Court : Allahabad
Reported in : (2000)4CompLJ335(All)
..... of these companies. 29. despite the provisions before the promulgation of the reserve bank of india (amendment) ordinance, 1997 contained in chapter iii-c of the act, the unincorporated bodies circumvented the statutory restrictions by floating different partnership firms as and when a firm reached the level of 250 depositors ..... regulatory framework. the unincorporated bodies have also been specifically prohibited from issuing any advertisements in any form. 32. there are reports of several finance companies and unincorporated bodies having failed to repay the deposits collected from unsuspecting depositors who have been tempted by the attractive returns and incentives ..... group; (iii) all other non-banking financial companies; and (2) the book value of debentures, bonds, outstanding loans and advances (including hire-purchase and lease finance) made to, and deposits with,-- (i) subsidiaries of such company; and (ii) companies in the same ground, to the extent such amount exceeds ten per .....
Tag this Judgment!Court : Allahabad
Reported in : 2006(1)AWC992
..... the supreme court has stated but only tried to support it, such support being necessary in the face of the current challenges.27. it is on record that the finances of the aligarh, muslim university became the headache of the government after incorporation; it is on record that some 74 acres of extra land went to the aligarh ..... the apex court in t.m.a. pal's case. all provisions of 1920 act are part of regulatory provision which are permissible in an minority institution as held by the apex court in ahmedabad st. xavier's college society v. state of gujrat (1994) 1 s.c.c. 717. the view of the learned single judge that once ..... ) whether legislature enacting the validating act has competence over the subject- matter;(ii) whether by validation, the legislature has removed the defect which the court had found in the previous law; and(iii) whether the validating law is inconsistent (sic consistent) with the provisions of chapter iii of the constitution.113. again in paragraph 56 of the said .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1998All127
..... to, and the manner in which they are payable in similar classes of cases coming before it, under the provisions of section 4 of the court-fees act, 1870.' chapter xi of the rules of the court contains provisions for presentation of appeals and applications. rules 4, 5 and 6 deal with the payment of court-fee. ..... learned counsel for the appellants and learned standing counsel. learned counsel for the appellants placed reliance in the order of the division bench in case of saroja nand jha (1994 flr 1095) (supra) and has submitted that the appeal is maintainable under chap. viii, rule 5 of the rules of the court. in our opinion, before ..... krishi utpadan mandi samiti, bharthana : air1984all46 ; a.n. pathak v. secretary to the government, ministry of defence : (1987)iillj140sc ; saroja nand jha v. hari fertilizers, sahupuri, 1994 flrp. 1095 (db). 5. learned counsel for the respondents, on the other hand, submitted that the view taken by the stamp reporter is justified as the cause of action for .....
Tag this Judgment!Court : Allahabad
Reported in : (2006)203CTR(All)75; [2006]285ITR158(All)
..... 1.10.1998 and the word 'joint' as appearing in sub-section (1) and sub-section (2) has been substituted for the word 'deputy' by the said finance act.33. from a conjoint reading of the aforesaid provision, we find that the assistant commissioner, deputy commissioner, assistant director, deputy director, income tax officer, joint commissioner and joint ..... thus, it stands admitted to the respondents that the impugned notice dated 12.9.2000 issued under section 148 for all the four assessment years, namely 1991-92 to 1994-95, have been issued after approval of the joint commissioner of income tax, muzaffar nagar.45. in the case of commissioner of income tax, bihar & orissa v ..... the averments made in paragraph 32 of the writ petition, it has been specifically stated that the notice under section 148 for the assessment years 1991-92 to 1994-95 have been issued on 12.9.2000 after approval of the joint commissioner of income tax, muzaffar nagar. paragraph 32 of the counter affidavit is reproduced .....
Tag this Judgment!Court : Allahabad
Reported in : [1996]218ITR638(All)
..... writ petitions calls in question the constitutional validity of sub-section (8) of section 40a of the income-tax act, 1961. the sub-section was inserted by the finance act, 1975, with effect from april 1, 1976, and omitted by the finance act, 1985, with effect from april 1, 1986.2. section 40a sets out expenses or payments not deductible in ..... . if this disallowance is examined in the light of the fact that the agencies and institutions mentioned in clause (b) of the explanation do not assure the requisite finance to all the needy companies, the arbitrariness of the provision becomes self-evident. in effect, parliament is compelling these companies to borrow only from the specified agencies or ..... to share capital, etc., as also loans raised on security are also excluded.4. the objects and reasons behind this sub-section were set out in a memorandum accompanying the finance bill, 1975. it has been extracted in paragraph 8(b) of c.m.w.p. no. 175 of 1979. it reads thus (see [1975] 98 itr 184) .....
Tag this Judgment!Court : Allahabad
Reported in : [1969]72ITR349(All)
..... the objects and reasons for the bill it was stated :' section 34(1)(a) of the income-tax act, as it stood prior to its amendment by section 18 of the finance act, 1956...permitted assessment or reassessment as contemplated in clause (a) of sub-section (i) of section 34 within a period of eight years from the assessment year to ..... the period of eight years specified in that sub-section before its amendment by clause (a) of section 18 of the finance act, 1956...had expired in respect of the year to which the notice relates.'11. section 4 of the amendment act ran thus :' no notice issued under clause (a) of sub-section (1) of section 34 of the principal ..... consideration is whether a notice under section 34(1)(a) was permissible after march 31, 1957.10. mr. gopal behari also relied upon the indian income-tax (amendment) act, 1959 (act no. 1 of 1959). it appears that that statute was enacted in order to get over certain difficulties created by a decision of the calcutta high court. by section .....
Tag this Judgment!Court : Allahabad
Reported in : [1970]78ITR719(All)
..... very much the same. dymond has observed in his treatise on death duties as regards the effect of section 38(7) of the finance act of 1957 as follows at page 249.'if the donee predeceases the donor, sub-section (1) to (6) above, are to ..... two years before the death.' 23. a second proviso to the section was subsequently introduced by the finance act of 1965, but we are not concerned with that proviso.24. the board has observed as follows on the applicability of ..... deceased. sub-section (1) of section 5 runs as follows :'in the case of every person dying after the commencement of this act, there shall, save as hereinafter expressly provided, be levied, and paid upon the principal value ascertained as hereinafter provided of all property ..... it is obvious that the transaction does not amount to a gift within the meaning of section 122 of the transfer of property act, because it is not a transfer without consideration. in fact, the transferor while making the transfer reserved to himself substantial pecuniary .....
Tag this Judgment!Court : Allahabad
Reported in : [1969]72ITR512(All)
..... is the place where the office of the company is located. it is obvious, therefore, that after the amendment of the law by the finance act, 1956, the decisions in mcmillan v. guest and barson v. airey, [1925] 10 t.c. 609, relied on by the income-tax authorities in this case, have been rendered obsolete ..... it then prevailed, he would not be liable to tax under case i of schedule e from and after the year 1956-57 in view of the amendment introduced bythe finance act, 1956. it would, therefore, be wrong to hold that the case of mcmillan v. guest laid down, as a matter of law, that the situs of remuneration of a director ..... within the united kingdom' and he was, therefore, liable to be charged under schedule e to the income tax act, 1918.26. the decision, however, is no longer good law even in england. by the income tax act, 1952, as amended by the finance act, 1956, it was provided that for the years 1956-57 and subsequent years income-tax under schedule e in .....
Tag this Judgment!Court : Allahabad
Reported in : (1988)75CTR(All)41; [1989]176ITR261(All)
..... courts took the view that seizure means taking physical possession of any valuable article or thing. to overcome this, the legislature has amended section 132(1) by the finance act, 1988. the effect of this amendment is that a second proviso shall be inserted with effect from april 1, 1989, in sub-section (1) of section ..... authorising officer is fully satisfied that the information would lead to the discovery of undisclosed assets, that the warrant of search will be issued. when the authorised officer acts upon the warrant, then the law enjoins upon him to make an investigation again on the questions :(i) whether the assets found during search were disclosed (ii) ..... , jewellery or other valuable article or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purposes of the act of 1961, then the authorised officer, as specified in clause (a) of sub-section (1), may seize any such books of account, other documents, money, bullion, .....
Tag this Judgment!Court : Allahabad
Reported in : (1988)69CTR(All)213; [1989]175ITR384(All)
..... hence the income-tax officer could not either refuse to return them or insist upon their attestation by the petitioners.49. parliament, through section 13 of the finance act, 1964, prescribed the time-limit of one hundred and eighty days for retention of books of account and other documents seized. giving his reply to the debate, ..... the then finance minister made the following statement in the lok sabha :'i quite agree . . . that while six months appear to be very long and the books should not ..... exceeding 180 days without obtaining the approval of the commissioner for such retention within the meaning of sub-section (8) of section 132 of the income-tax act, 1961 ('the act' for short). thereupon, the petitioners filed this writ petition praying that the retention of the books beyond 180 days is absolutely illegal and the respondents be .....
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