Court : Madhya Pradesh
Reported in : 1986(8)ECC106; 1989(20)LC204(MP); 1985(22)ELT732(MP); 1986MPLJ561
..... since in terms of the explanation under section 51 of the finance act, it is clear that criminal liability will not be attracted because of retrospective amendment and moreover civil liabilities such as recovery of duty not levied or not paid or short levied or short paid or erroneously refunded has to be done in accordance with the provisions of the act and the rules as in force from time to time, therefore, there is no unreasonableness on account of length of retrospectivity of the amendment and section 51 of the finance act, 1982 and rules 9 and 49 of central excise ..... now remains challenge of the petitioner to section 51 of the finance act of 1982 and notification dated 20-2-1982 giving retrospective effect to the amended rules 9 and 49 of the excise rules, 1944, on the ground that it is not permissible in law to provide for a statutory provision like section 51 of the finance act giving retrospective effect to the rules and it is inconsistent with section 37 of the central excise act and is violative of article 19(1)(g) of the constitution. ..... these rules, as they stand, were amended in 1982 but by section 51 of the finance act, 1982 these rules were given retrospective effect from the date of framing of the rules i.e. ..... the petitioner, therefore, filed an application for amendment of the petition on 9-8-82 challenging section 51 of the finance act and the notification giving retrospective effect to these rules which was allowed and amendment incorporated. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2006]286ITR425(MP)
..... property let out was allowable even after giving a specific finding that the assessee did not owe any loan or debt in relation to the property let out and in the face, the specific provisions of section 40(2) of the finance act, 1983 whereby only those debts can be allowed which are secured on or which have been incurred in relation to assets upon which the wealth-tax is chargeable as per sub ..... the commissioner of wealth-tax, indore has filed this appeal under section 27a of the wealth-tax act, 1957, which has been admitted on the following substantial question of law:whether on the facts and in the circumstances of the case and in law the income-tax appellate tribunal was justified in holding that deduction of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1986MPLJ314; [1985]60STC184(MP)
..... that during the relevant assessment years 'resale' within the meaning of section 5(2)(a)(ii) and the second proviso was not confined to the territory of delhi, but also included resale outside the territory of delhi and, similarly, for the period up to 28th may, 1972 when section 5(2)(a)(ii) was amended by the finance act, 1972 'manufacture' and 'sale' contemplated by the section were not restricted to the territory of delhi but could also be ..... (at page 430)section 6(2)(a)(ii) was amended by the finance act, 1972 and the words 'in the union territory of delhi' were added after the word 'manufacture' and the words ' ..... section 5(2)(a)(ii) was amended with effect from 28th may, 1972 by the finance act, 1972 and the words 'in the union territory of delhi' were added after the word 'manufacture' so as to provide that ..... in both these references are answered as follows :(1) on the facts and in the circumstances of the case, proceedings under section 39(2) of the act were contrary to law ; and(2) reading and interpretation of the declaration contained in form xii-a as, well as section 8(2) of the act by the tribunal was not proper, and the levy of penalty under section 8(2) of the act was neither lawful nor justified.there will be no order as to costs. ..... tribunal, upholding imposition of penalty on merits, the dealer applied for a reference to this court under section 44(1) of the act, which has been granted resulting in the aforesaid questions of law coming up for decision by this .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1997)138CTR(MP)149; [1997]226ITR456(MP)
..... india : [1991]189itr70(patna) , the hon'ble patna high court considered whether the proviso to section 43b inserted by the finance act, 1987, with effect from april 1, 1988, will apply to the assessment proceedings pertaining to the past ..... later, a proviso was added by the finance act, 1987, with effect from april 1, 1988, to carve out an exception to permit deduction where a sum referred to in the said section was actually paid by the assesses before the due date applicable in the case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred and the evidence of such payment ..... the said section was to be allowed only if the actual payment had been made during the previous year itself, we find that the provision as it stood did not permit the extended meaning to cover cases where payment was made before the due date for filing a return of income but after the expiry of the accounting year merely because subsequently a proviso was added by the finance act, 1987, with ..... to obviate any confusion about the incurring of the liability in the previous year, explanation 2 was inserted by the finance act, 1989, with retrospective effect from 1st april, 1984, the date on which section 43b had been inserted, to clarify that any sum payable within the meaning of clause (a) of section 43b would mean a sum for which the assessee incurred liability in the previous year, even though such sum might .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2002)174CTR(MP)498
..... the precondition for admittance of declaration under section 88 of the finance act no. ..... petitioner filed declaration under section 89 of the finance act no. ..... orderarun mishra, j.petitioner is seeking the issue of writ to the respondents to accept the declaration under section 89 of the finance act no. ..... the appeal has been dismissed on merits later on after its restoration cannot come in the way of the petitioner for consideration of his case as per more beneficial provision 'kar vivad samadhan scheme' framed under finance act no. ..... the respondents in their return contend that no appeal was pending before the appellate authority on 28-1-1999, declaration filed by the petitioner under section 89 was rejected on the ground that appeal was not pending on the date of filing declaration. ..... the assessing officer completed assessment under section 143(3) of income tax act on 31-3-1993, on a total income of rs. ..... thus, his declaration under section 89 should be revived and considered on merits. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)202CTR(MP)313
..... under section 40(3) of the finance act, 1983 as amended by the finance act, 1988, wealth-tax is chargeable under the wt act in respect of net wealth on the valuation date of every private company in which public are not substantially ..... other words, rejecting the contention of assessee, all the three authorities consistently held that keeping in view the clear mandate provided in section 40(2) and (3) of finance act, 1983, the property in question has got to be taken into account, i.e. ..... assessee's building, therefore, comes within the ambit of sub-section (3)(iv) of section 40 of the finance act, 1983 and is taxable as such. ..... under sub-section (2) of section 40 of the finance act, 1983, the net wealth of a company shall be the amount by which the aggregate value of the assets referred to in sub-section (3) wherever located belonging to the company on the valuation date is in excess of aggregate value of all the assets owned by the ..... , the building let out by the assessee is an asset chargeable to wealth-tax under section 40 of the finance act, 1983. ..... our view, the appeal does not involve any substantial question of law so as to attract the rigour of section 27a of the act for admitting the appeal. ..... is an appeal by the assessee under section 27a of the wt act against an order, dt. ..... of the wt act, because it is in the nature of asset chargeable to wealth-tax under section 40 ibid. ..... under sub-section (3) of section 40, all such assets have been mentioned which are chargeable to wealth- .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1979]116ITR245(MP)
..... in reaching the conclusion that the right to reopen the assessment was barred under section 34(1)(a) of the 1922 act on 1st april, 1962, it was held that the amendment made in section 34(1) of the 1922 act by the finance act, 1956, which came into force on 1st april, 1956, and which provided that the notice in those cases where the escapement was of rupees one lakh or more could be issued ..... section 2 of the 1959 act added sub-section (4) in section 34 as follows : '(4) a notice under clause (a) of sub-section (1) may be issued at any time notwithstanding that at the time of the issue of the notice the period of eight years specified in that sub-section before its amendment by clause (a) of section 18 of the finance act, 1956 (xviii of 1956), had expired in respect of the ..... at any time was of noavail as the period of eight years within which notice could be issued under the section as it till then stood had expired on 31st march, 1956, a day before the finance act ..... the assessment or reassessment was made, the time within which such notice should have been issued or the assessment or reassessment should have been made under that section as in force before its amendment by clause (a) of section 18 of the finance act, 1956 (18 of 1956), had expired.' 9. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)195CTR(MP)210; [2005]278ITR122(MP)
..... order to clarify this point, the finance act, 1990, has amended the said section to provide that the purchase price would mean any amount (by whatever name called) paid or payable by the buyer to obtain the goods referred to in that section, except the bid amount in an ..... (4) the finance act, 1990, has further amended section 44ac so as to include a 'cooperative society' also within the meaning of the term 'seller' as ..... simpliciter written by the finance minister will not have any statutory force unless the act is amended and rules are made ..... 11th july, (1990) 184 itr 166 regarding collection of income-tax at source under section 206c of the it act in respect of profits and gains from the business of trading in alcoholic liquor, forest ..... the respondents, therefore, submitted that for collection of tax at source under section 206c of the act, price of liquor shall include the excise duty paid for purchase of liquor ..... is made by the single bench to decide the following question of law :whether collection of tax at source under section 206c of the it act on the price of liquor shall include excise duty paid for purchase of liquor ?2. ..... amount collected in accordance with the provisions of this section and paid under sub-section (3) shall be deemed as payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to him for the amount so collected on the production of the certificate made under this act for the assessment for which such income is .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1983)37CTR(MP)232; [1983]143ITR590(MP)
..... word 'derived' in section 2(5)(i) of the finance act must be similarly construed. ..... of the amount of any portion thereof on which income-tax or super-tax is not payable and the amount in respect of which a deduction of income-tax or super-tax has been granted under any provision of the act), the fraction being proportional to the value of the turnover of such exports in relation to the total turnover of the business of which such exports form a part.....' 6. ..... where an assessee referred to in clause (i) of sub-section (5) of section 2 of the finance (no. ..... entitlement of an assessee-company for a deduction from the amount of income-tax and super-tax tinder section 2(5) of the finance (no. ..... section 2(5)(i) of the finance ..... the following questions of law :'(1) on the facts and in the circumstances of the case, whether the tribunal was right in rejecting the applicant's claim that for the purpose of computing the tax deduction under section 2(5) of the finance (no. ..... questions in this reference relate to calculation of tax deduction allowance under section 2(5) of the finance (no. ..... 2) act, 1962 (xx of 1962), carries on any business of exporting goods or merchandise out of india, the amount of the profits and gains of such business with reference to which deduction of tax is admissible under that sub-section (hereinafter referred to as the 'qualifying income') shall be computed in accordance with the provisions of sub-rule (2) or sub-rule (3) or sub-rule (4) of this rule, as the case may .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1979]119ITR688(MP)
..... of the tax sought to be avoided on the hypothesis that the amendment by the finance act, 1968, which came into effect from april 1, 1968, was not retrospective in operation.10. ..... in determining the quantum of penalty, the tribunal, in our view, was clearly wrong in holding that penalty was leviable at 20% of the tax sought to be avoided, on a misconception of fact that section 271(1)(c), substituted by the finance act, 1968, w.e.f. ..... , after the substitution of new clause (iii) in section 271(1)(c), by the finance act, 1968, w.e.f. ..... to arise from its aforesajd order, to the court for its opinion, namely :' whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the amended provision, prescribing the higher quantum of the minimum penalty under section 271(1)(c) equal to the amount of income concealed, which came into effect from april 1, 1968, will be operative retrospectively in respect of the assessment years 1966-67 and 1967-68, on the basis ..... consequence of accepting the views expressed by the tribunal would be that in a case where a best judgment assessment, in accordance with the provisions of section 144 of the income-tax act, 1961, is made after rejecting the assessee's books, it would not be possible to apply theprovisions of the explanation to section 271(1)(c), unless the department is able to bring material on the record from which an inference that the assessee was guilty of fraud or gross or wilful neglect could be drawn. .....
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