Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 2 income tax Sorted by: recent Court: kolkata Page 1 of about 379 results (0.061 seconds)

Brooke Bond India Ltd. Vs. Joint Commissioner of Income Tax and anr.

Court : Kolkata

..... pal and has contended that in view of the provisions contained in sub-section (9) of section 40a of the income-tax act, 1961 inserted by the finance act, 1984 with retrospective effect from april1, 1980, only such deduction should be allowed which exists for the purpose and to the extent provided by or under clause (iv) or clause (v) of subsection (1) of section 36 of the act or as required by or under any other law for the time being in force. ..... the assessee sought reference and the following two questions were referred: (1) whether the provisions of section 58k of the income-tax act apply to the transfer of the sum of rupees 3,01,772-1-7 to the regional provident fund commissioner. ..... (2) if the answer to the above question is in the negative, whether the sum of rs.3,01,882-1-7 is allowable as deduction in arriving at the commercial profits under section 10(1) or is an allowable deduction under section 10(2)(xv) of the income-tax act in the computation of the assessable 'business' profits. ..... this appeal under section 260a of the income tax act, 1961 is at the instance of an assessee and is directed against an order dated 25th march, 1999, passed by the income tax appellate tribunal, d bench, calcutta, in ita no.312 (cal) of 1995, relating to assessment year 1989-1990. ..... it has been held by the cit, wb-ii in his order under section 263 of the income tax act for asstt. .....

Simplex Concrete Piles (India) P. Ltd. Vs. Commissioner of Income-tax ...

Court : Kolkata

Reported in : [2006]286ITR470(Cal)

..... counsel for the revenue, on the other hand, contends that upon examining the records it was found by the commissioner that the petitioner company is a non-industrial company and it does not satisfy the definition of section 2(7)(c) of the income-tax act (relevant finance act). ..... counsel for the parties the point herein involved is that as to whether on the basis of all the facts and circumstances as stated in the petition as well as in the affidavit-in-opposition and the notice itself the commissioner of income-tax should have issued notice under section 263 of the income-tax act or not. ..... by this notice the commissioner wanted to exercise his jurisdiction under section 263 of the said act suo motu having felt that the order of assessment particularly deduction for investment allowance by the assessing officer is prejudicial to the interests of the revenue for the assessment years of 1980-81 to 1983-84. ..... 2) act of 1980 is satisfied. ..... 2) act of 1980 for the relevant assessment years is as follows:industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining.17. ..... : [1980]126itr333(bom) has supportive value. ..... : [1980]126itr333(bom) respectively. ..... : [1980]121itr212(orissa) and cit v. .....

Simplex Concrete Piles (India) (P) Ltd. Vs. Commissioner of Income Tax ...

Court : Kolkata

Reported in : (2006)206CTR(Cal)219

..... revenue, on the other hand, contends that upon examining the records it was found by the cit that the petitioner-company is a non-industrial company and it does not satisfy the definition of section 2(7)(c) of the it act (relevant finance act). ..... moreover, he contends that when in a particular matter two views are possible and the ito adopts one of such views bona tide this act cannot be said to be erroneous, precisely when there has been a debate on a particular point of law and the decision, in that debate following of one ..... under those circumstances i think that there was no warrant to issue notice under section 263 of the act by the cit as conditions mentioned therein are not fulfilled in this case by reason of the fact there has been no error committed by ..... cit wanted to exercise his jurisdiction under section 263 of the said act suo motu having felt that the order of assessment particularly deduction for investment allowance by the ao is prejudicial to the interest of the revenue for the assessment years of 1980-81 to 1983-84. ..... act of 1980 ..... to the erroneous order of the ito, the revenue is losing tax lawfully it will certainly be prejudicial to the interest of the ..... 2) act of 1980 for the relevant assessment years is as follows:industnal company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods ..... [1980]126itr333 ..... (1980) 121 ur .....

Shahdara (Delhi) Saharanpur Light Railway Co. Ltd. (In Voluntary Liqui ...

Court : Kolkata

Reported in : [1994]208ITR882(Cal)

..... (c) that there being no rate of tax prescribed for a company in liquidation in any of the relevant finance acts, no income of the assessee could be charged to tax under section 5 of the income-tax act, 1961 ? ..... the inspecting assistant commissioner, after considering the objections of the assessee, issued the following direction before july 3, 1980, under section 144b :'first contention of the assessee is that the directions of my pre-decessor-in-office, sri narurkar, are binding and i have no jurisdiction. mr. ..... hence, it follows : (1) that there was only one draft order dated february 27, 1980, sent by the income-tax officer under section 144b of the act, (2) that the assessment made on july 3, 1980, was not barred by limitation, and (3) that the statement of sri m. p. ..... he, therefore, prepared a similar draft assessment order dated february 27, 1980, as the earlier one dated february 7, 1979, proposing to assess similar income and sent the case to the inspecting assistant commissioner under section 144b of the act. ..... before the tribunal, a question was raised as to whether the draft order dated february 7, 1979, and not the draft order dated february 27, 1980, was the only operative draft order under section 144b of the act. ..... but the draft in law, was sent on february 27, 1980, and the direction from the inspecting assistant commissioner was received on july 3, 1980, and the same day the order was finalised. .....

Commissioner of Income-tax Vs. Shri Krishna Bandar Trust

Court : Kolkata

Reported in : [1993]201ITR989(Cal)

..... section, 'maximum marginal rate' means the rate of income-tax (including surcharge on income-tax, if any,) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act ..... this reference made at the instance of the revenue, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the assessment year 1984-85 :' whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the income of shri krishna bandar trust should be assessed taking the status of the assessee as 'individual' and not 'association of ..... 2) act, 1980, had done away with the deeming provisions whereby a trust, under section 164(1) could be assessed as ..... act, 1980, section 164(1) read as follows :' subject to the provisions of sub-sections (2) and (3), where any income in respect of which the persons mentioned in clauses (iii) and (iv) of sub-section (1) of section 160 are liable as representative assessees or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown (such income, such part of the income ..... from the assessment year 1980-81 by reason of the amendment of the said sub-section through the finance (no. ..... act, 1980, with effect from april 1, 1980 ..... 1980 .....

Smt. Sunanda Devi Singhania Vs. Commissioner of Wealth-tax

Court : Kolkata

Reported in : [1993]204ITR842(Cal)

..... under the annuity deposit scheme, 1964, annuity was defined as in section 280b(4) of the income-tax act, 1961, as follows;''annuity' means any annual instalment of principal and interest thereon payable by the central government under the provisions of section 280d.'10. ..... from the end of that financial year, together with the interest due on the whole or, as the case may be, part of the amount of the compulsory deposit which has remained unpaid : provided that nothing in this section shall prevent earlier repayment of the deposit or any instalment thereof together with the interest due in any case in which the income-tax officer is satisfied that extreme hardship will be caused unless such repayment is made.' 27. ..... section 8 of the compulsory deposit scheme (income-tax payers) act, 1974, lays down that the amount of compulsory deposit made by or recovered from a depositor in any financial year shall be repayable in five equal annual instalments commencing from the expiry of two years from the end of ..... the object of the compulsory deposit scheme (income-tax payers) act, 1974, was to augment the resources for economic development of the country and with that object in view, it required certain categories of income-tax payers to deposit a portion of their income in accordance with the scheme. ..... 2) act, 1980, section 7a was inserted in the compulsory deposit scheme act, 1974, with effect from april 1, 1975. ..... it may be mentioned that by the finance (no. .....

Commissioner of Income-tax Vs. Indian Explosives Ltd.

Court : Kolkata

Reported in : [1991]192ITR144(Cal)

..... 2) act, 1980, has amended section 35(2)(iv) of the income-tax act with aview to clarifying that no depreciation will be admissible on any capital asset represented by expenditure which has been allowed as deduction under section 35 whether in the year in which deduction under section 35 was allowed or in any other previous year. ..... whether, on the facts and in the circumstances of the case and on a correct interpretation of section 80j of the income-tax act, 1961, the tribunal was correct in holding that the deduction under the said section should be allowed at the full rate of 6 per cent, of the capital employed in the fertiliser project 4. ..... whether, on the facts and in the circumstances of the case and on a correct interpretation of section 80j of the income-tax act, 1961, and rule 19a of the income-tax rules, 1962, the tribunal was correct in holding that, in computing the capital employed in the two new industrial undertakings for the purpose of section 80j, current liabilities were to be excluded 3. ..... whether, on the facts and in the circumstances of the case and on a correct interpretation of section 80j of the income-tax act, 1961, and rule 19a of the income-tax rules, 1962, the tribunal was right in holding that the exclusion of borrowed capital from the computation of capital employed in two new industrial undertakings for the purpose of section 80j was not at all justified 2. ..... this contention is contrary to the underlying intention ; the finance (no. .....

Commissioner of Income-tax Vs. Atreya Trust.

Court : Kolkata

Reported in : (1992)107CTR(Cal)185,[1992]193ITR716(Cal),[1992]55TAXMAN489(Cal)

..... has referred the following question of law to this court under section 256 (1) of the income-tax act, 1961 ('the act') :'whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that the income of the trust is specifically receivable for the benefit of the individuals who are determinate and known and, as such, section 164 (1) of the income-tax act, 1961, is not attracted ? ..... he, therefore, held that the income-tax officer was not justified in applying section 164 of the act.thereafter, the matter was taken before the tribunal and the tribunal also confirmed the view taken by the appellate assistant commissioner.there is no disput that the beneficiary was not ..... he, accordingly, applied section 164 of the income-tax act, 1961, and assessed the income of the trust at the ..... is identifiable as such on the date of such order, instrument or deed;(ii) the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is received shall be deemed to be indeterminate or unknown unless the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable, are expressly stated in the order of the court or the instrument of trust or wakf deed, as the case may ..... surendra mohan lakhotia created a trust by a deed 13th june, 1980, for the benefit of a minor, sri atreya lakhotia, s/o ..... position has been made clear by adding an explanation to that section by the finance (no. .....

Commissioner of Income-tax Vs. Shree Bajrang Electric Steel Co. (P.) L ...

Court : Kolkata

Reported in : [1990]181ITR427(Cal)

..... and in the circumstances of the case and having regard to the fact that the original assessment was completed on march 22, 1974, the tribunal was justified in law in directing the income-tax officer to allow deduction under section 80j of the income-tax act, 1961, on the basis of the assessee's claim for such deduction made in its letter dated february 8, 1979, in the course of the reassessment proceedings ?'3. the dispute in ..... act, 1980, by which a new subsection 80aa had been inserted with effect from april 1, 1968, according to which, for the purpose of computing the deductions under chapter vi of the income-tax act, the amount of income has to be computed in accordance with the provisions of the act and for the purpose of deductions under sections 80j and 80-i, only the income of the new industrial undertaking is to be taken into account for the purpose of deduction under this ..... income-tax (appeals), however, summarily rejected this contention because of the ..... income-tax (appeals), however, rejected this claim on the ground that by the ..... provisions of the finance bill, 1980, would show that the intention behind this provision was that the supreme court had recently held that the deduction admissible for intercorporate dividends have to be calculated with reference to the gross amount ofdividends received by a domestic company from an indian company and not with reference to the dividend income as computed in accordance with the provisions of the income-tax act .....

Commissioner of Income-tax Vs. Hindustan Gum and Chemicals Ltd.

Court : Kolkata

Reported in : [1990]182ITR396(Cal)

..... it is urged that significantly the finance act of 1981 which introduced the explanation to rule 1 of the first schedule to the companies (profits) surtax act, unlike section 80aa of the income-tax act, 1961, has not been, given ..... the exclusions mentioned in rule 1 shall be reduced by-- (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-- (a) the amount of income-tax, if any, payable by the company in respect of any income referred to in clause (i) or clause (ii) or clause (iii) or clause ..... (viii) of rule 1 included in the total income ; (b) the amount of income-tax, if any, payable by ..... 2) act of 1980 with effect from april ..... 2) act, 1980, inserted a new section 80aa to the income-tax act, 1961, with retrospective effect from 1st april .....