Court : Kolkata
Reported in : [1981]129ITR560(Cal)
..... the income of any other person. section 24 of the said finance act clearly overrode section 68 of the i.t. act, 1961, and the latter would not apply when the former would. by the non obstante clause in sub-section (3) of section 24 of the said finance act, there could be no application of section 68 of the i.t. act, 1961.24. mr. sengupta, for ..... before april 18, 1962, from the said loans and/or deposits he held that by reason of the declaration made by the creditors and depositors under section 24 of the finance (no. 2) act of 1965, which had been accepted by the commissioner, west bengal-ii, it could not be said that the said amounts belonged to the assessee. ..... the said creditors and/or depositors where it was stated that the amounts of the loans and deposits had been disclosed under section 24 of the finance (no. 2) act of 1965. notices under section 131 of the i.t. act, 1961, were sent by registered post to the said creditors and/or depositors, which were returned with the postal remark ' .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... , of the profits. this would secure that companies pay a minimum tax, on at least 30 per cent, of their profits." 34. thereupon, chapter vi-b was introduced by section 32 of the finance act, 1983 [1983] 142 itr (st.) 34 as follows : 80wa. restriction on certain deductions in the case of certain companies. --(i) notwithstanding anything contained in any other provision of ..... . this measure will yield a revenue gain of approximately rs, 75 crores." 36. consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 [1987] 166 itr (st.) 26. " (1) notwithstanding anything contained in any other provision of this act, where in the case of an assessee being a company, the total income, as .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1965Cal428,69CWN328
..... per sq. yd. and in addition thereto an additional duty of excise under the 'khadi ami other handloom industries development (additional excise duty on cloth) act, 1953' read with section 28 of the finance act of 1955, at the rate of 3 pies per sq. yd. there is, however, a note at the bottom of the said chart at page 213 ..... expression--'i demand under section 39 of the sea customs act, 1878...' this is a sufficient compliance with section 39. coming now to the merits of the case, mr. kar has abandoned the case made oat in the letter of the public relation officer that the amount demanded is payable by virtue of the finance act, 1960. the finance act, 1960 is not ..... which runs as follows :--'under government of india, ministry of finance (department of revenue), notification no. cer-8 (28)/56--central excises, dated the 5th january, .....
Tag this Judgment!Court : Kolkata
Reported in : [1967]20STC42(Cal)
..... liabilities.12. in our opinion, the parties to the deed of sale proceeded on a correct appreciation of their mutual liabilities under section 17 of the bengal finance (sales tax) act, 1941. that section makes the transferee liable for the outstanding tax liabilities of the transferor, but does not say that on transfer the liability of ..... the certificate was sought to be executed against the company straightaway as transferee. it was urged on behalf of the company that a transferee under section 17 of the bengal finance (sales tax) act, 1941, meant the first transferee. his lordship observed as follows :i am unable to agree to this contention. the transfer, as mentioned ..... commercial tax officer, alipore charge, intimated the said officer, that he had purchased the business and asked for amendment of the records under section 17 of the bengal finance (sales tax) act, 1941, and also for the transfer thereof to the colootola charge.7. the learned member of the board of revenue, by restoring the .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)3CALLT409(HC),(2005)197CTR(Cal)619,[2005]278ITR501(Cal)
..... may think fit.respondent's contention :5. on the other hand, mr. shome contended that the act was amended by the finance act, 1999, w.e.f. 1st of june, 1999, by omitting sub-section (5) and the explanation to section 143. therefore, without the explanation the question is to be considered. he relied on several decisions to ..... to section 143(2). an explanation was inserted in section 143 by the finance (no. 2) act, 1991, to provide that an intimation sent under sub-section (1) or sub-section (1b) shall be deemed to be an order for the purpose of section 264. the said explanation was further amended by the finance act, 1994, to include section 246 along with section 264 ..... intimation or an acknowledgement is a deemed order by fiction created thereunder for the purpose of section 246 providing for an appeal against an intimation under section 143(1) where the assessee objects to the making of adjustments brought about by the finance act, 1994, w.e.f. 1st of june, 1994. by reason of such fiction, .....
Tag this Judgment!Court : Kolkata
Reported in : [1992]197ITR462(Cal)
..... the transfer as the equitable owner.owever, i rest my judgment in the main on this : that wen you look at the words beneficial owner in section 42 of the finance act 1930, those words must in my judgment be construed in what has been described in connection with another statute as its ordinary or popular sense : see ..... though not legally or equitably owned by a person, was nevertheless in that persons full possession and control, such as a charterer by demise. in i. congreso del partido [1978] q.b. 500, robert goff j. declined to follow brandon j.s decision. he held, at p. 538, that 'beneficially owned' referred only to equitable ownership, ..... whether the taxpayer company, j. sainsbury pic., can claim group relief under section 258 of the income and corporation taxes act, 1970, in respect of trading losses of its subsidiary, homebase ltd., during the period 12 january, 1981 to 9 august, 1985.in october, 1978, the taxpayer company enterer into negotiations with a belgaum company, g.g.i .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)194CTR(Cal)509,[2005]276ITR115(Cal)
..... to the decisions cited by the respective counsel at appropriate stage. now the question is to be answered on the basis of expln. 8 to section 43(1) as was inserted in the it act, 1961 through finance act, 1986 w.e.f. 1st april, 1974, applicable in relation to the asst. yr. 1974-75 and subsequent years. the object of the ..... other indication to the contrary. having regard to the above observation, it appears to us that expln. 8 inserted by the finance act, 1986 is a reiteration of the principle laid down in challapalli sugars (supra) in section 43 where actual cost as has been sought to be defined and the definition whereof is not contrary to the ratio decided ..... (l)(iii) or 37 cannot be claimed which stands clarified by the insertion of the proviso therein under the finance act, 2003. as such the assessee cannot claim any benefit of section 36(l)(iii) or section 37 in this case. the learned tribunal was right in holding against the assessee.order ;8. we, therefore, answer the question raised in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)47ITD536(Kol.)
..... (a) of section 43b by finance act, 1988 w.e.f.1-4-1989 took retrospective effect from 1-4-1984 and therefore must be held applicable for the assessment year in appeal. we are not ..... has been held in the case of cit v. sri jagannath steel corporation [1991] 191 itr 676 by the calcutta high court that the first proviso to section 43b inserted by the finance act, 1987 w.e.f. 1-4-1988 was applicable with retrospective effect from 1-4-1984 (1984-85 assessment), it should be held that the substitution of clause ..... 302. it has been held that 'cess' is different in nature and character from "tax or duty" and therefore it cannot be disallowed under section 43b as it stood prior to the amendment to the section made by finance act, 1988 w.e.f. 1-4-1989.3. mr. s.c. chatterjee, the learned departmental representative, however raised a point that just as it .....
Tag this Judgment!Court : Kolkata
Reported in : (1983)32CTR(Cal)61,[1983]142ITR468(Cal)
..... the amendment and which became subsequently the position after the relevant assessment years. therefore, the measure of the penalty was according to section 18(1) as it stood prior to its amendment with effect from 1st april, 1969, by the finance act of 1969, and thereafter, from 1st april, 1969, the measure of penalty depended on the law as in force with effect ..... the present case was the law in force at the time of the commission of the default and that was section 18(1) as it stood prior to its amendment with effect from 1st april, 1969, by section 24(2)(c) of the finance act, 1969. we must mention here that bythe amendment referred to therein, the wto has power to impose penalty ..... well as several decisions of the other high courts as well as the view of the supreme court in the case of r.s. joshi, sto v. ajit mills ltd. : [1978]1scr338 . in this connection, we refer to the observations of chief justice sandhawalia at pp. 678 to 681 of the report (132 itr) as follows :'as has been said at .....
Tag this Judgment!Court : Kolkata
Reported in : (2000)161CTR(Cal)98,[2000]244ITR68(Cal)
..... board of direct taxes at pages 587 and 588 of the report. the central board of direct taxes opined that the provisions of sub-sections (3a) and (3b) of section 37 of the act were initially introduced by the finance act, 1978, with an object to place a curb on 'extravagant and socially wasteful expenditure ... at the cost of the exchequer'. the provisions were subsequently withdrawn ..... of sales promotion, but he has treated the distribution of medical literature and journals distributed by the company, for advertisement and sales promotion.6. sub-sections (3a) and (3b) of section 37 were initially introduced by the finance act, 1978, with an object to place a curb on extravagant and socially wasteful expenditure that was omitted after two years and again these provisions were introduced .....
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