Court : Income Tax Appellate Tribunal ITAT
Reported in : (1995)53ITD282(Bang.)
..... the trustees had to be assessed under section 161(1) of the income-tax act, 1961, at the normal rate and in the like manner and to the same extent was the beneficiaries as it was prior to the amendment of section 161 by the finance act, 1984, with effect from april 1, 1985.while passing this particular judgment, the learned judges of the karnataka high court had taken into consideration and distinguished the aforesaid judgment of the supreme ..... for assessment year 1982-83 has been filed by the assessee against the order passed by the cit under section 263 of the income-tax act, 1961. ..... abovementioned decision was given by the supreme court in respect of matter arising out of the wealth-tax act, yet the ratio of the supreme court would hold with regard to income-tax matters also viz. ..... 2) act, 1980 with effect from 1-4-1980 which reads as below : (i) any income in respect of which the persons mentioned in clause (hi) and clause (iv) of sub-section (1) of section 160 are liable as representative assessee or any part thereof shall be deemed as being not specifically receivable on behalf or for the benefit of any one person unless the person on whose behalf or for whose benefit such income or such part thereof is receivable during the previous year is expressly stated in the order of the court ..... abovementioned two decisions of the tribunal relate to certain years prior to the aforesaid amendment of the it act with effect from 1-4-1980, yet the other two decisions as mentioned above, viz. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1995]214ITR364(Raj)
..... the income-tax appellate tribunal has referred the following two questions of law arising out of its order dated november 12, 1985, under section 256(1) of the income-tax act, 1961, in respect of the assessment year 1980-81 ..... of the hindu undivided family was effected by the assessee-hindu undivided family on march 31, 1979, which was accepted by the income-tax officer under section 171(3) of the act on january 17, 1980. ..... income-tax appellate tribunal, therefore, was justified in sustaining the levy of interest under section 139(8) of the act ..... a provision even the amendment with retrospective effect has been brought on the statute book, the order which has been passed by the income-tax officer under section 171(3) has to be considered as null and void. ..... of december, 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. ..... sub-section (9) of section 171 of the finance (no. ..... to section 171 was made by the finance (no ..... been made clear that the finding recorded before or after june 18, 1980, being the date of introduction of the finance bill, 1980, shall be null and void. ..... introduced by the finance (no. .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)127CTR(Raj)77; [1995]213ITR721(Raj)
..... has referred the following question of law arising out of its order dated november 19, 1986, in respect of the assessment year 1981-82 under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was legally justified in coming to the conclusion that deduction under section 80hh be computed on commercial profits and in computing the commercial profits the assessee is entitled to require the addition of the provision for ..... the commissioner of income-tax (appeals) had taken into consideration the provisions of section 80ab which were introduce by the finance (no. ..... 44 of 1980 with effect from april 1, 1981. ..... on the basis of this provision, it was considered that this section was introduced to provide for the propose purpose of calculating deduction specified in section 80hh to 80tt, the net income has to be computed in accordance with the provisions of the income-tax act before making any deduction under chapter vi-a which shall alone be regarded as income which is received by the assessee and which is included in his gross total income. ..... . : [1988]169itr50(mad) while considering the relief under section 80i by taking into consideration the provisions of section 80a and 80b(5) came to the conclusion that the assessee is not entitled to relief under section 80i as the total income computed by the income-tax officer under section 80b(5) was nil .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]217ITR20(Guj)
..... of 1980 with retrospective effect from 1st april, 1968, and it is merely an explanatory section which only provides that deduction under section 80m shall be computed with reference to the income by way of such dividends as computed in accordance with the provisions of the income-tax act before making ..... of the revenue, the income-tax appellate tribunal has referred the following question for our opinion under section 256(1) of the income-tax act, 1961 : at the instance of the revenue : 'where the tribunal has not erred in law and on facts in holding that deduction under section 80m is admissible before deduction of the amount admissible under section 80k of the income-tax act, 1961?' 3. ..... india : [1985]155itr120(sc) the supreme court considered sections 80m and 80a and held that, so far as section 80m(1) of the income-tax act is concerned, the deduction required to be allowed under that provision has to be calculated with reference to the amount of dividend computed in accordance with the provisions of the act and forming part of the gross total income and not with reference to the full amount of ..... the non obstante clause 'notwithstanding anything contained in this section' used in section 80a is connected only with regard to the computation of deduction by taking into consideration the income by way of such dividends as computed in accordance with the provisions of the income-tax act before making any deduction under chapter vi and it does ..... section 80a is added by the finance act .....
Tag this Judgment!Court : Gujarat
Reported in : [1994]210ITR358(Guj)
..... the amendment effected by the finance act, 1980, has done away with the deeming provisions whereby a trust, under section 164(1), could be assessed as though it were an association of persons. ..... nizam's family (remainder wealth) trust : [1977]108itr555(sc) 'it may be noted that, while interpreting the corresponding provisions in section 41 of the indian income-tax act, 1922, and section 161 of the income-tax act, 1961, this court in c. r. ..... therefore, 'association of persons' as used in section 2(31)(v) of the income-tax act, 1961, means an association in which two or more persons join in a common purpose or common action. ..... it was, however, submitted by learned counsel for the revenue that these two cases arose under the wealth-tax act and the language of the relevant sections of the wealth-tax act and the income-tax act being different, those decisions cannot be regarded as authorities for the purpose of holding that trustees of discretionary trust should be regarded as an individual. 7. mr. ..... the trustees of a discretionary trust have to be assessed in the status of 'individual' and, consequently, deduction under section 80l of the income-tax act, 1961, was allowable.' 15. ..... in fact, this section comes into play only after the income has been computed in accordance with the other provisions of the income-tax act, 1961. ..... , in regard to the scheme of section 41 of the indian income-tax act, 1922, in cit v. .....
Tag this Judgment!Court : Gujarat
Reported in : (1995)119CTR(Guj)150; [1995]211ITR575(Guj)
..... the amendment effected by the finance act, 1980, has done away with the deeming provisions whereby a trust, under section 164(1), could be assessed as though it ..... : [1977]108itr555(sc) 'it may be noted that, while interpreting the corresponding provisions in section 41 of the indian income-tax act, 1922, and section 161 of the income-tax act, 1961, this court in c. r. ..... therefore, association of persons as used in section 2(31) (v) of the income-tax act, 1961, means an association in which two or more persons join in ..... it was, however, submitted by learned counsel for the revenue that these two cases arose under the wealth-tax act and the language of the relevant sections of the wealth-tax act and the income-tax act being different, those decisions cannot be regarded as authorities for the purpose of holding that trustees of discretionary trust should ..... have to be assessed in the status of individual and, consequently, deduction under section 80l of the income-tax act, 1961, was allowable. ..... section comes into play only after the income has been computed in accordance with the other provisions of the income-tax act ..... bombay high court, again reiterated the same position by observing that (at page 290) : 'barring some exceptions, it has been the general policy laid down by this court in income-tax matters that whatever our own view may be, we should follow the view taken by another high court on the interpretation of a section'.this court also in arvind boards and paper products ltd. v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1994)49ITD73(Pune.)
..... the amendment effected by the finance act, 1980, has done away with the deeming provisions whereby a trust, under section 164(1), could be assessed as though it were an association of persons. ..... not associate or join in any endeavor or any purpose to produce the income, they would be deemed to be an association of persons ..... santimoyee bose's case (supra) does not deal with the deduction under section 80l of the income-tax act, 1961 and deals only with the status of a trust. ..... of the deeming provisions contemplated by the proviso to section 41, even though they do not associate to produce the income, if the person who is in actual receipt of the income fulfils the conditions mentioned in the main part of section 41(1) and if the share of the persons on whose behalf the income is received is indeterminate, then such income can be taxed as if it was an income of an association of persons even though, in fact, they are not an association of persons...under the proviso to section 41 of the income-tax act, 1922, even though the assessees did .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1994SC1904; (1994)116CTR(SC)55; [1994]205ITR433(SC); JT1993(6)SC183; 1993(4)SCALE315; 1994Supp(1)SCC473; [1993]Supp3SCR512
..... by reason of the interpretation placed upon section 80m in the cloth traders' case, the legislature had, by finance (no.2) act, 1980 introduced sections 80aa and 80ab into the said act. ..... by reason of section 14 of the said act all income for the purposes of charge of income-tax and computation of total income is classified under the heads of income therein mentioned. ..... adjustments of losses will have to be made in accordance with the provisions of the income-tax act for the purpose of arriving at the gross total income as defined in section 80-b. ..... kapadia (ibid) the bombay high court said: in the very nature of the scheme of the income-tax act, deductions under the provisions of chapter vi-a which includes section 80t are to be made in computing the assessee's total income. ..... assessee claimed a deduction under section 80-t of the income tax act, 1961 (hereinafter referred to as 'the act'). ..... section 45 deals with capital gains and says that any profits or gains arising from the transfer of a capital asset effective in the previous year shall, except as provided in the provisions therein mentioned, be chargeable to income tax under the head capital gains and shall be deemed to be income of the previous year in which the transfer took ..... in the case of gouri prasad goeka' (ibid), the calcutta high court said :computation of income under the income-tax act will have to be done, in the instant case, under the head 'capital gains' and all the deductions and allowances will have to be allowed .....
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. .....
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