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Judgment Search Results Home  Phrase:income tax act 1961 section 80l

Dec 13 1990

Commissioner of Income-tax Vs. R.B. Multanimal Modi and Sons

  • Decided on : 13-Dec-1990

Court : Allahabad

Reported in : [1991]189ITR730(All)

b.p. jeevan reddy, c.j. 1. under section 256(1) of the income-taxact, 1961, the income-tax appellate tribunal has referred the followingquestion for the opinion of the court:'whether, on the facts and in the circumstances of the case, thetribunal was right in holding that the entire gross dividend of rs. 16,781and not the net dividend after giving deductions under sections 80l and 80m of the income-tax act, 1961, was deductible from the total income of,the assessee in computing the chargeable profits in accordance with, clause(viii) of rule 1 of the first schedule to the companies (profits) surtax act,1964 ?'2. it is stated by counsel for the revenue as well as counsel for the assessee that this question has to be answered in the negative, i.e., in favour of the department and against the assessee in view of the judgment of the supreme court in distributors (baroda) p. ltd. v. union of india [1985] 155 itr 20. the question is, accordingly, answered in the negative, i.e., in favour of the revenue and against the assessee. 3. no costs.

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Jul 18 1996

Mahendra Kumar Vs. Union of India (UOI) and Anr.

  • Decided on : 18-Jul-1996

Court : Madhya Pradesh

Reported in : [1997]226ITR718(MP)

... not suffer from any mens rea. since the assessee is not guilty of any concealment, penalty proceedings under section 271(1)(c) are absolutely unwarranted.6. in view of the above discussion, we uphold the validity of sub-section (3) of section 80l of the income-tax act, 1961, but, at the same time, we quash the proposal in the assessment order for initiating penalty proceedings ... the taxation laws (amendment) act, 1984, whereby sub-section (3) of section 80l has been introduced with retrospective effect, i.e., april 1, 1976. the petitioner has also prayed that the assessment for the assessment year 1985-86 may be declared illegal. he has also prayed that the penalty proceedings initiated under section 271(1)(c) of the income-tax act, 1961,for imposition of penalty for ... the said period of assessment should be quashed. the petitioner has also prayed for quashing the notices issued under section 148 of the act as illegal.2. the brief facts giving rise to this petition are that ... the petitioner is an assessee. he was assessed to income-tax by respondent no. 2, ...

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Aug 14 1986

Commissioner of Income-tax Vs. G.B.J. Seth and C.O.J. Seth

  • Decided on : 14-Aug-1986

Court : Madhya Pradesh

Reported in : [1987]166ITR604(MP)

... (1) of section 80l of the income-tax act, 1961 ?'2. the material facts giving rise to this reference, briefly, are as follows :the assessees are executors of the will of late shri r. c. jail and are ... assessed in respect of the income of the estate of the deceased in the status of an association of persons. for the assessment year 1976-77, the assessee's claim ... g.g. sohani, j.1. by this reference under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), the income-tax appellate tribunal, indore bench, has referred the following question of law to this court for its opinion :' whether, on the facts and in the circumstances of the case, the tribunal ... is justified in holding that the assessees, who is an association of persons, is entitled to deduction as per clause (c) of sub-section ...

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Sep 13 1979

Commissioner of Income-tax Vs. Smt. Shakuntala Banerjee

  • Decided on : 13-Sep-1979

Court : Allahabad

Reported in : [1979]120ITR837(All)

... , on the facts and in the circumstances of the case, the tribunal was correct in upholding the appellate assistant commissioner's order allowing relief to the assessee under sections 80l and 199 of the income-tax act, 1961 ? '2. sri pyare lal banerjee, an eminent advocate of this court, had created a trust, vesting government securities of the face value of rs. 10,00,000 in ... the imperial bank of india, calcutta as trustee, and directing, inter alia, that the trustee, that is the imperial baak of india, should pay the net income of the trust ... as claimed. the fact that the income was received by her as a beneficiary under the trust deed and not as the owner of those securities was irrelevant for purposes of granting relief under section 80l. coming now to the claim made for deduction of the tax paid at source, the matter is governed by section 199 of the act, the relevant part of which is ... as under :'199. credit for tax deducted.--any deduction made in accordance with the provisions of sections 192 to 194, section 194a, section 194b, section 194c, 194d and section 195 and paid to the ...

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Mar 23 1992

Commissioner of Surtax Vs. Modi Industries Ltd.

  • Decided on : 23-Mar-1992

Court : Delhi

Reported in : [1993]200ITR325(Delhi)

... the case, the tribunal was right in holding that the entire gross dividend of rs. 2,51,350 and not net dividend after giving deductions under sections 80l and 80 of the income-tax act, 1961, was deductible from the total income of the assessed in computing the chargeable profits in accordance with clause (viii) of rule 1 of the first schedule to the companies (profits) surtax ... , however, allowed the deduction of rs. 99,340 on the ground that the balance amount of rs. 1,52,010 had earlier been allowed under sections 80 and 80m of the income-tax act, 1961, while computing the total income. 3. the assessed filed an appeal to the appellate assistant commissioner, who came to the conclusion that in computing the chargeable profits the gross dividend of ... ) , while interpreting the expression 'income by way of dividend' occurring in section 80. the supreme court in cloth traders' case : [1979]118itr243(sc) came to the conclusion ... question which, thereforee, arises for our consideration is as to what is the meaning of the expression 'income by way of dividend'. the supreme court had occasion to deal with the question as to the amount of deduction which is allowed under section 80 of the income-tax act. the first case was that of cloth traders (p) ltd. v. addl. cit : [1979]118itr243(sc ...

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Jan 16 1996

Commissioner of Income-tax Vs. Bhupendra Kumar Patel and Ors.

  • Decided on : 16-Jan-1996

Court : Madhya Pradesh

Reported in : [1996]220ITR203(MP)

... reference called for by this court on application made by the revenue under section 256(2) of the income-tax act, 1961, from the tribunal and the tribunal has referred the following question of law for opinion of this court :'whether a partner is entitled to exemption under section 80l of the income-tax act in respect of interest earned by the firm on bank deposits held in ... the assessees preferred an appeal before the appellate assistant commissioner, raipur, and the appellate assistant commissioner accepted the claim of the assessees and directed the income-tax officer to allow the deduction under section 80l of the income-tax act. against this, the applicant/revenue preferred an appeal before the tribunal and the tribunal dismissed the departmental appeal and upheld the order of the appellate ... was referred for answer of this court.4. suffice it to say that in view of the amendment in sub-section (3) of section 80l of the income-tax act, the controversy has now come to an end. this amendment was brought by the taxation laws (amendment) act, 1984, and it was made with retrospective effect, i.e., from april 1, 1976. by this amendment ... in the hands of the said partners. the said partners had claimed deduction under section 80l of the income-tax act for the part of the interest income from the bank which was included in the share income from the firm, but the said claim was rejected by the income-tax officer on the ground that the said partners were not owners of the bank deposits ...

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Mar 04 1996

Commissioner of Income-tax Vs. Venu Suresh Sheela Trust and others

  • Decided on : 04-Mar-1996

Court : Chennai

Reported in : [1998]233ITR99(Mad)

... respect of six assessees for the assessment years 1973-74 to 1975-76 under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the assessee which is a private trust, with beneficiaries, whose shares are indeterminate, is eligible for relief under section 80l for the assessment years 1973-74 to 1975-76 ?' 2. the assessee is ... sanjay trust : [1996]221itr649(mad) , wherein this court held (page 660) : 'the determination of total income depends on the various provisions of the income-tax act which takes into consideration the deductions to be provided under section 80l of the act as well. the charge of tax comes into play after the income has been determined in the manner stated above. in the present case, the trustee is an ... individual. his status, therefore, has to be adopted as that of an individual and from his individual income the assessee ...

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Aug 03 1999

Commissioner of Income-tax Vs. Smt. Mandakini M. Jog

  • Decided on : 03-Aug-1999

Court : Mumbai

Reported in : [2000]241ITR6(Bom)

... . by this reference under section 256(1) of theincome-tax act, 1961, the income-tax appellate tribunal has referred thefollowing questions of law to this court for opinion at the instance of therevenue : '1. whether, on the facts and circumstances of the case and in law, the tribunal was right in holding that the assessee was entitled to deduction under section 80l of the income-tax act in respect of the ... interest income on fixed deposits with ... business profits as well as proportionate share of interest income. in respect of the proportionate share of interest income, the assessee claimed deduction under section 80l of the income-tax act ('the act'), for the assessment years 1976-77 and 1978-79. 3. the income-tax officer disallowed the said claim. on appeal by the assessee, the appellate assistant commissioner of income-tax allowed the said deduction following the judgment of the ...

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Mar 28 1993

Commissioner of Income-tax Vs. Hussainbhai M. Badri

  • Decided on : 28-Mar-1993

Court : Gujarat

Reported in : [1994]208ITR719(Guj)

... j.1. the following question is referred to this court by the income-tax appellate tribunal under section 256(1) of the income tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the grant of relief under section 80l having exhausted the availability of deduction under section 86(v), the income-tax officer was not competent to rectify the mistake by passing an appropriate order ... ?' 2. the income-tax officer competed the assessment of the assessee for the ... for rectification of the said order on the ground that the income-tax officer had not allowed deduction worth rs. 944 under section 80l of the act, and that there was also a mistake in calculation in regard to rebate under section 86(v) amounting to rs. 1,167. the income-tax officer accepted the contention of the assessee and granted relief by ... on september 12, 1974. he was of the view that as deduction was allowed under section 80l, no rebate of rs. 1,167 was admissible under section 86(v) of the act. the assessee gave his written submissions and objected to the proposed action. the income-tax officer, however, thought it fit to rectify the said order and withdrew the deduction allowed ...

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Jul 09 1991

Commissioner of Income-tax Vs. Industrial Finance Corporation of India ...

  • Decided on : 09-Jul-1991

Court : Delhi

Reported in : [1992]198ITR539(Delhi)

... .3. for the years in question, the assessed claimed before the income-tax officer relief under section 80m of its inter-corporate dividend income and also reliefs under sections 80l and 80k of the income-tax act, 1961. the income-tax officer allowed relief under section 80m only with reference to the net dividend income. in respect of the assessment year 1969-70, the income-tax officer allowed the assessed relief as it was claimed under ... denied by the income-tax officer ... sections 80k and 80l. in respect of the other assessment years, relief under section 80m as well as under sections 80k and 80l were ...

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