Court : Madhya Pradesh
Reported in : [1983]144ITR729(MP)
..... now, sub-section (7) of section 40a of the act was inserted by the finance act, 1975, with retrospective effect from the assessment year 1973-74 ..... the objection raised by the assessee to the charging of interest under section 215 of the act was not entertained on the ground that no appeal was competent in that behalf ..... the aac held that as the conditions prescribed by section 40a(7) of the act were admittedly not complied with, the claim for deduction of rs ..... the ito, however, held that the provisions of section 40a(7) of the act were attracted and as the conditions prescribed by that provision were not fulfilled, the claim for deduction could not be allowed ..... it was urged that in so far as the provision for gratuity up to june 30, 1971, was concerned, section 40a(7) of the act was in terms not applicable. ..... 98,013 on account of gratuity payable up to june 30, 1972, and that the provisionsof section 40a(7) of the act were not attracted by virtue of clause (b)(i) of section 40a(7) of the act. ..... in our opinion, therefore, the tribunal was justified in disallowing the claim of the assessee on account of provision for gratuity as the conditions prescribed by that provision were not fulfilled and as the provisions of clause (b)(i) of section 40a(7) of the act were not attracted.6. ..... the claim for deduction on account of provision for gratuity was made by the assessee in the assessment year 1973-74, the tribunal was right in holding that the provisions of section 40a(7) of the act were attracted. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2003)183CTR(MP)503; [2003]263ITR77(MP)
..... the finance act, 2002, has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in post-search inquiries made on the basis of evidence found in ..... rohit arya, learned counsel for the revenue, that the tribunal has misconstrued the provision engrafted under section 158bb of the act inasmuch as the said provision unequivocally lays postulate that the assessing officer can take into consideration the information at the time of assessment and the report of the departmental valuation officer is an ..... arya submitted that the amendment was effected to section 158bb in the year 2002 with effect from july 1, 1995, and the amendment would be applicable to the present case as block period covers ten years commencing ..... is contended by him that the said provision has to be read conjointly with section 131(1)(b) of the act which confers power on the assessing officer regarding discovery or production of evidence, ..... are essential to be stated are that in respect of the business premises of the respondent-firm a search and seizure operation was carried out under section 132 of the act whereby certain amount in cash and jewelleries were found. ..... in this appeal preferred under section 260a of the income-tax act, 1961 (for brevity 'the act'), the revenue has called in question the legal propriety of the order passed by the income-tax appellate tribunal, jabalpur bench, jabalpur (for brevity .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 2000(70)ECC194; 2000LC452(MP); 2000(119)ELT279(MP); 2000(2)MPHT16
..... it is, however, significant to note that now a new section 11bb has been inserted in the act by section 75 of the finance act, 1995 w.e.f. 26-5-95. ..... the petitioner preferred claim before the assistant collector, custom & central excise, indore under section 11b of the central excise & salt act, 1944 (for short 'the act') for refund of the aforesaid duty as according to the petitioners the duty was wrongly levied on it. ..... the claim has been resisted mainly on the ground that the act of 1944 does not contain any provision for grant of interest on amounts wrongfully withheld by the department.5. ..... it is true that the central excise & salt act, 1944 did not at the relevant time contain any provision to provide for payment of interest on the amounts wrongfully levied or withheld by the deptt.. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2009]315ITR312(MP)
..... at the outset, we may mention that controversy involved in this reference is now narrowed down to large extent because during pendency of this reference, the parliament amended section 43b by finance act, 2006 retrospectively w.e.f. ..... the 1st day of april, 1989, namely:explanation 3c - for the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (d) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or borrowing shall not be deemed to have been actually ..... the amendment made in section 43b by the parliament with retrospective effect fully applies to this case and hence, this court cannot ignore its impact on this reference ..... amendment of section 43b ..... this is an it reference made under section 256(1) of the it act to this court at the instance of assessee by the tribunal to answer following questions of law said to arise out of the order passed by the tribunal, dt ..... 2,89,61,025 under section 43b of the it act ('the act')?2. ..... - in section 43b of the it act-(a)after expln. ..... 1989-90, entitling the appellant to claim deduction in respect of funded interest under section 43b of the act?4. ..... and circumstances of the case, the tribunal erred in law in not holding that by funding of interest whereby the outstanding interest got converted into principal amount of loan, the outstanding interest was actually paid in terms of section 43b of the act?3. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)198CTR(MP)608; [2006]281ITR52(MP)
..... also contended that the finance act, 1987 by which sub-section (4) of section 45 was inserted, the definition of transfer as contained in sub-section (47) of section 2 stood amended including the capital asset ..... stock-in-trade of a business carried on by him, such conversion or treatment; or(v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or(vi) any transaction (whether by way of becoming a member of, or acquiring shares in a co-operative society, company or other aop or by way of any agreement or any arrangement or in any other manner whatsoever) ..... admitted on the following substantial question of law :'whether the tribunal was justified in holding that in absence of any corresponding amendment in the definition of section 2(47), there does not arise any liability of capital gains on the firm on the death of one of the partners, ..... not constitute a sale, exchange, relinquishment of asset or the extinguishment of any right therein and, therefore, it does not fall within the definition of 'transfer' and the amendment in the definition of 'transfer' so as to bring such distribution of profits of dissolved firm amongst its partners within the concept of term 'transfer' as is envisaged under section 2(47) and hence, there would be no transfer as a consequence of which there would be no capital gain. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2007]290ITR260(MP); 2006(3)MPLJ131
..... rohit arya, learned counsel very fairly submitted that section 158bb of the act has been amended by finance act of 2002 w.e.f. ..... 1,45,000 made on account of interest earned on unexplained deposits in the nre bank account of the assessee even when such interest was not exempt in view of the provisions of section 10(4)(ii) of the it act?in para 32 of the impugned order, the tribunal, after perusing the provisions of section 10(4)(ii) of the act, has held that since the deposits of dollars in the nre accounts was duly explained by the respondent and his explanation has been accepted by the tribunal, the interest accrued ..... income by way of interest on moneys standing to his credit in a non-resident (external) account in any bank in india in accordance with the foreign exchange regulation act, 1973 (46 of 1973), and the rules made thereunder :provided that such individual is a person resident outside india as defined in clause (q) of section 2 of the said act or is a person who has been permitted by the rbi to maintain the aforesaid account:provided further, that nothing contained in this sub-clause shall apply ..... , 1987 whereunder a person who was not ordinarily resident and who has brought foreign currency into india after furnishing declarations under the notifications issued under the fera, had to sell the foreign currency to ..... , 1987 and had brought along with him foreign currency in pound and dollars, both in cash and traveller cheques as declared in the declarations. ..... , 1987 and 2nd dec .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1964MP242; [1964]15STC254(MP)
..... some misconception in the minds both of the petitioners as well as of the taxing authorities on the question of the nature and effect of a hire purchase agreement and of explanation i to section 2(n) of the act, and that in view of the authoritative pronouncements of the supreme court there was no justification for this misconception and the removal of the misconception was necessary for guiding both the petitioners as well ..... of the type con-duded by the petitioners, where the hirer had an option of returning goods and also of purchasing them, there was no contract of sale at all; that under section 4 of the sale of goods act, 1930, a transaction could be called a 'sale' only when for money considerations property in goods was transferred under a contract of sale; that a contract of sale between the parties ..... to above in the definition of 'sale' in the bengal finance (sales tax) act, 1941, was upheld by the supreme, court in mithan lal's case, 1959 scr 445 : air 1958 sc 582 (supra), and it was on the basis of this reasoning that the constitutionality of explanation i to section 2(g) of the bengal act was upheld in the case of instalment supply (pri. ..... tax officer, jabalpur, under section 29 of the act required him to produce before the sales tax officer on the date mentioned in the notice 'books of accounts since the commencement of business to date regarding the finances made for the purchase of ..... explanation i to section 2(g) of the bengal finance (sales tax) act, 1941, as extended .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008(118)FLR871]
..... of blind or low vision, hearing impairment or locomotor cerebral palsy and the benefit be made available to the candidates of such class in future employment as specified in section 32 and 33 of the act.iii) it is further directed that until and unless any establishment is exempted by way of issuing a notification, the mandate of section 32 and and 33 of the act of 1995 be not flouted with by the authorities/officials in any manner and on violation of the same, they must be dealt with in accordance with the ..... the said matter was related to the admission to the medical colleges, which are governed by section 39 of the act and the decision is based on a letter dated 5.7.2001 of a joint meeting of medical council of india, whereby the visually handicapped have not not been considered suitable for the studies of mbbs course. ..... in the case in hand, the benefit of reservation is claimed on the basis of the provisions of section 32 and 33 of the act and the apex court has also interpreted it, even by giving purposive interpretation in the case of bhagwan dass (supra).15. ..... section 2(a) 'appropriate government' meaning thereby a central government or any establishment wholly or substantially financed by that government, or a cantonment board constituted under the cantonment act, 1924 and in relation to a state govt.or any establishment wholly or substantially financed by that govt. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)136CTR(MP)312
..... the business of the assessee is to advance finances by way of long-term loans to the industries. ..... briefly stated, the facts of the case are that the assessee is a financial corporation created under the state finance corpn. ..... 256(1) of the it act, 1961 (for short the act) arising out of the order dt. ..... 256(1) of the act arising out of the tribunals consolidated order dt. ..... 256(1) of the act, the tribunal stated the case and referred the aforesaid questions.4. ..... act by the government of madhya pradesh. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1957MP37; [1957]8STC325(MP)
..... the courts have not adhered to them, as decisive and have looked to the provisions of the particular act to ascertain what the expression 'manufacture' means in the context in which it has been used in that act.reading the provisions of section 8 (1) (b) with the definitions of 'manufacturer', 'dealer' and 'goods' given in the act, it is plain that the act contemplates the levy of sales tax on the sale transactions of those goods which the manufacturer himself produces ..... in the work of printing and dyeing textiles purchased by him and in the business of selling or supplying the printed and dyed material, is a manufacturer within the meaning of the definition given in section 2 (k).in my opinion, the sales tax authorities were right in holding the assessee liable to pay sales tax on sale transaction of cloth printed and dyed by him and sold by him. ..... section 3 (1) (b) as it stood at the material time and before it was amended by the madhya bharat amendment act ..... that was a case where with reference to the provisions of the bengal finance (sales tax) act, 1941, (the material provisions of which were substantially the same as those under consideration here) it ..... , that 'to manufacture or produce goods for sale' within the meaning of the bengal finance (sales tax) act, which is concerned with 'dealers', that is persons engaged in the business of selling or supplying goods, must mean to bring into being a commercial article for sale in the business in which the dealer is engaged, that .....
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