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Plastiblends India Limited Through Its Chairman and Managing Director ...

Court : Supreme Court of India

..... any business of an industrial undertaking or a hotel or operation of a ship or developing, maintaining and (2008) 297 itr176 (2009) 310 itr3927 8 it may be mentioned that section 80-ia inserted by the finance (no.2) act, 1991 and was amended from time to time. ..... court, the high court noticed that section 80-ia is a 19 code by itself and deduction allowable under section 80-ia is a special deduction which is linked to profits, unlike deductions contained in chapter iv of the act which are linked to investment.17) the aforesaid conclusion of the full bench is based on the judgments of this court and there is no reason to disagree with the same, on finding that the judgments of this ..... the scope of deduction under chapter vi-a nor the said decision can be read to mean that by disclaiming current depreciation, the assessees can claim enhanced deduction under any other provisions in the act.14) after removing the applicability of mahendra mills on the aforesaid grounds, the high court proceeded to consider as to whether it can be said that the quantum of deduction allowable under section 80-ia ..... recasted and substituted by finance act, 2001 and certain amendments ..... 2 (2000) 243 itr56section 32 was amended by finance act, 2001 and explanation 5 was2) the assessment years ..... the judgment of this court in mahendra mills limited has been knocked off by the parliament with the addition of explanation 5 to section 32 vide finance act, 2001. ..... in force before its amendment vide finance act, 2001. .....

Commissioner of Income Tax Vs. M/S Classic Binding Industries

Court : Supreme Court of India

..... section 80-ia was inserted by the finance (no.2) act, 1991, with effect from 1st april, 1991. ..... as mentioned above, section 80-ic was inserted by the finance act, 2003 with effect from april 01, 2004. ..... , section 80-ic came to be inserted by virtue of finance act, 2003, applicable with effect from 1st april, 2004. ..... this backdrop, the question is as to whether these assessees, who had availed deductions @ 100% for first five years on the ground that they had set up a manufacturing unit as prescribed under sub-section (2) of the act, can start claiming deductions @ 100% again for next five years as they had undertaking substantial expansion during the period mentioned in sub- section (2)?. ..... the only question which needs to be answered in these appeals is as follows: whether an assessee who sets up a new industry of a kind mentioned in sub-section (2) of section 80-ic of the act and starts availing exemption of 100 per cent tax under sub-section (3) of section 80-ic (which is admissible for five years) can start claiming the exemption at the same rate of 100% beyond the period of ..... 80-ic was inserted by the finance act, 2003 w.e.f. ..... the case of hycron electronics, dismissed the appeals by a composite order dated 11th august, 2016 for assessment year 2011-12 and assessment year 2012-13 by holding that assessee is eligible for deduction under section 80 of the act @ 25% of the profit derived from industrial undertaking for these years and not @ 100% of deduction claimed by the assessee.12. .....

Late S. Ayyakannu by Lr Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

..... 90(2) of the it act, 1961 inserted by finance (no.2) act, 1991 with retrospective effect from 1st april, 1972, reads as under : (2) where the central government has entered into an agreement with the government of any country outside india under sub-s. ..... 2) act, 1991 with retrospective effect from 1st april, 1972 ..... act of 1991. ..... in such a situation, in relation to the assessee to whom such agreement applies, the provisions of the it act, 1961, shall apply to the extent they are more beneficial to that assessee. ..... (1) for granting relief of tax, or as the case may be, avoidance of double taxation, then, in relation to the assessee to whom such agreement applies, the provisions of this act shall apply to the extent they are more beneficial to that assessee. ..... (1991) 190 itr 626 (cal) held that the double taxation avoidance agreement must prevail over the provisions of the it act. ..... it means that there is no provision in the it act, 1961 to bring to tax such remittances. ..... of the amount credited in the bank account in the form of demand drafts to explain the investments, since it cannot be treated as disclosed income either in india or outside india for the purpose of assessment under chapter xiv-b of the it act (see para 11.1 of assessment order). ..... 69, 69a and 69b of the it act, 1961, are deeming provisions. ..... 69, 69a and 69b of the it act, 1961.therefore, he held that all the remittances cannot be treated as coming out of sources of income outside india to explain the acquisition of assets in india .....

Commissioner of Income Tax Vs. M/S. Abhinandan Investment Ltd.

Court : Delhi

..... company was inserted by the finance (no.2) act, 1991. ..... assessing officer observed that since the loss on the srncd had been determined by him pursuant to an order of the tribunal, it was not a loss determined in pursuance of a return filed under section 139(3) of the act and, hence, the said assessed loss on rs.6,27,81,805 shall not be allowed to be carried forward and set off against future income of the assessee. ..... it was highlighted that in the present case, money which had flowed from jisco came back to it with financing from the uti and the assessee also claimed loss in the year under consideration, to claim set off against an income of the present year as well as ..... (supra), options were given to the allottees/subscribers to surrender or sell the ncds at a discounted price to the finance company as per the arrangement made by the issuing company and the difference was only in the stage at which such option was to ..... proceedings by virtue of a letter dated march 24, 1998, filed before the assessing officer in the first round and was not loss determined in pursuance of a return filed in accordance with the provisions of section 139(2) of the act and, hence, could not be carried forward and set off under section 80 of ita nos.25/01, 840/08 & 26/01 page 31 the ..... we are of the view that the tribunal correctly appreciated the provisions of section 80 of the act read with section 139(3) of the act and allowed the carry forward of loss for the purposes of set off against the income of the .....

Commissioner of Income Tax Delhi Ii Vs. Medicare Investments Ltd.

Court : Delhi

..... company was inserted by the finance (no.2) act, 1991. ..... assessing officer observed that since the loss on the srncd had been determined by him pursuant to an order of the tribunal, it was not a loss determined in pursuance of a return filed under section 139(3) of the act and, hence, the said assessed loss on rs.6,27,81,805 shall not be allowed to be carried forward and set off against future income of the assessee. ..... it was highlighted that in the present case, money which had flowed from jisco came back to it with financing from the uti and the assessee also claimed loss in the year under consideration, to claim set off against an income of the present year as well as ..... (supra), options were given to the allottees/subscribers to surrender or sell the ncds at a discounted price to the finance company as per the arrangement made by the issuing company and the difference was only in the stage at which such option was to ..... proceedings by virtue of a letter dated march 24, 1998, filed before the assessing officer in the first round and was not loss determined in pursuance of a return filed in accordance with the provisions of section 139(2) of the act and, hence, could not be carried forward and set off under section 80 of ita nos.25/01, 840/08 & 26/01 page 31 the ..... we are of the view that the tribunal correctly appreciated the provisions of section 80 of the act read with section 139(3) of the act and allowed the carry forward of loss for the purposes of set off against the income of the .....

Commissioner of Income Tax Vs. Jindal Equipments Leasing and Cons. Se ...

Court : Delhi

..... company was inserted by the finance (no.2) act, 1991. ..... assessing officer observed that since the loss on the srncd had been determined by him pursuant to an order of the tribunal, it was not a loss determined in pursuance of a return filed under section 139(3) of the act and, hence, the said assessed loss on rs.6,27,81,805 shall not be allowed to be carried forward and set off against future income of the assessee. ..... it was highlighted that in the present case, money which had flowed from jisco came back to it with financing from the uti and the assessee also claimed loss in the year under consideration, to claim set off against an income of the present year as well as ..... (supra), options were given to the allottees/subscribers to surrender or sell the ncds at a discounted price to the finance company as per the arrangement made by the issuing company and the difference was only in the stage at which such option was to ..... proceedings by virtue of a letter dated march 24, 1998, filed before the assessing officer in the first round and was not loss determined in pursuance of a return filed in accordance with the provisions of section 139(2) of the act and, hence, could not be carried forward and set off under section 80 of ita nos.25/01, 840/08 & 26/01 page 31 the ..... we are of the view that the tribunal correctly appreciated the provisions of section 80 of the act read with section 139(3) of the act and allowed the carry forward of loss for the purposes of set off against the income of the .....

Asst. Commissioner of Income Tax Vs. Motorola India Electronics (P)

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2007)112TTJ(Bang.)562

..... ready reference, we extract the following from the memorandum explaining provisions of finance (no.2) act, 1991 which is reported in 190 itr (st) 300. ..... for the assessment year 2001-02, he relied on the words in the section as well as a similar wordings in section 80hhc and the explanation given in the memorandum explaining the provisions of finance bill (no.2), 1991 reported at 190 itr 270) at page 300. ..... thus in view of the above discussion, we agree with the submissions of the learned counsel for assessee and direct the assessing officer to recompute the deduction under section 10a & 10b of the act on the lines indicated above for the assessment year 2001-02. ..... for the assessment year 2001-02, he submits that the act has undergone a change and the entire concept and basis of section 10a have changed and thus as per the provisions of law as applicable to the assessment year 2001-02, the interest income forms part ..... further claimed that the interest income as derived from the business of export of articles or things or computer software, and that the same is eligible for exemption under section 10a of the act for the assessment years 1997-98 and 1998-99. ..... distinction in mind, we have to necessarily hold that the entire profits deriving from the business of undertaking should be taken into consideration, while computing the eligible deduction under section 10b/10a of the act, by applying the mandatory formula. ..... to the assessment year 2001-02, we find that the act has undergone a change. .....

Brown and Root Inc. Vs. Commissioner of Income-tax

Court : Authority for Advance Rulings

Reported in : (1999)237ITR156AAR

..... also been placed on section 90(2) of the income-tax act, 1961, inserted by the finance (no, 2) act, 1991, which reads as under : "where the central government has entered into an agreement with the government of any country outside india under sub-section (1) for granting relief of tax, or, as the case may be, avoidance of double taxation, then, in relation to the assessee to whom such agreement applies, the provisions of this act shall apply to the extent they are more beneficial ..... notwithstanding the provisions of paragraphs 1 and 2, where a person--other than an agent of an independent status to whom paragraph 5 applies--is acting in a contracting state on behalf of an enterprise of the other contracting state, that enterprise shall be deemed to have a permanent establishment in the first-mentioned state, if : (a) he has and habitually exercises in the first-mentioned state an authority to conclude contracts on ..... following question : "the taxability [in terms of article 7 read with article 5 of the agreement for avoidance of double taxation ('dta') concluded between india and the united states of america which came into effect from april 1, 1991] of revenues earned by brown and root inc. ..... during the previous year ending on march 31, 1991, bri had entered into a contract with hhi in relation to the installation of the 12" shg gas pipeline between the b121 platform and the shg platform offshore india by mobilising the eight point mooring vessel " .....

Commissioner of Income Tax Vs. Mehta Charitable Prajnalay Trust

Court : Delhi

..... by the finance (no.2) act, 1991 w. e. ..... that it was registered with the cit under section 12a, that the business was carried on by the beneficiaries of the trust in furtherance of the objects, that the provisions of section 11(4) of the act and not section 11(4a) were applicable, that the business of the trust was not carried on with the motive of earning profit but only with a view to deriving, income for running the charitable hospitals ..... that the amended provisions of section 11(4a) would apply from the assessment year 1992-93 onwards, and the effect of the amendment was that the benefit of exemption under section 11 of the act was not available to the income arising from profits and gains of business unless the business is incidental to the attainment of the objects of the trust and separate books of accounts are ..... supra) held that the surplus fund of a trust, which was claimed to be exempt on the footing that it was property held under trust within the meaning of section 11(1) of the act, was not property held under trust since the property from which the surplus was generated was itself not held under trust. ..... commissioner of income tax, bihar & orissa (1957) 31 itr 226.the patna high court ruled that section 4(3)(i) of the indian income tax act, 1922, which corresponds to section 11(1) of the 1961 act, confers an exemption from tax only where the property itself is held under a trust or other legal obligation; it does not apply to cases where a trust or legal obligation is .....

Om Parkash Vs. Union of India and Another

Court : Punjab and Haryana

..... 119(2) of the act was inserted by finance (no.2) act, 1991 with effect from 1st october, 1991. ..... under the aforesaid provision, the board is empowered to issue general or special order to relax any requirement in respect of any of the provisions of chapter iv or chapter vi-a of the act, if it considers it desirable or expedient so to do for avoiding genuine hardship in any case or class of cases where the assessee has failed to comply with any requirement specified in such provision ..... 45.4 therefore, a new clause (c) has been inserted in sub-section (2) to empower the board to relax any of the provisions of chapter iv or chapter via of the act, if it considers it desirable or expedient so to do for avoiding genuine hardship in any case or class of singh gurbachan 2014.06.10 11:04 i attest to the accuracy and integrity of this document high court chandigarh cwp no.3815 ..... ) 154 which is to the following effect:- 45.3 the existing provisions of sub-section (2) of section 119 of the income-tax act do not empower the board to relax the requirements contained in any of the provisions of chapter iv (computation of income) and chapter via in ..... 24.10.2011 (annexure p-2) was issued to the petitioner for explaining as to why deduction claimed under section 54ec of the act be not disallowed as the investment had not been made within the prescribed time limit. ..... of insertion of this provision in the act has been explained by the board in circular no.621 dated 19.12.1991 reported in (1992) 195 itr (st. .....