Court : Madhya Pradesh
Reported in : [1983]144ITR729(MP)
..... , contended that the tribunal erred in disallowing the entire claim of the assessee on account of provision for gratuity.5. now, sub-section (7) of section 40a of the act was inserted by the finance act, 1975, with retrospective effect from the assessment year 1973-74. as the claim for deduction on account of provision for gratuity was made ..... by the assessee in the assessment year 1973-74, the tribunal was right in holding that the provisions of section 40a(7) of the act ..... in question, the assessee claimed deduction of rs. 10,03,920, being the provision for gratuity. the ito, however, held that the provisions of section 40a(7) of the act were attracted and as the conditions prescribed by that provision were not fulfilled, the claim for deduction could not be allowed. aggrieved by the order passed .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2003)183CTR(MP)503; [2003]263ITR77(MP)
..... , 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 in ..... the aforesaid order it is submitted by mr. rohit arya, learned counsel for the revenue, that the tribunal has misconstrued the provision engrafted under section 158bb of the act inasmuch as the said provision unequivocally lays postulate that the assessing officer can take into consideration the information at the time of assessment and the report ..... section 158bb is read in proper perspective, we are inclined to respectfully agree with the view expressed by the bombay high court. quite apart from the above, the central board of direct taxes circular (see [2002] 258 itr 13) which has been referred to above in paragraph 61.3.2 has laid down as under (page 58) :'61.3.2. the finance act .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 2000(70)ECC194; 2000LC452(MP); 2000(119)ELT279(MP); 2000(2)MPHT16
..... payment of interest on the amounts wrongfully levied or withheld by the deptt.. it is, however, significant to note that now a new section 11bb has been inserted in the act by section 75 of the finance act, 1995 w.e.f. 26-5-95. this newly inserted provision now provides for payment of interest at the rate not below 10 ..... the said amount.4. the respondent union of india have filed return in oppugnation of the petition. the claim has been resisted mainly on the ground that the act of 1944 does not contain any provision for grant of interest on amounts wrongfully withheld by the department.5. i have heard shri s.c. bagdiya, learned ..... on the drills manufactured by the petitioner no. 1 during the period between june, 1978 and november, 1979. the petitioner preferred claim before the assistant collector, custom & central excise, indore under section 11b of the central excise & salt act, 1944 (for short 'the act') for refund of the aforesaid duty as according to the petitioners the duty was wrongly .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2009]315ITR312(MP)
..... down to large extent because during pendency of this reference, the parliament amended section 43b by finance act, 2006 retrospectively w.e.f. 1st april, 1989 and added explns. 3c and 3d which read as under:12. amendment of section 43b. - in section 43b of the it act-(a)after expln. 3b, the following explanation shall be inserted and shall be ..... case, the tribunal erred in law in not holding the appellant entitled to deduction of funded interest amounting to rs. 2,89,61,025 under section 43b of the it act ('the act')?2. whether, on the facts and circumstances of the case, the tribunal erred in law in not holding that by funding of interest whereby the ..... outstanding interest got converted into principal amount of loan, the outstanding interest was actually paid in terms of section 43b of the act?3. whether, on the facts and circumstances of the case, the tribunal erred in law in not holding that the outstanding interest liability having been .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)198CTR(MP)608; [2006]281ITR52(MP)
..... as contained in sub-section (47) of section 2 stood amended including the capital asset on firm's dissolution ..... was contended before the appellate authority that section 45(4) of the it act would not apply unless the gain had arisen from the transfer of the capital asset within the meaning of section 2(47) of the act. it was also contended that the finance act, 1987 by which sub-section (4) of section 45 was inserted, the definition of transfer ..... of the amalgamating company took place with the amalgamated company. in that context their lordships held that there was transfer within the meaning of section 2(47) of the act. but the present factual matrix is absolutely different as here the question of dissolution of the partnership firm arises on the death of other .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2007]290ITR260(MP); 2006(3)MPLJ131
..... the direction to frame the assessment on this issue, afresh in the light of the above observations.mr. rohit arya, learned counsel very fairly submitted that section 158bb of the act has been amended by finance act of 2002 w.e.f. 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 .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1964MP242; [1964]15STC254(MP)
..... 1962-2 scr 644: air 1962 sc 53 are decisive. in the latter case, the supreme court considered the validity of explanation i to section 2(g) of the bengal finance (sales tax) act, 1941, as extended to delhi. the question was raised in connection with the contention of the petitioner in that case that transaction of hire ..... the purpose of finding out whether the petitioners were (sic) and whether the transactions effectedby them amounted to sales liable to tax under the act that notices under section 29 of the act were issued to them; and that under that provision a notice can be issued even before the initiation of any assessment, proceedings.the respondents ..... to each of the petitioners by the sales tax officer, jabalpur, under section 29 of the act required him to produce before the sales tax officer on the date mentioned in the notice 'books of accounts since the commencement of business to date regarding the finances made for the purchase of vehicles'. on receipt of these notices, the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008(118)FLR871]
..... enactment known as 'persons with disabilities (equal opportunities, protection of rights and full participation) act,1995'.8. in order to appreciate the intended benefit of reservation provided under the act some relevant provisions are referred here. section 2(a) 'appropriate government' meaning thereby a central government or any establishment wholly or substantially financed by that government, or a cantonment board constituted under the cantonment ..... act, 1924 and in relation to a state govt.or any establishment wholly or substantially financed by that govt. or any local authority, other than the cantonment board, the state government; section 2(b) defines 'blindness' whereby the person suffers from total .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)136CTR(MP)312
..... filed ?'3. briefly stated, the facts of the case are that the assessee is a financial corporation created under the state finance corpn. act by the government of madhya pradesh. the business of the assessee is to advance finances by way of long-term loans to the industries. the assessee maintained accounts in mercantile system. in the absence of recoveries ..... the assessee when the assessee did not debit that interest to the account of the debtor or to any account, in view of the resolution dt. 23rd march, 1978, though the assessee had in general followed mercantile system of accounting ?'at the instance of the assessee'whether, on the facts and in the circumstances of the case, ..... interest at all either to the accounts of the debtors or to any other account. the tribunal allowed the appeal. on applications under s. 256(1) of the act, the tribunal stated the case and referred the aforesaid questions.4. misc. civil case no. 596/1994 is registered on reference by the tribunal at the instance of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1957MP37; [1957]8STC325(MP)
..... substantially the same as those under consideration here) it was held by das, j., that 'to manufacture or produce goods for sale' within the meaning of the bengal finance (sales tax) act, which is concerned with 'dealers', that is persons engaged in the business of selling or supplying goods, must mean to bring into being a commercial article for sale in ..... (1955) 6 stc 30 (a) and (1956) 7 stc 626 : (air 1937 pat 184) (b), do not take any different view. on a consideration of the relevant sections of the act and the meaning of the word 'manufacture'. i have no doubt that the assessee who is engaged in the work of printing and dyeing textiles purchased by him and ..... bihar v. chrestien mica industries ltd., (1956) 7 stc 626: (air 1957 pat 184 (b). mr. chitale, on the other hand, contended that the word 'manufacture' as used in section 2(k) meant that something was brought into existence for sale and which was capable of being sold or supplied in the course of business and that when the assessee .....
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