Court : Madhya Pradesh
Reported in : [2004]141TAXMAN626(MP)
..... . it was not pointed out to the high court that the question in that case was whether the assessee was an industrial company within the meaning of section 2(8) of the finance act, 1975 and that, in answering that question, the high court had held that raw diamonds and cut and polished diamonds were different and distinct marketable commodities ..... v. shah construction co. ltd. 1983 tax l.r. 243 (bom) relied upon by sri murthy are no doubt not decisions rendered under section 80hh or under section 84-they arose under the relevant finance acts, the question being whether the assessees were industrial companies they do contain observations which tend to support to stand of the revenue.13. it is ..... it is well-settled as a result of several decisions of this court, the latest being the decision given on 9-5-1980, in civil appeal no. 2398 of 1978, dy. cst v. pio food packers : 1980(6)elt343(sc) that the test for determining whether manufacture can be said to have taken place is whether the comodity .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 2008(1)MPHT461
..... appeal.7. shri praveen chaturvedi appearing on behalf of the state bank of indore contended that in view of the definition of the owner as per section 2(30) of the motor vehicles act, 1988, financier could not be saddled with the liability. vehicle was in possession and control of the owner santosh kumar tiwari, thus, state bank ..... driven by respondent no. 1 pradeep @ bablu, owned by respondent no. 2 santosh kumar tiwari, insured with respondent no. 4 the new india assurance co. ltd. and financed by respondent no. 3 state bank of indore. the tractor was driven in rash and negligent manner due to that ramkaran (aged about 35 years) fell down from the tractor ..... objection preferred by the state bank of indore, it admitted that the vehicle was financed by the state bank of indore, as such the liability could not be fastened upon the financier. in view of the provision contended under section 2(30) of the motor vehicle act 'owner' means a person in whose name a motor vehicle stands registered, .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2006]287ITR523(MP)
..... the purpose of capital gain only. but after the said judgment of the supreme court, section 34 of the finance act, 2004 inserted a new section 142a in the act. the said section 34 of the finance act, 2004 is quoted hereinbelow:'34. insertion of new section 142a--after section 142 of the it act, the following section shall be inserted and shall be deemed to have been inserted with effect from the ..... where a reassessment is required to be made in accordance with the provisions of section 153a.explanation--in this section, 'valuation officer' has the same meaning as in clause (r) of section 2 of the wt act, 1957.'it is thus clear from section 34 of the finance act, 2004 quoted above that section 142a shall be deemed to have been inserted w.e.f. 15th nov., 1972 .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1996]219ITR19(MP)
..... rather than substantive law. if law is procedural, then it can be applied retrospectively to pending matters.12. it is thus clear that section 7(4) of the act inserted by the finance act, 1976, being in the nature of machinery is procedural in nature and is applicable to all the pending assessments including those prior to the ..... the value at rs. 11,00,700 as valued by the valuation officer. on appeal, the appellate assistant commissioner held that the provisions of section 7(4), though inserted by the finance act, 1976, with effect from april 1, 1976, were procedural in nature and were applicable to all cases pending on the date the above provision ..... of law as extracted below :'whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that section 7(4) of the wealth-tax act, inserted by the finance act, 1976, is procedural in nature and is applicable to all the pending assessments including the assessments prior to the assessment year 1976-77 .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2002]256ITR265(MP); 2002(3)MPLJ317
..... 1999. the scheme was aimed to provide for quick and voluntary settlement of tax dues which were locked in litigation. the petitioner filed a declaration under section 89 of the finance (no. 2) act of 1998. in this declaration the petitioner worked out the disputed tax payable at rs. 60,713 and offered to pay this tax. the respondent ..... was rejected on the ground that the appeal was not pending on the date of filing declaration. the precondition for admittance of a declaration under section 88 of the finance (no. 2) act of 1998 was that an appeal or reference was preferred to writ petition should have been admitted and pending before any appellate authority or high court ..... its restoration cannot come in the way of the petitioner for consideration of his case as per more beneficial provision, 'kar vivad samadhan scheme' framed under the finance (no. 2) act of 1998.9. in my opinion order p/9 rejecting the prayer to consider the declaration under the kar vivad sarndhan scheme is bad in law ; it .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)205CTR(MP)396(1); [2006]287ITR112(MP)
..... , referred to the circular no. 117 dt. 14th of august, 1991 of the board of directors (sic-cbdt), in which the scope and effect of the amendments in section 271b by the finance act, 1995, w.e.f. 1st july, 1995 have been explained. he pointed out that in para 29.5 of the said circular it is stated that the amendments take ..... the appellant by 30th of november, 1995, which was then the specified date. he submitted that the change in section 44ab casting the obligation on the assessee to 'furnish' the report of the audit by the specified date was brought in by the finance act, 1995 w.e.f. 1st july, 1995 and the said change of the law would not be applicable ..... effect from 1st of july, 1995. he submitted that contention of mr. chaphekar that amendment to section 44ab of the act casting an obligation on an assessee having turnover of more .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1983]139ITR568(MP)
..... the wrongfulact of concealing the income was committed on april 20, 1968, the iac wasfully justified in imposing the penalty under the provisions of section 271(1)(c) ofthe act, as amended by the finance act of 19,68, and the tribunal erred inlaw in holding that on the facts and in the circumstances of the case theimposing of penalty ..... that if the concealment of income is attributable to the return filed in response the notice under section 148 of the act after april 1, 1968, the penalty proceedings would be governed by section 271(1)(c) of the act as amended by the finance act, 1968, notwithstanding that the said return related to an assessment year prior to april 1, 1968 ..... under the amended section 271(1)(c) of the act would begiving retrospective effect to it. 8. as a result of the discussion aforesaid, our answer .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)197CTR(MP)44; [2006]282ITR97(MP)
..... been suppressed by making false claims of expenses or deduction, which have been discovered as a result of search or requisition....61.3.2 : the finance act, 2002, has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered ..... not have been disclosed for the purposes of this act.'subsequently, by finance act, 2002, the following words were added with retrospective effect from 1st july, 1995, at the end of the above definition of 'undisclosed income' under section 158b(b) : 'or any expense, deduction or allowance claimed under this act which is found to be false.' 10. the ..... wholly or partly income or property which has not been or would not have been disclosed for the purpose of the act) having regard to the definition of 'undisclosed income' in section 158b(b) of the act. the assessee further contended that in the returns with computation of income filed by him every year, he had .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1982(10)ELT97(MP)
..... . this notification, in its turn, was superseded by notification dd 1st august 1974 by which the duty on nylon yarn was raised to rs. 42/- per kilogram. 'by the finance act, 1975, the tariff item- no. 18 was amended and the rate of duty was enhanced from rs. 60/- to rs. 85/- per kilogram. thereafter the notification dated 1st ..... court, however, made a distinction where duty was imposed for the first time after manufacture by saying : 'the question will be different where the charging section, namely section 3 of the act is to be considered to ascertain as to at what point of time excise duty is payable when the impost is made for the first time.' as in ..... of the bombay and gujarat high courts although the vires of rule 9a was not specifically challenged in them [see union of india v. elphinstone spinning & weaving mills co. ltd.-1978 elt (j 680) (bom.), radhakrishna ramnarain limited v. r. parthasarathy and ors.-1980 elt (j 709) (bom.) and alembic chemical works co. ltd., baroda v. union .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)201CTR(MP)160; [2006]283ITR346(MP)
..... being interest earned on fdrs ?4. on the first substantial question of law, mr. rohit arya, learned senior counsel for the appellant very fairly submitted that section 158bb of the act has been amended by finance act, 2002 with retrospective effect from 1st july, 1995 and the effect of such amendment is that the undisclosed income for the block period will be the aggregate ..... of the total income of the previous years falling within the block period computed in accordance with the provisions of the act including the provisions of section 80l of the act as reduced .....
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