Court : Supreme Court of India
Reported in : 1996IAD(SC)774; AIR1996SC646; [1996]85CompCas920(SC); JT1996(1)SC8; 1996(1)SCALE13; (1996)1SCC642; [1996]1SCR58
..... has held that the bank was competent and authorised to issue the 1987 directions in exercise of powers conferred under section 45-k(3) of the act which confers a wide power on the bank to give any direction in respect of any matter relating to or connected with the receipt of deposits and that under the said provision the bank ..... non-banking financial companies (reserve bank) directions, 1977 or, as the case may be, the miscellaneous non-banking companies (reserve bank) directions, 1977, is not an equipment leasing company, a hire purchase finance company, a housing finance company, an insurance company, an investment company, a loan company, a mutual benefit financial company and a miscellaneous non-banking company. ..... majority of the non-banking companies accepting deposits were non-financial companies and in order to more effectively regulate the deposit accepting activities of these companies, the companies (amendment) act, 1974 was enacted and sections 58-a and 58-b were inserted in the companies act, 1956. ..... 10, 1993 whereby the maximum period of deposits was reduced from 120 months to 84 months and it has been held that the bank was competent to make the said amendment in view of the powers conferred on it under section 45-k(3) of the act. ..... mode of avoiding compliance with the requirements of paragraphs 6 and 12 of the 1987 directions, the bank, by notification dated april 19, 1993, amended the 1987 directions and inserted paragraph 4a which contains the following provision :4a. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1992SC1033; [1992]75CompCas12(SC); 1991CriLJ1391; JT1992(1)SC405; 1992(1)SCALE216; (1992)2SCC343; [1992]1SCR406
..... further observed 'we would also like to query what action the reserve bank of india and the union of india are taking or proposing to take against the mushroom growth of finance and investment companies' offering staggeringly high rates of interest to depositors leading us to suspect whether these companies are not speculative ventures floated to attract unwary and credulous investors and capture ..... qualifying matters relating to or connected with the receipt of deposits in the above provision is of great significance and in our view the impugned directions of 1987 are fully covered under section 45k(3) of the act, which gives power to the reserve bank to issue such directions. ..... working against the public interest, the reserve bank is always free to change its policy and scrap or amend the directions as and when necessary, we have no doubt that if in times to come the reserve bank feels that business of the kind run at present by the peerless and other companies, in terms of the directions of 1987 are not yielding the result as envisaged by the reserve bank, it will always be prepared to consider ..... it is not the function of the court to amend and lay down some other directions and the high court was ..... if the definition of liability is amended as suggested by us, it will be possible for the ..... 31st august, 1990 allowed the said application and further ordered that the cause title and the records proceedings of appeal, memorandum of appeal and the paper book filed be amended accordingly. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2000)160CTR(SC)527; [2000]243ITR4(SC); 1999(2)MPLJ168; (2000)10SCC522
..... the appellant filed a writ petition in the high court of madras seeking a mandamus to the chief engineer, madras port trust - respondent herein to accept the community certificate of the appellant dated 10.3.1987, issued by the tehsildar, mambalam, for the purpose of his appointment as a mazdoor in the madras port trust. ..... the request of the appellant to accept the certificate issued by the tehsildar in 1987 and not to insist upon the production of a fresh certificate from the revenue divisional officer was turned down and the appellant was told that if he did not produce the certificate from the revenue ..... proper for the respondent to have insisted upon a fresh certificate to be produced by the appellant from the revenue divisional officer as admittedly the community certificate produced by the appellant had been issued by the tehsildar concerned in 1987, that is, prior to 11.11.89. 6. ..... the appellant appeared before the respondent and produced the relevant documents including the community certificate issued by the tehsildar, mambalam, madras, dated 10.3.1987. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2009)223CTR(SC)321; JT2009(11)SC151; 2009(7)SCALE341(1); (2009)12SCC209; [2009]17STJ237(SC); 2009[14]STR593; [2009]20STT203; 2009(6)LC2739(SC); (2009)24VST1(SC); 2009AIRSCW5301
..... commissioner of income tax, delhi-i : [2007]289itr83(sc) , holding:it may be noted that the amendment made to section 271 by the finance act, 2002 only stated that the amended provision would come into force with effect from 1.4.2003. ..... whether sale, promotion and marketing of lottery tickets would be exigible to `service tax' within the meaning of the provisions of section 65(105) of the finance act, 1994 (hereinafter called and referred to for the sake of brevity as `the act') is the question involved in this appeal which arises from a judgment and order dated 18.9.2007 passed by the high court of sikkim in writ petition (c) no. ..... after the special leave petition was filed in this court, the parliament by finance act, 2008 inserted an explanation in sub-clause (ii) of section 65(19), which came into force on or about 16.5.2008 and reads as under:explanation--for the removal of doubts, it is hereby declared that for the purposes of this sub- clause, 'service in relation to promotion or marketing of service provided by the ..... in the instant case, however, what is sought to be taxed under sub-clause (ii) of clause (19) of section 65 of the finance act, 1994 is the services rendered by an assessee to its client in promoting and marketing of lotteries organized by the state government and not anything else. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2008BusLR235(SC); (2008)214CTR(SC)293; [2008]297ITR167(SC); JT2008(1)SC225; 2008(1)SCALE92; (2008)2SCC272
..... ,-(a) cost means the amount actually paid for acquiring specified securities and where no money has been paid, the cost shall be taken as nil;(b) specified security means the securities as defined in clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956) and includes employees stock option and sweat equity shares;(c) sweat equity shares means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash ..... moreover, the meaning of the words 'specified securities' in section (iiia) was defined or explained for the first time vide finance act, 1999 w.e.f. ..... we also do not find merit in the contention advanced on behalf of the department that section 17(2)(iiia) inserted by finance act, 1999 w.e.f. ..... the mechanism introduced for the first time under the finance act, 1999 by which 'cost' was explained in the manner stated above was net there prior to 1.4.2000. ..... even the cost of acquisition as 'nil' came to be introduced in the 1961 act by the finance act, 1999 only with effect from 1.4.2000. ..... there is nothing in the memorandum to the finance act, 1999 to say that this new mechanism would operate retrospectively. ..... whether tax had to be deducted under section 192 of the 1961 act, by the respondent-assessee, on the amount earned by its employees from exercise of stock option granted to them by the company through the trust, is the question which arises for determination in these civil appeals.5. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1999SC303; 1999(1)BLJR14; JT1998(8)SC2; 1998(6)SCALE168; (1999)1SCC31; [1998]Supp2SCR699; [1999]112STC258(SC)
..... clause 10.4(i)(b) of the industrial incentive policy, 1993 (hereinafter referred to as 'the industrial policy') and whether the notification issued by the government of bihar dated 2nd of april, 1994 in exercise of power under section 7 of the bihar finance act to the extent it indicates 'who has not availed of any facility or benefit under any industrial promotion policy' is invalid as being contrary to the policy resolution of 1993. ..... after introducing the new industrial policy of 1993, issued the exemption notification on 4th of april, 1994 in exercise of the power under section 7 of the bihar finance act under which the old industrial units like the respondents who had started production prior to 1.4.93 but whose investment on plant and machinery did ..... state government under the impugned notification dated 4th of april, 1994 having imposed such conditions, the notification was within the powers conferred on the state government under sub-section (3) of section 7 of the bihar finance act and the high court, therefore, was not justified in striking down the same to the extent already indicated.5. ..... examining the notification dated 2nd of april, 1994, issued by the government of bihar in exercise of power conferred by clause (b) of sub-section (3) of section 7 of the bihar finance act, 1981, the high court further came to the conclusion that the notification so far as it imposes a condition that the facility of sales tax exemption on purchase of raw material will be available .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2008)218CTR(SC)359; [2008]304ITR308(SC); JT2008(9)SC312; 2008(11)SCALE492; (2008)9SCC622; 2008(2)LC1144(SC); 2008AIRSCW5841; 2008(6)Supreme1; 2008(11)SCALE492.
..... the relevant portion in the finance act relating to amendment reads as follows:section 271 of the income tax act provides that the assessing officer or the commissioner (appeals) shall levy penalty in cases of failure to comply with certain notices issued in the course of assessment proceedings and cases in which particulars of income have been ..... submitted that there is nothing in section 271(1)(c) as amended by finance act to suggest that the amendment is retrospective. ..... has to be considered in the background of the amendment made by finance act, 2002 (in short `finance act') w.e.f. ..... the amendment by the finance act as specifically noted in the notes on clauses makes the position clear that the amendment was clarificatory in nature and would apply to all assessments even prior to assessment year ..... it appears that what the finance act intended was to make the position explicit which otherwise ..... use of the words `it is declared' is not conclusive that the act is declaratory for these words may, at times, be used to introduce new rules of law and the act in the latter case will only be amending the law and will not necessarily be retrospective. ..... amendment on similar lines is proposed to be made in section 18 of the wealth tax act ..... it is pointed out that prior to the amendment, section 271(1)(c)(iii) read as follows:(iii) in the cases referred to in clause (c), in addition to any tax payable by him, a sum which shall not be less than, but which shall not exceed twice, the amount of the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : JT2000(8)SC332; (2001)1MLJ32(SC)
orderb.n. kirpal, j.1. leave granted.2. deemed service has been effected without expressing any opinion on the merits of the case. we are of the opinion that the high court ought not to have stayed the operation of the finance act more so, when the order in question does not contain any reason as to why stay was being granted. normally operation of finance act is not stayed pending the hearing of a writ petition unless there are some compelling circumstances which have not been shown in the present case. we therefore, allow this appeal and set aside the order dated 7th april, 1999 of the high court which had stayed to the extent same had stayed the operation of provision of chapter v of the finance act, 1994 as amended by finance act no. 2 of 1998 in so far as it related to chartered accountants.
Tag this Judgment!Court : Supreme Court of India
Reported in : (2000)160CTR(SC)8; [2000]243ITR48(SC)
..... it is true that income by way of cash compensatory support became taxable retrospectively with effect from april 1, 1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... since clause (iiib) was inserted in section 28, though having retrospective operation by the finance act, 1990, the assessee did not include this income in its return which, as noted above, was filed on december 29, 1989. ..... , any advance tax paid and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and(ii) if any refund is due on the basis of such return, it shall be granted to the assessee :provided that in computing ..... no additional tax would have been leviable on the cash compensatory support if the finance act, 1990, had not so provided even though retrospectively. ..... the assessing officer assessed the company applying the amended provision of section 28 of the act thus levying additional tax under section 143(1a) of the act. ..... ) noticed that section 28 of the act was amended with retrospective effect from april 1, 1967. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1962SC922; [1962]Supp2SCR741
..... unfortunately, though the judgment of the high court mentions the contention of the appellants that on the extension of the central act with effect from april 1, 1950, by the finance act, 1950, the cochin act as well as the similar travancore act ceased to be operative from that date, there is no discussion in the judgment with regard to this contention, and the high court did not consider whether in view ..... section 13(2) of the finance act, further provided that 'if immediately before the 1st day of april, 1950, there is in force in any state other than jammu and kashmir a law corresponding to, but other then, an act referred to in sub-s. (1) or (2) ..... that the cochin act stood repealed by the finance act, 1950, on the introduction of the central act in the part b state of travancore-cochin from april 1, 1950; in consequence, the notification which was issued on august 3, 1950, or on january 25, 1951, framing new rules for the issue of licences and prescribing rules therefore under the powers conferred under the cochin act or the similar travancore act were ab initio void, because the acts under which the ..... , act vii of 1084 was passed by the maharaja of cochin to consolidate and amend the law relating to tobacco and was called the cochin tobacco act, vii of 1084 (hereinafter called the cochin act). ..... the central excises and salt act, 1944, was enacted to consolidate and amend the law relating to central duties of excise on goods manufactured or produced in certain parts of india and .....
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