Court : Gujarat
Reported in : (2006)201CTR(Guj)243; [2006]283ITR116(Guj)
..... 110 permits any such apportionment. in our opinion, the only way the scheme can be worked under the income-tax act, 1961, in connection with incomes forming part of total income on which no income-tax is payable covered by chapter vii, is by adopting the procedure that the income-tax officer had done; otherwise a very curious result is likely to follow if the argument on behalf of the ..... which we have so far discussed, the principal point was in connection with section 10(2)(ii) or section 10(2)(xv) of the act of 1922, now replaced by section 37, or similar provision of the income tax act, 1961, and the ratio decidendi which flows from this line of authorities is only to the effect that if an assessee has a the business .....
Tag this Judgment!Court : Mumbai
Reported in : [1990]32ITD388(Mum)
..... chapter vi-a, which are meant for fulfilment of the desired national objectives, would alter the true nature of income liable to tax under the provisions of the income-tax act, 1961 as an income which is not liable to tax merely because of grant of such deductions under chapter vi-a. chapter vi-a provides for various types of ..... for fulfilment of the national objectives of earning more foreign exchange for the country was inserted much after the existing provisions of section 91 of the income-tax act, 1961 and perhaps they may have provided further relief to the salaried employees who accepts foreign assignments. in view of the aforesaid discussions, we cannot straightaway ..... andhra pradesh high court and rajasthan high court in the above referred cases have not laid down the correct law relating to interpretation of section 91 of the income-tax act, 1961. he further supported the order passed by the learned c. i. t. (appeals) and also relied upon the judgment of honble supreme court in the .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]111ITR6(Bom)
..... ) its other reserves as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922, or the income-tax act, 1961; (iv) its debentures, if any; and (v) any moneys borrowed by it from government or the industrial finance corporation ..... that takes us to question no. 5. at the outset it may be stated that though in the question framed there is reference to section 80j of the income-tax act, 1961, on the facts of the case such reference is uncalled for and we, therefore, modify question no. 5 by deleting reference to section 80j therefrom and ..... instance of the revenue, question no. 5 has been referred for our determination. 23. in respect of the income-tax assessment, relief was obtained by the assessee-company under section 84 contained in chapter vii of the income-tax act, 1961, to the extent of rs. 24,63,318 and decision of the question referred depends upon the interpretation of .....
Tag this Judgment!Court : Delhi
Reported in : [1980]126ITR736(Delhi)
..... was right in holding that rule 4 of the second schedule of the surtax act refers only to such income, profits and gains which are not at all includible in the total income as computed under the income-tax act and not to items of deductions permitted under chapter vi-a of the income-tax act,1961 ?2. whether the tribunal was correct in cancelling the orders of the commissioner ..... u/s.16(1) of the surtax act for the assessment years 1968-69, 1969-70 and 1970-71 ?'the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD1(Kol.)
..... the hon'ble president may desire- whether, on the facts and in the circumstances of the case, the order passed under section 263 of the income-tax act, 1961 by the commissioner of income-tax by which it was directed that the loss incurred by the assessee-aop is to be apportioned among the members of the aop as per the ..... therein. as a result thereof, an assessment could well be made on the registered firm even after the individual partners had been assessed on their respective share income.under the income-tax act, 1961, the option of assessing either aop or its members is not available to the assessing officer. the position relating to the option available to the assessing ..... case where shares of a member of the aop are determined are guided by sections 67a and 16713(2) of the income-tax act, 1961. he was of the view that in view of the aforementioned provisions of the income-tax act, 1961, the assessee is not entitled to carry forward of loss in the hands of aop and that the loss should .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)267ITR1(Kol.)
..... either on the aop or members of the aop individually.that option is not available under the act of 1961 and under section 4 of the it act, 1961, if it is the income of the aop, members cannot be taxed individually and the aop is to be taxed alone. as a natural corollary, the loss of aop also cannot be regarded as a loss ..... this appeal, it would be necessary to consider the scheme of the act for taxation. section 4 of the it act, 1961 is the charging section. it reads as under : "4 (1) where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year ..... and its members has undergone a change under the it act, 1961. now, with the insertion of the second proviso to section 86 and section 67a in the act, it has been provided that in circumstances where no income-tax is chargeable on the total income of an aop under the act then, the share of income (loss) of members in the aop shall be .....
Tag this Judgment!Court : Karnataka
Reported in : [1977]106ITR399(KAR); [1977]106ITR399(Karn)
..... purview of chapter iii of the income-tax act. section 2(45) of the income-tax act, 1961, defines 'total income' as meaning : '.......total amounts of income referred to in section 5, computed in the manner laid down in this act.' section 5 provides what the total income in a previous year of a person shall include. the heading of chapter iii of the income-tax act is 'incomes which do not form part of ..... exceed the statutory deduction at the rate specified in the third schedule. 'chargeable profits' is defined in section 2(5) of the act as follows : ' 'chargeable profits' means the total income of an assessee computed under the income-tax act, 1961 (xiii of 1961), for any previous year or years, as the case may be, and adjusted in accordance with the provisions of the first schedule.' 'statutory .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]107ITR447(Guj)
..... apportionment. in our opinion, the only way the scheme can be worked under the income-tax act, 1961, in connection with the incomes forming part of total income on which no income-tax is payable covered by chapter vii, is by adopting the procedure that the income-tax officer has done; otherwise a very curious result is likely to follow if the argument ..... , the principal point was in connection with section 10(2) (iii) or section 10(2) xv) of the act of 1922, now replaced by section 37, or similar other provision of the income-tax act, 1961, and the ratio decidendi which flows from this line of authorities is only to the effect that if an assessee has ..... return the assessee claimed exemption of rs. 89,976 under section 81(1) (a) of the income-tax act, 1961, stating that the said amount represented the gross profits on the sale of agricultural implements, etc., to its members. the income-tax officer did not accept the assessees claim and observed that the provisions contained in section 81(1)(d .....
Tag this Judgment!Court : Gujarat
Reported in : [1982]133ITR578(Guj)
..... be pointed out that there is not a single decision of the supreme court dealing with the interpretation of the words 'part of the income, profits and gains not includible in the total income as computed under the income-tax act, 1961' occurring in r. 4 of the surtax rules. 22. in stumpp, schuele & somappa pvt. ltd. v. second ito : [1976]102itr320(kar) , a single judge ..... of the karnataka high court, on a writ petition, held that r. 4 of the surtax rules, inasmuch as it uses the words 'income, profits and gains of a company not includible in its total income under the income-tax act .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR510(Guj)
..... course of the said period. on the other hand, on behalf of the assessee, it is contended that the legislative intent underlying section 84 of the income-tax act, 1961, is to provide tax holiday to new industrial undertakings or hotels and for this purpose not merely the cost or value of capital is to be worked out, but the average ..... at vidyanagar. he thus computed the value of the capital employed at rs. 45,39,537. accordingly, under section 84 read with section 101 of the income-tax act, 1961, the income-tax officer exempted an amount of rs. 2,72,372 being 6 per cent. of the capital employed in the new industrial undertaking. it appears that the ..... , at the time of hearing of this reference, we would like to reproduce the relevant provisions of the income-tax act, 1961, and the rules which have a bearing on the point involved in this reference. 6. chapter vii of the income-tax act, 1961, which included sections 81 to 85c (which are now omitted by section 33 of and the third schedule .....
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