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Commissioner of Income-tax Vs. Borhat Tea Co. Ltd.

Court : Kolkata

Reported in : [1992]193ITR134(Cal)

..... as such, the gross income under the head 'interests and dividends' included in the said total income has to be ascertained and the tax deductible is to be computed on such income at the rate prescribed by the relevant finance act for the purpose of deduction of tax at source and this amount should be deducted from tax computed under the provisions of section 209 (1) (a) (iii). ..... be ascertained; thereafter, the amount of capital gains and other incomes referred to therein shall be deducted from the said total income and, on the balance, income-tax shall be calculated at the rates in force in the financial years in accordance with the provision of section 192 to 194, section 194a, section 194c, section 194d and section 195 on any income (as computed before allowing any deductions admissible under the act) on which tax is required to be deducted under the said sections and which ..... the default falling under section 273 (1) (b).had the tribunal examined the records, the matter would not have been remanded to the income-tax officer for recomputation of the penalty under section 273 of the act, as the income-tax officer proceeded to levy penalty after giving credit for the tax which was not only deductible but which in fact was deducted within the financial year and the certificate of such deduction had also ..... assessed tax as defined in the explanation to section 271 means tax is reduced by the sum, if any, deducted at source under chapter xvii-b or paid in advance under chapter xvii-c. .....

Cit Vs. Anil Kumar Bhatia

Court : Delhi

..... finance act, 2003, has provided that the provisions of this chapter shall not apply where a search is initiated under section 132, or books of account, other documents or any assets are requisitioned under section 132a after may 31, 2003, by inserting a new section 158bi in the income-tax act ..... state of affairs namely, that in respect of the six assessment years preceding the assessment year relevant to the year in which the search took place there is only one determination of the total income, it has been provided in the second proviso of sub section (1) of section 153a that any proceedings for assessment or reassessment of the assessee which are pending on the date of initiation of the ..... (i) save as otherwise provided in this section, section 153b and section 153c, all other provisions of this act shall apply to the assessment made under this section; (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year. 17. ..... 2006, 2019 and 2020 of 2010 are six appeals filed by the revenue under section 260a of the income tax act, 1961, which is hereafter referred to as the act ..... 1626, 1632, 1998, 2006, 2019 and 2020/2010 page 13 of 31 [(2) if any proceeding initiated or any order of assessment or reassessment made under sub-section (1) has been annulled in appeal or any ..... the appeal filed by the revenue in a consolidated order for the assessment years 2000-01 to 2006-07. .....

income-tax Officer Vs. R. Sivaraman

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. .....

Commissioner of Income Tax Vs. Khoday Industries Ltd.

Court : Karnataka

Reported in : [2006]285ITR523(KAR); [2006]285ITR523(Karn)

..... the explanation to sub-section 7(d) of section 2 of the finance act, 1966, came up for consideration and the board are advised that an 'industrial company' would mean-(i) 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 of goods or in mining, even if its income from such activities is less than 51 per cent of its total income; and(ii) a company which, even though not mainly ..... , 1973 issued by the central board of direct taxes (for short, hereinafter referred to as the 'board') in which, the board had recognised that for being given the benefit of the lower tax rate as an industrial company, it is not necessary for a company to have its income from manufacturing activities to be actually 51 per cent or more of its total income having in any particular year, provided the company be found to be mainly engaged in ..... engaged in the business of generation or distribution of electricity or any other form of power or in the carriage, by road or inland waterways, of passengers 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 via of the it act) is not less than fifty one per cent, of such total .....

Additional Commissioner of Income-tax, Gujarat Vs. Mohanlal P. JaIn an ...

Court : Gujarat

Reported in : [1976]102ITR585(Guj)

..... on or after the 1st day of april, 1969, be made by such person at any time (in one sum or in instalments of his choice) during the financial year immediately preceding such assessment year at the rate or rates specified in this behalf in the annual finance act : provided that the income-tax officer may, in such cases, under such circumstances and subject to such conditions as may be specified in a scheme framed under section 280w, allow a depositor to make a deposit or a further deposit at any time ..... after the expiry of the financial year referred to in clause (ii), and any deposit or further deposit so made shall be deemed to be an annuity deposit for the relevant assessment year for the purposes of this chapter.' 5. ..... during the financial year immediately preceding such assessment year (or such further period as may be allowed be the income-tax officer under the proviso to clause (ii) of sub-section (2) of section 280c), or the amount of annuity deposit made during the financial year or further period aforesaid falls short of the annuity deposit required to be made under this chapter, the amount to be allowed as a deduction under this sub-section shall be nil or, as the case may be, limited to the .....

National Planning and Construction Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1980]122ITR197(Cal)

..... . if the income attributable to any one or more ofthe aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter via of the income-tax act) is not less ..... it appears that the tribunal did not consider the scope and effect of the explanation to clause (c) of section 2(8) of the finance acts, 1974 and 1975, and, therefore, did not enquire nor ascertain what part of the total income of the assessee was attributable to its activity of manufacturing and processing cement and concrete items ..... was mainly engaged in the business of processing and export of fish and claimed that during the relevant accounting period it came within the definition of an ' industrial company ' as defined in the relevant finance act and entitled to be taxed at a concessional rate ..... present reference is whether the assessee is an ' industrial company ' within the meaning of section 2(8)(c) of the finance acts, 1974 and 1975, and as such liable to be taxed at a concessional rate.2. ..... and has referred for the opinion of this court the following question of law :' whether, on the facts and in the circumstances of the case and on a proper interpretation of clause (c) of sub-section (8) of section 2 of the finance acts, 1974 and 1975, the appellate tribunal was justified in holding that the assessee was not an ' industrial company ' and was, therefore, not entitled to the concessional rate of tax applicable to an ' industrial company ' '7. at the hearing dr .....

Eco Valley Farms and Foods Limited Vs. the Commissioner of Central Exc ...

Court : Mumbai

..... clearances of fresh mushrooms effected during the period from 1st june 1998 to 30th november 1999 on the ground that fresh mushrooms classifiable under chapter 7 heading no.0701.00 were liable to pay nil rate of duty under the central excise tariff but as per the proviso to section 3(1) of the 1944 act, in respect of dta clearances of fresh mushrooms, the assessee, a 100% eou was liable to pay excise duty equivalent to the aggregate of the duties of customs ..... the fact that section 11a of the 1944 act as amended by the finance act 2000 empowers the central excise officer to demand excise duty for a period of one year prior to the issuance of show-cause notice even if duty was not paid on account of approved classification list / price list / ..... commissioner of income tax, calcutta reported in (2004) 12 scc 42; birla corporation limited v. ..... retrospectively, the 100% eou unit of the assessee should be permitted / treated to have been relieved from the eou scheme with effect from 1st december 2006, so that with effect from 1st december 2006, the unit of the assessee ceases to be a 100% eou and the clearances effected from that day would be liable for nil rate of duty under the central excise tariff and consequently no demand would be enforceable against the assessee. .....

Commissioner of Income-tax, Central, Kanpur Vs. Raj Kumar Arora

Court : Allahabad

..... finance act, 2003, has provided that the provisions of this chapter shall not apply where a search is initiated under section 132, or books of account, other documents or any assets are requisitioned under section 132a after may 31, 2003, by inserting a new section 158bi in the income-tax act ..... act was introduced in the income tax act by the finance act ..... may, 2003, the assessing officer shall- (a) issue notice to such person requiring him to furnish within such period, as may be specified in the notice, the return of income in respect of each assessment year falling within six assessment years referred to in clause (b), in the prescribed form and verified in the prescribed manner and setting forth such other particulars ..... assessment year relevant to the previous year in which such search is conducted or requisition is made : provided that the assessing officer shall assess or reassess the total income in respect of each assessment year falling within such six assessment years: provided further that assessment or reassessment, if any, relating to any assessment year falling within ..... this section, the tax shall be chargeable at the rate or rates as applicable to ..... provided in this section, section 153b and section 153c, all other provisions of this act shall apply to the assessment made under this section; (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year." 8. .....

income-tax Officer Vs. Kalima Plastics (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)35ITD211(Delhi)

..... year 1982-83, the income from the manufacturing activity was less than 51% of the total income and, therefore, in view of the explanation to section 2(7) of the finance act, 1982, the assessee-company cannot be held to be an industrial company and, therefore, in this case concessional rate of tax at 55% was not applicable.6. ..... : explanation - for the purposes of the clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of six ships or building 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 xvi-a of the income-tax act) is not less than 51% of such total ..... of electricity or any other form of power or in the construction of ships or in the manufacture of processing of goods or in mining, even if its income from such activity is less than 51% of its total income; and (b) a company which, even though mainly not so engaged, derives income in any year 51% or more of its total income from such activities.the explanation to clause(c) of section 2(7) of the finance act, 1982 contains a deeming provision as a result of which a company which, in fact, is not mainly engaged in the business of generation or distribution .....

Commissioner of Income-tax, Delhi-i Vs. Minocha Brothers P. Ltd.

Court : Delhi

Reported in : (1986)52CTR(Del)346; [1986]160ITR134(Delhi)

..... it was accordingly held that the concessional rates of income-tax specified in section 2(6)(c) of the finance acts of 1971 and 1972 were applicable to the assessed and the chargeable rate was 55%. ..... 2 the question referred to us in the two assessment years is as follows : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessed company was an industrial company entitled to be taxed at the concessional rates prescribed under section 2(6)(c) of the finance acts of 1971 and 1972 for the assessment years 1971-72 and 1972-73 ?' 3. ..... the short point for decision is the rate of income-tax chargeable on the company. ..... held that the main business of the assessed company was construction business and any step involved in that construction business was only ancillary to the construction activity of the assessed and, hence, the concessional rate specified in the finance act, 1964, was not applicable in relation to super-tax. 8. ..... - for the purposes of this clause, a company shall be deemed to be 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 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. .....