Court : Rajasthan
Reported in : [1987]166ITR259(Raj)
..... and golcha cinema at delhi. it is contended that it was an industrial company and was, therefore, entitled to concessional rates of income-tax by the finance act, 1965. the assessee claimed the benefit available to an industrial company under this provision on the ground that its business of exhibiting films amounted to business of ..... incurred by the assessee was in the nature of capital expenditure for which a provision has been made for the first time only in sub-section (1a) of section 32 of the act which was not available at present to the assessee during the relevant assessment years. the tribunal was, therefore, justified in rejecting even this ..... was completed in respect of both the assessment years within the extended period. the revenue placed reliance on the provisions of explanation to sub-section (1) of section 153 of the act for contending that the assessment for these years has been completed within the prescribed period of limitation.4. the company had been carrying on .....
Tag this Judgment!Court : Rajasthan
Reported in : [1988]169ITR794(Raj)
..... value exceeds the consideration received, shall be deemed to be a gift made by such person.' 7. a bare perusal of clause (e) of sub-section (1) of section 4, inserted by the finance act, 1980, with effect from april 1, 1980, and applicable from the assessment year 1980-81 clearly shows that where a person who has an interest ..... as a result of judicial decisions, particularly the above bombay high court decision led to insertion of clause (e) in sub-section (1) of section 4 and the corresponding amendment in clause (xxiv) of section 2 of the act by the finance act, 1980, with effect from april 1, 1980. 8. in our opinion, the above legislative history of the relevant statutory ..... the release deed could not be considered to be a 'gift' as defined in clause (xii) of section 2 of the act. it is significant that in this decision the insertion of clause (e) in subsection (1) of section 4 by the finance act, 1980, with effect from april 1, 1980, was referred to support this conclusion and it was added .....
Tag this Judgment!Court : Rajasthan
Reported in : 1981(8)ELT772(Raj)
..... rajasthan or any person invested by the government of the powers of any officer under the ordinance. in this connection reference has also been made to section 13 of the finance act, 1950. section 13 of the finance act, 1950 may be reproduced here for ready reference :-'13. repeals and savings-(1) if immediately before the 1st day of april, 1950, there ..... may be instituted, continued or enforced, and any such penalty, forfeiture or punishment may be imposed, as if this act had not been passed.'44. by virtue of section 11 of the finance act, 1959, the central excises and salt act, 1944, was extended to rajasthan, which was then a part b state so that on april 1, 1950, the ..... state of rajasthan was entitled to recover from the defendant as on april 1, 1949, before the centra) excises and sale act of 1944 was extended to the state of 'rajasthan by section 11 of the finance act of 1950. in union of india v. maharaja kishangarh mills ltd.1, while dealing with the question of the authority of .....
Tag this Judgment!Court : Rajasthan
Reported in : 1981(8)ELT440(Raj); 1978(11)WLN481
..... the countervailing duty under section 2a of the tariff act from the surcharge.'the learned judge in that judgment further said,-'...since i ..... a statutory duty by introduction of section 2a of the indian tariff act. but this duty is kept distinct from the customs duty and this would be clearly seen if we look into the proviso to section 26 (1) of the finance act, 1965 and subsequently incorporated in section 57(1) of the 1964 act and section 76(1) of the 1965 act. these sections by their provisos clearly exempt .....
Tag this Judgment!Court : Rajasthan
Reported in : (1998)144CTR(Raj)69
..... circular dt. 23rd february, 1996, the it authorities have reopened the assessments against the petitioner and in some of the matters, have issued fresh assessment orders.2. by the finance act, a proviso to sub-s. (2) of s. 44ad has been added giving retrospective operation w.e.f. 1st april, 1994 i.e. asst. yr. 1994 ..... is comprehensive. all deductions under ss. 30 to 38 including depreciation, will be deemed to have been already allowed and no further deduction will be allowed under these sections. the written down value will be calculated, where necessary, as if depreciation as applicable has been allowed. in the case of firms, the normal deductions to ..... is comprehensive. all deductions under ss. 30 to 38 including depreciation, will be deemed to have been already allowed and no further deduction will be allowed under these sections. the written down value will be calculated, where necessary, as if depreciation as applicable has been allowed. in the case of firms, the normal deductions to .....
Tag this Judgment!Court : Rajasthan
Reported in : (2003)179CTR(Raj)209
..... the terms and conditions put by the cit, jaipur/designated authority, was issued a certificate for full and final settlement of tax arrears under section 90(2) r/w section 91 of the finance (2) act, 1998.5. in view of this undisputed factual position, we are satisfied that on account of availing of the 'benefit of the scheme aforestated ..... that the designated authority issued a certificate of intimation under section 90(1) of the finance (2) act, 1998, determining the amount payable at rs. 71,923 for the said asst. yr. 1988-89, learned counsel for the revenue also does not dispute that ..... that the government of india introduced 'kar vivad samadan scheme, 1998 (kvss)', by the finance (2) act, 1998. it is also not in dispute that the assessee in accordance with this scheme made a declaration on 24th dec., 1998, under section 89 of the finance (2) act, 1998, to the designated authority, cit, jaipur. it is also not in dispute .....
Tag this Judgment!Court : Rajasthan
Reported in : [2001]252ITR182(Raj)
..... , 1996, the income-tax authorities have reopened the assessments against the petitioner and in some of the matters, have issued fresh assessment orders. 4. by the finance act, 1997, a proviso to sub-section (2) of section 44ad has been added giving retrospective operation with effect from april 1, 1994, i.e., the assessment year 1994-95, providing that where the assessee is a ..... , the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditionsand limits specified in clause (b) of section 40. in view of the insertion of the proviso in the finance act to sub-section (2) of section 44ad and giving it retrospective operation from april 1, 1994, the circular dated 737 (see : [1996]218itr97 .....
Tag this Judgment!Court : Rajasthan
Reported in : [2001]250ITR359(Raj)
..... 23, 1996, the income-tax authorities have reopened the assessments against the petitioner and in some of the matters, have issued fresh assessment orders.4. by the finance act, 1997, a proviso to sub-section (2) of section 44ad has been added giving retrospective operation with effect from april 1, 1994, i.e., assessment year 1994-95, providing that where the assessee is a ..... , 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. in view of the insertion of the proviso in the finance act to sub-section (2) of, section 44ad and giving it retrospective operation from april 1, 1994, circular no,. 737, dated february 23 .....
Tag this Judgment!Court : Rajasthan
Reported in : (2001)69TTJ(NULL)463
..... relevant in this case and the same has already been discussed above. it is worthwhile to note here that requirement of 'furnishing' the audit report under section 44ab was incorporated in section 271b by amendment vide finance act, 1995, with effect from 1-7-1995, and prior thereto such a general requirement of furnishing the report of audit under ..... in the above provision the words 'the report of any audit' were inserted in this provision by amendment vide finance act, 1988, with effect from 1-4-1989, and the words 'referred to in section 44ab' were inserted by amendment vide finance act, 1995, with effect from 1-7-1995. it may be recalled that the audit reports may be under ..... prior to 1-7-1995. the assessment year under appeal being 1993-94, that is, prior to amendment of section 44ab vide the finance act, 1995, which became operative with effect from 1-7-1995, the position of law under section 44ab remains that as mentioned above as being prior to 1-7-1995. accordingly, evident as it is, .....
Tag this Judgment!Court : Rajasthan
Reported in : [2006]146STC310(Raj)
..... chargeability of interest of the late payment of central sales tax, resorting to sections 17/37 and 58 of the act of 94 read with section 9 of the central sales tax act, 1956 and the presumptive interpretation a of section 120 of the finance act, 2000, the petitioner-company was arbitrarily found to be liable for a sum ..... alok sharma has further contended that the demands for interest in terms of provision of section 119 and section 120 of the finance act cannot be made by way of rectification beyond the limitation provided under section 37 of the rajasthan sales tax act. rectification could be made only within the period of three years from the original ..... . mr. alok sharma, learned counsel for the petitioner, has submitted that section 120 of the finance act, 2000 seeking to validate the levy on interest on central sales tax was itself invalid as the provision of section 9 of the central act incorporating sub-section (2b) therein for levying interest on late payment of cst was prospective .....
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