Court : Guwahati
..... from them under sub-section 1(a) of section 73 of chapter-v of the finance act, 1994 as amended;(ii) penalty should not be imposed upon them in terms of section 76, 77 and 78 of chapter-v of the finance act, 1994 as amended;(iii) interest at the prescribed rate under section 75 of chapter-v of the finance act, 1994 as amended should ..... of india. as a consequence of the order passed by the state of u.p. banning state lotteries of other states by virtue of power entrusted under section 5 of the act, various affected states, challenged the provisions in different high courts. one of the fundamental questions raised was, what is the character of state lotteries and ..... notice. similarly, the plea of limitation, which has been raised by the learned counsel for the petitioners in reference to section 73 of the act, although, the plea is further subject to the proviso to said section and in the impugned show cause notice, there is indication of the factors likely to be covered by the said proviso, .....
Tag this Judgment!Court : Guwahati
..... today, the super-tax is repealed by the amendment of section 4 of act vii of 1964 by the finance act xxiii of 1986. the surtax is discontinued for and after the assessment year 1988-89 under the finance act, 1986. 3. the income-tax was levied at first in 1886. in that act, no distinction was drawn of sources like profession, business or ..... no income and no profit, payment of surtax in law does not arise. this is how the gujarat high court reasoned out for not deducting surtax under section 37 of the income-tax act, 1961. 13. the rajasthan high court in associated stone industries (kota) ltd. v. cit held that surtax was a tax on profits computed under the ..... income-tax act, 1961. the deduction of surtax is prohibited under section 40(a)(ii) and, therefore, was not allowed to be deducted. 14. the madras high court in sundaram industries ltd. v. cit : [1986] .....
Tag this Judgment!Court : Guwahati
..... case of the petitioner is that vide, annexure-i, dated january 28, 1993, the superintendent of taxes directed the petitioner to make a payment of security money under section 7(1) of the assam finance (sales tax) act, 1956 to the tune of rs. 3,00,000 and another sum of rs. 25,000 under the central sales tax ..... deposit of the security and in both the challans it is clearly stated that the payment has been made on account of adjustable security under the assam finance (sales tax) act/central sales tax act. the amount was deposited after the challans were passed by the concerned authority and this goes to show that the plea raised by the petitioners were ..... by the petitioner. the revisional authority has failed to examine the plea that the security deposit made by the petitioner was under the assam finance (sales tax)/central sales tax act and the assam finance (sales tax) act has ceased to exist.7. in view of the materials available on record, we have no hesitation to hold that the amount of rs .....
Tag this Judgment!Court : Guwahati
..... any mens rea, and the additional income-tax is to be imposed without providing an opportunity of hearing to the assessee.14. the impugned sub-section (1a) of section 143 of the act substituted by the finance act, 1993, is, therefore, a penal provision and the question which really needs to be answered in this case is whether parliament has the power ..... where, after such adjustments, the assessee still had a loss and did not have any income liable to tax under the act.11. thereafter, by the finance act, 1993, clause (a) of sub-section (1a) of section 143 of the act was substituted with retrospective effect from april 1, 1989, levying additional tax not only in cases where as a result of ..... a penalty. one has to look at the plain language of sub-section (1a) of section 143 of the act to find out what the said provision intended. as has been held by the supreme court in the case of polestar electronic (pvt.) ltd. v. addl cst [1978] 41 stc 409 if the language of a statute is clear and explicit .....
Tag this Judgment!Court : Guwahati
..... being an independent residential unit.' 6. sub-section (4) of section 7 of the act was inserted by section 27(3)(b) of the finance act, 1976. in the said section, the date from which the provisions of the said sub-section (4) was to come into operation was not indicated. however, by section 1(2) of the finance act, 1976, the said act of 1976 became operative from april 1, 1976 ..... , 1971. the wealth-tax officer, however, declined to accept the contention of the assessee to freeze the valuation under section 7(4) of the act as, according to him, this section came into force with effect from april 1, 1976, as per the finance act, 1976. the wealth-tax officer obtained a report from the departmental valuer and a copy of this was forwarded to .....
Tag this Judgment!Court : Guwahati
..... has been served on the strength and in the light of the provisions for section 4 of the act as per the amendment made by the finance act of 1996 and also under the power in the proviso to section 11a which too, was added by the finance act of 1996, therefore, contends petitioner's learned counsel, the impugned notice is ..... wholly illegal and without the authority of law inasmuch as, the newly added provisions in sections 4 and 11a of the act would not have retrospective operation/ application in ..... ,588 recovered from the cashier and shri mp choudhury, vice president (finance) at the head office on 21.07.1994 and seized, alleged to he part of the under valued sale proceeds of excisable goods, shall not be confiscated under section 121 of the customs act, 1962, as made applicable to the central excise matters by notification .....
Tag this Judgment!Court : Guwahati
..... we are not persuaded to accept the contention that it would be open for the government to issue a notification in exercise of power under section 7 of the bihar finance act, which may override the incentive policy itself'. this in our considered opinion is the complete answer to the submissions made by the learned senior counsel ..... policy decision taken in the industrial policy itself. in this view of the matter any notification issued by the government order in exercise of power under section 7 of bihar finance act, if it is found to be repugnant to the industrial policy declared in a government resolution, then the said notification must be held to be ..... . the state government after introducing the new industrial policy of 1993 issued the exemption notification on 4.4.1994 in exercise of the power under section 7 of the bihar finance act which was not in conformity with the new industrial policy of 1993. the supreme court in no uncertain terms observed 'the industrial incentive policy is .....
Tag this Judgment!Court : Guwahati
..... april 1, 1965, to march 31, 1969, as substituted with effect from april 1, 1965, by section 18 of the wealth-tax (amendment) act, 1964, and thereafter under section 18(1)(i) as substituted by section 24 of the finance act, 1969 ' sections 14, 15 and 18 of the w.t. act were amended on and from april 1, 1965, by the w.t. (amend ..... .) act, 1964, and again amended by the finance act, 1969, which came into force from april 1, 1969. section 14 has not undergone ..... went wrong in holding that the calculation of penalty from april 1, 1969, should be under section 18(1)(i) as substituted by the finance act, 1969. the calculation of penalty should be made under section 18(1)(i) as amended by the w.t. (amend.) act, 1964. there is no order as to costs. 4. before we part with the .....
Tag this Judgment!Court : Guwahati
..... -tax authorities in making a classification or selection.dr. paul draws our attention to the preambles of the indian income-tax act and of the finance act of 1956 which introduced section 37(2) of the former act. the preamble to the indian income-tax act says as follows :"whereas it is expedient to consolidate and amend the law relating to income-tax and super-tax ..... and serve the same purpose, namely the prevention of evasion.dr.paul contended in reply that the preamble of the finance act of 1956, which introduced section 37(2) by way of an amendment, in the income-tax act, disclosed the policy, namely, the giving effect to the finance proposals of the central government. to this, the reply given by the petitioners counsel is that .....
Tag this Judgment!Court : Guwahati
..... /or on self-assessment7. the further pleadings of the petitioner-company are that parliament having amended the provisions of the income tax act by the finance act, 1997, inserted chapter xii-d consisting of section 115-c with effect from june 1, 1997, providing for payment of additional income-tax on any amount declared, distributed or ..... by the petitioner out of the part of income derived from the agricultural income.10. for ready and handy reference, the impugned provisions of section 115-c as introduced by the finance act, 1997, are quoted hereinbelow.taxes on income other than agricultural income'. entry 46 of list ii (state list) deals with the subject ' ..... it is seen that the said clause deals with individual shareholders.the income tax act provides levying of tax on the income. the following heads of income can be found under section 14 of the act.(a) salaries,(b) interest on securities (omitted by the finance act, 1988),(c) income from house property,(d) profits and gains of business .....
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