Court : Chennai
Reported in : [1975]99ITR494(Mad)
..... writ petition, raising the following contentions : (1) section 280t which contemplated initiation of recovery proceedings in relation to annuity deposit amounts having been deleted with effect from april 1, 1967, by section 32 of the finance act of 1966, no annuity deposit could be recovered on or after april 1, 1967, and by the omission of section 280t the entire machinery for enforcement and collection of annuity deposit stood abolished, and (2) even assuming that section 280t is available to the department for enforcing the payment of annuity deposits, the said provision cannot apply to the ..... income-tax officer : [1974]94itr397(mad) .and it has been held that the liability to pay annuity deposit being a present liability which existed on 1st april, 1967, the date on which the provisions relating to annuity deposits were omitted from the income-tax act of 1961 by the finance act of 1966, could be enforced even after the said date notwithstanding the said omission, taking advantage of section 6 of the general clauses act, 1897. ..... 5,230 being the arrears of annuity deposit amounts for the years 1965-66 and 1966-67. ..... he had executed a registered will on may 1, 1965, under which the petitioner herein and one c. ..... for the assessment year 1965-66, the total income was determined at rs. ..... for the assessment years 1965-66 and 1966-67, the income-tax officer, circle 1(1), erode, completed the assessment on the estate of the said s. ..... ramaswamy gounder died on december 12, 1965. .....
Tag this Judgment!Court : Kerala
Reported in : [1980]122ITR754(Ker)
..... following question of law under section 256(1) of the income-tax act for determination and opinion of this court :' whether the income-tax officer on the date he completed the assessments for assessment years 1964-65, 1965-66 and 1966-67 was, after the repeal by way of omission of sections 280k and 280t of the income-tax act, 1961, with effect from april 1, 1967, competent to determine for these three assessment years the amount of annuity deposit required to be made by the ..... ito : [1974]94itr397(mad) , held that the omission of the three sections, and, in particular, of section 280k of the act, amounted, in effect and in substance, if not, in fact, to a repeal, that section 6(c) of the general clauses act was, therefore, attracted, and that despite the assessment having been made in 1969 it was open to the officer to determine the annuity deposit, and take it into account in making the assessment. ..... by the finance act, 1966, the provisions of sections 280k, 280r and 280t omitted with effect from april 1, 1967. ..... act, by the provisions of the finance act, 1964, with effect from april 1, 1964. ..... act, 1961, introduced by the finance act, 1964.2. ..... we are of the opinion that despite the omission of the three sections by the finance act of 1966, from chap. .....
Tag this Judgment!Court : Chennai
Reported in : [1992]197ITR545(Mad)
..... the liability to pay annuity deposit was a present liability which existed on april 1, 1967, the date on which the provisions relating to annuity deposit were omitted from the income-tax act, 1961, by the finance act, 1966. ..... therefore, section 6 of the general clauses act, 1897, will stand attracted and notwithstanding the omission annuity deposit payable before april 1, 1967, could be assessed and recovered even after that date.' 15. k. s. ..... a contrary intention is not apparent in the finance act of 1964 and neither sub-section (1) nor sub-section (2) of section 138 as inserted by the finance act, 1964, destroys the prohibition contained in section 137 of the income-tax act, 1961. ..... rajabu fathima bukari : [1965]58itr288(mad) stated (headnote) : 'that the principle enacted in section 6 of the general clauses act that, unless a contrary intention appears, the repeal of an act would not 'affect any right, privilege, obligation or liability acquired, accrued or incurred under any enactment so repealed ' would apply to a repeal of one of the sections of an act, as for example, the omission of section 137 by the finance act of 1964. ..... similarly, on the mode of repayment of deposits punishable under section 276e, the violation being of section 269t of deposits punishable under section 276e, the violation being of section 269t of the act, section 276e was omitted on april 1, 1989, and section 271e was inserted on the same date, providing for penalty alone and not for prosecution. .....
Tag this Judgment!Court : Kolkata
Reported in : 78CWN561,[1974]96ITR562(Cal)
..... there is no provision in the finance (no, 2) act of 1965 by which the power has been conferred upon the commissioner of income-tax to grant any instalment, but by virtue of the deeming clause as provided in the proviso to sub-section (7)(a) of section 24 of the finance (no. ..... 2) act of 1965, the income-tax officer was competent to issue the demand notice under section 156 of the income-tax act only in respect of the sum payable by the petitioner as determined by the commissioner under sub-section (3) of section 24 of the said finance act. ..... 2) act of 1965 the income-tax officer has no power, authority and/or jurisdiction to invoke section 220(2) of the income-tax act, 1961, in respect of the amount of tax payable under the said finance act and the provisions contained in section 220(2) of the said act can be invoked only by the commissioner of income-tax and none else.3. ..... once that power is exhausted by issuing a demand notice for the tax under section 156, there is no provision under the said finance act to issue a further, demand notice under section 156 for payment of interest.5. ..... , penalty, fine, interest, annuity deposit or any other sum, the assessee might be deemed to be in default within the meaning of sub-section (4) of section 220 of the act, but no penalty can be levied on the assessee under section 221(1) of the act.8. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1967]65ITR158(P& H)
..... , therefore, cannot be entertained.there remain two more question to be settled : (1) whether or not, in the circumstances of the case, the order dated 30th march, 1965, made under section 23a(1) ought to be quashed; and (2) whether a direction can issue to the respondents to accept the payment to tax due under section 68 of the finance act, 1965, even though the time for making the payment fixed by the said provision had expired so far as first question is concerned, i think, in view of my finding ..... this is yet another attempt on the part of the revenue to establish a more lucrative interpretation of provision of tax law, namely, section 68 of the finance act, 1965, enacted on 11th may, 1965, but brought into effect retrospectively from 1st march, 1965, based on an argument, which, when analysed, amounts to saying that certain ambiguities in the act should be resolved in favour of the state.i am concerned in this case with the assessment year 1960-61, the accounting year being the year ended 30th june ..... it is alleged by the petition-company that before the assessment order was made, it filed a declaration on 22nd march, 1965, in accordance with section 68 of the finance act, 1965, making a disclosure of certain concealed income. ..... according to the provisions of section 68 of the finance bill, 1965, the company was required to file the declaration within three months and deposit the amount of tax at 60 per cent. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1983]142ITR373(P& H)
..... 99,850, had made voluntary disclosures under section 24 of the finance (no, 2) act, 1965, and had paid tax on the said amounts. ..... 15,430 and also against the decision to levy interest under section 139, three questions were submitted before the tribunal which are enumerated in para. ..... 2) act, 1965, the said amount ought not to have been included in the total income. ..... 45,000 to the effect that in view of the voluntary disclosures made by the creditors under section 24 of the finance (no. ..... the tribunal further held that the aac was not justified in giving a direction that no interest was chargeable under section 139 of the act. ..... 1,46,170, vide order, dated august 31, 1971, the ito also directed that interest on the amount be charged under section 139 of the act. 3. ..... this is a petition under section 256(2) of the i.t. ..... another relief which was granted to the petitioner by the aac was in respect of the interest which had been directed to be charged and it was held that no interest was chargeable under section 139, i.t. ..... it was further the stand of the petitioner that the various creditors, who had made a total deposit of rs. ..... the contention is, however, act tenable. ..... the assessment in this case relates to the year 1966-67, the previous year having ended on september 30, 1965. ..... act. 4. ..... act, 1961, filed by m/s. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1986]161ITR31(P& H)
..... act, 1965, had to relate to income actually earned by the declarant and the act granted immunity to the declarant alone and not to other persons to whom the income really belonged; (ii) that the finality under section 24(8) of the finance ..... act, 1965, which prevented the ito, if he was not satisfied with the explanation of an assessee about the genuineness or source of an amount found credited in his books, in spite of its having already been made the subject of a declaration by the creditor and taxed under the scheme, from investigating the true nature and source of the credits; (iv) that the legal fiction created by section 24(3) of the finance ..... 2) act, 1965, was to the order of the central board under section 24(6) and not to the assessment of tax made on the declarations furnished under the scheme; (iii) that under section 24(1), the declaration was required to be made in respect of the amount which represented the income of ..... it has to be held that the assessee failed to discharge the onus which lay on it under section 68 of the act to explain the source of deposit of rs. ..... , on the facts and in the circumstances of the case, the assessee had discharged the onus which lay on it under section 68 of the income-tax act, 1961, to explain the source of the deposits of rs. ..... urged that when the matter was decided, it was understood by the assessee as well as by the appellate assistant commissioner and the tribunal that the onus on the assessee to explain the source of deposit of rs. .....
Tag this Judgment!Court : Chennai
Reported in : [1974]94ITR397(Mad)
..... it is contended that chapter xxii-a dealing with annuity deposit was inserted in the income-tax act, 1961, by section 44 of the finance act of 1964 with effect from 1st april, 1964, that under the said scheme of annuity deposit the taxpayers have the option to make or not to make deposit, that the annuity deposit not being tax, there cannot be any compulsion to pay the same, and that in the event of non-payment of the annuity deposit the only course open to the assessing authority is to tax the ..... this is a petition for the issue of a writ of prohibition prohibiting the respondent from recovering the amount of the annuity deposit for the assessment year 1965-66 under the income-tax act, 1961, in pursuance of his notice of demand dated march 22, 1970.2. ..... for the assessment year 1965-66 the respondent passed an assessment order dated march 23, 1970, in the petitioner's case under section 143(3) of the income-tax act, 1961. ..... there a prosecution came to be launched under rule 132-a(4) for contravention of rule 132-a(2) prohibiting any person other than an authorised dealer to deal in any foreign exchange, after april 1, 1965, when the rule 132-a(2) was omitted. ..... in that case the question arose as to what is the effect of omission of rule 132a(2) of the defence of india rules, 1962, by clause 2 of the defence of india (amendment) rules, 1965. .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]114ITR331(Cal)
..... as to the claim for deduction of interest on borrowings to pay annuity deposit the tribunal did not accept the same as an allowable deduction under section 12(2) of the indian income-tax act, 1922, holding that the interest paid had no connection with the interest earned from annuity deposits. ..... , it was also urged before the appellate assistant commissioner that a part of such interest paid was attributable to loans raised for payment of annuity deposit by the assessee and such interest should be allowed as an expenditure under section 57 of the income-tax act, 1961. ..... the scheme was originally introduced by the finance act, 1964, which incorporated chapter xxii-a in the income-tax act, 1961. ..... pal contended that whatever be the decision of this court in the case of mannalal ratanldl : [1965]58itr84(cal) , the revenue ought to have allowed the deduction claimed on the basis of the same. ..... the matter, in our opinion, is concluded by the decision in mannalal ratanlal : [1965]58itr84(cal) , where it was held by a division bench of this court that the interest paid on any sum borrowed for payment of income-tax was not deductible from the assessee's net income. dr. ..... thapar of calcutta, the assessee, in the assessment years 1965-66 to 1969-70, the previous years being the financial years from 1964-65 onwards. ..... commissioner of income-tax : [1965]58itr84(cal) , held that the assessee was not entitled to any deduction in respect of interest paid on money borrowed for payment of tax. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)42ITD380Ctk
..... legislative history of section 80c would inform that this provision was first inserted in the act by finance act, 1965 with effect from 1 -4-1965 to provide relief relating to payment for securing retiring annuities. ..... the finance act, 1967, however, transferred the above mentioned topic to section 80e recasting, at the same time, section 80c ..... legislature would have intended that tax rebate be allowed on investment of past savings it could have used the words "charged to tax" in the language of section 80c(2)(h) as stated above the object behind allowing tax rebate on investments made in long term savings was to encourage savings out of current incomes and not ..... (1) in computing the total income of an assessee, there shall be deducted, in accordance with and subject to the provisions of this section, an amount calculated, with reference to the aggregate of the sums specified in sub-section (2), at the following rates, namely : (2) the sums referred to in sub section (1) shall be the following, namely: (h) where the assessee is an individual or a hindu undivided family or where the assessee is an association of persons or a body of individuals consisting, in either case, only of husband and ..... failure on their part in not passing the relevant entries in the books of the firm showing withdrawals from their accounts in the firm, depositing the same in savings bank account and then withdrawing therefrom and paying for the nscs, should not deprive them of the benefit of section 80c.6. .....
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