Court : Gujarat
Reported in : [1978]113ITR208(Guj)
..... having regard to the new machinery purchased and installed as aforesaid, the assessee for the first time claimed the relief of tax-holiday under section 84 of the income-tax act, 1961 (hereinafter referred to as 'the act'), in the course of proceedings for its assessment to income-tax for the aforesaid two assessment years. ..... of 1976 : 'whether the assessee was entitled to relief under section 84 of the income-tax act, 1961, for the assessment years 1966-67 and 1967-68 ? ..... a provision substantially similar to section 84, which offers tax incentive in the form of fractional exemption from tax on profits of a newly established undertaking for five assessment years was, for the first time, introduced in the indian income-tax act, 1922, by section 13 of the taxation laws (extension to merged states and amendment) act, ..... time to time, but it has also made at least two further concessions in favour of new industrial undertakings since its initial enactment; first, from clause (ii) of sub-section (4) of section 80j, which as initially enacted was in pari materia with clause (ii) of sub-section (2) of section 84, the words 'a building (not being a building taken on rent or lease), have been omitted by the finance act, 1975, with effect from april 1, 1976, and, secondly, a provision for carrying forward has been made in ..... (no. 2) act, 1967, section 84 was omitted on and with effect from april 1, 1968, and in its place section 80j was enacted in chapter via to provide a substantially .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR510(Guj)
..... 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 to the finance (no ..... 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 capital employed throughout the year in the business of industrial undertakings or hotels ..... accordingly, under section 84 read with section 101 of the income-tax act, 1961, the income-tax officer exempted an amount of rs ..... this reference raise a short but an interesting question as to the scope and width of clause (5) of rule 19 of the income-tax rules, 1962, regarding computation of capital employed in an industrial undertaking or a hotel for purposes of section 84 of the income-tax act, 1961. ..... under section 84 of the income-tax act, 1961, the respondent-assessee was entiled to exemption in respect of its newly established industrial undertaking ..... before we deal with the contentions raised on behalf of the revenue, 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. ..... considering the question under section 15c of the 1922 act, the bombay high court in commissioner of income-tax v. .....
Tag this Judgment!Court : Gujarat
Reported in : (2006)206CTR(Guj)209; [2008]296ITR440(Guj)
..... was whether the interest on deposits with tamil nadu electricity board should be treated as income derived by the industrial undertaking for the purpose of section 80hh or not, and the hon'ble supreme court has observed that section 80hh of the income tax act grants deduction in respect of profits and gains sderived from an industrial undertaking and the words sderived from in section 80hh of income tax act, 1961 must be understood as something which has a direct or immediate nexus with the assessee's industrial ..... the receipts from the sale of import entitlements could not be included in the income of the assessee for the purpose of computing the relief under section 80hh of the income-tax act, 1961.in commissioner of income tax v. ..... relying upon the aforesaid decision, he has submitted that any receipt of amount so as to attract section 80hh of the income tax act must be understood as some thing which has a direct or immediate nexus with the assessee's industrial undertaking. ..... so far as the amount received by the assessee for sales in india, and the claim of the assessee for that amount under section 80hhc of the income tax act is concerned, it is required to be noted that for claiming deduction under section 80hhc of the income tax act only an assessee being an indian company or a person resident in india can claim the benefit/deduction under section 80hhc. .....
Tag this Judgment!Court : Gujarat
Reported in : (2008)218CTR(Guj)479
..... commissioner of income tax wherein it is held that the central board of direct taxes under section 119 of the income tax act, 1961, has power, inter alia, to tone down the rigour of the law and ensure a fair enforcement of its provisions, by issuing circulars in exercise of its statutory powers under section 119 of the act which are binding on the authorities in the administration of the act. ..... for the assessment year 1992-93, return of income was filed which was processed by the income tax department and ultimately assessment under section 143(3) of the income tax act, 1961 was framed on 14.03.1995 after making various additions and disallowances. ..... sarda trading corporation (1993) 204 itr 139 wherein it is held that a reading of sections 45, 54e and 80t of the income-tax act, 1961, makes it clear that any profits and gains on the transfer of a long term capital asset in the previous year shall be deemed to be income of the previous year, and shall be chargeable to income-tax under the head-capital gains. ..... all these four tax appeals are filed by the different assessees under section 260a of the income-tax act, 1961 for the assessment year 1992-93 proposing substantial question of law arising out of the order of the income tax appellate tribunal. ..... with the amendment of finance act, 1987, the statutory deductions or concessional rates available in section 80t and 115 have been incorporated in section 48 itself and sections 80t and 115 have been omitted. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]102ITR585(Guj)
..... the tribunal, however, was of the opinion that since the income-tax officer had a discretion under the proviso to section 280c(2) of the income-tax act, 1961, to extend the time and since the income-tax officer concerned had noted that the deposit was paid after the prescribe date, it should be deemed that he had exercised his discretion in the matter of condoning the delay, inasmuch as he allowed ..... the revenue, it was urged that there was no absolute discretion to the income-tax officer under the provision to sub-section (2) of section 280c of the income-tax act, 1961, and the income-tax officer has to exercise his discretion for condoning delay in such cases, under such circumstances and subject to such conditions as may be specified in the scheme framed under section 280w of the said act. ..... the division bench, observed as under : 'therefore, it is apparent that the obligatory levying of penal interest under sesction 139 was omitted by the income-tax officer and the procedure laid down in section 139(8) and rule 117a was not followed. ..... commissioner of income-tax, decided on december 17, 1973, where the income-tax officer had omitted to charge interest for the late submission ..... income-tax act, officer, cannanore, where the learned single judge was concerned with the legality of the rectification proceedings under section 35 of the indian income-tax act, 1922, in respect of an original assessment order where the income-tax officer omitted to charge interest as required under section .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)295; [2005]273ITR139(Guj)
..... before considering the rival submissions, it isnecessary to refer to the relevant statutory provisionsin this behalf.chapter iii of the income-tax act, 1961 specifies'incomes which do not form part of total income'.section 10 commences with the heading 'incomes notincluded in total income', and the relevant clause readsas under:-10. ..... it also held lectures, meetings, exhibitionsand audio visual shows on relevant educational topics.in view of these activities, the assessee claimedexemption under section 10(22) of the income-tax act,1961 (hereinafter referred to as 'the act') on the groundthat it was an educational institution existing solelyfor the purpose of education. ..... at this stage, mr soparkar, learned counsel forthe assessee prays for a certificate under section 261 ofthe income-tax act, 1961 for appealing against thisdecision to the hon'ble supreme court.although what we have done is following thedecision of the apex court in sole trustee, lokashikshana trust vs . ..... in this reference under section 256(1) at theinstance of the assessee, the following question has beenreferred for our opinion for assessment year 1981-82:-'whether on the facts and in the circumstances ofthe case, the assessee would be entitled toexemption as contemplated under section 10(22) ofthe income-tax act, 1961 ?'2. ..... this clause was omitted by finance (no.2) act,1998 w.e.f. ..... the words, 'not involving the carrying on of anyactivity for profit' have been omitted by finance act,1983 w.e.f. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]102ITR584(Guj)
..... the tribunal, however, was of the opinion that since the income-tax officer had a discretion under the proviso to section 280c(2) of the income-tax act, 1961, to extend the time and since the income-tax officer concerned had noted that the deposit was paid after the prescribe date, it should be deemed that he had exercised his discretion in the matter of condoning the ..... that we will be required to answer the question referred to us in each of these references.on behalf of the revenue, it was urged that there was no absolute discretion to the income-tax officer under the provision to sub-section (2) of section 280c of the income-tax act, 1961, and the income-tax officer has to exercise his discretion for condoning delay in such cases, under such circumstances and subject to such conditions as may be specified in the scheme framed under section 280w of the said ..... :'therefore, it is apparent that the obligatory levying of penal interest under sesction 139 was omitted by the income-tax officer and the procedure laid down in section 139(8) and rule 117a was not followed. ..... commissioner of income-tax, decided on december 17, 1973, where the income-tax officer had omitted to charge ..... income-tax act, officer, cannanore, where the learned single judge was concerned with the legality of the rectification proceedings under section 35 of the indian income-tax act, 1922, in respect of an original assessment order where the income-tax officer omitted to charge interest as required under section .....
Tag this Judgment!Court : Gujarat
Reported in : [1998]231ITR529(Guj)
..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the distributions received by the assessee from various discretionary trusts were assessable only in the hands of the trustees of the respective trusts under section 164 of the income-tax act, 1961, and not in the hands of the assessee ?2. ..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the distributions received by the assessee from various discretionary trusts were assessable only in the hands of the trustees of the respective trusts under section 164 of the income-tax act, 1961, and not in the hands of the assessee 2. ..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the amount received by the assessee from various discretionary trusts is exempt from tax inasmuch as the amount was paid out of dividends received by the trusts which were exempt under section 80k of the income-tax act, 1961 ? ..... - the following questions had been referred to this court for its opinion under section 256(1) of the income-tax act, 1961, in the above two references :income-tax reference no. ..... 11,990 received by the assessee from various discretionary trusts is exempt from tax inasmuch as the said sum was paid out of dividends received by the trusts which were exempt under section 80k of the income-tax act, 1961 ? .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)193CTR(Guj)518; [2005]276ITR165(Guj)
..... , an individual, challenges, by way of this petition under articles 226 and 227 of the constitution of india, the orders made by the commissioner of income tax, ahmedabad vii, ahmedabad under sections 263 and 264 of the income tax act, 1961 (the act) on 29th march 2004.3. ..... -section (4) provides that the commissioner has no power to revise any order under section 264(1): (i) while an appeal against the order is pending before the aac, and (ii) when the order has been subject to an appeal to the income tax appellate ..... with the respondent commissioner while passing the impugned order under section 263 of the act are; (i) that the revised return filed on 24-9-2002 was beyond the period of limitation prescribed under section 139(5) of the act; (ii) the order dated 27th march 2003 passed under section 154 of the act by the assessing officer was prejudicial to the interests of revenue inasmuch as the income assessed in the said order was much lower than the ..... the respondent is directed to not only issue the refund due in accordance with the order under section 154 of the act dated 27th march 2003, but also grant interest under section 244a of the act, till the date of payment of the refund at appropriate rate, as may be prevalent from time ..... that the order was forwarded to the additional commissioner of income tax for the purpose of approval, but the additional commissioner of income tax did not approve the same. ..... reading of the said explanation, which was omitted by finance act, 1999 w.e.f. .....
Tag this Judgment!Court : Gujarat
Reported in : [1968]69ITR1(Guj)
..... that the transaction in question is trade, manufacture, adventure or concern in the nature of trade within the meaning of the income-tax act, the words of the section are not to be cut down by the consideration that the trade is tainted with illegality. ..... 3,40,443 were speculative transaction for the purposes of section 24 of the indian income-tax act, 1922, merely on the ground that the assessee had not performed the contracts by giving delivery and had paid damages in settlement of the obligations contracted for (4) whether, on the facts and in ..... of considerable importance to the revenue and broadly stated the point is whether a loss arising in an unlawful business is liable to be taken into account in computing the business income of the assessee under section 10 of the income-tax act, 1922. ..... we are of the view that illegal business is business within the meaning of the income-tax act and if profit from illegal business are assessable to tax, there is no reason either on principle or on authority for refusing to take into account losses ..... even where a trade is illegal, it would still be a trade within the meaning of the income-tax act and if any profits are derived from such trade. ..... income tax acts when they tax the profits of any trade, adventure, manufacture or concern in the nature of trade - because those are the widest words - impliedly exclude profits of illegal trades, or to put it in another way, that an illegal trade is not a trade within the meaning of the income-tax acts .....
Tag this Judgment!