Derived from, the words 'derived from' in s. 80HH of the Income-tax Act, 1961 must be understood as something which has direct or immediate nexus with the appellant's industrial undertaking. Although electricity may be required for the purposes of the industrial undertaking, the deposit required for its supply is a step removed from the business of the industrial undertaking. The derivation of profits on the deposit made with the Electricity Board cannot be said to flow directly from the industrial undertaking itself. (AIR 1955 SC 74 foll), Pandian Chemicals v. Commissioner of Income Tax, (2003) 5 SCC 590 (592). (Income-tax Act, 1961, s. 80HH)Derived from, a direct nexus between the profits and gains and the industrial undertaking, Belapur Sugar & Allied Industries Ltd. v. C.C.E., (1999) 4 SCC 98....
Material facts, are concerned, this court has held that they should be fully set out in the election petition and if any fact is not set out, the petitioner cannot be permitted to adduce the evidence relating thereto later; nor will be permitted to amend the petition after expiry of the period of limitation prescribed for an election petition, H.D. Revanna v. G. Puttaswamy Gawda, (1999) 2 SCC 217.Material facts, are facts upon which the plaintiff's cause of action or defendant's defence depends and which must be proved in order to establish the plaintiff's right to relief claimed in plaint or defendant's defence in written statement, Mayar (H.K.) Ltd. v. Owner & Parties Vessel M.V. Forture Express, 2006 AIR (SC) 1828: (2006) 3 SCC 100: (2006) 2 JT 48: (2006) 2 SCALE 30: (2006) 1 Supreme 677: (2006) 2 SLT 612: (2006) 3 SCJD 291: (2006) 3 SRJ 229, Civil Procedure Code, 1908, O. 6, R. 2 & O. 7, R. 11(9).The expression 'material facts' used in clause (a) of s. 147 Income Tax Act, 1961 refe...
Public company, shall have the same meaning as in section 3 of the Companies Act, 1956 (1 of 1956). [Income-Tax Act, 1961 (43 of 1961), s. 80C]...
Recognised stock exchange, means a recognised stock exchange as referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and which fulfils such conditions as may be prescribed and notified by the Central Government for this purpose. [Income Tax Act, 1961 (43 of 1961), s. 43(5)(ii)]...
Assess [fr. assessum, Lat., setting a tax], to rate or ascertain.The expression 'assess' refers to a situation where the assessment of the assessee for a particular year is, for the first time made by resorting to the provisions of s. 147 because the assessment had not been made in the regular manner under the Act, CIT v. Sun Engineing Works Ltd, AIR 1993 SC 43 (50): (1992) 4 SCC 363. (Income-tax Act, 1961, s. 147)'Assess' is a comprehensive word, and in a taxing statute it often means the computation of the income of the assessee, the determination of the tax payable by him, and the procedure for collecting or recovering the tax. In a case where there is a dispute about the identity of the assessee, the order of assessment serves the purpose of establishing that identity and naming the person from whom the tax has to be recovered, Bhopal Sugar Industries Ltd. v. State of Madhya Pradesh, AIR 1979 SC 537 (540)....
Debt owed, a debt owed within the meaning of s. 2(m) of the Wealth-tax Act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money, Commissioner of Wealth Tax v. Her Highness Vijyaba Dowger Maharani Saheb of Bhavnagar Palace, (1979) 2 SCC 213: AIR 1979 SC 982: (1979) 3 SCR 545.The deduction claimed in respect of each assessment year was in truth and substance a liability under the Indian Income-tax Act, 1922 or the Income-tax Act, 1961, as the case may be, and not a new liability created by the Finance Act, and, therefore, it constituted a 'debt owed' by the assessee on the respective valuation dates within the meaning of s. 2(m) of the Act and that the deduction claimed should be allowed while computing the net wealth of the assessee, Ahmed Ibrahim Sahigra Dhoraji v. Commissioner of Wealth Tax, (1981) 3 SCC 77: AIR 1981 SC 1562: (1981) 3 SCR 402.A 'debt owed' within the meaning of, s. 2(m) of the Wealth-tax Act can be defined as a liability to pay ...
Joint Director, 'Joint Director' means a person appointed to be a Joint Director of Income Tax or an Additional Director of Income Tax under sub-s. (1) of s. 117. [Income-tax Act, 1961 (43 of 1961), s. 2(28D)]...
For such State or any part thereof, The expression 'for such State or any part thereof' occurring in article 246(3) of the Constitution of India cannot be taken to import into entry 54 of II List the restriction that the sale or purchase referred to must take place within the territory of that State. All that it means is that the laws which a State is empowered to make must be for the purposes of that State, State of Bombay v. United Motors (India) Ltd., AIR 1953 SC 252: (1953) SCR 1069.For the most part, means more than half, Reg. v. H.M. Treasury, Ex parte Cambridge University (ECJ), (2001) 1 WLR 2514.For the purpose of business, amount spent on third persons who have no connection with petitioner's business. Such expenditure cannot said to be for the purpose of rationalisation of administration or modernization of machinery or for preservation of business or for protecting its assets and property, C.I.T. v. Malayalam Plantation Ltd., AIR 1964 SC 1722 [Income Tax Act, 1961]Occurring ...
Reduced, the term 'reduced' in sub-s. (3) of s. 225 would include a case where the demand consequent upon an appeal or any proceedings under the Income-tax Act has been reduced to nil also, Mohan Wahi v. CIT, AIR 2001 SC 3906 (3909): (2001) 4 SCC 362. [Income Tax Act, 1961, s. 225(3)]...
Direction, the rule of law in a case given to a jury. See DIRECT.The direction is a direction which the appellate or revisional authority, as the case may be, is empowered to give under the section, ITO v. Murlidhar Bhagwandas, AIR 1965 SC 342: (1964) 6 SCR 411.It must be an express direction necessary for the disposal of the case before the authority or court. It must also be a direction which the authority or court is empowered to give while deciding the case before it, Rajinder Nath v. C.I.T., AIR 1979 SC 1933 (1935). [Income-tax Act, 1961, s. 153(3)(ii)]A direction may mean an order issued to a particular individual or a precept which many may have to follow. It may be a specific or a general order, Kanhiya Lal Omar v. R.K. Trivedi, AIR 1986 SC 111 (118): (1985) 4 SC 628.The word 'direction' in the context of users of the road or motorists on the road should invariably only mean, to show the way or path towards an object or point or indicate the route for a destination. A direction...