Court : Madhya Pradesh
Reported in : 2002(5)MPHT434
..... clear that the provisions of the recovery act has to apply in case there is anything inconsistent ..... other than this act.(2) the provisions of this act or the rules made thereunder shall be in addition to, and not in derogation of, the industrial finance corporation act, 1948, the state financial corporations act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984, and the sick industrial companies (special provisions) act, 1985.'15. bare reading of section 34 makes it .....
Tag this Judgment!Court : Madhya Pradesh
..... term 'sale' appearing in exemption notified no.12/03-st dated 20.06.03, is to be given the same meaning as given by section 2(h) of the central excise act, 1944, read with section 65(121) of the finance act, 1994 or this term would also include the deemed sale . as defined by article 366(29)a) (b) of the constitution?. . notice on .....
Tag this Judgment!Court : Madhya Pradesh
..... term 'sale' appearing in exemption notified no.12/03-st dated 20.06.03, is to be given the same meaning as given by section 2(h) of the central excise act, 1944, read with section 65(121) of the finance act, 1994 or this term would also include the deemed sale . as defined by article 366(29)a) (b) of the constitution?. . notice on .....
Tag this Judgment!Court : Madhya Pradesh
..... term 'sale' appearing in exemption notified no.12/03-st dated 20.06.03, is to be given the same meaning as given by section 2(h) of the central excise act, 1944, read with section 65(121) of the finance act, 1994 or this term would also include the deemed sale . as defined by article 366(29)a) (b) of the constitution?. . notice on .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1980)15CTR(MP)142; [1980]124ITR680(MP)
..... substantive law existing on that date which would govern the quantum of penalty imposable on the assessee for concealment of particulars of income. clause (iii) of section 271(1), as amended by the finance act, 1968 (act 19 of 1968), with effect from 1st april, 1968, was applicable to the case of the assessee for the return was filed and penalty was ..... in appeal to rs. 8,150. the iac by an order dated 12th july, 1971, imposed a penalty of rs. 9,000 on the assessee under section 271(1)(c) of the act. according to the order of the iac, the minimum penalty imposable was rs. 8,150 and the maximum penalty imposable was rs. 16,300 in accordance with ..... gujarat and andhra pradesh high courts and we respectfully agree with them [see cit v. royal motor car co. : [1977]107itr753(guj) ; addl. cit v. dr. khaja khutabuddinkhan : [1978]114itr905(ap) and cit v. mann engineering works : [1980]122itr306(guj) ]. we are respectfully unable to agree with the view taken by the allahabad high court in cit v. om .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1986)52CTR(MP)123; [1986]159ITR18(MP)
..... ]156itr97(delhi) it was held that a company engaged in the running of a cold storage plant could not be held to be an industrial company under section 2(7)(c) of the finance act, 1973, in the instant case, as already observed, the main question that arises for consideration is whether the operation of a cold storage plant by the ..... cold storage plant.11. it is, thus, clear that as the words 'manufacture' and 'production' used in clause b(ii) of sub-section (2) of section 32a of the act are not defined in the act, these words have to be understood in the context as meaning bringing into existence a new and distinct commercial commodity. accordingly, it must be held ..... held to be one, for the purpose of business of manufacture or production of any article or thing, as envisaged by clause (b)(ii) of sub-section (2) of section 32a of the act. the question that arises for consideration in this case did not directly arise for consideration in cit v. yamuna cold sotrage and delhi cold storage (p.) .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1998]230ITR163(MP)
..... been cited in the calcutta judgment or at the bar are cases not relating to the meaning or ambit of the relevant expression in the definition of section 2(7)(c) of the finance act, 1973. we have already noted that processing is a term of wide amplitude and has various aspects and meanings. in common parlance, 'processing' is ..... heard counsel and gone through the matter, the question is whether tendu patta which is processed by the petitioner amounts to processing under the first proviso to section 206c of the income-tax act or not. the processing which the tendu patta has to undergo, as mentioned by the petitioner, reads as under :'(i) to transport tendu leaves purchased ..... the prescribed form and declare that the purchase of tendu leaves by the petitioner is for the purpose of processing as contemplated under the first proviso to section 206c of the income-tax act. it is further prayed that the circular issued on january 10, 1996, be quashed being violative of articles 14 and 19(1)(g) of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1963]47ITR49(MP)
..... in the assessment years 1952-53 and 1953-54.the income-tax officer also applied section 23a(1) of the income-tax act as it stood before its amendment by the finance act, 1955. he took the view that the assessee company had not complied with the provisions of section 23a(1) and the first proviso to it, as it had not been distributed ..... in each year, the assessee should have taken into consideration the commission which accrued to it under the managing agency agreement. accordingly, the income-tax officer made two orders under section 23a holding the balance of undistributed profits in the relevant years as 'deemed to have been declared as dividends amongst the shareholders'.the appellate assistant commissioner disagreed with the view ..... dixit c.j. - this is a reference under section 66(1) of the indian income-tax act, 1922, at the instance of the assessee, sir j. p. shrivastava and sons (private) limited, bhopal, by the income-tax appellate tribunal to this court in respect of assessment for .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)135CTR(MP)352
..... calcutta judgment or at the bar are cases not relating to the meaning or ambit of the relevant expression in the definition of s. 2(7)(c) of the finance act, 1973. we have already noted that processing is a term of wide amplitude and has various aspects and meanings. in common parlance, processing is understood as an ..... action which brings forth some change or alteration of the goods or material which is subjected to the act of processing. the dictionary meaning of the term is not very different from this meaning in one sense, while various meanings of wider amplitude are also available. the ..... and gone through the matter, the question is whether tendu patta which is processed by the petitioner amounts to processing under the first proviso to s. 206c of the it act or not. the processing which the tendu patta has to undergo, as mentioned by the petitioner reads as under :(i) to transport tendu leaves purchased to godown.(ii .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1988]172ITR238(MP)
..... of the income in respect of which the particulars have been concealed or inaccurate particulars have been furnished.' 5. we also then have an explanation inserted by the finance act, 1 964, with effect from april 1, 1964, in the following terms :'explanation.--where the total income returned by any person is less than eighty per cent ..... , of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but ..... the income-tax officer's order was restored. this assessment order has now become final.. thereafter proceedings for imposition of penalty were commenced under section 271 of the income-tax act, 1961 ('the act'), by the income-tax officer. the assessee appeared and offered his explanation. it was submitted by him that as he was doing the .....
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