Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1997)60ITD332(Chd.)
..... proposition that section 80hh had to be read along with the provisions of section 80b(5) which defines gross total income as meaning "the total income computed in accordance with the provisions of the income-tax act, before marking any deductions under chapter vi-a". it was submitted that the delhi high court had further held that ..... in chapter iv-d (i.e. sections 28 to 43) whereas sections 80hh and section 80ab stipulated that first the income had to be computed in accordance with the provisions of the income-tax act before allowing deductions contemplated under chapter vi-a which included section 80hh also.16. we have carefully considered the submissions of ..... allowed under section 80hh. it was, therefore, submitted that the investment allowance had to be reduced from the income to be computed in accordance with the income-tax act before allowing deduction under section 80hh of the act and that this was clear from the bear reading of section 80ab. reliance was also placed on the supreme .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)104ITD408(Chd.)
..... supply to members as well as to non-members. for assessment year 64-65, 65-66 and 66-67, the assessee claimed exemption from income tax under section 80(i)(d) of the income-tax act, 1961 on the gross profits and gains of business with its members. but the ito granted relief only on the net amount as was includible in the ..... the interest earned by the assessee on the advances given to the member cooperative societies for procurement of milk qualifies for decision under section 80p(2)(d) of the income-tax act, 1961. we hold accordingly.12. now we proceed to consider the second issue involved in this appeal i.e. relating to the quantum of deduction under section 80p(2)( ..... ,72,776/- paid to the same bank.13. the issue involved in the present appeal is as to whether deduction under section 80p(2)(d) of the income-tax act, 1961 is permissible to the assessee in respect of the gross interest received from member cooperative societies or net interest computed in accordance with the provisions of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)292ITR268(Chd.)
..... domestic company means an indian company or any foreign company which makes prescribed arrangement for the declaration and payment, within india of the dividend payable out of its income liable to tax under the it act, 1961. in order to get the benefit of this section, it was necessary that the company receiving dividend should be a registered shareholder of the company paying it. in ..... them to its members as well as to non-members. for the asst. yrs. 1964-65, 1965-66 and 1966-67 the appellant claimed exemption from income-tax under section 81(i)(d) of the it act, 1961, on the gross profits and gains of the business with its members. but the ito granted relief only on the net amount as was includible in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2000)67TTJ(Chd.)411
..... observed that the surrender may strengthen the decision that fdrs, nscs and rds had been made from year to year out of undisclosed income. he, therefore, made an addition of rs. 13,19,563 under section 69 of the income tax act, 1961.the learned counsel referred to p. 10 of the paper-book, where a copy of reply of the assessee is placed. in ..... the assessee is in appeal against the assessment order, dated 26-6-1997, made under section 158bc read with section 144 of the income tax act, 1961.the learned counsel, on directions of the tribunal filed revised grounds of appeal.ground no. 1 relating to passing of ex parte order was not pressed by the learned counsel. ..... para 3 the assessee stated that fdrs and rds amounting to 4,01,808 were from income of hotel unique, beauty palace and savings from rental .....
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