Court : Guwahati
..... may be expedient to set out the law on the subject. the undisputed position is that levy of penalty in this case is governed by section 271(1)(c) of the act (as amended by the finance act, 1964). this section, so far as is relevant, reads : '271. failure to furnish returns, comply with notices, concealment of income, etc. -- (1) if the income-tax officer ..... general mills ltd. v. cit : [1987]168itr705(sc) ). 12. so far as levy of penalty for concealment of income or furnishing of inaccurate particulars of income in cases where section 271(1)(c) (asamended by the finance act, 1964) applies (as in the present case) is concerned, the aforesaid principle will have to be read in the light of the explanation to sub .....
Tag this Judgment!Court : Guwahati
..... it was not possible to determine the date on which it came into existence and, therefore, section 45 is not attracted. it is true that the effect of this decision regarding 'goodwill' has been overcome by the finance act, 1987, amending section 55 so as to provide that cost of acquisition of goodwill acquired other than by purchase shall be ..... no cost of acquisition in regard to those trees and the transfer of capital assets for which there was no cost of acquisition would not attract section 45 of the act. section 45 takes in any profit or gain arising from the transfer of a capital asset effected in the previous year and such profit or gain is ..... for standing trees. this amount was not added to the total income while completing the assessment. the income-tax officer subsequently sought to reopen the assessment under section 147(a) of the act. this court in the decision in cit v. tarajan tea co. (p.) ltd. held that the circumstances justifying reassessment under the above provision did not .....
Tag this Judgment!Court : Guwahati
..... satisfied that the amount of tax assessed or the penalty levied, if not otherwise directed by him, has been paid.' similarly the first proviso to sub-section (1) of section 19 of the assam finance (sales tax) act, 1956, reads as follows :-'provided that no appeal shall be entertained-by the said authority unless he is satisfied that the amount of tax assessed or ..... otherwise directed by him, has been paid.' 7. as quoted hereinabove, the language of the proviso to section 129(1) of the customs act, 1962 is different from the above provisions of the assam sales tax act and the assam finance (sales tax) act. under sub-section (1) of section 129 the penalty levied has to be deposited pending the appeal. that shows that the appeal is .....
Tag this Judgment!Court : Guwahati
..... differentia and whether that differentia has a rational relation to the object sought to be achieved. the petitioner's counsel has read to usthe speech which the finance minister made when the finance act, 1964, was introduced by him in parliament, and on the basis thereof he has adopted the stand that the object behind the enactment of the ..... explanation, they shall be presumed to be guilty within the meaning of clause (c) and liable to penalty to the extent mentioned in sub-section (1)(iii) of section 271 of the act if they cannot prove that the failure to return the correct income did not arise from any fraud of any gross or wilful neglect on their ..... by any person is less than eighty per cent. of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which .....
Tag this Judgment!Court : Guwahati
..... that he has no grievance as regards the non-taxability, but the proceeding for forfeiture is an independent proceeding to be initiated by the assessing officer under section 65a of the assam general sales tax act, 1993. the petitioner further submits that he did not collect any tax from customers but to avoid legal complicacy, he paid due taxes to the government ..... mr. mahanta, learned additional senior government advocate.2. the petitioner is a dealer in food articles, registered dealer under the assam finance (sales tax) act, 1956.3. pulse and mustard oil were made taxable by an amendment of assam finance (sales tax) act, 1956 with effect from july 30, 1992 but such tax was withdrawn from the same date by assam ordinance iii of .....
Tag this Judgment!Court : Guwahati
..... by the assistant commissioner of taxes, nagaon zone, nagaon exercising suo-motu power of revision for the period ending 30.9,1982, 30.9.1987 under the assam finance (sales tax) act, 1956 in respect of the petitioner cannot be sustained and consequently orders of re-assessment on that basis dated 4.4.1991 (annexure-iii) are also not ..... must be independent of any extraneous consideration and dehortative of any dictation or direction of other authority. the impugned order itself reflects that the notice under section 20(1) of the act was issued and served on the petitioner in the light of the letter dated 9.3.12988 of the commissioner of taxes. the revisional authority fell ..... the respondent no. 2 completed revised assessment order for the periods in question by orders of assessment dated 4.4.1991 passed under section 9(3) of the act read with section 11(1) of the act and raised additional demand on account of tax. penal interest was also charged in respect of the additional demand of tax as a .....
Tag this Judgment!Court : Guwahati
..... in the premises of the assessee ? (2) whether, on the facts and in the circumstances of the case and in view of insertion of explanation 2 to section 43b by the finance act, 1989, with retrospective effect from april 1, 1984, the tribunal was justified in law in directing that the outstanding liability of sales tax, professional tax and municipal ..... tax be allowed if paid by the statutory dates for payment fixed by the respective state law or if paid prior to filing of return as per section 139(1) of the income-tax act ..... 1. the following questions have been referred by the tribunal at the instance of the revenue under section 256(1) of the income-tax act, 1961 : '(1) whether, on the facts and in the circumstances of the case, the tribunal has erred in law in allowing depreciation on the temple building .....
Tag this Judgment!Court : Guwahati
..... establishes the same conclusively, no additional tax can imposed.27. in baijnath biswanath , dwelling on the scope of power of the commissioner under section 20 of the assam finance (sales tax) act, 1956 to effect a suo motu revision of any order of assessment, it was held by this court that in the absence of any ..... transactions in particular during the relevant period, the same was not a germane consideration justifying reopening of their completed assessment, he urged. with reference to section 2(34) of the act and rule 2(k) of the assam general sales tax rules, 1993 (hereinafter referred to as 'the rules'), the learned senior counsel argued that ..... sale of onion vis-a-vis the petitioners for the assessment year involved had escaped assessment and therefore, the essential precondition for exercising power under section 18 of the act being absent, the impugned reassessment is illegal and without jurisdiction.7. no affidavit in opposition on behalf of the state-respondents has been filed.8 .....
Tag this Judgment!Court : Guwahati
..... 20. learned senior counsel appearing for the parties also drew our attention to the relevant provisions of the seeds act, 1966 (act 54 of 1966) and the seeds rules, 1968 (hereinafter referred to as 'the rules'). we have also perused the schedule [sections 2(a) and (4-a)] to the adhiniyam in which under heading a-agriculture, wheat is included ..... commissioner of sales tax, delhi [1972] 30 stc 88 at page 90-91 the delhi high court had to construe entry 1 of schedule ii to the bengal finance (sales tax) act, 1941, as extended to delhi, which exempted from taxes 'all cereals and pulses including all forms of rice (except when sold in sealed containers)'. the delhi high ..... exempt from sales tax.19. in ghasi ram hari ram [1972] 30 stc 88, the delhi high court construing entry 1 of the second schedule to the bengal finance (sales tax) act, 1941, as extended to delhi, which exempted from taxes all cereals including all forms of rice (except when sold in sealed containers), held that the expression ' .....
Tag this Judgment!Court : Guwahati
..... to be pointed out in order to avoid any confusion or misunderstanding that while considering, in b.i.o. finance ltd. v. the custodian : [1997]3scr51 , the ambit and scope of section 36 read with section 46 of banking regulation act, 1949, the apex court made it clear that the directives issued by the reserve bank of india are of binding ..... avoided.13. situated thus, it is abundantly clear that the guidelines, as already held in the case of sathe biscuits & chocolates co. ltd. (supra) and b.i. o. finance ltd. (supra), do not apply to such cases, wherein decrees have been passed and/or recovery certificates have been issued and have attained finality. i may, however, hasten to point ..... would enable expeditious disposal of such suits.8. in the face of the position of law, which has been made clear in ravindra (supra) and b.i.o. finance ltd. (supra), there can be no escape from the conclusion that if the contents of the guidelines, dated 29.1.2003, aforementioned show that the same apply to .....
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