Court : Madhya Pradesh
Reported in : 1978MPLJ530
..... answer to the question must be in the affirmative. it is a general principle of the income-tax law that income-tax is charged according to the relevant finance act. the finance acts of 1960 and 1961 define the total income to mean total income as determined for the purpose of income-tax or super-tax, as the case may be ..... road transport vehicles purchased before april 1, 1960?'2. the assessee purchased new transport vehicles before 1st april, 1960, and claimed development rebate under section 10(2)(vib) of the income-tax act, 1922, for the assessment years 1960-61 and 1961-62. the claim for development rebate was refused by the income-tax authorities relying on the ..... proviso which was added to the section by the taxation laws (amendment) act, 1960, with effect from 1st april, 1960. the proviso reads as follows :'provided further that no allowance under this clause shall be made in .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1982)31CTR(MP)188; [1982]137ITR329(MP)
..... 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, ..... assessee is a partner in a partnership firm, m/s. mehta & company, petlawad. for the assessment year 1977-78, the assessee claimed exemption under section 5(1)(xxxi) of the w.t. act, 1957, in respect of her capital invested in the firm, m/s. mehta & company, petlawad. according to the assessee the above firm was ..... 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 .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]226ITR449(MP)
..... [1991]189itr70(patna) , and thus affirmed the orders passed by the commissioner of income-tax (appeals). section 43b was inserted by the finance act, 1983, with effect from april 1, 1984. the proviso to this section was inserted by the finance act, 1987, with effect from april 1, 1988. the tribunal, however, held that the amendment was declaratory ..... in nature and was available for being applied retrospectively. it, therefore, held that the amended provisions of section 43b were applicable to assessments for the ..... the hon'ble court.'4. briefly stated, the facts of the case are that the assessing officer made additions of certain amounts in terms of section 43b of the act. in appeals, the commissioner of income-tax (appeals) deleted the addition. the department then filed appeals before the tribunal. the tribunal held .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]224ITR338(MP)
..... tribunal was based on appreciation of the facts and on reliance on circular and the provisions of law. section 40a(8) now stands omitted by the finance act, 1985, with effect from april 1, 198g. earlier this provision was inserted by the finance act, 1975, with effect from april 1, 1976. according to this provision as it was in force ..... been omitted with effect from april 1, 1986.6. this aspect was earlier considered by the union of india. the press note took into account section 58a of the companies act, 1956, and the press note issued on that linchpin by the ministry of law, justice and company affairs, indicated that the amount received from the ..... shareholders and were in the nature of running current accounts (annexure 'c'). the department felt dissatisfied by the order passed by the tribunal and presented applications under section 256(1) of the act which were registered as r. a. nos. 86 to 88/(ind) of 1985. these applications were rejected by the tribunal on december 6, 1985 (annexure .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)135CTR(MP)70; [1996]220ITR517(MP); 1996(0)MPLJ885
..... [1991]189itr70(patna) , and thus affirmed the orders passed by the commissioner of income-tax (appeals). section 43b was inserted by the finance act, 1983, with effect from april 1, 1984. the proviso to this section was inserted by the finance act, 1987, with effect from april 1, 1988. the tribunal, however, held that the amendment was declaratory ..... in nature and was available for being applied retrospectively. it, therefore, held that the amended provisions of section 43b were applicable to assessments for the ..... of the court. '4. briefly stated, the facts of the case are that the assessing officer made addition of certain amounts in terms of section 43b of the act. in appeals, the commissioner of income-tax (appeals) deleted the addition. the department then filed appeals before the tribunal. the tribunal held that .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)134CTR(MP)100
..... motor accessories stores vs . union of india : [1991]189itr70(patna) and thus affirmed the orders passed by the cit(a). sec. 43b was inserted by the finance act, 1983 w.e.f. 1st april, 1984. proviso to this section was inserted by the finance act, 1987 w.e.f. 1st april, 1988. the tribunal, however, held that the amendment was declaratory in nature and was available ..... several decisions taking contrary view were not before the bench for consideration because of the same being of later dates.10. sec. 43b provides that, notwithstanding anything contained in any other provision of this act, a deduction otherwise allowable under this act in respect of any sum, enumerated under sub-ss. (a) to (d), shall be allowed only in computing the income referred .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1983MP53
..... members of the haj committee or the railway users' consultative committee could not be regarded as persons having knowledge of administration, finance or law within the meaning of clause (c) of section 11 of the act as there is neither any nexus nor any relative direct or indirect link between the sphere of activities of respondent no. 3 ..... and the duties and functions of the members constituting a board. it may be noted that the words 'administration', 'finance' or 'law' occurring in clause (c) of section 11 have not been defined in the act. here we do not intend to attempt to give any meaning or definitions of these words which are in any way ..... duties and functions of the board definitely involve considerable degree of knowledge of administration, finance and law, which should ordinarily be possessed by a member of the board if any person is so appointed from category (c) of section 11 of the act.7. section 11 which is directly relevant to the instant case runs as under:--'11. appointment .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1960MP330; [1961]43ITR184(MP)
..... (1)(b) and became a constitutional obligation of the government; and (iv) that on a true construction of the relevant provisions of the income-tax act, section 13 of the finance act of 1950, and paragraph 16 of the taxation concessions order, 1950, they do not repeal the specific exemption granted to the petitioner by special 'statutory ..... if, as was conceded on behalf of the petitioner, article 295 did not fetter legislative power, then it was unreal to say that the income-tax act, section 13 of the finance act, 1950, and paragraph 16 of the part b states (taxation concessions) order, 1950, were unconstitutional and void as they were in contravention of any ..... legislative competence of parliament and the legislature of the state under arts, 245 and 246 of the constitution. he, however, said that if the income-tax act, section 13 of the finance act, 1950, and paragraph 16 of the part b states (taxation concessions) order, 1950, were to be construed as having the effect of abrogating the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1976]103ITR499(MP)
..... not disputed before us. that being so, the claim for exemption by the assessee based under section 14(3)(i)(c) of the indian income-tax act, 1922, was not well founded.7. the provisions of section 14(3) of the income-tax act, as amended by the finance act, 1960, so far as relevant, are as follows :'(3) the tax shall not be payable by ..... of rs. 54,632.3. the assessee claimed exemption of its total income on the basis that its income prior to april 1, 1960, was not taxable under section 14(3) of the income-tax act, as it stood prior to its amendment by the finance act, 1960, which came into force with effect from april 1, 1960. it was contended that the amended ..... section would be applicable only in respect of income earned after april 1, 1960. that contention was rightly rejected by the income-tax authorities, as well as by the tribunal, and .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2004]267ITR450(MP)
..... judgment was pronounced by the supreme court on august 1, 2000. subsequent to this judgment, an explanation 1 has been substituted in section 234b of the act with effect from april 1, 1989, by the finance act, 2001. the said explanation has been made effective retrospectively with effect from april 1, 1989. by this explanation 1 it has been ..... clearly mentioned that the 'assessed' tax means the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by ..... substantial question of law is involved in this appeal and the connected appeals. there is no dispute as to the fact that explanation 1 substituted in section 234b of the act was not brought to the notice of the tribunal or due to oversight it escaped its notice. on bringing this fact to its notice, the tribunal .....
Tag this Judgment!