Judgment Search Results Home > Cases Phrase: finance act 1968 Court: guwahati Page 9 of about 1,201 results (0.058 seconds)

industrial Credit and Investment Corporation of India Ltd. Vs. Financi ...

Court : Guwahati

..... in the order dated 17.2.1998 has been violated. the learned court below issued notice calling upon the itc classic finance ltd. to show cause as to why it should not be proceeded under the contempt of court act, 1971. both the orders are under challenge in the present petition. 3. the case of the petitioner as set ..... short are that the respondent had filed an application under section 9 of the arbitration and conciliation act, 1996 (hereinafter referred to as the 'act') before the learned district judge, kamrup, gauhati praying for a direction to the respondent therein, namely, itc classic finance ltd. to deposit a sum of rs. 63,00,000/-to cover up the amount claimed ..... regard to misc. (j) case no. 177/98, in which notice has been issued against the itc classic finance ltd. asking to show cause as to why it should not be proceeded under the contempt of courts act, 1971, the present petitioner would take necessary steps in accordance with law. if that is done, learned court below would pass .....

Commissioner of Income-tax Vs. Hotel Belle Vue (P.) Ltd.

Court : Guwahati

..... production of any article or thing, is now well-settled in view of the decisions of various high court. the word 'manufacture' has not been defined in the finance act. in its ordinary meaning 'manufacture' is a process by which an alteration or change takes place in the goods which are subjected to such manufacture and brought about ..... counsel for the parties it will be apposite on our part to look into the relevant provisions of section 32a of the act. section 32a of the act deals with the investment allowance. this provision was inserted by the finance act, 1976, and it came into force with effect from april 1, 1976. this provision has been incorporated in the ..... act with the sole view to give benefit to certain industries in respect of investment allowance, however, there is a proviso to this section. as per .....

Jyoti Forge and Fabrication and anr. Vs. State of Assam and ors.

Court : Guwahati

..... . v. assistant commissioner of taxes).9. countering the above argument, mr. r. dubey, learned standing counsel, finance department submits that the revisional authority even after setting aside the order passed on rectification proceeding was within its competence and jurisdiction to issue direction for fresh rectification order ..... authority set aside the revisional order on technical ground of violation of principles of natural justice. referring to the provisions of section 37(1) of the act, the revisional authority held that, the order on rectification could not have been passed without affording an opportunity of being heard to the petitioner. from ..... order after setting aside the earlier order passed on rectification proceeding. according to him, a fresh rectification proceeding was barred under section 37 (1) of the act. he has placed reliance on the decision of the division bench of this court as reported in (1997) 2 glt 30 (bengal tea & fabrics ltd .....

Dr. Mrs. Alaka Goswami and Dr. Anil Kumar Goswami Vs. Commissioner of ...

Court : Guwahati

..... computed at the prescribed rates amounts to an admission of tax liability which the assessee admits to have incurred in accordance with the provisions of the finance act and the income-tax act. both the quantum of tax payable and its mode of recovery are authorised by law. the liability to pay income-tax chargeable under section 4( ..... 1) of the act thus, does not depend on the assessment being made. as soon as the finance act prescribes the rate or rates for any assessment year, the liability to pay the tax arises. the assessee is himself required ..... assessment year. the appellate tribunal relying on the provisions contained in section 15bbb(1), section 158ba(2), section 113, section 158bc and section 88(1) of the act did not accept the contentions raised by the appellants and rejected the same. being aggrieved, the appellants have preferred the appeals before this court.3. the appeals have .....

Commissioner of Income-tax Vs. Banda Plantations and Industries Ltd.

Court : Guwahati

Reported in : [2002]257ITR694(Gauhati)

..... to get the order of concerned authority reversed, subject, however, to any statutory provision to the controversy (viz., section 43b of the income-tax act, 1961, as insertged by the finance act, 1983, with effect from april 1, 1984, which provides that certain liabilities can be deducted only on actual payment).'12. we respectually agree with ..... discounted, is deductible from the gross receipts while preparing the profits and loss account. this is recognised in trade circles and there is nothing in the bonus act which prohibits such a practice. such a provision provides for a known liability of which the amount can be determined with substantial accuracy. it cannot, therefore, be ..... authority therefore held that the amount of rs. 12,96,000 should be allowed as deduction. regarding charging of additional tax under section 143(1a) of the act, the appellate authority held that there was no justification in charging the same as the income of the assessee was still at a loss after making the .....

Goyal Trading Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1989)28ITD265(Gau.)

..... was followed. amongst other things, the hon'ble supreme court in the case of jamnaprasad kanhaiyalal (supra) has held that there was nothing' in section 24 of finance (no. 2) act, 1965, which prevented the ito, if he was not satisfied with explanation of the assessee about the genuineness or source of the amount found credited in its books, ..... permissible for the department to go into the question of the nature and source of the amount declared in a voluntary disclosure under section 24 of the finance (no. 2) act, 1965 and to say that the amount did not represent income or declarant. but this decision was overruled by the hon'ble supreme court in another ..... amnesty scheme would not automatically give rise to amnesty to the assessee against enquiries or verification of those facts. there was nothing in section 24 of the finance (no.2) act, 1965, which prevented the income tax officer, if he was not satisfied with explanation of the assessee about the genuineness or source of the amount found .....

Assistant Commissioner of Income-tax and ors. Vs. Director of State Lo ...

Court : Guwahati

..... 'income' has been defined under section 2(24) of the income-tax act. sub-clause (ix) of section 2(24) of the act was inserted by the finance act,1972, which brought winnings from lotteries within the purview of the act. sub-clause (ix) of section 2(24) of the act reads as under : '(ix) any winnings from lotteries, crossword puzzles, ..... were passed by the assistant commissioner of income-tax, circle-tds, panbazar, guwahati, under section 201(1) of the income-tax act, 1961 (hereinafter called 'the act'). by the order dated january 25, 1994, the assistant commissioner of income-tax, circle-tds, had asked the director, state lotteries, assam, to deposit a ..... state lotteries to the organising agent of the prize money from the unsold tickets of lotteries and unclaimed prizes attracts the provisions of section 194b of the income-tax act, 1961 ?2. the aforesaid question of law has arisen in the following facts and circumstances : two orders dated january 25, 1994 and june 6, 1994, .....

Assistant Commissioner of Income-tax and ors. Vs. Director of State Lo ...

Court : Guwahati

..... income' has been defined under section 2(24) of the income tax act. sub-clause (ix) of section 2(24) of the act was inserted by the finance act, 1972 which brought winning from the lotteries within the purview of the act. sub-clause (ix) of section 2(24) of the act reads as under - '(ix) any winnings from lotteries, crossword puzzles ..... and, therefore, the director of lotteries was required to deduct income-tax therefrom at the rate in force at the relevant time under section 194b of the act. learned single judge after detailed discussion held that the agreement between the director of lotteries and the agent was a mere agency for organising lottery. there was ..... 01.1994 and 06.06.1994 were passed by the assistant commissioner, income tax, circle-tds, panbazar, guwahati under section 201(1) of the income tax act, 1961 (hereinafter called 'the act'). by the order dated 25.01.94 the assistant commissioner, income tax, circle-tds, had asked the director, state lotteries, assam to deposit a sum .....

Ladhuram Laxmi Narayan Vs. Income-tax Officer, Additional a Ward and o ...

Court : Guwahati

..... s.golaprai mishrilal2807,85810. in the assessment, these interests were allowed by the income-tax officer. subsequently, the assessee-firm came out with a disclosure under the finance (no. 2) act of 1965 admitting that the credits standing in the names of the above parties were fictitious ones and these belonged to the partners of the firm. in the ..... the income-tax officer assumed jurisdiction to issue the notice under section 148 on two grounds, namely, (1) that the assessee filed disclosure petition under the finance (no. 2) act of 1965, admitting that the credits standing in the names of the said five parties mentioned in the grounds were fictitious and those belonged to the partners of ..... the declarant was the assessee-firm there would have been another hurdle for the department under section 24(11) of the finance (no. 2) act of 1965, which reads as follows : '24. (11) notwithstanding anything contained hereinabove or in any other law for the time being in force, nothing contained in .....

Ghisalal Agarwala Vs. Commissioner of Income Tax

Court : Guwahati

..... collection and recovery of the tax, once the legislature has, in clear terms, indicated that the income of the firm can be taxed in accordance with the finance act of 1956 as also the income in the hands of the partners, the distinction a charging and a machinery section is of no consequence. both the sections ..... have to be read together and construed harmoniously. it is significant that similar provisions have also been enacted, in the act of 1961. sections 182 and 183 correspond substantially to section 23(5) except that the, old section did not have a provision similar to sub-section (4 ..... with regard to defence, external affairs and communications of sikkim. thus sikkim became a protectorate of the union of india. thereafter, the constitution (thirty-sixth amendment) act, 1975, was passed whereby sikkim was admitted into the union of india as a state. the said amendment inserted article 375f in the constitution of india incorporating special .....