Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 2 income tax Sorted by: recent Page 8 of about 13,239 results (0.124 seconds)

Commissioner of Income-tax Vs. Bharat Overseas Bank Ltd.

Court : Chennai

Reported in : (2000)162CTR(Mad)158; [2000]243ITR320(Mad)

..... therein dealt with the differing views of the high courts in the country on the scope of this provision, and after analysing the provision stated thus (headnote) :'the expenditure referred to in section 35b(1)(b)(iv) of the income-tax act, 1961, has to be incurred on the maintenance outside india of a branch, office or agency for the promotion of sales outside india of the assessee's goods, services or facilities. ..... on the facts and in the circumstances of the case, the assessee-bank is entitled to weighted deduction under section 35b(1)(b)(iv) of the income-tax act, 1961, in respect of the interest payments amounting to rs. ..... the benefit of weighted deduction in respect of the sum by placing reliance on section 35b(1)(b)(iv) of the income-tax act, 1961.2. ..... attempt in the year 1981-82 to claim weighted deduction for that expenditure even after the deletion of sub-clause (iii) of section 35b(1)(b) succeeded before the tribunal, though it had initially been rejected by the income-tax officer, as also by the commissioner in appeal. ..... by the assessee here by way of payment of interest to the customers, who had made deposits with its branch at bangkok was being allowed in earlier years under section 35b(1)(b)(iii) of the act, as it covered the expenditure on the provision of services or facilities outside india by the assessee.10. ..... 2) act, 1980, contained ..... 2) act of 1980, clauses (ii), (iii), (v), (vi) and (viii) ..... section 35b(1)(b) of the act as it stood prior to the amendment by the finance .....

Asstt. Cit Vs. Jetron Laboratories (P) Ltd.

Court : Mumbai

Reported in : (2001)71TTJ(Mumbai)105

..... any subsequent sale exchange or transfer of such gold within the meaning of section 2(47) of the income tax act, would attract capital gains tax in respect of capital gains arising from such sale, exchange or transfer. ..... it was clarified in the press communique bearing no mms/mmm/ant/361/3 dated 22-9-1980, issued by the department, of economic affairs, ministry of finance, that :no capital gains will arise when the bonds are exchanged for gold on ..... 415 dated 14-3-1985 (1987) 152 itr 205 which reads as follows in support of its contention :subject: national defence gold bonds, 1980--transfer of gold after redemption-date of acquisition of gold for the purpose capital gains instruction regarding.the government of india had issued in the ..... case, the date of acquisition of gold was adopted as 27-10-1980 even though the bonds were actually redeemed subsequently, i.e. ..... on 27-10-1980)14,60,000 8,90,000 less: deduction under section 48(2) ..... scheme of national defence gold bonds 1980, the date of repayment was 27-10-1980 so the stand of the assessing officer is that the assessee is liable for capital gains tax on the sale. ..... company received gifts of gold bonds of total 25,000 gold on various days from three parties between 1-10-1979 and 27-9-1980 as per the details given in para 4 of the assessment order. ..... 1981, but that was because in that case the assessee conceded the position that the cost of acquisition should be adopted as the market value of 27-10-1980 and not on the date of actual redemption. .....

Commissioner of Income Tax Vs. M/S. Bharat Heavy Electricals Ltd.

Court : Delhi

Reported in : 1999VAD(Delhi)237; (1999)156CTR(Del)12; 81(1999)DLT178; [1999]239ITR756(Delhi)

..... instance of the revenue, the income tax appellate tribunal (fort short the tribunal) has stated the case and referred the following questions of law under section 256(1) of the income tax act, 1961 (for short the act), for the opinion of ..... 1983 whether directly or in association with any other person, any expenditure (not being in the nature of capital expenditure or personal expenses of the assessee) referred to in clause (b), he shall, subject to the provisions of this section, be allowed a deduction of a sum equal to one and one-third times the amount of such expenditure incurred during the previous year; provided that in respect of the expenditure incurred after the 28th day of february 1973 ..... facts and in the circumstances of the case, the appellate tribunal was justified in law in confirming the order of the cit(a) holding that the assessed was entitled to weighted deduction u/s 35b(1)(b)(viii) of the i.t.act, 1961 in respect of the following expenditures: site expenses amount percentagea) malaysia 1,12,16,647/- 100%b) brtw (libya) 39,60,903/- 100%c) erection sub- 32,36,32,647/- 100%contracts expenses on civil, mechanical& electrical job ( ..... , 1980, issued by the central board of direct taxes (1980) 124 itr 64 explaining the substances of the provisions contained in finance ..... 2) act, 1980, whereby the said explanationn was inserted to modify the provisions relating to the ..... act, 1980 ..... into service the afore-extracted explanationn-2 to section 35b, which was inserted by finance (no. .....

Mitsui and Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Delhi

Reported in : (1999)65TTJ(Del)1

..... in india, further, it was also being asked (para 2) as to whether any tds returns under section 206 of the income tax act were being filed, and, if yes, where the questionnaire, to submit the least, was a general questionnaire addressed to anpara project seeking details of personnel, having no experience of finance/tax matters entrusted with disbursement of specific amounts to the expatriates employed in india, duly furnished details vide reply ..... that although by inserting an explanationn in section 9(ii) of the income tax act, 1961, with effect from 1st april, 1979 by the finance act, 1983, it is clarified and declared that the income which falls under the head 'salaries' payable for services rendered in india, shall be regarded as income earned in india, yet all kinds of payments arising under a contract of employment are not liable to tax in india. ..... 25-2-1980, and explanationn to section 9(1)(ii) was added thereafter by finance act, ..... on the subject is very clear since after the insertion of explanationn to section 9(1)(ii) by the finance act, 1983, after the judgment of the hon'ble gujarat high court in : [1980]124itr391(guj) . ..... pgnatale : [1980]124itr391(guj) wherein it was held that the amount received outside india as retention remuneration by employees of the french company which had entered into an agreement with an indian company for rendering certain services in europe and in india was not assessable in india under section 9(1)(ii) as salary earned ..... : [1980]121itr531(kar .....

Cit Vs. National Agricultural Co-operative Marketing Federation of Ind ...

Court : Delhi

Reported in : 76(1998)DLT832; [1999]236ITR766(Delhi)

..... tribunal the controversy centered around the assessor's claim for allowance of weighted deduction under section 35b of the income-tax act, 1961 in respect of inspection fees. ..... reasons, we are of the opinion that the tribunal was not right in holding that rule 6aa of the income-tax rules made effective from 1.8.81 was applicable to asstt.year 1979-80 and weighted deduction under section 35-b of inspection fee was admissible to the assessee. ..... pur-poses it would suffice to note that section 35b was introduced into the body of the main act by the finance act, 1968 w.e.f. ..... that in a case where only part of the sales is made outside india the amount of expenditure incurred on the maintenance of such laboratory or other facilities which shall qualify for deduction under clause (a) of sub-section (1) of section 35b shall not exceed the amount which bears the same proportion as the value of the turnover in respect of such exports bears to the turnover of the business in respect of which the laboratory or other facilities ..... (ii)(iii) (v)(vi)(viii) were omitted by the finance ( no.2) act 1980 from 1.4.81.7. ..... before the first day of march, 1983 in section 35b(1)(a) were inserted by the finance act, 1983 w.e.f. ..... the object of the provision as indicated by the speech of the finance minister moving the amendment whereby section 35-b was brought on the statute book and as suggested by the language of the provision itself is that it was intended to provide an incentive to the assessees so as to .....

Beardsell Ltd. Vs. Comwssioner of Income Tax

Court : Chennai

Reported in : (1998)150CTR(Mad)620

..... 35b of the it act on the total expenditure of the export division which was operated as a completely separate department and for which there were separate accounts? ..... 1980-81:(1) in the facts and circumstances of the case, was the tribunal right in not allowing weighted deduction under s. ..... 40(c) of the act would be applicable. ..... 37(3) of the act itself provides that expenditure incurred on travelling by an employee or any other person (including hotel expenses or allowances paid) in connection with such travel, 'shall be allowed only to the extent', prescribed. ..... 40(c)/40a(5) of the it act, 196p2. ..... 35b of the it act. .....

Cumi Employees' Welfare Trust Vs. Wealth-Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

..... section 40a(11) of the income-tax act, were inserted by the finance act with retrospective effect from april 1, 1980 ..... opinion on the following point of difference between the two members, the appeals are placed before the president, income-tax appellate tribunal for being heard on the following point of difference by one or more of the other members of the appellate tribunal : "whether, on the facts and in the circumstances of the case, the retrospective operation of section 40a(11) of the income-tax act, 1961 with effect from april 1, 1980, affects the liability of the assessee-trust to wealth ..... point of difference arose between the members of the tribunal constituting the bench which is identified and referred as follows : "whether, on the facts and in the circumstances of the case, the retrospective operation of section 40a(11) of the income-tax act, 1061 with effect from april 1, 1980, affects the liability of the assessee-trust to wealth-tax ?" 2. ..... tax officer found that the amount was included in the capital fund of the trust in the statement filed along with the return of income for these assessment years and it was only after the passing of the finance act, 1984, that the assessee-trust revised the statement for the purpose of wealth-tax ..... the conclusions listed out by the learned accountant member, in my humble opinion, are not correctly reached by applying the correct law or by appreciating the true or plain meaning of the provisions of section 40a(11) of the income-tax act. .....

Assistant Commissioner of Vs. Nanubhai B. Amin

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1999)68ITD306(Ahd.)

..... section 7a was inserted by the finance act, 1980 with effect from 1-4-1975 wherein it has been provided that for the purpose of exemption under section 5 of the wealth-tax act, the amount of compulsory deposit shall be deemed to be a deposit with a banking company to which the banking regulation act ..... assessee is entitled to exemption under section 5(1)(xxvi) read with section 7a of the compulsory deposit scheme (income-tax payers) act, 1974, subject to limitations provided in the act.6. ..... d.nagrolwala's case (supra), it was decided by the tribunal that the deposits made by the assessee under the compulsory deposit scheme is not a chargeable assets under section 2(a)(2)(ii) of wealth-tax act.the provision of section 2(e)(2)(ii) of the act is quoted as follows :- "2(e) 'assets' includes property of every description, movable or immovable, but does not include, (2) in relation to the assessment year commencing on the 1st day of april, 1970, or any subsequent assessment ..... company to which banking regulation act applies is an exempted asset by virtue of amendment brought in the compulsory deposit scheme (income-tax payers) act, 1974. ..... section 5(1)(xxvi) of wealth-tax act read with section 7 of compulsory deposit scheme (income-tax payers) act ..... that the whole amount of deposit repayable with interest standing credit in the name of the assessee forms part of assets for the purpose of wealth-tax act.5.1 now we shall discuss the decisions which have been relied upon on behalf of the assessee. .....

Super Spinning Mills Ltd. Vs. Commissioner of Income-tax and anr.

Court : Chennai

Reported in : [2000]244ITR814(Mad)

..... interest under section 220(2) of the income-tax act, the petitioner filed a petition to the commissioner of income-tax, coimbatore, under section 264 of the income-tax act praying for deletion of the interest levied under section 220(2) on the ground that the additional tax payable came to be sustained only on account of the retrospective amendment to the income-tax act, by the finance act, 1986, that the petitioner was not in arrears of any tax after the orders of the income-tax officer dated april 30, 1985, giving effect to the orders of the commissioner of income-tax (appeals ..... the only question to be decided in these writ petitions is whether the orders of the commissioner of income-tax dated march 6, 1989, under section 264 of the income-tax act (hereinafter referred to as 'the act'), declining to direct the income-tax officer to delete the interest charged under section 220(2) of the income-tax act for the assessment years 1979-80 and 1980-81 are correct or not 11. ..... even without reference to the above circular, as stated earlier, in the light of the factual position available on record, coupled with sections 156 and 220(2) of the act, i hold that the proceedings of the commissioner of income-tax dated march 6, 1989, are in order and i do not find any infirmity or error in rejecting the claim made by the petitioner with regard to waiver of interest charged under section 220(2) for the assessment years 1979-80 and 1980-81. 29. .....

Commissioner of Income-tax Vs. A.T. Balakrishnan (Decd.) and ors.

Court : Chennai

Reported in : [1999]238ITR801(Mad)

..... fact that we are concerned with the assessment year 1971-72 onwards, no useful purpose would be served by remitting the matter to the appellate tribunal to direct the income-tax officer to consider the question whether the partition can be recognised under section 171 of the income-tax act, particularly when we are upholding the order of the appellate tribunal that the partial partition was genuine and valid and there is no necessity to recognise the partial partition ..... given by the supreme court is that so long as the finding is not recorded under section 171 of the income-tax act, holding that when the partial partition took place, the hindu undivided family shall be deemed for the purpose of the income-tax act to be the owner of the property which is the subject-matter of partition and also the recipient of the income of the property and the relevant passage of the court reads as under (page 709) ..... act, 1980, with effect from april 1, 1980, there must be an order recognising the partial partition under section 171 of the income-tax act ..... section 20a of the wealth-tax act deals with the partial partition of the hindu undivided family and it was introduced in the wealth-tax act only by the finance ..... though under the provisions of section 20 of the wealth-tax act, there was no need to recognise a partial partition as the provisions for recognising the partial partition under the wealth-tax act came into force by section 20a of the wealth-tax act introduced by the finance (no. .....