Court : Madhya Pradesh
Reported in : [1980]124ITR297(MP)
..... it was contended before the ito that the aforesaid five creditors had made voluntary disclosures under the voluntary disclosure scheme of the finance act, 1965, and that the disclosures were accepted by the cit. ..... on such disclosure being made the amount was to be charged to income-tax in accordance with sub-section (3) of section 24 of the act, taking the disclosed income as the taxable income of the declarant. ..... act, 1961, the income-tax appellate tribunal, indore bench, has referred the following question of law to this court for its opinion :'whether, on the facts and circumstances of the case, the tribunal was justified in law in holding that the acceptance of the voluntary disclosure petitions under section 24 of the finance (no. ..... sub-section (1) of section 24 makes it clear that the declarations, which are expected to be made under sub-section (2), are with regard to the income which was chargeable to tax either under the indian income-tax act of 1922 or under the income-tax act of 1961, but which was not disclosed at the proper time. ..... the circumstance was, therefore, not relevant for discharging the burden which lay on the assessee under section 68 of the income-tax act, 1961, of explaining the cash credits.'7. ..... 8 of 1976 leads to the consequence that acceptance of a declaration under section 24 of the act confers a benefit which is not provided by the act on a person other than the declarant and takes away the discretion vesting in the ito, under section 68 of the i. t. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008]300ITR384(MP)
..... petitioner filed declaration under section 89 r/w section 88 of the finance act, 1998 for settlement of ..... and determined the tax payable under section 89 of the finance act, 1998 at rs. ..... or before the 31st day of march, 1998 under that enactment but remaining unpaid on the date of making a declaration under section 88,but does not include any demand relating to erroneous refund and where a show-cause notice is issued to the declarant in respect of seizure of goods and demand of duties, the tax arrear shall not ..... of duty or any amount representing duty), cesses, interest, fine or penalty determined as due or payable under that enactment as on the 31st day of march, 1998 but remaining unpaid as on the date of making a declaration under section 88; or(b) the amount of duties (including drawback of duty, credit of duty or any amount representing duty), cesses, interest, fine or penalty which constitutes the subject-matter of a demand notice or a show-cause notice issued on ..... section 143(1a) is also a tax under the act, which was unpaid on the date of filing of declaration under section ..... penalty which is imposed on an assessee in those cases where prima facie adjustments are made under section 143(1)(a) of the it act, 1961. ..... this petition is that the disputed income has been worked out on the basis of disputed tax which does not include levy of additional tax under section 141(2)(sic) of the it act, 1961.3. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)197CTR(MP)58; [2005]277ITR524(MP); 2004(3)MPLJ304
..... amendment has been made in the above provisions by the finance act, 2002, the amended section 269t reads thus :' ..... section,--[substituted for following clause (i) by the finance act, ..... section 269t prior to the amendment and section 269ss makes it abundantly clear that legislature made a distinction between the mode of repayment of certain deposits which conditions provided in section 269t were not made applicable to a case of loan; loan and deposit have been treated differently in section 269ss and unamended section 269t of the act ..... loan had not been included in deposit under unamended section 269t, thus, scheme of sections 269ss and 269t, as the provision stood before amendment in the relevant assessment year, provided for repayment of certain 'deposit' by way ..... is clear from the amended section 269t of the act that 'loan' word has been introduced in section 269t for the first ..... 1st april, 1986:)(i) 'banking company' shall have the meaning assigned to it in clause (i) of the explanation to section 269ss;(ia) 'co-operative bank' shall have the meaning assigned to it in part v of the banking regulation act, 1949 (10 of 1949);(ii) 'deposit' means any deposit of money which is repayable after notice or repayable after a period and, in the case of a person other than ..... ; or(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is [substituted for 'ten' by the direct tax laws (amendment) act, 1987 w.e.f. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1990]184ITR186(MP)
..... act, 1965, had to relate to income actually earned by the declarant and the act granted immunity to the declarant alone and not to other persons to whom the income really belonged and that the finality under section 24(8) of the finance ..... 1 on november 17, 1989, issued a notice under section 143(2) of theincome-tax act, 1961, challenging the deposit of the above sums on the ground that these amounts shown as deposited in the firm, are actually the income of the firm and not of the persons in whose ..... section 24 of the finance ..... act, 1965, was limited in its scope and could not be invoked in assessment proceedings relating to any person other than the person making the declaration under that act so as to rule out the applicability of section 68 of the income-tax act ..... created by section 24(3) of the finance (no. ..... in section 24 of the finance (no. ..... ]130itr244(sc) has taken a view that the declaration under section 24(2) of the finance (no. ..... 2) act, 1965, does not have an overriding effect over section 68 of the income-tax act, 1961, in so far as persons other than the ..... 2) act, 1965, was to the order of the central board under section 24(6) and not to the assessment of tax made on the declarations ..... its return for the assessment year 1988-89 for the accounting period 1986-87 ending with diwali 1987. ..... 2) act, 1965, which prevented the income-tax officer, if he was not satisfied with the explanation of the assessee about the genuineness of the source of an amount found credited inhis books in spite of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 2004(2)MPHT57
..... if that be so, the assesee's declaration in form 1-a on 28-1-1999 under section 88 of the finance act no. ..... in the meantime, as stated above, the assessee filed a declaration in form 1-a on 28-1-1999 under section 88 of the finance act no. ..... the first respondent moved the learned single judge seeking direction to the appellants to accept the declaration under section 88 of the finance act no. ..... the assessee then moved an application under section 254(2) of income tax act before the tribunal. ..... the assessment was completed vide order dated 31-3-1993 under section 143(3) of the income tax act, 1961 at a total income of rs. ..... 10,000 under section 40a(3).rs. ..... 1,50,000.00(c)unexplained/unproved share application money under section 68.rs. ..... 1,16,000.00(b)unexplained cash credits in the name of shri khandelwal under section 68.rs. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2004)187CTR(MP)20; [2004]265ITR1(MP)
..... in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987, has amended clause (vii) of sub-section (1) and clause (i) of sub-section (2) of the section to provide that the claim for bad debt will be allowed in the year in which such a bad debt has been written off as irrecoverable in the accounts of the assessee'.in the aforesaid clause the purpose of the amendment has been highlighted as on the earlier provision the assessee was required to establish ..... the provision which came up for construction in that case was sub-section (4) of section 33 of the english finance act, 1927, which was couched in the same language as our proviso and construing the words 'exceptional and not systematic', lawrence j. ..... ' it is significant to note that though this decision deprived the revenue of a large amount of tax which it would otherwise have obtained if section 33 of the english finance act, 1927, were held applicable, the crown accepted the decision as correct and did not appeal from it. ..... the notice was issued as it was observed by the assessing officer that the assessee-com-pany, who is engaged in the business of financing industrial enterprises, had not done any significant activity so as to get it reflected in the audit report except the fact that it had transferred the shares of perfect refractories limited held as investment for consideration equal to the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 2009[15]STR17; [2009]22STT123; (2009)25VST97(MP)
..... challenge was ostensibly to the letter issued by the ministry of finance but the real challenge is to the amendment in the finance act and the letter dated 9-7-2001 was simply clarifying what section 67 of the finance act, 1994 as amended by act no. ..... that the letter/circular dated 9-7-2001 issued by the ministry of finance was neither arbitrary nor discriminatory nor was in violation of article 14 and 19(1)(g) of the constitution nor was violative of the finance act, 1994 as amended by the act 14 of 2001. ..... the petition in nutshell is that provisions of section 67 of finance act, 2001 be declared ultra vires the constitution ..... however, the finance act, 2001 made various amendments in the law with a view to widen the net of the service tax by ..... of the arguments shri bhide, learned counsel for the respondents, submitted that an identical challenge was made to the provisions of the finance act and inclusive definition of 'photography', 'photography studio and/or agency' but the same had been turned down by the apex court ..... the supreme court further observed that the provisions of the finance act were challenged by the kerala colour laboratories association, the challenge was ..... according to the petitioner the term 'photography' and 'photography studio or agency' have been defined in clauses 47 and 48 respectively of section 65 of the act and as the work done by the petitioners does not fall within the definition or mischief of 'photography' and/or 'photography studio or agency' they .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008]303ITR419(MP)
..... however, if the department finds that any material particular furnished in the declaration is false, it can always approach the designated authority for cancellation of the certificate under the first proviso to section 90(1) or for amendment under the second proviso or for such other action as is permissible under the said finance act, however, once the valid declaration has been made and till the declaration continues to be valid, the department's appeal shall not survive,15. ..... learned counsel for the appellant contends that under sub-section (4) of section 90 of the finance act the appeal or reference or reply filed by the parties shall be deemed to have been withdrawn on the date on which order referred to in sub-section (2) of section 90 is passed. ..... : [1999]236itr1(delhi) , wherein their lordships have considered the provisions of the finance act and in view of the fact that the act provides two different consequences in relation to the persons who are prosecuting appeal and the persons who are defending, the provision has been found discriminatory and struck down the said proviso to section 92. ..... 2) act, 1998 (hereinafter referred to as the 'finance act') the provisions are very clear, unambiguous, unequivocal and in no manner of doubt convey that all matters pending against the assessee relating to the assessment year in question come to an end with the acceptance of the declaration ..... in view of the certificate granted under s 90 of the finance act (supra). .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1981)25CTR(MP)123; [1983]140ITR314(MP); 1981MPLJ354
..... , there could be no debate on the question that the word 'jewellery' at least covers precious stones and ornaments containing precious stones, and if assets of this nature were excluded in an assessment made before the enactment of the finance act, it would become apparently erroneous in view of the retrospective amendment in section 5(1)(viii) and would be open to rectification under section 35.9. ..... section 5(1)(viii) as amended by the finance act and the explanation added by that act were considered by this court in cwt v. ..... it was next contended by the learned counsel for the assessee that the meaning of jewellery in the expression 'but not including jewellery' as inserted in section 5(1)(viii) by the finance act is itself ambiguous and as the scope of the amendment is debatable, the wto had no jurisdiction to rectify the assessment under section 35. ..... whether, the appellate tribunal was justified in law in cancelling the appellate assistant commissioner's order which was passed under section 35 on the basis of retrospective amendments to section 5(1)(viii) with effect from january 1, 1963, by the finance (no. ..... 2) act, 1971, which amended clause (viii) of section 5(1), the aac issued a show-cause notice to the assessee why the assessment may not be rectified in view of the retrospective insertion of the words 'but not including jewellery' in clause (viii) with effect from 1st .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2002]256ITR265(MP); 2002(3)MPLJ317
..... the respondents in their return contend that no appeal was pending before the appellate authority on january 28, 1999, the declaration filed by the petitioner under section 89 was rejected on the ground that the appeal was not pending on the date of filing declaration. ..... the assessing officer completed the assessment under section 143(3) of the income-tax act, 1961, on march 31, 1993, on a total income of rs. ..... the petitioner filed a declaration under section 89 of the finance (no. ..... thus, his declaration under section 89 should be revived and considered on the merits. ..... the precondition for admittance of a declaration under section 88 of the finance (no. ..... has been dismissed on the 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 the finance (no. ..... the petitioner is seeking the issue of writ to the respondents to accept the declaration under 89 of the finance (no. ..... 2) act of 1998.9. ..... 2) act of 1998 was that an appeal or reference was preferred to writ petition should have been admitted and pending before any appellate authority or high court or supreme court on the date of such declaration which was not ..... 2) act of 1998. ..... 2) act of 1998 for the assessment year 1990-91 which was filed on january 28, 1999, under the 'kar vivad samadhan scheme'.2. .....
Tag this Judgment!