Court : Andhra Pradesh
Reported in : [1962]44ITR131(AP)
..... reliance for this contention is placed upon section 13 of the indian finance act, 1950. ..... section 13, clause (1) of the indian finance act, reads as follows :'repeals and savings. ..... section 13 of the indian finance act, 1950, provided for repeals and saving in regard to a law relating to income-tax or super-tax that was in force in any part b state other than jammu and kashmir. ..... for any previous year which ends after march 31, 1949, and which had to be assessed under the state law for the state assessment year 1949-50 shall be assessed under the indian income-tax act for the year ending on the 31st day of march, 1951, if and only if such income, profits and gains have not before the appointed day been assessed under the sated law. ..... we are, therefore, of the opinion that the assessment in this case is validly made under the indian income-tax act.it is also faintly suggested by the learned counsel for the assessee that section 5, clause (1), of the part b states (taxation concessions) order, 1950, is discriminatory and offends article 14 of the constitution of india because it discriminates between the assessee whose income had been assessed under the state law before ..... the financial integration of the erstwhile indian states with the indian union took place on april 1, 1950, and the indian income-tax act became applicable to the erstwhile indian states by reason of suitable amendment of the extent section of the indian income-tax act, 1922. .....
Tag this Judgment!Court : Andhra Pradesh
..... to have been received by them, the respondent initiated proceedings against the appellant proposing to levy service tax under different heads and interest provided for under section 75 of the finance act, 1994 (for short, 'the finance act') and penalties under sections 77 and 78 of that act. ..... he submits that though the waiver of penalties under sections 77 and 78 of the finance act may result in some relief to the appellant, the insistence on payment of the entire amount of service tax levied by the respondent and the interest thereon, would ..... an order dated 21.09.2011 confirming demand of two amounts, namely, rs.3,87,51,793 and rs.28,94,07,221/-, directing appropriation of a sum of rs.44,45,277/- and confirming the demand for interest under section 75, penalty of rs.32,81,59,014/- under section 78 and rs.5,000/- under section 77 of the finance act. ..... tribunal granted waiver of pre-deposit only to the extent of 66% of the amount of rs.3,87,51,793/- and the penalties imposed under sections 77 and 78 of the finance act. ..... demanded towards arrears of service tax and granting waiver for the remaining half as well as the components of interest and penalty under the relevant provisions of the finance act. ..... narasimha reddy) this appeal is filed under section 35g of the central excise act, 1944 (for short, 'the act').the appellant is a company engaged in construction and execution of infrastructure projects and obtained service tax registration with the commissioner of customs and central .....
Tag this Judgment!Court : Andhra Pradesh
..... to have been received by them, the respondent initiated proceedings against the appellant proposing to levy service tax under different heads and interest provided for under section 75 of the finance act, 1994 (for short, 'the finance act') and penalties under sections 77 and 78 of that act. ..... he submits that though the waiver of penalties under sections 77 and 78 of the finance act may result in some relief to the appellant, the insistence on payment of the entire amount of service tax levied by the respondent and the interest thereon, would ..... an order dated 21.09.2011 confirming demand of two amounts, namely, rs.3,87,51,793 and rs.28,94,07,221/-, directing appropriation of a sum of rs.44,45,277/- and confirming the demand for interest under section 75, penalty of rs.32,81,59,014/- under section 78 and rs.5,000/- under section 77 of the finance act. ..... tribunal granted waiver of pre-deposit only to the extent of 66% of the amount of rs.3,87,51,793/- and the penalties imposed under sections 77 and 78 of the finance act. ..... demanded towards arrears of service tax and granting waiver for the remaining half as well as the components of interest and penalty under the relevant provisions of the finance act. ..... narasimha reddy) this appeal is filed under section 35g of the central excise act, 1944 (for short, 'the act').the appellant is a company engaged in construction and execution of infrastructure projects and obtained service tax registration with the commissioner of customs and central .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1975]99ITR448(AP)
..... the order sheet of the income-tax officer was produced before us and it clearly shows that on 22nd april, 1964, the income-tax officer passed an order that a notice be issued to the petitioner under section 271(1) of the act after passing this order, he has entered the gist of the assessment order specifying the amount returned, the income arrived at and the tax levied upon the assessee. ..... verified in the prescribed manner and setting forth such other particulars as may be prescribed- (a) in the case of every person whose total income, or the total income of any other person in respect of which he is assessable under this act, includes any income from business or profession before the expiry of six months from the end of the previous year or where there is more than one previous year, from the end of the previous year ..... , the tax chargeable according to the finance act, 1963. ..... it is a matter of common knowledge that the finance act is usually passed in the month of may, after the financial year and after the assessment year starts and sometimes it becomes necessary to file the returns after taking into consideration the provisions of the new finance act. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1973]92ITR519(AP)
..... section (3) of section 40a was added by the finance act of 1968 and sub-section (4) was inserted by the finance act ..... bank; (iv) any primary agricultural credit society as defined in clause (cii) of section 2 of the reserve bank of india act, 1934 (2 of 1934), or any primary credit society as defined in clause (civ) of that section; (v) the life insurance corporation of india established under section 3 of the life insurance corporation act, 1956 (31 of 1956); (vi) the industrial finance corporation of india established under section 3 of the industrial finance corporation act, 1948 (15 of 1948) ; (vii) the industrial credit and investment corporation ..... (h), the term 'bank' means any bank, banking company or society referred to in sub-clauses (i) to (iv) of clause (a) and includes any bank [not being a banking company as defined in clause (c) of section 5 of the banking regulation act, 1949 (10 of 1949)], whether incorporated or not, which is established outside india; (e) where the payment is made by way of adjustment against the amount of any liability incurred by the payee for any goods suppled ..... the total income of the assessee for the previous year in which such liability was incurred and make the necessary amendment, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end oithe assessment year next following the previous year in which the payment was so made: .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2006(1)ALD798; 2006(1)ALT20; III(2007)BC35; [2006]68SCL532(AP)
..... (3) if, the debts recovery tribunal, after examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this act and the rules made thereunder, and require restoration of the management of the secured assets to the borrower or restoration of possession of the secured assets to the borrower, it may by order ..... some facts which need be taken note of are that the banks and the financial institutions have heavily financed the petitioners and other industries. ..... in the present day global economy it may be difficult to stick to old and conventional methods of financing and recovery of dues. ..... liquidity of finances and flow of money is essential for any healthy and growth oriented economy. ..... injunction, under order 39, rules 1 and 2 c.p.c, was passed by the court below, injuncting defendants 5 and 6/appellants herein to proceed with the notification issued under section 13(4) of the act, which means that the state bank of india (defendants 5 and 6/appellants-herein) had already invoked its statutory jurisdiction provided under section 13(4) of the act and, as a result of which, the subject-matter of dispute with regard to the schedule property was brought into the fold of the .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1980)18CTR(AP)119; [1981]130ITR51(AP)
..... (1)(c) as existed prior to the amendment of the finance act of 1968 was ordered to be ..... of the act as amended by the finance act of 1968 ..... need not impose penalties unless a deterrent punishment on facts is warranted and even when imposition is justified, the courts and tribunals, which include the authorities under act 43 of 1961, have ample discretion to consider the circumstances before a penalty is levied, for, such are the incidents of penalty proceedings. ..... 1968), the quantum of penalty to be levied should be as per the amended provisions of section 271(1)(ii) brought into effect from april 1, 1968 ?' 2. m/s. ..... penalty is prescribed, the authority competent to impose the penalty will be justified in refusing to impose penalty, when there is a technical or venial breach of the provisions of the act or where the breach flows from a bona fide belief that the offender is not liable to act in the manner prescribed by the statute.' 10. ..... case of a penalty, however, we must remember that a penalty is imposed on account of the commission of a wrongful act, and plainly it is the law operating on the date on which the wrongful act is committed which determines the penalty. ..... imposing penalty for failure to carry out a statutory obligation is the result of a quasi-criminal proceeding, and penalty will not ordinarily be imposed unless the party obliged, either acted deliberately in defiance of law or was guilty of conduct, contumacious or dishonest, or acted in conscious disregard of its obligation. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1977]110ITR263(AP)
..... finance act, 1910, while section 48 of the estate duty act was based upon section ..... finance act, 1894, and section 60, sub-section (2) ..... if the finance act is passed, it is the rate fixed by that act; if the finance act has not yet been passed, it is the rate proposed in the finance bill pending before parliament or the rate in force in the preceding year, whichever is more ..... that the wealth-tax payable by the assessee is also a debt within the meaning of the same section of the wealth-tax act, are hardly of any assistance in considering the problem before us, because what has been observed in the context of the wealth-tax act and what has been laid down for the purpose of that act is hardly of any assistance for the purpose of deciding as to whether the estate duty payable in ..... section 7(1) of the wealth-tax act pointed out that the provisions of section 7(1) of the wealth-tax act and section 36 of the estate duty act are in pari materia and it has been pointed out that the value of an asset, other than cash, for the purpose of section 7(1) of the wealth-tax act, should be the same as its value for the purpose of section 36(1) of the estate duty act. ..... alternative argument is that even if it is not a debt, it is an incumbrance (a) by virtue of section 74, sub-section (1) of the act, and (b) even if it is not an incumbrance under section 74(1), independently of the provisions of section 74, it is an incumbrance in the sense of being a burden on the estate which passes on the death .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1988)71CTR(AP)80; [1988]174ITR231(AP)
..... finally, section 80jj was omitted by the finance act, 1985, with effect from april 1, 1986, so that an assessee is no longer entitled to claim deduction under this head. ..... 2, whether the assessee could be regarded as an industrial company within the meaning of the finance acts of 1977 and 1979, it is not disputed that once the assessee is considered as an industrial undertaking engaged in the production of articles, it so qualifies. ..... could it be said that this paltry deduction for which provision is made in section 80jj oust the assessee's claim for deduction under section 80j, which, speaking generally, is high we have no doubt that while an assessee is entitled to claim deduction under section 80j of the act if the requirements of that section are satisfied, an additional incentive is provided in section 80jj in favour of livestock breeding or poultry or dairy farming because of the emphasis on developing these avenues. ..... the assessee also claimed that it is an industrial company, as defined in the finance acts, 1977 and 1979, and was consequently entitled to be taxed at the cessional rate provided in the finance acts for industrial companies. ..... 4 above referred need not be answered, as the assessee had represented to the tribunal after the order was passed, giving up its claim for agricultural development allowance under section 35c of the act for the assessment year 1977-78 for certain technical reasons and the matter had already been rectified. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2002(1)ALD(Cri)930; 2002(1)ALT(Cri)453; I(2003)BC284
..... this apart the cause of action for 1st respondent initiating proceedings against the petitioner under section 138 of negotiable instruments act, was the dishonour of the cheque drawn by the petitioner to wards payment of instalments due to the 1st respondent. ..... he contended that 1st respondent filing a civil suit for recovery of the amount due to it and initiating proceedings under section 138 of negotiable instruments act in connection with the bouncing of a cheque issued by the petitioner towards the instalments due and payable to 1st respondent are not and cannot be a bar for the 1st respondent initiating proceedings under section 406 ipc, against the petitioner by relying on alpic finance limited v. p. ..... in that cases the supreme court did not lay down, that charge-sheet under sections 406 and 409, ipc is not maintainable when proceedings under section 138 of negotiable instruments act are initiated, as contended by the learned counsel for the petitioner. ..... the charge-sheet discloses an offence, much less offences under sections 406 and 409 ipc, and as breach of an agreement between the parties can at best give rise to a cause of action to initiate civil proceeding, but not criminal proceeding and since in fact the 1st respondent apart from filing a civil suit had also initiated proceedings under section 138 of the negotiable instruments act in connection with the bouncing of a cheque issued by the petitioner .....
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