Court : Madhya Pradesh
Reported in : [2008]303ITR419(MP)
..... the certificate under the first proviso to section 90(1) or for amendment under the second proviso or for such other action as is permissible under the said finance act, however, once the valid declaration has been made and till the declaration continues to be valid, the department's appeal shall not survive,15. accordingly, ..... authority shall decide the appeal irrespective of such declaration. 10. learned counsel for the appellant contends that under sub-section (4) of section 90 of the finance act the appeal or reference or reply filed by the parties shall be deemed to have been withdrawn on the date on which order referred to in sub-section ..... learned counsel for the appellant has submitted that there was a purpose of the scheme as reflected by the speech of the finance minister. even in the finance (no. 2) act, 1998 (hereinafter referred to as the 'finance act') the provisions are very clear, unambiguous, unequivocal and in no manner of doubt convey that all matters pending against the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1981)25CTR(MP)123; [1983]140ITR314(MP); 1981MPLJ354
..... 'jewellery' at least covers precious stones and ornaments containing precious stones, and if assets of this nature were excluded in an assessment made before the enactment of the finance act, it would become apparently erroneous in view of the retrospective amendment in section 5(1)(viii) and would be open to rectification under section 35.9. learned counsel ..... agree with this ruling that rectification could not be made in an assessment for a year prior to 1972-73 on the basis of expln. 1 added by the finance act which was effective from 1st april, 1972. but we are unable to hold that a rectification of any prior assessment cannot at all be made on the basis ..... the learned counsel for the assessee that the meaning of jewellery in the expression 'but not including jewellery' as inserted in section 5(1)(viii) by the finance act is itself ambiguous and as the scope of the amendment is debatable, the wto had no jurisdiction to rectify the assessment under section 35. reference in this connection .....
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 : 2006(1)MPHT379; 2005(4)MPLJ397
..... of ability, integrity and standing who have adequate knowledge and experience of, or have shown capacity in dealing with problems relating to engineering, economics, commerce, finance, law, administration or management. section 84(1) of the electricity act is also on the same lines. it provides that the chairperson and members of the state commission shall be persons of ability, integrity and standing ..... managing director of an undertaking owned or controlled by the govt. of india engaged in the business in the electricity industry or funding of financing of an electricity industry. on the other hand, section 85 of the electricity act, provides that the selection committee shall consists of (a) a person who has been a judge of the high court as the chairperson .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2003]133TAXMAN926(MP)
..... year 1990-91.'the aforesaid circular was issued when section 44ac was in vogue. it is apposite to mention here that section 44ac was omitted on 1-4-1993 by finance act, 1992 and section 206c has become the self-contained provision.14a. in the case of ramjee prasad sahu v. union of india (1993) 202 itr 800 (pat) ..... with effect from the assessment year 1991-92-and, therefore, will be applicable to the collections under section 206c made during the financial year 1990-91.4. the finance act, 1990 has further amended section 44ac so as to include a co-operative society also within the meaning of the term seller as defined therein, the said amendment has ..... as a result of different systems prevailing in different states, the term purchase price, used in section 44ac of the income tax act was being understood in different ways. in order to clarify this point, the finance act, 1990 has amended the said section to provide that the purchase price would mean any amount (by whatever name called) paid or .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2002)178CTR(MP)455
..... deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year.(***) omitted by the finance act, 1992, with effect from 1-6-1992.''204. meaning of 'person responsible for paying' for the purposes of sections 192 to 194, section 194a, section 194b, section ..... such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.((2)***) omitted by the finance act, 1992 with effect from 1-6-1992. (3) the provisions of sub section (1) shall not apply :(i) where the amount of such income or, as the ..... cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income tax thereon at the rates in force :(***) omitted by the finance act, 1992, with effect from 1-6-1992.explanation : for the purposes of this section, where any income by way of interest as aforesaid is credited to any account, .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1966]60ITR303(MP); 1965MPLJ622
..... , after march 31, 1955, be entitled to the benefit of the exemption under section 25(3) merely because the head under which it was charged prior to the finance act of 1959 is now the head other sources ?'similar considerations, we think, ought to apply to the language employed in section 24(2).for all these reasons, we ..... dividends received from the share were till march 31, 1955, regarded as profits and gains of business assessable to tax under section 10. after the enactment of the finance act of 1955, dividends became chargeable under section 12(1a) under the head income derived from other sources. could it have been the intention of the legislature that dividend ..... speaking for the court, further observed :'it has also to be noticed that prior to the insertion of sub-section (1a) of section 12 by section 9 of the finance act, 1955, with effect from april 1, 1955, income from dividends was chargeable not under section 12 but under section 10, if the shares from which such income was .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1967MP34; [1967]63ITR689(MP)
..... which a new explanation, in place of the explanation added to paragraph 2 of the 1950 order on 8th may 1956 by an order made under section 12 of the finance act, 1950, was substituted. the language of this new explanation, substituted in taxation laws (part b states) (removal of difficulties) order, 1950, and the explanation inserted in ..... to the executive; but that, did not make the notification of 1956 bad. in : [1963]50itr741(sc) the supreme court reiterated this construction of section 12 of the finance act, .1950, and made the following observations: 'what is necessary in law is that before an order can be made by the central government under section 12, the central ..... ratio of the ramgopal mills case : [1961]41itr280(sc) , the exposition given therein by the supreme court of the scope and effect of section 12 of the finance act, 1950, and the difficulty pointed out justifying the making of the 1950 order and the insertion of an explanation in 1956 to paragraph 2 of that order, do not .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)134CTR(MP)428
..... 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 the relevant time, it ..... 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
Reported in : (2010)229CTR(MP)257
..... the opinion that the subsidy was not taxable in the hands of the employees in view of the deletion of sub-clause (vi) of section 17(2) of the it act by the finance act, 1985. the aforesaid two decisions were approved by the supreme court in v.m. salgaocar & bros. (p) ltd. v. cit : (2000) 160 ctr (sc) 225 : (2000) ..... 243 itr 383 (sc). when the matter stood thus, section 17(2) was amended by the finance act, 2001 w.e.f. 1st april, 2002. in the said section, sub-clause (vi) was inserted which reads as under:(vi) the value of any other fringe benefit or amenity ..... would be regarded as 'perquisite' received by the employee and charged to tax accordingly. the said amendment was intended to take effect from 1st april, 1985. however, subsequently the finance act, 1985, omitted the aforesaid provisions with effect from the date of their insertion, i.e., 1st april, 1985. at this juncture, it is apposite to mention that after clause .....
Tag this Judgment!