Court : Mumbai
Reported in : 2001(3)BomCR673; 2002(1)MhLj301
..... -- (1) notwithstanding anything contained in the [wealth tax act, 1957 (27 of 1957)], the income-tax act, 1961 (43 of 1961), the super profit-tax act, 1963 (14 of 1963), [the companies (profit) surtax act, 1964 (7 of 1964) or in any other enactment for the time being in force relating to income-tax, super-tax [super profits-tax, surtax] or any other tax on income, profits or gains --'section 32 gives exemption to uti from payment of tax, inter alia, under the income tax act on its income, profits or gains. ..... dastur submitted that section 2(28a) was introduced in the act by finance act 1988 because the government wanted to levy tax oninterest under section 9(1)(v) of the income tax act which deals with interest income which accrues or arises in india. ..... , the amount of interest which accrues or arises to the assessee [before the 1st day of august, 1974, or] [during the period commencing on the 1st day of march 1978, and ending with the 30th day of june, 1980,] [or [during the period commencing on the 1st day of april 1985 and ending with the 30th day of september 1991]] shall not be taken into account. ..... dastur further contended that the provisions of the interest tax act were similar to the provisions of the hotel receipts tax act, 1980. ..... 2) act of 1980 when the interest tax was extended to cover idbi and other financial institutions. ..... however, the first amendment of 1980 of the interest tax act did not cover lic and uti. .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2001)166CTR(Raj)383; [2001]251ITR587(Raj); 2001(4)WLC234; 2001(2)WLN507
..... section 80ab inserted by finance act (no.2) of 1980 ..... attention from which it is clear that the expression 'gross total income' which has been used in various sections of chapter vi-a has been assigned special meaning to mean total income computed in accordance with provision of income tax act, 1961 except any provision under chapter via. ..... for deduction in respect of gross total income from the industrial undertaking manufacturing electrical contacts under chapter vi-a of the income tax act, 1961 (for short the act of 1961') the assessing officer while upholding the claim of the assessee that he is entitled to claim relief under section 801 as well as under section 80hh, allowed the deduction, firstly ..... room of doubt in mind that while for computing deduction under any of the provisions of chapter vi-a which relates to gross total income from any particular source of income which form part of the total gross income of assessee then gross total income from the sources only in respect of which deduction is to be claimed, is first to be computed in accordance with all the provisions of income tax act for computing income from that source without making any deduction under any provision of chapter vi-a. ..... deals with the basis of charge for levying income tax and additional income tax and deals with charging of the tax of income. ..... appealed before the c1t and it allowed the appeal of the assessee and the said order was confirmed by the income tax appellate tribunal by holding that relief u/s. .....
Tag this Judgment!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 .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(2)ALLMR314; (2001)165CTR(Bom)518; [2001]248ITR29(Bom)
..... section 80-i was brought back into the income tax act by finance act, 1980 with effect from 1.4.1981. ..... it is for this reason that the same finance act, 1980, which re-introduced section 80-i, also brought into force, the bracketed portion in section 80-hh(9). ..... the learned counsel accordingly has given reasons for introducing the above words in section 80-hh(9) which are put expressly in the bracketed portion by finance act, 1980. ..... , 'section 80-i or' were introduced by finance act, 1980 with effect from 1.4.1981. ..... the following question of law has been raised by the department in this appeal under section 260-a of the income tax act : whether the assessee was entitled to claim 40% of the profit as deduction (20% under section 80hh and 20% under section 80-i) even though section 80-hh(9) provides that deduction under section 80-hh shall be given first, followed by deduction under section 80-i? 2. ..... it is for this reason that the legislature has continued the same phraseology in section 80-hh(9) which only deals with the concept of priority and not with the quantum of deduction which was there in-built into section 80-j till 1.4.1989 when it was omitted from the income tax act. mr. ..... it is assessable to tax under section 161(1a) of the income tax act. ..... section 80-hh falls in chapter vi-a of the income tax act. .....
Tag this Judgment!Court : Karnataka
Reported in : (2001)166CTR(Kar)53; [2001]251ITR736(KAR); [2001]251ITR736(Karn); [2001]116TAXMAN411(Kar)
..... the asses-see filed its return of income disclosing nil income after claiming relief under sections 80p(2)(a) and 80p(2)(d) of the income-tax act, 1961 (for short, 'the act'). ..... the commissioner of income-tax, karnataka (for short, 'the revisional authority'), being of the opinion that the order of the assessing authority was erroneous and prejudicial to the interests of the revenue issued notice under section 263 of the act. ..... question of law that arises for consideration is reformulated as under : 'whether, on the facts and in the circumstances of the case, the revisional authority and the tribunal were right in holding that the deduction allowed under section 80p(2) of the act were excessive keeping in view the gross total income of the assessee and, therefore, the assessment framed by the assessing officer was erroneous and prejudicial to the interests of the revenue requiring interference under ..... the error committed by the income-tax officer was that he calculated the deductions under section 80p(2)(a)(iv) without accounting for the losses suffered in the general sections from the business income. ..... 2) act, 1980, with effect from april 1, 1981. ..... section 80ab was introduced in chapter vi-a by the finance (no. .....
Tag this Judgment!Court : Mumbai
Reported in : (2000)163CTR(Bom)486; [2000]245ITR677(Bom)
..... in that matter the assessee claimed relief under section 80ab of the income-tax act in respect of the accounting year relevant to the assessment year 1980-81 in respect of the profit of a new industrial undertaking in backward areas. ..... 's case : [1979]118itr243(sc) , the finance act made a saving provision in section 44 to provide that the new section 80aa will not apply to the assessment of an assessee for a particular assessment year where the supreme court has on appeal/ reference held before june 18, 1980, that the deduction should be allowed with reference to the full amount of dividends. ..... 's case : [1979]118itr243(sc) , regarding provisions of other sections contained in chapter vi-a, the finance act inserted section 80ab to clarify that while calculating the deductions in sections 80ab to 80tt, the net income as computed in accordance with the provisions of the act (before making' any deduction under chapter vi-a) shall . ..... mistry fairly stated that there is no indication in the finance bill/memorandum of the said section 80ab being prospective. ..... therefore, on a bare reading of the provisions of section 80ab along with section 80b(5), it is clear that even prior to the finance (no. ..... the short point which arises for consideration in this appeal under section 260a in respect of the accounting year relevant to the assessment year 1974-75 is as follows :'whether prior to the introduction of section 80ab by the finance (no. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2000)159CTR(SC)381; [2000]243ITR56(SC); JT2000(3)SC405; 2000(2)SCALE384; (2000)3SCC615; [2000]2SCR465
..... sub-section (9) of section 139, introduced by the finance (no.2) act, 1980, with effect from september 1, 1980, allows the income-tax officer to give an opportunity to the assessee to rectify the return, if he found it defective, and, if within the period allowed the assessee failed to rectify the return, 'the return shall be treated as an invalid return. 33. ..... still the petitioner will have to establish with reference to the provisions contained in the income-tax act, the rate of depreciation to which it is entitled, because rule 4(1) of the tamil nadu agricultural income-tax rules, 1955, refers to the rates prescribed in the income-tax act for calculating the rate of depreciation to be arrived at under section 5(f) of the tamil nadu agricultural income-tax act, 1955. ..... verma submitted that looking at the language used in section 29 the income-tax officer is duty bound to allow depreciation in order to compute the income referred to in section 28 of the act which he is to do keeping in view of the provisions contained in sections 30 to 43 (now section 43d). ..... in its view, therefore, under section 34(1) of the act and the circular of the central board of revenue the income-tax officer could not have followed the deduction of depreciation, high court said:we may also observe that, on reading sub-section (1) of section 34 we do not find any reference to the assessee claiming or not claiming deduction of depreciation. .....
Tag this Judgment!Court : Mumbai
Reported in : (2002)76TTJ(Mumbai)974
..... 2) act, 1980, inserted a new section 80aa in the income tax act clarifying the intention with retrospective effect ..... clear, the court held, by the explanation added to rule 1 by the finance act, 1981.6. ..... was to make it retrospectively effective, it would have specified so in no uncertain terms as was done when explanation 8 was inserted by the finance act, 1986, with retrospective effect from 1-4-1974. ..... the dynamics which guided barium chemicals to sell the equipment was to raise finance, or, as is the case here, to reduce its indebtedness towards the ..... it referred to the memorandum explaining the provisions of the finance bill, 1981, which, inter alia, inserted this explanation ..... ran counter to the legislative intent to grant such deduction with reference to the net income by way of dividends only, the finance (no. ..... need has helped evolve various modes of financing a business and leasing is just one ..... with the conventional means of finance either drying up, or with a view to conserve available resources for operational purposes, or to circumvent capital budget constraints and such other cash management considerations, diversification of financing sources appears to be making ..... it cannot be gainsaid that finance is the perennial need of ..... of the legislature that the explanation was intended more as a legislative exposition or clarification of the existing law than as a change in the law as it then obtained,'in the present case also, memorandum explaining the provisions in finance (no. .....
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