Court : Guwahati
..... . act, 1961, excess profits tax act, 1940, business profits tax act, 1947, super profits tax act, 1963, and companies (profits) surtax act, 1964, if he had credited such amounts in the books of account, if any, ..... . sub-section (3) reads i ' (3) income-tax shall be charged on the amount of the voluntarily disclosed income-- (a) where the declarant is a person other than a company, at the rates specified in paragraph a, and...of part i of the first schedule to the finance act, 1965 (10 of 1965), as if such, amount were the total income of the declarant so, however, that-- (i) the proviso to the said paragraph a or, as the case may be, the ..... shall be admissible as evidence against the declarant for the purpose of any assessment proceeding or any proceeding relating to imposition of penalty or for the purpose of prosecution under any of the acts mentioned in sub-section (9) or the wealth-tax act, 1957, in respect of any amount specified in an order made by the commissioner under sub-section (4) or, if such amount is altered by an order of the board under ..... any enquiry or satisfaction as to whether the disclosed amounts in fact represented the income of the declarants ; the procedure envisaged under the the finance act were summary; it granted specific immunities to the declarants but there is nothing in the finance act or in any other law forbidding an enquiry into the genuiness of the declarations in subsequent proceedings in relation to a person other than the declarants .....
Tag this Judgment!Court : Guwahati
..... been referred to this court for its decision by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961, for short 'the act' : 'whether, on the facts and in the circumstances of the case, the liability to pay surtax under the companies (profits) surtax act, 1964, amounts to a sum paid on account of tax levied on the profits and gains of the business of the assessee and hence not allowable as a deduction because of the prohibition contained in section 40(a)(ii) ..... the tax of which mention has been made in section 40(a)(ii) of the act would mean, when that provision is read along with section 2(43) of the act, tax chargeable under the income-tax act, 1961, whereas the surtax in question is not chargeable under the provisions of the act inasmuch as there is a separate enactment called the companies (profits) surtax act, 1964, levying surtax. ..... framed requires this court to decide as to whether there is any bar under section 40(a)(ii) of the act in allowing deduction of the surtax paid under the companies (profits) surtax act, 1964 (hereinafter 'the surtax act'), on the assumption that the surtax paid on the above count is allowable as a deduction under section 37 of the act. ..... aforesaid, we would answer the question referred to us by saying that section 40(a)(ii) of the act would not stand as a bar in deducting the surtax payable under the companies (profits) surtax act, 1964, if the surtax were otherwise allowable as a deduction under section 37 of the act. .....
Tag this Judgment!Court : Guwahati
..... cit held that deduction of surtax levied under the companies profits (surtax) act, 1964, is not prohibited under section 40(a)(ii). ..... 2,26,280 under the companies (profits) surtax act vii of 1964, and unsuccessfully claimed deduction before the revenue authorities. ..... the computation of surtax was considered in this regard and it was stated that after income is distributed under chapter xi-d of the income-tax act, surtax payable by a company is determined and profits alone are charged under the surtax act. ..... we have earlier in this regard referred to section 15 ofthe surtax act, 1964, in that notwithstanding section 109 for ascertainment of distributable income, surtax is to be deducted. ..... in the objects and reasons of the bill which became later act vii of 1964, it is recited (see : [1964]51itr82(mad) ) : 'the object of this bill is to impose a special tax on companies (other than those which have no share capital) on their excess profits, namely, the amount by which the total income of a company as reduced by certain types of income and certain sums and the income-tax and super-tax payable by it exceeds a sum of ten per cent. ..... that court next held that surtax is charged on profits earned by companies and is determined with reference to the total income of the company under the income-tax act. ..... thus, surtax is levied on the chargeable profits of certain companies and it reduced the profits of the affected companies. 6. .....
Tag this Judgment!Court : Guwahati
..... to the depreciation computed in accordance with the provisions of sub-section (1) of section 32 from the amounts of profits computed in accordance with the requirements of parts ii and iii of schedule vi to the companies act, 1956 (1 of 1956), as increased by the aggregate of- (i) the amount of depreciation ; (ii) the amount of income-tax paid or payable, and provision therefor, (iii) the amount of surtax paid or payable under the companies (profits) surtax act, 1964 (7 of 1964) ; (iv) the amounts carried to any reserves, by whatever name called ; (v) the amount or amounts set aside ..... to provisions made for meeting liabilities, other than ascertained liabilities ; (vi) the amount by way of provision for losses of subsidiary companies ; and (vii) the amount or amounts of dividends paid or proposed, if any debited to the .....
Tag this Judgment!Court : Guwahati
..... 1,43,89,055 as capital reserve forming part of the capital of the assessee under rule 1(iii) of the second schedule to the companies (profits) surtax act, 1964, read with explanation 1 to rule 2 of the said second schedule ? ..... the companies (profits) surtax act, 1964, was enacted with a view to impose a special tax on the profits of certain companies. ..... 1,43,89,055 in the assessee's capital to determine the statutory deduction for the purpose of its surtax assessment under the companies (profits) surtax act, 1964 ?'2. ..... 1,43,89,055 as difference between the value of the assets and considerationpaid for computing the capital to determine the statutory deduction under the provisions of section 2(8) of the companies (profits) surtax act, 1964. ..... the 'chargeable profits' defined in sub-section (5) of section 2 of the act of 1964 means the total income of an assessee computed under the income-tax act of 1961, for the relevant year, after adjustment in accordance with the provisions of the first schedule. ..... this section provides for levy of surtax at the rate or rates specified in the third schedule on the chargeable profits of the relevant year in excess of the statutory deduction.4. ..... the assessee inthe instant case acted on the net value of the assets as appearing in the books of the sterling tea company resulting in difference between the book value and the consideration paid. .....
Tag this Judgment!Court : Guwahati
..... in the state bank of patiala (supra), the hon'ble supreme court was seized with an issue under the companies (profits) surtax act, 1964. ..... the assessee being a company is required to prepare its profit and loss account in accordance with the provisions of parts ii and iii of schedule iv of the companies act, 1956. ..... the profits and loss account have been prepared as per relevant provision of the companies act, 1956 and the same is not in dispute ..... there is also no dispute that the appellant's profit has been computed as per provisions of parts ii and iii of schedule vi of the companies act, 1956. ..... , writing off such a doubtful debt cannot be a pre-condition for computation of the profit and loss account by a company as provided in section 115j of the act. dr. ..... supra) on the other hand shows that the assessing omcer cannot scrutinize the profit and loss accounts of the assessee-company certified by the statutory auditors. ..... appellant is a company incorporated under the provisions of the companies act, 1956. ..... section 115j is overriding in nature and other provisions of the act have no bearing in computing the taxable book profit under the said section ?3. ..... on the facts and circumstances of the case and in view of the provisions of section 115j(1a) of the act, the learned income-tax appellate tribunal was justified in holding that the provision for the doubtful debts has to be added back to the profits for the purpose of determination of the book profit under section 115j of the act ?2. .....
Tag this Judgment!Court : Guwahati
..... petitioner have been utilised for loans and investments in an unauthorised manner in violation of the provisions of the companies act and the articles of association of the company and that the directors of the company have caused the company to enter into contract with associate companies which is illegal as per the companies act; that the details were not placed before the board for approval and necessary permission of the central government ..... or any of the powers conferred on a licensee by sub-section (1) of section 12 of the indian electricity act, 1910 (9 of 1910),as if-- (i) the reference therein to licensee were a reference to the generating company;(ii) the reference to the terms and conditions of licence were a reference to the provisions of this act and to the articles of association of the generating company; and(iii) the reference to the area of supply were a reference to the area specfied under sub-section ..... license in any of the following cases, namely :-- (a) where the licensee, in the opinion of the state government, makes wilful and unreasonably prolonged default in doing anything required of him by or under this act;(b) where the licensee breaks any of the terms or conditions of his license the breach of which is expressly declared by such license to render it liable to revocation;(c) where the licensee fails, within the period ..... company arising under its articles of association, measured by a sum of money for the purpose of liability, and by a share in the profit .....
Tag this Judgment!Court : Guwahati
..... the other argument per contra advanced on behalf of the appellants herein was that in view of the provision of section 91 of the indian evidence act, it was not open to any authority to accept any excuse against the specific provision relating to short supply and thus the learned arbitrator is estopped from travelling beyond clause 3 of ..... the relevant provision regarding interest appearing in clause (b) of sub-section (7) of section 31 of the arbitration act reads as follows:(b) a sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of eighteen per centum per annum from the date of the award to the ..... -appellants herein preferred a petition under section 34 of the arbitration and conciliation act, 1996 (for short 'arbitration act') before the learned district judge, west tripura, agartala in misc. ..... it is, therefore, to be seen whether the arbitrator in the case on our hand has acted within the parameters of the agreement in making the award, which has found eloquent support in the judgment of the learned district judge ..... this court has considered the provisions of section 30 of the act in several cases and has held that the court while exercising the power under section 30, cannot re-appreciate the evidence or examine correctness of the conclusions arrived at ..... rallia ram reported in : [1964]3scr164 , the nature of an arbitration award and its binding effect have been more prominently pronounced in para 13, which is .....
Tag this Judgment!Court : Guwahati
..... it has been argued on behalf of the petitioner/insurance company that direction for making payment of interest by the petitioner/insurance company is beyond the scope of the provisions of 'compensation act', therefore, to deal the validity and scope of impugned order in context of the jurisdictional and supervisory power or review, the writ petition under article 227 of the constitution could be ..... scope whether giving direction for making payment of interest by the petitioner-insurance company is dehors or contrary to the provisions of 'compensation act' cannot be segregated or taken separately or in isolation. ..... even if the petitioner insurance company is not aggrieved with the quantum of compensation but has fully participated in the suit/claim petition, in such circumstances being aggrieved by the direction of the commissioner, workmen's compensation for making payment of interest to the claimant, the proper course would also be to prefer appeal under section 30 of 'compensation act' and not to resort to avail the remedy of preferring writ petition/civil revision petition under article 227 of ..... respectful consideration when the petitioner-insurance company is aggrieved by and dissatisfied even with the quantum of compensation as well as direction given by the commissioner, workmen's compensation for making payment of interest by the insurance company (not by the employer), in such circumstances, the insurance company has to prefer appeal under section 30 of 'compensation act'. .....
Tag this Judgment!Court : Guwahati
..... (3) the district council court may act either on the report of the lower court or on the application of a party interested or on its own initiative.the district council court cannot transfer to itself any case which the subordinate district council court had no jurisdiction to .....
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