Court : Madhya Pradesh
Reported in : (1983)35CTR(MP)44; [1983]144ITR178(MP)
..... , is distinguishable, on facts. in that case, the question for consideration turned on. the construction of clause (iii) of section 271(1)(c) of the act as it existed prior to 1968. that clause was substituted by the finance act, 1968, with effect from 10th april, 1968, by the following clause ;' in the cases referred to in clause (c) ..... clause was later on substituted by another, clause, but sofar as the present reference is concerned, we are concerned with the relevant clause (iii) of section 271(1) of the act, which was substituted by the financeact, 1968. the tribunal, therefore, was required to determine theamount of income in respect of which the particulars had been ..... assessee filed a return disclosing income of rs. 4,560. the ito, however, assessed the income at rs. 40,000 and initiated proceedings under section 271(1)(c) of the act. the explanation submitted by the assessee was not accepted by the iac to whom the reference was made. he held that the assessee had concealed income .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1978]114ITR291(MP)
..... 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 fiance 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 ..... of new road transport vehicles before april 1, 1960 ?'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 year 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 : [1962]45ITR454(MP)
..... a reference under section 66(1), the assessee raised the contention that the aforesaid proviso had no application to the case as the same had been introduced by an amendment which came into force on 4th may, 1946, whereas the liability of the company fell to be determined as on 1st april, 1946, when the finance act, 1946, came ..... tribunal. it will be an over-refinement of the position to hold that each aspect of a question is itself a distinct question for the purpose of section 66(1) of the act. that was the view taken by this court in commissioner of income-tax v. ogale glass works ltd. and in zoraster and co. v. commissioner ..... , the appeal preferred by the department was allowed and the assessees claim for deduction was rejected by the tribunal.thereafter, the assessee filed an application under section 35 of the act asking the tribunal to review its order allowing the departments appeal and rejecting the assessees claim for deduction. the assessee contended that as in the assessment year .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]227ITR727(MP)
..... is concerned, suffice it to say that the question does not survive in view of the amendment in section 43(3) of the act by the finance act of 1995, with effect from april 1, 1962, that the tea bushes and livestock are not included in the ..... mares are plant within the meaning of section 43(3) of the income-tax act, 1961, for the purpose of depreciation under section 32 of the act ?' 2. the assessment years are 1983-84 and 1984-85. the assessees are coheirs of ..... and interest income, was not part of the total income and, thus, not assessable in the hands of the assessee under the income-tax act, 1961 (ii) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the stallions and ..... 1. this is an income-tax reference at the instance of the revenue under section 256(1) of the income-tax act, 1961, and the following two questions of law have been referred by the tribunal for answer by this court .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]226ITR445(MP)
..... case of jamshedpur motor accessories stores v. union of india : [1991]189itr70(patna) , and thus affirmed the order of the commissioner of income-tax (appeals). section 43b was amended by the finance act, 1987. the proviso was made effective from april 1, 1988. the decision of the tribunal had rested on the order passed in i. t. a. no. ..... 1151/ind. of 1988--mantri brothers v. ito. on applications under section 256(1), the tribunal declined to refer and held that no referable question was in ..... did arise worth opinion of the hon'ble court. 4. briefly stated, the facts 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 the claim was .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1987)60CTR(MP)22
..... , the amount of the income in respect of which the particulars have been concealed or inaccurate particulars have been furnished.'we also then have an explanation inserted by the finance act, 1964 with effect from 1-4-1964 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 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 ..... any further material to show that the assessee wilfully or fraudulently concealed the income and, therefore the imposition of penalty is not justified under the law.3. sec. 271(1)(c) of the it act, as it stood at the relevant time, is as follows :'271. (1) if the income-tax officer or the appellate assistant commissioner in the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)134CTR(MP)287
..... from the transfer of any land referred to in item (a) or item (b) of sub-cl. (iii) of cl. (14) of this section.'the amendment has been given retrospective effect from 1st april, 1970 by the finance act, 1989. by this amendment, it was clarified that any income arising from the transfer of the land referred to in item (a) or item ..... (b) of sub-cl. (iii) of cl. (14) of s. 2 of the it act shall be treated to be capital assets. this clarification in the ..... circumstances of the case, the tribunal was right in holding that the profit arising from the sale of agricultural lands did not amount to capital gains within the meaning of it act, 1961 ?'2. brief facts giving rise to this reference are that in the previous years relevant to the asst. yrs. 1981-82 and 1983-84, the assessee sold certain .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1997)140CTR(MP)512
..... under s. 32 is concerned, suffice to say that question does not survive in view of amendment in s. 43(3) of the act by finance act of 1995 w.e.f. 1st april, 1962 that the tea bushes and livestock are not included in the definition of plant. in this ..... india from foreign dividend and interest income, was not part of total income and, thus, not assessable in the hands of the assessee under the it act, 1961 ?(ii) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the stallions and mares ..... are plants within the meaning of s. 43(3) of the it act, 1961 for the purpose of depreciation under s. 32 of the act ?2. the assessment years are 1983-84 and 1984-85. the assessees are co-heirs of the estate of ..... orderby the court :this is it reference at the instance of the revenue under s. 256(1) it act, 1961 and following two questions of law have been referred by the tribunal for answer by this court :(i) .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1998)147CTR(MP)461
..... tribunal was not in conformity with law. sec. 12a(b) of the it act requires that where the total income of the trust or institution as computed under the act without giving effect to s. 11 and s. 12 exceeds 25 thousand rupees (raised to fifty thousand rupees w.e.f. 1st april, 1995, by the finance act, 1994), in any previous year, the ..... of the act and the rules and contended that the requirement to furnish the audit report along with return was mandatory and, therefore, the order of the aac and that of the ..... department filed an appeal before the tribunal and the tribunal upheld the order passed by the aac. the department, therefore, moved the tribunal under s. 256(1) of the it act, 1961, for stating the case and referring the said question to this court and hence this reference.5. learned counsel for the revenue placed reliance on s. 12a(b) .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1969MP50; [1969]72ITR630(MP); 1969MPLJ48
..... are not paid as and when they fall due, then the policy lapses and is not 'kept up'. section 14(1) is somewhat analogous to section 2 (1) (c) of the english finance act, 1894. a detailed analysis of section 2(1) (c) of the english act is to be found in the decision of the house of lords in barclays bank ltd. v. attorney-general ..... , 1944 ac 372. it will be sufficient here to reproduce what lord wright said about the import of 'keeping up' a policy and of section 2 (1) (c ..... the premiums in respect of the policies had been fully paid up before the assignment, then there would not be 'keeping up' of the policies within the meaning of section 14 of the act. section 14(1) is as follows--'14. (1) money received under a policy of insurance effected by any person on his life, where the policy is wholly kept up .....
Tag this Judgment!