Court : Chennai
Reported in : 1979CENCUS290D; 1979(4)ELT230(Mad)
..... never answer the description of...purely synthetic yarn, cotton yarn or woollen yarn so as to be covered under entries 18 to 18b, and that is why the legislature has introduced the new entry 18e under the finance act of 1972, to cover up such blended yarn when its use had become widespread in the country. ..... '.in another portion of the judgment they have held as follows --'therefore, on no process of construction, this new blended yarn produced by the company could be treated as excisable item for the earlier period before the finance act of 1972, which introduce a clear unequivocal item no. ..... the year 1963 when the trade notice was issued, in the year 1964 when the exemption notification was issued and in the year 1972, when item 18e was introduced, by means of the finance act of 1972. ..... not entitled to reliefs in the petitions on the ground of limitation?let us first consider the principal question, whether, blended yarn was subjected to the impost of excise duty for the first time only on 16-3-1972, by the introduction of item 18e by the finance act of 1972. ..... yarn be considered an excisable item prior to the introduction of item 18e by the finance act of 1972 on 16-3-1972.2. ..... 18e by the finance act, 1972, on the strength of trade notice, dated 10-5-1973 and exemption ..... 1058 of 1972 and in terms of section 17 (equivalent to article 96 of the old act) of the limitation act of 1963, the petitioners have a limitation period of three years to file writ petitions or suits to ask for refund .....
Tag this Judgment!Court : Delhi
Reported in : AIR1976Delhi150; 1978RLR396a
..... the view that this shows an illegality on the face of the award, for the simple reason that there is no provision in the indian finance act, 1972, which requires 2% of the amount awarded to be deducted by the railways. ..... , even otherwise in view of the second finding of the arbitrator, which says:-(ii) from the amount awarded at (i) above, the railway may recover income tax at 2% of the amount awarded as required under the indian finance act, 1972. ..... is mentioned in the award as follows:-'from the amount awarded at (i) above, the railway may recover income tax at 2% of the amount awarded as required under the indian finance act, 1972. ..... stated in the counterclaim as an additional plea that in case any amount was granted to the claimant, income-tax at the rate of two per cent on the amount awarded should be deducted under section 94-c of the indian finance act, 1972. ..... the said finance act did make certain changes in the income-tax act and introduced a new section, which is section 194-c, for deduction of ..... income-tax act, 1961, as introduced, by the indian finance act. ..... it was also claimed that on account of the failure of the claimant to start the execution of work up to 30th june, 1972, in spite of repeated assurances, the contract was determined, and fresh agencies for executing the work were appointed after determining the contract ..... the most noteworthy feature of this particular section in the income-tax act, is that the deduction is to be made for 'carrying out any work in pursuance .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1977]106ITR73(AP)
..... casual gains, like winnings from lotteries, were treated as income in the income-tax act, 1922, but were specifically exempt from levy of income-tax under section 4(3)(vii) of the 1922 act and section 10(3) of the 1961 act, they againbecame taxable when the exemption was withdrawn by the finance act, 1972. 17. ..... by the finance act, 1972, clause (ix) was added to section 2(24) of the income-tax act, 1961, which defines 'income' ..... we hold that parliament is competent to enact clause (ix) in sub-section (24) of section 2 of the income-tax act, 1961, under entry 82 of the union list (list i) of the seventh schedule to the constitution. 19. ..... the indian income-tax and excess profits tax (amendment) act, xxii of 1947, amended the indian income-tax act by enlarging the definition of the word' income' in section 2(6c) so as to include capital gains and adding a new head of income in section 6 and inserting the new section 12b relating to capital gains ..... it was observed that the government of india act being a constitutional act should not be construed in a narrow and pedantic sense and that the word 'income' in entry 54 should be given its widest connotation in view of the fact that it occurs in a legislative head conferring legislative power ..... 26,755 in horse races during the accounting year 1972-73, but he was not lucky with the income-tax ..... the wording of entry 54 in list i of the government of india act is in pari materia with the wording of entry 82 in list i of the constitution of india. .....
Tag this Judgment!Court : Allahabad
Reported in : [1974]95ITR171(All)
..... by the finance act, 1972, certain amendments were made to the income-tax act, 1961, as a result of which the winnings from lotteries and gains from certain other pastimes like races, card games, gambling and betting also became taxable. ..... the supreme court held that assuming that the scheme of chapter xxii-a introduced in the income-tax act, 1961, by the finance act, 1964, is governed by entry 97 of the union list, there is no prohibition against parliament enacting in a single statute, matters which call for the exercise of power under two or more entries in the union list.18. ..... ) upheld the validity of the amendment by holding that the word 'income' in entry 54 in list i of the seventh schedule to the government of india act, 1935, should be given its widest connotation in view, of the fact that it occurs in a legislative head conferring legislative power and it included a capital gain and it will be wrong to interpret the word in the light of any supposed ..... 22 of 1947), section 5 whereof added ' capital gains ' as the sixth source of income in section 6 of the income-tax act, 1922, and enlarged the definition of the word ' income ' in section 2(6c) by adding ' capital gains chargeable under section 12b '. .....
Tag this Judgment!Court : Mumbai
Reported in : (1995)124CTR(Bom)252; [1994]210ITR844(Bom)
..... looking to the provisions of the finance act, 1972, under which corporation tax is payable by the company for which the recipient of the distribution resident in the united kingdom gets tax credit, and looking to the language of section 91 under which the double taxation relief is granted to an assessee in respect of any tax which the assessee has paid in any country to which section 91 of the act applies, it is a moot point whether the provisions of section 91 would be attracted in ..... has been a further change by reason of the finance act of 1972 of the united kingdom. ..... under the finance act, 1972, section 84 provides that where a company resident in the united kingdom makes a qualifying distribution after april 5, 1973, it shall be liable to pay an amount of corporation tax (to be known as 'advance corporation tax') in accordance with this ..... finance act, 1972, or whether the ratio of the supreme court judgment in the case of cit ..... far as we can see, this basic scheme does not appear to have changed even after the finance act, 1972. ..... can recoup this tax from the dividend distributed by it to its shareholders as provided in the finance act, 1972. ..... finance act, 1972, advance corporation tax paid by a company in respect of any distribution shall be set against its liability to corporation tax on any income charged to corporation tax for that accounting period and shall correspondingly discharge a corresponding amount ..... in the united kingdom after 1973 is governed by the finance act, 1972. .....
Tag this Judgment!Court : Chennai
Reported in : 1979CENCUS17D; 1978(2)ELT511(Mad)
..... rate in relation to the hard waste was changed under the finance act, the exemption notification issued as regards the duty payable under the unamended provision shall be deemed to continue in force after the finance act of 1972 till a fresh notification was issued after it came into force. ..... though the hard waste was assessable under item 18 previous to the finance act of 1972, and was assessable under item 18-e after the said act, the exemption notification issued in the year 1965 will continue to have the same effect as it has been issued in respect of the duty payable on hard waste, originally under item 18 but subsequently ..... in this case, even after the finance act of 1972, the power to issue an exemption notification is contained only in rule 8 of the ..... doubt true that in this case the hard waste was chargeable to duty under item 18 before the finance act of 1972 came into force. ..... finance act of 1972 came into force on 17.3.1972 ..... 64(c) of the finance act 1972, the central excise ..... goods assessable only under item 18 and it cannot be construed as exempting the hard waste assessable under item 18-e after the finance act, 1972.7. ..... introducing item 18-e by the said finance act, a specific notification exemption waste staple fibre yarn (hard waste) was issued by notification no 172/1972-central excise, dated 24.7.1972, from the whole of the duty ..... after the finance act came into force, the hard waste was again exempted from payment of duty under item 18-e by issuing another notification .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1985]156ITR245(P& H)
..... necessary amendments were made by the finance act of 1972, with effect from april 1, 1972, which have been reproduced above regarding winnings ..... section 10(3) of the act was also amended by the finance act of 1972 and earlier to the amendment, the income from lotteries even if derived in india, was being considered as ' receipts of a casual and non-recurring nature ' and was ..... before the finance act, 1972, came into force, the income derived from lotteries did not come within the ambit of ' income ' nor within the ambit of ' income from ..... that these clauses would operate in respect of winnings only in india would be apparent from the operation of section 194(c) which was also inserted by the finance act, 1972, with effect from april 1, 1972. ..... act, 1961, as amended by the finance act, 1972 ..... in the alternative, a plea was raised before the tribunal, on behalf of the revenue, that the provision of section 5(1)(a) of the act was applicable and since the lottery amount was received in india, the same had to be taken notice of as income of the assessee in ..... on these provisions, the tribunal has rightly held that with effect from april 1, 1972, if a resident of india gets a lottery prize in india, that would be treated as ' income from other sources ' and would be ..... against the aforesaid order, reference under section 256(1) of the act was sought in regard to two questions which have been referred to this court by order dated january 15, 1977, which have been reproduced in the opening part of .....
Tag this Judgment!Court : Delhi
Reported in : 1979CENCUS447D; 1979(4)ELT527(Del)
..... so far as this particular description of goods is concerned, it was sought to be made excisable item and these three entries only as synthetic yarn and cotton yarn and woolen yarn till 1972, when the new finance act of 1972 for the first time covered this whole topic of yarn by wider inclusion of entry 18e, covering such blended yarn produced from mixture of two or more of the fibres specified therein. ..... , such blended yarn became excisable item only under the finance act of 1972 from the midnight of march 16/17, 1972 and prior to that such blended yarn wax not ..... construction this new blended yarn produced by the company could be treated as excisable item for the earlier period before the finance act, 1972, which introduced clear, unequivocal item no. ..... excise rules, 1944 (hereinafter referred to as 'the rules') and limited the excise duty on the following categories of 'woolen yarn covered by item 18b of the first schedule to the central excises and salt act, 1944' (the act for short) as follows :* * * *the trade notice seems to have classified blended yarn as woolen yarn if it contained not less than 10% by weight of wool when mixed with staple fibre only ..... the government upheld the view of the appellate collector that the goods attracted duty under item 18 of the tariff prescribed in the first schedule to the act (hereinafter referred to as the get) and that, since duty correctly chargeable under that item was short levied, 'the amount could be recovered from the duty already paid .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2001SC1080; JT2001(3)SC256; 2001(2)SCALE272; (2001)9SCC35; [2001]2SCR198
..... into existence by the finance act, 1972 with effect from april 1, 1972. ..... 194c was amended by the finance act, 1995 with effect from 1st ..... the appellant did not deduct the tax at source from the payments made by it to the transporters under section 194c of the income tax act, by letter dated 18th march, 1995 the income tax officer required the appellant to deduct the tax at source from such payments in accordance with ..... the two possible interpretations of a taxing statute, which favours the assessee and which has been acted upon and accepted by the revenue for a long period should not be disturbed except for ..... is no controversy that according to the understanding of revenue of section 194c, right from 1st april, 1972 till issue of the impugned circular, this provision was not applicable to the payments made in respect ..... circular states that some of the issues raised in circular no.86 dated 29th may, 1972 and circular no.93 dated 26th september, 1972 need to be reviewed in the light of the judgment of this court in ..... doubt that if the only view of section 194c had been the one reflected in the impugned circular, then the issue of earlier circular and acceptance and acting thereupon by the revenue reflecting the contrary view would have been of no consequence. ..... soon after insertion of section 194c, a circular dated 29th may, 1972 was issued, inter alia, stating that the provisions of section 194c would apply only in relation to 'work contracts' and 'labour contracts' and will not cover .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2004)1CompLJ50(SC); (2003)184CTR(SC)450; [2003]263ITR707(SC); JT2003(Suppl2)SC205; 2003(8)SCALE287; (2004)10SCC1
..... finance act, 1972 (act 16 of 1972) modified section 90 and brought it into force with effect from 1.4.1972 ..... the following words:'it is, i think, necessary to consider what, if any, legal concept is involved in the use of this popular and pejorative word, i apprehend that, if it has any meaning in law, it means acts done or documents executed by the parties to the 'sham' which are intended by them to give to third parties or to the court the appearance of creating between the parties legal rights and obligations different from the actual ..... provisions of the statute can best be implemented and what measures, substantive as well as procedural would have to be incorporated in the rules or regulations for the efficacious achievement of the objects and purposes of the act, it is not for the court to examine the merits or demerits of such a policy because its scrutiny has to be limited to the question as to whether the impugned regulations fall within the scope of ..... the scope of the doctrine of stare decisis with reference to halsbury's law of england and corpus juris secundum, pointing out that a decision which has been followed for a long period of time, and has been acted upon by persons in the formation of contracts or in the disposition of their property, or in the general conduct of affairs, or in legal procedure or in other ways, will generally be followed by courts of ..... sub-section (1) and sub-section (2) was inserted by finance act, 1991 with retrospective effect from april 1, 1972. .....
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