Court : Kolkata
Reported in : [1971]80ITR200(Cal)
..... pal referred to the statement of objects and reasons in respect of clause 38 of the finance bill, 1965, which was subsequently enacted as section 38 of the finance act, 1965, effecting the aforesaid amendment in section 131 of the act, which are as follows :'clause 38 seeks to amend section 131 of the income-tax act to confer on the inspecting assistant commissioner of income-tax the powers of discovery and inspection, enforcing attendance of any person, including any officer of a banking company, and examining him on oath, compelling production of books of account and ..... by section 38 of the finance act, 1965, the name of the inspecting assistant commissioner was inserted between the appellate assistant commissioner and the commissioner. ..... with the object of bringing in an additional officer who would be entitled to exercise the authority under section 131 the amendment was effected in 1965, and clearly the legislature did not contemplate this section to authorise anybody else except the persons named therein to exercise the powers conferred by the section.further, in my opinion, the maxim generalia specialibus non derogant is applicable to this case and section 135 cannot be utilised by respondent no. ..... pal, the learned advocate for the petitioner, is that, as the director of inspection was not one of the authorities mentioned in section 131, either before or after its amendment in 1965, the respondent no. .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]132ITR481(Cal)
..... the dividend income of a shareholder in a foreign company was only the net dividend ; but the english finance act, 1965, amended the previous law. ..... under section 47(1) to (4) of the english finance act, 1965, the dividend income of a shareholder in an english company is the ..... now to consider the provisions of section 47(1) and (3) of the english finance act, 1965. ..... the provisions of section 47(3) of the english finance act, 1965, runs thus:' where, in the year 1966-67 or any later year of assessment, a company resident in the united kingdom makes any distribution, not beinga payment of interest other than yearly interest, nor a payment in respect of which deductions or repayments of income tax may fall to be made under section 157 (pay as you earn) of the income tax act, 1952, the company shall under this sub-section account for and ..... section 47(1) is as follows :' except as otherwise provided by this part of this act, corporation tax shall not be chargeable on dividends and other distributions of a company resident in the united kingdom, nor shall any such dividends or distributions be taken into account in computing income for corporation tax; but income tax for a year of assessment after the year 1965-66 shall be chargeable under a new schedule f in respect of dividends and other distributions in that year of a company resident in ..... the gross dividend thereof, which is to be included in the total income of a shareholder resident in india by virtue of section 51 of the act of 1961.5. .....
Tag this Judgment!Court : Kolkata
Reported in : (1982)29CTR(Cal)64,[1983]141ITR531(Cal)
..... by an amendment introduced retrospectively by section 6 of the 2nd finance act, 1965, a proviso was added which stipulates as follows :'provided that in determining the written down value in respect of buildings, machinery or plant for the purposes of clause (ii) of subsection (1) of section 32, 'depreciation actually allowed' shall not include depreciation allowed under sub-clauses (a), (b) and (c) of clause (vi) of sub-section (2) of section 10 of the indian income-tax act, 1922 (xi of 1922), where such depreciation was not deductible in determining the written down value for the purposes of the ..... by the amendments made by the income-tax (amendment) act, 1946, the finance act, 1955, and the finance act, 1956, certain initial depreciation was allowed in respect of bnildings newly erected or the machinery and plant newly installed. ..... all these new forms of allowances came into force later and particularly the allowance of initial depreciation was introduced by the indian income-tax (amendment) act (8 of 1946), but the words in section 10(5) denning ' written down value ' to include in the case of assets acquired before the previous year, all depreciation actually allowed to an assessee continued to operate throughout. ..... the purpose of this amendment has been explained in the notes on clauses of the finance act no. .....
Tag this Judgment!Court : Kolkata
Reported in : (1985)49CTR(Cal)28,[1985]154ITR308(Cal)
..... by section 9 of the amending act, an explanation was provided to the following effect (see [1965] 58 itr 3) :'in this section, 'charitable purpose' does not include any purpose the whole or substantially the whole of which is of a ..... the distinction between a charitable purpose and a religious purpose is implicit in section 88 of the act also because that section contains a separate provision for a rebate of income-tax in respect of donations made for the purpose of renovation or repair of a temple, mosque, gurdwara, church or any other place notified by the government to be of historic, archaeological or artistic importance or to be a ..... this interpretation will have the effect of widening the scope of the above-mentioned provision in the income-tax act by way of enabling assessees to claim a rebate of income-tax in respect of donations made to institutions or funds established for a religious ..... 1965, the reasons for providing the explanation was stated as under (see [1965] 57 itr 68) :'donations made by an assessee to an institution or fund established in india for a charitable purpose qualify for a rebate of income-tax, subject to certain monetary limits, under section 88 of the income-tax act. ..... the deduction from the total income that was allowable under section 88 was only in respect of donations to certain specified institutions or to any institution or fund established in india for a ..... section 88 was amended by finance ..... memorandum explaining the provisions of the finance (no. .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]70ITR53(Cal)
..... 'in making the aforesaid observations their lordships were not oblivious of the amendment introduced to section 10 of the estate duty act, by the finance act of 1965, by which there was a proviso added to the effect that a house or a part thereof taken under gift made to the spouse, son, daughter, brother or sister, shall not be deemed to pass on the donors death ..... estate on the they that the gifted properties also passed on the death of the deceased.if the properties covered by the deed of gift did not fall outside the mischief of section 10, then they should be treated as property passing also under section 5 of the act.in the view that we take, we answer the question referred to this court in the affirmative and against the assessee.the assessee must pay costs of this reference to the ..... the deceased to his son, only meant that this was something which the deceased did not then purport to give and which should be ignored for purpose of liability under section 10 of the act.the board dismissed the appeal holding, inter alia, that the gifted properties were correctly included in the estate of the deceased as property deemed to have passed on the death, under ..... earl gray, with regard to an analogous provision under section 38(2) of the customs and inland revenue act, 1881, as amended by section 11 of the customs and island revenue act, 1889.the second part of the section has two limbs : the deceased must be entirely excluded, (i) from the property, and (ii) from any benefit .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]209ITR572(Cal)
..... , i add my own observations, although the appeal was presented to us as raising the sole question whether the indexation allowance provided for by sections 86 and 87 of the finance act 1982, as amended by the finance act 1985, was to be taken into account before or after the application of the time-apportionment provisions of paragraph 11 of schedule 5 to the capital gains tax act 1979 both statutory provisions have a legislative history and were originally set in different contexts to those in which they have to be construed after ..... quoted market value on that day was to be assumed to be the value at which the taxpayer had acquired the, but if the market value when he actually acquired the securities was higher than that on 6 april 1965, so that the assumption that the asset had been acquired at the later value resulted in a greater gain accruing to the taxpayer or a gain where there would otherwise be a loss, or if on that assumption a loss would accrue where ..... where the form of section 28 of the act of 1979 which reproduces, but not in identical terms, the provisions found in section 22(9) and (10) of the finance act 1965 was dictated by changes within the act of 1979, i have been unable to discern, but i see no reason to assume that any change in the basic principle that only gains accruing after 6 april 1965 were to be chargeable to tax was intended. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10-86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head 'income from ..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) ..... year 1965-66 onwards disclosing income under the head 'income from other sources' and that the revenue had also been assessing the said income under the same head, in the light of amendment in sections 27(iiib) and 269ua(f), are of ..... he also contended that there was no change in facts right from the year 1965, and the revenue has consistently accepted the assessable source of income under the head 'income from ..... jayaswal & ors (huf) in respect of property situated at p-117 lake terace, kolkata for a period of 21 years commencing from 1st day of january 1965, at a monthly lease rent of rs. ..... had been made by the revenue authorities on the basis of the law prevailing in the assessment years 1965-66 to 1988-89. ..... the settled law that the income derived by the assessee from sub-letting of the immovable property was assessed under the head 'income from other sources' right from the assessment year 1965-66 onwards. .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)25CTR(Cal)75,[1982]137ITR777(Cal)
..... such a company is not chargeable to corporation tax thereon (finance act, 1965, section 50(2)(a)), and so is not exempt from income-tax (finance act, 1965, section 46(2)(b)), unless under a double taxation convention.' 14. ..... (finance act, 1965 section 48(1)). ..... it was urged on behalf of the assessee that section 47(1) of the finance act of 1965, inter alia, provided that except as otherwise provided. ..... it appears to us that under sub-section (2) of the finance act, 1965 of england, income-tax under schedule f for any assessment year shall be charged in respect of any distribution made in the year on such sum as after deduction of income-tax actually made, and, subject to any enactment to the ..... company, and continued to remain exempt from income-tax in respect of his dividend income both before and after the finance act of 1965, by reason of section 190 of the english income tax act, 1952. ..... he in this connection drew our attention to section 46 of the finance act of 1965, of england and referred to the other relevant sections. ..... therefore, we are of the opinion, so far as the position before the introduction of the finance act, 1965, in england is concerned, it is indisputable that in order to be taxable in the hands of the assessee, resident in india it must come under section 5(1){a) or (b) or (c). ..... therefore, the effect of the said amendment was that the deducted amount became the deemed income for the purpose of the income-tax. ..... law both before and after its amendment by the u.k. .....
Tag this Judgment!Court : Kolkata
Reported in : 76CWN1,[1972]86ITR219(Cal)
..... the finance act, 1965, introduced chapter xxiib comprising sections 280y to 280ze of the income-tax act, 1961. ..... 1226: 'in exercise of the powers conferred by section 280ze of the income-tax act, 1961, read with section 280zc thereof and of all other powers enabling it in this behalf, the central government hereby makes the following further amendments to the tax credit certificate (exports) scheme, 1965, namely :-- in the said scheme, in paragraph 3,-- (a) in sub-paragraph (1), the brackets and figure '(1)' at the commencement shall be omitted and before the table, the following proviso shall be inserted, namely :-- 'provided ..... this notification reads as follows:'in exercise of the powers conferred by section 280ze of the income-tax act, 1961, read with section 280zc thereof and of all other powers enabling it in this behalf, the central government hereby makes the following further amendment to the tax credit certificate (exports) scheme, 1965, namely:-- in the said scheme, paragraph 3 shall be re-numbered as sub-paragraph (1) of that paragraph and after sub-paragraph (1) as so re-numbered (as sub-paragraph (1) of that paragraph), the following sub .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]205ITR126(Cal)
..... by the amendments made by the income-tax (amendment) act, 1946, the finance act, 1955, and the finance act, 1956, certain initial depreciation was allowed in respect of buildings newly erected or machinery and plant newly installed. ..... therefore, as per the definition of 'written down value', the initial depreciation cannot come within the ambit of the expression 'depreciation actually allowed', and that the meaning of the written down value in section 43(6) shall be its meaning for section 80j as well by virtue of the explanation 3 below section 80j(1a)(ii) and thus the value of depreciable assets should be taken at the written down value determined on the basis of normal depreciation as well as initial depreciation allowed.13. ..... to the assessee less all depreciation acutally allowed to him under this act ; or under the indian income-tax act, 1922 (11 of 1922), or any act repealed by that act, or under any executive orders issued when the indian income-tax act, 1886 (2 of 1886), was in force : provided that in determining the written down value in respect of buildings, machinery or plant for the purposes of clause (ii) of sub-section (1) of section 32, 'depreciation actually allowed' shall not include depreciation allowed under sub ..... 2) act, 1965. ..... 2) act, 1965, with retrospective effect from april 1, 1962, there was no scheme for initial depreciation over and above the normal depreciation. .....
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