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.
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD922(Mad.)
..... the commissioner (appeals) should be vacated and that the ito should be directed to recompute the capital base after the decision of the supreme court or the madras high court regarding the validity of the retrospective amendment to section 80j and section 35, as amended by section 17 of the finance (no 2) act, 1980.3. ..... under section 80j of the income-tax act, 1961, and (ii) the disallowance of depreciation on assets used for scientific research in respect whereof deduction under section 35(2)(ia) had been allowed for the earlier year, and restoring the matter to the income-tax officer for fresh decision on both the points after the decision of the supreme court or the madras high court becomes available regarding the retrospectivity of the amended section 80j and section 35 (as amended by the finance (no. ..... under section 80j of the income-tax act, 1961, and (ii) the disallowance of depreciation on assets used for scientific research in respect whereof deduction under section 35(2)(ia) had been allowed for the earlier year and restoring the matter to the income-tax officer for fresh decision on both the points after the decision of the supreme court or the madras high court becomes available regarding the retrospectivity of the amended section 80j and section 35 (as amended by the finance (no. ..... ground in this appeal is that in view of the challenge by other assessees to the amendment of section 80j and section 35 of the income-tax act, 1961 ('the act'), vide the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD917(Mad.)
..... the pendency of the matters where the constitutionality of the amendment of section 80j vide the finance (no.2) act, 1980, is changed immaterial (sic). ..... 2) act, 1980, the liabilities are to be excluded in the computation of the capital employed for the purpose of relief under section 80j but in matters of other assessees the question of constitutional validity of the amendment supra is pending for disposal in the hon'ble supreme court and, therefore, the issue be decided in accordance with the decision of the hon'ble supreme court on the issue and as such the matter be ..... madras, the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and restoring the matter of the income-tax officer for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j (as amended by section 17 of the finance (no. ..... madras, the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961 and restoring the matter to the income-tax officer for recompu-tation of the profit after the decision of the supreme court or the madras high court regarding the retrospectivity of the amended section 80j (as amended by section 17 of the finance (no. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1997)IILLJ608Raj; 1997WLC(Raj)UC1
..... the hon'ble supreme court was seized of the matter of the provisions involved as under:-'the finance bill (no.2) of 1980 ultimately culminated in the finance (no.2) act, 1980 and by this act, section 80j was amended and sub-section (1-a) was introduced with retrospective effect from april 1, 1972. ..... finance act (no.2) of 1980 insofar as it amended section 80j by incorporating rule 19-a in the section with retrospective effect from april 1, 1972, was merely clarificatory in nature and must accordingly be held to be valid.'14 ..... the question of constitutionality of the retrospective amendment made in section 80j was involved, as amended by finance (no.2) act, 1980. ..... he has submitted that non-payment of the bonus or delayed payment of bonus means that the contravention of the provisions of the bonus act have been made and is punishable under section 28 of the act, and for the reason that he had already paid the bonus for accounting year 1993-94 before coming into force of the amending act, as per the terms of the settlement arrived at between the employer and the employees, and additional liability cannot be created ..... 2,500/- per month of such employees as per section 12 of the amending act, and thus the agreement already entered prior to the amending act shall have no bearing at all for payment of bonus as per amending act to the employees now brought under the provisions of act for payment of bonus or to those employees, who were paid less bonus then prescribed by the amending act w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (1984)9ITD789(Bang.)
..... the amendment of section 80j by the finance (no.2) act, 1980, with retrospective effect is applicable to these two years. ..... the learned departmental representative submitted that when the appeal was taken up by the commissioner (appeals), the amended provision of section 80j with retrospective effect was on the statute book and so, he was perfectly justified, in applying that provision. ..... [1958] 34 itr 143 (sc), by section 13 of the indian income-tax (amendment) act, 1953, which came into force from 24-5-1953, a proviso was added to section 18a(5) of the indian income-tax act, 1922 ('the 1922 act') with effect from 1-4-1952. ..... on those facts, the supreme court held that there can be no doubt that the effect of the retrospective operation of the indian income-tax (amendment) act is that the proviso inserted by the said section in section 18a(5), would, for all legal purposes, have to be deemed to have been included in the 1922 act as from 1-4-1952. ..... the learned counsel for the assessee strongly urged that when the ito passed the order under section 154 on 6-3-1980, he had no jurisdiction as the amended provisions of section 80j came into effect from 21-8-1980. ..... but when the commissioner (appeals) passed the order on 20-8-1981, the amended provision of section 80j with retrospective effect was on the statute book. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1985SC421; (1985)1CompLJ249(SC); (1985)44CTR(SC)328; [1985]152ITR308(SC); 1985(1)SCALE115; (1985)2SCC197; [1985]2SCR686
..... i now proceed to consider the other question about the validity of the amendment of section 80j introduced by the finance act 2 of 1980. ..... 80j of the income-tax act, prior to the impugned amendment by the finance act, 1980, have been earlier set out. ..... it is significant note that when this exclusion of debentures and long term borrowing from approved sources was made, rule 3 of the first schedule was also simultaneously amended by section 29 of finance act 66 of 1976 and the provision for adding back the amount of interest payable by he company m respect of debentures and long term borrowing from approved sources was deleted. ..... 80j as it stood prior to the impugned amendment by the finance act 2 of 1980 material for the purpose of the present proceedings may be set out: (1). ..... thereafter from time to time changes were made in section 15c by various finance acts but these changes were not substantial and they merely extended from time to time the period of production for eligibility from initial 3 years to 18 years by suitable amendments in clause (ii) of sub-section (2) and brought the business of hotel also within the purview of the exemption and laid down the conditions for grant of such exemption. ..... 2) bill 1980, the finance minister said in the course of his speech in the rajya sabha on 24th july, 1980: i have received many representations on the amendment proposed to be made in section 80j of the income-tax act with effect from the 1st april, 1972.... .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD973(Ahd.)
..... outset that in this assessment, the wto has acted under section 21(4), as amended by the finance (no. ..... it is clearly provided in section 21(4), as amended, that the wealth-tax shall be levied upon the trustees in the like manner and to the same extent as it ..... of the persons on whose behalf or for whose benefit the assets are held being treated as an individual as interpreted by the supreme court has been given a go-by, instead the amended provision applicable in this assessment year emphasises the fact that wealth-tax shall be levied upon and recovered from the trustees in the like manner and to the same extent as it ..... act, 1980, was the same but a material change has been affected by the finance ..... 2) act, 1980, applicable in this assessment, year reads as under : (4) notwithstanding anything contained in this section, where the shares of the persons on whose behalf or for whose benefit any such assets are held are indeterminate or unknown, the wealth-tax shall be levied upon and ..... 2) act, 1980, with effect from 1-4-1980, and he brought to tax the value ..... 2) act, 1980, and ..... act, 1980 ..... 2) act, 1980, the position has been brought on par with section 21(1) wherein section 21(1 a) was inserted, though the methods used in respect of the two sections are different.he also submitted that the intention to make the amendment was quite relevant and he cited the supreme court authority in the case ..... 1980, particularly to the observations reported in [1980] ..... the assessee for the assessment year 1980-81. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)11ITD125(Mad.)
..... representative are well-founded and must prevail; hence, we further hold that no interference is called for in the impugned order as the relief provided by the authorities below to the assessee under section 80j is in accordance with law, the amended section 80j, and the same is there till it is held by the hon'ble supreme court as unconstitutional.since it has not been held as such by either the high courts within the ..... justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and section 80j of the income-tax act, 1961, and restoring the matter to the income-tax "officer for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. ..... act, 1980 ..... 2) act, 1980, and so the appeal of the ..... 2) act, 1980, the ito rejected ..... act, 1980 ..... act, 1980], ..... 2) act, 1980, with retrospective effect from 1 -4-72, borrowed monies and debts owed by an assessee are to be excluded in computing the capital employed in an industrial undertaking for ..... 2) act, 1980, as the tribunal has to decide the matters before it in accordance with the ..... act, 1980 ..... act, 1980 ..... 2) act, 1980, with retrospective effect from april 1, 1972, amounts borrowed for capital will have to be deducted in determining the capital employed for the purpose of section 80j for the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)35ITD402(Hyd.)
..... 2) act, 1980 has amended sub-section (4) of section 21 in order to secure that the entire value of assets settled on a discretionary trust are charged to wealth-tax as one unit at the flat rate of 3 per cent or the appropriate rate applicable in the case of an individual who is a citizen of ..... 2) act, 1980 had made the following amendments to section 21(4)- (i) the administrator trust will be liable to tax at the flat rate of 3 per cent (as against 1.5 per cent hitherto) or at the appropriate rate of wealth-tax which would be applicable if such assets were held by an individual who is a citizen of ..... (iii) under the provisions as they exist prior to the amendment made by the finance (no. ..... in the instant case, 36 valuable items of the jewellery are in the custody of the finance secretary as per the orders of the hon'ble supreme court. ..... in the case of this trust, these items of jewellery are under the lock and key of union finance secretary right from the year 1979 till date. ..... physical possession of certain most valuable items of jewellery is still with the finance secretary, union of india. ..... the nizam's family trust's case (supra), the finance (no. ..... the finance (no. ..... with a view to ensuring that the provision is not misused, the finance (no. ..... the finance (no. ..... in order to put a tag on this loophole the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)9ITD690(Mad.)
..... at the hearing, reference was made to the provisions of explanation 2 inserted with retrospective effect from 1-4-1976 by the finance act," 1983, according to which for the purpose of section 37(2a), 'entertainment expenditure' would include expenditure on hospitality of every kind, including provision of food or beverages to any person, whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason of ..... , the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and restoring the matter to the income-tax officer for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. ..... 2) act, 1980.3. ..... 2) act, 1980] becomes available 2. ..... 2) act, 1980] becomes available 1. ..... 2) act, 1980, according to which, liabilities should be deducted. ..... ) of 1980 has held that the matter required more detailed consideration after gathering all the relevant facts and restored the matter to the ito to decide the matter afresh after giving reasonable opportunity to the .....
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