Court : Punjab and Haryana
Reported in : [2007]291ITR480(P& H)
..... in any case, whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in setting aside the income-tax officer's order under section 154 considering particularly the provisions of section 80j(1a) inserted by the finance (no. ..... noticing that there was some error in the calculation of deduction, notice under section 154 of the income-tax act, 1961 (for short, 'the act') was issued and the amount of benefit was reduced to rs. ..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in holding that the mistake of not calculating the capital as on the first day of the previous year, when the assessment order was passed for the purpose of computation of deduction admissible under section 80j, is not a mistake apparent from record which can be rectified by the income-tax officer under section 154 ?2. ..... 2) act, 1980 with retrospective effect from april 1, 1972 ?2. ..... while framing the assessment, the deduction under section 80j of the act was allowed to the tune of rs. ..... issue as on date was debatable and when two views on the same issue were available, the order of assessment cannot be held to be suffering from error or mistake apparent from record and, accordingly, the jurisdiction under section 154 of the act could not be exercised. ..... 647/chandi/79 dated december 20, 1980, in respect of the assessment year 1974-75:1. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1986)17ITD811(Ahd.)
..... while computing capital employed under section 80j of the income-tax act, 1961 (the act) as amended by the finance (no. ..... to substantiate he relied upon page 750 of the commentary on income-tax law by chaturvedi and pithisaria, vol. i. ..... we would also like to touch upon section 511 of the companies act, 1956 in respect of distribution of property of company on winding up.under that section the holders of preference shares shall be entitled to payment of capital first but where the terms of issue of any preference shares provide for payment of arrears of dividend, then only, the preference shareholders can claim from ..... 2) act, 1980, the ito deducted the amount of liability in respect of accumulated dividend on preference shares for the years ended on 31-5-1971 and 31-5-1972.the petitioner pleaded that it was a contingent liability and, therefore, not deductible from ..... owen (inspector of taxes) [1957] 32 itr 737 (hl. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)9ITD882(Mum.)
..... 2) act, 1980, the provisions of section 35(2)(iv) of the income-tax act, 1961 ('the act') were amended retrospectively so as to deny the assessee's claim for relief under section 32 of the act in respect ..... under the provisions of section 37 any expenditure (not being expenditure of the nature described in sections 30 to 36 and section 80vv of the act and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head 'profits and gains of ..... by the order dated 17-12-1980 granted injunction as prayed by the assessee.and yet, the ito while framing the assessment for the year under consideration made an assessment under section 143(3) of the act by applying the retrospective amendment of section 35(2)(iv). ..... in the instant case, the ito has apparently considered the claim under section 35b, he has said so in so many words and held that the ..... under the provisions of section 35b where an assessee has incurred any expenditure wholly and exclusively for the various purposes laid down in section 35b(1)(b) he shall, subject to the provisions of the section, be allowed a deduction of the sum equal to one and one-third times the amount of such expenditure incurred during ..... above expenses in respect of which the ito granted relief under section 35b was an item of entertainment to foreign customers amounting to ..... finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1992)42ITD122(Pune.)
..... it is open to the assessee to claim investment allowance after the amendment made by finance act, 1980 with effect from 1-4-1976 in sub-section (ii) of section 4 of 32a of the income tax act, 1961 and as per requirement of law. ..... although the micro-computer is said to have been installed on 21st march, 1984, a perusal of the income-tax records shows that the components of the micro-computer were being purchased till almost the end of the financial year ending 31st march, 1984 ..... cit [1991] 189 itr 4631 wherein the high court has considered the expression 'industrial undertaking' as it is not defined in the income tax act. ..... the income-tax records show that various parts of the machinery were being purchased on different dates which is evidenced by the octroi duty paid on receipt of such machinery and therefore, the machinery was in the process of setting up ..... though it could not be called as an office appliance, nonetheless, according to second proviso to section 32a(1) no deduction shall be allowed under section 32a(1), if the micro-computer is installed in any office premises or any residential accommodation including any accommodation in the nature of a guest house ..... there is no evidence on record to show that the assessee had created the necessary reserve against the business income, if any, arising out of the microcomputer. ..... 648 claimed as investment allowance and determined the total income at rs. ..... to him, the claimant has to be registered as a factory under the factory act also. .....
Tag this Judgment!Court : Kerala
Reported in : [1991]191ITR283(Ker)
..... 2, we noticed in our judgment dated january 13, 1989, (see : [1989]177itr458(ker) ) that section 80aa was introduced in the income-tax act with effect from april 1, 1968, by the finance (no. ..... in the light of section 80aa of the income-tax act and the decision of the supreme court in distributors (baroda) p. ..... the company has to pay income-tax only on the dividend which is included in the total income as assessed after allowing all permissible deductions including the deduction under section 80m and not on the dividends included in the gross total income.' 5. ..... he held that the 'development allowance reserve' required to be made under the income-tax act alone would be considered as 'development allowance reserve' for the purpose of computation of capital and since the assessee owns tea estates, the income which will be liable under the central income-tax act will be only 40%. ..... calcutta high court has considered the matter in great detail and has held at pages 406 and 407 as follows :'under the first schedule, in computing the chargeable profits of the previous year, the total income computed under the income-tax act for that year has to be adjusted and income by way of dividend shall be excluded. ..... 2) act, 1980, and the decision of the supreme court in distributors (baroda) p. .....
Tag this Judgment!Court : Kolkata
Reported in : (1986)56CTR(Cal)139,[1986]161ITR820(Cal)
..... the instance of the assessee is concerned, the same appears to be covered by section 35(2)(iv), which was amended by the finance act, 1980, with retrospective effect from 1st april, 1962. ..... facts and in the circumstances of the case, the tribunal was correct in holding that borrowed moneys should be included in the capital employed for the purpose of computing the relief under section 80j of the income-tax act, 1961, in respect of the new industrial undertaking?' 4. ..... on an application of the revenue also under section 256(1) of the income-tax act, 1961, the following questions have been referred, as questions of law arising out of the order of the tribunal, for the opinion of this ..... on an application of the assessee under section 256(1) of the income-tax act, 1961, the following questions have been referred, as questions of law arising out of the order of the tribunal, for the opinion of this ..... of medical expenses to the employees was not an expenditure resulting directly or indirectly in the provision of any benefit or amenity or perquisites to the employees within the meaning of section 40(a)(v) of the income-tax act, 1961 ? ..... holding is that if money has been deposited by the assessee out of its profits in an overdraft account from which all payments including income-tax are made, the fact that the said overdraft had a continued debit balance would make no difference to the presumption that the income-tax had, in fact, been paid out of the profits and not out of the borrowings.19. .....
Tag this Judgment!Court : Mumbai
Reported in : [1991]190ITR128(Bom)
..... section 80aa was inserted in the income-tax act by the finance (no. ..... :'whether, on the facts and in the circumstances of the case and in law, the income-tax appellate tribunal was -(a) justified in taking the view that the authorities relied upon by the commissioner of income-tax (appeals) in his order under section 154 are not of any assistance to the revenue and having regard to the clear language in section 154(7), the impugned order passed under section 154 is without jurisdiction and thus setting aside the rectification order passed by the ..... it was contended that the order passed by the commissioner of income-tax (appeals) rectifying his appellate order was barred by limitation in view of section 154(7) of the income-tax act, 1961. ..... this is an application by the department under section 256(2) of the income-tax act, 1961. ..... on july 27, 1981, the income-tax officer filed an application before the commissioner of income-tax (appeals) for rectification of his appellate order on the basis of section 80aa so inserted. ..... (b) justified in holding that the commissioner of income-tax (appeals) had re-examined the question on facts which is not contemplated under section 154 and thus accepting the assessee's contention on merits ?'2. ..... 2) act, 1980, with retrospective effect from april 1, 1968, in terms of which deduction under section 80m was required to be allowed on the basis of the net dividend income. .....
Tag this Judgment!Court : Mumbai
Reported in : [1993]203ITR891(Bom)
..... in that case was concerned with the question whether, under section 35 of the income-tax act, 1961 prior to its retrospective amendment, any deduction which was granted would be in addition to the deduction permissible to the assessee under section 32 of the income-tax act or whether a deduction granted under section 35 of the income-tax act would bar the assessee from claiming any deduction under section 32 of the income-tax act. ..... the facts and in the circumstances of the case, and, in particular, having regard to the fact that a full deduction had been allowed to it in respect of the expenditure under section 35 of the income-tax act, and the assets in question continued to be used by it only for the purpose of its scientific research, the appellate tribunal was right in law in holding that the capital expenditure of ..... of the case, the appellate tribunal was right in law in holding that depreciation allowance under section 32(1) and deduction under section 35(1)(v) of the act were disjunctive and cumulative and that the assessee-company was entitled to depreciation on the capital expenditure incurred by it on the assets used by it for scientific research and development purposes, and directing the income-tax officer to allow full deprecation on such capital assets even though full deduction was given to ..... 2) act, 1980, with effect from april 1, 1972, is as ..... now applies in respect of this question, because of the retrospective amendment inserted in section 80j by the finance (no. .....
Tag this Judgment!Court : Mumbai
Reported in : (1994)120CTR(Bom)22; [1994]209ITR277(Bom)
..... under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following question of law to this court for opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was right in law in relying upon the subsequent retrospective amendment of section 80j of the income-tax act, 1961, for upholding the rejection by the income-tax officer of the application by the assessee for rectification of the other of the income-tax officer?' ..... act, 1980, with retrospective effect from april 1, 1972, and observed that the provisions of rule 19a were incorporated in section 80j retrospectively and the original order of the income-tax officer which was sought to be rectified by the assessee was in consonance with the amended section 80j of the act ..... the tribunal, therefore, held that in the light of the amended section 80j of the act, the order of the income-tax officer rejecting the prayer of the assessee for rectification of its original order ..... contended that in view of the above decision of the calcutta high court which was also binding on the income-tax authorities in bombay, relief under section 80j should be computed on the gross capita without making any deduction on account of borrowed capital and liabilities. ..... 6, 1978, the assessee filed an application before the income-tax officer under sections 154 and 155 of the act for rectification of the order dated march 30, 1977, ..... of the amendment of section 80j made by the finance (no. .....
Tag this Judgment!Court : Karnataka
Reported in : (2007)208CTR(Kar)146; [2006]287ITR201(KAR); [2006]287ITR201(Karn)
..... thereafter a reference was sought for by the revenue and the tribunal has chosen to refer the following question of law;i) whether the tribunal was right in law in holding that the assessee is entitled to deduction under section 80-o of the income tax act 1961, to the extent of 50% of the gross amount of convertible foreign exchange brought into india without deducting any expenses that are incurred in india?ii) whether the tribunal was right in law in holding that the provisions ..... cit : [2000]243itr26(sc) and ruled as under;two sections 80aa and 80ab of the income-tax act, 1961, were introduced by the finance (no. ..... of section 80ab of the income tax act, 1961, do not override the provisions of section 80-o of the act and thereby the amount of deduction allowable has to be with reference to that calculated under section 80-o but restricted to the amount of available gross total income?ita 3254/2005this appeal is at the instance of the assessee. ..... 2) act 1980. .....
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