Court : Orissa
Reported in : 85(1998)CLT560; (1999)158CTR(Ori)298; [1999]235ITR574(Orissa)
..... the break up of the same has been given in detail in the writ petition.4. the historical background of the finance act of 1978 is that it introduced sub-section (3) in section 72a of the act as elaborated in the writ petition and it is contended that a rehabilitation will normally be without any modification of the business ..... . i agree with his conclusion that the impugned decision of the central government communicated on august 2, 1991, at annexure-1 refusing to make declaration under section 72a(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), does not call for interference by us in this application under articles 226 and 227 of the constitution ..... observations made by this court. the specified authority re-examined the whole matter in its 85th and 86th meetings held on april 3, 1991, and may 14, 1991, and declined to recommend the case under section 72a(1) on the ground that the purpose of revival of kalinga tubes ltd., has not been achieved. on receipt of the .....
Tag this Judgment!Court : Orissa
Reported in : (1992)101CTR(Ori)247; [1992]198ITR110(Orissa)
..... is to provide for a tax disincentive by denying deduction in respect of a statutory liability which is not paid in time. the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc., liability for which was incurred in the previous year ..... . for adjudication of the question referred to this court, we feel it necessary to trace the legislative history of section 43b. this section was inserted by the finance act, 1983, with effect from april 1, 1984. the section, so far as it is relevant for our purpose, reads as follows :'43b. certain deductions to be only ..... 1991)iillj50sc ).17. the object of section 43b was to refuse deduction to an assessee in respect of certain statutory liability, which the assessee does not discharge or where there is dispute about the liability. in the case of certain assessees, practical difficulties were encountered. with a view to get over them, amendments in section 43b were introduced by the finance act .....
Tag this Judgment!Court : Orissa
Reported in : [2007]292ITR175(Orissa)
..... effect from april 1, 1974) can also be inferred from a conscious omission to amend section 80hh when the legislature amended section 80hhc by the finance (no. 2) act, 1991, by introducing the explanation (baa) in section 80hhc. by inserting explanation (baa), the bulk of the relief on items enumerated therein (namely ..... , interest, commission etc.) was withdrawn. shri ratho submitted that no similar amendment or the explanation was provided by the legislature into section 80hh when it carried out amendment to section ..... views of the privy council as quoted hereinabove. it is, therefore, now settled that the words 'derived from' contained in section 80hh of the act must be understood as something which has a direct or immediate nexus with the appellant's industrial undertaking.29. before proceeding any .....
Tag this Judgment!Court : Orissa
Reported in : [2002]254ITR495(Orissa)
..... taken of such substandard morality on the part of the assessee.6. we need not examine the rival contentions in view of the recent amendment made to section 37 of the act as per section 15 of the finance (no. 2) act, 1998, which was brought to our notice by mr. ratho fairly. by the aforesaid amendment, the following explanation has been inserted after sub ..... . ratho relying on the judgments of the bombay high court in goodlas nerolac paints lid. v. cit : [1982]137itr58(bom) ; cit v. goodlass nerolac paints ltd. : [1991]188itr1(bom) and cit v. sigma paints ltd. : [1991]188itr6(bom) contended that in the commercial circles payment of secret commission is recognised as a matter of practice and accordingly the amount claimed by the .....
Tag this Judgment!Court : Orissa
Reported in : (1992)103CTR(Ori)222; [1993]199ITR761(Orissa)
..... finance (no. 2) act, 1967, with effect from april 1, 1968 ; the finance (no. 2) act, 1971, with effect from april 1 ..... ' shall have the-meaning assigned to it in section 3 of the companies act, 1956 (1 of 1956). ' 4. clause (viii) as was originally enacted corresponds to section 10(2)(xiva) of the 1922 act. the old provision was re-enacted in identical terms in the 1961 act. but, subsequently, it has undergone several amendments by the finance act, 1966, with effect from april 1, 1966 ; the .....
Tag this Judgment!Court : Orissa
Reported in : [1955]28ITR136(Orissa)
..... made the original assessment came to the conclusion that the rate at which the super-tax was assessed by virtue of the provisions of section 6(4) (v) of the finance act, 1939, should be the rate prescribed by the finance act of the previous year, viz., of 1938, and the assessment was accordingly made on the 16th march, 1940. in the following ..... issued. from the above resume of facts it would be seen that the ordinance in question had been promulgated before the decision on the reference under section 66(1) had been pronounced and the finance act of 1939 had been made applicable to chota nagpur with effect from 30th march, 1939, i.e., before the close of the financial year ..... only of his view of the law as to whether the rates of the finance act of 1939 were applicable and as in his view the rates of the finance act of 1939 were applicable that in his view constituted 'definite information' so as to attract the operation of section 34. it was found that the view of the second officer about the .....
Tag this Judgment!Court : Orissa
Reported in : [1993]203ITR641(Orissa)
..... (c) after april 1, 1976. originally, the word 'deliberately' existed which was omitted by the finance act, 1964, with effect from april 1, 1964. an explanation was inserted at the end of sub-section (1) of section 271 by the said finance act (section 40 of the finance act, 1964). in between, by the finance act, 1968, the base for levy of penalty became the amount of concealment as against the ..... quantum of tax sought to be avoided under the then existing provisions. subsequently, further amendments were brought by the taxation laws (amendment) act, 1975 (section 61 of the said amending act). four explanations were substituted for the explanation introduced by the finance act, 1964. the effect of the said amendment, so far as we are concerned, is that where, in respect of facts material to .....
Tag this Judgment!Court : Orissa
Reported in : AIR1955Ori106; 21(1955)CLT555
..... who made the original assessment came to the conclusion that the rate at which the supertax was assessed by virtue of the provisions of section 6(4)(v) of the finance act, 1939, should be the rate prescribed by the finance act of the previous year, viz., of 1938, and the assessment was accordingly made on 16-3-1940. in the following july, ..... issued. from the above resume of facts it would be seen that the ordinance in question had been promulgated before the decision on the reference under section 66(1) had been pronounced, and the finance act of 1939 had been made applicable to chota nagpur i.e. before the close of the financial year 1939-40, with effect from 30-3 ..... 1939-40 on 22-12-1939. on appeal the income-tax appellate tribunal set aside the assessment on the ground that the indian finance act, 1939, was not in force in chota nagpur, on a reference under section 66(1), the high court agreed with the view of the appellate tribunal. after the decision of the appellate tribunal, but before .....
Tag this Judgment!Court : Orissa
Reported in : [2005]141STC26(Orissa)
..... ltd. [1999] 112 stc 258 ; (1998) 8 jt 2 (sc) wherein it was held that a notification issued in exercise of powers under section 7 of the bihar finance act cannot authorise the state government to negate the incentives and the benefits which an industrial unit would otherwise be entitled to under the industrial policy resolution of the ..... to the extent indicated therein. the result was that new industrial units established after 1990 and before july 26, 1991 alone were not entitled to the benefit of incentive scheme under the central sales tax act in respect of inter-state sale of their goods. the respondents m/s. mahaveer oil industries which commenced production ..... on 17th february, 1991, contended that by framing the sales tax incentives scheme the state of rajasthan had held out a .....
Tag this Judgment!Court : Orissa
Reported in : 2004(I)OLR107; [2005]139STC305(Orissa)
..... industrial incentive policy and the supreme court held :'coming to the second question, namely the issuance of notification by the state government in exercise of power under section 7 of the bihar finance act, it is true that issuance of such notifications entitled the industrial units to avail of the incentives and benefits declared by the state government in its own ..... panposh and to direct him to immediately quantify and refund to the petitioner the entire amount of tax paid by the petitioner for the years 1989-90, 1990-91, 1991-92 and 1992-93 with interest at 18 per cent per annum from the date of the applications of the petitioner for refund.5. mr bijoy anand mohanty, learned ..... filed four applications on 19.9.1997 and 20.9.1997 for refund of a total amount of rs. 10,61,044.80 for the years 1989-90, 1990-91, 1991-92 and 1992-93, but by order dated 18.12.1997 the sales tax officer, rourkela-ii circle, panposh rejected the said applications. aggrieved, the petitioner has filed .....
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