Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD600(Ahd.)
..... by the company for the assessment year commencing on the 1st day of april, 1977,- (i) in a case where the amount of deposit so made is equal to or exceeds the amount of surcharge on income-tax payable by it, shall be nil; and (ii) in a case where the amount of the deposit so made falls short of the amount of surcharge on income-tax payable by it, shall be reduced by the amount of the deposit.corresponding provisions are found in section 2(1) of the finance (no.2) act, 1977. ..... (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount- it being a common ground that income-tax includes surcharge on income-tax, we have ..... to the relevant provisions of the finance acts, 1976 and 1977, rule 2(i) of the first schedule to the act, notes on clauses [ [1976 ..... for this purpose it becomes necessary to refer to the provisions of section 2(8) of the finance act, 1976, which reads as under : (8) where an assessee, being a company, makes, during the financial year commencing on the 1st day of april, 1976, any deposit with the industrial development bank of india established under the industrial development bank of india act, 1964 (18 of 1964), under any such scheme as the central government may, by notification in .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1994SC2740; [1994]209ITR877(SC); JT1994(5)SC40; 1994(3)SCALE632; 1995Supp(1)SCC41; [1994]Supp2SCR376
..... (b) of sub-section (2), which referred to articles and things in the ninth schedule and the legislative change brought about by finance (no.2) act of 1977 with effect from april 1,1978. ..... inserted by finance (no.2) act, 1977 by way ..... assessee; or(ii) who install new machinery or plant in an industrial undertaking for the purposes only of business of construction, manufacture or production of any article or thing not specified in the eleventh schedule to the income-tax act.in the case of small scale industrial undertaking, this benefit is not denied even if such an undertaking produces a non- priority item listed in the eleventh schedule, like alcoholic spirits, tobacco preparations, cosmetics, etc. ..... so for as the contention of sri palkhivala that in view of the said answer given by the minister of state for finance in the parliament, the government of india ought to have instructed its counsel not to file the said appeals or that it ought to have instructed its counsel not to press the said appeals is concerned, we are ..... so far as opinion of the law ministry and the reply of the minister of state for finance in the parliament is concerned, we are of the opinion they are not of much relevance on the construction of the said ..... 2) act of 1977, with ..... 5495 dated 11.12.1987 reads thus :(a) investment allowance under section 32a of the income tax act is allowable in respect of new plant and machinery which is installed and used for the purposes of business of construction, manufacture or .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (1988)(17)ECC12
..... but in the present instance having regard to the definition of the term "textured yarn" in the entry as in force during the relevant period and as substituted by the finance act, 1977, reading exactly the same, that is to say "textured yarn" means yarn that has been processed to introduce crimps, coils, loops or curls along the length of the filaments and shall include bulked yarn and ..... in this connection, it is to be noted that in the entry as substituted by the finance act, 1977, textured yarn figures clearly and only under the main heading "man-made filament yarns"; this, to my mind, is a clear indication of the position that the term "textured yarn" was meant to cover only processed ..... the basis for this view is the entry as recast by the finance act, 1977 (extracted earlier). ..... before we discuss the rival contentions, it is expedient to set out the tariff entry as it stood during the material period and as substituted by the finance (no.2) act, 1977.item no. ..... " the only change to the above entry brought about by the finance act, 1976 was to introduce another explanation which read thus - "explanation iv - this item does not include mineral fibres and yarn". ..... from the extracts of the finance act, 1975, as reproduced earlier, it may be seen that the reproduction on page 589 of the report in 1986 (26) elt 585 (the case of gokal chand rattan chand woollen mills) is not quite correct. ..... 18, cet as substituted for the pre-existing entry by the finance act of 1975, read as follows : "18. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)111ITD379(Pune.)
..... , would take it away from the sweep of item no.2 of the eleventh schedule the eleventh schedule was inserted in the i-t act by the finance (no.2) act 1977 w.e.f. ..... the aforesaid schedule was inserted by the finance act 2003 by which time the use of gutkha had become widely prevalent and it is for this reason that gutkha has been specifically included in the thirteenth schedule. ..... 1 in part "a" of the thirteenth schedule (inserted by the finance act, 2003, w.e.f.1.4.2004 for the state of sikkim) and submitted that "tobacco and tobacco products" specifically included "cigarettes, cigars and gutka, etc. ..... departmental representative submitted that the eleventh schedule was appended to the i-t act in 1977 when gutkha was not known and it was for this reason that it could not be included in the list of specific preparations in item no. ..... counsel has also referred to the thirteenth schedule inserted by the finance act 2003 w.e.f. ..... it does not however alter the fact that the legislature was well aware, when the eleventh schedule was inserted in the i-t act, about the various forms of tobacco use and therefore included all the forms of tobacco use prevalent at that time, namely, smoking tobacco and smokeless tobacco specifically including "chewing tobacco" in item no.2 in the eleventh ..... this fact itself suggests that gutkha was not widely used in 1977 when eleventh schedule was inserted in the i-t act and therefore pan masala containing tobacco or gutkha could not be included in item no. 2. .....
Tag this Judgment!Court : Andhra Pradesh
..... of section 32a of the act was inserted by the finance (no.2) act, 1977. ..... in commissioner of income tax v sangrur vanaspati mills ltd.16 the punjab and haryana high court while construing the word "soap" in entry 4 of the eleventh schedule of the act held that the word "soap" having been grouped with "toothpaste", "dental cream", "tooth powder", the intention of the parliament was to include only the "soap" meant for human hygiene, ..... and in the circumstances of the case, the itat is correct in law in holding that the assessee-company is entitled to investment allowance u/s.32a of the i.t.act, 1961 for the assessment year 1985-86, 1986-87 and 1989-90 and also deduction under section 32ab for assessment year 1989-1990? ..... standing counsel for income tax would submit that section 32a(2)(iii) read with item 1 of eleventh schedule of the act does not enable the assessee to claim investment allowance as they are engaged in the manufacture and production of alcoholic ..... in this regard by the speech of the finance minister while introducing the finance (no.2) bill, 1977, which reads as under. ..... speech of the finance minister while introducing the finance (no.2) bill, 1977, in the parliament on 17.06.1977. ..... in sraya industries the delhi high court while interpreting item 1 of the eleventh schedule of the act agreed with the submission of the assessee that beer and wine are meant for human consumption and therefore the expression of "other alcoholic spirits" has to be interpreted as those alcoholic .....
Tag this Judgment!Court : Andhra Pradesh
..... section 32a of the act was inserted by the finance (no.2) act, 1977. ..... in commissioner of income tax v sangrur vanaspati mills ltd.16 the punjab and haryana high court while construing the word "soap" in entry 4 of the eleventh schedule of the act held that the word "soap" having been grouped with "toothpaste", "dental cream", "tooth powder", the intention of the parliament was to include only the "soap" meant for human hygiene, ..... and in the circumstances of the case, the itat is correct in law in holding that the assessee-company is entitled to investment allowance u/s.32a of the i.t.act, 1961 for the assessment year 1985-86, 1986-87 and 1989-90 and also deduction under section 32ab for assessment year 1989-1990? ..... standing counsel for income tax would submit that section 32a(2)(iii) read with item 1 of eleventh schedule of the act does not enable the assessee to claim investment allowance as they are engaged in the manufacture and production of alcoholic ..... in this regard by the speech of the finance minister while introducing the finance (no.2) bill, 1977, which reads as under. ..... speech of the finance minister while introducing the finance (no.2) bill, 1977, in the parliament on 17.06.1977. ..... in sraya industries the delhi high court while interpreting item 1 of the eleventh schedule of the act agreed with the submission of the assessee that beer and wine are meant for human consumption and therefore the expression of "other alcoholic spirits" has to be interpreted as those alcoholic .....
Tag this Judgment!Court : Andhra Pradesh
..... section 32a of the act was inserted by the finance (no.2) act, 1977. ..... in commissioner of income tax v sangrur vanaspati mills ltd.16 the punjab and haryana high court while construing the word "soap" in entry 4 of the eleventh schedule of the act held that the word "soap" having been grouped with "toothpaste", "dental cream", "tooth powder", the intention of the parliament was to include only the "soap" meant for human hygiene, ..... and in the circumstances of the case, the itat is correct in law in holding that the assessee-company is entitled to investment allowance u/s.32a of the i.t.act, 1961 for the assessment year 1985-86, 1986-87 and 1989-90 and also deduction under section 32ab for assessment year 1989-1990? ..... standing counsel for income tax would submit that section 32a(2)(iii) read with item 1 of eleventh schedule of the act does not enable the assessee to claim investment allowance as they are engaged in the manufacture and production of alcoholic ..... in this regard by the speech of the finance minister while introducing the finance (no.2) bill, 1977, which reads as under. ..... speech of the finance minister while introducing the finance (no.2) bill, 1977, in the parliament on 17.06.1977. ..... in sraya industries the delhi high court while interpreting item 1 of the eleventh schedule of the act agreed with the submission of the assessee that beer and wine are meant for human consumption and therefore the expression of "other alcoholic spirits" has to be interpreted as those alcoholic .....
Tag this Judgment!Court : Andhra Pradesh
..... section 32a of the act was inserted by the finance (no.2) act, 1977. ..... in commissioner of income tax v sangrur vanaspati mills ltd.16 the punjab and haryana high court while construing the word "soap" in entry 4 of the eleventh schedule of the act held that the word "soap" having been grouped with "toothpaste", "dental cream", "tooth powder", the intention of the parliament was to include only the "soap" meant for human hygiene, ..... and in the circumstances of the case, the itat is correct in law in holding that the assessee-company is entitled to investment allowance u/s.32a of the i.t.act, 1961 for the assessment year 1985-86, 1986-87 and 1989-90 and also deduction under section 32ab for assessment year 1989-1990? ..... standing counsel for income tax would submit that section 32a(2)(iii) read with item 1 of eleventh schedule of the act does not enable the assessee to claim investment allowance as they are engaged in the manufacture and production of alcoholic ..... in this regard by the speech of the finance minister while introducing the finance (no.2) bill, 1977, which reads as under.15. ..... speech of the finance minister while introducing the finance (no.2) bill, 1977, in the parliament on 17.06.1977. ..... in sraya industries the delhi high court while interpreting item 1 of the eleventh schedule of the act agreed with the submission of the assessee that beer and wine are meant for human consumption and therefore the expression of "other alcoholic spirits" has to be interpreted as those alcoholic .....
Tag this Judgment!Court : Karnataka
..... the act by finance (no.2) act, 1977 w.e.f. ..... in fact, the explanatory notes under provisions of the finance act 2/1998 deals with the amendment to section 80-hhd and section 80-1 to prevent double deduction from ..... 1st april, 1981 and by the same finance act, s.80hh (9) was amended and the ..... private limited reported in 2007 292 itr sc (1) wherein it is held as under:- the point involved in the present case is whether sections 80hh and 80-1 of the income-tax act, 1961, are independent of each other and therefore a new industrial unit can claim deductions under both the sections on the gross total income indepen dently or that deduction under section 80-1 can be ..... in its present from by finance (no.2) act, 1980 w.e.f. ..... it stood prior to insertion of 80-1 by finance (no.2) act, 1980 w.e.f. ..... thus, be seen that when s.80j already existed in sub-s (9) of s.80hh, an amendment was made in s.80j in the year 1977 but no such provision was made insofar as s.80-i was concerned. ..... the commissioner exercising its jurisdiction under section 263 of the act found that the order of the assessment is erroneous and prejudicial to the interest ..... the total deductions under chapter vi-a of the income tax act are restricted to the total profits and gains in respect of such eligible ..... (prayer: this ita filed under section 260-a of i.t.act, 1961, praying to formulate the substantial questions of law stated therein, allow the appeal and set aside the orders passed by the itat, bangalore in ita no.1253/bng/2008 dated .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (2001)169CTR(AP)49; [2001]250ITR164(AP); [2001]117TAXMAN382(AP)
..... clause (vii) of section 9 was inserted by the finance act, 1976, with effect from 1.6.1976 and a proviso was added to it by the finance (no.2) act, 1977, with effect from 1.4.1977. ..... of clause ii of the agreement the payments made by the indian company to the non-resident company were for the purchase of equipment and towards consideration for construction of the project and therefore section 9(1)(vii) of the act are not applicable and the explanation 2 to the said provision would operate.8. ..... the assessee referred to explanation 2 of section 9(1)(vii) of the income tax act,1961 (for short 'the act'), to claim that the payment does not come under the definition of `fees for technical services'.the assessing officer has rejected the above contention of the assessee stating that in terms of clause ii(1)(b) of the contract ..... section 9 of the act deals with the income deemed to accrue or arise in india. ..... it is against the said order, the above appeal is preferred in terms of section 260a of the act.3. .....
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