Court : Kerala
Reported in : [1964]51ITR33(Ker)
..... years beginning on the 1st day of april of the years 1948 to 1955 inclusive, a rebate of income-tax was allowed to a company on a part of its total income under clause (i) of the proviso to paragraph b of part i of the relevant schedules to the finance acts specifying the rates of tax for the relevant year, and subsequently the amount on which the rebate of income-tax was allowed as aforesaid is availed of by the company, wholly or partly, for declaring dividends in any year ..... company and to the extent to which it has not actually been subjected to an additional income-tax in accordance with the provisions of clause (ii) of the proviso to paragraph b of part i of the schedules to the finance acts above referred to be deemed to have been made the subject of incorrect relief under this act, and the income-tax officer shall recompute the tax payable by the company, by reducing the rebate originally allowed, as if the recomputation is a rectification of a mistake apparent from the ..... the material provision in this act which requires to be noted is provisos (a) and (b) in paragraph b of the second schedule to the act which are as follows :'b. ..... second, while the rate of super-tax payable by indian companies will remain unchanged, there will be levied, in addition, a super-tax at a graduated rate on the dividends declared by them above a certain limit, namely, 6 per cent. .....
Tag this Judgment!Court : Kerala
Reported in : 1993(44)ECC145
..... 2 in the first schedule of the customs tariff act, 1975 and the levy of auxiliary duty under the finance act, 1981 to newsprint as modified by notification issued under section 25 of the customs act, 1962 with effect from 1.3.1981. ..... in the customs act the charging section is section 12 and instead of annual finance act, the rate is mentioned in the schedules of the customs tariff act. ..... ] 4 ecc 1 : .it may be that in a general sense the course of import commences at the time the vessel carryinggoods intended to be discharged at an indian port enters the territorial waters for the purpose of' proceeding to the port, but the act of import for the purpose of levy does not materialise until the goods have been brought into the port of discharge and the vessel is granted 'entry inwards' and the bill of entry has been ..... , 'incorporatingand mixing up of the goods imported with the mass of the property' in the local area.the supreme court, in the decision reported in in re sea customs act (1878) section 20(2) air 1963 sc 1760 held, while considering the nature of excise duty that: excise duty is primarily a duty on the production or manufacture of goods produced or manufactured within the country ..... section 2 of the customs tariff act, 1975 says that the rates at which duties of customs shall be levied under the customs act, 1962 will be as specified in the first and second schedules and the first schedule in chapter 48, viz. ..... 537 of 1969) aforementioned. ..... 537 of 1969 (omega insulated cable co. .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR2008Raj90; RLW2008(2)Raj1627
..... to the aforesaid entries, it is submitted by the learned counsel for the petitioners that pursuant to chapter vii of the rajasthan finance act of 2006, imposition of tax is directly and indirectly on the minerals, therefore, the aforesaid enactment does not fall under entry 49 of the second list and in view of entry 50 and central act, 1957, the state government is not competent to impose taxes on mineral rights,in view of union enactment of 1957, therefore, ..... for the state of rajasthan, supporting the legislations of chapter vii of the rajasthan finance act of 2006, submits that the state government is competent to impose tax on land in view of entry 49 of the state list in schedule vii of the constitution. ..... having legislative competence for the enactment of chapter vii of the finance act of 2006 and rules framed thereunder, therefore, the act of 2006 cannot be held to be ultra vires as it is falling under entry 49 of the state list of schedule ii of the constitution. 22. ..... the further argument of the learned counsel for the petitioners is that as per entry 49 of list ii of schedule vii of the constitution, the state government can impose tax on lands and buildings and as per entry 50 of the same list, the taxes on mineral rights are subject to ..... of tax is neither on royalty nor on dead rent, thus, in our opinion, the enactment of 2006 providing tax on the land remains under entry 49 of the state list of schedule vii, thus it is within the competence of the state government.20. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2002)176CTR(Raj)177
..... mathur, j.by this judgment three writ petitions filed under article 226 of the constitution of india challenging the constitutional validity of the provisions of finance act by which service offered by the chartered accountants, real estate agents (property dealers) and the architects have been brought under the tax net, which is to be charged at 5 per cent of the value of the taxable ..... taxes on professions, trades, callings and employments shall not be construed as limiting in anyway the power of parliament to make laws with respect to taxes on incomes accruing from or arising out of professions, trades, callings and employments.seventh schedule:list-i union listentry 82.taxes on income other than agricultural income.entry 84duties of excise on tobacco and other goods manufactured or produced in india except.entry 97any other matter enumerated in list ii or list m including any tax ..... the common ground of challenge in all the three writ petitions is the constitutional validity of the provisions of the finance act by which the services offered by the professionals like chartered accountants, architects and property dealers have been brought under the tax net on the ground of lack of legislative competence of the parliament and discrimination ..... the provisions relating to service-tax as originally enacted were amended to some extent by the finance act, 1996, and some more services namely, radio, pager services, advertising services and courier services ..... the second writ petition being .....
Tag this Judgment!Court : Chennai
Reported in : [1996]220ITR133(Mad)
..... and 409 of 1982 is as follows : 'whether, on the facts and in the circumstances of the case, and having regard to the provisions of rules 5 and 7 in part iv of the first schedule to the finance act, 1975, the appellate tribunal was right in holding that the assessee's share of loss from a firm, known as shakthi estates, should be taken into account and given set-off while computing the net agricultural ..... of 1986 runs as follows : 'whether, on the facts and in the circumstances of the case and having regard to rules 5 and 7 in part iv of the first schedule to the finance act, 1980, the assessee's share of loss from a firm should be taken into account and given set off while computing the net agricultural income of the assessee? ..... , rules 5 and 7 in part iv of the first schedule to the respective finance acts are the same, both the questions can be taken as the 'common question' involved in all these three tax cases, and even at the outset, we may state that the said common question ..... of these two almost identical questions, the first refers to the relevant provisions in the finance act, 1975, and the second refers to the finance (no. ..... of 1986 is almost identical with the first of the two questions referred to this court in the other two tax cases, while the second of the said two questions therein is different. 2. ..... then, coming to the above referred to second question referred to us in tax cases ..... however, the second question in tax cases ..... the second question referred to us in tax cases .....
Tag this Judgment!Court : Chennai
Reported in : [1971]41CompCas890(Mad)
..... directions, unless such deposit, on renewal, is repayable not earlier than twelve months from the date of such renewal, and (c) no non-banking financial company not being a hire-purchase finance company or a housing finance company shall receive any deposit which together with any other deposits already received and outstanding on the books of the company is in excess of twenty-five per cent, of the aggregate ..... of its business but not as its principal business, two or more classes of financial business such as the management, conduct or supervision as a foreman or agent of any transaction or arrangement which is referred to in clause (d), or the financing of hire-purchase transactions or the acquisition or construction of houses or the acquisition or development of plots of land or the investment of its funds in securities or the grant of loans and advances, but does not include a chit fund, ..... the reserve bank could require all banks included in the second schedule to the act to maintain with the reserve bank a balance not ..... in october, 1969, the petitioners have filed a supplemental affidavit questioning the vires of the sections included in chapter iii-b of the act and contending that chit funds and kuris are not matters coming within any entry of list i of the seventh schedule to the constitution, that they fall under entries 26 and 30 of list ii of the seventh schedule, and that the impugned provisions in seeking to control ..... in 1969 after section 45i(c)(iii) an explanation was .....
Tag this Judgment!Court : Chennai
Reported in : [1961]43ITR53(Mad)
..... year of payment, did not affect the operation of the charging provision for the levy of the super-tax in the assessment year i956-57, which, as we have pointed out, was under section 55 of the income-tax act read with part ii-d of the first schedule to the finance act of 1956.the correctness of the arithmetical computation of the rebate in none of these cases was challenged. ..... the combined effect of section 55 of the income-tax act and part ii-d of first schedule to the finance act of 1956 was that in the assessment year 1956-57 every company had to pay a super-tax of ..... levy, as we pointed out, was authorized by section 55 of the income-tax act, and the rate was authorized by part ii-d of the first schedule to the finance act of 1956. ..... that rebate was, however, liable to be reduced under the terms of the second proviso, if the dividends declared by the petitioner company were in excess of the statutory maxima ..... under the terms of the second proviso to part ii-d the income-tax officer reduced the rebate by rs ..... in the case of the petitioners clause (i-b) of the second proviso to part ii-d applied. ..... but that was subject to reduction in any of the contingencies for which clause (i) of the second proviso provided. ..... the dividends declared by the petitioners were in excess of the statutory maxima specified in clause (i-b) of the second proviso. ..... by the second proviso, the rebate disappears, and an additional income-tax has to be paid on dividends in excess of that limit paid in the year .....
Tag this Judgment!Court : Chennai
Reported in : (1973)2MLJ72
..... directions, unless such deposit, on renewal, is repayable not earlier than twelve months from the date of such renewal, and(c) no non-banking financial company not being a hire-purchase finance company or a housing finance company shall receive any deposit which together with any other deposits already received and outstanding on the books of the company is in excess of twenty five per cent of the aggregate ..... debentures or debenture stock or securities issued by a government or local authority or other marketable securities of a like nature; or (iii) which carries on as its principal business hire purchase transactions or the financing of such transactions.in 1969 after section 45 i (c) (iii) an explanation was added and the explanation runs as follows:explanation--for the removal of doubts it is hereby declared that a company registered under section 3 of the insurance ..... of its business but not as its principal business, two or more classes of financial business such as the management, conduct of supervision as a foreman or agent of any transaction or arrangement which is referred to in clause (d), or the financing of hire-purchase transactions or the acquisition or construction of houses or the acquisition or development of plots of land or the investment of its funds in securities or the grant of loans and advances, but does not include a chit fund, ..... reserve bank could require all banks included in the second schedule to the act to maintain with the reserve bank a balance not .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1958Cal302,62CWN65,[1958]9STC194(Cal)
..... 6 in the bihar notification was worded - 'vegetables, green or dried other than medicinal preparations and the words' medicinal preparations 'are absent from item 6 as appearing in the schedule to the bengal finance (sales tax) act, the interpretation which was put by the patna high court on the word 'vegetable' having regard to the collocation of items 1 to 8 in the said notification is equally applicable to items 1 to 8 as appearing in the schedule to the bengal finance (sales tax) act. ..... mandamus directing the opposite parties to rescind or withdraw three notices issued under the provisions of the bengal finance (sales tax) act calling upon the petitioner to produce certain books of accounts and documents and also calling upon the petitioner to show cause why penalty should not be imposed on him under section 11(2) of the said act and why the petitioner should not be prosecuted for not getting his firm registered in accordance with ..... of item 36, had no doubt influenced to a certain extent, the learned judges deciding that case, in coming to the conclusion that 'vegetable leaves' were not intended to be included within the term vegetable as appearing in item 6 of the second schedule. ..... 6 of the second schedule to the c. p ..... the second sense, and the more common usage, is a connoting only 'herbaceous plants cultivated for food' and does not include 'betel-leaves' (see webster's dictionary ..... secondly, it is impossible to suppose that government meant to exclude the entire vegetable .....
Tag this Judgment!Court : Kolkata
Reported in : [1987]165ITR264(Cal)
..... second condition is that the said company must be wholly and mainly engaged in the manufacture or production of any one or more of the articles specified in the list in part iv of the first schedule to the finance ..... a company in which the public are substantially interested within the meaning of section 2(18) of the said act and is engaged in the business of manufacture and production of petroleum products which has been held by the appellate assistant commissioner of income-tax as mineral oil appearing in the list specified in part iv of the first schedule to the finance act, 1964, rate of taxes applicable to the said dividend income received from the said burmah-shell ..... that as the time for filing an application for refund under section 237 of the said act was to expire on march 31, 1969, and as the original application was sent to the non-resident petitioner-company for signature, ..... 3 disposed of the applications made by the petitioner-company under section 237 of the act filed on march 31, 1969, and on april 19, 1969, and held that as the refund claimed by the petitioner arose only because of lower rate of tax application as a result of the decision in the case of ..... 143(3) of the income-tax act, 1961, for the assessment year 1964-65 on march 26, 1969. ..... refund duly signed by the secretary of the petitioner-company in substitution of the application dated march 28, 1969, already submitted by them.5. ..... on march 28, 1969, the petitioner-company through ..... april 19, 1969, m/s. .....
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