Judgment Search Results Home > Cases Phrase: income tax act 1961 chapter viii rebates and reliefs Sorted by: recent Page 4 of about 329 results (0.047 seconds)

Prestige Foods Limited Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1997)61ITD390Indore

..... individually.6. ground no. 1(a) relates to the cash payments exceeding rs. 10,000 made to various parties which were disallowed by the cit(a) under s.40a(3) of the it act. briefly, the assessee-company derives income from manufacture of soyabean oil in two divisions, one as prestige foods ltd. and another (sic - as) prestige soya industries. during the ..... court in the case of attar singh gurmukh singh vs. ito (1991) 191 itr 667 (sc), in which their lordships have held that s. 40a(3) of the it act, 1961 which provides that expenditure in excess of a specified limit would be allowed to be deducted only if made by a crossed cheque or crossed bank draft, is not arbitrary ..... for the assessee has drawn our attention to the commentary of s. 80hhc at p. 3945 of the 9th edn. of sampath iyengar's law of income-tax. he relied on the following judgments : (iii) maharajadhiraj sir kameshwar singh vs. cit (1957) 32 itr 587 (sc); (iv) goodyear india vs. state of haryana & anr. (1991) 188 itr 402 (sc) and (v .....

Assistant Commissioner of Vs. Sangrur Vanaspati Mills Ltd.

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 .....

Pennar Steels Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... under section 32(2), 72, etc.7. another contention of the assessee is that 30 per cent of book profit is part of the assessee's income computed under the income-tax act and when it is assessed separately, the loss to that extent cannot be set off and should be allowed to be carried forward. here also, we ..... pithisaria, vol.3, page 2981.6. we have heard the parties and considered their rival submissions.section 115j of the income-tax act reads as under : "115j. (1) notwithstanding anything contained in any other provision of this act, where in the case of an assessee being a company other than a company engaged in the business of generation or ..... least 30 per cent of the book profits of a company where the deductions allowable under the income-tax act from the total income would result in zero tax. the intention of introduction of the provisions of section 115j is to provide for accelerated tax liability and not an additional burden on the assessee and, therefore, he submitted the intention .....

Mettur Chemical and Industrial Corporation Limited Vs. Commissioner of ...

Court : Supreme Court of India

Reported in : (1996)132CTR(SC)389; [1996]217ITR768(SC); 1995(6)SCALE468; 1995Supp(4)SCC732

..... been granted against the judgment of the madras high court which had answered the three questions of law referred to it by income tax tribunal under section 256(1) of the income tax act, 1961 (hereinafter referred to as 'the act') in favour of the respondent.2. the facts as found by the tribunal are that the appellant was manufacturing caustic soda ..... as 1957-58 was the first assessment year in which the relief under section 15(c) of the income tax act, 1922 corresponding to section 84 of the act could have been claimed, the four succeeding years would end by 1961-62 with the result that the appellant would not be entitled to any relief in the year 1962-63 ..... , learned counsel for the appellant, that the new industrial undertaking was entitled to the benefit of the provisions of section 84 of the act corresponding to section 15(c) of the income tax act, 1922 in the year 1962-63 because the new industrial undertaking consisted of sixty hooker cells and rectifier and the same were installed only .....

Mrs. Shrimathi Mahesh Vs. Deputy Commissioner of Income Tax. (Also Mis ...

Court : Chennai

Reported in : (1996)56TTJ(Mad)381

..... , unnecessary to repeat them. it is, however, necessary to notice closely the provisions of s. 86(v) of the act.9. sec. 86 of the act occurs under chapter vii - which deals with income forming part of total income on which no income-tax is payable. of relevance to the purpose on hand are the provisions of s. 86(v), which reads as under :' ..... 86. income-tax shall not be payable by an assessee in respect of the following -..........(v) if the assessee is a member ..... made on the said basis.3. in the case of the assessees before us, their share of the income of the small aop was chargeable to tax in their hands subject of course to the provisions of s. 86(v) of the act. in the assessment as made initially the provisions of s. 86(v) were applied and necessary rebate granted .....

Monarch Foods Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53ITD33(Ahd.)

..... difference in opinion between the learned members of the bench on certain points in this appeal, the following questions have been referred under section 255(4) of the income-tax act, 1961 ("the act"), by the president of the tribunal to me for my opinion as the third member in the case : "1. whether, there existed a mistake apparent from ..... the balance adjusted the brought forward business loss 2. whether, on the facts and in the circumstances of the case, the order passed under section 154 of the income-tax act can be partially upheld, if there is a debate on two out of three counts on a single issue ; namely, the assessee's claim under section 80hhc ..... shall be one of their duties to assist a taxpayer in every reasonable way, particularly in the matter of claiming and securing reliefs under the provisions of the income-tax act. according to the assessee's counsel, the board was very considerate and liberal in regard to the reliefs and deductions which are available to any taxpayer and, .....

Shri Jaiprakash V. Dempo Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1995]215ITR302(Bom)

..... undertaking' occurring in section 80k in the context of section 80j can have one meaning only, namely, profits and gains assessable to income-tax under the rest of the provisions of the income-tax act, 1961, barring the provisions of chapter vi-a and section 280-o. in the light of the interpretation placed on the scheme of section ..... provisions of section 80k of the income-tax act, 1961 (for short, 'the act'). the said exemption was claimed on the basis of a provisional certificate issued by the income-tax officer assessing the company under section 197(3) of the act. the income-tax officer allowed the claim in the original assessments. later on, the income-tax officer realised that excessive relief was ..... s.m. jhunjhunuwala, j. 1. by this reference made under section 256(1) of the income-tax act, 1961, at the instance of the assessee, the income-tax appellate tribunal has referred the following questions of law to this court for opinion : '1. whether, on the facts and in the circumstances .....

Commissioner of Income-tax Vs. Rockweld Electrodes India Ltd.

Court : Chennai

Reported in : [1995]215ITR358(Mad)

..... years have to be first set off against the long-term capital gains of the current assessment year before the deduction contemplated by section 80t of the income-tax act, 1961, is allowed. in other words, the relief under section 80t is to be given only for the amount of long-term capital gains of the ..... the current year's depreciation and carried forward unabsorbed depreciation of the earlier years in view of the specific provisions of section 32(2) of the income-tax act, 1961. giving effect to section 32(2) which deems unabsorbed depreciation of the earlier year as part of the current year's depreciation, the deduction under section ..... : [1984]150itr150(mad) , wherein this court was of the view that '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, clearly shows the intention of parliament that the deduction under chapter vi-a .....

Commissioner of Income-tax Vs. Venkateswara Transmission Ltd.

Court : Andhra Pradesh

Reported in : (1995)127CTR(AP)267; [1995]216ITR510(AP)

..... in the business of manufacture of various diesel locomotives. for the assessment year 1978-79, the assessee-company claimed deduction under section 80hh of the income-tax act, 1961 (for short, 'the act'). the income of the assessee for that year was computed at rs. 57,882 before setting off the past business loss and unabsorbed depreciation; if these ..... 1. pursuant to the direction of this court in i.t.c. no. 6 of 1984, the income-tax appellate tribunal, hyderabad, referred for the opinion of this court the following question of law under section 256(2) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the appellate tribunal is correct ..... be calculated at 20 per cent. of the net profits and gains from the industrial undertaking arrived at after deductions in accordance with the provisions of the income-tax act, but not at 20 per cent. of the gross profits and gains of the industrial undertaking. 22. we would like to clarify that the question referred .....

ScIndia Steam Navigation Co. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1994)119CTR(Bom)489; [1995]211ITR747(Bom)

..... followed the provisions of section 17(1)(iii) which specifically refers to gratuity forming part of salary for the purpose of computing disallowable expenditure under section 40a(5) of the income-tax act, 1961 assessment year 1973-74 : (8) whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that relevant deduction ..... and 1973-74 (3) whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that relief under section 80j of the income-tax act, 1961, is to be restricted to rs. 90,93,431 and rs. 29,44,727 for the assessment years 1972-73 and 1973-74 and was not available to the ..... , the tribunal was right in law in holding that the exempted portion of the gratuity under section 10(10) read with section 17(3)(ii) of the income-tax act, 1961, should not be treated as forming part of the salary of the retiring employees for the purpose of computing the disallowable expenditure under section 40a(5) of the .....