Judgment Search Results Home > Cases Phrase: finance act 1968 Sorted by: recent Year: 1976 Page 9 of about 1,628 results (0.238 seconds)

Kannapiran Mills Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Reported in : [1977]106ITR947(Mad)

..... amounts are mentioned thereunder, and we are concerned with item (v) thereof, which is as follows:'any moneys borrowed by it from government or the industrial finance corporation of india or the industrial credit and investment corporation of india or any other financial institution which the central government may notify in this behalf in the official ..... , namely, any person in a country outside india, and not the other institutions enumerated in item (v) of para. 1 of the second schedule to the act. under these circumstances, we answer the question referred to us in the affirmative and against the assessee. the commissioner will be entitled to his costs of the reference ..... year, a sum of rs. 5,71,747 in not liable to be included as capital computed for the purpose of assessment under the companies (profits) surtax act, 1964 ?'2. the facts which have given rise to the above question are fairly simple the assessee-company commenced acquiring fixed assets like machinery and buildings from .....

Commissioner of Wealth Tax Vs. Smt. Veeramachaneni Ratnam.

Court : Andhra Pradesh

Reported in : (1978)7CTR(AP)0021A

..... been noted by the editor at the foot of the head-note in s. naganathans case, that sub-s. (3) of s. 4 of the wealth tax act, 1957, as substituted by the finance act, 1975, with effect from 1-4-1975, now specifically provides that the provisions of s. 5 shall apply to assets included in the net wealth of an assessee ..... assets held by her husband in the assessment of the particular assessee under the provisions of s. 4(1)(a) of the wealth-tax act. in particular the value of the house belonging to her husband and financed by the assessee earlier was now included. however, in respect of this very house exemption which was claimed under s. 5(1)(iv) of ..... under s. 4(1)(a).10. this legislative interpretation of the provisions of s. 4(1)(a) read with s. 5(1)(iv) of the act, also supports the .....

Oil and Natural Gas Commission Vs. State of Bihar and Others.

Court : Supreme Court of India

Reported in : (1977)6CTR(SC)11

..... tax under s. 16(5) of the bihar sales tax act.3. in order to find out as to whether the transactions between the commission and the corporation amounted to a sale, it is necessary to ascertain the correct facts.the letter dated june 15, 1968 is important. it is written by the corporation to the ..... petroleum & chemicals to discuss the sales tax liability of the commission crude sold to the corporation. the representatives of the ministries of petroleum & chemicals and of finance, the commission and oil india limited were present. after discussion it unanimously decided that whatever principle had been adopted in the past for computation of pipeline tariff payable ..... the sale of crude oil by the commission to the corporation. these statutory corporations work in collaboration with the central government particularly the ministries of petroleum and finance for policy and planning.14. the state of bihar raised a feeble contention that it was not an inter-state sale. the delivery may be in assam .....

Oil and Natural Gas Commission Vs. State of Bihar and ors.

Court : Supreme Court of India

Reported in : AIR1976SC2478; (1976)4SCC42; [1977]1SCR354a; [1976]384STC435(SC); 1976(8)LC819(SC)

..... tax under section 16(5) of the bihar sales tax act.3. in order to find out as to whether the transactions between the commission and the corporation amounted to a sale, it is necessary to ascertain the correct facts.4. the letter dated 15 june 1968 is important. it is written by the corporation to the ..... petroleum & chemicals to discuss the sales tax liability of the commission crude sold to the corporation. the representatives of the ministries of petroleum & chemicals and of finance, the commission and oil india limited were present. after discussion, it unanimously decided that whatever principle had been adopted in the past for computation of pipeline tariff ..... the sale of crude oil by the commission to the corporation. these statutory corporations work in collaboration with the central government particularly the ministries of petroleum and finance for policy and planning.17. the state of bihar raised a feeble contention that it was not an inter-state sale. the delivery may be in assam .....

Addl. Commissioner of Income Tax Vs. Maddi Venkataratnam and Co.

Court : Andhra Pradesh

Reported in : (1977)6CTR(AP)18

..... contingenies arising from time to time as to what expenses would be classes as entertainment expenses in the present context of the income-tax act, where no scheme as one we find in s. 15 of the finance act of 1965 of united kingdom is to be found. we think what it would be over simplification of the problem to accept the ..... advertisement and it was expenditure incurred wholly and exclusively for the purpose of business of the assessee-company and hence it would fall under s. 37(1) of the act.5. before leaving this case we must observe that it has very often come to our notice that two departments of the government of india seem to be pursuing contradictory ..... we answer the question referred to us as follows :-the amount of rs. 38,229/- spent by the assessee on the allowed under s. 37(1) of the income-tax act, 1961. the question is, therefore, answered in favour of the assessee and against the revenue. the additional commissioner of income-tax will pay the costs of the assessee. advocates .....

Addl. Commissioner of Income-tax Vs. Maddi Venkataratnam and Co. Ltd.

Court : Andhra Pradesh

Reported in : [1979]119ITR514(AP)

..... contingencies arising from time to time as to what expenses would be classed as entertainment expenses in the present context of the income-tax act, where no scheme as one we find in section 15 of the finance act of 1965 of the united kingdom is to be found. we think that it would be over simplification of the problem to accept the ..... advertisement and it was expenditure incurred wholly and exclusively for the purpose of the business of the assessee-company and hence it would fall under section 37(1) of the act.7. before leaving this case, we must observe that it has very often come to our notice that two departments of the government of india seem to be pursuing ..... the item of rs. 38,229 was not by way of entertainment as the word ' entertainment' is understood in the context of section 37(2) of the i.t. act was correct. the process of reasoning which appealed to the tribunal is different from the reasoning which has appealed to us. we are in entire agreement with the reasoning of .....

Rawat Ram Vs. State of Rajasthan and ors.

Court : Rajasthan

Reported in : AIR1977Raj72; 1976(9)WLN467

..... in the reply. it is stated that the cost has been worked out by the qualified engineers attached to the state irrigation department and approved by the financing institutions including the agricultural refinancing and development corporation bombay. the scheme of development the various site plans and the details of works have been filed along with ..... matters which cannot form the subject matter of a grievance in the writ petition. this grievance, if any, must be addressed to the authorities under the act or in the ultimate resort to the answerability of the legislature to the people which is supposed to have enacted this piece of beneficial legislation for the ..... is suspended thereby. this argument would reduce corporation to a mere appendage of the competent authority, a situation surely not contemplated when the legislature passed the act. the legislature could not have contemplated the corporation to be left in such a suspended state of existence as not to be able to function unless some .....

The State of West Bengal and ors. Vs. Oriental Rubber Works

Court : Kolkata

Reported in : [1977]39STC333(Cal)

..... issued on a writ petition.2. the sole respondent in this appeal is admittedly a registered dealer both under the bengal finance (sales tax) act, 1941 (hereinafter referred to as the said act) and the central sales tax act, 1956. on 4th june, 1973, a number of inspectors of commercial taxes conducted simultaneous searches at the respondent's principal ..... (prevention), central excise, nagpur a.i.r. 1966 s.c. 1209 and commissioner of commercial taxes, board of revenue, madras v. ramkishan shrikishan jhaver a.i.r. 1968 s.c. 59.9. applying these tests in the present case, the impugned search must fail as not being in accordance with law. no authorisation for the search has been ..... to suspect that m/s. oriental rubber works of 171a, mahatma gandhi road, calcutta-7 (rj/2437a) attempting to evade payment of tax under the bengal finance (sales tax) act, 1941, i/we have seized the following accounts and records of the said dealers from sri satyanarayan jalan, partner, under section 14(3) of the said .....

Assam Co-operative Apex Bank Ltd. Vs. Commissioner of Income-tax, Assa ...

Court : Guwahati

..... to as "the act") :"whether, on the facts and in the circumstances of the case, the tribunal was justified in setting aside the consolidated order dated march 31, 1970, of the appellate assistant commissioner of income-tax, shillong range, shillong relating to the assessment year 1967-68, 1968-69, and 1969- ..... assistant commissioner has also pointed out that there are other securities, some trustee securities, shares in other co-operative institutions, some shares in industrial finance corporation, assam financial corporation, agricultural refinance corporation and central warehousing corporation and that some of these investments are apparently long-term investments."from the above ..... being the interest on government securities for the assessmentyear 1967-68, rs. 4,38,427 being the interest on government securities for assessment year 1968-69 and rs. 5,45,372 being the intrest on government securities for the assessment year 1969-70.the assessee preferred appeals before the appellate .....

Assam Co-operative Apex Bank Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

..... assistant commissioner has also pointed out that there are other securities, some trustee securities, shares in other co-operative institutions, some shares in industrial finance corporation, assam financial corporation, agricultural refinance corporation and central warehousing corporation and that some of these investments are apparently long-term investments.'33. from ..... the tribunal was justified in setting aside the consolidated order of the appellate assistant commissioner of income-tax relating to the assessment years 1967-68, 1968-69 and 1969-70, and (ii) whether after setting aside the appellate assistant commissioner's order the tribunal was justified in remanding the appeals ..... of the case are briefly stated below. the relevant assessment years are 1967-68, 1968-69 and 1969-70,3. the assessee, assam co-operative apex bank ltd., is a bank registered under the assam co-operative societies act, 1949, carrying on banking or allied business. during the assessment proceeding for the .....