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Commissioner of Income-tax Vs. Ravi Ratna Exports (P.) Ltd.

Court : Mumbai

Reported in : [2000]246ITR443(Bom)

..... that be the case, then such an income cannot come within the ambit of section 28 to 44d of the income-tax act. ..... of 1999), this court has taken the view that business profits were required to be computed under the head 'profits and gains of business' which, in turn, refers to section 28 to 44d of the income-tax act. ..... income-tax appellate tribunal has held that interest income is business income. ..... this court has held that the amending law which came into force from april 1, 1992, by which clause (baa) has been introduced in the explanation to section 80hhc, all such receipts which have no nexus with the export activity, stand excluded. ..... [2000] 246 itr 440 (income-tax appeal no. ..... : [1991]191itr359(bom) , such income cannot be business income. ..... even if it is held that interest income was a business income, the same was not includible in business profits in the ..... present matter, we may mention that the assessing officer has recorded a finding; of fact that the said interest income from fixed deposits was income from other sources. ..... profits x export turnover total turnoverto arrive at export profits on which the assessee claimed deduction under section 80hhc of the act. ..... cit : [1991]191itr359(bom) , the division bench of this court took the view, on the facts, that the assessee had no evidence to show that the monies on which the interest was earned were advanced in the course of the assessee's business and, therefore, the division bench held that interest income was taxable as income from other .....

Union of India (Uoi) and anr. Vs. Azadi Bachao Andolan and anr.

Court : Supreme Court of India

Reported in : (2004)1CompLJ50(SC); (2003)184CTR(SC)450; [2003]263ITR707(SC); JT2003(Suppl2)SC205; 2003(8)SCALE287; (2004)10SCC1

..... in 1991, the existing section 90 was renumbered as sub-section (1) and sub-section (2) was inserted by finance act, 1991 with retrospective effect from april 1, 1972. ..... section 4 of the income tax act, 1995 (mauritian income-tax act) provides that, subject to the provisions of the act, income-tax shall be paid to the commissioner of income-tax by every person on all income other than exempt income derived by him during the preceding year and be calculated on the chargeable income of the person at the appropriate rate specified in the first schedule.73. ..... section 49a of the income-tax act, 1922 enabled the central government to enter into an agreement with the government of any country outside india for the granting of relief in respect of income on which, both income-tax (including super-tax) under the act and income-tax in that country, under the income-tax act and the corresponding law in force in that country, had been paid. ..... with the government of any country outside india- (a) for the granting of relief in respect of income on which have been paid both income-tax under this act and income-tax in that country, or (b) for the avoidance of double taxation of income under this act and under the corresponding law in force in that country, or (c) for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under this act or under the corresponding law in force in that country, or investigation of cases of such evasion or avoidance .....

Mithy Granite (P.) Ltd. Vs. Income-tax Officer

Court : Karnataka

Reported in : ILR2004KAR790; [2004]266ITR151(KAR); [2004]266ITR151(Karn)

..... in this connection, it is useful to extract the relevant portion of the circular dated may 22,1984, which reads as hereunder :'section 80hhc has been inserted in the income-tax act, 1961, by the finance act, 1983, and the deduction under this provision is admissible in relation to assessment year 1983-84 and subsequent years. ..... 2) act of 1991 which came into force with effect from april 1, 1991, clarified the position that granites which are cut and polished cannot be treated as minerals to deny the benefit extended under sub-section (1) of section 80hhc of the act. ..... 2) act of 1991, minerals which are cut and polished are excluded from the purview of sub-section (2)(b)(ii) of section 80hhc of the act. ..... 2) act of 1991, it is not permissible to take the view that cut and polished minerals are excluded from the purview of minerals under sub-section (2)(b)(ii) of the act. ..... 2) act of 1991, it must be held that the amendment was made not for the first time to extend the benefit for export of cut and polished granites, but it should be held as reiterating the position which was already found in section 80hhc(2)(b)(ii) of the act. ..... that this court in the case of god granites [1999] 240 itr 343 has only taken the view that the benefit of the circular dated november 1,1995, would be available for the assessment years 1991-92 onwards; and a similar view is also taken by the madras high court in the case of pooshya. .....

Commissioner of Income-tax, Faridabad Vs. Ghanshyam (Huf)

Court : Supreme Court of India

Reported in : (2009)224CTR(SC)522; [2009]315ITR1(SC); JT2009(9)SC445; 2009(9)SCALE657; (2009)8SCC412; [2009]182TAXMAN368(SC); 2009(6)LC2930(SC)

..... the scope and effect of the above amendments made in section 45, as also insertion of section 54h, by finance act 1991, has been elaborated in the following portion of the departmental circular no. ..... the controversy in the present batch of civil appeals pertains to the interpretation of section 45(5) of the income-tax act, 1961, as it stood prior to 1.4.2004.facts in the lead mattercivil appeal no. ..... we also quote hereinbelow section 45(1) of the 1961 act as it stood prior to 1.4.2004 which reads as under:45 - capital gains(1) any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections [***] [54, 54b, [***] [54d, [54e, [54ea, 54eb,] 54f [, 54g and 54h]]]]], be chargeable to income-tax under the head 'capital gains', and shall be deemed to be the income of the previous year in which the transfer took place.11. ..... persons are unable to avail of the exemption for roll- over of capital gains, within the specified time period through investment in specified assets.section 45 of the income-tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset by way of compulsory acquisition under any law shall be charged to tax in the previous year in which the compensation is first received.this amendment takes effect retrospectively from st 1 april, 1988. .....

The Director of Income Tax Vs. Shardaben Bhagubhai Mafatlal Public Cha ...

Court : Mumbai

Reported in : (2001)1BOMLR744; (2000)164CTR(Bom)97; 2001(2)MhLj695

..... he contended that the plain reading of sections 160 to 162 of income tax act which show that a representative assessee has either to be an individual or artificial juridical person who is equated with an individual. ..... initially, under the finance act, 1991, the cut-off date in cases of the present kind was 31st march, 1992. ..... with a view to remove the hardship, the finance act, 1992 amended clause (iia) in the provision to section 13(1)(d) to provide that an asset, other than an investment or deposit mentioned in section 11(5), is held by the trust or institution which cannot be disinvested by 31st march. ..... he contended that initially, under the finance act of 1991, the trusts were required to dispose of or convert the assets by 31st march, 1992. ..... clause (d) of sub-section (1) of section 13 was substituted by finance act, 1983 with effect from 1.4.1983. ..... in fact the amendment to section (iia) by finance act, 1992 is expressly made applicable from 1st april, 1992. ..... in fact, the very object for enacting finance act, 1992 was to extend the time limit from 31st march, 1992 upto 31st march, 1993 so that the assessees could disinvest by that date. ..... the above amendment by finance act, 1992 came into effect from 1st april, 1992. ..... if the contention of the assessee is accepted, it would defeat the legislative purpose behind the amendment to the said proviso by finance act of 1992. ..... 691 dated 19th december, 1991 issued by the board. ..... 691 dated 19th december 1991 195 i.t.r. .....

Commissioner of Income Tax Vs. Pooshya Exports (P) Ltd.

Court : Chennai

Reported in : (2003)179CTR(Mad)557

..... made to sub-clause (ii) of clause (b) of sub-section (2) of section 80hhc has been done by the finance act 2 of 1991, w.e.f.. ..... . 2) act of 1991 to section 80hhc is only prospective and effective from 1st april, 1991, and for the asst ..... was therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable under clause (a) of section 43b. ..... the same, first proviso was added to section 43b by finance act, 1987. ..... where an assessee, being an indian company or a person (other than a company) resident in india is engaged in the business of export out of india of any goods or merchandise to which this section applies there shall in accordance with and subject to the provisions of this section, be allowed in computing the total income of the assessee, a deduction equal to the aggregate of 4 per cent of the net foreign exchange realisation and 50 per cent of so much of the profit derived by the assessee from ..... the proviso made it clear that the section will not apply in relation to any sum which is actually paid by the assessee in the next accounting year, if it is paid on or before the due date for furnishing the return of income in respect of the previous year, in which the liability to pay such sum was ..... , for a long periods of time, but claimed deduction in that regard from their income on the ground that the liability to pay these amounts had been incurred by them in the relevant previous .....

Commissioner of Income-tax Vs. Surinder Kumar Khanna

Court : Karnataka

Reported in : [2001]250ITR673(KAR); [2001]250ITR673(Karn); [2001]119TAXMAN574(Kar)

..... the income-tax appellate tribunal has referred the following question of law arising out of its order dated may 29, 1997, for the assessment year 1992-93 :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in directing the assessing officer to allow deduction under section 80hhc in respect of export of blocks of granite, cut and polished to certain extent only, for the assessment year ..... of 1996, in the case of god granites, therefore, the income-tax appellate tribunal held that the assessee is entitled to the deduction under section 80hhc. ..... during the course of the further appeal filed by the assessee before the income-tax appellate tribunal, the income-tax appellate tribunal noticed that in the accounts of the assessee for the relevant year, expenses to the extent ..... however refused by the assessing officer on the ground that the assessee exports merely blocks of granite without getting them cut and polished as is required under the provisions of the twelfth schedule to the income-tax act, 1961. ..... the commissioner of income-tax (appeals) upheld the order of ..... the tribunal, therefore, reversed the decisions of the lower authorities and directed that the deduction under section 80hhc be allowed to the asses see on the export of granite blocks, as per the provisions ..... act of 1991 ..... only with effect from april 1, 1991, the words 'other than processed minerals and ores specified in the twelfth schedule' were added by the finance (no. .....

Shiva Kant Jha Vs. Union of India (Uoi) and ors.

Court : Delhi

Reported in : [2009]185TAXMAN424(Delhi)

..... in 1991, the existing section 90 was renumbered as sub-section (1) and sub-section (2) was inserted by the finance act, 1991 with retrospective effect from 1-4-1972. ..... since the tax treaties are intended to grant tax relief and not put residents of a contracting country at a disadvantage vis--vis other taxpayers, section 90 of the income tax act has been amended to clarify that any beneficial provision in the law will not be denied to a resident of a contracting country merely because the corresponding provision in the tax treaty is less beneficial.. ... ... ... 30. ..... when the income tax act, 1961 was introduced, section 90 contained therein initially was a reproduction of section 49a of the 1922 act. ..... section 49a of the income tax act, 1922 enabled the central government to enter into an agreement with the government of any country outside india for the granting of relief in respect of income on which, both income tax (including supertax) under the act and income tax in that country, under the income tax act and the corresponding law in force in that country, had been paid. ..... with respect to fiscal treaties, the contention is that they cannot be enforced in contravention of the provisions of the income tax act, unless parliament has made an enabling law in support. ..... once parliament has enacted the income tax act, taxes must be levied and collected in accordance therewith and no person has the power to grant any exemption therefrom. .....

Commissioner of Income Tax Vs. Tamilnadu Mercantile Bank Ltd.

Court : Chennai

Reported in : [2006]282ITR428(Mad)

..... loans and advances, as a concept, are different and distinct from investments in the commercial sense and also in the accounting sense as also under sections 370 and 372 of the companies act as also under section 29 read with schedule iii to the banking regulation act, 1949, as also under section 13(1)(d) and section 11(5) of the income-tax act, 1961. ..... similarly, the definition of the word 'interest' in section 2(28a) of the income-tax act vis-a-vis sections 2(7) brings out the difference between lending on the one hand and investment on the other hand. ..... same, the revenue has preferred this appeal raising the following substantial question of law:'whether in the facts and circumstances of the case, the tribunal was right in holding that interest on government securities, interest on tax free investment, interest on bonds, interest on treasury bills and interest received on investment deposit scheme -idbi would not be subject to tax under the income tax act?4. ..... 2) act of 1991 would have no effect on section 2(7) as the exclusionary clause was only clarificatory in nature.''... ..... it is fairly conceded by the learned counsel appearing for the revenue that the issue raised in the above question is covered against the revenue by the decision of bombay high court in discount and finance house of india ltd. v. s.k. .....

Commissioner of Income-tax Vs. Bhaskar Picture Palace

Court : Supreme Court of India

..... section 245d of the income-tax act, 1961, as it stood prior to 1991 ..... -section ..... section ..... section if the commissioner objects to the application being proceeded with on the ground that concealment of particulars of income on the part of the applicant or perpetration of fraud by him for evading any tax or other sum chargeable or imposable under this act, has been established or is likely to be established by any income-tax ..... section in 1991 ..... section (1a) was removed from the statute book subsequent to 1991 ..... authority, in relation to the case : provided that where the settlement commission is not satisfied with the correctness of the objection raised by the commissioner, the settlement commission may, after giving the commissioner an opportunity of being heard, by order, allow the application to be proceeded with under sub-section ..... section unless an opportunity has been given to the applicant of being heard. ..... section ..... 1991, sub-section (1a) was omitted and sub-section (1) read thus :'on receipt of an application under section ..... income-tax ..... 1991 of section 245d, whereby sub-section ..... section ..... section under which the order is passed : 245d(l) of the income-tax act ..... section (1a) from those where the settlement commission had rejected the vapplications for the reasons that are stated in sub-section ..... income-tax settlement commission , found that, having regard to the omission of sub-section .....