Court : Madhya Pradesh
Reported in : (2006)205CTR(MP)396(1); [2006]287ITR112(MP)
..... board of directors (sic-cbdt), in which the scope and effect of the amendments in section 271b by the finance act, 1995, w.e.f. ..... section 44ab casting the obligation on the assessee to 'furnish' the report of the audit by the specified date was brought in by the finance act, 1995 w.e.f ..... had not raised the contention before the tribunal that the amendment to section 44ab requiring the assessee with a business turnover of more ..... findings of the tribunal quoted above that the whole approach of the tribunal was as if penalty has to be imposed for non-compliance of the provisions of section 44ab of the act, unless the assessee shows that some good reason as to why such penalty should not be imposed. ..... chaphekar that amendment to section 44ab of the act casting an obligation on an assessee ..... that it had got its accounts audited by 29th of november, 1995 and the same were sent by registered post on 30th of november, 1995 and as an evidence attached a copy of receipt issued from rajgarh town post office and therefore the appellant had complied with the provisions of section 44ab of the act and was not liable for penalty under section 271b of the act. ..... under section 271b of the act, after having found the explanation of the assessee in the show-cause reply for not furnishing the audit report by 30th of november, 1995, not ..... 1995-96, but the appellant had failed to furnish by 30th of november, 1995, a report of audit of the accounts, as required under section 44ab of the act and accordingly the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)205CTR(MP)396
..... 117 dated 14-8-1991 of the board of directors, in which the scope and effect of the amendments in section 271b by the finance act, 1995, with effect from 1-7-1995 have been explained. ..... he submitted that the change in section 44ab casting the obligation on the assessee to furnish the report of the audit by the specified date was brought in by the finance act, 1995 with effect from 1-7-1995 and the said change of the law would not be applicable to the assessment year 1995-96. ..... return of income on 19-2-1996 and the profit and loss account of the appellant disclosed that its contract receipts exceeded rs.40 lakhs, during the previous year, relevant to the assessment year 1995-96, but the appellant had failed to furnish by 30-11-1995, a report of audit of the accounts, as required under section 44ab of the act and accordingly the assessing officer served show-cause notices dated 30-91996 and 28-2-1997, on the appellant to show-cause as to why penalty under ..... . we find that the appellant had not raised the contention before the tribunal that the amendment to section 44ab requiring the assessee with a business turnover of more than 40 lakhs to furnish a report of audit of its accounts by the specified date came into force on 1-7-1995 and was not applicable to the assessment year 1995-96 and, therefore we have not considered this contention in this appeal ..... chaphekar that amendment to section 44ab of the act casting an obligation on an assessee having turnover of more than rs. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]227ITR727(MP)
..... 2 whether the mares are plant within the meaning of section 43(3) of the income-tax act for the purpose of depreciation under section 32 is concerned, suffice it to say that the question does not survive in view of the amendment in section 43(3) of the act by the finance act of 1995, with effect from april 1, 1962, that the tea bushes and livestock are not included in the definition of 'plant'. ..... that tax deducted at source outside india from foreign dividend and interest income, was not part of the total income and, thus, not assessable in the hands of the assessee under the income-tax act, 1961 (ii) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the stallions and mares are plant within the meaning ..... this is an income-tax reference at the instance of the revenue under section 256(1) of the income-tax act, 1961, and the following two questions of law have been referred by the tribunal for answer by this court :' (i) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2003)184CTR(MP)349; [2004]270ITR314(MP)
..... is pertinent to state that the major part of this provision has been amended by the finance act, 2002, giving retrospective effect w.e.f. ..... , on the facts and in the circumstances of the case, the tribunal was right in law in holding that disallowance under section 40a(3) of the act were not called for once net profit rate has been applied to compute the income ?' 2. ..... when the matter travelled to the tribunal, it was put forth by the assessee that the deduction under section 158bb was not properly allowed by the ao, the tribunal found that the assessee had maintained the books of account and the income as per the books of account and the income was below ..... pertinent to state here that the aforesaid provision came on the statute book by the finance act, 2002, w.e.f. ..... purohit has substantial force and the tribunal has rightly treated that section 40a(3) is not applicable, when net profit rate is applied by ..... appreciate the aforesaid submission, it is appropriate to refer to the provision of section 40a(3) without the proviso as the proviso is not relevant for the present ..... if the provisions so inserted in main sub-section (1) and sub-section (c) are read conjointly it would be graphically clear that in respect of a block period assessment, even if no return is filed, the benefit would be given in respect of the period which would not come within the frame of tax ..... 1995-96 and ..... )1995-96 82,435 1996-97 1,67,088 2,49,523 ..... 1995-96 and 1996-97 as under : ..... july, 1995. ..... july, 1995. ..... 1995 ..... , 1995 to 12th .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2007)208CTR(MP)296; [2007]288ITR168(MP)
..... rohit arya, learned counsel very fairly submitted that section 158bb of the act has been amended by the finance act of 2002 with effect from july 1, 1995, and the effect of such amendment is that the undisclosed income for the block period will be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of the act including the provisions of section 80l of the act as reduced by the aggregate of the total income ..... rohit arya, learned senior counsel for the appellant submitted that by notification dated april 28, 1995, the chief commissioner of income-tax, in exercise of his powers under section 120 of the act, had directed that the assistant commissioner of income-tax (investigation), circle 1, bhopal, would be the assessing officer in respect of all cases/persons of the district bhopal falling under the territorial jurisdiction of the various assessing ..... but, in the present case, we have seen that a search was in fact carried out of the locker belonging to the respondent under section 132 of the act and therefore it was the assistant commissioner of income-tax (investigation), circle 1, bhopal, and not the assessing officer having jurisdiction to make the regular assessment who had jurisdiction to make the assessment by virtue of the aforesaid notification dated april 28, 1995, issued by the chief commissioner of income-tax under .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2007]290ITR260(MP); 2006(3)MPLJ131
..... rohit arya, learned counsel very fairly submitted that section 158bb of the act has been amended by finance act of 2002 w.e.f. ..... 1,45,000 made on account of interest earned on unexplained deposits in the nre bank account of the assessee even when such interest was not exempt in view of the provisions of section 10(4)(ii) of the it act?in para 32 of the impugned order, the tribunal, after perusing the provisions of section 10(4)(ii) of the act, has held that since the deposits of dollars in the nre accounts was duly explained by the respondent and his explanation has been accepted by the tribunal, the interest accrued ..... 1st july, 1995 and the effect of such amendment is that the undisclosed income for the block period will be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of the act including the provisions of section 80l of the act as reduced by the aggregate of the total income or, as the case may be, as increased by the aggregate of the losses, of such previous years determined in the manner mentioned therein. ..... june, 1995 a person visiting india can bring foreign currency notes including travellers cheques upto us $ 3,500 without a declaration and, therefore, any amount beyond the aforesaid limits during the block period could not have .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)201CTR(MP)160; [2006]283ITR346(MP)
..... the appellant very fairly submitted that section 158bb of the act has been amended by finance act, 2002 with retrospective effect from 1st july, 1995 and the effect of such amendment is that the undisclosed income for the block period will be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of the act including the provisions of section 80l of the act as reduced by the aggregate of the total income ..... fdrs were prepared in his name and so long as the foreign currency remains with the bank in any account, the interest earned thereon should be allowed to be exempted from income-tax as per the provisions of section 10(4)(ii) of the act because the object of the introduction of the provision is to encourage the non-resident indian to bring foreign currency in india and earn interest thereon without paying any income-tax, and accordingly directed the ao to delete ..... income by way of interest on moneys standing to his credit in a non-resident (external) account in any bank in india in accordance with the foreign exchange regulation act, 1973 (46 of 1973), and the rules made thereunder:provided that such individual is a person resident outside india as defined in clause (q) of section 2 of the said act or is a person who has been permitted by the reserve bank of india to maintain the aforesaid account;provided further that nothing contained in this sub-clause .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)197CTR(MP)44; [2006]282ITR97(MP)
..... provision of bringing to tax the entire undisclosed income, including income which has been suppressed by making false claims of expenses or deduction, which have been discovered as a result of search or requisition....61.3.2 : the finance act, 2002, has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in post-search inquiries made on the basis of evidence found in ..... by finance act, 2002, the following words were added with retrospective effect from 1st july, 1995, at the end of the above definition of 'undisclosed income' under section 158b(b) : 'or any expense, deduction or allowance claimed under this act which ..... it was pointed out that if such inquiries are not made in the block assessment proceedings, the assessments of the relevant assessment years will have to be reopened under section 147 which will lead to multiplicity of proceedings for different assessment years falling in the block period, which definitely was not the intention of legislature in enacting the special ..... sub-section (1) of section 158ba of the act provides that notwithstanding anything contained in any other provisions of the act, where, after the 30th day of june, 1995, a search is initiated under section 132 (or books of account, other documents or any assets are requisitioned under section 132a) in the case of any person, then, the ao shall proceed to assess the undisclosed income ..... 1995 .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2007]290ITR128(MP)
..... director general or director or the chief cit or cit, in consequence of information in his possessions, has reason to believe that-(a) any person to whom a summons under sub-section (1) of section 37 of the indian it act, 1922 (11 of 1922), or under sub-section (1) of section 131 of this act or a notice under sub-section (4) of section 22 of the indian it act, 1922, or under sub-section (1) of section 142 of this act was issued to produce, or cause to be produced, any books of account or other documents has omitted or failed to produce, or cause to be produced, such books of account or other documents ..... prior to amendment by finance act, 1994, w.e.f. ..... procedure for block assessment - where any search has been conducted under section 132 or books of account, other documents or assets are requisitioned under section 132a, in the case of any person, then-(a) the ao shall-(1) in respect of search initiated or books of account or other documents or any assets requisitioned after the 30th day of june, 1995, but before the 1st day of january, 1997, serve a notice to such person requiring him to furnish within such time not ..... , 1995 a search was undertaken at the residential premises of the appellant-assessee (hereinafter referred to as 'the assessee') by the lokayukt under section 13(1)(e) of the prevention of corruption act, 1988 (in short '1988 act'). ..... : [1995]212itr242(bom) , it was held that no appeal lies against the order under section 197(3) of the it act. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2007)5VST260(MP)
..... 75, 76, 77 and 80 of the vanijyik kar adhiniyam and the rules, orders and notifications issued thereunder shall mutates mutandis apply to a hotelier in respect of tax, interest or penalty levied and payable under this act as if those sections were mutatis-mutandis incorporated in this act and the rules, orders and notifications issued under those sections were mutatis-mutandis issued under the relevant sections as so incorporated in this act.this amendment in luxury tax act was made effective from 24.12.2001 by notification no. ..... the state government and legislature thought it proper to give effect to the amending act from 24.12.2001 and not from 1.4.1995. ..... the statement of object and reasons in the aforesaid bill reads as under:statement of object and reasonswhile presenting the budget for financial year 94-95 the hon'ble finance minister declared in his budget speech that state government has taken a decision that mpgst act, 1958 shall be repealed and in its place m.p. ..... 1.4.1995.thereafter the state amended m.p. ..... the contention of petitioner are that:(i) that between 1.4.1995 and 23.11.2001 provisions of mpgst act were not applicable as the aforesaid act was repealed w.e.f. ..... now another question arises that between 1.4.1995 and 23.12.2001 which provisions will be made applicable. ..... between the period 1.4.1995 and 23.12.2001 the provisions of both the acts were not in force so the petitioner cannot be assessed by the respondents under the luxury tax act. .....
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