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 : 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 : 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 : Kolkata
Reported in : (1990)84CTR(Cal)122,[1991]190ITR81(Cal)
..... on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the deduction under section 80t of the income-tax act, 1961, should have been computed by reference to the amount of capital gains as reduced by loss under the head 'capital gains' brought forward from ..... by an assessee, being a company, from an indian company, or it was confined only to the dividend income as computed in accordance with the provisions of the act, that is, after making the deductions specified ..... there shall ... be allowed, in computing the total income of the assessee, a deduction from such income by way of dividends of an amount equal to'. the question in that case was whether on a true interpretation of section 85a and section 80m of the income-tax act, 1961, rebate on income-tax was admissible on the actual amount of dividend received .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]107ITR253(Cal)
..... indicated the nature of themistake which was proposed to be rectified as follows :'nature of mistake proposed to be rectified.--the relief under section 84 of the income-tax act, 1961, was allowed without taking into account the past losses, unabsorbed depreciation, etc., incurred by the new industrial undertaking. this mistake is apparent from the records ..... urged in support of this application was that the mistake proposed was not a mistake which could come within the purview of section 154 of the income-tax act, 1961. section 154 permits rectification only if there is a mistake apparent from the record. the scope and occasions for such rectification have been examined by the ..... development rebate and depreciation as aforesaid. (b) for the said assessment year 1962-63, the assessee did not claim any relief under section 84 of the income-tax act, 1961, in view of the fact that the said unit, saurashtra chemicals, yielded no profit but the working resulted in a trading loss of rs. 35,36 .....
Tag this Judgment!Court : Kolkata
Reported in : (1986)56CTR(Cal)22,[1986]161ITR556(Cal)
..... leading to this reference are stated hereafter:3. the assessee claimed deductions under section 80g and section 80m of the income-tax act, 1961, but these claims of the assessee were negatived by the income-tax officer since he found the assessable income for the year under consideration after setting off of losses and unabsorbed depreciation of the earlier year came to a nil ..... orient paper mills ltd. : [1983]139itr763(cal) . there, the question was whether the assessee is entitled to relief under section 80-1 of the income-tax act, 1961, on the profits of the priority industry before setting off of the unabsorbed development rebate of the priority industry itself. there, this court, after considering the ..... facts and in the circumstances of the case, and on a correct interpretation of section 2(45), section 80b(5) and section 80a(2) of the income-tax act, 1961, the tribunal was correct in holding that for the purpose of rebate under section 80g and relief under section 80m of the said .....
Tag this Judgment!Court : Kolkata
Reported in : (1985)49CTR(Cal)23,[1985]155ITR26(Cal)
..... figure ? (2) whether, on the facts and in the circumstances of the case, the tribunal was correct in annulling the orders of the income-tax officer under section 154 of the income-tax act, 1961, in the view that there was no mistake apparent from the record in the earlier orders granting relief under sections 80l and 80m of the said ..... facts and in the circumstances of the case, and on a correct interpretation of section 80b(5), section 80a(2) and other relevant provisions of the income-tax act, 1961, the tribunal was correct in holding that setting off of the current year's losses and carried forward losses of the earlier years against the current year's ..... interpretation of section 2(45), section 80b(5) and section 80a(2) of the income-tax act, 1961, the tribunal was correct in holding that the deduction under section 80m of the said act should be calculated with reference to the total income and gross total income as they stood before setting off the losses under section 71 or section 72 of .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]107ITR182(Cal)
..... year 1962 being the previous year, the assessee for the first time claimed exemption or relief under sections 84 and 101 of the income-tax act, 1961, hereinafter called the act. the assessee wrote to the income-tax officer on may 24, 1966, as follows:'we file herewith our revised returns for the assessment year 1963-64, in terms of the ..... the counsel for the assessee that the question may be read : 'whether the assessee was entitled to the relief claimed under sections 84 and 101 of the income-tax act, 1961, in respect of the profits of its ambattur unit ?', meaning thereby whether the assessee was entitled to the particular relief claimed by it, i will consider what ..... referred : 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the relief claimed under sections 84 and 101 of the income-tax act, 1961, in respect of the profits of its ambattur unit ?' 12. on behalf of the revenue, mr. suhas sen submitted before us that the meaning of the question .....
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