Court : Mumbai
Reported in : (1982)30CTR(Bom)206; [1983]143ITR326(Bom); 1984TAXLR212
..... the levy of additional surcharge on income which is so exempt from income-tax. it may be ..... even on a part of the income of a co-operative society engaged in the business of banking, which income is exempt from income-tax and super-tax under ss. 81(i)(a) and 99(1)(v) of the i.t. act, 1961. even if the surcharge is but an additional mode or rate for charging income-tax, the finance act, 1963, authorises by its terms ..... para. a of the first schedule to the said finance act. section 81 of the said act, namely, the i.t. act, 1961, which has been deleted by the finance (no. 2) act of 1967, but which was in force during the relevant assessment year, inter alia, provided that no income-tax would be payable by a co-operative society in respect of .....
Tag this Judgment!Court : Kolkata
Reported in : (1986)55CTR(Cal)409,[1986]161ITR756(Cal)
..... or unabsorbed depreciation or development rebate.5. from the assessment year 1966-67, a new section, being section 80e, was inserted in the income-tax act, 1961, providing for straight deduction to certain companies in respect of profits and gains from priority industries specified in the then fifth schedule to the ..... orient paper mills ltd. : [1983]139itr763(cal) , considered the question whether the assessee is entitled to relief under section 80-i of the income-tax act, 1961, on the profits of the priority industry before setting off the unabsorbed development rebate of the priority industry itself. there, this court, after considering ..... now found in section 80b(5). the madras high court in cit v. madras motors (p.) ltd. : [1984]150itr150(mad) , held the definition of ' gross total income 'contained in section 80b(5) of the income-tax act, 1961, as the total income computed in accordance with the provisions of the act before giving deductions under chapter vi-a which clearly shows the .....
Tag this Judgment!Court : Kerala
Reported in : (1981)20CTR(Ker)357; [1981]128ITR694(Ker)
..... in holding that the sum of rs. 41,250, being 50% of the donation made by the assessee-company and deducted under section 80g of the income-tax act, 1961, is an item includible in the total income of the assessee and that the capital of the company is not to be decreased correspondingly for the purpose of rule 4 of the second schedule to ..... . these two references, involving a common question of law, have been made to this court by the income-tax appellate tribunal, cochin bench (hereinafter called 'the tribunal'), under section 256(1) of the i.t. act, 1961 (for short ' the act '), at the instance of the commissioner of income-tax, kerala. they arise out of assessments made against the same assessee, a limited company, for the years .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1975]101ITR24(SC); (1975)2SCC454
..... act, 1963, does no violence to section 4 of the income-tax act, 1961, under which income-tax at the rates prescribed by the finance act is to be charged ' in accordance with, and subject to the provisions of,' the income-tax act. the income- tax act exempts the assessee's business income from income-tax and super tax. the finance act brings to tax its residual income.31 ..... to any of the matters in list i of the seventh schedule. entry 82 in list i relates to ' taxes on income other than agricultural income '. the income-tax act, 1961, and the annual finance acts are enacted by parliament in exercise of the power conferred by article 246(1) read with entry 82 of list ..... is whether, even if the surcharge is but an additional mode or rate for charging income-tax, the finance act of 1963, authorises by its terms the levy of additional surcharge on income which is exempt from income-tax under the income-tax act, 1961. in k. srinivasan's case : [1972]83itr346(sc) the court declined to express .....
Tag this Judgment!Court : Kolkata
Reported in : [2001]251ITR306(Cal),[2001]252ITR550(Cal)
..... survey to be made under section 133a of the income-tax act and/or issue any summons under section 131 of the income-tax act, 1961, in respect of the prescribed returns under section 206 of the income-tax act in view of the object and scheme of the income-tax act, 1961.6. under section 4(1) of the said act being the charging provision, income-tax is payable by an assessee on its assessable total ..... income of the previous year at the rate or rates prescribed .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)23CTR(Cal)180,[1983]139ITR763(Cal)
..... and in the circumstances of the case, the tribunal was right in law in holding that the assessee is entitled to relief under section 80-i of the income-tax act, 1961, on the profits of the priority industry, before setting off the unabsorbed development rebate of the said priority industry itself ? 2; whether, on the facts ..... the assessee-company, did not amount to perquisites and as such the same could not be considered in making disallowance under section 40(a)(v) of the income-tax act 1961 ?' 7. before we deal with the first question, the second question has been the subject-matter of several judicial decisions and is now concluded by the ..... , section 84 which replaced section 15c of the indian i.t. act. 1922, was also subsequently deleted and which dealt with the income of the new industrial establishment, viz., section 84 of the 1961 act, which subsequently provided, save as otherwise provided therein, the income-tax shall not be payable by an assessee on so much of the profits .....
Tag this Judgment!Court : Chennai
Reported in : [1984]147ITR590(Mad)
..... of law referred was : 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the rebate contemplated under section 87(1)(a) of the income-tax act, 1961, in respect of the sum of rs. 6,000 being the insurance premium on the policy of life of the assessee's husband paid not by the assessee but by ..... . in v.d.m.rm.m.rm.muthiah chettiar v. cit : [1969]74itr183(sc) , the supreme court consisting of three judges held that s. 16(3) of the indian i.t. act, 1922 (parallel to s. 64 of the present act of 1961), imposes an obligation upon the ito to compute the total income of a an individual for the purpose of assessment by including ..... under s. 147 of the act of of 1961, following the decision of the supreme court rendered in v.d.m.rm.m.rm.muthiah chettiar v. cit : [1969]74itr183(sc) . the above decisions were relied on by the revenue in support of the argument that because of the failure of the assessee to include in his return the income of his wife, proceedings .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]181ITR427(Cal)
..... claim the same benefit at the time of the original assessment. the benefit claimed in this case is in respect of section 80j of the income-tax act, 1961. the tribunal has directed the income-tax officer to consider it. in our view, the tribunal has come to a correct conclusion. on the facts and circumstances of this case, ..... . rods and steel sections from ingots, blooms, billets, etc., constitutes a priority industry as contemplated in item no. (1) of the fifth schedule to the income-tax act, 1961. we anticipate that due to continued losses, it will be in order to create the necessary additional development rebate reserve as applicable to a priority industry. we, therefore ..... to the fact that the original assessment was completed on march 22, 1974, the tribunal was justified in law in directing the income-tax officer to allow deduction under section 80j of the income-tax act, 1961, on the basis of the assessee's claim for such deduction made in its letter dated february 8, 1979, in the course .....
Tag this Judgment!Court : Kolkata
Reported in : [1988]174ITR672(Cal)
..... . rods and steel sections from ingots, blooms, billets, etc., constitutes priority industry as contemplated in item no. (1) of the fifth schedule to the income-tax act, 1961. we anticipate that due to the continued losses, it will be in order to create the necessary additional development rebate reserve as applicable to a priority industry.we ..... in the circumstances of the case and having regard to the fact that the tribunal was justified in law in directing the income-tax officer to allow deduction under section 80j of the income-tax act, 1961, on the basis of the assessees claim for such deduction made in its letter dated february 8, 1979, in the ..... assessment. the benefit claimed in this case is in respect of section 80j of the income-tax act, 1961. the tribunal has directed the income-tax officer to consider it afresh. in our view, the tribunal has rightly directed the income-tax officer to consider whether the assessee is entitled to the benefit of section 80j.technicality cannot .....
Tag this Judgment!Court : Chennai
Reported in : [1977]107ITR386(Mad)
..... that the assessee-company was entitled to thededuction of 8 per cent. from its income from priority industries under section 80e of the income-tax act, 1961, for the assessment year 1967-68 ?'2. the assessee is a company engaged in the business of manufacture of dressers, cutting tools and lapping wheels, which ..... ismail, j.1. the income-tax appellate tribunal, madras bench, under section 256(1) of the income-tax act, 1961, hereinafter referred to as 'the act', has referred the following question of law for the opinion of this court: 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding .....
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