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 : 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 : Chennai
Reported in : (2004)187CTR(Mad)562; [2004]266ITR27(Mad)
..... finance act, 1972, which introduced section 194b, a new sub-clause (ix) was introduced in the definition of 'income' in section 2(24) of the act, ..... lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever 'the winnings from lotteries on and after 1.4.1972 were included within the scope of the definition of 'income' and the person responsible for paying to any person any income in excess of rupees five thousand by way of winnings from lottery, was required ..... in the finance act, 2001, an explanation was added below section 2(24)(ix), which explanation reads thus:'explanation:-- for the purposes of this sub-clause, -- (i) 'lottery' includes winnings from prizes awarded to any person by draw of lots ..... in holding that distribution of prizes under the district level gift linked savings mobilisation scheme did not constitute 'lottery' and the provisions of section 194b of the income tax act are not applicable and if applicable, as to whether the tribunal was right in cancelling the penalty imposed.2. ..... that appears to be the reason why the explanation was added under section 2(24)(ix) of the act with effect from 1.4.2002 to bring within the purview of section 194b, winnings from prizes awarded to any person by a draw of lots under any scheme or arrangement, whether or not ..... section 194b of the act, which was inserted with effect from 1-4-1972, as it stood at the relevant year, is captioned .....
Tag this Judgment!Court : Chennai
Reported in : [1985]152ITR228(Mad)
..... in the light of these provisions brought out by the finance act, 1972, it is not possible to accept the contention of the petitioner that the deduction at source by the second respondent is ..... by the said amending act,the finance act, 1972, in the definition section of 'income', a new sub-clause namely, sub-cl (9) ..... counsels appearing for the first and second respondents, respectively, brought to my notice the subsequent charges that were brought into effect by the finance act 1972, with effect from april 1, 1972. ..... grievance of the petitioner is that a larger amount by way of deduction has been taken away by the second respondent, a provision has also been made in the act, for him to approach the ito, at the end of the year, by submitting proper returns of income, to get back any excess amount paid. 7. ..... taken away from the exemption, which was not the case under the old act, and even under the new act before april 1, 1972. ..... ] itr 39 which, as explained above, cannot be relied upon, in view of subsequent amendment introduced ink the act, the contentikons of the petitioner cannot be accepted. 8. ..... 4(3)(7) of the old act, an exemption has ..... 2(24) of the act, was added, under which'income' will include any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any ..... 10(3) of the i.t act, 1961, does not contemplate levy of tax on income earned by a hobby or habits and he replied on a decision of this court .....
Tag this Judgment!Court : Chennai
Reported in : (2003)180CTR(Mad)468; [2003]260ITR297(Mad); (2002)3MLJ15
..... section 194c was inserted by the finance act, 1972, with effect from april 1, 1972, authorising deduction of income-tax at source, while making payments to contractors for the work done by them ..... the argument that inasmuch as the finance act, 1995, was enacted authorising the deduction even for mere transportation of goods, and as such, the circular is deemed to have been ratified by parliament is also liable to be rejected, for the reason that the said finance act, 1995, which came into effect from july 1, 1995, is only prospective in operation and not retrospective ..... , section 194c of the act did not authorise any tax deduction at source for mere carriage of goods by transportation in motor vehicles ..... section 194c of the act obligates any person paying any amount due to a contractor in pursuance of a contract, to deduct a particular percentage of amount as income-tax ..... 299), issued by the central board of direct taxes on the ground of it being ultra vires section 194c of the income-tax act, 1961 (hereinafter referred to as 'the act').2. ..... the substantive provisions in section 194c do not make mere transportation of goods exigible to deduction at source, and the circular cannot authorise for doing so and as such the circular is illegal and ultra vires the act,5. ..... assessees, who are transport contractors and entitled for payment for carriage of goods, were aggrieved by the action of the income-tax authorities in seeking to deduct the amount at source by invoking section 194c of the act. .....
Tag this Judgment!Court : Chennai
Reported in : (1996)131CTR(Mad)277; [1996]217ITR559(Mad)
..... the it act, 1961, by the finance act, 1972, parliament expressly provided that when the total income of any person is to be computed for the previous year relevant to the assessment year commencing on 1st april, 1972, any ..... the finance act, 1972, the income before 1st april, 1972, notwithstanding ..... 59 of the finance act, 1972, is that notwithstanding the amendments to ..... finance act 16 of 1972 ..... finance act (16 of 1972 ..... set forth such other particulars as may be prescribed - (a) in the case of every person whose total income or the total income of any other person in respect of which he is assessable under the act, includes any income from business or profession, before the expiry of four months from the end of the previous year or where there is more than one previous year, from the end of the previous ..... ramachandra rao : [1981]127itr414(ap) , a bench of the said court observed as follows : 'as has already been extracted, it provides that for the purpose of the act, 'previous year' means - 'if the accounts of the assessee have been made upto a date within the said financial year, then, at the option of the assessee, the twelve months ending ..... 2 of the it act with effect from the first day of april, 1972, contains items of property including ..... to make a claim for exemption would not necessarily lead to the conclusion that for the purpose of the assessment under the it act, the assessee had as a matter of fact included the disputed amount as income of the previous year ending deepavali, 1972. .....
Tag this Judgment!Court : Chennai
Reported in : (1986)53CTR(Mad)176; [1986]160ITR27(Mad)
..... the learned counsel has contended that when section 59 of the finance act, 1972, referred to a casual and non-recurring receipt of the previous year relevant to the assessment year commencing on the 1st day of april, 1972, and provided that any income falling within clause (3) of section 10 of the income-tax act, as it stood immediately before the 1st day of april, 1972, shall not be included, then what was material to be found was not the date of the receipt but ..... according to the learned counsel, if the receipt does not fall in the previous year relevant to the assessment year 1972-73, then the exemption granted by section 59 of the finance act, 1972, could not be availed of by the assessee. ..... the question which falls for consideration is whether the income from horse racing in question when it was received on february 27, 1972, qualifies for this exemption under section 59 of the finance act, 1972. ..... the definition of 'income' in section 2(24) was amended by the finance act, 1972, with effect from april 1, 1972. ..... ' 9.there is no controversy about the effect of the provisions of section 59 of the finance act, 1972. ..... this amendment by addition of sub-clause (ib) was also made by the finance act, 1972. ..... by the same finance act, in section 59, it was provided as follows : 'certain casual ad non-recurring receipts not to be included the total income for the assessment year 1972-73. .....
Tag this Judgment!Court : Chennai
Reported in : [1995]216ITR240(Mad)
..... the finance act, 1972, has introduced a ..... , of course, when the proposal gets finally incorporated in the finance act that may be passed ultimately, it will have the force ..... senior counsel further, that the authorities concerned, in practice, resolve by resolutions or pass orders appointing a standing counsel or a chartered accountant, particularly, in the teeth of the provisions contained in the companies act to engage the services of the various institutions or professionals under consideration and that this constitutes an implied contract and, consequently, the submissions made on their liability to be proceeded against have no substance whatsoever. ..... threat posed by the impugned circular orders is real and substantial and the consequence and effect of the constraining influence of the same upon the authorities functioning under the act, having regard to the authority which issued the same and the source of power claimed therefor, cannot be completely erased except by quashing and setting aside the impugned ..... 1st june, 1992, by the finance act, 1992, became ineffective from 1st june ..... 194e of the act by the finance bill, 1987, requiring deduction of tax at source from 'other incomes' which included commission or brokerage as well as fee for professional services, fee for technical services, rent ..... 194c of the act and have dealt at length with various circulars issued from time to time both by the ministry of finance and by the cbdt in regard to the applicability of the provisions .....
Tag this Judgment!Court : Chennai
Reported in : (1996)130CTR(Mad)360
..... the finance act, 1972, has introduced a ..... , of course, when the proposal gets finally incorporated in the finance act that may be passed ultimately, it will have the force ..... senior counsel further, that the authorities concerned, in practice, resolve by resolutions or pass orders appointing a standing counsel or a chartered accountant, particularly, in the teeth of the provisions contained in the companies act to engage the services of the various institutions or professionals under consideration and that this constitutes an implied contract and, consequently, the submissions made on their liability to be proceeded against have no substance whatsoever. ..... threat posed by the impugned circular orders is real and substantial and the consequence and effect of the constraining influence of the same upon the authorities functioning under the act, having regard to the authority which issued the same and the source of power claimed therefor, cannot be completely erased except by quashing and setting aside the impugned ..... 1st june, 1992, by the finance act, 1992, became ineffective from 1st june ..... 194e of the act by the finance bill, 1987, requiring deduction of tax at source from 'other incomes' which included commission or brokerage as well as fee for professional services, fee for technical services, rent ..... 194c of the act and have dealt at length with various circulars issued from time to time both by the ministry of finance and by the cbdt in regard to the applicability of the provisions .....
Tag this Judgment!Court : Chennai
..... the finance act, 1972 modified section 90 and brought it into force with effect from 1972. ..... of press release dated 1.11.2013 issued by the ministry of finance cyprus notified as a notified jurisdictional area under section 94-a of the income-tax act,1961 ; all parties to the transaction with a person in cyprus shall be treated as associated enterprises and the transaction shall be treated as an international transaction resulting in application of transfer-pricing regulations including maintenance of documentations section 94-a was introduced in the income-tax act, 1961, through the finance act, 2011, in respect of transactions with persons located in notified ..... in 1991, section 90 was revamped and a new sub-section (2) was inserted by finance act, 1991 with retrospective effect from 1972. ..... it may be noted that sub-section (2a) was inserted under the finance act, 2012 with effect from 1.4.2013, but was omitted by finance act, 2013, due to the controversies it created. ..... they are extracted as follows : "circular no.02/2012 [f.no.142101/2012.so (tpl), dated 22.5.2012 explanatory notes to the provisions of the finance act, 2011 "15. ..... the above position can be cross verified from the relevant portion of the explanatory notes to the provisions of the finance act, 2011. .....
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