Court : Madhya Pradesh
Reported in : [1991]188ITR741(MP)
..... provisions of the wealth-tax act, 1957 (hereinafter called 'the act'), were amended by the finance act of 1988 with effect from june 1, 1988, and the name of the chief commissioner was substituted in the place of the central board of direct taxes in respedt of according registration. the provisions contained in chapter vii-b of the' act were also amended with ..... p. no. 1077 of 1989 (avinash kutumbale v. chief cit). 2. the petitioner in m. p. no. 1019 of 1989, suresh deole, is practising as an architect since 1970. he obtained his degree in architecture in the year 1969 from maulana azad college of technology, bhopal. the petitioner was a duly registered valuer under the provisions of the wealth ..... the experience, the basic qualification is that a person should be a practising engineer for not less than 10 years. the petitioner is practising as an architect since 1970 and as such prima facie his experience was of about 18 years at the time of application for registration as a valuer under the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1980)15CTR(MP)142; [1980]124ITR680(MP)
..... ito, however, is subject to the provision made in section 274 which before its amendment by the taxation laws (amendment) act, 1970 (act 42 of 1970), read as follows :'274. procedure.--(1) no order imposing a penalty under this chapter shall be made unless the assessee has been heard, or has been given a reasonable opportunity of being heard. (2 ..... would govern the quantum of penalty imposable on the assessee for concealment of particulars of income. clause (iii) of section 271(1), as amended by the finance act, 1968 (act 19 of 1968), with effect from 1st april, 1968, was applicable to the case of the assessee for the return was filed and penalty was incurred after ..... the imposition of penalty. (3) an appellate assistant commissioner on making an order under this chapter imposing a penalty, shall forthwith send a copy of the same to the income-tax officer.' 5. by section 49 of the taxation laws (amendment) act, 1970, which came into force on 1st april, 1971, for the words ' the minimum penalty .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2004]267ITR450(MP)
..... pronounced by the supreme court on august 1, 2000. subsequent to this judgment, an explanation 1 has been substituted in section 234b of the act with effect from april 1, 1989, by the finance act, 2001. the said explanation has been made effective retrospectively with effect from april 1, 1989. by this explanation 1 it has been clearly mentioned ..... sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii of any income, which is subject to such deduction or collection. so by legal fiction explanation 1 was made applicable even to those cases, which were decided ..... passed by the income-tax appellate tribunal, indore bench.3. all these appeals have been preferred by the assessee under section 260a of the income-tax act, 1961 (for short 'the act'). the original order by the tribunal was passed in the appeal preferred by the revenue. the said order of the tribunal was based on a judgment .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2004]140TAXMAN388(MP)
..... held that specified percentage of deduction under section 36(1)(viii) should be given on the total income which should be worked before making any deduction under chapter 6a of the act. to that effect, there is a clarificatory circular dated 15-4-1971. in view of the aforesaid analysis we are of the considered opinion that the ..... ). the said provision reads as under'(viii) in respect of any special reserve created and maintained by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development or development of infrastructure facility in india or by a public company formed and registered in india with the main object of carrying ..... by the tribunal are covered by the decisions rendered in the cases of cit v. m.p. audyogik vikas nigam ltd. (1989) 178 itr 1772, cit v. himachal pradesh finance corpn. and cit v. general insurance corpn. of india (no. 1) : [2002]254itr203(bom) .6. to appreciate the controversy it is apposite to refer to section 36 .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2003]262ITR33(MP)
..... 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 june 1, 1992.''204. meaning of 'person responsible for paying'.--for the purposes of sections 192 to 194, section 194a, section 194b, section ..... 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 june 1, 1962.explanation.--for the purposes of this section, where any income by way of interest as aforesaid is credited to any account, ..... have the meanings assigned to them in chapter xii-a ;(b) 'authorised dealer' shall have the meaning assigned to it in clause (b) of section 2 of the foreign exchange regulation act, 1973 (46 of 1973).' 7. this section 194a has been inserted in the income-tax act, 1961, by the finance (no. 2) act, 1967, with effect from april 1, .....
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, ..... 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 ..... shall have the meanings assigned to them in chapter xii a :(b) 'authorised dealer' shall have the meaning assigned to it in clause (b) of section 2 of the foreign exchange regulation act, 1973 (46 of 1973). '8. this section 194a has been inserted in the income tax act, 1961, by the finance (no. 2) act, 1967, with effect from 1-4- .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)204CTR(MP)317; [2008]296ITR529(MP)
..... the respondents and after perusing the petition, reply as well as the documents filed herein, this court is of the opinion that as per provision of the finance act, 1997 wherein chapter iv is for vdi scheme, 1997 and according to section 64, charge of tax on voluntarily disclosed income is prescribed. the provision of main section is reproduced ..... or before the 31st day of december, 1997, a declaration in accordance with the provisions of section 65 in respect of any income chargeable to tax under the it act for any assessment year.5. according to this main provision, any person could make a declaration in accordance with the provisions of section 65 in respect of any ..... was not disclosed prior to december, 1997, could be declared, for which the assessment (sic-retum) was not filed as per provisions under section 139 of the it act. learned counsel for the petitioner has pointed out annex. p/6 wherein it is mentioned that the petitioner acquired 110 gold ginnis on 11th july, 1959 at the time .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2003]128TAXMAN751(MP)
..... asset shall have the meanings assigned to them in chapter xii-a;(b) authorised dealer shall have the meaning assigned to it in clause (b) of section 2 of the foreign exchange regulation act, 1973 (46 of 1973)'.8. this section 194a has been inserted in the income tax act, 1961 by the finance (no. 2) act, 1967 with effect from 1-4-1967, which ..... banking institution referred to in section 51 of that act); or(b) time deposits with a co-operative society engaged in carrying on the business of banking;(c) deposits with a public company which is formed and registered in india with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in india .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2003)183CTR(MP)503; [2003]263ITR77(MP)
..... (see [2002] 258 itr 13) which has been referred to above in paragraph 61.3.2 has laid down as under (page 58) :'61.3.2. the finance act, 2002, has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered ..... board of direct taxes issued on august 27, 2002.6. to appreciate the rival submissions, it is appropriate to refer to section158bb(1) of the act which occurs in chapter xiv-b of the act. it reads asunder :158bb. (1) the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling ..... the said question refers to an addition of rs. 2,49,350 made on account of unexplained expenses in the construction of a residential bungalow by the assessee. here also, chapter xiv-b has no application. the tribunal, rightly, found that the addition is made on the basis of the report of the departmental valuer. according to the assessing officer .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008]300ITR124(MP)
..... accordingly. the relevant portion in the report reads as under (page 317):it is pertinent to state here that the aforesaid provision came on the statute book by the finance act, 2002, with effect from july 1, 1995. by virtue of this amendment, much confusion which had remained earlier really got cleared and the picture was frescoed without any ..... it provides that the undisclosed income of the block period would be aggregated to the total income of the previous years within the block period in accordance with chapter iv of the act on the basis of the evidence found. learned senior counsel for the appellant has, however, referred to the decision of the same high court, of a ..... bench accordingly held that the income of the assessee in that case cannot be treated to be as 'undisclosed income' for the purpose of assessment under chapter xiv-b of the act.10. from the above position it is luculent that once it is established that income-tax was deducted, the income cannot be treated as income from .....
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