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Search Results Judgments > Phrase:INCOME TAX ACT, 1961 - Section 80L -

Nov 02 1993

Bajaj Auto Employees Welfare Fund Vs. Income-Tax Officer

  • Decided on : 02-Nov-1993

Court : Income Tax Appellate Tribunal (ITAT) - Pune

Reported in : (1994)49ITD73(Pune.)

... Income-tax Act, 1961, should be allowed? Dealing with this question, the Calcutta High Court rendered the decision in favour of the assessee and held that the status of the trust has to be taken as that of individual and the assessee was entitled to the deduction Under Section 80L of the Income-tax Act. The High Court observed that before the amendment in 1980, the provisions of the Income-tax Act, 1961 ... Section 80L of the Income-tax Act. The High Court observed that before the amendment in 1980, the provisions of the Income-tax Act, 1961, created a fiction whereby, in the case of a discretionary trust, the exigible tax was the tax payable by an association of persons or at the rate of 65%, whichever course would be more beneficial to the revenue. The amendment effected by the Finance Act ... Under Section 80L of the Income-tax Act, 1961, should be allowed? Dealing with this question, the Calcutta High Court rendered the decision in favour of the assessee and held that the status of the trust has to be taken as that of individual and the assessee was entitled to the deduction Under Section 80L of the Income-tax Act. ... Section 80L of the Income-tax Act, 1961 and deals only with the status of a trust. Considering all the facts and circumstances of the case, we follow the later decision of the Calcutta High Court and, accordingly, direct the revenue to assess the appellants in the status of an individual and, consequently, allow the deduction Under Section 80L of the Income-tax Act ...

Apr 12 1996

Ram Charan Vs. Assistant Commissioner Of

  • Decided on : 12-Apr-1996

Court : Income Tax Appellate Tribunal (ITAT) - Delhi

Reported in : (1996)58ITD131(Delhi)

... , all the assessees claimed deduction under section 80L out of the above interest. The assessment was made under section 143 (1)(a) of Income-tax Act. While making prima facie adjustment the Assessing Officer did not allow deduction under section 80L. The assessees then moved applications under section 154 of Income-tax Act claiming deduction of interest under section 80L. It was claimed by the assessees ... Act and on account of delay in payment of compensation, interest was paid. In the returns, all the assessees claimed deduction under section 80L out of the above interest. The assessment was made under section 143 (1)(a) of Income-tax Act. While making prima facie adjustment the Assessing Officer did not allow deduction under section 80L. The assessees then moved applications under section 154 of Income-tax Act ... matter to the Dy. Commissioner (D. C.) of Income-tax under section 144A and rejected the claim in the light of direction issued by the D. C. It was held that section 80L was not applicable as interest was not allowed on any deposit envisaged under section 80L of the Income-tax Act.4. The assessees went in appeal before CIT (A). ... exemption from income tax. However, interest which is allowed under section 34 of the Land Acquisition Act is a compensatory measure intended to compensate for the loss caused due to deprived use of money not paid in time. Such interest cannot be claimed exempt under section 80L of the Income-tax Act.It is settled law that while dealing with tax ...

Sep 10 2004

Commissioner of Income Tax Vs. Sae Head Office Monthly Paid Employees ...

  • Decided on : 10-Sep-2004

Court : Delhi

Reported in : (2004)192CTR(Del)70; 113(2004)DLT840; 2004(76)DRJ562

... Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act), inter alia, contending that : i) The trustees of the assessed trust are not to be assessed in the status of 'individual'; ii) the assessed is not entitled to claim deduction under Section 80L of the Act as an 'individual' as also is not entitled for capital gain as is applicable to an 'individual' ; andiii) the income ... charging tax. This legal sanction is available only for charging tax on the total income in the case of a Trust. The Court emphasised that Section 164 is not concerned with the manner of computation of the total income. In fact, this Section comes into play only after the income has been computed in accordance with other provisions of the Income-tax Act, 1961. Since ... tax on the total income in the case of a Trust. The Court emphasised that Section 164 is not concerned with the manner of computation of the total income. In fact, this Section comes into play only after the income has been computed in accordance with other provisions of the Income-tax Act, 1961. Since determination of the status of an assessed is part of the process of computation of income ... ) treating such income as if it was the income of an association of persons.' 25. In the case of Niti Trust v. CIT Gujarat, : [1996]221ITR435(Guj) , the Division Bench was called upon to decide the question of the assessed, a private discretionary trust and its liability under the provisions of Section 112 of the Income-tax Act, 1961. In ...

Apr 28 1993

Gopal Srinivasan Trust Vs. Assistant Director Of Income-Tax

  • Decided on : 28-Apr-1993

Court : Income Tax Appellate Tribunal (ITAT) - Madras

Reported in : (1993)46ITD157(Mad.)

... -trusts are entitled to deduction under Section 80L of the Income-tax Act, 1961.2. The Assessing Officer took the line, first, that the status of the assessees must be taken as that of 'Association of Persons' and, secondly, that the assessees are not entitled to deduction under Section 80L of the Act.3. Thereupon, the assessees moved the CIT ... Section 80L of the Act.17. The final point made by Shri Bose was that the ruling given by the courts of law under the Wealth-tax Act, 1957 to the effect that the word "Individual" was wider enough to include a group of persons forming a unit cannot be imported into the Income-tax Act. This was because, under the Wealth-tax Act, wealth-tax ... Income-tax Act. This was because, under the Wealth-tax Act, wealth-tax is chargeable only in respect of the net wealth of only three specified entities, namely, (i) Individual, (ii) Hindu undivided family and (iii) Company. Further, unlike the Income-tax Act, the Wealth- tax Act does not contain any definition of the term 'person'. It was, therefore, that the courts have, while dealing with cases falling under Section ... Income-tax Act, the Wealth- tax Act does not contain any definition of the term 'person'. It was, therefore, that the courts have, while dealing with cases falling under Section 21(4) of the Wealth-tax Act, held that even if there was a plurality of trustees, the status must be taken as that of an "Individual". The position under the Income-tax Act, however, is different and under that Act ...

Apr 21 1987

Fifth Income-Tax Officer Vs. D.M.C.C. Employees Medical Aid

  • Decided on : 21-Apr-1987

Court : Income Tax Appellate Tribunal (ITAT) - Mumbai

Reported in : (1987)22ITD273(Mum.)

... Income-tax Act, 1961. The said claim was not considered by the ITO. He passed an assessment order under Section 143(1) of the Act.The assessee filed appeal before the AAC. The order passed by the learned AAC was in the following words : I have considered the submissions made by the appellant and I hold that the appellant is entitled to deduction under Section 80L of the Income-tax Act ... Section 80L of the Income-tax Act, 1961. The said claim was not considered by the ITO. He passed an assessment order under Section 143(1) of the Act.The assessee filed appeal before the AAC. The order passed by the learned AAC was in the following words : I have considered the submissions made by the appellant and I hold that the appellant is entitled to deduction under Section 80L ... the assessee, the assessee had shown income by way of dividends. In the return, the status was shown as that of A.O.P. In the course of assessment proceedings, the assessee submitted a letter dated 16-3-1983 in which the assessee made a claim for deduction of Rs. 3,000 under Section 80L of the Income-tax Act, 1961. The said claim was not ... the Income-tax Act, 1961, viz. Clause (iv) of proviso to Section 164(1), the expression used is that tax shall be charged on the relevant income as if it were the income of an association of persons. An association of persons (AOP) is a separate assessable entity under the Income-tax Act. As already observed by us, there is no indication in the language of any provision in the Act ...

Mar 16 1993

Warner Lambert Co. Vs. Commissioner of Income-tax

  • Decided on : 16-Mar-1993

Court : Mumbai

Reported in : (1994)120CTR(Bom)335; [1994]205ITR395(Bom)

... assessment of the income of the assessee was made under section 143(3) of the Income-tax Act, 1961 ('the Act'), by the Income-tax Officer on November 27, 1973, whereby the total income of the assessee was determined at Rs. 1,58,467. This figure was arrived at by reducing from the gross dividend of Rs. 4,65,000. the permissible deductions under sections 80K and 80L of the Act and to ... to claim full deduction under section 80K and 80L of the Income-tax Act, 1961, before taking into account the net business loss ? (4) Whether, on the facts and in the circumstances of the case, the Tribunal ought to have held that there was no mistake as such in the order for the assessment year 1972-73 as made by the Income-tax Officer which could be revised ... as made by the Income-tax Officer which could be revised by the Commissioner as the mistake, if any, was in the order for the assessment year 1971-72 alone ?' 2. The assessee is a company. For the assessment year 1971-72, the assessment of the income of the assessee was made under section 143(3) of the Income-tax Act, 1961 ('the Act'), by the Income-tax Officer on November ... off of loss under one head of income against income under another head of income was governed by section 71(1) of the Income-tax Act and that being so, the assessee had no option in the matter. In that view of the matter, the contention of the assessee that he was entitled to claim full deduction under section 80L of the Income-tax Act after taking into account the net business ...

Sep 14 2000

DIRECTOR OF INCOME TAX (EXEMPTION) Vs. SHARDABEN BHAGUBHAI MAFATLAL PU ...

  • Decided on : 14-Sep-2000

Court : Mumbai

Reported in : (2001)164CTR(Bom)97; [2001]247ITR1(Bom)

... income depended on various provisions of the Income Tax Act which took into consideration deductions to be provided under section 80L of the Act. That, the charge of tax comes into play after the income has been determined in the manner stated above. The court found that the trustee was an individual and from his individual income, he was entitled to deduction under section 80L of the Act. On the income so computed, the tax ... in Income Tax Appeal No. 81 of 1999 are taken into consideration.2. Two questions of law arise in this appeal under section 260A of the Income Tax Act.(1) Whether the assessee-trust was assessable as an individual and consequently entitled to deduction under section 80L of the Act ?(2) Whether the assessee-trust violated section 13(1)(d) of the Act in ... section 80L. Being aggrieved by the decision of the Tribunal, the department has come in appeal under section 260A of the Income Tax Act.Arguments on question No. 111. Mr. Desai, learned senior counsel for the department contended that the assessee-trust should be assessed as an association of persons and not as an individual. He relied upon section 2(31) of the Act. He contended that section ... of deductions under section 80L of the Act. In that matter also, the assessee was a public trust. It was a discretionary trust as the shares of the beneficiaries were not ascertainable. In the case of CIT v. Sodra Devi (supra), the Supreme Court was considering the scope of section 16(3) of the Income Tax Act, 1922. In ...

Mar 17 1987

Commissioner of Income-tax, Bombay City-III, Bombay Vs. Mercantile Ban ...

  • Decided on : 17-Mar-1987

Court : Mumbai

Reported in : (1987)63CTR(Bom)79; [1988]169ITR44(Bom)

... the provisions of section 80A, sub-sections (1) and (2); section 80B, sub-section(5); section 80L and section 80M(1) of the Income-tax Act, 1961. They read thus :'80A. (1) In computing the total income of an assessee, there shall be allowed from his gross total income, in accordance with and subject to the provisions of this Chapter, the deductions specified in sections 80C to 80U. ( ... 4,75,203.9. The income-tax Officer and the Appellate Assistant Commissioner had not allowed to the assessee the deductions of Rs. 500 and Rs. 1,000 available under section 80L of the Income-tax Act, 1961, in the two assessment years and of Rs. 33,475 in each of the two years under section 80M of the said Act. The Income-tax Appellate Tribunal, however, ... provisions of sections 80L and 80M of the Income-tax Act, 1961, having regard to its negative income in the relevant years.11. This, substantially, is the view that was taken by the Calcutta and Madras High Courts in the judgments aforementioned.12. Mr. Dastur, learned counsel for the assessee, drew our attention to the phraseology of section 80M of the Income-tax Act, 1961. He ... tax paid by the employees does not come within the purview of section 40(a)(v) of the Income-tax Act, 196 ? (iii) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in allowing deductions under sections 80L and 80M of the Income-tax Act, 1961, before setting off the business losses for the year in consideration against the gross total incom ...

Dec 10 1993

Commissioner of Income-tax Vs. Deepak Family Trust No. 1 and Ors.

  • Decided on : 10-Dec-1993

Court : Gujarat

Reported in : [1994]210ITR358(Guj)

... of a discretionary trust have to be assessed in the status of 'individual' and, consequently, deduction under section 80L of the Income-tax Act, 1961, was allowable.' 15. As regards what should be the approach of the High Court on the interpretation of the section of a statute, which is an all-India statute, learned counsel relied upon the decision of the ... in receipt of income. The mere fact that the beneficiaries or the trustees, being representative assessees, are more than one, cannot lead to the conclusion that they constitute 'an association of persons'. The trustees of a discretionary trust have to be assessed in the status of 'individual' and, consequently, deduction under section 80L of the Income-tax Act, 1961, was allowable.' ... section 41 of the Indian Income-tax Act, 1922, and section 161 of the Income-tax Act, 1961, this court in C. R. Nagappa v. CIT : [1969]73ITR626(SC) approved the following observations made by Chagla C. J., in regard to the scheme of section 41 of the Indian Income-tax Act, 1922, in CIT v. Balwantrai Jethalal Vaidya : [1958]34ITR187(Bom) 'If the assessment is upon a trustee, the tax ... dealt with by sub-section (1) of section 164. Section 164(1) only lays down the rate of tax applicable to a discretionary trust. It is not concerned with the manner of computation of total income. In fact, this section comes into play only after the income has been computed in accordance with the other provisions of the Income-tax Act, 1961. Since the determination ...

Dec 10 1993

COMMISSIONER OF INCOME-TAX Vs. DEEPAK FAMILY TRUST NO. 1 AND OTHERS.

  • Decided on : 10-Dec-1993

Court : Gujarat

Reported in : (1995)119CTR(Guj)150; [1995]211ITR575(Guj)

... trustees of a discretionary trust have to be assessed in the status of individual and, consequently, deduction under section 80L of the Income-tax Act, 1961, was allowable.'As regards what should be the approach of the High Court on the interpretation of the section of a statute, which is an all-India statute, learned counsel relied upon the decision of the ... merely in receipt of income. The mere fact that the beneficiaries or the trustees, being representative assessees, are more than one, cannot lead to the conclusion that they constitute an association of persons. The trustees of a discretionary trust have to be assessed in the status of individual and, consequently, deduction under section 80L of the Income-tax Act, 1961, was allowable ... section 41 of the Indian Income-tax Act, 1922, and section 161 of the Income-tax Act, 1961, this court in C. R. Nagappa v. CIT : [1969]73ITR626(SC) approved the following observations made by Chagla C. J., in regard to the scheme of section 41 of the Indian Income-tax Act, 1922, in CIT v. Balwantrai Jethalal Vaidya : [1958]34ITR187(Bom) 'If the assessment is upon a trustee, the tax ... dealt with by sub-section (1) of section 164. Section 164(1) only lays down the rate of tax applicable to a discretionary trust. It is not concerned with the manner of computation of total income. In fact, this section comes into play only after the income has been computed in accordance with the other provisions of the Income-tax Act, 1961. Since the determination ...

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