Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: madhya pradesh Page 7 of about 212 results (0.140 seconds)

Commissioner of Income-tax, Madhya Pradesh Vs. Shrikishan Chandmal.

Court : Madhya Pradesh

Reported in : [1966]60ITR303(MP); 1965MPLJ622

..... in the opinion of the tribunal, that question really arises for the assessment year 1956-57 and that is how this reference is before us.the provisions of the act, which have a material bearing on the questions, are contained in sub-section (1a) of section 12, which was introduced by section 9 of the finance act, 1955, and certain provisions of sub-section (2) of section 24 of the act as in force at the material time after being amended by section 16 of the finance act, 1955. ..... , speaking for the court, further observed :'it has also to be noticed that prior to the insertion of sub-section (1a) of section 12 by section 9 of the finance act, 1955, with effect from april 1, 1955, income from dividends was chargeable not under section 12 but under section 10, if the shares from which such income was received were the stock-in-trade of the assessee. ..... could it have been the intention of the legislature that dividend income of a business in respect of which tax was charged under the head income from shares under act 7 of 1918 would not, after march 31, 1955, be entitled to the benefit of the exemption under section 25(3) merely because the head under which it was charged prior to the finance act of 1959 is now the head other sources ? ..... after the enactment of the finance act of 1955, dividends became chargeable under section 12(1a) under the head income derived from other sources. .....

Straw Products Limited Vs. Income-tax Officer, 'A' Ward and Ors.

Court : Madhya Pradesh

Reported in : AIR1967MP34; [1967]63ITR689(MP)

..... it may be noted that on the same date on which the 1962 order was made an order amending the taxation laws (part b states) (removal of difficulties) order, 1950, and called the taxation laws (part b states) (removal of difficulties) amendment order, 1962, was issued by which a new explanation, in place of the explanation added to paragraph 2 of the 1950 order on 8th may 1956 by an order made under section 12 of the finance act, 1950, was substituted. ..... in : [1961]41itr280(sc) it was urged before the supreme court that the condition for the exercise of power under section 12 of the finance act, 1950, was the existence of any difficulty in giving effect to the provisions of the acts, rules or orders extended by section 3 of the finance act to part b states; that no difficulty existed in giving effect to the provisions of section 10(2)(vi) and section 10(5)(b) of the indian income-tax act, 1922; and that, therefore, the explanation to paragraph 2 of the 1950 order was invalid. ..... judgment of the supreme court in ramgopal mills : [1961]41itr280(sc) , what the supreme court said about the scope, effect and nature of section 12 of the finance act, 1950, and the taxation laws (part b states) (removal of difficulties) order, 1950, was on a construction of those provisions, independently of any provisions of the hyderabad income-tax act which were referred to while explaining the purpose of the explanation to paragraph 2 of the taxation laws (part b states) (removal of difficulties) order .....

Girish Mishra Vs. the Divisional Dy.Commissioner

Court : Madhya Pradesh

..... similar benefits to units undertaking expansion/diversification for their expanded/diversified capacity and incremental production under the industrial policy of the then state of bihar [crystalised in notification so no.478 dated dec.22, 1995, under section 7(3)(b) or the bihar finance act, 1981].does not come to an end on the appointed day [nov.2000].on which on re- organisation, the existing states of bihar was bifurcated into two states, bihar and jharkhnad,but, enures to the beneficiaries ..... of bihar issued under section 7(3)(b) of the bihar finance act, enures to the benefit of the beneficiaries under the policy and under the notification after the appointed ..... section 85 they continue to operate until repealed or amended. ..... notification no.478 had not been modified amended or altered by the state of jharkhand and it must continue to operate in the state till such time as it is modified repealed or ..... section 84 of the re-organisation act creates a fiction that despite the division of the erstwhile state of bihar into two states, any law inforce immediately before the appointed day not withstanding territorial references in them shall until otherwise provided ..... after coming into force of m.p.state reorganization act w.e.f.1.11.2000, a new state of chhattisgarh was ..... as envisaged in section 91, the notification must prevail and the benefits flowing therefrom must accrue to the beneficiaries one must not permit one;s mind to boggle by imagining that what was one state earlier has not .....

Lafarge Dealers and ors Vs. the State of M.P. and ors.

Court : Madhya Pradesh

..... similar benefits to units undertaking expansion/diversification for their expanded/diversified capacity and incremental production under the industrial policy of the then state of bihar [crystalised in notification so no.478 dated dec.22, 1995, under section 7(3)(b) or the bihar finance act, 1981].does not come to an end on the appointed day [nov.2000].on which on re- organisation, the existing states of bihar was bifurcated into two states, bihar and jharkhnad,but, enures to the beneficiaries ..... of bihar issued under section 7(3)(b) of the bihar finance act, enures to the benefit of the beneficiaries under the policy and under the notification after the appointed ..... section 85 they continue to operate until repealed or amended. ..... notification no.478 had not been modified amended or altered by the state of jharkhand and it must continue to operate in the state till such time as it is modified repealed or ..... section 84 of the re-organisation act creates a fiction that despite the division of the erstwhile state of bihar into two states, any law inforce immediately before the appointed day not withstanding territorial references in them shall until otherwise provided ..... after coming into force of m.p.state reorganization act w.e.f.1.11.2000, a new state of chhattisgarh was ..... as envisaged in section 91, the notification must prevail and the benefits flowing therefrom must accrue to the beneficiaries one must not permit one;s mind to boggle by imagining that what was one state earlier has not .....

M/S Kapisur Traders Vs. the Commercial Tax Officer

Court : Madhya Pradesh

..... similar benefits to units undertaking expansion/diversification for their expanded/diversified capacity and incremental production under the industrial policy of the then state of bihar [crystalised in notification so no.478 dated dec.22, 1995, under section 7(3)(b) or the bihar finance act, 1981].does not come to an end on the appointed day [nov.2000].on which on re- organisation, the existing states of bihar was bifurcated into two states, bihar and jharkhnad,but, enures to the beneficiaries ..... of bihar issued under section 7(3)(b) of the bihar finance act, enures to the benefit of the beneficiaries under the policy and under the notification after the appointed ..... section 85 they continue to operate until repealed or amended. ..... notification no.478 had not been modified amended or altered by the state of jharkhand and it must continue to operate in the state till such time as it is modified repealed or ..... section 84 of the re-organisation act creates a fiction that despite the division of the erstwhile state of bihar into two states, any law inforce immediately before the appointed day not withstanding territorial references in them shall until otherwise provided ..... after coming into force of m.p.state reorganization act w.e.f.1.11.2000, a new state of chhattisgarh was ..... as envisaged in section 91, the notification must prevail and the benefits flowing therefrom must accrue to the beneficiaries one must not permit one;s mind to boggle by imagining that what was one state earlier has not .....

Commissioner of Income Tax Vs. Kalani Asbestos Pvt. Ltd.

Court : Madhya Pradesh

Reported in : (1996)134CTR(MP)428

..... earlier this provision was inserted by the finance act, 1975 w.e.f. ..... 40a(8) now stands omitted by the finance act, 1985 w.e.f. ..... the tribunal took into consideration the position of deposits under the companies act, 1956, the press-note issued by the ministry of law, justice & company affairs and the provisions of law and accepted the claim of the assessee that such monies were kept with the company by the ..... in view of the provisions of the companies act, press-note, nature of the accounts, position of the deposits, we are satisfied that the tribunal committed no error in holding that the such amounts were in the nature of running current accounts and not in the nature of ..... 40a(8) of the it act, 1961 (for short the act), 15% of the interest paid to such persons was disallowable. ..... 58a of the companies act, 1956 and the press-note issued on that linchpin by the ministry of law, justice & company affairs indicated that the amount received from the directors and shareholders of a private limited company did not represent ..... 256(2) of the act which was registered as misc. ..... 256(1) of the act which were registered as ra nos. ..... 40a(8) of the act was called for?'2. ..... 40a(8) of the act and that no disallowance of interest under s. ..... 40a(8) of the act.8. ..... 40a(8) of the act. ..... 40a(8) of the act.5. .....

Miss Mamie Bhagwandas Ahuja Vs. Controller of Estate Duty, M.P. and Na ...

Court : Madhya Pradesh

Reported in : AIR1969MP82; 1969MPLJ155

..... , if not so applied, could have been applied in increasing the last mentioned benefits, or as payments which would have constituted such benefits; or(b) if the first mentioned benefits are brought into the computation made under sub-section (2) of section 17 of the act to the exclusion to any extent of the last mentioned benefits; the first mentioned benefit shall to that extent be treated as if they had accrued to the deceased by virtue of his interest in or of the power exercisable in relation ..... finance act, 1940, correspond to sub-sections (1) and (2) of section 17 of pur estate duty act, ..... finance act, 1940, and sub-rule (3) of rule 11 corresponds to section 51 (2) of that act ..... from this sub-rule estate duty would be payable on the death both on the value of those shares or debentures by virtue of any provisions other than section 17 of the act, and on the proportion of the value of the company's assets that corresponds to the benefits that so accrued to him by virtue of that section then -- (a) if the value of the shares or debentures is equal to or greater than, the said proportion, or if the controller is satisfied that the said proportion ..... (finance act, 1940, schedule vii, para ..... finance act, 1940, is pari materia with sub-rule (9) of rule 11 of the ..... finance act, 1940, (3 and 4 geo. ..... , determined the slice of the company's assets passing on the death of the deceased under section 17 of the act corresponding to the excessive remuneration of rs 30,000/- received by the deceased. .....

Miss Mamie Bhagwandas Ahuja Vs. Controller of Estate Duty. ([1968) 69 ...

Court : Madhya Pradesh

Reported in : [1968]70ITR439(MP)

..... which, if not so applied, could have been applied in increasing the last mentioned benefits, or as payments which would have constituted such benefits; or(b) if the first mentioned benefits are brought into the computation made under sub-section (2) of section 17 of the act to the exclusion to any extent of the last mentioned benefits;the first mentioned benefit shall to that extent be treated as if they had accrued to the deceased by virtue of his interest in or of the power exercisable in relation ..... . finance act, 1940, correspond to sub-sections (1) and (2) of section 17 of our estate duty act ..... finance act, 1940, and sub-rule (3) of rule 11 corresponds to section 51(2) of that ..... apart from this sub-rule estate duty would be payable on the death both on the value of those shares or debentures by virtue of any provisions other than section 17 of the act, and on the proportion of the value of the companys assets that corresponds to the benefits that so accrued to him by virtue of that section then -(a) if the value of the shares or debentures is equal to or greater than, the said proportion, or if the controller is satisfied that the said ..... .'the passages reproduced above support the view we have expressed about the effect and operation of section 17 (1) and (2) of the act and rule 11(3) and (9) of the rules.for the foregoing reasons, our answer to the question propounded is that the value of the shares amounting ..... . finance act, 1940; is pari material with sub-rule (9) of rule 11 of .....

All India Punjab National Bank Officers' Association and Ors. Vs. Chai ...

Court : Madhya Pradesh

Reported in : (2010)229CTR(MP)257

..... thus, section 17(2) was amended by the finance act, 2001 ..... 224 itr 183 (kar), the high court of karnataka has expressed the opinion that the subsidy was not taxable in the hands of the employees in view of the deletion of sub-clause (vi) of section 17(2) of the it act by the finance act, 1985. ..... apposite to mention that after clause (vi) was inserted in section 17(2) of the amendment act, 1984, the it rules were amended by incorporating rule 3a to give effect to clause (vi) ..... sub-clause (vi) of clause 2 of section 17 of the act which came to be inserted by the amendment act, 1984 stipulates that where the employer had advanced any loan for the purpose of building a house or purchasing of site or a house and a site or for purchasing a motor car, either no interest is ..... that section 17(2) of the act was inserted by the taxation laws (amendment) act, ..... however, subsequently the finance act, 1985, omitted the aforesaid provisions with effect from ..... 649 dealt with the facet whether the rule runs contrary to the provisions contained in section 17(2) of the it act, 1961 and whether it is discriminatory, arbitrary and violative of article 14 of the ..... clause (7) of amended rule 3 lays the following postulate:(7) in terms of the provisions contained in sub-clause (vi) of sub-section (2) of section 17, the following fringe benefits of amenities are hereby prescribed and the value thereof shall be determined in the manner provided hereunder:(i) the value of the benefit to the assessee resulting from .....

Commissioner of Income-tax Vs. Gwalior Rayon Silk Mfg. (Wvg.) Co. Ltd.

Court : Madhya Pradesh

Reported in : (1983)37CTR(MP)245; [1984]146ITR178(MP)

..... it may be here mentioned that by the finance act, 1980, parliament has introduced section 80aa with retrospective effect from 1st april, 1968, to get over the ruling of the ..... by section 43 of the finance act, 1981, the following explanation has been added in rule 1 :'notwithstanding anything contained in any clause of this rule, the amount of any income or profits and gains which is required to be excluded from the total income under that clause shall be only the amount of such income, or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof), and in a case where any deduction is required to be allowed ..... his argument is that the amount of dividend received which had already been deducted under section 80m cannot again be deducted, here, under clause (viii) for the computation of ..... deductible from the total income in computing the chargeable profits as provided under clause (viii) of rule 1 of the first schedule to section 2(5) of the companies (profits) surtax act, 1964? ..... section 2(5) of the companies (profits) surtax act, 1964, defines the expression 'chargeable profits' to mean the total income of the assessee computed under ..... income by way of dividend received from indian companies on the ground that 60% of the gross dividend income had already been deducted while computing total income under section 80m of the i.t. ..... [1979]118itr243(sc) , which construed the words 'income by way of dividends' as they occur in section 80m. .....