Court : Rajasthan
Reported in : (2003)179CTR(Raj)432; [2003]260ITR41(Raj)
..... of profit, for the purposes of the said sub-clause for the for the assessment year 1989-90 and subsequent assessment years.'22. there was further amendment in the finance act, 1995, with effect from july 1, 1995, which substituted the words 'as may be prescribed' for the expression 'as the central government may, by notification, ..... purpose of meeting the expenses wholly, necessarily and exclusively incurred in the performance of duties. as a result of amendment of section 10(14)(i) by the finance act, 1995, referred to above, such special allowance or benefit has to be prescribed by the board by framing a rule in that regard. rule 2bb has ..... would be appropriate to make mention of some of the relevant provisions of law and the circulars which have material bearing on the controversy involved.20. chapter iii of the income-tax act, 1961, contains provisions for exemption of certain incomes. its 33 clauses display different shades and colours pointing to different objectives. section 10(14) .....
Tag this Judgment!Court : Rajasthan
Reported in : 1992(61)ELT268(Raj); 1992(3)WLC513
..... be proper to express opinion on the merits of the classification to the new product of the petitioners under a particular heading or sub-heading in chapter 4 of the schedule appended to '1985 act'. expression of opinion on this aspect would prejudicially affect the case of either of the parties. in our considered opinion, an equally effective and efficacious ..... and ors., it has been observed that the question depends on the facts and circumstances of each case and it was a case under the employees provident fund act. in air 1978 rajasthan 112, madan mohan maharaj v. state and ors., the pending civil suit has no concern with the matter in dispute in the writ petition. it is ..... the white cement manufactured by the j.k. cement works, the petitioner company is registered with bureau of standard institution (b.s.i.) under the head 8042 of 1978 relating to white portland cement, it has not so far filed the certificate of b.s.i, issued under the head 8041 relating to the rapid hardening cement as .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR1953Raj145
..... by the agreement, the union of india must be deemed to have taken over all current outstandings of cotton excise duties on 1-4-1950, when the finance act brought the central excises and salt act of 1944 into operation into rajasthan. it must, however, be remembered that the report was .made in 1949 in the shape of recommendations, and the ..... tax or duty leviable by the government of india in such state, and for the distribution of the proceeds thereof otherwise than in accordance with the provisions of this chapter. it is urged that cotton excise duties are leviable by the government of india, and therefore it was open to the government of india to enter into an ..... tax or duty leviable by the government of india in such state and for the distribution of the proceeds thereof otherwise than in accordance with the provisions of this chapter; (b) the grant of any financial assistance by the government of india to such state in consequence of the loss of any revenue which that state used to .....
Tag this Judgment!Court : Rajasthan
Reported in : [2002]255ITR599(Raj)
..... balance in the provision for bad and doubtful debts account made under that clause.' 6. the provision as existed during the periods 1985 to 1988 has been inserted by the finance act, 1985, with effect from april 1, 1985.'(viia) in respect of any provision for bad and doubtful debts made by- (a) a scheduled bank [not being a bank ..... 7,88,848 with respect to the bad debt for the assessment year 1987-88.2. this court admitted the appeal on the following question of law :'whether after the finance act, 1985, amending the provisions of section 36(l)(vii) and section 36(2) with effect from april 1,1985, inserting a proviso to section 36(l)(vii) and clause ..... a country outside india] or a non-scheduled bank, an amount not exceeding five per cent, of the total income (computed before making any deduction under this clause and chapter vl-a) and an amount not exceeding ten per cent, of the aggregate average advance made by the rural branches of such bank computed in the prescribed manner : provided .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]166ITR659(Raj); 1987(1)WLN74
..... person had concealed the particulars of his income or furnished inaccurate particulars of such income. the explanation to that provision, which was introduced by the finance act, 1964, provides that where the total income returned is less than eighty per cent. of the total income assessed, the assessee shall, unless he ..... not on account of any fraud or gross or wilful neglect on the part of the assessee.43. some more decisions were cited, viz., addl. cit v. chatur singh taragi : [1978]111itr849(all) , addl. cit v. thahrayamal balchand , addl. cit v. gem palace , cit v. narang & co. : [1975]98itr462(delhi) , cit v. prafulla kumar mallik ..... the view that there was concealment of income as a result of accretion to the capital, he could have initiated penalty proceedings under section 271 of the act. the learned appellate assistant commissioner never initiated penalty proceedings for such capital accretion. under these circumstances, the learned income-tax officer in penalty proceedings cannot .....
Tag this Judgment!Court : Rajasthan
Reported in : (2004)186CTR(Raj)1; [2004]268ITR305(Raj)
..... force shall be allowed only in computing the income of the previous year in which such sum is actually paid by the assessee. by an amendment by the finance act, 1988, sums payable towards cess and fee were also included which clearly indicates that the provisions as they stood at the relevant time did not include or encompass ..... parted with in favour of someone only by issuing licence in favour of him exclusively or with one or more manifestations depending upon granting authority under the act.64. significantly chapter v deals with duty and fees,section 28 deals with excise duty or a countervailing duty, as the case may be, at such rate or rates ..... a normal incident of trading or business transaction.66. these provisions further indicate that while taxation power of the state in respect of potable liquor as indicated in chapter v has included only excise duty or countervailing duty as part, of impost in exercise of its sovereign authority but license fee has not been manifested as impost .....
Tag this Judgment!Court : Rajasthan
Reported in : 1996(87)ELT345(Raj); 1996(3)WLC394
..... . 1,00,000/-. in that behalf para 2(iii) of the letter no. 218/1 /bl /cx 6 issued by the government of india in the ministry of finance (department of revenue) may be referred to para 2(iii) of the said circular reads as under :-'in order to avoid prosecution in minor cases, a monetary limit of ..... managing director of . r.s.r.k. marbles ltd., nathdawara (udaipur), which is engaged in the manufacture of irregular marbles slabs falling under chapter 25 sub-heading no. 2504.21 of the central excise tariff act, 1985 and attracting liability to pay excise duty. on october 13, 1988, the officers of the excise and customs department conducted a survey ..... , instructions and directions to the central excise officers as it may deem fit and further directs that such officers and all other persons employed in the execution of the act shall observe and follow such orders, instructions and directions of the board. in exercise of the powers conferred upon it by section 37b, the board, issued guidelines for .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR1982Raj139
..... periods of limitation, which confer not only immunity but also give titles by the passage of time. under the scheme of the income-tax act, a liability to pay tax is incurred when according to finance act in force the amount of income, profits or gains is above the exempted limit. that liability to the state is independent of any ..... make a report or to surrender the land as required by sub-section (2) has been made punishable with a tine of rs. 1,000/- and under the act, chapter 7 makes the provisions for punishment, penalty and procedure from sections 24 to 29. failure to furnish returns or furnishing false returns or making false declaration or acquisition of ..... show cause notice against the proposed action to the concerned person and concerned person has to be beard in the matter after enforcement of the act no. 6 of 1978. prior to the act no. 6 of 1978, though there was no provision for issuing such a notice, still having regard to the principle of neural justice; audi alteram partem, no .....
Tag this Judgment!Court : Rajasthan
Reported in : [2009]316ITR49(Raj)
..... the case, the tribunal was right in law in holding that assessee is not an industrial company within the meaning of definition used in section 2(7)(c) of the finance act, 1978 for the purpose of lower rate of tax ?2. in the ref. petn. nos. 39 of 1988, 40 of 1988 and 41 of 1988, at the instance ..... the tribunals view cannot be sustained since the words used in the definition will have to be interpreted contextually always keeping the purpose of the enactment in view. the finance act, 1973, gives the definition of the term industrial company thus:industrial company means a company which is mainly engaged in the business of generation or distribution of electricity ..... these circumstances.4. the first question is, whether the tribunal was justified in holding that the assessee is an industrial company in terms of section 2(7)(c) of the finance act, 1973 (sic). this issue came for consideration before the bombay high court in case title cit v. berrys hotels (p) ltd. : (1994) 207 itr 615 (bom). .....
Tag this Judgment!Court : Rajasthan
Reported in : (2006)204CTR(Raj)401; [2006]283ITR304(Raj); RLW2006(2)Raj1170; 2006(2)WLC111
..... of insertion of section 115j initially w.e.f. 1.4.1988 by income tax act, 1961 and later on by introducing section 115ja w.e.f. 1.4.97 vide finance act, 1996 was to secure minimum tax on the basis of admitted profits earned by the ..... company for the purpose of distributing the dividends if the computation of income in accordance with the provisions of income tax act yields lesser income. the ..... not founded on any computation to be made in accordance with the provisions relating to computation of taxable income under the income tax act by alternative principles. alternative to computation of taxable income of a company in accordance with provision is to fall back on profits ..... such amount is credited to the p & l account. in this connection, it may be noticed that chapter iii of the income tax act, 1961 relates to the incomes which do not form the part of the total taxable income. thus, income .....
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