Court : Mumbai
Reported in : [1999]237ITR472(Bom)
..... to the object of the amendment, we do not find merit in the contention advanced on behalf of the assessee that the finance act, 1974, cannot apply to gratuities received by the employees of the statutory corporations prior to april 1, 1975, in the matter of aggregation ..... as discussed hereinabove, prior to the finance act, 1974, gratuities received by the employees of the statutory corporations fell within the first part of the above quoted old section 10(10) whereas under the finance act, 1974, such gratuities fall under the expression 'any other gratuity' referred to in sub- clause ..... a bare reading of the above section as it stood before the amendment by the finance act, 1974, shows that gratuity payable to the employees of the government, local authority or a statutory corporation was totally exempted from payment of income-tax, whereas any other gratuity notexceeding 15 days' salary ..... 1968 section 10(10), as it then stood, gave full exemption to gratuity received from the statutory corporation, the finance act, 1974, which came into force on april 1, 1975, cannot be read retrospectively. ..... 10(10) as amended by the finance act, 1974, consists of three sub-clauses ..... he further contended that the finance act of 1974 came into force only with ..... accordingly, after the finance act, 1974, section 10(10) read as follows during the relevant assessment year 1977-78 :'(10)(i) any death-cum-retirement gratuity received under the revised pension rules of the central government or, as the case may .....
Tag this Judgment!Court : Chennai
Reported in : (1999)151CTR(Mad)188; [1998]233ITR391(Mad)
..... order to claim the benefit of development rebate, the assessee should not only satisfy the conditions prescribed in section 16 of the finance act, 1974, but should also fulfil the requirements of section 33 of the income-tax act and if it fails to satisfy any one of the conditions contained in any of the provisions, the claim of the assessee ..... for the purpose of business is a sine qua non for the grant of development rebate, notwithstanding the provisions of section 16 of the finance act, 1974, extending the benefit of development rebate, the tribunal is directed to consider and give a finding regarding the user of the machinery in ..... the appellate tribunal relied upon a circular of the board which reads as under :'by the finance act, 1974 (20 of 1974), in section 16 thereof, an independent provision was made so as to continue the development rebate for a specified period in the following cases : (a) in the case of a ship acquired after 31 may, 1974, but before 1 june, 1975, if the taxpayer furnishes evidence to the satisfaction of the assessing officer that he had entered into a contract for the purpose ..... that the assessee had entered into contract for the purchase of machineries before 1st day of december, 1973, and if such condition is satisfied, section 16 of the finance act,, 1974, provides that in case any machinery or plant was 'installed' by the assessee after may 31, 1974, but before june 1, 1975, the notification withdrawing the development rebate would not apply. .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]210ITR570(Bom)
..... this bring us to the second condition which the assessee must fulfil under section 16(c) of the finance act, 1974, namely, that before december 1, 1973, the assessee should have either purchased such machinery or plant or should have entered into a contract for ..... reasons for incorporation of section 16(c) in the finance act, 1974, are set out in circular no. ..... section 16(c) of the finance act, 1974, however, has an express requirement that the machinery or plant should be installed by ..... under the finance act, 1974, however, the government of india provided, by reason of section 16(c), for continuance of development rebate in ..... was made under section 33(4) of the income-tax act, 1961, read with section 16(c) of the finance act, 1974. ..... of the assessee cannot be accepted looking to the specific language used in section 16(c) of the finance act, 1974. ..... learned advocate for the revenue, has, therefore, submitted that the assessee-company not having installed the machinery in question, cannot claim the benefit of section 16(c) of the finance act, 1974. 10. ..... 2167, dated the 28th day of may, 1971, issued under sub-section (5) of section 33 of the income-tax act shall not apply in respect of - (c) any machinery or plant (not being machinery or plant referred to in clause (b)) installed by any assessee after the 31st day of may, 1974, but before the 1st day of june, 1975, if the assessee furnishes evidence to the satisfaction of the income-tax officer that before the 1st day of december, 1973, .....
Tag this Judgment!Court : Kerala
Reported in : [1980]121ITR178(Ker)
..... .: section 2(6), 2(7)(e) and part iv of the 1st schedule of the finance act, 1973;and section 2(2), 2(7)(b)(ii) and 2(8)(e) and part iv of schedule i to the finance act, 1974 ..... these writ petitions attack the constitutional validity of section 2(6), 2(7)(e) and part iv of the 1st schedule of the finance act, 1973 ; and also sections 2(2), 2(7)(b)(ii), 2(8)(e) and part iv of the finance act, 1974. ..... the petitioners have alleged in these writ petitions that if the two modes of income are to be aggregated and income-tax charged as provided by the finance acts of 1973 and 1974 there is a vast difference in the incidence as well as the operation of the tax (see for instance para. 4 of o.p. no. ..... we would accordingly reject the first of the contentions of counsel for the assessee that the impugned provisions of the finance acts of 1973 and 1974, outrun the embankments provided by sections 4, 66 and 110 of the i.t. ..... even if one considers the dividends as having come out of the profits of preceding years, they do not become the income of the relevant previous year, and unless the finance act expressly laid down that it should be taxed as part of the total income, the purpose is not achieved. ..... in the result, we reject the contentions raised against the validity of the impugned provisions of the finance act of 1973 and of 1974 viz ..... the provisions of the finance act providing for this mode of aggregation of agricultural and non-agricultural incomes came into force from the assessment year 1974-75. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1984)41CTR(AP)162; [1984]148ITR440(AP)
..... of the para a of the schedule i to the finance act, 1974, and not as per sub-paragraph i ?' 10. ..... of para a of schedule i to the finance act, 1974, and not as per sub-para. i. ..... ii of para a of schedule i to the finance act, 1974, in view of the partition in which she took a ..... ii of para a of schedule i to the finance act, 1974, as in his opinion there was at least one member of the huf having an income exceeding the taxable limit, inasmuch as the petitioner did not fill in the particulars as per ..... para a of schedule i to the finance act, 1974. 50. ..... to the finance act, 1974. r.c. ..... to the finance act, 1974. 4 ..... the wife was in lieu of maintenance according to the benaras school and, hence there was no maintenance claim on the husband's share and that the assessee fell under the rule in krishna prasad's case : [1974]97itr493(sc) , which was an exception to the rule in gowli buddanna : [1966]60itr293(sc) . 34. ..... 84/81 arise in the case of sri premchand for the assessment years 1974-75, 1975-76 and 1976-77 respectively, and in all these cases the tribunal held against the contention of sri premchand and followed its decision in ..... female here is very must 'in existence' in the family even after partition, as the assessee's wife, and that distinguished the case from krishna prasad's case : [1974]97itr493(sc) , where no female at all was in existence. 37. ..... suffice it to say that krishna prasad's case : [1974]97itr493(sc) was treated as an exception to the rule in gowli buddanna's case : [1966] .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)50CTR(Guj)37; [1987]163ITR237(Guj)
..... whether, the finding of the tribunal that the activity of the assessee of pulverising bentonite was an industry within the meaning of section 2(8)(c) of the finance act, 1974, and hence the assessee was an industrial company is correct in law and sustainable from the material on record ? ..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that the assessee was an industrial company under section 2(8)(c) of the finance act, 1974, and entitled to benefit of concessional rate of tax 2. ..... before adverting to the decisions cited, it would be necessary to point out that the definition of the expression 'industrial company' given in section 2(8)(c) of the finance act, 1974, means a company which is mainly engaged....... ..... to the conclusion that the activity of the assessee-company, therefore, could be described as the activity of 'processing of goods' as coming within the meaning of the expression set out in the definition of 'industrial company' under section 2(8)(e) of the finance act, 1974. 10. ..... it was urged that the industrial company included a company whose business consisted of processing of goods under the provisions of finance act, 1974. ..... this word has not been defined in the act and it must therefore be interpreted according to its plain natural meaning. ..... the assessment year is 1974-75. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2005]273ITR375(MP)
..... however, section 16 of the finance act, 1974, made an exception and provided that on fulfilment of the conditions stipulated in section 16(a), (b) and (c), the benefit will ..... order dated november 21,1980, (annexure a), disallowed the claim of development rebate of the assessee, inter alia, on the ground that the same does not satisfy the requirement of section 16(c) of the finance act, 1974. ..... this view of the matter and under these circumstances, one of the essential conditions necessary for claiming development rebate provided in section 16(c) of the finance act is not satisfied and hence the assessee was not eligible/qualified to claim the benefit of development rebate by virtue of the notification dated may ..... , even this submission has to be tested in the context of requirement of section 16(c) of the finance act. ..... a mere perusal of section 16(c) quoted supra would make it manifest that in order to claim development rebate on plant/machinery installed after may 31, 1974, but before june 1, 1975, after the issuance of the notification dated may 28, 1971, it is obligatory upon an assessee to furnish evidence to the satisfaction of the income-tax officer that before december 1, 1973, ..... exercise of the powers conferred by section 33(5) of the income-tax act, the central government hereby directs that the deduction in respect of development rebate under section 33 of the said act shall not be allowed in respect of a ship acquired or machinery or plant installed after may 31, 1974. .....
Tag this Judgment!Court : Kerala
Reported in : [1995]214ITR195(Ker)
..... the assessee becomes entitled to the development rebate under the extension granted by section 16 of the finance act, 1974, in a case where the machinery had been manufactured in undertakings owned by it and steps in that direction had been taken ..... the revenue: whether, on the facts and in the circumstances of the case, and also on an interpretation of section 16(c) of the finance act, 1974, is the assessee entitled to development rebate on the eight items listed in paragraph 2 of the order of the tribunal on the basis that the assessee must be taken to have manufactured this plant within the meaning of the term 'manufacture' appearing in clause (c) of section 16 of the finance act, 1975?' 2. ..... but section 16 of the finance act, 1974, extended the benefit to a limited extent ..... on the provisions of section 16(c) of the finance act, 1974. ..... it provided that development rebate will be allowed in respect of any machinery or plant installed by any assessee after may 31, 1974, but before the first day of june, 1975, if the asessee furnished evidence to the satisfaction of the income-tax officer that before the first day of december, 1973, he had purchased such machinery ..... appealability in relation to the liability for interest under sections 139(8) and 215 of the act has been the subject of consideration by the supreme court in central provinces manganese ore ..... section 33 of the income-tax act allowing development rebate were operative only up to may 31, 1974, by virtue of notification no .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]142ITR503(Guj)
..... expression 'manufacture or processing of goods' has not been defined by the finance act, 1973, or the finance act, 1974. ..... 2(8)(c) of the finance act, 1974, is the same. ..... 2(8)(c) of the finance act, 1974, and except for this difference, in substance, the question involved in that reference is the same because the definition of industrial company in ..... 2(6)(d) of the finance act, 1968, observed that it was evident from the context in which that word was used, that it was complementary to the term 'manufacture' and, therefore, would not cover manufacture ..... is identical, namely : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the assessee is entitled to be treated as an industrial company under section 2(7)(c) of the finance act, 1973 ?' 3. ..... 2(7)(c) of the finance act, 1973, and, therefore, the order of the commissioner directing levy of tax at the rate of 65 per ..... of the finance act, 1973. ..... of the finance act, 1973. ..... have, therefore, to consider whether the tribunal was right in coming to the conclusion that pressing of loose cotton into bales amounts to processing of cotton within the meaning of the definition of 'industrial company' in the two relevant finance acts. 6. ..... of cotton amounts to processing of goods within the meaning of the definition of the term 'industrial company' and, therefore, the assessee is entitled to the tax concession available to such companies by virtue of the aforesaid two finance acts. .....
Tag this Judgment!Court : Chennai
Reported in : (1995)127CTR(Mad)207; [1995]214ITR44(Mad)
..... learned standing counsel for the department submitted that if a company is mainly engaged in the business of manufacture and processing of goods, it would qualify itself to be described as an industrial company under section 2(8)(c) of the finance act, 1974, and the tax should be levied at a concessional rate of 55 per cent. ..... the facts and in the circumstances of the case, the appellate tribunal was right in holding that the assessee should be treated as an 'industrial company' within the meaning of section 2(8)(c) of the finance act, 1974, and that the rate of tax to be adopted should be 55 percent. ..... of the provisions contained in section 2(8)(c) of the finance act, 1974. ..... the appellate assistant commissioner pointed out that the goods of the assessee are covered by item 50 of schedule v of the income-tax act which speaks of process (including frozen fish and fish products). ..... moreover, in view of item 30 in schedule v of the income-tax act, 1961, which item covered processed (including frozen) fish and fish products, a person who owned machinery or plant engaged in the manufacture or production of processed fish (including frozen) and fish products was ..... the machinery installed by it as per section 33(1)(b)(b)(i)(b) of the income-tax act for the assessment years 1974-75 3. ..... the facts and in the circumstances of the case, the appellate tribunal was right in holding that the assessee is entitled to relief under section 80j of the income-tax act, 1961, for the assessment year 1974-75 2. .....
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