Court : Chennai
Reported in : (1982)30CTR(Mad)179
..... amendment in s. 5(1)(viii), which made the provision read differently, and as follows:"wearing apparel......... but not including jewellery."2. this amendment was made by the finance (nos. 2) act, of 1971. but the amendment was expressly made to have retrospective effect from april 1, 1963. in practical terms in relation to wealth-tax assessments from the assessment ..... against the order of the appellate assistant commissioner dated on december 24, 1973 dropping the proceedings which he had initiated under section 35(1)(b) of the wealth-tax act, was not competent ?"10. before proceeding to examine the arguments addressed from either side of the bar before us on the above question of law, we may observe ..... court in t.c.p. no. 264, 265 and 266 of 1977 disposed of on february 3, 1978 (cwt v. v. thayarammal) [since reported in [1983] 139 itr 1072 (mad)]. that case arose under s. 27(3) of the w.t. act, 1957 on a petition filed by the cwt for an order directing the tribunal to state a case .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR782(Mad)
..... action of the department is valid and legal. in considering the question, it is necessary to notice relevant provisions of the act. chapter xiv-b of the act is a special provision for assessment of search cases. the above chapter was introduced by the finance act, 1995, with effect from july 1, 1995, with an avowed object to make the procedure of assessment of search cases ..... cost effective, efficient and meaningful and under the new scheme introduced by the said chapter, the assessment of undisclosed income determined as a result of search under .....
Tag this Judgment!Court : Chennai
Reported in : [1992]196ITR82(Mad)
..... the settlement becomes void.' 16. there was a second proviso to section 245d(1) till april 1, 1979, which was omitted with effect from that date by the finance act, 1979. the second proviso read as hereunder : 'provided further that an application shall not be proceeded with under this sub-section if the commissioner objects to the ..... passed its final order of settlement under section 245d(4), was not maintainable. while allowing the petition, the learned judge had considered all the relevant sections in chapter xixa and their effect. it was the view of the learned judge that when the settlement commission, after dealing with the objections of the commissioner raised under section ..... . c. no. 2164 of 1982, on the file of the same court, has been prayed for. the offenced alleged are also the same. the assessment year is 1978-79. the respondent filed the complaint before the trial magistrate on october 11, 1982. messrs. kothari and sons, the first petitioner (a-1), has filed an application .....
Tag this Judgment!Court : Chennai
Reported in : (1989)78CTR(Mad)54; [1989]178ITR1(Mad)
..... for the respondent, after the introduction of section 21a, there is an obligation on the part of every assessee to file a return. section 21a was inserted by the finance act 16 of 1972 with effect from april 1, 1973. it is clear by a reading of the marginal note that it relates to assessment in cases of diversion of ..... the said assessment years including the assessment year 1974-75 were getting time-barred, no further extension of time would be granted. 49. on october 21, 1978 and october 27, 1978, the appellant-trust received notices from the district valuation officer to the effect that the valuation of the property belonging to the trust has been referred under section ..... includes a plurality of individuals. 60. the next section that has to be looked at is section 5 of to wealth-tax act. that talks of exemption in respect of certain assets. section 14 occurring in chapter iv in relation to the assessment of an assessee throws an obligation on the assessee to file a return of wealth in the .....
Tag this Judgment!Court : Chennai
Reported in : [1969]73ITR479(Mad)
..... petitioner--the income which was exempt from tax under section 81 had formed part of the total income of the previous year. there was no need, therefore, for the finance act to make any deeming provision making what was not the income of the previous year as such income by a fiction.6. it is next contended that the language of ..... the tax was computed on a total taxable income of rs. 51,763, while, actually, the income taken for purposes of rate amounted to rs. 9,48,335. applying the finance act, 1963, the residual income was determined at rs. 5,39,386. there is no dispute that the computation of the residual income was strictly in terms of section 2(8 ..... is found in chapter vii relating to income forming part of total income on which no income-tax is payable, provides that income-tax shall not be payable by a co-operative society in respect of profits and gains of business carried on by it, this exemption being subject to certain conditions. section 2(1)(a)(ii) of the finance act, 1963, .....
Tag this Judgment!Court : Chennai
Reported in : [2000]241ITR407(Mad)
..... case of cit vs. ocean carriers pvt. ltd. (1995) 211 itr 357 : tc 17ps.62, and submitted that though sub-s. (5) of s. 37 was inserted by the finance act, 1983 with retrospective effect from 1st april, 1979, the said amendment has merely clarified the position and under the provision, any accommodation maintained by the assessee to provide lodging or ..... asst. yr. 1973-74. in the said order, the tribunal noticed the findings of the aac for the asst. yrs. 1971-72 and 1972-73 dt. 13th february, 1978 and the tribunal found that the log book showed that some non-employers used the flat though the expenditure on such user was not substantial. it was clarified before the ..... as deduction. the revenue has preferred an appeal before the tribunal. the tribunal also following its earlier order in ita nos. 1555/mad/1976-77 dt. 21st december, 1978 for the asst. yr. 1973-74 held that the guest house was maintained by the assessee for its employees who were on tour in connection with the assessee's business .....
Tag this Judgment!Court : Chennai
Reported in : [1993]199ITR832(Mad)
..... authority or competent court. the scope and applicability of section 214(2) cannot, therefore, be said to have been excluded by section 240 or section 244 of chapter xix of the act in cases like the one before me. i am also of the view, as observed by the division bench, that these provisions are supplementary in nature and give ..... ltd.'s case : [1980]126itr125(mad) and rayon traders pvt. ltd.'s case : [1980]126itr135(mad) did not advert to the provisions contained in section 244 of the act and that, consequently, the division bench judgments relied upon very much for the assessee require reconsideration by a larger bench. 8. i have carefully considered the submissions of learned counsel ..... to income-tax for the assessment year 1975-76 by the income-tax officer, 'a' ward, ananthpur, on september 21, 1978, under section 143(3) read with section 144b of the income-tax act, 1961 (hereinafter called 'the act'), on a sum of rs. 50,14,789 and to a tax of rs. 32,42,540. the assessee during the .....
Tag this Judgment!Court : Chennai
Reported in : [1995]215ITR553(Mad)
..... year 1973-74 for the previous year 1972-73. in any case, there was no law under which any impost existed for the assessment year 1974-75. the finance act in operation on september 20, 1973, was relevant and applicable for the assessment year 1973-74 only. for the late or default in filing the return by the ..... for any assessment years. income-tax thus is chargeable for any assessment year only when the central act generally called the finance act of a particular assessment year creates the charge and not otherwise. once such a charge is created by the central act, the mechanism for realisation of taxes gets activated and assessment for levy of tax and realisation of ..... act 1961 s.154mishra j.1. the proceedings subsequent to the reference show that for the year ending april 30, 1973, the assessee has been subjected to a best judgment assessment, the assessment year being 1974-75 and the proceedings for the said assessment have concluded with the order of the tribunal in i.t.a. no. 168/mds/1978 .....
Tag this Judgment!Court : Chennai
Reported in : 1984(2)ECC265; 1983(13)ELT909(Mad); (1983)IIMLJ92
..... steamer 'clan macnair'. the goods were subject to levy of 100 per cent basic import duty under chapter 56 of first schedule of customs tariff act, 1975. it was also further subject to auxiliary duty of 20 per cent leviable under sub-section (1) of section 32 of finance act, 1976 together with additional duty leviable under section 3 of customs tariff ..... force upto and inclusive of december 31, 1978. on 5-1-1979 two fresh notifications nos. 6 and 7 exempting viscose staple fibre were issued, as a result of which it was exempted from the whole of duty of customs as well as 20 per cent leviable under s. 32 of the finance act, 1976. by notification no. 8 dated ..... of 1979 had come to be filed for the above said relief. 12. some arguments are advanced on respective sides. admittedly, the ship entered the territorial waters on 7-12-1978. on that date, it is the common case between the parties, there was a notification (notification no. 66) exempting viscose staple fibre from the whole of the duty .....
Tag this Judgment!Court : Chennai
Reported in : [1985]57CompCas126(Mad); (1984)IILLJ34Mad
..... on a business having great public importance and that it enjoys a monopoly in the business. i would draw the same conclusions from the relevant provisions of the industrial finance corporation act, which have also been referred to in the aforesaid judgment. in these circumstances, i think, these corporations are agencies or instrumentalities of the 'state' and are, ..... government. the salary of the chairman under section 27(2) is determined by the central government, likewise the vice-chairman's salary under section 29(2). in chapter vi, section 35 is important. the various sub-sections clearly postulate that the acquiring of the business of other banks must be only with the sanction of the ..... bank of baroda, : (1977)iillj409guj , the gujarat high court took also the same view as regards bank of baroda. lachhman dass aggarwal v. punjab national bank, [1978] 52 fjr 306, dealt with the punjab national bank. that is a decision of the punjab high court. in miss p. s. geeta v. central bank of india .....
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