Court : Kolkata
Decided on : Oct-15-2004
Reported in : (2005)2CALLT186(HC),2005(1)CHN659,[2005]61SCL134(Cal)
..... board of india)(4) 108, company cases, page 58, (karamsad investment ltd. and ors. v. nile ltd. and ors.)(5) 109, company cases, page 913, (shirish finance investment pvt. ltd. v. m. sreenivasulu reddy and ors.)(6) unreported decision in the case of arun kumar bajoria v. sebi (w.p. no. 331 of 2001) dated ..... 7.20. on a plain reading of regulation 7 it would appear that the regulation clearly stipulates 'acquirer' whereas regulation 10 under chapter iii includes specifically 'persons acting in concert'. in my view, two chapters are having totally independent approach. chapter ii obligates the persons to inform and suffer penalty because of non-compliance. chapter ..... regulation 45.'(5) 109, company cases page 913 (shirish finance & investment company pvt. ltd.) : the division bench of the bombay high court in this elaborate judgment analysed the entire act and the regulation specially the meaning of the word 'acquirer' as well as 'person acting in concert'. in the said case a civil suit was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-08-2004
Reported in : (2005)92ITD148(Kol.)
..... referred to in sub-section (4) be accompanied by a fee of one hundred rupees." subsequently, the fee was enhanced to rs. 125 by the taxation laws (amendment) act (1970) finance act,1981 further enhanced the court fee to rs. 200 w.e.f. ist june, 1981. the basis for payment of the fee for filing appeals to the tribunal was the ..... sub-section (2) or a memorandum of cross-objections referred to in sub-section (4)." with effect from ist june, 1999, a new clause, clause (d) was introduced by the finance act, 1999 which reads as under; "(d) where the subject-matter of an appeal relates to any matter, other than those specified in clauses (a), (b) and (c), five ..... judgment the same interpretation should be placed on clauses (a) to(c).14. turning to the addition on clause (d), the residuary clause to the sub-section by the finance act, 1999 w.e.f. 1.6.1999, the dissenting opinion has noted that this became necessary because there are certain penalties which are not linked to the assessed income, .....
Tag this Judgment!Court : Kolkata
Decided on : Oct-08-2004
Reported in : (2005)194CTR(Cal)509,[2005]276ITR115(Cal)
..... by the respective counsel at appropriate stage. now the question is to be answered on the basis of expln. 8 to section 43(1) as was inserted in the it act, 1961 through finance act, 1986 w.e.f. 1st april, 1974, applicable in relation to the asst. yr. 1974-75 and subsequent years. the object of the said amendment was ..... in the absence of any statutory definition or other indication to the contrary. having regard to the above observation, it appears to us that expln. 8 inserted by the finance act, 1986 is a reiteration of the principle laid down in challapalli sugars (supra) in section 43 where actual cost as has been sought to be defined and the ..... existed, however, effective from 1st april, 1974. we are concerned with the asst. yrs 1987-88 and 1988-89, namely after the expln. 8 was inserted by the finance act, 1986 very much applicable to 1987-88 and 1988-89 even without being retrospective. since expln. 8 does not make any distinction in between acquisition of asset before the assessee .....
Tag this Judgment!Court : Kolkata
Decided on : Oct-08-2004
Reported in : [2005]144TAXMAN435(Cal)
..... at appropriate stage. now the question is to be answered on the basis of explanation. 8 to section 43(1) as was inserted in the income tax act, 1961 through finance act, 1986 with effect from 1-4-1974, applicable in relation to the assessment year 1974-75 and subsequent years. the object of the said amendment was explained ..... , however, effective from 1-4-1974. we are concerned with the asst. yrs. 1987-88 and 1988-89, namely after the explanation. 8 was inserted by the finance act, 1986 very much applicable to 1987-88 and 1988-89 even without being retrospective. since explanation. 8 does not make any distinction in between acquisition of asset before the assessee ..... the absence of any statutory definition or other indication to the contrary. having regard to the above observation, it appears to us that expin. 8 inserted by the finance act, 1986 is a reiteration of the principle laid down in challapalli sugars (supra) in section 43 where actual cost as has been sought to be defined and the .....
Tag this Judgment!Court : Kolkata
Decided on : Oct-01-2004
Reported in : (2005)1CALLT296(HC)
..... why the absence of a single page wrapper does not appear to us to be material.22.2. lastly, we can remind ourselves of the view expressed in the case finance officer jenison v. daker, reported in 1972(1) all er 997 that 'the law should not be seen to sit by limply, while those who defy it go free ..... to be a recorded or memorandum of the evidence of sethirani in the benaras case, would not be admitted in evidence without formal proof. section 80 of the evidence act does not deal with the question of admissibility of the documents referred to therein, but simply dispenses with the necessity of their formal proof by raising the presumption that ..... procedure ramzan could have been confronted with the statements made under section 164 code of criminal procedure for the purpose of discrediting him under section 145 of the evidence act.(b) a statement under section 164 code of criminal procedure can never be treated as a substantive piece of evidence. in support of his submission he relied on .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-28-2004
Reported in : 2005(3)CHN11
..... l) the said income-tax form and the accompanying statement have been signed by bhanumati.(m) the notice of assessment under section 11 of the bengal finance (sales tax) act, 1941 was also issued in the name of the said firm, viz. m/s. new wine palace.(n) notarial certificate issued by a notary public ..... excise department, as an appellate authority, is created under the statute. such statutory authority always functions as inferior tribunal and as an inferior tribunal, such authority must act within the four corners of the statute. the appeal, which was filed before the principal secretary, excise department, was an appeal from an interim order. therefore, ..... process even though a substantive appeal against the same is pending with the excise commissioner. thus, under the impugned order, the principal secretary, excise department, has acted beyond his authority and jurisdiction.27. it is well-settled that inferior tribunals do not have any inherent power, which is vested with in a civil court .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-23-2004
Reported in : (2004)193CTR(Cal)26,[2004]271ITR128(Cal),[2005]143TAXMAN325(Cal)
..... been made distinct by reason of these provisions when read with sub-section (2)(i) and sub-section (3)(a) and (b), the omission whereof by the finance act, 1989, is a clear expression of the legislative intendment in removing the distinction.precedents : citation and its application :we may note that such a view was taken ..... of deduction has been classified to be distinct from the eligibility to deduction.9. we are not required to answer as to what would be the position after this finance act, 1989, which came into force with effect from 1-4-1991. inasmuch as the word 'eligible' in clause (ii) before the word 'business' in sub ..... omitted. once the distinction between the eligibility to deduction and the eligibility of deduction are removed by the finance act, 1989, the position stood clear as has been contended by dr. pal. inasmuch as after the amendment brought about in the finance act, 1989, the word 'eligible' from the phrase 'profits of eligible business or profession' having been omitted .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-23-2004
Reported in : (2005)193CTR(Cal)26,[2004]271ITR123(Cal)
..... made distinct by reason of these provisions when read with sub-section (2)(i) and sub-section (3)(a) and (b), the omission whereof by the finance act, 1989, is a clear expression of the legislative intendment in removing the distinction. precedents : citation and its application :we may note that such a view was ..... of deduction has been classified to be distinct from the eligibility to deduction.12. we are not required to answer as to what would be the position after this finance act, 1989, which came into force with effect from april 1, 1991. inasmuch as the word 'eligible' in clause (ii) before the word 'business' in subsection ..... omitted. once the distinction between the eligibility to deduction and the eligibility of deduction are removed by the finance act, 1989, the position stood clear as has been contended by dr. pal. inasmuch as after the amendment brought about in the finance act, 1989, the word 'eligible' from the phrase 'profits of eligible business or profession' having been .....
Tag this Judgment!Court : Kolkata
Decided on : Sep-10-2004
Reported in : 2005(3)CHN621,[2005]140STC89(Cal)
..... reported in : [1972]1scr861 (state of madhya pradesh v. shyama charan shukla). it is further submitted by ms. roy that under the provisions of act 1994 and bengal finance (sales tax) act, 1941 and the rules framed thereunder, there is an obligation on the part of every registered dealer to pay tax on all sales in certain specified ..... evasion by respondent no. 1 did not arise. this observation of the learned tribunal judge according to ms. roy suffers from misconception because section 66 of the act does not contain any such provision for assessment and determination of tax payable by a dealer evading payment of tax prior to search and seizure. therefore, the decision ..... investigation calling upon him for hearing along with relevant books of accounts and records. the respondent no. 1 against this move filed an application under section 8 of act 1994 registered as case no. 489 of 2001 challenging the validity of seizure as well as notice dated november 19, 2001.3. after hearing both sides in .....
Tag this Judgment!Court : Kolkata
Decided on : Aug-20-2004
Reported in : (2005)195CTR(Cal)161,[2005]273ITR16(Cal)
..... 4. in the circumstances stated above, i have reason to believe that, by reason of the omission and failure on the part of the assessee, the peerless general finance and investment co. ltd., to disclose fully and truly all material facts necessary for its assessment for the assessment year 1981-82, income exceeding rs. 50,000 ..... limit then it was for the reserve bank of india or the central government to take action or to grant permission as may be provided under the foreign exchange regulation act, 1973. the hon'ble apex court clearly held (headnote) : 'that, however, could not be a ground for the income-tax officer to assume jurisdiction to ..... certificate, wrong basis of calculation and suppression of relevant facts :(a) income from forfeiture of lapsed certificates.(b) profit under section 41(1) of the income-tax act as a result of cessation of liability already claimed as 'interest and bonus accrued.'(c) excess deduction claimed under the head, 'interest and bonus accrued', at a fixed .....
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