Court : Madhya Pradesh
Reported in : (2004)186CTR(MP)649
..... shares are held by a corporation referred to in sub-clause (ii)(b) or by a company referred to in that sub-clause, to any person employed by it;(c) by a body undertaking including a society registered under the societies registration act, 1860 (21 of 1860), financed wholly or mainly by the government, to any person employed, by it;(d) by a company (not being a company referred to in sub-clause (ii)(b) or sub-clause (ii)(bb)] in which not less than 40 per cent of the ..... for a declaration that rule 3 of the it rules, 1962 (in short 'the rules') which has been brought into the existence by income-tax (twenty-second amendment) rules, 2001 is ultra vires, invalid and inoperative as it runs counter to the provisions contained in section 17(2) of the it act, 1961 (for brevity 'the act') as a consequence of which it travels beyond the rule-making power as envisaged under section 295(2) of the act ..... from a third party, the actual hire charges payable therefor; (ii) where the accommodation is provided -- (a) by the reserve bank of india, to any person employed by it;(b) by a corporation established by a central, state or provincial act, or by acompany in which all the shares are held (whether singly or taken together) bythe government or the reserve bank of india or a corporation owned by thatbank, to any person employed by it;(bb) by a company [not being ..... thus the cbdt substituted the old rule and brought the new rule for the purpose of ..... circulars directing its finance manager to recover .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2004]134TAXMAN303(MP)
..... shares are held by a corporation referred to in sub-clause (ii)(b) or by a company referred to in that sub-clause, to any person employed by it;(c) by a body undertaking including a society registered under the societies registration act, 1860 (21 of 1860), financed wholly or mainly by the government, to any person employed by it;(d) by a company (not being a company referred to in sub-clause (ii)(b) or sub-clause (ii)(bb) in which not less than 40 per cent of the ..... the assessee;(iii) allowances which are exempted from payment of tax;(iv) any allowance in the nature of an entertainment allowance, to the extent such allowance is deductible under clause (ii) of section 16.explanation 2for the purposes of sub-clause (iii), the fair rental value of accommodation which is not furnished shall be the rent which a similar accommodation would realise in the same ..... for a declaration that rule 3 of the income tax rules, 1962 (hereinafter referred to as 'the rules') which has been brought into the existence by income- tax (twenty-second amendment) rules, 2001 is ultra vires, invalid and inoperative as it runs counter to the provisions contained in section 17(2) of the income tax act, 1961 (hereinafter referred to as 'the act') as a consequence of which it travels beyond the rule making power as envisaged under section 295(2) of the act ..... central board of direct taxes substituted the old rule and brought the new rule for the purpose of valuation of ..... circulars directing its finance manager to recover .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)204CTR(MP)555
..... thereafter, the assessee filed an application under section 254(2) of the act for correction of the said order dated 26-11-2001 of the tribunal and the ground taken in the said application filed by the assessee was that under sub-section (4) of section 90 of the finance (no. ..... 8/ind/2003 and after hearing learned counsel for the parties at length, the tribunal allowed the said ma by the impugned order dated 16-1-2004 and substituted paras 10 to 12 of its appellate order dated 26-11-2001 with new paras 10 and 11 holding that as the assessee had opted for kvss 1998 and had paid the taxes settled thereunder, the appeal has to be treated as dismissed.6. ..... malwa textunsing (p) ltd, (2006) 204 ctr (mp) 549) holding that the aforesaid order dated 16-1-2004 passed by the tribunal was outside the scope and purview of section 254(2) of the act which was confined only to rectification of any mistake apparent from the record and have set aside the said order dated 16-1-2004 of the tribunal. ..... or notice giving rise to the tax arrear before any authority or tribunal or court, then, notwithstanding anything contained in any other provisions of any law for the time being in force, such appeal or reference or reply shall be deemed to have been withdrawn on the day on which the order referred to in sub-section (2) is passed :provided that where the declarant has filed a writ petition or appeal or reference before any high court or the supreme court against .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)204CTR(MP)549; [2007]292ITR488(MP)
..... (2) the tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record amend any order passed by it under sub-section (1) and shall make such amendment if the mistake is brought to its notice by the assessee or the ao:provided that an amendment which has the effect of enhancing an assessment or reducing a refund or otherwise increasing the liability of ..... the assessee, shall not be made under this sub-section unless the tribunal has given notice to the assessee of its intention to do so and has allowed the assessee a reasonable opportunity of being heard.thus, under the aforesaid sub-section (2) of section 254 of the act, the tribunal can only rectify any mistake apparent from the record and cannot rehear an appeal and reverse ..... (2) whether any ground was made out for entertaining the application made under section 254 of it act and if so, whether these grounds satisfy the requirement of section 254 of it act, entitling the tribunal to rectify their main order passed in appeal?7. ..... 2001 of the tribunal and the ground taken in the said application filed by the assessee was that under sub-section (4) of section 90 of the finance ..... , 2004 and substituted paras 10 to 12 of its appellate ..... , 2001 with new paras 10 and 11 holding that as the assessee had opted for kvss, 1998 and had paid the taxes settled thereunder, the appeal has to be treated .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2010)229CTR(MP)257
..... section 17(2) was amended by the finance act, 2001 ..... 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. ..... person on bank's behalf shall be determined as the sum equal to the interest computed at the rate charged per annum by the sbi, as on the 1st day of the relevant previous year in respect of loans for the same purpose advanced by it on the maximum outstanding monthly balance as reduced by the interest, if any, actually paid by him or any such member of his household.sbi lending rates are as follows:______________________________________________________________________as on ..... the contention raised by the petitioner that interest-free loan or loan at concessional fate of interest provided by the employer satisfies the ingredients of a perquisite by virtue of section 17(2)(vi) and the method of valuation of the perquisite has been laid down in rule 3(7)(i) and hence, the petitioner's reliance on the decision of arun kumar and others ..... substituted ..... years but upto 10 years 8.75% 10.75%________________________________________________________________________above 10 years but upto 15 years 9.00% 10.75%________________________________________________________________________ above 15 years but upto 20 years 9.25% 10.75%________________________________________________________________________car loan, for new car upto 3 years (rs. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2008)14VST586(MP)
..... act, 1958 (hereinafter referred to as, 'the state act') and sub-section (5) of section 8 of the central sales tax act, 1956 (hereinafter referred to as, 'the central act') subject to paragraphs 2 to 10 and the general conditions specified in paragraph 12 exempted from payment of tax under section 6 and section 7 of the state act and under the central act, the class of dealers:(a) specified in column (2) of the schedule i below to the extent of the maximum cumulative quantum of tax under the act and the central act specified in column (3), for ..... india or are registered with the commerce and industries department of government of madhya pradesh on or before december 31, 1999(2) after sub-clause (iii) the following sub-clause shall be inserted, namely:(iv) commences commercial production in the new industrial unit or in the expanded capacity of the existing industrial unit on or after may 6, 1994, but on or before december 31, 1999 or having taken the following effective steps on or before december 31, 1999 commences ..... about what particular effective steps were taken by each of the petitioner before december 31, 1999, whether they had commenced commercial production on or after december 31, 1999 but on or before december 31, 2001 and whether they obtained allotment/possession of the land for the factory and whether they had applied for finances from a regular financial institution.13. ..... is but sub-clause (ii) of clause (b) was substituted and after sub-clause (iii) sub-clause (iv) .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1988]173ITR126(MP)
..... as regards the challenge to the validity of the relevant provisions of the finance acts, it would not be permissible for us to go into that question in a reference to this court under section 256 of the act. ..... 3,20,477 incurred by the assessee in connection with the purchase of 155 new looms was includible in the cost thereof for the purpose of allowing depreciation and development rebate in the assessment year 1965 ..... said expenditure, in our opinion, was, therefore, includible in the cost of new looms for the purpose of allowing depreciation and development rebate in the assessment year 1965-66. ..... the assessee received permission for the purchase and installation of new looms on condition that the old looms would be ..... :now, the material facts in this behalf are that with a view to substantially expanding the weaving department at birla nagar, the assessee wanted to instal new looms but it could not get statutory permission for the purchase of new looms. ..... incurred by the assessee in connection with the purchase of 155 new looms is includible in the cost thereof for the purpose of allowing depreciation and development rebate in the assessment for 1965-66?' 2. ..... was incurred by the assessee for bringing into existence 155 new looms. ..... the assessee purchased 155 new looms for a sum of ..... assessee was advised that permission could be granted for replacement of old looms by purchase of new looms. ..... of the assessee before the tribunal was that the actual cost of the new looms should be taken to be rs. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1979]116ITR347(MP)
..... the division bench has further held that that view proceeds upon the principle that liability for tax arising out of the declaration made under section 68 of the finance act, 1965, is nothing other than the liability under the i.t. ..... :'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that neither the tax liability at the rate applicable in accordance with the finance act of the year concerned on the disclosed income included on assessment nor at the rate of 60% prescribed under section 68 of the finance act, 1965, was deductible in arriving at the net wealth of the assessee '2. ..... ahmed ibrahim sahigara : [1974]93itr288(guj) , however, held that section 68 of the finance act, 1965, was not intended to lay down a concessional rate at which income-tax may be charged under the i.t. ..... during the assessment year 1966-67, the valuation date for which was the last day of diwali 1965, the firm made a voluntary disclosure under section 68 of the finance act, 1965, amounting to rs. ..... the only difference under the voluntary disclosure scheme made by section 68 of the finance act, 1965, was to provide a flat rate of sixty per cent. ..... act, 1961, or that section 68 of the finance act, 1965, creates a new charge to tax, on an ad hoc basis, on disclosed income irrespective of the assessment year in which it was earned. ..... act, but it enacts a new charge to tax, on an ad hoc basis, on disclosed income irrespective of the assessment year in which it was earned. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2004]137STC269(MP)
..... we are saying so, because on the touch-stone of section 84 read with section 86 of the act, without the issuance of the requisite statutory notification (under the provisions of bihar finance act, 1981), the policy resolution of 1995 by itself was not even enforceable or implementable. ..... whether the industrial units situate outside the state are entitled to any such benefit has to be considered with reference to the statutory orders made under the bihar finance act because notwithstanding the terms of the policy, unless corresponding provisions are made by issuing notifications/orders under the bihar finance act to carry out the objects of the industrial policy, a trader does not get benefits of any sales tax exemption.'14. ..... when both the provisions are read in conjoint and purposive manner what ensures is that certain powers have been conferred on the successor states for certain period subject to adaptation and modification so made until altered, repealed by the competent legislature or other competent authority. ..... the said policy resolution envisages giving certain tax benefits, among other things, to the new industrial units set up after november 15, 2000. ..... so far as the industrial policy, 2001 of the government of jharkhand is concerned reference to it by the appellants is wholly misplaced. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1953]23ITR382(MP)
..... it appears to me that section 6 of the general clauses act, which merely lays down one of the general rules of construction of statutes, can have no applicability where the governments of india act, 1935, is not merely repealed but is substituted by a new constitution under which the parliament and the state legislatures are not prohibited from legislating for the past and of interfering with vested rights. ..... that this was the intention of section 13 of the finance act or of the other provisions of that act by which the indian income-tax act was amended and made applicable to part b states.learned counsel for the petitioners also urged that the income-tax act has no retrospective operation and that when the act was made applicable to this state only from 1st april, 1950, it cannot be construed so as to permit taxation under the act of the income accruing in the state ..... open to the court to cut down the general words imposing the tax by reference to extraneous considerations such as the report of the indian states finance inquiry committee, or possible intention of the legislature gathered from other acts, and that section section 13 of the finance act, 1950, is perfectly intelligible if it is read as keeping alive the state law for the purposes of levy, assessment and collection of tax on the income of the period before 31st march, 1949.in my view, there is considerable force .....
Tag this Judgment!