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Surtax Officer Vs. Industrial Machinery Mfrs. (P.)

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1984)10ITD768(Ahd.)

..... 1,15,000 being the deposit made under the provisions of the companies deposit (surcharge on income-tax) scheme, 1976, as per the provisions of the relevant finance act. ..... the following point of difference is referred to the hon'ble president of the tribunal under section 255(4) of the act : whether, on the facts and in the circumstances of the case, the surtax officer could have initiated the proceedings under section 13 of the companies (profits) surtax act, 1964 1. ..... 1,15,000 allowed to the assessee was a mistake, in view of the explicit provisions of rule 2(i) of the first schedule to the surtax act. ..... 's case (supra) has pointed out there that surcharge is not mentioned in the provisions and a deposit with the idbi cannot be regarded as surcharge, in my view what is relevant is not any insistence on surcharge but a clear interpretation of the provisions of rule 2(i) of the first schedule. ..... also reference to assets and liabilities position to my mind also does not seem to be of any relevance insofar as what we are concerned with is the 'benefit' the assessee was given under rule 1 of the first schedule. ..... this amount was actually not income-tax which could be deducted under rule 2(0 of the first schedule. .....

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 income, which is credited to profit & loss a/c, for the purposes of section 32ab is contrary to the provisions of section 32ab and cannot be sustained. ..... at this stage we may refer to the sixth schedule of the companies act which enumerates the requirement as to profit & loss a/c.clause (3) of part-ii of schedule vi enumerates the various receipts credited to the profit & loss a/c like income from investments, income by way of interest, miscellaneous income and dividend from subsidiary company, etc. ..... profits of business envisaged as above in the ceiling limit are to be computed in accordance with sub-section (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. .....

Walaiti Ram Gupta and Co. Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)38TTJ(Ahd.)108

..... elsewhere in the income-tax act, 1961.4.3 in the case ..... since building is not included in the list specified in the eleventh schedule, we are of the view that, the construction of a building could be said to be manufacture or production of an article or thing and the claim of the assessee accordingly it justified.4.2 the argument of the assessee that, the finance act, 1983, has included in the definition of "industrial company", execution of projects, which has been defined to include construction of buildings is also relevant even though, this definition occurs for purpose of specifying the rate of tax, since the expression "industrial company" has not been defined .....

Shri Ambica Mills Ltd. Vs. Surtax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1984)8ITD576(Ahd.)

..... on appeal the commissioner (appeals) upheld the order on the ground that rule 2(i) of the first schedule to the act is absolutely clear and unambiguous, the provisions of the rule are so clear that specifically it mentions under sub-clauses (b) and (c) the other deductions for additional tax liabilities under the income-tax act, 1961 ('the 1961 act') and, therefore, payments in lieu of surcharge are not covered ..... deposit under the companies deposit (surcharge on income-tax) scheme, 1976, made as per the finance act is to be reduced from the income-tax payable while computing the chargeable profits ..... in this case the surtax officer initiated the proceedings under section 13 of the companies (profits) surtax act, 1964 ('the act'), as can be seen from the relevant extracts of the order reproduced below: on verification of records it is observed that tax on income has been incorrectly considered at ..... the learned commissioner of income-tax (appeals) erred in holding that the ito was justified in rectifying the surtax assessment under section 13 of the companies (profits) surtax act, 1964, by holding that the ito was justified in not deducting the equivalent of the amount payable as surcharge which was actually deposited under the companies deposits (surcharge on income-tax) scheme, 1976. ..... (supra) to plead that even the hon'ble members of the benches have held that the provisions are so clear as not to leave any doubt on the fact that surcharge would not include the amount of deposit. .....

Amp Spg. and Wvg. Mills (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)100ITD142(Ahd.)

..... besides, under entry 82 in list i of the seventh schedule to the constitution, which deals with "taxes on income other than agricultural income" and under which the income-tax act, 1961, has been enacted, parliament cannot "choose to tax as income an item which in no rational sense can be regarded as a citizen's income or even receipt. ..... in interpreting sub-section (2) to consider what was the mischief and defect for which section 52 as it then stood did not provide and which was sought to be remedied by the enactment of sub-section (2) or, in other words, what was the object and purpose of enacting that sub-section and in that connection, the speech made by the finance minister while moving the amendment introducing sub-section (2) was extremely relevant, as it throws considerable light on the object and purpose of the enactment of sub-section (2). ..... it would not be permissible to use the speech of the finance minister to construe the clear language of the statute.15.3 statement of objects and reasons can be referred to for the purpose of ascertaining the circumstances which led to the legislation in order to find out what was the mischief which the legislation aimed at. ..... this also shows that there must be a precedence of the property first and the advance of the loan to the deceased subsequently and resource does not merely refer to the source of finance without any antecedence. .....

Leena J. Shah Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... besides, under entry 82 in list i of the seventh schedule to the constitution, which deals with "taxes on income other than agricultural income" and under which the incom tax act, 1961, has been enacted, parliament cannot choose to tax as income an item which in no rational sense can be regarded as citizen's income or even receipt. ..... 346, dated 30-6-1982 - explanatory notes on the provisions of finance act, 1982 in para 20.2 "with a view to encouraging house construction, the finance act, 1982, has inserted a new section 54f.". ..... surat art silk cloth manufacturers association (1980) 121 itr i (sc) 121 itr, where the speech made by the finance minister while introducing the exclusionary clause in section 2, clause (15), of the act was relied upon by the court for the purpose of ascertaining what was the reason for introducing thal, clause. ..... section 54f inserted by the finance act, 1982, with effect from 1-4-2003. ..... the object and purpose of sub-section (2), as explicated from the speech of the finance minister, was not to strike at honest and bona fide transactions wherethe consideration for the transfer was correctly disclosed by the assessee but to bring within the net of taxation those transactions where the consideration in respect of the transfer was shown at a lesser figure than that actually received by the assessee, so that they do not escape the charge of tax on capital gains by understatement of the consideration. .....

Assistant Commissioner of Income Vs. Modern Cement Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)90ITD170(Ahd.)

..... the matter was carried in appeal before the tribunal and the two members struck a note of difference - the am upholding the order of the cit(a) in deleting the addition and the jm setting aside the issue for fresh examination by the ao with the direction that the assessee should furnish confirmation/ authenticated application forms to the ao who may conduct the necessary enquiries as provided under section 68 of the act to readjudicate the addition afresh in accordance with law and after giving an opportunity of being heard to the assessee.5. ..... credits in question are of the nature of share capital contributed by a large number of shareholders spread all over the country in response to private placement offer of the company, made in accordance with the requirements and procedures as contained under the provisions of the companies act would have to be kept in view while considering the question of onus under the provisions of section 68 of the it act.looked at from this perspective, we feel that the assessee has discharged the onus under section 68 and therefore, the cit(a) has rightly deleted the impugned addition of rs. ..... the question whether section 68 of the act is applicable to the issue of share capital by a company, came for consideration of hon'ble delhi high court (full bench) in the case of sophia finance ltd. .....

Geetanjali Woollens (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1994)50ITD558(Ahd.)

..... means the profit as shown in the p & l a/c for the relevant previous year prepared as per schedule vi of the companies act and the same shall, inter alia, be reduced by : (iv) the amount of the loss or the amount of depreciation which would be required to be set off against the profit of the relevant previous year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956(1 of 1956), are applicable.the learned counsel for the assessee submitted that the unabsorbed loss or unabsorbed depreciation of prior years is required to be set off against the profit of the ..... after considering several representations made in this regard, the finance minister while moving the finance bill proposed certain amendments in the proposed section 115j and agreed with the suggestions and thereby the provisions of section 205 of the companies act, 1956 were incorporated in the form of introducing the present clause (iv) of the explanation to section 115j providing that past losses or unabsorbed depreciation, whichever is less, should be allowed to be set off against the book profit of the current year for purpose of computing book profits in accordance with .....

income-tax Officer Vs. Gitar Laboratories

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)12ITD229(Ahd.)

..... the first schedule to the finance act prescribes rates of income-tax to be charged according to the status of the assessee.paragraph c prescribes the rates for the firms ..... i agree with shri patel that the provisions of section 2(5) of the excess profits tax act, and the provisions of sub-paragraph ii of paragraph c of part i of the first schedule of the finance (no. ..... moreover, sub-paragraph ii of the first schedule of the finance act, 1976, itself comprehends a situation by stating that to be eligible for a lower rate of taxation, it is not necessary that 100 per cent income must come out from profession ; it is sufficient if such income forms part of total income to the extent of 51 per cent at least ..... the controversy, it may be stated, has arisen as a result of the provisions contained in sub-paragraph ii of paragraph c of part i of the first schedule to the finance (no ..... i disagree with the decision taken by my learned brother.reference under section 255(4) of the income-tax act, 1961 -difference of opinion has arisen between the members, who constituted the bench.the following point of difference is referred to the hon'ble president of the tribunal under section 255(4) of the income-tax act, 1961 ('the act'): whether, on the facts and in the circumstances of the case, the assessee partnership firm should be taxed at the rates applicable to the registered professional firms attracting lower rate of tax ..... the finance act, 1976 prescribes the rates at which the income shall be .....

State Bank of Saurashtra Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)24ITD97(Ahd.)

..... of such cases are given to the assessing authorities along with the details of bad debts and such practice is known to the department and also accepted by it.5.6 the quantification of bad and doubtful debts and provision thereof is a necessary process and in the process of drawing up of the profit and loss account and balance sheet of the bank as per the provisions of the banking regulation act, 1949 (section 29 and third schedule of the act), the provision for bad and doubtful debts has to be to the satisfaction of the statutory auditors of the bank is essential. ..... perhaps a time has come when a part of the total advances becoming irrecoverable has to be accepted as normal incident of the banking business and that is why probably a beginning was made in the income-tax act by the finance act, 1979 having inserted clause (vii) to sub- ..... also brought to our notice various circulars and instructions and clarifications issued by ministry of finance in respect of the claim for bad debts by the nationalised banks, how required to be considered in the tax assessment and points required to be borne in mind by the income-tax officials so as to restrain litigation in respect of the bad debt claims. ..... while concluding this ground, the learned representative of the assessee clarified that even with regard to the loss from business the same was required to be treated as claim in respect of the bad debt as per the relevant circular, instruction issued by reserve bank of india/ finance ministry. .....