Court : Madhya Pradesh
Decided on : Feb-19-1996
Reported in : [1996]222ITR433(MP)
..... superseded by the taxation laws (amendment) act, 1970, with effect from april 1, 1971, and later on amended by the finance act, 1974, with effect from april 1, 1975, the finance act, 1976, with effect from april 1, 1976, the finance (no. 2) act, 1980, with effect from april 1, 1980, and the finance act, 1987, with effect from april 1, ..... not take the correct view. according to him, the case had attained finality and was not liable to be reopened by recourse to section 143(2)(b) of the act and that the matter could be reopened only on scrutiny in conformity with the instructions. he, therefore, submitted that the tribunal committed ..... aforesaid provision permitting reopening, notwithstanding the instruction remained operative and was available for proper proceeding. the instruction did not have the effect of demolishing this section even for a restricted period. the provision and instruction had different fields to operate in and different purposes to serve. they cannot be labelled as .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Apr-15-1996
Reported in : (1997)138CTR(MP)149; [1997]226ITR456(MP)
..... the previous years as well.7. in jamshedpur motor accessories v. union of india : [1991]189itr70(patna) , the hon'ble patna high court considered whether the proviso to section 43b inserted by the finance act, 1987, with effect from april 1, 1988, will apply to the assessment proceedings pertaining to the past year, i.e., 1984-85, of the assessee in that case ..... to refer the question of law arising out of the order passed by the tribunal and hence the above question has been referred to this court for opinion.4. section 43b was inserted by the finance act, 1983, with effect from april 1, 1984, to permit certain deductions only on actual payment of the amount. the said ..... in which the sum is actually paid by him.' 5. later, a proviso was added by the finance act, 1987, with effect from april 1, 1988, to carve out an exception to permit deduction where a sum referred to in the said section was actually paid by the assesses before the due date applicable in the case for furnishing the return of .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Mar-19-1996
Reported in : (1996)134CTR(MP)428
..... the tribunal was based on appreciation of the facts and on reliance on circular and the provisions of law. sec. 40a(8) now stands omitted by the finance act, 1985 w.e.f. 1st april, 1986. earlier this provision was inserted by the finance act, 1975 w.e.f. 1st april, 1976. according to this provision as it was in force at ..... in the nature of running current accounts (annexure-c). the department felt dissatisfied by the order passed by the tribunal and presented applications under s. 256(1) of the act which were registered as ra nos. 86 to 88/ind/85. these applications were rejected by the tribunal on 6th dec., 1965 (annexure-d). the department then filed ..... felt dissatisfied and filed the appeals before the tribunal which were registered as 52 to 55/ind/84. the tribunal took into consideration the position of deposits under the companies act, 1956, the press-note issued by the ministry of law, justice & company affairs and the provisions of law and accepted the claim of the assessee that such .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Feb-07-1996
Reported in : [1997]226ITR449(MP)
..... [1991]189itr70(patna) , and thus affirmed the orders passed by the commissioner of income-tax (appeals). section 43b was inserted by the finance act, 1983, with effect from april 1, 1984. the proviso to this section was inserted by the finance act, 1987, with effect from april 1, 1988. the tribunal, however, held that the amendment was declaratory ..... in nature and was available for being applied retrospectively. it, therefore, held that the amended provisions of section 43b were applicable to assessments for the ..... the hon'ble court.'4. briefly stated, the facts of the case are that the assessing officer made additions of certain amounts in terms of section 43b of the act. in appeals, the commissioner of income-tax (appeals) deleted the addition. the department then filed appeals before the tribunal. the tribunal held .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Mar-19-1996
Reported in : [1997]224ITR338(MP)
..... tribunal was based on appreciation of the facts and on reliance on circular and the provisions of law. section 40a(8) now stands omitted by the finance act, 1985, with effect from april 1, 198g. earlier this provision was inserted by the finance act, 1975, with effect from april 1, 1976. according to this provision as it was in force ..... been omitted with effect from april 1, 1986.6. this aspect was earlier considered by the union of india. the press note took into account section 58a of the companies act, 1956, and the press note issued on that linchpin by the ministry of law, justice and company affairs, indicated that the amount received from the ..... shareholders and were in the nature of running current accounts (annexure 'c'). the department felt dissatisfied by the order passed by the tribunal and presented applications under section 256(1) of the act which were registered as r. a. nos. 86 to 88/(ind) of 1985. these applications were rejected by the tribunal on december 6, 1985 (annexure .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Jan-24-1996
Reported in : (1996)135CTR(MP)70; [1996]220ITR517(MP); 1996(0)MPLJ885
..... [1991]189itr70(patna) , and thus affirmed the orders passed by the commissioner of income-tax (appeals). section 43b was inserted by the finance act, 1983, with effect from april 1, 1984. the proviso to this section was inserted by the finance act, 1987, with effect from april 1, 1988. the tribunal, however, held that the amendment was declaratory ..... in nature and was available for being applied retrospectively. it, therefore, held that the amended provisions of section 43b were applicable to assessments for the ..... of the court. '4. briefly stated, the facts of the case are that the assessing officer made addition of certain amounts in terms of section 43b of the act. in appeals, the commissioner of income-tax (appeals) deleted the addition. the department then filed appeals before the tribunal. the tribunal held that .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Feb-07-1996
Reported in : (1996)134CTR(MP)100
..... motor accessories stores vs . union of india : [1991]189itr70(patna) and thus affirmed the orders passed by the cit(a). sec. 43b was inserted by the finance act, 1983 w.e.f. 1st april, 1984. proviso to this section was inserted by the finance act, 1987 w.e.f. 1st april, 1988. the tribunal, however, held that the amendment was declaratory in nature and was available ..... several decisions taking contrary view were not before the bench for consideration because of the same being of later dates.10. sec. 43b provides that, notwithstanding anything contained in any other provision of this act, a deduction otherwise allowable under this act in respect of any sum, enumerated under sub-ss. (a) to (d), shall be allowed only in computing the income referred .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Nov-05-1996
Reported in : [1998]230ITR92(MP)
..... that the scheme of development rebate was discontinued through a notification dated may 25, 1971, in respect of plant and machinery installed after may 31, 1974. section 16of the finance act, 1974, however, provided that the benefit of the scheme would be available in some exceptional cases even in respect of plant and machinery installed after may 31 ..... , 1974. the relevant clause of section 16 of the act of 1974 thus reads as under (see [1974] 94 itr 46) :'(c) any machinery or plant [not being ..... order of the tribunal is based on appreciation of facts and no referable question of law, therefore, arises. the revenue has, therefore, approached this court under section 256(2) of the act.4. we have heard shri j. n. sharma, income-tax officer, appearing for the revenue, and shri s. s. samvatsar, learned counsel for the .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Aug-27-1996
Reported in : (1997)140CTR(MP)329; [1998]229ITR123(MP)
..... so allowed and consider the income so reduced for the purpose of allowing deductions under section 80i or 80).6. sub-section (9) of section 80hh, as it stood prior to insertion of section 80i by the finance (no. 2) act, 1980, with effect from april 1, 1981, originally included only section 80j. section 80j providing for deduction in respect of. the profits and gains from newly established ..... by the amount of deduction under section 80hh of the act by the direct taxes (amendment) act, 1974, with effect from april 1, 1974, was inserted. section 80i was inserted in its present form by the finance (no. 2) act, 1980, with effect from april 1, 1981, and by the same finance (no. 2) act, section 80hh(9) was amended and the words 'section 80i or' were inserted to make .....
Tag this Judgment!Court : Madhya Pradesh
Decided on : Aug-01-1996
Reported in : (1996)136CTR(MP)312
..... filed ?'3. briefly stated, the facts of the case are that the assessee is a financial corporation created under the state finance corpn. act by the government of madhya pradesh. the business of the assessee is to advance finances by way of long-term loans to the industries. the assessee maintained accounts in mercantile system. in the absence of recoveries of ..... of interest at all either to the accounts of the debtors or to any other account. the tribunal allowed the appeal. on applications under s. 256(1) of the act, the tribunal stated the case and referred the aforesaid questions.4. misc. civil case no. 596/1994 is registered on reference by the tribunal at the instance of the ..... cit, bhopal under s. 256(1) of the act arising out of the tribunals consolidated order dt. 31st aug., 1993 passed in ita nos. 476, 223, 41, 224 and 477/ind/1993 pertaining to asst. yrs. 1989- .....
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