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Madhukar Govindrao Thaware and ors. Vs. Central Bank of India

Court : Mumbai Nagpur

Subject : Limitation

Acts : Limitation Act - Section 5, 29 (2), 8, 3; Recovery of Debts Due to Banks and financial Institutions Act (RDDBFI) 1993- Section 30, 2(b) , 19, 20; Income Tax Act, 1961 - Rule 11, 15; Central Excise Act. 1944 - Section 35H(1); West Bengal Land Reforms Act, 1955 - Section 8 ; Finance Act, 1979 - Section 38 (1); Companies Act, 1956 - section 529A, 20 (3), 25 to 28, 30; Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,; Non-Performing Assets Act (NPA) - Section 17(1); Code of Civil Procedure (CPC) - Order 21; Income Tax Act, 1961 - Section 260A; Excise Act - Section 35G; The Income-tax (Certificate Proceedings) Rules, 1962 - Rule 55A, 86 ; Debt Recovery Tribunal (Procedure) Rules - Rule 2

with non- payment. Non-payment is nothing but failure to pay when due. As per the provisions of the Finance Act, 1979 amount of FTT collected becomes due within fifteen days from the date of collection thereof. Failure to pay … is applicable only for filing the original application under section 19 of the RDDFBI Act. In view of section 29 (2) of the Limitation Act , section 5 of the Limitation Act can not be made applicable to

India Leather Corporation (P.) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1970 - Sections 2(6); Income Tax Act, 1961 - Sections 80E, 147 and 256(1)

Reported in : (1989)77CTR(Mad)18; [1989]179ITR170(Mad)

the assessee-company was not an industrial company within the meaning of clause 2(6)(c) of Chapter II of the Finance Act, 1970 ?' 2. The assessee is a private limited company and the assessment year we are concerned with … and a tannery at Tiruchy. The original assessment was completed on March 29, 1973, but on appeal, it was reduced to Rs. 6,95,620. Later, the … Ratnam, J.1. At the instance of the assessee under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), the following question has been referred

Singapore Airlines Ltd. Vs. Union of India (Uoi) and anr.

Court : Delhi

Subject : Customs

Acts : Customs Act, 1962 - Sections 129DD; Finance Act, 1979 - Sections 35(2), 35A(1) and 38(3); Finance Act, 1997 - Sections 38; Foreign Travel Tax Rules, 1979 - Rules 4, 9 and 10A

Reported in : 2004(73)DRJ168; 2004(94)ECC332; 2004(175)ELT89(Del)

imposing a penalty of Rs.2,07,840/- under Section 35A(1) {clarified in the impugned order as Section 38(3)} of the Finance Act, 1979 (as amended){for short the Act} read with Rule 4 of the Foreign Travel Tax Rules, 1979 (as amended), … was misplaced and was traced out on the next date but due to banks' strike on 28 and 29 August 1997, it could be deposited only on 30 August 1997, for which the bank issued the receipted

State Bank of Saurashtra Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (1988)24ITD97(Ahd.)

the banking business and that is why probably a beginning was made in the Income-tax Act by the finance Act, 1979 having inserted clause (vii) to sub-sec. (1) of sec. 36 whereby certain percentage of the aggregate average of … Loss Account and balance sheet of the bank as per the provisions of the Banking Regulation Act, 1949 (Section 29 and Third Schedule of the Act), the provision for bad and doubtful debts has to be to the

Smith (inspector of Taxes) Vs. Schofield.

Court : Kolkata

Subject : Direct Taxation

Reported in : [1994]209ITR572(Cal)

to capital gains tax for the year 1986-87 on the basis that the indexation allowance introduced by the Finance Act, 1982 was to be deducted from the whole of the amount of the gain accruing to the taxpayer … be computed by applying the time-apportionment provisions of paragraph 11 of Schedule 5 to the Capital Gains Tax Act, 1979, to the gain accruing between her acquisition and disposal of the assets and the allowance deducted from that … the amount of chargeable gains accruing on the disposal of assets owned on 6 April 1965) shall have effect.'Section 29, so far as material, provides by sub-section (1) that 'the amount of a loss accruing on a disposal

Bhabagrahi Panigrahi and anr. Vs. Union of India (Uoi) and ors.

Court : Orissa

Subject : Commercial

Acts : State Financial Corporation Act, 1951 - Sections 29; Constitution of India - Article 226

Reported in : AIR1990Ori42

intended to regulate the activities of the Financial Corporation and the main object of such Corporation is to finance medium and small-scale industries. With the rising tempo of industrialisation of the country, it become necessary to enlarge … of the Industrial Concern of the petitioner-Company with the right to sell in exercise of its power under Section 29 of the State Financial-Corporation Act, 1951-(hereinafter referred to as 'the Act') in pursuance of the notice under Annexure-1

Commissioner of Income-tax Vs. Hiralal Shankarlal

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 271(1)

Reported in : [1987]165ITR124(Cal)

particulars of such income, he may direct that such person shall pay by way of penalty,--...' 8. The Finance Act of 1964 which came into effect from April 1, 1964, made two significant amendments in Clause fc). It … : [1970]76ITR696(SC) . The Supreme Court, in its judgment delivered on April 29, 1970, held :(1) Proceedings under Section 28 of the Income-tax Act, 1922, … the Tribunal was right in holding that no penalty could be imposed upon the assessee in terms of Section 271(1)(c) read with the Explanation thereunder relating to the assessment year 1964-65 ?'2. The assessee carries on business,

Commissioner of Income-tax Vs. Kerala Financial Corporation Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 36(1)

Reported in : [1993]202ITR186(Ker)

v. CIT [1988] 174 ITR 206 besides with reference to the Statement of Objects and Reasons to the Finance Act, 1985. So far as the first ground is concerned, viz., that the decision of the Cambay Electric Supply … mean total income computed in accordance with the provisions contained in Sections 30 to 45A, as provided in Section 29, so as also to take into account deductions admissible under Section 36(1)(viii). What we have to bear in … No. 68 of 1989, pertaining to the assessment years 1977-78, 1978-79 and 1979-80 respectively. In answering those references, this court had followed the decision in

industrial Finance Corporation of India and anr. Vs. Sehgal Papers Ltd ...

Court : Punjab and Haryana

Subject : Commercial

Acts : Indistrial Finance Corporation Act - Sections 29, 30 and 32; Urban Land (Ceiling and Regulation) Act, 1956; Indian Contract Act - Sections 54 and 65; ;Constitution of India - Articles 14 and 19; Code of Civil Procedure (CPC), 1908 - Sections 34

Reported in : AIR1986P& H21

ORDER1. Briefly the facts are that petitioners No. 1, the Industrial Finance Corporation of India, advances medium and long term loans to industrial concerns in India. Petitioners No. 2 is … a loan of Rs. 300 lacs. By another agreement dated 27th January, 1979 (hereinafter referred to as the subsidy loan agreement), it agreed to advance … the arrangement. Issues Nos. 1 and 2 are, therefore decided in favour of the petitioners.42. Issue No. 3 Section 29 of the IFC Act, inter alia, provides that the Corporation may be notice in writing require any industrial

Tata Sky Limited Vs. the State of Uttarakhand and ors.

Court : Uttaranchal

Subject : Company

Acts : Companies Act, 1956; ; Indian Telegraph Act, 1885 - Section 4; ; Indian Wireless Telegraphy Act, 1933; ; Uttar Pradesh Entertainment and Betting Tax Act, 1979 - Sections 2, 3, 4, 4A, 4A(4), 4B and 4C; ; Bombay Entertainments Duty Act, 1923; ; Uttar Pradesh Entertainment and Betting Tax (Amendment) Act, 2009; ; Finance Act, 2001 - Sections 65, 65(5), 65(13), 65(63), 65(72) and 137; ; Prasar Bharti (Broadcasting Corporation of India) Act, 1990 - Section 2; ; Finance Act, 2002 - Sections 65, 66(5), 65(14), 65(15), 65(80) and 65(90); ; Finance Act, 2003 - Section 65, 65(16), 65(95), 65(105) and 66(1); ; Finance Act, 2004; ; Finance Act, 2005 - Section 65(16) and 65(105); ; Government of India Act, 1935; ; Cable Television Networks (Regulation) Act, 1995; ; Bengal Amusements Tax Act, 1922; ; We

the fact, that broadcasting was subjected to tax liability as a 'service' for the first time under the Finance Act, 2001. Chapter V. of the Finance Act, 2001 bears the heading 'Service Tax'. Section 65(13) of the Finance … the State of Uttarakhand from cable operators under Section 4C of the Uttar Pradesh Entertainment and Betting Tax Act, 1979 (hereinafter referred to as the Entertainment Act, 1979). After the petitioner company obtained its statutory licence on 24.03.2006, … Government dated 26/27.02.2002 and the subsequent decision of the Central Government dated 29.07.2003 are quashed. We direct the State Government to consider all applications afresh