Court : Madhya Pradesh
Reported in : (2006)204CTR(MP)298
..... return in 1966 the assessee concealed his income he was held liable to penalty under section 271(1)(c). the department applied the law amended by finance act of 1968 in determining the quantum of penalty.held, that the quantum was to be determined by the law applicable in 1966 that the revised return not being ..... 271e are liable to be quashed being without jurisdiction.9. in reply, learned counsel for the revenue placing reliance on the decision of supreme court reported in general finance co. v. assistant commissioner (supra), contended that impugned orders do not call for any interference. according to learned counsel, penalty proceedings were rightly initiated against ..... continued by invoking section 6 of the general clauses act after its omission.hence, we allow this appeal, set aside the order of the high court and quash the proceedings for prosecution.'14. mere perusal of law laid down by supreme court in the case of general finance co. (supra) would show that their lordships quashed .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1983)37CTR(MP)245; [1984]146ITR178(MP)
..... ' as they occur in section 80m. it may be here mentioned that by the finance act, 1980, parliament has introduced section 80aa with retrospective effect from 1st april, 1968, to get over the ruling of the supreme court. by section 43 of the finance act, 1981, the following explanation has been added in rule 1 :'notwithstanding anything contained in ..... chargeable profits as provided under clause (viii) of rule 1 of the first schedule to section 2(5) of the companies (profits) surtax act, 1964?'the relevant assessment year is 1968-69. the assessee is a company and the reference relates to assessment of surtax. the assessee had received gross dividend income of rs. 59, ..... viii) of rule 1 for computing chargeable profits would be of the net income received from dividends but as the explanation has no application to the assessment year 1968-69, with which we are concerned in this reference, the tribunal, in our opinion, was right in deducting the gross income from dividends. the learned counsel .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1987)66CTR(MP)207
..... appellate tribunal was not justified in disallowing interest paid to the m.p. state finance corporation, amounting to rs. 6,552 for the asst. yr. 1968-69, rs. 19,934 for the asst. yr. 1969-70, and rs. 38,581 for the asst. yr. 1970-71 towards the capital ..... it is not a case of starting altogether a new business for that purpose. therefore, the assessee is entitled to deduct interest paid under s. 36(1)(iii) of the act from the total income. we are fortified in our view by a direct decision of the allahabad high court in prem spinning and weaving mills co. ltd. v. cit : ..... appellate order of the aac are left untouched and to that extent, the itos assessment order survives permitting exercise of revisional jurisdiction by the commissioner under s. 263 of the it act, 1961.'therefore, the first question is answered in the affirmative in favour of the revenue.5. regarding the second question, we are of the opinion that the income-tax .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1981]132ITR868(MP)
..... worked or sewn into any wearing apparel;...... ' 4. the words 'but not including jewellery' in section 5(1)(viii) of the act and the expln. 1 thereto were added by the finance (no. 2) act, 1971. by the said finance act, retrospective operation was given with effect from april 1, 1963, to the words ' but not including jewellery ', while expln. 1 ..... other ornaments of precious metals. it was further held that the definition given by expln. 1, which was added to section 5(1)(viii) of the act, by the finance (no. 2) act of 1971, in so far as it relates to ornaments, could be only by way of greater caution. the gujarat high court also placed reliance upon ..... its earlier decision in cwt v. mrs. arundhati balkrishna : [1968]70itr203(guj) , in which it was held that even according to the dictionary meaning 'jewellery' and 'ornaments' can .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1991LC750(MP); 1979(4)ELT33(MP)
..... 8 of the central excise rules, 1944, and in supersession of notification of the government of india in the ministry of finance (late department of revenue) no. 30/60-central excise, dated the 1st march, 1960, the central government hereby exempts steel ingots (falling under item no. 26 of ..... as is contemplated by the relevant notifications hence it cannot be said that there is double imposition of excise duty. 9. the relevant notification no. 67/68, dated 30-3-1968 (petitioner's annexure 'b') which arises for consideration in the present petitions is as follows :- 'in exercise of the powers conferred by sub-rule (1) of rule ..... first schedule to the central excises and salt act, 1944 (1 of 1944) in which duty paid iron in any crude form, including pig iron, scrap iron, molten iron cast in any other shape or size from so .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1984]146ITR510(MP)
..... facts and in the circumstances of the case, the tribunal was justified in law in holding that even if the provisions of section 5(1)(viii) as amended by the finance act no, 2 of 1971, are retrospective in operation, the inclusion of value of gold ornaments and jewellery could not be made by invoking the provisions of section 35 of the ..... wealth-tax act, 1957 ?'facts as stated by the tribunal are as follows : the assessee in her return of wealth for assessment year 1968-69 claimed that jewellery and ornaments valued at rs. 89,201 were exempt under section 5 of the w. ..... t. act. the wto rejected this submission and added the value of jewellery and ornaments in the net wealth of the assessee. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR2009MP104
..... in contravention of the requirements contained in the handbook of the returning officer in terms of the provisions of the election symbols (reservation and allotment) order 1968 (for short '1968 order').3. being grieved with the aforesaid rejection, the appellant invoked the extraordinary jurisdiction of this court under article 226 of the constitution of india contending ..... would be without availing a remedy. the maxim ubi jus ibi remedium is not acceptable. in an election dispute, remedy has been provided under the 1951 act. thus, when statutory remedy, albeit, an urgent one is available, irrefragably, disputed questions of facts are involved and hence, it can be said with certitude ..... whatever grounds under article 226 of the constitution of india is not permissible. it can only be challenged under the provisions contained in the 1951 act and the high court has no jurisdiction under article 226 of the constitution to interfere with the election process by issuing interim orders.14. at .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)201CTR(MP)153; [2006]282ITR341(MP)
..... by the ao only for the purpose of determining the rate that is to be applicable to the income of the appellant. he submitted that since the finance act, 1973, every finance act has been making such provision for taking into consideration the agricultural income of the assessee for the purpose of determining the rate that would be applicable to the ..... rate or rates at which such income-tax will be paid on such incomes for any assessment year will be stipulated in the central act. in accordance with the provisions of section 4 of the act, the finance act (central act) has been stipulating rate or rates at which income-tax is to be charged (in) the particular assessment year. for the ..... determining the rates of income-tax applicable to the income of the assessee. in view of the said clear provisions in section 4 of the act, chapter ii and section 2 of the finance act, 1996, we have no doubt in our mind that agricultural income of an assessee has to be taken into consideration for the purpose of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1994)121CTR(MP)116; [1996]221ITR459(MP)
..... transferred to them with a view to avoid taxation and those who are genuinely carrying on the business without such transfer. the provisions of section 40 of the finance act, 1983, are thus arbitrary and offend article 14 of the constitution of india on the ground of lack of rational classification. this provision is also bad by ..... the public are substantially interested and, therefore, will be a company from whom wealth-tax can be charged by virtue of section 40 of the finance act, 1983.10. under section 3 of the companies act, 1956 (1 of 1956), there are three types of companies, i.e., existing company, private company and public company. private company means a ..... which companies are artificially classified as defined in section 2(18) of the income-tax act and 'closely-held companies'.8. under section 40 of the finance act, 1983, wealth-tax is levied at the rate of two per cent. over the net wealth of the company in which the public .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1965MP170
..... march 1956. instead, parliament allowed sub-section (1a) to continue on the statute book even after the amendment of sub-section (1) of section 34 by the finance act, 1956. it is not disputed that assessments in regard to the aforesaid years would become final and conclusive if no notice for reopening them had been issued on ..... provision making the sub-section inoperative after that date, the next question that requires consideration is whether the amendments made in section 34(1) by section 18 of the finance act, 1956, has the effect of repealing or abrogating altogether subsection (1a). by the amendments which came into force on 1st april 1956, the period of eight years ..... on such reasons recorded that it is a fit case for the issue of such notice : * * * *' sub-section (1b) was also amended by section 18 of the finance act, 1956, by substituting for the words, brackets, figure and letter 'to whom a notice has been issued under sub-section (1a)', the provision, namely, 'to whom a notice .....
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