Court : Chennai
Reported in : II(2004)ACC692; 2004ACJ777; (2004)ILLJ520Mad; (2003)3MLJ647
..... the time of accident, he was aged 20 years and awarded a compensation of rs. 3,36,000 in all in terms of schedule iv of the act read with the workmen's compensation (amendment) act, 1984. in the result, the commissioner awarded rs. 3,36,000 with interest at 12% per annum from the date of accident till date of deposit/ ..... of 2000, which means that the wages drawn has to be taken or deemed as rs. 3,000. the question whether the provision is retrospective or whether the amending act 46 of 2000 is retrospective? or whether the crucial date is the date of accident? or date of determination? are the points required to be considered.14. though the ..... division benches of kerala and gauhati high courts taken the view that the amendment introduced by the central act 46 of 2000 which is a beneficial provision 2 is retrospective in operation and the determination of compensation has to be made on the date on which the .....
Tag this Judgment!Court : Chennai
Reported in : (2003)2MLJ806
..... than the duties or fees collected by means of judicial stamps, but not including rates of stamp duty.' but we cannot agree with him that the substitution made by the amending act has altered the character of the duty. while stamp duty is a charge on the instrument which by itself is the taxable event, the measure of charge may be fixed ..... that the object of the amending act being to avoid large scale evasion of stamp duty, it is not meant to be applied in a matter-of-fact fashion and in a haphazard way. market value itself, ..... validity had been upheld by this court as well as the supreme court. we are of the view, therefore, that the madras amendment is not violative of article 14 or art. 19(1)(f) of the constitution.' the object of amending act is to avoid evasion of stamp duty.the division bench further held thus:'5. .....even so, we are inclined to think .....
Tag this Judgment!Court : Chennai
Reported in : (2004)191CTR(Mad)478; [2004]269ITR390(Mad)
..... for purposes for which the organisation is established. the fixation of interest rates at this level would also make salaried employees look elsewhere for loans, as in a competitive financial market, it may be possible for them to secure loans at a lesser rate of interest. as of now, interest rates have fallen to a level ..... april 1, 2001, to september 30, 2001. the petitioners are mainly unions or associations comprising of employees who are in public sector undertakings. in their perception the amendment effected to rule 3 has resulted in their being deprived of recognition of their distinct status, distinct in contrast to the employees of the government and of the ..... from other sources.5. perquisites being part of salaries have always been taxable before and after the amendment to rule 3. only the mode of valuation of some of the perquisites has undergone change after the amendment.6. the income-tax act itself does not set out the manner in which the perquisites are to be valued. that is .....
Tag this Judgment!Court : Chennai
Reported in : [2003]47SCL200(Mad)
..... of proceedings. he has placed reliance upon the decision reported in (shikharchand jain v. digamber jain praband karini sabha and others), wherein while considering the question of prayer for amendment in an appeal pending before the supreme court, it was observed : ' . . . ordinarily, a suit is tried in all its stages on the cause of action ..... of declaration or any other writ in the nature of declaration or such other appropriate order, declaring that section 12 of the securities and exchange board of india act, 1992 (act 15 of 1992) regulation 10 and schedule iii of the security exchange board of india (stock brokers and sub brokers) regulations, 1992 as void and ultravires ..... the nature of mandamus directing the 2nd respondent to compute the annual turnover of a stock broker for the purpose of registration under section 12 of the sebi act, 1992 on netted out amount i.e. aggregate of the sale and purchase price of securities received and receivable in respect of sale and purchase or .....
Tag this Judgment!Court : Chennai
Reported in : (2003)185CTR(Mad)185; [2003]263ITR83(Mad); (2003)3MLJ9
..... extent of banking facilities available, considerations of business expediency and other relevant factors.... ... ...'8. it will be seen that sec. 40a(3) came to be amended by finance act 1995 with effect from 1-4-1996. previously the wordings in the section was 'such expenditure shall not be allowed as a deduction'. that was substituted by ..... of business, there could be no question of the assessing authority dubbing this expenditure, which was a genuine expenditure as undisclosed income. this amendment was brought in by the finance act 2002 with retrospective effect from 1-7-1995. learned counsel suggests that since the date of search was 13-9-1996 and the part ..... supreme court has reiterated again that the substantive provision cannot be retrospective in nature unless the provision itself indicates the same. it held the amended provision of sec. 25 of the land acquisition act to be prospective. 13. in that view we have taken, we hold that the tax case appeal is devoid of any merit and .....
Tag this Judgment!Court : Chennai
Reported in : (2003)181CTR(Mad)534; [2003]260ITR617(Mad)
..... was introduced reintroducing levy of wealth-tax in a limited way and in a limited manner and taking note of the marginal heading of section 40 of the finance act and subsequent amendments made in 1992, the intention behind the section and the language employed in the section, we are of the view that the section should be so interpreted to ..... the central board of direct taxes declaring it as a 'company' under section 2(h)(iii) of the wealth-tax act. the assessee-club cannot blow hot and cold in the sense taking advantage of the amendment under the finance act, 1960, got it declared as a company in order to avail of the benefit of exemption from wealth-tax, cannot ..... wriggle out and now contend that the assessee could not be assessed as a company under section 40(1) of the finance act, 1983. she further contended that as .....
Tag this Judgment!Court : Chennai
Reported in : (2003)182CTR(Mad)380
..... from 1.4.1992. the appellate tribunal has placed, no doubt, emphasis on the expression, 'substitute' for its view that the section 11(4a) of the act as amended now was substituted from 1.4.1984 itself. the appellate tribunal relied upon the decision of the karnataka high court in venkatappa v. krishnappa : [1988]173itr678(kar) ..... with intention to make profit out of the assets. the income-tax officer has, no doubt, observed that the kalyanamandapam was let out to general public at competitive rates and also on daily basis and hence, it was a business activity. the commissioner of income-tax (appeals) also, following an earlier order of the ..... the income from kalyanamandapam and claimed exemption under section 11 of the income-tax act, 1961 (hereinafter referred to as 'the act'). the assistant commissioner of income-tax, assessing officer, however found that the kalyanamandapam was let out to general public at competitive rates and on daily basis and hence, the income was not exempt in view .....
Tag this Judgment!Court : Chennai
Reported in : 2002(146)ELT526(Mad)
..... on the grounds that (i) it could not be justified as being within the power to make regulations conferred by section 22(1) of the scaffolding and lifts act, 1912 (as amended in conjunction with section 15. (ii) the expression 'manner of carrying out' in s. 22(2)(g)(iv) envisaged a system of working and did not ..... of handling charges at the notional rate pursuant to proviso (ii) to rule 9(2) of customs valuation (determination of price of imported goods) rules, 1988, as amended by notification no. 39 of 1990 dated 5.7.1990, whereby the charges for loading, unloading and handling associated with the delivery of the imported goods at the place ..... with section 22 of the general clauses act, the third respondent, the central government framed customs valuation (determination of price of imported goods) rules, 1988, which came into force on the 16th day of august, 1988. prior to the amendment, which is impugned in the writ petition, the rule 9(2) as amended in the year 1989 by notification no. .....
Tag this Judgment!Court : Chennai
Reported in : (2003)181CTR(Mad)335
..... itself had, on 5th july, 1990, issued a circular giving certain clarifications relating to deductions under section 80hhc of the it act, 1961, wherein it was stated that in view of the amendment to section 28 of the it act, by the finance act, 1990, by which clauses (iiia), (iiib) and (iiic) were inserted with retrospective effect, those three import incentives ..... been carrying on business, it cannot be said that such income was 'derived from' business as to qualify for deduction under sections 80j and 80hh of the act. the court reviewed the applicable law before so holding and referred to and relied upon the decision of the apex court in the case of cambay electric supply ..... and air subsidy should be treated as income 'derived from' the industrial undertaking and included in the business income for the purpose of deduction under section 80hh of the it act, 1961?' the asst. yr. is 1986-87. 2. the items referred to in the question are matters which have been considered in the decision of this .....
Tag this Judgment!Court : Chennai
Reported in : 2002LC130(Madras); 2003(151)ELT520(Mad)
..... the customs duty and the quantity of which is also prescribed by sion. probably, the idea of giving this benefit is to enable the exporters to quote competitive prices for their goods in the international market so that they can stand in the global market. now when we see the unamended paragraph 114 of the ..... parts of paragraph 114 of chapter vii in the handbook of procedures, volume 1, for the period commencing from 1st april, 1992 to 31st march, 1997, incorporating the amendments made upto 30th april, 1995, provide as under: '... ... ... the pass book holder should specify in the export documents including the shipping bill that the export is ..... exchange earners. 5.2 union of india and the other respondents, under the powers conferred upon them by the provisions of foreign trade (development and regulation) act, 1992 (in short 'the act') and more particularly by sec. 5 thereof announced export and import policy (in short 'the exim policy') for the period between april 1992 and march .....
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