Judgment Search Results Home > Cases Phrase: finance act 1981 section 21 amendment of section 269g Court: kolkata Page 3 of about 77 results (0.089 seconds)

Andaman Timber Industries Ltd. Vs. Collector of C. Ex.

Court : Kolkata

Reported in : 1989(25)LC398(Calcutta),1989(43)ELT41(Cal)

..... . from the amended writ petition it also appears that the writ petitioner has further prayed for a declaration that the provisions of section 51 of the finance act, 1982 and ..... 15a(1) as amended by finance act, 1982 ..... . further, by section 51 of the said finance act, 1982 the provisions of the aforesaid notification was given retrospective effect from the date on which central excise ..... . an application for vacating the interim order as granted was made and therein it is disclosed that in the finance act of 1982 by way of insertion of clause (a) under explanation iii of sub-item 1sa(1) artificial or synthetic resin in the form of liquid or pasty including ..... cancel or rescind the purported orders and/or decisions or directives of the respondents concerned contained in the circular dated september 24,1980, the purported notice dated august 18,1981 and the order passed thereon if any, and the order dated august 28, 1981 and to act in accordance with law and for other consequential reliefs, as stated in the writ petition.3. the writ petitioner has alleged that for manufacture of plywood, the ..... the extent as aforesaid and the rule is made absolute to the extent that the impugned orders or circulars contained in the circular dated september 24,1980 and the purported notice dated august 18,1981 and the purported orders dated august 28,1981, the order dated august 18,1981 are set aside and/or quashed.11 ..... of the rule, attention of the court has been drawn to the decision reported in 1981 e.l.t .....

Simplex Infrastructures Ltd. Vs. Commissioner of Service Tax, Kolkata

Court : Kolkata

..... reported in 2014 (36) str10 wherein the karnataka high court upheld the decision of the tribunal cancelling the show cause notice issued on 10th september, 2004 under section 73 (1) of the finance act, 1994 as it stood prior to the amendment for a period prior to the amendment as the show cause notice should have been issued under the amended provision and not under the old provision. ..... that even assuming but not admitting that the interpretation offered by the petitioners is correct and that the show cause notice should have been issued under section 73(1) of the finance act, 1994 as it stood prior to the amendment, it would be of no consequences, as there was no material change in law. ..... emerges from the judgments of the supreme court referred to above, is that mere failure to disclose a transaction and pay tax thereon or a mere misstatement or mere contravention of the central excise act or the finance act, 1994, as amended, or of any rules framed thereunder, is not sufficient for invocation of the extended period of limitation. ..... that the show cause-cum-demand notice dated 21st april 2006 was issued on the grounds of suppression under the proviso to section 73 (1) of the finance act, 1994, which was not in existence during the material period of time i.e.1st october, 2000 to 9th september, 2004. ..... view that a mere mechanical reproduction of the language of the proviso to section 73(1) of the finance act, 1994 does not per se justify invocation of the extended period of limitation .....

Shree Gopal Paper Mills Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1967]37CompCas240(Cal),[1967]64ITR233(Cal)

..... reasons which will appear in the sequel, that the two questions, namely, (1) whether the bonusshares should be included in the paid up capital of the assessee within the meaning of sub-section (1) of the explanation to paragraph d of part ii of the finance act, 1956, and (2) whether the bonus shares can be said to have been issued within the meaning of the second proviso to the said paragraph to the shareholders by the assessee during ..... expression ' issue ' appears in section 50 of the companies act, in the finance act of 1956 the expression is ' issue ..... paid-up capital of the assessee within the meaning of that term in pursuance of sub-section (1) of the explanation to paragraph d of part ii of the finance act, 1956, for the relevant assessment year ? ..... the relative provision of sub-section (1) of the explanation of paragraph d of part ii of the finance act, 1956, is as follows :' the expression ' paid up capital' means the paid up capital (other than capital entitled to a dividend at a fixed rate) of the company, as on the first day of the previous year ..... in the circumstances of the case, the bonus shares in question can be said to have been issued within the meaning of the second proviso to paragraph d of part ii ,of the finance act, 1956, to the shareholders by the assessee during the accounting year ended 31st december, 1955, relevant for the assessment year 1956-57 ? ..... amendment of 1935, the meaning of the word ' allotment' in section ..... officer will please amend his computation of .....

inland Revenue Commissioners Vs. Butterley Co. Ltd.

Court : Kolkata

Reported in : [1955]28ITR762(Cal)

..... (5) we further held that, on a proper construction of section 19(2) and section 22 of the coal act, 1946; section 1 of the coal act, 1949, and paragraph 7(1) of schedule iv, finance act, 1937, as amended by section 32(1), finance act, 1947, the said payments were not income received from investments or other property. ..... 'the reference to the finance act, 1922, is a reference to the provisions in that act which made the individual corporators of certain kinds of company, in certain circumstances, liable in respect of super-tax for the income of the company as though it has been wholly distributed among the members.paragraph 7 of schedule iv to the original act was also amended by section 32(1) of the finance act, 1947, so that its first sub-paragraph now was, so to speak, reversed in its emphasis. ..... cross in turn, on behalf of the crown, conceded that the amended paragraph 7(1) of schedule iv to the finance act, 1937, could not enlarge the scope of the formula in section 19 of that act; in other words that, if they are to be chargeable to profits tax, the sums in question must be 'profits arising from a trade or business.'mr. ..... company from its colliery concern, which trade ceased entirely on january 1, 1947, and, thirdly, that such payments were not 'income received from investments or other property' within the meaning of paragraph 7(1) of schedule iv to the finance act, 1937, as amended by section 32 of the finance act, 1947. .....

Cwt Vs. Bajoria Properties (P) Ltd.

Court : Kolkata

Reported in : (2002)177CTR(Cal)343

..... 50 lakhs which had been received by the assessee as advance did not form part of the net wealth computed in terms of section 40(3) of the finance act and, therefore, no deduction could be allowed in relation to such an asset which was not forming part of the computation of the net wealth.the commissioner (appeals) held further that the said sum ..... thus, section 40 (sub-section (2)) of the finance act, 1983, provides :'section 40(2).for the purpose of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to in sub-section (3), wherever located belonging to the company on the valuation date is in excess of the aggregate value of all the debts owed by the company on the valuation date which are secured on, or which have been incurred in relation ..... on a plain reading of section 40(2) of the finance act, 1983, it is quite clear that the deduction is to be allowed in respect of any amount secured on or in relation to the property being the subject-matter of assessment.in my opinion a plain reading of section 40(2) of the finance act, 1983 or rather the grammatical construction thereof is to be preferred and on such construction one should not hesitate to agree with the proposition put forward by the learned counsel on behalf of the assessee ..... tribunal was wrong in applying the case and by virtue of the decision of the learned tribunal in the instant case the amendments made to the wealth tax act would be nugatory.7. mr. .....

Reckitt and Colman (i) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)46ITD273(Kol.)

..... has been passed even without touching on the matter where the assessee did not prefer an appeal, the intention of the legislature in enacting section 263 would be frustrated.their lordships also referred to the amendment made by the finance act, 1988 with effect from 1-6-1988 and also by the finance act 1989 with retrospective effect from 1-6-1988 in support of their conclusion that there will be only partial merger of the assessment order with the ..... our attention to the amendment made to section 263 by insertion of the explanation (c) with effect from 1-6-1988 by the finance act, 1988 and also the further amendment to the section by the finance act, 1989, with retrospective effect from 1-6-1988 and submitted that the doctrine of total merger was no longer applicable in the case of orders of the cit passed under section 263. ..... on the question of merger be relied on the explanation (c) incorporated in section 263(1) by the finance act, 1988 with effect from 1-6-1988 under which the power of the commissioner under section 263 was extended to such matters as had not been considered and decided in any appeal filed by the ..... almal [1977] 106 itr 743 in support of his claim that the clarificatory amendment such as one made by the finance act, 1988 is always retrospective in nature. ..... 1989] 178 itr 74 with reference to the explanation inserted by the finance act, 1988 to section 263(1) of the act, that the said explanation made explicit what was implicit in the provisions of section 263. .....

Shree Gopal Paper Mills Ltd. Vs. Commissioner of Income-tax, Central

Court : Kolkata

Reported in : AIR1967Cal560

..... which will appear in the secniel, that the two questions namely, (1) whether the bonus shares should be included in the paid-up capital of the assessee within the meaning of sub-section (1) of the explanation to paragraph d of part ii of the finance act, 1956, and (2) whether the bonus shares can be said to have been issued within the meaning of the second proviso to the said paragraph to the shareholders by the assessee, ..... paid-up capital of the assesses within the meaning of that term in pursuance of sub-section (1) of the explanation to paragraph (d) of part ii of the finance act, 1956, for the relevant assessment year? ..... is a case on the stamp act and that it is based on a particular section of the finance act of a particular year. ..... the circumstances of the case the bonus shares in question can be said to have been issued within the meaning of the second proviso to paragraph (d) of part ii of the finance act, 1950, to the shareholders by the assessee during the accounting year ended 31st december, 1955, relevant for the assessment year 1956-57? 7. ..... section (1) of the explanation of paragraph d of part ii of the finance act ..... the relevant provisions of the second proviso to paragraph (d) of part ii of the finance act of 1956 are as follows:--'provided further that- (i) the amount of the rebate under clause (i) or clause (ii), as the case may be, of the preceding proviso shall be reduced by the sum, if any, equal to ..... amendment of 1936, the meaning of the word 'allotment' in section .....

Royal Calcutta Turf Club Vs. Wealth-tax Officer, b Ward Viii and ors.

Court : Kolkata

Reported in : 1983(2)CHN53,(1983)2CompLJ345(Cal),(1984)43CTR(Cal)195,[1984]148ITR790(Cal)

..... pointed out by him that levy of wealth-tax on companies has been suspended from april 1,1960, in terms of section 13 of the finance act, 1960, and, therefore, companies are to be regarded as unit of assessment only for three assessment years 1957-58, 1958 ..... of the net wealth of an individual, undivided family and company, wealth-tax is chargeable only in respect of the above-mentioned assessable entities and the finance act, 1972, has included with effect from april 1, 1972, the interest in converted property into huf under section 4(1)(a) and an individual flat owner in a co-operative housing society under section 4(7) in determining the net wealth. ..... been stated by the said deponent that it would be obvious from the balance-sheet of the said club that the net wealth chargeable to wealth-tax had escaped assessment within the meaning of section 17 of the said act, and so the deponent has claimed to have sufficient materials in his possession, on the basis whereof he could have reason to believe that net wealth of the said club had escaped assessment ..... provided that in relation to the assessment year commencing on the 1st day of april, 1981, or any subsequent assessment year this sub-clause shall have effect subject to the modification that for item (1) thereof, the following item shall be substituted, namely:--(i)(a) agricultural ..... ito : [1981]130itr710(cal) , which ..... : [1981]130itr733(cal) , which was a determination, dated march 18, 1974, and has been made an appendix, to the case .....

Commissioner of Income-tax Vs. Bengal Assam Steamship Company Ltd.

Court : Kolkata

Reported in : (1985)49CTR(Cal)23,[1985]155ITR26(Cal)

..... it was held in that case that anassessee is entitled to relief under section 80-i of the act (before it was deleted by the finance act, 1972), on the profits of the priority industry before setting off of the unabsorbed development rebate of the priority industry itself.10. ..... rulings, one of the kerala high court and the other of the mysore high court, are authorities for the proposition that the deduction contemplated by one or the other of the sections in chapter vi-a goes into the computation of the total income, that the set-off under section 71 or under section 72 is not part of the process of computation of total income and that such a set-off is something to be made after the computation of the total income. ..... i of the first schedule to the finance act, 1965, the correct interpretation whereof was laid down by the supremecourt in cambay electric supply's case and, therefore, the : [1978]113itr84(sc) profits and gains attributable to the business of manufacture or production of the articles or things specified in part iii of the first schedule to the finance act, 1965, here, soda ash, which qualified for the special rebate under para. f of pt. ..... ito : [1981]130itr710(cal) . .....

Commissioiner of Income Tax, Koliv Vs. M/S. Andaman Sea Food Pvt. Ltd.

Court : Kolkata

..... before the explanation was added to sub-section (2) of section 9 of the act by the finance act, 2010, there was already an explanation introduced by the finance act, 2007 with retrospective effect from 1st june, 1976 which provides as follows: ..... submission advanced by mr.murarka is that the explanation under sub-section (2) of section 9 of the income tax act was inserted by the finance act, 2010 albeit with retrospective effect from 1st june, 1996 ..... the amendment introduced by the finance act, 2010 has specifically been made with retrospective effect from 1st ..... to the explanation introduced by the finance act, 2010 with effect from 1st june, 1976 which has been placed below the sub-section (2) of section 9 of the act. ..... we are as such of the opinion that even without the amendment introduced by the finance act, 2010, the liability of the foreign resident to taxation under the indian laws ..... he also drew our attention to the explanation introduced by the finance act, 2007 with retrospective effect from 1st june, 1976 which provides as ..... mr.murarka contended that the explanation added by the finance act, 2007 quoted above did not contain the provision whether or not the nonresident has rendered ..... expressly in the matter of taxation, equity has no when a law has been amended with retrospective effect court has to proceed on the basis that the amendment was always there with effect from 1st june, 1976. ..... the assessee could not have foreseen the amendment to be made in the year 2010. ..... amendments. .....