"August, 1971" Archive

Circular No. 64-Income Tax dated 25-8-1971

Circular No. 64-Income Tax (25/08/1971)

Circular No. 64-Income Tax A question has been raised as to whether the nationalised banks would be regarded as banking companies under the provisions of section 80L(1)(vi). The relevant provision reads as follows: interest on deposits with a banking company to which the Banking Regulation Act, 1949, applies (including any bank or banki...

Read More

CIT vs. Birla Spinning and Weavings Ltd. Supreme Court) (1971) 82 ITR 166 (SC)

Commissioner of Income Tax, West Bengal Vs Birla Cotton Spinning & Weaving Mills Ltd. & Ors. (Supreme Court of India)

The expression for the purpose of the business in s. 10(2)(xv) is wider than the expression for the purpose of earning profits. The former covers, not only the running of the business or its administration but also measures for the preservation of the business and protection of its assets and property....

Read More

Circular No. 63-Income Tax dated 16-8-1971

Circular No. 63-Income Tax (16/08/1971)

Circular No. 63-Income Tax The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (hereinafter referred to as the 1970 Act), was enacted by Parliament with a view to nationalising the undertakings of 14 commercial banks on payment of compensation aggregating to Rs. 87.40 crores....

Read More

Notification: S.O.3321 Date of Issue: 11/8/1971

Notification: S.O.3321 (11/08/1971)

Notification: S.O.3321 Dr. Shantilal J. Mehta Medical Research Foundation, Bombay has been approved by the Indian Council of Medical Research, the prescribed authority, for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) ...

Read More

Notification: S.O.3320 Date of Issue: 9/8/1971

Notification: S.O.3320 (09/08/1971)

It is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Agricultural Research, the prescribed authority, for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961....

Read More

Notification: S.O.3320 Date of Issue: 9/8/1971

Notification: S.O.3319 (09/08/1971)

Notification: S.O.3319 Nair Golden Jubilee Research Foundation, Bombay has been approved by the Indian Council of Medical Research, the prescribed authority, for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) . ...

Read More

Notification: S.O.3318 Date of Issue: 9/8/1971

Notification: S.O.3318 (09/08/1971)

Notification: S.O.3318 Madan Mohan Lal Ayurvedic Research Society, Delhi has been approved by the Indian Council of Medical Research, the prescribed authority, for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) :...

Read More