Court : Madhya Pradesh
Reported in : [2006]286ITR425(MP)
..... as per sub-section (3) of the said section 40 of the finance act, 1983 ?2. the assessment pertains to the year 1989-90. the assessee is a private limited company. it filed its return of wealth for the said ..... a specific finding that the assessee did not owe any loan or debt in relation to the property let out and in the face, the specific provisions of section 40(2) of the finance act, 1983 whereby only those debts can be allowed which are secured on or which have been incurred in relation to assets upon which the wealth-tax is chargeable ..... s.k. kulshreshtha, j.1. the commissioner of wealth-tax, indore has filed this appeal under section 27a of the wealth-tax act, 1957, which has been admitted on the following substantial question of law:whether on the facts and in the circumstances of the case and in law the income-tax appellate .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1986MPLJ314; [1985]60STC184(MP)
..... 'manufacture' or 'sale' to the territory of delhi. (at page 430)section 6(2)(a)(ii) was amended by the finance act, 1972 and the words 'in the union territory of delhi' were added after the word 'manufacture' and the words 'inside delhi' after the word ..... but also included resale outside the territory of delhi and, similarly, for the period up to 28th may, 1972 when section 5(2)(a)(ii) was amended by the finance act, 1972 'manufacture' and 'sale' contemplated by the section were not restricted to the territory of delhi but could also be outside. there was no geographical limitation confining 'resale', ..... not be taxable in his hands.the subsequent history of the act also supports the construction which we are inclined to place on section 6(2)(a)(ii) and the second proviso. section 5(2)(a)(ii) was amended with effect from 28th may, 1972 by the finance act, 1972 and the words 'in the union territory of delhi' .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1997)138CTR(MP)149; [1997]226ITR456(MP)
..... the previous years as well.7. in jamshedpur motor accessories v. union of india : [1991]189itr70(patna) , the hon'ble patna high court considered whether the proviso to section 43b inserted by the finance act, 1987, with effect from april 1, 1988, will apply to the assessment proceedings pertaining to the past year, i.e., 1984-85, of the assessee in that case ..... to refer the question of law arising out of the order passed by the tribunal and hence the above question has been referred to this court for opinion.4. section 43b was inserted by the finance act, 1983, with effect from april 1, 1984, to permit certain deductions only on actual payment of the amount. the said ..... in which the sum is actually paid by him.' 5. later, a proviso was added by the finance act, 1987, with effect from april 1, 1988, to carve out an exception to permit deduction where a sum referred to in the said section was actually paid by the assesses before the due date applicable in the case for furnishing the return of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2006)202CTR(MP)313
..... , godown, warehouse, cinema house, hotel or office, etc., are chargeable to wealth-tax. the assessee's building, therefore, comes within the ambit of sub-section (3)(iv) of section 40 of the finance act, 1983 and is taxable as such. the value of the assets is to be taken as on the valuation date in the manner laid down in sch ..... the assessee is not dealing in purchase and sale of buildings. therefore, the building let out by the assessee is an asset chargeable to wealth-tax under section 40 of the finance act, 1983. this ground of appeal is dismissed. 7. we have not been able to notice any infirmity or illegality in the impugned finding of the tribunal ..... against the assessee. in other words, rejecting the contention of assessee, all the three authorities consistently held that keeping in view the clear mandate provided in section 40(2) and (3) of finance act, 1983, the property in question has got to be taken into account, i.e., it should be included in the net wealth of assessee for being .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1979]116ITR245(MP)
..... be issued at any time notwithstanding that at the time of the issue of the notice the period of eight years specified in that sub-section before its amendment by clause (a) of section 18 of the finance act, 1956 (xviii of 1956), had expired in respect of the year to which the notice relates.' 8. there was a saving clause ..... was made, the time within which such notice should have been issued or the assessment or reassessment should have been made under that section as in force before its amendment by clause (a) of section 18 of the finance act, 1956 (18 of 1956), had expired.' 9. as earlier stated, the assessment year with which we are concerned in this case ..... 1969]72itr595(sc) . in reaching the conclusion that the right to reopen the assessment was barred under section 34(1)(a) of the 1922 act on 1st april, 1962, it was held that the amendment made in section 34(1) of the 1922 act by the finance act, 1956, which came into force on 1st april, 1956, and which provided that the notice in .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)195CTR(MP)210; [2005]278ITR122(MP)
..... into force with effect from the asst. yr. 1991-92, and, therefore, will be applicable to the collections under section 206c made during the financial year 1990-91.(4) the finance act, 1990, has further amended section 44ac so as to include a 'cooperative society' also within the meaning of the term 'seller' as defined therein. ..... a result of different systems prevailing in different states, the term 'purchase price', used in section 44ac of the it act, 1961, was being understood in different ways. in order to clarify this point, the finance act, 1990, has amended the said section to provide that the purchase price would mean any amount (by whatever name called) paid or ..... payable by the buyer to obtain the goods referred to in that section, except the bid amount in an auction. accordingly, the excise .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1983)37CTR(MP)232; [1983]143ITR590(MP)
..... decision of the privy council was applied by the supreme court in mrs. bacha f. guzdar v. cit : [1955]27itr1(sc) . the word 'derived' in section 2(5)(i) of the finance act must be similarly construed. applying the test laid down by the privy council, let us examine as to what is the source of the profits resulting from the ..... , in so far as relevant, reads as follows :'2. computation of qualifying income.--(1) where an assessee referred to in clause (i) of sub-section (5) of section 2 of the finance (no. 2) act, 1962 (xx of 1962), carries on any business of exporting goods or merchandise out of india, the amount of the profits and gains of such business ..... staple fibre and art silk fabrics and of exporting its goods outside india. the questions in this reference relate to calculation of tax deduction allowance under section 2(5) of the finance (no. 2) act, 1962. the ito in calculating the value of the turnover of exports for computation of qualifying income, under rule 2(3) of the income-tax .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1979]119ITR688(MP)
..... , in our view, was clearly wrong in holding that penalty was leviable at 20% of the tax sought to be avoided, on a misconception of fact that section 271(1)(c), substituted by the finance act, 1968, w.e.f. april 1, 1968, was not attracted. it proceeded on the assumption that the quantum of penalty was governed by clause (iii) as it ..... or rational principle.8. inasmuch as the returns for both the years were filed on april 9, 1968, i.e., after the substitution of new clause (iii) in section 271(1)(c), by the finance act, 1968, w.e.f. april 1, 1968, the iac held that penalty had to be computed by reference to the amount of income concealed. he, accordingly, imposed ..... the iac that the assessee was liable for penalty under section 271(1)(c), read with the expln. thereto, for each of the two years. it, however, reduced the quantum of penalty to 20 per cent. of the tax sought to be avoided on the hypothesis that the amendment by the finance act, 1968, which came into effect from april 1, 1968, was .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1987(11)ECC118; 1987(10)LC688(MP); 1987(30)ELT81(MP)
..... obvious that unless this plea is upheld, the petition must be allowed.6. the above facts are not in controversy and the only question is whether on these facts, section 47 of the finance act, 1982 is available to the respondents. in our opinion, a plain reading of this provision is sufficient to indicate that this contention is untenable. as indicated earlier, the ..... amended and the consequence of the amendment was also provided. the respondents' contention is that by virtue of this amendment made in section 4(4)(d)(ii) of the central excises and salt act, 1944, by section 47 of the finance act, 1982, the effect of the earlier decision is superseded and the respondents are entitled to reopen the matter for making a fresh assessment .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1960]11STC316(MP)
..... successor of the sales tax commissioner who held that the transactions were not sales subsequently called upon the assessee to show cause under section 22(5) of the c.p. and berar sales tax act why the assessment should not be set aside and a fresh assessment made according to law. he was of the opinion that because ..... sales tax officer the assessee made a reference to the sales tax commissioner under section 19(b) of the c.p. and berar sales tax act for determining the question whether certain transactions during the above period were sales or not. those transactions related to financing the purchasers and sellers and taking commission and interest from them, in respect ..... deemed to have dominion over the goods by virtue of his financing the purchasers and sellers and accordingly agreed with the previous sales tax commissioner and quashed the order of his successor.5. 'dealer' is defined in section 2(c) of the c.p. and berar sales tax act as 'any person who, whether as principal or agent, .....
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