Array ( [0] => ..... of loan to bring into books of account black money and it never gave any loan to the assessee and after cross-examining the managing director of the finance company on his confession to this effect, proceedings were initiated by the income-tax officer concerned for reopening the assessment on the ground of income escaped assessment. ..... 50,000 in cash on interest from a calcutta based company in may, 1962. accepting the assessee-firm's claim that it borrowed money in cash from a finance company and paid interest thereon by cheque/draft till repayment in cash, deduction of interest was allowed by the income-tax officer. later on, on receipt of information ..... the inspector in 1978, it came to light, on verification of the relevant accounts, that the petitioner-assessee had kept the second account which was not accounted by him in his assessment. when this material came to the notice of the assessing authority, he issued a notice under section 147(b) of the income-tax act on march 23 ..... [1] => ..... which 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 words ' the income-tax officer shall refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter for the imposition of penalty' as they occur in section 274(2) clearly signify that the jurisdiction of the iac for the purpose of imposing penalty is derived ..... andhra pradesh high courts and we respectfully agree with them [see cit v. royal motor car co. : [1977]107itr753(guj) ; addl. cit v. dr. khaja khutabuddinkhan : [1978]114itr905(ap) and cit v. mann engineering works : [1980]122itr306(guj) ]. we are respectfully unable to agree with the view taken by the allahabad high court in cit v. ..... [2] => ..... does not provide any assistance whatsoever.6. in the case of a f. w. low [1995] 211 itr 213 , their lordships observed (headnote) :'prior to the u. k. finance act, 1965, amounts deducted by way of tax from the dividends distributed by companies incorporated in the u. k. at the standard rates were allowed to be retained by the companies ..... reference to section 198. their lordships, of course, made a reference to the decision of the supreme court in the case of cit v. clive insurance co. ltd. : [1978]113itr636(sc) . this case was considered by the calcutta high court in oriental co. ltd.'s case : [1982]137itr777(cal) . in clive insurance co. ltd.'s case ..... : [1978]113itr636(sc) , their lordships were concerned with the double taxation and after considering that judgment, their lordships in oriental co. ltd.'s case : [1982]137itr777(cal) , at page 784 ..... [3] => ..... or any gross or wilful neglect on his part. it is, therefore, plain that by the addition of this explanation, which was added by an amendment by the finance act of 1964, this explanation shifted the burden on the assessee if the returned income was less than 80% of the total income which was assessed as the correct ..... matter. the words 'the income-tax officer shall refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter for the imposition of penalty' as they occur in section 274(2) clearly signify that the jurisdiction of the iac for the purpose ofimposing penalty is derived on ..... refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter for the imposition of penalty.'15. this provision empowers the tag with all the powers in this chapter for imposition of penalty and it is, therefore, plain that if the reference made by the ito was valid ..... [4] => ..... 1977]107itr609(bom) and upon the decision of the supreme court in cit v. b. c. srinivasa setty : [1981]128itr294(sc) . 9. section 45(1) of the act inserted by the finance act, 1964, with effect from april 1, 1964, envisages that : ' 45. (1) any profits or gains arising from the transfer of a capital asset effected in the previous ..... court on august 2, 1988, in miscellaneous civil case no. 131 of 1987, presented by the applicant-department under section 256(2) of the income-tax act (for short the 'act'), the tribunal stated the case and referred the undernoted question of law for our opinion : ' whether, on the facts and in the circumstances of the case ..... (ker) , the bombay high court in cit v. home industries and co. : [1977]107itr609(bom) and cit v. michel postel : [1978]112itr315(bom) and the madhya pradesh high court in cit v. jaswantlal dayabhai : [1978]114itr798(mp) , have taken the view that the receipt on the transfer of goodwill generated in a business is not subject to income-tax ..... [5] => ..... (1) thereof, are being interpreted and applied by the income-tax officers. the direct taxes administration enquiry committee have also made a few suggestions on this subject in chapter iii of their report. the board have carefully considered the points involved. those points and their decisions thereon are given below : point (i). under clause (a ..... used in a statute has to be understood in its grammatical and ordinary sense without addition or subtraction or substitution: stock v. frank jones (tipton) ltd. [1978] 1 all er 948 (hl). this is specially true of a taxing statute where equitable construction is inadmissible and one has to adhere simply to the words ..... placed upon an ambiguous statute by the executive or administrative officers, who are charged with executing the statute, and especially if such construction has been observed and acted upon for a long period of time, and generally or uniformly acquiesced in, it will not be disregarded by the courts, except for the most satisfactory, ..... [6] => ..... . before 1st march 1969 the excise duty payable by the manufacturers of vegetable product under item 13 was leviable by weight per quintal of the excisable goods. by finance act of 1969 which came into force on 1st march,1969, item 13 of the first schedule was amended so that from that date the excisable duty leviable was made ..... about the cost of packing and freight and transport charges came up for consideration before the calcutta high court in hindustan pilkington glass works ltd., v. superintendent central excise 1978 e.l.t. (j 229) wherein it was observed; 'thus it is clearly established in view of the decisions referred to herein above that the cost of packing ..... made chargeable for the first time with effect from 1st march, 1970. 4. under rule 173-a of the rules framed under the act, the central government has made the provision contained in chapter viia of the aforesaid rules applicable to vegetable factories. under rule 173-a the petitoners are required to file a price list of goods ..... [7] => ..... : [1977]107itr822(mad) , their lordships of the madras high court considered the expression used in the definition of 'industrial company' under section 2(6)(d) of the finance act, 1968. (the definition of 'industrial undertaking' under the explanation to section 5(1)(xxxi) is identical with the definition of 'industrial company' under the ..... finance act, 1968). the assessee-company was a printer and publisher of a fortnightly journal, sales tax cases. the printing of the journal was done through another concern ..... upheld this finding of the tribunal and answered the question in favour of the assessee.8. in addl. cit v. a. mukherjee and co. (p.) ltd. : [1978]113itr718(cal) , a similar question came up before the calcutta high court in respect of an assessee-company, which was only a publisher of books. the calcutta high court observed ..... [8] => ..... deemed to arise to the individual and not to the family. a similar amendment was incorporated in section 4 of the wealth-tax act by the insertion of sub-section (1a) by the finance (no. 2) act, 1971, with effect from april 1, 1972, providing for the consequence of conversion of the properties after december 31, 1969. ..... while affirming cwt v. chander sen : [1974]96itr634(all) and approving cit v. ram rakshpal, ashok kumar : [1968]67itr164(all) ; addl. cit v. p.l. karuppan chettiar : [1978]114itr523(mad) ; shrivallabhdas modani v. cit : [1982]138itr673(mp) and cwt v. mukundgirji : [1983]144itr18(ap) , disagreed with and overruled cft v. dr. babubhai mansukhbhai : [1977] ..... 161itr370(sc) decided on july 16, 1986. it is observed that the hindu succession act, 1956, modifying and codifying the law, luculently laid down that the property of a male hindu dying intestate shall devolve according to the provisions of chapter ii and class i of the schedule which excluded son's son but included the ..... [9] => ..... an order or injunction of any court,shall be excluded.' 9. dealing with a similar provision occurring in section 275 of, i.t. act, itwas observed by the gujarat high court in vasani & co. v. cit : [1978]112itr819(guj) , as follows : ' on a plain reading of this provision where the legislature had laid down a bar of limitation ..... person concerned. naturally, after the period of limitation has expired, no proceedings can be taken to assess nor could any period of limitation laid down by the act be extended merely by a superior tribunal directing an inferior tribunal to make an assessment or to take proceedings which result in assessment after the period of limitation ..... for imposition of penalty, it is obvious that the term ' no order imposing a penalty under chapter xxi' would refer prima facie to the initial order or the ..... ) Finance Act 1978 Chapter Iii Direct Taxes - Court Madhya Pradesh - Page 5 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: madhya pradesh Page 5 of about 251 results (0.080 seconds)

Jan 03 1996 (HC)

Badri Prasad Rameshwar Prasad Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Reported in : (1996)133CTR(MP)410; [1996]219ITR441(MP)

..... of loan to bring into books of account black money and it never gave any loan to the assessee and after cross-examining the managing director of the finance company on his confession to this effect, proceedings were initiated by the income-tax officer concerned for reopening the assessment on the ground of income escaped assessment. ..... 50,000 in cash on interest from a calcutta based company in may, 1962. accepting the assessee-firm's claim that it borrowed money in cash from a finance company and paid interest thereon by cheque/draft till repayment in cash, deduction of interest was allowed by the income-tax officer. later on, on receipt of information ..... the inspector in 1978, it came to light, on verification of the relevant accounts, that the petitioner-assessee had kept the second account which was not accounted by him in his assessment. when this material came to the notice of the assessing authority, he issued a notice under section 147(b) of the income-tax act on march 23 .....

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Oct 17 1979 (HC)

Commissioner of Income-tax Vs. A.N. Tiwari

Court : Madhya Pradesh

Reported in : (1980)15CTR(MP)142; [1980]124ITR680(MP)

..... which 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 words ' the income-tax officer shall refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter for the imposition of penalty' as they occur in section 274(2) clearly signify that the jurisdiction of the iac for the purpose of imposing penalty is derived ..... andhra pradesh high courts and we respectfully agree with them [see cit v. royal motor car co. : [1977]107itr753(guj) ; addl. cit v. dr. khaja khutabuddinkhan : [1978]114itr905(ap) and cit v. mann engineering works : [1980]122itr306(guj) ]. we are respectfully unable to agree with the view taken by the allahabad high court in cit v. .....

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Dec 14 1995 (HC)

Commissioner of Income-tax Vs. Yawar Rashid and ors.

Court : Madhya Pradesh

Reported in : (1996)133CTR(MP)252; [1996]218ITR699(MP)

..... does not provide any assistance whatsoever.6. in the case of a f. w. low [1995] 211 itr 213 , their lordships observed (headnote) :'prior to the u. k. finance act, 1965, amounts deducted by way of tax from the dividends distributed by companies incorporated in the u. k. at the standard rates were allowed to be retained by the companies ..... reference to section 198. their lordships, of course, made a reference to the decision of the supreme court in the case of cit v. clive insurance co. ltd. : [1978]113itr636(sc) . this case was considered by the calcutta high court in oriental co. ltd.'s case : [1982]137itr777(cal) . in clive insurance co. ltd.'s case ..... : [1978]113itr636(sc) , their lordships were concerned with the double taxation and after considering that judgment, their lordships in oriental co. ltd.'s case : [1982]137itr777(cal) , at page 784 .....

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Oct 11 1982 (HC)

Medium Cloth Emporium Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Reported in : (1983)34CTR(MP)306; [1984]147ITR197(MP)

..... or any gross or wilful neglect on his part. it is, therefore, plain that by the addition of this explanation, which was added by an amendment by the finance act of 1964, this explanation shifted the burden on the assessee if the returned income was less than 80% of the total income which was assessed as the correct ..... matter. the words 'the income-tax officer shall refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter for the imposition of penalty' as they occur in section 274(2) clearly signify that the jurisdiction of the iac for the purpose ofimposing penalty is derived on ..... refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter for the imposition of penalty.'15. this provision empowers the tag with all the powers in this chapter for imposition of penalty and it is, therefore, plain that if the reference made by the ito was valid .....

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Jan 23 1996 (HC)

Commissioner of Income-tax Vs. H.H. Lokendra Singh

Court : Madhya Pradesh

Reported in : (1996)134CTR(MP)149; [1997]227ITR638(MP)

..... 1977]107itr609(bom) and upon the decision of the supreme court in cit v. b. c. srinivasa setty : [1981]128itr294(sc) . 9. section 45(1) of the act inserted by the finance act, 1964, with effect from april 1, 1964, envisages that : ' 45. (1) any profits or gains arising from the transfer of a capital asset effected in the previous ..... court on august 2, 1988, in miscellaneous civil case no. 131 of 1987, presented by the applicant-department under section 256(2) of the income-tax act (for short the 'act'), the tribunal stated the case and referred the undernoted question of law for our opinion : ' whether, on the facts and in the circumstances of the case ..... (ker) , the bombay high court in cit v. home industries and co. : [1977]107itr609(bom) and cit v. michel postel : [1978]112itr315(bom) and the madhya pradesh high court in cit v. jaswantlal dayabhai : [1978]114itr798(mp) , have taken the view that the receipt on the transfer of goodwill generated in a business is not subject to income-tax .....

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Dec 02 1977 (HC)

Commissioner of Income-tax Vs. Agrawal Brothers

Court : Madhya Pradesh

Reported in : [1980]123ITR232(MP)

..... (1) thereof, are being interpreted and applied by the income-tax officers. the direct taxes administration enquiry committee have also made a few suggestions on this subject in chapter iii of their report. the board have carefully considered the points involved. those points and their decisions thereon are given below : point (i). under clause (a ..... used in a statute has to be understood in its grammatical and ordinary sense without addition or subtraction or substitution: stock v. frank jones (tipton) ltd. [1978] 1 all er 948 (hl). this is specially true of a taxing statute where equitable construction is inadmissible and one has to adhere simply to the words ..... placed upon an ambiguous statute by the executive or administrative officers, who are charged with executing the statute, and especially if such construction has been observed and acted upon for a long period of time, and generally or uniformly acquiesced in, it will not be disregarded by the courts, except for the most satisfactory, .....

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Oct 17 1978 (HC)

Malwa Vanaspati and Chemical Co. Ltd. Vs. Union of India (Uoi), Throug ...

Court : Madhya Pradesh

Reported in : 1979(4)ELT243(MP)

..... . before 1st march 1969 the excise duty payable by the manufacturers of vegetable product under item 13 was leviable by weight per quintal of the excisable goods. by finance act of 1969 which came into force on 1st march,1969, item 13 of the first schedule was amended so that from that date the excisable duty leviable was made ..... about the cost of packing and freight and transport charges came up for consideration before the calcutta high court in hindustan pilkington glass works ltd., v. superintendent central excise 1978 e.l.t. (j 229) wherein it was observed; 'thus it is clearly established in view of the decisions referred to herein above that the cost of packing ..... made chargeable for the first time with effect from 1st march, 1970. 4. under rule 173-a of the rules framed under the act, the central government has made the provision contained in chapter viia of the aforesaid rules applicable to vegetable factories. under rule 173-a the petitoners are required to file a price list of goods .....

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Mar 24 1982 (HC)

Commissioner of Wealth-tax Vs. Smt. Premlatabai and Smt. Sajjanbai

Court : Madhya Pradesh

Reported in : (1982)31CTR(MP)188; [1982]137ITR329(MP)

..... : [1977]107itr822(mad) , their lordships of the madras high court considered the expression used in the definition of 'industrial company' under section 2(6)(d) of the finance act, 1968. (the definition of 'industrial undertaking' under the explanation to section 5(1)(xxxi) is identical with the definition of 'industrial company' under the ..... finance act, 1968). the assessee-company was a printer and publisher of a fortnightly journal, sales tax cases. the printing of the journal was done through another concern ..... upheld this finding of the tribunal and answered the question in favour of the assessee.8. in addl. cit v. a. mukherjee and co. (p.) ltd. : [1978]113itr718(cal) , a similar question came up before the calcutta high court in respect of an assessee-company, which was only a publisher of books. the calcutta high court observed .....

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Dec 18 1995 (HC)

Prabhashchandra Jha, Vs. Commissioner of Wealth-tax

Court : Madhya Pradesh

Reported in : [1996]219ITR373(MP)

..... deemed to arise to the individual and not to the family. a similar amendment was incorporated in section 4 of the wealth-tax act by the insertion of sub-section (1a) by the finance (no. 2) act, 1971, with effect from april 1, 1972, providing for the consequence of conversion of the properties after december 31, 1969. ..... while affirming cwt v. chander sen : [1974]96itr634(all) and approving cit v. ram rakshpal, ashok kumar : [1968]67itr164(all) ; addl. cit v. p.l. karuppan chettiar : [1978]114itr523(mad) ; shrivallabhdas modani v. cit : [1982]138itr673(mp) and cwt v. mukundgirji : [1983]144itr18(ap) , disagreed with and overruled cft v. dr. babubhai mansukhbhai : [1977] ..... 161itr370(sc) decided on july 16, 1986. it is observed that the hindu succession act, 1956, modifying and codifying the law, luculently laid down that the property of a male hindu dying intestate shall devolve according to the provisions of chapter ii and class i of the schedule which excluded son's son but included the .....

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Feb 09 1982 (HC)

Mohd. Shafi Khan Vs. Commissioner of Wealth-tax

Court : Madhya Pradesh

Reported in : [1983]144ITR489(MP)

..... an order or injunction of any court,shall be excluded.' 9. dealing with a similar provision occurring in section 275 of, i.t. act, itwas observed by the gujarat high court in vasani & co. v. cit : [1978]112itr819(guj) , as follows : ' on a plain reading of this provision where the legislature had laid down a bar of limitation ..... person concerned. naturally, after the period of limitation has expired, no proceedings can be taken to assess nor could any period of limitation laid down by the act be extended merely by a superior tribunal directing an inferior tribunal to make an assessment or to take proceedings which result in assessment after the period of limitation ..... for imposition of penalty, it is obvious that the term ' no order imposing a penalty under chapter xxi' would refer prima facie to the initial order or the .....

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