Court : Madhya Pradesh
Reported in : (2003)184CTR(MP)349; [2004]270ITR314(MP)
..... case may be, as increased by the aggregate of the losses of such previous years. it is pertinent to state that the major part of this provision has been amended by the finance act, 2002, giving retrospective effect w.e.f. 1st july, 1995. if the provisions so inserted in main sub-section (1) and sub-section (c) are read ..... not falling under clause (c);' 4. it is pertinent to state here that the aforesaid provision came on the statute book by the finance act, 2002, w.e.f. 1st july, 1995. by virtue of this amendment, much confusion which had remained earlier really got cleared and the picture was frescoed without any kind of haze. if the provision which is ..... of the block period shall be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of the act on the basis of evidence found as a result of search or requisition of books of account or other documents and such other material or information as are available .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 2003(4)MPHT1; 2003(3)MPLJ554
..... the impugned judgment.'29. submission of the learned counsel for the petitioners is that though there is total substitution of provision in both the acts, namely, municipal corporation act and municipality act, the said amendment does not take away the effect of the decision rendered in the case of ratnaprabha (supra). on the contrary mr. jha has ..... relates to inconsistency. it is submitted by learned counsel for the petitioners that though section 126 of the municipalities act and 138 of the municipal corporation act have been amended, yet as the other provisions have not been amended a discordant note crops up in both the enactments. the learned counsel have referred to sections 139 to ..... expressed the view as under :--'it is open to the legislature to remove the defect pointed out by the court or to amend the definition or any other provision of the act in question retrospectively. in this process it can not be said that there has been an encroachment by the legislature over the power .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR2004MP182
..... impugned judgment.' 29. submission of the learned counsel for the petitioners is that though there is total substitution of provision in both the acts, namely, municipal corporation act and municipality act, the said amendment does not take away the effect of the decision rendered in the case or ratnaprabha (supra). on the contrary mr. jha has argued ..... eventually expressed the view as under :'it is open to the legislature to remove the defect pointed out by the court or to amend the definition or any other provision of the act in question retrospectively. in this process it cannot be said that there has been an encroachment by the legislature over the power ..... to inconsistency- it is submitted by learned counsel for the petitioners that though section 126 of the municipalities act and s. 138 of the municipal corporation act have been amended, yet as the other provisions have not been amended a discordant note crops up in both the enactments. the learned counsel have referred to sections 139 .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : I(2005)BC564; [2005]57SCL414(MP)
..... opportunity for future consolidation. in substance therefore, the amalgamation is proposed to enable the companies to help in improving their marketing share, self-dependency and competitive edge. it is also likely to result in bringing benefits of avoiding of intermediately cost, consolidation of resources, reduction in administrative expenses, overheads, duties ..... in minute detail after calling for necessary details from the petitioner-company (eml) and has found, the same to be in order requiring no modification/amendment in it. he has also stated on oath that the scheme proposed can be accorded sanction by this court, as prayed for because it is found ..... company called 'eicher motors limited' (hereinafter referred to as 'transferee company or 'eml' for brevity) under section 391 r/w section 394 of the companies act for according sanction by this court for the scheme/arrangement embodied in the composite scheme of arrangement (ex. 'g') entered into between the three companies viz .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)193CTR(MP)508; [2005]273ITR107(MP)
..... down by supreme court in the case of jpca laboratories (supra) would equally apply to cases of the nature which is subject-matter of this reference prior to amendment in section 80hhc ibid.16. accordingly, we answer the question against the assessee and in favour of revenue. in other words, we answer the question referred by ..... assessee and which is included in his gross total income.4. section 80b(5)--'gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter (***) (***).5. section 80hhc--(1) where an assessee, being an indian company or a person (other than a company) resident ..... a close look at section 80hhc as it existed after 1st april, 1986. their lordships, inter alia, held that though section 80hhc has been incorporated in the it act, 1961, with a view to provide incentive for earning foreign exchange and a liberal interpretation of such provision may be called for, the plain language of the said .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2005]144TAXMAN13(MP)
..... down by supreme court in the case of ipca laboratories (supra) would equally apply to cases of the nature which is subject-matter of this reference prior to amendment in section 80hhc ibid.16. accordingly, we answer the question against the assessee and in favour of revenue. in other words, we answer the question referred by ..... vi-a, one is required to take into account the definition contained in section 80b(5). it means 'total income computed in accordance with the provisions of this act before making any deductions under this chapter'. then comes, section 2(45) which defines the word 'total income'. this means, the total amount of income referred to ..... assessee and which is included in his gross total income.4. section 80b(5)'gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter (***) (...).5. section 80hhc(1) where an assessee, being an indian company or a person (other than a company) resident .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)194CTR(MP)211; [2007]290ITR697(MP)
..... share(s) of assessee's loss(es) in the joint ventures subject to rectification. the setting aside of the assessment on this issue is not sustainable. what repercussion the amended law w.e.f. 1st april, 1989, will have to be examined by the authorities assessing the joint venture(s) which are admittedly not assessed under the jurisdiction of ..... then whether assessee is entitled to claim set off against his/their other income though aop is found having more taxable limit ?9. there are three sections in the it act which take care of the issue in question. depending upon the facts presented by the assessee which may differ from case to case, these provisions can be applied to ..... the case of assessee. in a case of this nature, the first thing that the taxing authorities should have done was to examine as under which section of the act, the issue has to be considered and then decided. the second thing should have been whether case of assessee satisfies the rigour of that section which according to .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2006]69SCL28(MP)
..... the transferee company will have a strong financial and operational structure, which will be capable of resource mobilization and financial consolidation, necessary to withstand the new competitive environment.7. it is further stated that the said scheme of amalgamation is beneficial to both transferor and transferee companies, their shareholders, creditors, employees ..... allowed to prevail in the absence of any other illegality being noticed by this court within the meaning of sections 391 and 394 of the companies act.18. in my opinion, thus the scheme of amalgamation proposed appears more on administrative basis. it will enable the transferee-company to run their ..... s. nobal grain india pvt. ltd. (hereinafter called as transferor company). it is filed under section 391, read with section 394 of the companies act, for according sanction by the court for the scheme of arrangement/amalgamation/merger whereby entire business of manufacturing, processing and refining soyabean oil seeds and other .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR2007MP1
..... the submission of the learned counsel for the appellant does not commend acceptance.15. the learned counsel for the appellant has canvassed that the amendment should date back to the original point of time of filing of the counter claim. he has placed reliance on sampath kumar v. ..... by limitation as prescribed under article 113 of the limitation act as it was beyond a period of three years from the date the right to sue accrued to the appellant defendant. admittedly, the amendment in the counter claim for recovery of a sum of rs ..... question as to whether the relief sought by way of amendment was barred by time or not has been left open and where the specific statutory provision of section 3(2)(b) of the limitation act provides that the counter claim shall be deemed to have ..... . 3,72,000.00 was made by the appellant for the first time on 29.3.2000, as per the provisions of section 3(2)(b) of the limitation act the counter .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008]300ITR124(MP)
..... reads as under (page 317):it is pertinent to state here that the aforesaid provision came on the statute book by the finance act, 2002, with effect from july 1, 1995. by virtue of this amendment, much confusion which had remained earlier really got cleared and the picture was frescoed without any kind of haze. if the provision which ..... held that the income of the assessee in that case cannot be treated to be as 'undisclosed income' for the purpose of assessment under chapter xiv-b of the act.10. from the above position it is luculent that once it is established that income-tax was deducted, the income cannot be treated as income from undisclosed sources.11 ..... salary income to the undisclosed income specified by the assessee and charged tax on the entire income of rs. 3,22,479 under section 158bb(1)(c) of the act. an appeal was filed before the income-tax appellate tribunal. it was reiterated before the tribunal that the salary income stood already disclosed and, therefore, ought to have .....
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