Court : Guwahati
..... 1967-68 and 1968-69. for all the five years all through, a consolidated order was passed by the revenue authorities.3. all the ..... 1, 1965, to march 31, 1969, as substituted with effect from april 1, 1965, by section 18 of the wealth-tax (amendment) act, 1964, and thereafter under section 18(1)(i) as substituted by section 24 of the finance act, 1969 ?'2. this case relates to five orders of penalty in relation to the assessment years 1964-65, 1965-66, 1966-67, ..... , 1969.6. the question now is referred under section 27(1) of the wealth-tax act, 1957, for our opinion.7. section 18(1)(i) of the wealth tax act, 1957, was amended by the wealth-tux (amendment) act, 1964, and thereafter is substituted by section 24 of the finance act, 1909.8. in jain bros. v. union of india : [1970]77itr107(sc) the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (2004)88ITD96(Gau.)
..... following the decision of the hon'ble apex court as mentioned above the amount received from insurance company is not, assessable under the head capital gains.subsequently by finance act, 1999, w.e.f, 1st april, 2000, the money received under the insurance policy was brought to tax as capital gain under section 45(1a) of the ..... act. since the case before us is for the asst. yr. 1993-94 the amendment made by the finance act, 1999, is not applicable and accordingly the assessee is not liable to pay capital gains tax.now, the issue remains ..... as to whether the assessee's case falls under section 43 of the it act. the taxation laws (amendment and miscellaneous provisions) act, 1986, has introduced w.e.f. 1st april, .....
Tag this Judgment!Court : Guwahati
..... application to the point for consideration before us.reference may be made to the provisions of the finance act of 1959, by which section 2 of the wealth-tax act has been amended. section 20 of the finance act provides that in section 2 of the wealth-tax act, 1957, in clause (m) after sub-clause (ii) the following sub-clause shall be ..... full bench of the tribunal. dissatisfied with the order of the tribunal an application was made by the department for reference to this court.the relevant provisions of the act are set out below. section 2(m) defines the "net wealth" as follows :"net wealth means the amount by which the aggregate value computed in accordance with ..... inserted, namely :"(iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to .....
Tag this Judgment!Court : Guwahati
..... 31. in para 7 of its judgment the supreme court while considering the notification issued by the government in exercise of power under section 7 of the bihar finance act, 1981 had held that such notification would not entitle the state government to deny any benefit which is otherwise available to an industrial unit under the incentive ..... entitled to get incentives. such units were also held to be eligible units under the policy and also entitled to get sales tax exemption and reduction of assam finance (sales tax) for a period of 5 years.3. it is stated that pursuant to the incentive offered by the policy to small-scale industries, the ..... government made a promise that industrial units established under the 1982 policy would be entitled to sales tax concession and under the assam industries (sales tax concessions) act, 1986 and therefore the government is estopped from resiling the same promise by application of the doctrine of promissory estoppel. this contention has been rejected by the .....
Tag this Judgment!Court : Guwahati
..... total agricultural income of the previous agricultural year exceeds rs. 3,000 at such rate as may by laid down from year to year in the annual assam finance acts. these provisions will show that a limited company as a person is liable to pay agricultural income-tax the agricultural income-tax paid by the company thus ..... specific share of such agricultural income."section 2 (e) of the act defines an assessee as a person by whom agricultural income-tax is payable. section 3 of the act provides that agricultural income-tax at the rate or rate specified in the annual assam finance acts subject to the provisions of section 6 shall be charged for each ..... financial year is accordance with, and subject to, the provisions of this act on the total agricultural income of the previous year of every individual, hindu undivided or joint family, .....
Tag this Judgment!Court : Guwahati
..... :'whether, on the facts and in the circumstances of the case and in view of the expln. 2 to s. 43b as inserted by the finance act, 1989, giving retrospective effect from 1st april, 1984, the tribunal has not erred in law in directing the assessing officer to allow relief to the extent of the sales tax ..... amount paid even after the close of the accounting period but before the due date of filing the return of income under s. 139(1) of the it act, 1961 ?'2. we have heard mr. g. k. joshi, senior standing counsel for the it. department, and dr. a. k. saraf, counsel for the assessee. dr. a. k. saraf submits .....
Tag this Judgment!Court : Guwahati
Reported in : (1998)146CTR(Gau)487
..... :'whether, on the facts and in the circumstances of the case and in view of the expln. 2 to s. 43b as inserted by the finance act, 1989, giving retrospective effect from 1st april, 1984, the tribunal has not erred in law in directing the assessing officer to allow relief to the extent of the sales tax ..... amount paid even after the close of the accounting period but before the due date of filing the return of income under s. 139(1) of the it act, 1961 ?'2. we have heard mr. g. k. joshi, senior standing counsel for the it. department, and dr. a. k. saraf, counsel for the assessee. dr. a. k. saraf submits .....
Tag this Judgment!Court : Guwahati
..... he charge it to the profit and loss account. it appears that the addition was made in view of the provisions under section 43b of the income-tax act. section 43b introduced by the finance act, 1983, with effect from april 1, 1984, provides, inter alia, that a deduction in respect of any sum payable by the assessee by way of tax or ..... the taxes collected by the assessee formed part of the business or trading receipts and, therefore, they were to be included as income under section 28 of the income-tax act, and as such, the addition was rightly made. in chowringhee sales bureau p. ltd. v. cit : [1973]87itr542(sc) the supreme court has held that the amount realised or collected .....
Tag this Judgment!Court : Guwahati
..... assesses under section 271(1)(c) of the income-tax act, 1961, is justified '2. the assessee is a registered firm carrying on business in utensils and yarn. the ..... reference under section 256(1) of the income-tax act, 1961, at the instance of the commissioner of income-tax. the question of law referred is : ' whether, on the facts and circumstances of the present case, and on a proper construction of the explanation in section 271 introduced by the finance act, 1964, the levy of a penalty on the ..... tribunal from the order of the inspecting assistant commissioner.4. the tribunal was of the opinion that the explanation to section 271(1)(c) of the income-tax act, 1961, itself provided the assessee with an opportunity to rebut the presumption of concealment by showing that it was not guilty of any fraud or any gross or .....
Tag this Judgment!Court : Guwahati
..... india : [1993]199itr43(sc) , contended that the observations made by the tribunal are wholly unwarranted and uncalled for. 4. section 35cca was inserted by the finance act, 1978. it is evident therefrom that, before any deduction could be made in respect of donation, certain conditions, as spelt out by this section, are required ..... prospective, which cannot be given retrospective effect. interfering with the existing rights contrary to the well-known general principle that statutes are not to be held to act retrospectively, is propounded by the privy council in colonial sugar refining company ltd. v. irving [1905] ac 369, wherein lord macnaghten observed (page 372 ..... in appeal by the commissioner of income-tax (appeals). the appellate tribunal, however, observed that there being no provision either in the income-tax act or in the rules framed thereunder as regards withdrawal of approval withretrospective effect, the assessing officer was directed to reconsider the assessee's claim. 2. .....
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