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M/S. Vijay Industries Vs. Commissioner of Income Tax

Court : Supreme Court of India

..... parliament, by section 12 of finance (no.2) act, 1980, introduced in the income tax act, 1961, section 80-aa with retrospective effect from april 1, 1968, that is, the date when section 80-m was originally enacted, providing that the deduction required to be allowed under section 80-m in respect of inter-corporate dividends shall be computed with reference to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the ..... be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income.14) her submission is that though section 80ab came to be inserted by the finance (no.2) act, 1980 with effect from 01.04.1981, it is clarificatory ..... .20) we are unable to subscribe to the contention of the learned senior counsel for the revenue that section 80ab, which was inserted by finance (no.2) act, 1980 with effect from 1st april, 1981 is clarificatory in nature. ..... (1994) 205 itr433 , it must be held that before considering the matter of deduction under section 80-p(2) the income tax officer had rightly set off the carried-forward losses of the earlier years in accordance with section 72 of the act and on finding that the said losses exceeded the income, he rightly did not allow any deduction under section 80-p(2) and the appellate assistant commissioner as well as the tribunal and the high court were in .....

Commissioner of Wealth-tax Vs. Nidhipati Singhania

Court : Allahabad

Reported in : (2006)203CTR(All)569; [2006]281ITR49(All)

..... 2) act of 1980, section 7a was inserted in the compulsory deposit scheme (income-tax payers) act, 1974, with effect from april 1, 1975, which provided that for grant of exemption under section 5 of the act, the amount of compulsory deposit shall be deemed to be a deposit with a banking company to which the banking regulation act, ..... the income-tax appellate tribunal, allahabad, has referred the following question of law under section 27(1) of the wealth-tax act, 1957, hereinafter referred to as 'the act', for opinion to this court :whether, in law and on facts of the case the income-tax appellate tribunal was justified in excluding the amount ..... having heard learned counsel for the parties, we find that under section 2(e)(2)(ii) of the act as it stood during the relevant period a right to any annuity (not being an annuity purchased by the assessee or purchased by any other person in pursuance of a contract with the assessee) in any case where the ..... made under the compulsory deposit scheme is to be treated at par with the deposits with the banks and is liable to exemption under section 5(1a) of the act subject to the limit specified therein. ..... is deposited, under any statutory enactment or not, normally it remains in the ownership and belongs to the assessee and, therefore, it is an 'asset' which having not been excluded for granting exemption under section 5 of the act, is liable to be included in the net wealth subject to exemption granted under section 5(1a) of the act. ..... the finance .....

Flotech Welding and Cutting Systems Limited, a Company Registered Unde ...

Court : Mumbai

Reported in : (2004)188CTR(Bom)268; 2004(3)MhLj87

..... on 11th february, 1993, the deputy commissioner of income tax special range-i, pune (hereinafter referred to as 'the assessing officer') issued a notice under section 139(9) of the income tax act proposing to treat the return for the assessment year 199293 as invalid if the defects in the return mentioned therein were not removed within 15 days from the receipt ..... in this petition is, whether the authorities under the income-tax act were justified in treating the revised return for the assessment year 1991-1992 and the original return for the year 1992-1993 as invalid under section 139(9) of the income tax act.2. ..... scheme of income tax act, 1961 an assessee is obliged to file return of income under section 139(1). ..... officer under clause (e) of the explanation to section 139(9), the return was to be accompanied by an audited profit and loss account and balance sheet and, therefore, the said accounts should form the basis of the computation of income under the income tax act. ..... once these documents were filed along with the return it could not be said that there were defects in the return as contemplated in clause (e) of the explanation to section 139(9) of the income tax act.12. ..... on behalf of the petitioner fairly stated that after treating the revised return for assessment year 1991-1992 as invalid, the assessing officer has passed assessment order under section 143(3) of the income tax act ('i.t. ..... act, 1980 with effect from 1st september, 1980 ..... section 139(9) was inserted by finance .....

Commissioner of Income-tax Vs. Metal Forging (P.) Ltd.

Court : Delhi

Reported in : [2002]254ITR401(Delhi)

1. at the instance of the revenue, the following question has been referred for the opinion of this court under section 256(1) of the income-tax act, 1961 (in short 'the act'), by the income-tax appellate tribunal, delhi bench d (in short 'the tribunal') :'whether, on the facts and in the circumstances of the case, the tribunal was right in law in not directing the income-tax officer to work out the deduction under section 80j in accordance with said section as amended by section 17 of the finance (no. 2) act, 1980 ?'2. the dispute relates to the assessment year 1974-75 and while dealing with the question of deduction in terms of section 80j of the act, the tribunal referred to its earlier decision in the assessed's own case for the assessment year 1973-74 and granted the relief.3. in cit v. metal forging (p.) ltd. (i. t. r. no. 211 of 1983) one of the questions related to the application of section 80j. following the views expressed by the apex court in lohia machines ltd. v. union of india : [1985]152itr308(sc) and in view of the decision of this court, which we have given in i. t. r. no. 211 of 1983, the answer to the question referred is in the negative, in favor of the revenue and against the assessed.

Madras Fertilizers Ltd. Vs. Union of India and ors.

Court : Chennai

Reported in : [2001]250ITR761(Mad)

..... aggrieved by the order of the commissioner by which the assessee's request for waiver of interest, under section 220(2a) of the income-tax act, 1961, for the assessment years 1979-80. ..... counsel for the assessee contended that for the assessment years in question, it was necessary to compute the extent of relief available under section 80j and as that section has been amended with retrospective effect from 1972 and the validity of the amendment had been under challenge before the supreme court and the law had remained uncertain till ..... 2) act, 1980, in so far as it amended section 80j by incorporating the provisions of rule 19a, as sub-section (1a) in section 80j, with retrospective effect from april 1, 1972, the ..... , no bar on the revenue raising the demand for interest on the amount of tax payable for the years prior to the date of the supreme court's judgment. ..... the assessee always had the option of paying tax under protest and securing refund thereof in the event of success in its challenge to the order of assessment or to the provision of law under which the assessment ..... the course of his order, has observed that interest was demanded, immediately after the tax was paid, for the period of delay. ..... the retrospective amendment bad been challenged before the supreme court does not have the effect of relieving the assessee of the liability for payment of interest on the amount of tax that the assessee had not paid. ..... : [1985]152itr308(sc) , upholding the validity of the finance (no. .....

Commissioner of Income-tax Vs. Aggarwal Gum Industries

Court : Rajasthan

Reported in : (2001)166CTR(Raj)380; [2001]250ITR843(Raj); 2001(3)WLN371

..... , by holding that deduction under section 80hh of the act can be allowed to the assessee only on such profits and gains of an industrial undertaking which are computed in accordance with the income-tax act including the provisions of section 32a relating to the deduction of unabsorbed investment allowance before deduction under section 80hh could be computed.10. ..... section 80ab clearly postulates that for the purpose of computing the deduction under any provision of chapter vi-a, of which section 80hh is also a part, the amount of income as computed in accordance with the provisions of the income-tax act, 1961, before making any deduction under this chapter shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income ..... allowance, the asses-see approached the learned commissioner of income-tax (appeals) contending; that deduction under section 80hh be allowed on the gross total income computed without deduction of the unabsorbed amount of investment ..... income-tax (appeals) did not accept the said contention notwithstanding the decision of the tribunal to the contrary and placed reliance on section 80ab inserted by the finance ..... act of 1980, with effect from april 1, 1981, and held that before computing the gross total income of the year under consideration, any deduction for unabsorbed amount of investment allowance as per section 32a is to be allowed first before any deduction under section .....

Punjalal L. Shah (Huf) Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : [2002]253ITR718(Guj)

..... and 276 of 1985 under section 256(1) of the income-tax act, 1961 (for short 'the act'), have been made to this court seeking its opinion in the cases pertaining to the assessment years 1980-81 and 1981-82 and 1982 ..... firstly, it is submitted that the income-tax law contained in sub-section (9) of section 171 of the act cannot take away the right in accordance with the hindu law of members of a hindu undivided family to effect ..... income-tax officer framed the assessments on protective basis and issued draft assessment order under section 143(3)/144b of the act ..... of 1985 is concerned, learned counsel submitted that its answer is dependent upon the answer to the first question and he does wish to press the question on the power of the commissioner (appeals) to make the enhancement of income and bring to tax the initial share of profits of the original hindu undivided family to the extent of 32 per cent, 30 per cent, and 39 per cent, instead of 27 per cent, 25 per cent, and 35 per cent, ..... section (9) in section 171 was inserted by the finance ..... , 1978, among the members of a hindu undivided family hitherto assessed as undivided,-- (a) no claim that such partial partition has taken place shall be inquired into under sub-section (2) and no finding shall be recorded under sub-section (3) that such partial partition had taken place and any finding recorded under sub-section (3) to that effect whether before or after the 18th day of june, 1980, being the date of introduction of the finance (no. .....

Agarwal Industries Vs. Commissioner of Income-tax

Court : Rajasthan

Reported in : [1995]211ITR30(Raj)

..... section (1a) of section 80j was inserted by the finance act ..... of the case are that the income-tax officer deducted the amount of subsidy for the purpose of granting various deductions on account of depreciation, investment allowance and deduction under section 80j. ..... clause (ii) provides as under :'(ii) the aggregate of the amounts representing the values of the assets as on the first day of the computation period of the undertaking or of the business of the hotel to which this section applies shall first beascertained in the following manner : '(i) in the case of assets entitled to depreciation, their written down value ; (ii) in the case of assets acquired by purchase and not entitled to depreciation, their actual cost to ..... in view of this interpretation, it is held that the income-tax appellate tribunal was not justified in holding that till the period of five years from the date of grant of the subsidy is completed, its nature is that of a loan ..... according to the income-tax appellate tribunal, the grant of subsidy to an undertaking was subject to the condition that it must continue production at least for a period of five years after it ..... the income-tax appellate tribunal has referred the following two questions arising out of its order, which are common in ..... the tribunal was also not justified in coming to the conclusion that deduction under section 80j on the subsidy amount would not be available as the said amount was not the assessee's ..... 2) of 1980, with retrospective effect from .....

Escorts Limited and ors. Vs. Union of India and Others

Court : Supreme Court of India

Reported in : AIR1993SC1325; (1992)108CTR(SC)275; [1993]199ITR43(SC); 1992(2)SCALE867; (1993)1SCC249; [1992]Supp2SCR153

..... in this batch of writ petitions is to the retrospective operation given to the amended clause (iv) of sub-section (2) of section 35 of income-tax act, 1961, by the finance (no. ..... act, 1980 (hereinafter referred to as 'the 1980 act') to the income-tax act, 1961 (hereinafter referred to as 'the 1961 act ..... on the basis of such allegations the petitioners attempted to make out that the department's interpretation was patently untenable and that the 1980 amendment is not in the nature of a statutory clarification of an ambiguity but a totally new and fresh imposition sought to be unjustifiably given retrospective ..... may have some possible case only if the earlier statutory provisions can be said to have been unambiguously in favour of the assessee and the 1980 amendment had radically altered the provisions to cast a new and substantial burden on the assessee with retrospective effect. ..... was made on behalf of the petitioners to project an image as if the interpretation sought to be placed by the department on pre-1980 provisions to disallow depreciation on such assets was so far-fetched that it never received the approval of the higher appellate authorities. ..... statutory provisions capable of only one interpretation, namely, that placed by the assessees or was there any ambiguity in relation thereto; (2) if there was some doubt or ambiguity about the earlier legislation, and the 1980 act clarified the position by a retrospective amendment, would it offend the provisions of the constitution? .....

Commissioner of Income-tax Vs. S.H. Kelkar and Co. Pvt. Ltd.

Court : Mumbai

Reported in : (1991)96CTR(Bom)18; [1991]191ITR612(Bom)

..... in this departmental reference relating to the assessee's assessment for the assessment year 1973-74, the income-tax appellate tribunal has referred to this court the following question of law under section 256(1) of the income-tax act, 1961, for opinion : 'whether, on the facts and in the circumstances of the case, the assessee, for the accounting period relevant to the assessment year 1973-74, was entitled to depreciation allowance when the ..... of which was allowed in full as deduction in the earlier years was held to be not allowable in view of the subsequent amendment of section 35 of the income-tax act, 1961, with retrospective effect. ..... income-tax authorities and the income-tax appellate tribunal could not certainly consider the vires of the provisions of the act ..... judgment, however, that question had come before the supreme court in reference proceedings arising out of the orders of the income-tax authorities and that of the income-tax appellate tribunal. ..... , neither before the high court nor before the supreme court, the question whether retrospective amendment of section 35 was ultra vires the act could come up for consideration. ..... : [1991]187itr517(bom) , has held that the amendment of section 35(2)(iv) to the extent that it is retrospective is invalid in law, shri jetley, learned counsel for the revenue, invited our attention to the supreme court decision in the case ..... not also refer such a question of law to the high court for opinion under section 256(1) of the act. .....