Court : Orissa
Reported in : [1981]130ITR393(Orissa)
..... miles distant from any area for which there is a municipality the population whereof exceeds ten thousand. '6. the above provision was for the first time amended by the finance act of 1964, with effect from april 1, 1964, and after the amendment the provision reads thus :' one house or part of a house belonging to the assessee ..... contended, was no more applicable in view of the change in the provision by dropping out the reference to 'residence'. the tribunal examined the provision of section 5(1)(iv) of the act, referred to the common parlance meaning of ' house ' and held that the exemption provided for a pattern of investment including the provision for one house ..... on the ground that the incomplete house was not fit for human habitation. the assessee further appealed to the tribunal and urged that the word ' house ' in section 5 should be given a liberal construction and as the provision covered part of a house even a house under construction should be considered to be a part of a .....
Tag this Judgment!Court : Orissa
Reported in : [1998]232ITR76(Orissa); 1997(II)OLR338
..... is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40.' 5. the provisos have been inserted by the finance act, 1997, with retrospective effect from april 1, 1994. a bare reading of the newly added provisions leaves no doubt ..... that where the assessee is a firm, salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) of section 44ad subject to the conditions and limits specified .....
Tag this Judgment!Court : Orissa
Reported in : (2009)226CTR(Ori)621
..... was not entitled to claim any deduction for it. this was not intended by section 43b. to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. the proviso makes it clear that the section will not apply in relation to any sum which is actually paid by the ..... of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b(a), the first proviso to section 43b and expln. 2 have to be read together as giving effect ..... the return. however, 'any sum payable' in clause (a) of section 43b was open to the interpretation that the amount payable in a particular year should also be statutorily payable under the relevant statute in the same year. explanation 2 was, therefore, added by the finance act, 1989, with retrospective effect from 1-4-1984, for the purpose .....
Tag this Judgment!Court : Orissa
Reported in : 1999(I)OLR408
..... of the various provisions of bengal finance (sales-tax) act, 1941 (in short, 'bengal finance act') and west bengal sales-tax act, 1954 (in short, 'bengal act') as amended by the west bengal taxation laws (second amendment) act, 1984 (in short, 'bengal amendment act'). a comparison of the relevant provisions would be appropriate.orissa sales tax act. 1947west bengal finance (sales tax) act. 1941definitiondefinitionsection 2 (c)section 2 (c)'dealer' means any ..... division bench lost sight of the fact that under the bengal finance act, section 6-d starts with non obstante clause that notwithstanding anything contained elsewhere in the act a person is to be held to be a dealer for effecting sale under section 6-d. further in respect of the liability under the bengal finance act a contractor shall not be held to be liable to .....
Tag this Judgment!Court : Orissa
Reported in : 67(1989)CLT601; 1989(42)ELT552(Ori)
..... the constitution of india, levy of duty on electricity under central excises & salt act, 1944 (hereinafter referred to as 'the act') as amended by section 36 of finance act 1978 is assailed by the petitioner, a company registered under the indian companies act, 1913.2. petitioner carries on the business of manufacture of paper and paper ..... manufacture and production since parliament is well aware of the meaning of the phrase 'manufacture and production'. in the state financial corporation act 1951, while defining 'industrial concern' in section 2(c) parliament used the word 'manufacture' in respect of goods and 'generation' in respect of electricity. same is the phrase ..... . it is needless to repeat that it is capable of abstraction, consumption, and use which, if done dishonestly, should attract punishment under section 39 of the indian electricity act, 1910. it can be transmitted transferred, delivered, stored, possessed etc. in the same way as any other movable property....' the aforesaid .....
Tag this Judgment!Court : Orissa
Reported in : 1991(II)OLR32
..... letter have been taken into record.2. it is the submission of the learned counsel appearing for the petitioners that section 32 (4) of the act makes mandatory provision for consultation with the financing bank before any action is taken under section 32 (1) and that whenever it is seen that the consultation has not been made, the supersession proceeding ..... the statute book since 1982 having been brought in by way of substitution by orissa act 19 of 1983. air 1979 orissa 143 (supra) interpreted the provisions of section 32(1) & (4), as it stood then, to mean that the consultation with tne financing bank of the society is a condition precedent not only when the final step of ..... being the condition precedent to the issue of notice to show cause under section 32(1), it has to be conceded as the normal feature of the sche unne for supersession of a society under the act. a reference to the financing bank after steps have been taken for supersession can be taken only as an exception and cannot .....
Tag this Judgment!Court : Orissa
Reported in : [1991]189ITR741(Orissa)
..... .j.1. a presumptive and pre-emptive tax has been imposed on persons who 'fly-by-night'. this has been done by inserting sections 44ac and 206c in the income-tax act, 1961, (hereinafter called 'the act'), by the finance act, 1988. the drawing of the tax net tighter on these types of persons as an 'anti-evasion measure', as described by the ..... income. it is also urged that the conception of presumptive income has not been introduced for the first time by section 44ac inasmuch as sections 44b and 44bb which found place in the statute book by virtue of the finance acts of 1975 and 1987 had also dealt with presumptive incomes. we have duly considered the rival submissions and, according to ..... income' but, which, according to counsel, reflects the legislative mind as to what it is prepared to regard as income. we have been then taken through various sections of the act, to wit, sections 4, 5, 14, 28, 29, 37 and 40. the idea of this exercise is to bring home the point that, for an income to be taxed .....
Tag this Judgment!Court : Orissa
Reported in : [2002]254ITR495(Orissa)
..... morality on the part of the assessee.6. we need not examine the rival contentions in view of the recent amendment made to section 37 of the act as per section 15 of the finance (no. 2) act, 1998, which was brought to our notice by mr. ratho fairly. by the aforesaid amendment, the following explanation has been inserted ..... incurred by an assessee for any purpose which is an offence or which is prohibited by law. the above explanation to section 37(1) was inserted with retrospective effect from april 1, 1962, by the finance (no. 2) act, 1998 (i.e., for the assessment year 1962-63) and subsequent years, which results in disallowance of the claim ..... after sub-section (1) of section 37 with retrospective effect from april 1, 1962.'explanation.--for the removal of doubts, it is hereby declared that any .....
Tag this Judgment!Court : Orissa
Reported in : (1988)72CTR(Ori)231
..... said creditors, also appears to be misplaced. there was no dispute in that case that the creditors had complied with the requirementof section 24(2)(c) of the finance act which was accepted by the revenue.10. in my considered opinion, therefore, there is no scope for much discussion on account of the change of the ..... reliance placed by mr. mohanti on the case of biswanath flour mills v. cit [1974] tax lr 631, where the creditors had filed declarations under section 24(2) of the finance (no. 2) act, 1965, for the assessment year in question and it was held that the assessee was entitled to deletion of the credits standing in the names of the ..... it goes against him as it has been held in unambiguous terms in this case that ' the declaration under section 24(2) of the finance (no. 2) act, 1965, had to relate to income actually earned by the declarant and the act granted immunity to the declarant alone and not to other persons to whom the income really belonged '. it is not .....
Tag this Judgment!Court : Orissa
Reported in : 92(2001)CLT355; 2001(II)OLR144
..... managing director of the bank is not the opinion of the bank for the purpose of consultation within the meaning of section 32(1) of the act. in the present case there was no consultation with the financing bank after the submission of the enquiry report and before giving effect to the order of removal. the letter dated october ..... of the bank for a period of six months. mr. acharya appearing for the petitioners has submitted that under section 32(1) of the act an order of removal of the committee can be passed only after consulting the financing bank of the society. mr. acharya has pointed out that the order of removal/supersession having been passed on ..... appears from the said letter (annexure-a/2) that the managing director intimated that the financing bank had no objection to whatever action was taken by the registrar against the committee of management of the bank.5. section 32(1) of the act has conferred on the registrar the power and authority to remove the committee of any cooperative .....
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