Court : Madhya Pradesh
Reported in : [1980]124ITR297(MP)
..... came up for consideration in badri pd. and sons v. cit : [1975]98itr657(all) , where the learned judges observed as follows (p. 658):'section 24 of the finance (no. 2) act of 1965 (act. no. 15 of 1965} permitted the making of voluntary disclosure in respect of the amount representing income chargeable to tax under the indian income-tax ..... on the facts and circumstances of the case, the tribunal was justified in law in holding that the acceptance of the voluntary disclosure petitions under section 24 of the finance (no. 2) act of 1965 and the payment of tax thereon by the creditors would, in law, justify the deletion of the amount of rs. 20,500 ..... question referred to us for our consideration falls within a narrow compass. that question in effect is, whether the provisions of section 24 of the finance (no. 2) act of 1965, hereinafter referred to as 'the act', can be construed as conferring any benefit, concession or immunity on any person other than the person making the declaration under .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008]300ITR384(MP)
..... . 1 did not accept the aforesaid figure and determined the tax payable under section 89 of the finance act, 1998 at rs. 3,03,134. for doing so, the respondent no. 1 took into consideration the amount of the additional tax payable which was determined to ..... .3. petitioner has submitted that for the asst. yrs. 1994-95 and 1995-96 disputed income was worked out. petitioner filed declaration under section 89 r/w section 88 of the finance act, 1998 for settlement of tax payable to the respondent no. 1. the total tax payable on the aforesaid amount was worked out to rs. 2,13,310. respondent no ..... determination of income. it is in the nature of a penalty which is imposed on an assessee in those cases where prima facie adjustments are made under section 143(1)(a) of the it act, 1961. it is not relatable to the determination of income. thus, it cannot be taken into account in determination of disputed income on which tax is .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)197CTR(MP)58; [2005]277ITR524(MP); 2004(3)MPLJ304
..... and, in the case of a person other than a company, includes deposit of any nature.'6. amendment has been made in the above provisions by the finance act, 2002, the amended section 269t reads thus :'mode of repayment of certain loans or deposits.--no branch of a banking company or a co-operative bank and no other company or co- ..... any) with such company or bank of the person to whom such deposit has to be repaid : x x x x x xexplanation.--for the purposes of this section,--[substituted for following clause (i) by the finance act, 1985, w.e.f. 1st april, 1986:)(i) 'banking company' shall have the meaning assigned to it in clause (i) of the explanation to ..... section 269ss;(ia) 'co-operative bank' shall have the meaning assigned to it in part v of the banking regulation act, 1949 (10 of 1949);(ii) 'deposit' means any deposit .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1990]184ITR186(MP)
..... of a declaration by the creditor and taxed under the scheme, from investigating the true nature and source of credits. the legal fiction created by section 24(3) of the finance (no. 2) act, 1965, was limited in its scope and could not be invoked in assessment proceedings relating to any person other than the person making the ..... but was the income of somebody else, then there was nothing to prevent an investigation into the true source of the amount. there was nothing in section 24 of the finance (no. 2) act, 1965, which prevented the income-tax officer, if he was not satisfied with the explanation of the assessee about the genuineness of the source of ..... -matter of a declaration made by the depositors to include them as income of the assessee from undisclosed sources. section 24 of the finance (no. 2) act, 1965, does not have an overriding effect over section 68 of the income-tax act, 1961, in so far as persons other than the declarants are concerned. the petitioners are free to show .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 2004(2)MPHT57
..... 1998 was set aside. if that be so, the assesee's declaration in form 1-a on 28-1-1999 under section 88 of the finance act no. 2 of 1998 would indicate that on the date of filing of the declaration namely on 28-1-1999, ..... .8. in the meantime, as stated above, the assessee filed a declaration in form 1-a on 28-1-1999 under section 88 of the finance act no. 2 of 1998 under the kar vivad samadhan scheme, 1998. it was contended by the revenue that on that date ..... .t. 47]. 2. the first respondent moved the learned single judge seeking direction to the appellants to accept the declaration under section 88 of the finance act no. 2 of 1998 for the assessment year 1991 under the kar vivad samadhan scheme, 1998. the application was filed before ..... as the assessee did not appear before the tribunal despite service.7. the assessee then moved an application under section 254(2) of income tax act before the tribunal. the application was allowed by the tribunal by order dated 1-6-1999 recalling its earlier .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2004)187CTR(MP)20; [2004]265ITR1(MP)
..... of inland revenue [1936] 20 tc 446; [1936] 2 all er 616 (kb). the provision which came up for construction in that case was sub-section (4) of section 33 of the english finance act, 1927, which was couched in the same language as our proviso and construing the words 'exceptional and not systematic', lawrence j. said : 'in my opinion ..... exceptional.' it is significant to note that though this decision deprived the revenue of a large amount of tax which it would otherwise have obtained if section 33 of the english finance act, 1927, were held applicable, the crown accepted the decision as correct and did not appeal from it. since the time it was given in 1936 ..... a reference to the decision rendered in the case of sakarlal balabhai : [1968]69itr186(guj) and after comparing to the old provision of section 44f with sub-section (2) of section 94 of the present act came to hold that the ratio laid down in the case of sakarlal balabhai : [1968]69itr186(guj) is fully applicable to the provisions .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 2009[15]STR17; [2009]22STT123; (2009)25VST97(MP)
..... may also be passed in favour of the petitioner.(h) cost of the petition.2. the submission of the petition in nutshell is that provisions of section 67 of finance act, 2001 be declared ultra vires the constitution, void and inoperative. according to the petitioner the circular dated 9-7-2001 issued by the respondent is ..... though the challenge was ostensibly to the letter issued by the ministry of finance but the real challenge is to the amendment in the finance act and the letter dated 9-7-2001 was simply clarifying what section 67 of the finance act, 1994 as amended by act no. 2001 provided.12. the supreme court further observed that the provisions ..... of the finance act were challenged by the kerala colour laboratories association, the challenge was .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008]303ITR419(MP)
..... arrear comprises only penalty, fine or interest), the appellate authority shall decide the appeal irrespective of such declaration. 10. learned counsel for the appellant contends that under sub-section (4) of section 90 of the finance act the appeal or reference or reply filed by the parties shall be deemed to have been withdrawn on the date on which order referred to in sub ..... declaration is false, it can always approach the designated authority for cancellation of the certificate under the first proviso to section 90(1) or for amendment under the second proviso or for such other action as is permissible under the said finance act, however, once the valid declaration has been made and till the declaration continues to be valid, the department's appeal .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1981)25CTR(MP)123; [1983]140ITR314(MP); 1981MPLJ354
..... . reference in this connection is also made to expln. 1, which was inserted only with effect from 1st april, 1972. section 5(1)(viii) as amended by the finance act and the explanation added by that act were considered by this court in cwt v. smt. sonal k. amin : [1981]127itr427(mp) . it was held in that case that the extended ..... .7. it was next contended by the learned counsel for the assessee that the meaning of jewellery in the expression 'but not including jewellery' as inserted in section 5(1)(viii) by the finance act is itself ambiguous and as the scope of the amendment is debatable, the wto had no jurisdiction to rectify the assessment under ..... , and if assets of this nature were excluded in an assessment made before the enactment of the finance act, it would become apparently erroneous in view of the retrospective amendment in section 5(1)(viii) and would be open to rectification under section 35.9. learned counsel for the assessee then submitted that as it was not possible from the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2002]256ITR265(MP); 2002(3)MPLJ317
..... 1999. the scheme was aimed to provide for quick and voluntary settlement of tax dues which were locked in litigation. the petitioner filed a declaration under section 89 of the finance (no. 2) act of 1998. in this declaration the petitioner worked out the disputed tax payable at rs. 60,713 and offered to pay this tax. the respondent ..... was rejected on the ground that the appeal was not pending on the date of filing declaration. the precondition for admittance of a declaration under section 88 of the finance (no. 2) act of 1998 was that an appeal or reference was preferred to writ petition should have been admitted and pending before any appellate authority or high court ..... its restoration cannot come in the way of the petitioner for consideration of his case as per more beneficial provision, 'kar vivad samadhan scheme' framed under the finance (no. 2) act of 1998.9. in my opinion order p/9 rejecting the prayer to consider the declaration under the kar vivad sarndhan scheme is bad in law ; it .....
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