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Documents citing Century Enka Ltd. vs Income-Tax Officer, Central Circle And ... on 18 March, 1982

Lohia Machines Ltd. & Anr vs Union Of India & Ors on 25 January, 1985

As observed by a learned single judge of the Calcutta High Court in Century Enka Ltd. v. ITO, the main consideration upon which this question has to be resolved is (p. 132), whether having regard to the purpose for which provisions of s. 80J of the Act was introduced, it was the legislative intent to restrict the capital employed in any manner so as to limit it to the first day of the computation period. So far as s. 80J is concerned, it does not give any such indication. That apart, such computation of capital employed in an industrial undertaking would defeat the very purpose of the undertaking and would lead to incongruous and anomalous results. While an assessee who has employed capital in an industrial undertaking on the very first day but has withdrawn it for the major part of the year would be entitled to the full benefit, an assessee who has not employed the capital on the first day but has employed it during the major part of the previous year would be deprived of the benefit. If the intendment of the Act is to give tax holiday for the new industrial undertaking with a view to help them find their roots and encourage entrepreneurs to establish new industrial undertakings and pave the way for rapid industrial growth in the country, then that purpose would be not served. In fact, it would be defeated if the capital employed is computed with reference to the first day of the computation period and not in respect of the previous year relevant to the assessment year.
Supreme Court of India Cites 76 - Cited by 359 - Full Document

Commissioner Of Income-Tax vs Modern Bakeries India Limited on 11 January, 2001

10. According to learned counsel for the Revenue the approach of the Appellate Assistant Commissioner was erroneous. He did not give any positive finding as to the nature of the amount or the transaction. On the one hand, he held that the amount cannot be treated as a debt owed by the assessed to the Government and went on to further hold that the amount was to be shown under the head "Share capital" as the monies were received for allotment of shares. After having said so, the Appellate Assistant Commissioner again held that the amount cannot be compared with the share application money received by the company. The assessed itself had been showing the amount as liability. It is also submitted that the decisions referred to by the Tribunal, i.e., Century Enka Limited v. ITO, will have really no application in view of the decision of the apex court in Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308.
Delhi High Court Cites 6 - Cited by 2 - A Pasayat - Full Document

S. Sundaram Pillai, Etc vs V.R. Pattabiraman Etc on 24 January, 1985

Andhra Pradesh High Court in the case of Warner Hindustan H 768 Ltd. and Anr. v. Income-tax Officer and Ors. (supra) in dealing with this question has referred to the decision of the Calcutta High Court in Century Enka Ltd. v. Income-tax Officer (supra) on this very point and in agreement with the decisions of the Calcutta High Court, the Andhra Pradesh High Court held at p. 195:-
Supreme Court of India Cites 68 - Cited by 588 - S M Ali - Full Document

Commissioner Of Wealth-Tax vs Smt. Bimla Vati Mehra on 18 February, 1984

Even though the rules made under the rule making powers of statute are deemed to be part of the Act itself having been made under the delegatory powers under the statute, if any rule is repugnant to the section of the Act to which it is relevant, it is likely to be struck down as ultra vires. On the contrary, in applying the rule it has to be read as reconcilable and harmonious with the relevant section. The expression 'subject to any rules made in this behalf could, therefore, only mean rules consistent with the section itself. An authority for this would be the Calcutta High Court decisions in Century Enka Ltd. v. ITO [1977] 107 ITR 123 and Century Enka Ltd. v. ITO [1977] 107 ITR 909.
Income Tax Appellate Tribunal - Delhi Cites 7 - Cited by 0 - Full Document

Commissioner Of Income Tax vs Sri Ganganagar Fertilizer ... on 15 March, 1987

Suffice it to say that the view taken in the cases of Century Enka Ltd. (supra), Madras Industrial Lining Ltd. (supra) and like others, by the Calcutta, Madras, Allahabad, Punjab & Haryana and Andhra Pradesh High Courts has been overruled and the view expressed by the Madhya Pradesh High Court in CIT v. Anand Bahri Steel and Wire Products (1982) 133 ITR 365 (MP), and CIT v. K. N. Oil Industries (1982) 134 ITR 651 (MP), was approved by their Lordships of the Supreme Court in the case of Lohia Machines Ltd. (supra).
Rajasthan High Court - Jaipur Cites 8 - Cited by 0 - Full Document

Commissioner Of Income Tax vs Santosh Industries. on 7 March, 1987

4. Suffice it to say that the view taken in the cases of Century Enka Ltd. (supra), Madras Industrial Linings Ltd. (supra), and like others, by the Calcutta, Madras, Allahabad, Punjab and Haryana and Andhra Pradesh High Courts has been overruled and the view expressed by the Madhya Pradesh High Court in CIT v. Anand Bahri Steel and Wire Products (1982) 133 ITR 365 (MP), and CIT v. K. N. Oil Industries (1982) 134 ITR 651 (MP), was approved by their Lordships of the Supreme Court in the case of Lohia Machines Ltd. (supra).
Rajasthan High Court - Jaipur Cites 8 - Cited by 0 - Full Document

Ferro Alloys Corporation Ltd. vs Income-Tax Officer on 2 June, 1983

The main question in this connection is about the computation of capital employed. The assessee gave the computation on the basis of the decisions of the Calcutta High Court in the case of Century Enka Ltd. v. ITO [1977] 107 ITR 123/909. The assessee had also taken stores, spares, cash in hand and in current account on the basis of gross fixed assets of Ferro Chrome plant to the total gross fixed assets of the company.
Income Tax Appellate Tribunal - Delhi Cites 24 - Cited by 3 - Full Document
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