other sources", the conditions prescribed under section 57 (hi) of the act were satisfied. the assessee had to incur considerable expenditure in getting subscribers for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD973(Ahd.)
..... considered by the supreme court in the provision quoted in the judgment and the scheme of the same section prior to amendment by the finance (no. 2) act, 1980, was the same but a material change has been affected by the finance (no. 2) act, 1980. the concept of the persons on whose behalf or for whose benefit the assets are held ..... of one and one-half per cent, whichever course would be more beneficial to the revenue.the sub-section after amendment by the finance (no. 2) act, 1980, applicable in this assessment, year reads as under : (4) notwithstanding anything contained in this section, where the shares of the persons on whose behalf or for whose benefit any such assets are ..... assessment year 1980-81. the assessee is a discretionary trust which is taxed under section 21(4) of the wealth-tax act, 1957. we may point out at the outset that in this assessment, the wto has acted under section 21(4), as amended by the finance (no. 2) act, 1980, with effect from 1-4-1980, and he brought to tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD1044(Ahd.)
..... thus : ...the benefit of unabsorbed depreciation could be availed of by an assessee in any subsequent year without satisfaction of the preconditions attaching to sub-section (1) of section 32 of the act and it is not necessary that in such subsequent year the assessee actually carried on the business and the asset in question was used for the ..... 1966.for the assessment year under appeal the assessee has derived income from interest and rent chargeable under the head "income from other sources" under section 56, read with section 57, of the act. for the assessment year 1977-78, the assessee submitted his return showing a total income of rs. 82,226, comprising interest income of rs. ..... . the principle laid down in the decision of the bombay high court came up for consideration before the bombay high court in the case of cit v. estate & finance ltd. [1978] 111 itr 119 and in that decision the principle laid in sahu rubbers (supra) was not followed. while dealing with the latter decision, it is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)8ITD354(Ahd.)
..... facilities to its members by the assessee. in absence of meterial in this regard, the tribunal proceeded to bifurcate the income from investment chargeable under section 18 of the act and under section 81(i)(a) as they then stood. in the present case, therefore, it is necessary to examine the main aspeot of the matter whether ..... of the bank. (v) to grant financial assistance to societies functioning mainly for the purposes of promoting schemes of land improvement. (vi) to organise and finance such societies, associations or unions from amongst the members of the bank for the purpose of service and supply of mechanical and farm equipments for agricultural and irrigation ..... governed through its bye-laws and instructions issued by the rbi as also the state government from time to time. in order to meet the resources of finance for the business, the assessee-company had resorted to floating of debentures, borrowings from banks and deposits from public at interest. the bye-laws also permit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)3ITD330(Ahd.)
..... the amount of remission constituted income of the assessee and he relied upon section 28(iv) of the income-tax act, 1961 ('the act') and the ratio of the delhi high court decision in the case of k.s. malik v. cit [1980] 124 itr 522.2. the ..... patel, the learned counsel of the assessee, contended that the assessment year 1977-78 was the second year of the existence of the assessee partnership and the business of financing carried on by it stopped-after the first year and no business was carried on in the accounting period 1-4-1976 to 31-3-1977 relevant to assessment year ..... that the money so forgone represents nothing but benefit obtained by the firm from carrying on the business, more particularly so because the business of the firm is of financing. he ultimately held that the remission of debt by certain creditors constituted advantage to the firm and that advantage had direct nexus with the business of the firm and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD600(Ahd.)
..... court in the cases of tarulata (supra) and sundaram iyengar (supra).10. having regard to the above discussion, we are inclined to hold that section 2(8) of the finance act, 1976, contemplates that the amount deposited by the assessee-company under the scheme framed by the government will reduce the assessee's surcharge liability to ..... framed by the government under the companies deposits (surcharge of income-tax) scheme, 1976, clearly envisages deposits and not payments.as already pointed out, section 2(8) of the finance act, 1976, does not treat the amount of deposit as a payment towards the surcharge liability. it only provides for reduction of the surcharge liability to ..... profits. the claim was that the deposit of rs. 22,100 under the aforesaid scheme was nothing but a payment of surcharge as envisaged under section 2(8) of the finance act, 1976. both the sto and the commissioner (appeals) rejected the claim holding that for the purpose of computing the chargeable profits the income-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)5ITD242(Ahd.)
..... words 'in respect of expenditure incidental to the employment of the assessee' still existed and these words were substituted by the words 'a deduction of by the finance (no. 2) act, 1980, with effect from 1-4-1981. because of the absence of this amendment, the question of giving meaning to the word 'employment' has arisen ..... (appeals) has erred in law and on facts in holding that the assessee is entitled to full deduction of rs. 3,500 under section 16(i) of the income-tax act, 1961'.4. section 16(i) grants deduction to the assessee from salary. however, the provisos reduce that deduction in certain circumstances stated therein. if those circumstances ..... to the position that where an assessee is under different employments the income from each employment has to be separately worked out. section 15 and section 16 along with the other relevant sections such as section 17 support this and not a contrary view. there is no support for the proposition advanced by the learned counsel for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD68(Ahd.)
..... to the effect that in computing the 'chargeable profits' the penal interest paid as aforesaid should be allowed as a deduction on general commercial principles. now section 4 of the act levies a charge on the chargeable profits of the previous year, which exceeds statutory deduction, at the rate or rates specified in the third schedule. the ..... ascertaining the amount deemed to be distributed as dividend, no deduction could be made in respect of interest charged under section 18a of the 1922 act. interest chargeable under section 18a(8) was interest and not tax. section 23a spoke of deduction only of income-tax and super-tax, no deduction could be made in respect of this ..... expression 'chargeable profits' is defined in section 2(5) of the act which means total income of an assessee computed under the 1961 act for any previous year or years, as the case may be, and adjusted in accordance with the provisions of the .....
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