Judgment Search Results Home > Cases Phrase: finance act 1968 section 28 amendment of section 280zb Year: 1991 Page 11 of about 233 results (0.268 seconds)

Chandra and Sons (P) Ltd. Vs. Union of India (Uoi)

Court : Kolkata

Reported in : 1992(57)ELT537(Cal)

..... the seized gold bar of foreign origin primary gold and other items i.e. items no. 2, 4 and 5 of the search list under section 71(1) & 71(2) of the gold (control) act, 1968.i also impose penalty of rs. 500/- (rupees five hundred only) each on m/s. chandra & sons (pvt.) ltd. and shri tarak ..... should be addressed to the additional joint secretary (revision application), government of india, ministry of finance (department of revenue) jeevan deep buildings, parliament street, new delhi.'6. the petitioners accordingly filed a revision application under section 131 of the 1962 act from the order dated 15-1-1979 before the revisional authority. it is not disputed that the ..... by the two petitioners be remitted and order for the refund of the full amount to the petitioners herein be made'.7. by virtue of the finance (no. 2) act, 1980 the customs, excise and gold control appellate tribunal (cegat) was set up. all revisional applications/appeals from the decision of the appellate collector under .....

20th Century Finance and Consultancy Services Limited Vs. Khanna Rayon ...

Court : Mumbai

Reported in : 1991(4)BomCR301

..... that application of the plaintiff for appointment of receiver cannot be proceeded with further as the plaintiff has not obtained the consent of the board and section 22(1) of the 1985 act (act-i of 1986) imposes an absolute bar on the power of the court to continue with the proceeding of a winding up of a company or ..... made out to construe the transaction as a transaction of hiring or leasing truly and properly so called and it cannot be considered as a colourable transaction or a financing transaction or as a transaction of hire purchase or as a transaction of loan. throughout, the plaintiff has shown the suit equipments as of their ownership in ..... further contended in the said affidavit in reply that on a true construction of the said agreements, the alleged lease agreement is nothing but hire purchase agreement or loan finance agreement. the first question, therefore, which arises for consideration of the court is as to what is the true nature of the suit transaction, at least prima facie .....

Commissioner of Income-tax Vs. Smt. Indramani Devi Singhania

Court : Allahabad

Reported in : (1991)95CTR(All)26; [1991]189ITR124(All)

..... executed by him in respect of that property is deductible under clause (iv) of sub-section (1) of section 24 of the act. the assessment years concerned herein are 1969-70, 1970-71 and 1971-72. by the finance act, 1968, clause (iii) of sub-section (1) of section 24 of the act was deleted and certain words were inserted in clause (iv). for the sake of convenience ..... , we may read both clause (iii) as well as clause (iv) as amended by the said finance act. clause (iii) reads ;'(iii) where the property is ..... b. p. jeevan reddy, c.j. 1. following two questions have been referred by the tribunal under section 256(2) of the income-tax act, 1961, for our opinion :'1. whether, on the facts and in the circumstances of the case, the tribunal was legally justified in allowing the claim of the assesses .....

Commissioner of Income-tax Vs. Gurudayalram Mukhlal

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 .....

Commissioner of Income-tax Vs. P.T. Antony and Sons

Court : Kerala

Reported in : [1992]194ITR23(Ker)

..... not approached the case in a right perspective. before this court, it was contended that the tribunal failed to take note of the explanation added to section 271(1)(c) by the finance act, 1964, this court held that the tribunal is bound to consider the applicability of the explanation to the case. the non-consideration of the explanation ..... 12, 1975. in order to appreciate the contentions raised on both sides, it is advantageous to refer to section 271(1)(c) of the act as it stood before the taxation laws (amendment) act of 1975 and the explanation inserted by the finance act of 1964, with effect from april 1, 1964.'271. (1) if the income-tax officer or the ..... (1)(c) read with the explanation to that, section ?'2. the respondent assessee is a registered firm having business in jewellery. originally, it was carried on by one p. t. antony. from april 1, 1968, his major sons were taken as partners and the business was converted into a partnership. the then managing partner, p. t. antony, died .....

Controller of Estate Duty Vs. Sir Hirji Jehangir and Lady Hirabai C. J ...

Court : Mumbai

Reported in : [1992]195ITR496(Bom)

..... in the case of ced v. aloke mitra : [1980]126itr599(sc) , shri dastur pointed out, held that, under sections 1 and 2 of the finance act, 1894 (which are similar, if not identical, to sections 5 and 6 of the estate duty act), the simultaneous existence of a right to tax was consistent with the well-known statement of lord macnaghten in earl ..... 'readymoney house' at veer nariman road, bombay, of the value of rs. 4,64,000 did not pass on the death of the deceased under section 5 or section 7 or section 11 of the estate duty act, 1953 ?(2) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the property known as ' ..... not staying in 'readymoney house' in his capacity as a tenant. the deceased, on his becoming a baronet, acquired life interest in 'readymoney house' which, under section 6 of the baronetcy act, was to be held upon trust for the said sir cawasji jehangir for and during the term of his entire life and, from and after his demise, upon .....

Phoolchand Lalith Kumar and Co. Vs. Income-tax Officer

Court : Andhra Pradesh

Reported in : [1992]196ITR302(AP)

..... relevant time, it cannot be said that the income escaped assessment due to deduction of the said market cess while computing the income. 'cess' was included in section 43b by the finance act, 1988, with effect from april 1, 1989. therefore, this reason also is untenable for reopening the assessment for the assessment years 1984-85 and 1985-86. ..... however, in so far as deduction of sales-tax is concerned, that is covered by section 43b of the act in the assessment year 1984-85. therefore, unless the ..... assessment had occurred by reason of either (a) omission or failure on the part of an assessee to make a return of his income under section 22 of the old act (section 139 of the act), or (b) omission or failure on the part of the assessee to disclose fully and truly all the material facts necessary for his assessment .....

Commissioner of Sales Tax Vs. Kanji Mal and Sons

Court : Delhi

Reported in : 45(1991)DLT22

..... facts necessary to appreciate the controversy involved in the case are set out as under. the assessed has registration certificate no. 3749 under the bengal finance (sales tax) act, 1941 as extended to union territory of del hi. in the assessment order for the assessment year 1969-70 the assessing authority created additional demand ..... case the court relied and followed earlier division bench cases of the same high courts. in commissioner of wealth-tax, gujarat ii v. mrs. arundhati balkrishna : [1968]70itr203(guj) . the division bench categorically came to the conclusion that 'jewellery' includes ornaments. it would be interesting to note that against the judgment of the ..... 'jewellery' and not 'ornaments'. in doing so, the assessing authority relied upon its earlier decision for the assessment year 1968-69. the assessing officer mentioned in his order that in the year 1968-69 assessed's sales were taxed at 5 per cent and appeal was rejected by the assistant commissioner hence the taxable .....

Allied Agencies and ors. Vs. Regional Provident Fund Commissioner

Court : Orissa

Reported in : (1999)IIILLJ215Ori

..... 1974. it is engaged in manufacture of industrial brushes and was registered as a commercial establishment under the orissa shops and commercial establishments act, 1956 bearing registration number: c11-20-297. it was financed by the orissa state financial corporation as well as banks. m/s. sahoo chemicals is a registered partnership firm of which opposite ..... scale industry and is an approved supplier of sodium silicate to the rourkeia steel plant. it commenced its production on august 15, 1980. it was also financed by the orissa state financial corporation. 3. the regional provident fund commissioner regarded all the aforesaid concerns as part of one establishment and as he was satisfied ..... , (1971-ii-llj-513)we would say that what that case has laid down is that if different sections of a company could be regarded to be parts of composite establishment, the provisions of the act would apply. this legal position is well established. but the question is whether the three units at hand could .....

Commissioner of Income-tax Vs. Vincentian Orissa Society

Court : Orissa

Reported in : (1991)100CTR(Ori)211; [1992]194ITR743(Orissa)

..... direction of the inspecting assistant commissioner was not available to be interfered with under section 263. there have been further amendments in the explanation to section 263(1) by the finance act, 1988. we are not concerned with those amendments. subsequently, section 144b has been omitted with effect from april 1, 1989, by the direct ..... tax laws (amendment) act, 1987.5. the explanation to section 263(1) was added with effect from october 1 ..... by the inspecting assistant commissioner, an appeal lay before the appellate assistant commissioner of income-tax. before insertion of sub-section (2) in the said section by the finance (no. 2) act, 1977, even in cases of assessments made on the basis of directions issued by the inspecting assistant commissioner under .....