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Search Results Judgments > Act: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 ...

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 ...

Nov 18 2002

Commissioner of Wealth Tax Vs. K. Santhanam Trust

  • Decided on : 18-Nov-2002

Court : Chennai

Reported in : (2003)182CTR(Mad)582; [2003]263ITR428(Mad)

... Income Tax Act and the question that arose was whether the Trustee of a discretionary Trust was entitled to deduction under Section 80L of the Act which was available only to the individual. This Court held the determination of the total income has to be made under the Income Tax Act taking into account the deduction available under Section 80L of the Income Tax Act and on the income so determined, tax ... Income Tax Act taking into account the deduction available under Section 80L of the Income Tax Act and on the income so determined, tax shall be levied. The status of a Trustee of a discretionary Trust has to be adopted as that of an individual and his income has to be considered as an individual income and the assessee would be entitled to deduction under Section 80L of the Income Tax Act ... income has to be made under the Income Tax Act taking into account the deduction available under Section 80L of the Income Tax Act and on the income so determined, tax shall be levied. The status of a Trustee of a discretionary Trust has to be adopted as that of an individual and his income has to be considered as an individual income and the assessee would be entitled to deduction under Section 80L ...

Nov 18 2002

CWT Vs. K. Santhanam Trust

  • Decided on : 18-Nov-2002

Court : Chennai

Reported in : [2003]126TAXMAN484(Mad)

... Income Tax Act and the question that arose was whether the Trustee of a discretionary Trust was entitled to deduction under section 80L of the Act which was available only to the individual. This court held the determination of the total income has to be made under the Income Tax Act taking into account the deduction available under section 80L of the Income Tax Act and on the income so determined, tax ... Income Tax Act taking into account the deduction available under section 80L of the Income Tax Act and on the income so determined, tax shall be levied. The status of a Trustee of a discretionary Trust has to be adopted as that of an individual and his income has to be considered as an individual income and the assessee would be entitled to deduction under section 80L of the Income Tax Act ... income has to be made under the Income Tax Act taking into account the deduction available under section 80L of the Income Tax Act and on the income so determined, tax shall be levied. The status of a Trustee of a discretionary Trust has to be adopted as that of an individual and his income has to be considered as an individual income and the assessee would be entitled to deduction under section 80L ...

Mar 19 1992

Commissioner of Income-tax Vs. Shri Krishna Bandar Trust

  • Decided on : 19-Mar-1992

Court : Kolkata

Reported in : [1993]201ITR989(Cal)

... Section 80L of the Income-tax Act, 1961, should be allowed ?'2. Shortly stated, the facts are that the assessee is a discretionary trust and was assessed in the status of an 'association of persons'. The assessee claimed relief under Section 80L of the Income-tax Act, 1961. The Income-tax Officer was of the view that, having regard to the provisions of Explanation 2 to Section 164 of the Income-tax Act, 1961 ... Section 80L of the Income-tax Act, 1961. The Income-tax Officer was of the view that, having regard to the provisions of Explanation 2 to Section 164 of the Income-tax Act, 1961, a discretionary trust has to be taxed as an association of persons and, therefore, deduction under Section 80L was not available to the assessee-trust. The Commissioner of Income-tax ... Income-tax Act, 1961, should be allowed ?'2. Shortly stated, the facts are that the assessee is a discretionary trust and was assessed in the status of an 'association of persons'. The assessee claimed relief under Section 80L of the Income-tax Act, 1961. The Income-tax Officer was of the view that, having regard to the provisions of Explanation 2 to Section 164 of the Income-tax Act, 1961, a discretionary trust has to be taxed ...

Dec 01 1995

Commissioner of Income Tax Vs. Venu Suresh Sanjay Trust and others

  • Decided on : 01-Dec-1995

Court : Chennai

Reported in : [1996]221ITR649(Mad)

... Sec. 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 IT Act, 1961 ... was, whether the assessee would be eligible for relief under s. 80L of the IT Act, 1961 (hereinafter referred to as 'the Act'). The ITO was of the view that the assessee's ... 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 IT Act, 1961. Since the determination of the status of an assessee is a part of the process of computation of income ... Act, 1961 : 'Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was entitled to deduction under s. 80L, even while agreeing with the view taken by the Department that the income computed in the assessee's case will be liable to tax under s. 164(1) treating such income as the total income ... income would be applicable even in a case where the representative-assessee has to be assessed under s. 164. Therefore, whether an assessee, including a representative-assessee, would be entitled to the benefit of deduction under s. 80L or not will have to be decided by reference to the provisions contained in that section. Sec. 80L ...

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 ...

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)

... '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 (1) of Section 80L of the Income-tax Act, 1961 ?'2 ... persons, is entitled to deduction as per Clause (c) of Sub-section (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 ... 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 ... 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 ...

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)

... 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 against the petitioner after reopening under Section 148 of the Act. The petition is ... 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 ... honestly disclosed the income and had not concealed anything deliberately and his action did 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, ... 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 ...

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