Court : Allahabad
Reported in : [1977]106ITR965(All)
..... high court:'whether, on the facts and circumstances of the case, the tribunal was right in law in holding that the finance act, 1969, was not retrospective in effect and the penalties under section 18(1)(a) of the wealth-tax act, 1957, were exigible in these cases for the assessment years 1964-65, 1965-66, 1966-67 and 1967-68 on ..... the appeal the tribunal directed the wealth-tax officer to impose penalty on the scale in force prior to the finance act, 1969. aggrieved by this order an application was filed on behalf of the commissioner of wealth-tax under section 27(1) to draw up a statement of case which was allowed and the following question was referred for the ..... the scale in force prior to the finance act, 1969?'2. on the findings recorded by the tribunal the only question that arises for .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1966All338
..... pay is to be deemed to be in default. when an assessee is in default the income-tax officer is authorised to impose a penalty. under section 3 income-tax is charged for a particular year when the finance act enacts that it shall be charged for that year at a certain rate. the effect of the passing of the ..... amount as income-tax before a notice of demand under section 29 is issued. obviously, a certain sum can become payable only when it is determined. the chargeability to tax arises, however, on the passing of the finance act. thus an individual becomes chargeable to income-tax on the finance act being passed and becomes liable to pay a certain amount ..... as tax on the issue of a notice of demand following an assessment order. as sections 29 and 45 of the income-tax act were deemed to be included in the excess .....
Tag this Judgment!Court : Allahabad
Reported in : [1966]61ITR704(All)
..... pay is to be deemed to bed in default. when an assessee is in default the income-tax officer is authorised to impose a penalty. under section 3 income-tax is charged for a particular year when the finance act enacts that it shall be charged for that year at a certain rate. the effect of the passing of the ..... amount as income-tax before a notice of demand under section 29 is issued. obviously, a certain sum can become payable only when it is determined. the chargeability to tax arises, however, on the passing of the finance act. thus an individual becomes chargeable to income-tax on the finance act being passed and becomes liable to pay a certain amount ..... the right came into existence as soon as according to the relative finance act it became ascertainable that the tax deducted at source or treated as paid on its behalf had exceeded the tax payable. that right, therefore, was an asset contemplated in section 7 of the act of 1956.'the question before the supreme court was not what is the .....
Tag this Judgment!Court : Allahabad
Reported in : [1976]105ITR864(All)
..... has no power to vary the rate at which the income of the previous year is to be assessed. the rate of tax is fixed by the finance act of every year. by section 3 the tax is levied at that rate for an assessment year in respect of the income of the previous year. once the length of the ..... allowed by the income-tax officer under section 2(11) of the indian income-tax act, 1922, which corresponds to section 3 of the income-tax act, 1961. the supreme court held that the income of the entire previous year consisting of 21 months had to be taxed at the rate prescribed in the relevant finance act. the contention of the assessee that ..... 18th march 1975, from the deputy secretary, department of science & technology, new delhi, addressed to the ministry of finance (shri j. p. jhunjhunwala, secretary c.b.d.t.). sub : reference under sub-section (3) of section 35 of the income-tax act read with rule 6 of the income-tax rules, 1962--expenditure on scientific research--j. k. synthetics ltd.--assessment .....
Tag this Judgment!Court : Allahabad
Reported in : (1978)7CTR(All)189
..... was an industrial company engaged in processing of goods within the meaning of clause iii(a) of the proviso to paragraph d of part iii of the first schedule to finance act, 1964 and thereby entitled to concessional rate of taxation'.the assessee, in the present case, is messrs. bharat cold storage, farrukhabad. the tribunal held that the assessee was an industrial ..... the tribunal that the assessee was an industrial company within the meaning of the relevant provisions of the finance act. it is true that in that case the finance act of 1966 and 1967 came up for consideration while in the present case it is the finance act of 1964 which is applicable. but the material provisions are identical. the decision of farrukhabad cold storage is .....
Tag this Judgment!Court : Allahabad
Reported in : (2009)221CTR(All)352
..... v. shamlal balram gurbani : [2001]249itr501(bom) . the surcharge @ 10 per cent has been deleted on the ground that the proviso to section 113 under which the surcharge was chargeable, was inserted by finance act, 2002 w.e.f. 1st june, 2002, therefore, the surcharge was not leviable for the block period 1st april, 1989 to 9th feb., 2000 ..... in law in setting aside the issue regarding the levy of surcharge to the file of the ao, without appreciating that the proviso to section 113 inserted by the finance act, 2002 is only clarificatory in nature and the finance act of the relevant year clearly provided for levy of surcharge on income-tax calculated as per the provisions of ..... section 113 of the act?2. whether on the fact and in the circumstances of the case, the hon'ble tribunal was justified in upholding the order of the cit(a .....
Tag this Judgment!Court : Allahabad
Reported in : [2001]79ITD56(NULL)
..... 1991, the counsel for the assessee stated that it would lead to inference that interest on securities was now included within the meaning of interest as defined in section 2(7) of the finance act, 1991. it was submitted that(a) deletion of exclusion of interest on securities would not operate to include the same within the purview of interest unless it is ..... . jatia : [1976]105itr179(sc) .(2) cit v. vegetable products ltd. : [1973]88itr192(sc) , alladi venkateswarlu v. govt. of andhra pradesh : [1978]3scr190 .11.7 in view of above discussion, the fact remains that the provisions of section 2(7) of the act, as they stood at the relevant time, are couched in a language which is not free from ambiguity and admits of .....
Tag this Judgment!Court : Allahabad
Reported in : [1977]109ITR474(All)
..... addition of the explanation to section 271 by the finance act of 1964 the law laid down by the supreme court in anwar ali's case : [1970]76itr696(sc) did not stand abrogated.(4) in a nutshell, the tribunal ..... was not sufficient to lead to the conclusion that there was concealment of income by the assessee so as to attract the provisions of section 271(1)(c).(3) the amendment made to section 271 by the finance act of 1964 would be operative only in respect of the assessment year 1964-65 and onwards. however, it was held that even after the ..... its opinion :'1. whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the provisions of section 271(1) as they stood prior to the amendment by the finance act of 1968 should be applied in the present case ?2. whether, on the facts and in the circumstances of the case, the tribunal was .....
Tag this Judgment!Court : Allahabad
Reported in : 1982(10)ELT309(All)
..... drugs and narcotics and(c) dutiable goods as defined in section 2(c) of the medicinal and toilet preparations (excise duties) act, 1955.explanation : in this term, the 'factory' has the meaning assigned to it in section 2(m) of the factories act, 1948'.by the finance act, 1979 the exclusions remained as before but the description of ..... the tariff item was modified so as to read : 'all other goods not elsewhere specified.' the finance (no. 2) act, 1980 added an explanation to this tariff item, but ..... protest and it has been making representations before the departmental authorities. it was granted exemption in respect of 12 items by an order dated 8/9-3-1978 passed by the superintendent, central excise, kanpur. that provisional exemption was allowed under rule 9-b of the central excise rules and the petitioner was obliged .....
Tag this Judgment!Court : Allahabad
Reported in : (1979)8CTR(All)199; [1979]119ITR142(All)
..... supreme court observed (p. 33) :' in order that the exemption granted to co-operative banks by section 81(i)(a) may not lose its meaning and content, section 2(8) of the finance act introduces the concept of residual income on which alone the additional surcharge is payable. the residual income is not the same thing as the ..... the ito but was subsequently withdrawn by means of the proceedings started under section 154 of the act.4. the question relating to the validity of the levy of additional surcharge on a co-operative society engaged in the business of banking under the finance act, 1963, was raised before the supreme court in madurai district central co- ..... business income of a co-operative bank, which is exempt under section 81(i)(a) from income-tax. for ascertaining .....
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