Court : Guwahati
..... , a company (industrial company), shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities includes in its total income of its previous year as computed before making any deduction under chapter vi-a of the income-tax act is not less than 51 per cent. ..... section 256(1) of the income-tax act, 1961, the following question has been referred by the income-tax tribunal, gauhati bench, gauhati, for the opinion of this court : ' whether, on the facts and in the circumstances of the case and on proper interpretation of law and rules thereof, the tribunal is correct in holding that the assessee-company will not be entitled to the benefit of lower rate as an industrial company, as, under rule 8 of the income-tax rules, 1962, 40 per ..... learned counsel for the assessee-company had drawn our attention to section 2(7)(c) of chapter ii of the finance act, 1982, where industrial company has been defined as follows : ' 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in ..... income of a particular tea company should be taken within the scope of section 2(7)(c) of the finance act, 1982, to enable the assessee-company to receive the lower rate .....
Tag this Judgment!Court : Guwahati
..... the further pleadings of the petitioner-company are that parliament having amended the provisions of the income tax act by the finance act, 1997, inserted chapter xii-d consisting of section 115-c with effect from june 1, 1997, providing for payment of additional income-tax on any amount declared, distributed or paid by a domestic company by way of dividend whether out of current or accumulated profits, the petitioner-company was liable to pay such additional income-tax at the rate of 10 per cent, under the amended provision. ..... in view of the above discussions, we hold that parliament has legislative 36 competence to enact the provisions of section 115-o of the income tax act as inserted by the finance act of 1997 and the said piece of legislation is not ultra vires the constitution. ..... the tribunal observed that additional income-tax was also a tax on income and that the finance act could say that the tax would be payable on the income of any year preceding the previous year. ..... union of india : [2006]285itr506(cal) , a division bench of the calcutta high court relying on the decision in the case of mrs. ..... union of india : [2006]285itr506(cal) ;gannon dunkerley and co. v. .....
Tag this Judgment!Court : Guwahati
..... . the "financial proposals" means taxation proposals and the finance act lays down the rates of income-tax ..... the following matters, namely :(a) enforcing the attendance of any person and examining him on oath or affirmation;(b) compelling the production of documents; and(c) issuing commissions for the examination of witnesses;and any proceeding before an income-tax officer, appellate assistant commissioner, commissioner or appellate tribunal under this chapter shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 and for the purposes of section 196 of the indian penal code (xlv of 1860) ..... the following matters, namely :(a) enforcing the attendance of any person and examining him on oath or affirmation ;(b) compelling the production of documents ; and(c) issuing commissions for the examination of witnesses,and any proceeding before an income-tax officer, appellate assistant commissioner, commissioner or appellate tribunal, under this chapter shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 and for the purposes of section 196 of the indian penal code (xlv of 1860) .....
Tag this Judgment!Court : Guwahati
..... --(1) and (2) (3) with effect from the date notified under section 88 of the finance act, 1997 (26 of 1997), there shall be levied a service-tax at the rate of five per cent of the value of the taxable services referred to in sub-clauses (g), (h), (i), (j), (k), (l), (m), (n) and (o) of clause (48) of section 65 and collected in such matter as may be prescribed. ..... air 1949 fc 81 negatived the contention by holding that the real distinction between these two acts seems to be that whereas the income tax act, 1961, purports to tax the true income, there is no such pretence in the west bengal panchayat act which uses the annual value merely for the purpose of valuation of the property to be taxed.it was, therefore, submitted that the impugned levy of tax on services rendered by a professional with reference to the gross receipts for the services rendered is really ..... (2) notwithstanding anything contained in sub-section (1), in respect of any taxable service notified by the central government in the official gazette, the service-tax thereon shall be paid by such person and in such manner as may be prescribed at the rate specified in section 66 and all the provisions of this chapter shall apply to such person as if he is the person liable for paying the service-tax in relation to such service. .....
Tag this Judgment!Court : Guwahati
..... should not be demanded and realized from them under sub-section 1(a) of section 73 of chapter-v of the finance act, 1994 as amended;(ii) penalty should not be imposed upon them in terms of section 76, 77 and 78 of chapter-v of the finance act, 1994 as amended;(iii) interest at the prescribed rate under section 75 of chapter-v of the finance act, 1994 as amended should not be demanded and realized from them.2. ..... income tax officer); : ..... similarly, the plea of limitation, which has been raised by the learned counsel for the petitioners in reference to section 73 of the act, although, the plea is further subject to the proviso to said section and in the impugned show cause notice, there is indication of the factors likely to be covered by the said proviso, it will also be open for the ..... this writ petition is directed against the annexure-21 show cause notice dated 22.8.2006 issued by the government of india in the directorate general of central excise intelligence, kolkata zonal unit, kolkata to the ..... vengkateswaran (supra), the broadlines of the general principles on which the writ court should act, their application to the facts of each particular case must necessary be depended on a variety of individual facts which must govern the proper exercise of the discretion of the court, and that in a matter which is thus permanently ..... which has issued the show because notice is a statutory functionary constituted under the act and he must be allowed to decide the matter in accordance with law. .....
Tag this Judgment!Court : Guwahati
..... thus the filing of the return and the payment of tax thereon computed at the prescribed rates amounts to an admission of tax liability which the assessee admits to have incurred in accordance with the provisions of the finance act and the income-tax act. ..... learned counsel for the revenue could not point out any provision on the basis of which we can hold that the income disclosed on payment of advance tax cannot be treated as disclosure of income, by virtue of a particular statutory provision under chapter xiv-b of the act.11. ..... the appeals have been admitted on the following substantial questions of law :'(a) whether, on the facts and in the circumstances of the case, the tribunal was correct, on an interpretation of the provisions contained in chapter xiv-b and section 113 of the act, in holding that the assessing officer was justified in not deducting/excluding rs. ..... was correct and justified in law on consideration of the provision contained in chapter xiv-b of the act, particularly section 158b(b), in holding that the income covered by the amount of advance tax paid was not disclosed to the department for the assessment year 1995-96 (comprised within the block period april 1, 1986, to august 21, 1996) before the date of the search under section 132 of the act and was rightly held to be 'undisclosed income' as defined under section 158b(b) of the .....
Tag this Judgment!Court : Guwahati
..... the computation of surtax was considered in this regard and it was stated that after income is distributed under chapter xi-d of the income-tax act, surtax payable by a company is determined and profits alone are charged under the surtax act. ..... when the 1922 income-tax act was promulgated, the provisions of the 1920 act were incorporated in sections 55 to 58 in chapter ix of that act. ..... learned counsel for the assessee placing reliance on the definition of 'tax' in clause (43) of section 2 of the income-tax act, 1961, argued that surtax is not a tax under the income-tax act and, therefore, deduction under section 37 is not prohibited. ..... we cite half a dozen statutes where without such recitation, tax, rate or cess was allowed to be deducted under the income-tax act, 1961. ..... as on today, the super-tax is repealed by the amendment of section 4 of act vii of 1964 by the finance act xxiii of 1986. ..... the andhra pradesh high court, in the case, cited, held that tax is not confined to income-tax and section 40(a)(ii) covered all taxes and rates. ..... in the former, tax is levied on chargeable profits of the previous year that exceed a statutory limit at the rates specified in the third schedule. ..... the rates of surtax are set out in the third schedule of the act. .....
Tag this Judgment!Court : Guwahati
..... if section 4 has to be read with section 158bb for computing undisclosed income then the provisions of the relevant finance act have got to be read into the block assessment scheme under chapter xiv-b, even prior to june 1, 2002.16. ..... therefore, section 158bb which deals with computation of undisclosed income of the block period has to be read with computation of total income under chapter iv of the 1961 act.15.the following principles relevant to the present case can be culled out from the above observations of the apex court in commissioner of income tax v. ..... in the absence of any separate and specific period of limitation for reopening of block assessments in chapter xiv-b, on the ratio of the judgment in commissioner of income tax v. ..... this appeal under section 260a of the income tax act, 1961 (hereinafter referred to as the act) is directed against an order dated 17.1.2006 passed by the income tax appellate tribunal, guwahati bench (hereinafter referred to as the tribunal). ..... the difference between the first aggregate and the second aggregate is described in section 158b(b) as the 'undisclosed income' to be taxed under the provisions of section 113 of the 1961 act at the special rates prescribed. .....
Tag this Judgment!Court : Guwahati
..... even if section 23(5) provides for the machinery for collection and recovery of the tax, once the legislature has, in clear terms, indicated that the income of the firm can be taxed in accordance with the finance act of 1956 as also the income in the hands of the partners, the distinction a charging and a machinery section is of no consequence. ..... by virtue of the powers under clause (n) of article 371f of the constitution, the president vide notification dated november the 7, 1988 extended the income tax act, 1961 to the state of sikkim and later, the central government issued notification dated 23.2.1989 appointing april 1, 1989 as the date on which the income tax act came into force in the state of sikkim in relation to the previous year relevant to the assessment year commencing on 1.4.1989. ..... income tax officer, dated 26.2.1993 (reported in selected order of itat p.271), that the income tax deduction made from winnings from sikkim lotteries would debar the assessment of that income as per provisions of the income tax act and that such assessment would not suffer from double taxation on the ground of income-tax having been charged by the sikkim income-tax authorities. ..... the provisions contained in chapters iii and ix are obviously not applicable hereto. ..... therefore, it cannot be brought to tax by applying the rates of it act, 1961."6. .....
Tag this Judgment!Court : Guwahati
..... even if section 23(5) provides for the machinery for collection and recovery of the tax, once the legislature has, in clear terms, indicated that the income of the firm can be taxed in accordance with the finance act of 1956 as also the income in the hands of the partners, the distinction a charging and a machinery section is of ..... of the powers under clause (n) of article 371f of the constitution, the president vide notification dated november the 7, 1988 extended the income tax act, 1961 to the state of sikkim and later, the central government issued notification dated 23.2.1989 appointing april 1, 1989 as the date on which the income tax act came into force in the state of sikkim in relation to the previous year relevant to the assessment year commencing on 1.4.1989. ..... income tax officer, dated 26.2.1993 (reported in selected order of itat p.271), that the income tax deduction made from winnings from sikkim lotteries would debar the assessment of that income as per provisions of the incometax act and that such assessment would not suffer from double taxation on the ground of income-tax having been charged by the sikkim income-tax ..... jain, c.j.at the instance of the assessee ghisalal agarwala under section 256(1) of the income tax act, the following questions of law has been referred by the tribunal by its order dated 2-12-1996 to this court for ..... the provisions contained in chapters iii and ix are obviously not ..... it cannot be brought to tax by applying the rates of it act, 1961.'6. .....
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