Judgment Search Results Home > Cases Phrase: finance act 1983 Court: guwahati Page 9 of about 1,749 results (0.068 seconds)

industrial Credit and Investment Corporation of India Ltd. Vs. Financi ...

Court : Guwahati

..... facts in short are that the respondent had filed an application under section 9 of the arbitration and conciliation act, 1996 (hereinafter referred to as the 'act') before the learned district judge, kamrup, gauhati praying for a direction to the respondent therein, namely, itc classic finance ltd. ..... to show cause as to why it should not be proceeded under the contempt of courts act, 1971, the present petitioner would take necessary steps in accordance with law. ..... has also been asserted that as the order dated 17.2.1998 is ex-facie illegal and passed behind its back, the order dated 28.4.1998 asking it to show cause as to why a proceeding under the contempt of courts act, 1971 should not be initiated is also not sustainable. 4. mr. ..... in which notice has been issued against the itc classic finance ltd. ..... dated 28.4.1998, in my view, as the notice had been issued in allegation of wilful disregard to the order dated 17.2.1998, it is still open for the petitioner, as it has now stepped into the shoes of the itc classic finance ltd. ..... , the learned court below has not recorded any reason in support of the direction issued by it to the itc classic finance ltd. ..... is noticeable that though by order dated 17.2.1998, the itc classic finance ltd. ..... case of the petitioner as set out in the instant petition is that the itc classic finance ltd. ..... learned court below issued notice calling upon the itc classic finance ltd. ..... case was fixed on 20.3.1998 for filing necessary objection by itc classic finance ltd. .....

Commissioner of Income-tax Vs. Hotel Belle Vue (P.) Ltd.

Court : Guwahati

..... this provision was inserted by the finance act, 1976, and it came into force with ..... not been defined in the finance act. ..... for the revenue, submits that in order to get the benefit of section 32a of the act, the assessee must carry on business of manufacturing or processing of any article or thing. ..... therefore, looking into the section of the act all investment other than the investment mentioned in the proviso are taken into consideration, ..... this provision has been incorporated in the act with the sole view to give benefit to certain industries in respect of investment allowance, however, there is ..... that whatever may be the business, for manufacture or production, if a machinery is wholly used for the purposes of the business carried on by him as required under sub-section (2) of section 32a of the act, investment allowance will be given to him. ..... a close reading of section 32a of the act shows that any machinery or plant specified in sub-section (2) which is owned by the assessee and wholly used for the purpose of the business carried on by the assessee, allowance ..... revenue, the following two questions have been referred by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961 (for short, 'the act'), for opinion of this court : '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee is an industrial undertaking and was entitled to investment allowance under section 32a of the income-tax act, 1961? .....

Jyoti Forge and Fabrication and anr. Vs. State of Assam and ors.

Court : Guwahati

..... giving opportunity to the respondent assessee, referred inter-alia, the following question for the opinion of the high court:whether, on the facts and in the circumstances of the case, the tribunal acted properly by vacating the order of the commissioner under section 33-b of the said act and in directing him to dispose of the proceedings under the said section afresh after giving due opportunity to the assessee?16. ..... would flow from the view taken by the high court which has held that the tribunal acted properly in vacating the commissioner's order but did not act properly in directing him to dispose of the proceedings afresh after giving opportunity to the assessee. ..... of pooran mall & sons (supra), the apex court referring to the provisions of the income tax act and the rules held that even if the period of time fixed under section 132(5) of the act found to be mandatory, that was satisfied when the first order was made. ..... (supra), the appellate authority dealing with the provisions of the assam agricultural income tax act, 1939 and having regard to the fact that the appellate authority issued direction to the assessing officer to make fresh assessment in accordance with law, was of the opinion that no such direction ..... standing counsel, finance department submits that the revisional authority even after setting aside the order passed on rectification proceeding was within its competence and jurisdiction to issue direction for fresh rectification order as per the provisions of the act. .....

Dr. Mrs. Alaka Goswami and Dr. Anil Kumar Goswami Vs. Commissioner of ...

Court : Guwahati

..... (c) whether, on the facts and in the circumstances of the case, the tribunal was correct and justified in law on consideration of the provision contained in chapter xiv-b of the act, particularly section 158b(b), in holding that the income covered by the amount of advance tax paid was not disclosed to the department for the assessment year 1995-96 (comprised within the block ..... as soon as the finance act prescribes the rate or rates for any assessment year, the ..... return and the payment of tax thereon computed at the prescribed rates amounts to an admission of tax liability which the assessee admits to have incurred in accordance with the provisions of the finance act and the income-tax act. ..... self-assessment claiming allowance of the advance tax or tax deducted at source in the amount of tax payable according to him, there is clear admission of the liability that has arisen under the act to pay the tax on the total income as is computed by the assessee and duly quantified in the return. ..... from the aforesaid judgment of the apex court it is clear that the act itself provides for payment of the advance tax and the act enjoins upon the assessee a duty to file the return of the income disclosing his true income and on the basis of the income so disclosed, the assessee is required to make a self- ..... provisions contained in section 15bbb(1), section 158ba(2), section 113, section 158bc and section 88(1) of the act did not accept the contentions raised by the appellants and rejected the same. .....

Commissioner of Income-tax Vs. Banda Plantations and Industries Ltd.

Court : Guwahati

Reported in : [2002]257ITR694(Gauhati)

..... , section 43b of the income-tax act, 1961, as insertged by the finance act, 1983, with effect from april 1, 1984, which provides that certain liabilities can be deducted only on actual payment).'12. ..... this appeal has been filed by the revenue under section 260a of the income-tax act, 1961 against the order dated 20.2.2001 passed by the income-tax appellate tribunal, gauhati bench, guwahati in ita no. ..... regarding charging of additional tax under section 143(1a) of the act, the appellate authority held that there was no justification in charging the same as the income of the assessee was still at a loss after making the adjustment.6. ..... facts and in the circumstances of the case, the tribunal was justified and correct in law in holding that no additional tax is impossible when total taxable income is lost after adjustment made under section 143(1)(a) of the act, in spite of the amended provision of sub-section (1a) of section 143 of the act effective from 1.4.1980?regarding question no. ..... this is recognised in trade circles and there is nothing in the bonus act which prohibits such a practice. ..... the assessing officer also charged additional tax under section 143(1a) of the act on the assessee to the extent of rs. ..... the respondent herein is an assessee under the income-tax act, 1961, hereinafter called as the act. ..... the assessing officer added the said contingent liability to aseb to the book profits of the assessee for computation of income under section 115j(a) of the act. .....

Goyal Trading Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1989)28ITD265(Gau.)

..... appeals) pointed out that the assessment has been re-opened after obtaining the concerned iac's approval which was in accordance with law and was not vitiated.according to the cit (appeals) if the ito acted wrongly in making enquiries and impounded the books of the assessee after return has been filed under the amnesty scheme, the assessee should have complained the matter to the iac concerned or the commissioner ..... there was nothing in section 24 of the finance (no.2) act, 1965, which prevented the income tax officer, if he was not satisfied with explanation of the assessee about the genuineness or source of the amount found credited in its books, although the same had already ..... assessee contended that any further enquiry as to the basis of such income, would be contrary to the spirit of the amnesty scheme enunciated by the board and by the finance minister as per circular noted in the assessment order itself. ..... other things, the hon'ble supreme court in the case of jamnaprasad kanhaiyalal (supra) has held that there was nothing' in section 24 of finance (no. ..... v, ito [1975] 98 itr 681, in which it was held that it was not permissible for the department to go into the question of the nature and source of the amount declared in a voluntary disclosure under section 24 of the finance (no. ..... iac [1983] 142 itr 101, held that the iac in such situation ceased to have jurisdiction in view of the amendment of section ..... cit [1983] 142 itr 104 following his earlier order as in cit ..... [1983] 141itr .....

Assistant Commissioner of Income-tax and ors. Vs. Director of State Lo ...

Court : Guwahati

..... section 2(24) of the act was inserted by the finance act,1972, which brought winnings from lotteries within the purview of the act. ..... against the director, state lotteries, assam, on alleged short deduction of taxat source under section 194b of the act in respect of 1,494 numbers, of lottery draws held during the period from february 6/1992 to december ..... prize winning tickets remaining unsold in his hand or the prize winner not coming forward to claim the prize within the stipulated period, does not attract the provision of section 194b of the act as the refund was not a winning from the lottery. ..... for the application of section 194b of the act, the sine qua non is that the payment by the person has to be towards ..... sub-clause (ix) of section 2(24) of the act reads as under : '(ix) any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any ..... the prize money from unsold tickets as also the refund of the unclaimed prizes to the organising agent is not given by way of winning from any lottery and, therefore, section 194b of the act (supra) is not attracted. ..... provisions of section 194b of the act may be noticed- '194b. ..... view of the learned single judge that the refund may be an income accrued to an agent in respect of prize on unsold/unclaimed prizes, but it does not constitute income from lottery as envisaged by section 2(24)(ix) of the act to attract the provisions of section 194b of the act. 13. .....

Assistant Commissioner of Income-tax and ors. Vs. Director of State Lo ...

Court : Guwahati

..... clause (ix) of section 2(24) of the act was inserted by the finance act, 1972 which brought winning from the lotteries within the purview of the act. ..... agent in case of prize winning ticket remaining unsold in his hand or the prize winner not coming forward to claim prize within the stipulated period, does not attract the provision of section 194b of the act as the refund was not winning from the lottery. ..... for the application of section 194b of the act, the sine qua non is that the payment by the person has to be towards winning from ..... sub-clause (ix) of section 2(24) of the act reads as under - '(ix) any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature ..... refund of the prize money from unsold tickets as also the refund of the unclaimed prizes to the organising agent is not given by way of winning from any lottery and, therefore, section 194b of the act (supra) is not attracted. ..... stage, the provisions of section 194b of the act may be noticed - ' 194b. ..... against the director, state lotteries, assam on alleged short deduction of lax at source under section 194b of the act in respect of 1494 nos. ..... view of the learned single judge that the refund may be an income accrued to an agent in respect of prize on unsold/unclaimed prizes, but it does not constitute income from the lottery as envisaged by section 2(24)(ix) of the act to attract the provisions of section 194b of the act.14. .....

Ladhuram Laxmi Narayan Vs. Income-tax Officer, Additional a Ward and o ...

Court : Guwahati

..... totally absent in the present case and as such the income-tax officer issued the impugned notice illegally and without jurisdiction ; (2) that since the notice is not under section 147(a) of the act and even if it is assumed that the notice is under section 147(b) it is clearly barred by limitation prescribed under section 149(1)(b); and (3) that the sanction purported to be given by the commissioner of income-tax ..... under this section shall be admissible as evidence against the declarant for the purpose of any assessment proceeding or any proceeding relating to imposition of penalty or for the purpose of prosecution under any of the acts mentioned in sub-section (9) of the wealth-tax act, 1957, in respect of any amount specified in an order made by the commissioner under sub-section (4) or, if such amount is altered by an order of the board under sub-section (6) then ..... being the position we are of the opinion that the conditions precedent for issuing the notice under section 148 of the act within the meaning of section 147(a) of the act are found to be absent in the instant case and, therefore, we hold that the impugned notice is illegal ..... assessee-firm there would have been another hurdle for the department under section 24(11) of the finance (no. ..... it is found that the income-tax officer assumed jurisdiction to issue the notice under section 148 on two grounds, namely, (1) that the assessee filed disclosure petition under the finance (no. ..... out with a disclosure under the finance (no. .....

Ghisalal Agarwala Vs. Commissioner of Income Tax

Court : Guwahati

..... section 23(5) provides for the machinery for collection and recovery of the tax, once the legislature has, in clear terms, indicated that the income of the firm can be taxed in accordance with the finance act of 1956 as also the income in the hands of the partners, the distinction a charging and a machinery section is of no consequence. ..... deductions made from winnings from sikkim lotteries on account of agent's/seller's commission and/or payment of tax called income-tax, would not debar the assessment of that income as per provisions of the income tax act, 1961.in the instant case, as has been pointed out above explanation 2 to section 5, which provides safeguard against double taxation does not apply for the obvious reason that the income in question had not ..... that the income-tax deduction made for winnings from sikkim lotteries would debar the assessment of that income as per provisions of the income tax act and that such assessment would not suffer from double taxation on the ground of income-tax having been charged by the sikkim income-tax authorities. ..... of the powers under clause (n) of article 371f of the constitution, the president vide notification dated 7-11-1988 extended the income tax act, 1961, to the state of sikkim and later, the central government issued notification dated 23-2-1989, appointing 1-4-1989, as the date on which the income tax act came into force in the state of sikkini in relation to the previous year relevant to the assessment year commencing on 1-4-1989 .....