Court : Chennai
Reported in : 2003(3)CTC594
..... 6.the state legislature also are given power to make law on the same subject under entry 23 in list ii of the seventh schedule to the constitution which reads thus:- '23.regulation of mines and mineral development subject to the provision of list i with respect to regulation and development under the control of the union. ..... for water for mining purposes on any land comprised in a quarry or mining lease or other mineral concession; (l)the form or registers to be maintained under this act; (m)the reports and statements to be submitted by holders of quarry or mining leases or other mineral concessions and the authority to which such reports and statements shall be submitted; (n)the period within which and the manner in which and the authority to which applications for revision of any order passed by any authority under these rules may ..... 2.the suggestion made from time to time have been considered and incorporated in the present bill, which, inter alia, includes the following salient features, namely, (i)inclusion of 11 more minerals of national importance in the first schedule to the act; (ii)premature termination of prospecting licences and mining leases on ecological and other grounds; (iii)dispensing with the certificate of approval, income tax clearance certificate, etc. .....
Tag this Judgment!Court : Chennai
Reported in : (1956)2MLJ518
..... income-tax commissioner of bombay city : [1952]21itr458(bom) it is well settled now that a large and liberal interpretation must be placed upon all entries in the seventh schedule of the government of india act, and that the widest import and significance must be given to the language used by parliament in these various entries. ..... commenting on the statutory provision that the indian finance act of 1939 shall be deemed to have come into force in the area to which this regulation extends on the 30th day of march, 1939, the learned judge observed:by virtue of this deeming provision the indian finance act of 1939 must be assumed even factually to have come into operation on the date specified and the tax must be taken to have become chargeable in that very year, though the actual liability for payment could not arise until proper and ..... the finance act, 1922, section 21, initiated a scheme of taxing a private company which did not distribute what -was considered to be a reasonably sufficient proportion of its income.one arrived at the amount of the tax by reference to the total income of the member - and the apportioned income was to be deemed to be the highest part of the income, thus attracting the highest rate of tax, but the liability to pay the tax was placed on the company, and is still on the company. .....
Tag this Judgment!Court : Chennai
Reported in : [1973]91ITR417(Mad)
..... it is not the contention of the petitioner herein that the subject-matter now in question is covered by any of the entries in list ii to the seventh schedule to the constitution, parliament is, therefore, competent to legislate section 18(1)(a) of the wealth-tax act, 1957. 21. ..... in that case, having regard to the widest language employed in article 248 and entry 97 of list i to the seventh schedule of the constitution, the supreme court held that whenever the legislative competence ofparliament is to be decided the question to be asked is ' is the mattersought by parliament to be legislated one included in list ii or list iii oris the tax sought to be levied mentioned in list ii ' if the answer is inthe negative, it follows that parliament has the power to make laws with respect to that matter of tax ; thereafter, there is no need to refer to the particular entries in list i. ..... section 18(1)(a), as extracted above, was substituted for the original section 18(1)(a) by finance act of 1969 which came into force on april 1, 1969. ..... the finance act has increased the scale of penalty imposable on persons who failed without reasonable cause to furnish the return of net wealth within the time allowed and for non-compliance with the notice to produce evidence, etc. .....
Tag this Judgment!Court : Chennai
Reported in : [1992]198ITR341(Mad)
..... the explanation has no applications to all where the sole business activity carried on by the company is of the type referred to in the definition clause and a company which fulfills the requirement of the main definition has to be automatically regarded as an 'industrial company' for the purposes of section 2 and the first schedule to the finance act ..... the other hand, learned counsel for the assessee submitted that if the nature of the business activities of a company would fall under section 104(4)(a) of the act, there was no need whatever for resorting to the explanation and, as in this case, the only business of the assessee is the manufacture and processing of goods, there is no question whatever of the assessee fulfilling the requirements of the explanation as well for the purpose of taking the case of the assessee out of the ambit of the provision of section 104 of the act ..... in that case, the assessee-company during the relevant accounting year was engaged solely in the business of processing and export of fish and it also satisfied the requirement of 'industrial company' contained in section 2(7) (d) of the finance act, 1966, resulting in ..... 88 itr 80, it was held that as the assessee's only business activity is the manufacturing activity and it had continued to be engaged in the manufacture of fields and clay products, section 104 of the act would not stand attracted and, therefore, the order passed by the income-tax officer levying additional income-tax were unsustainable .....
Tag this Judgment!Court : Chennai
Reported in : (2009)21VST581(Mad)
..... section 89 of the finance act, 1999 provides for omission of tenth schedule of the income-tax act which reads that 'the tenth schedule of the income-tax act shall be omitted with effect from the 1st day of april, 2000'. ..... section 7 of the finance act, 1999 provides for insertion of section 10c, which provides that after section 10b of the income-tax act, the following section shall be inserted, namely:10c. ..... clause 2(1)(c) of the said order provided that from the appointed day, the parts of states specified in the second schedule to the order shall be administered in all respects as if they were a chief commissioner's province, and shall be known as the chief commissioner's province of kutch. ..... section 3 of the finance act, 1999 provides for amendment to section 2 of the income-tax act. ..... for example, the finance act, 1999 made certain extensive amendments to the income-tax act. ..... union of india air 1987 sc 386, approving the establishment of tribunal under articles 323a and 323b of the constitution of india, with a view to ensure effective implementation of the tngst act, 1959, in regard to assessment, levy and collection of sales tax under the said act, the government passed the tamil nadu general sales tax (seventh amendment) act, 1986 (act no. ..... the tamil nadu general sales tax (seventh amendment) act, 1986 was of the first type whereby amendments were sought to be introduced by means of an amendment to the parent act, i.e. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1994Mad283
..... tea industry is a controlled industry and it comes under entry 52 of list 1 of the seventh schedule of the constitution. ..... it also comes under entry 33 of list iii of the seventh schedule. ..... of public auction and has not prescribed any monitoring or control over marketing of tea once auction is over, that the buyers at the auction are mostly whole-salers or blenders, that to put the produce in the hands of the whole-salers and the blenders and to stop with that is not to achieve the object of ensuring fair price to the end consumer but would just have contra result and therefore, there is arbitrary exercise of power and undue pre-ference shown ..... it is clear from the preamble to the act that it is an act to provide for the control by the union of the tea industry including the control in pursuance of the international agreement now in force of the cultivation of tea in and of the export of tea from india and for that purpose to establish a tea board and levy a duly of excise on tea produced in india. ..... chapter iv provides for the control over the export of tea and tea seeds, chapter v deals with the finance, accounts and audit. ..... in support of this contention, the learned counsel for the appellant relied on the following observations of the supreme court in peerless general finance and investment co. .....
Tag this Judgment!Court : Chennai
Reported in : 1997CriLJ130; 1997(57)ECC25
..... specified in the schedule in an investigation being made by him under the foreign exchange regulation act, 1973, we are of the view that the summons under challenge squarely satisfies the requirements of section 40 of the act and that there is neither any statutory obligation cast upon the concerned officer to disclose any further or more details as desired by the appellants nor the non-disclosure of those details or particulars could be said to undermine the legality, validity or propriety of the exercise of powers under the act or in any manner vitiate the summons issued under section 40 of the act. 22. ..... the first six items in the schedule relate to five letters and one telegram while the seventh item mentions other books, papers and documents relating to the appellants in the possession of the registrar of this court under order, dated may 6, 1966, passed by this court. ..... one of the documents is a memorandum submitted by the appellant company to the minister for finance and industry, government of andhra pradesh. .....
Tag this Judgment!Court : Chennai
Reported in : [2004]52SCL500(Mad)
..... as the respondent has committed default in payment of the instalment amounts, the applicant had sent a legal notice dated 7-1-1998 through their advocates, wherein also, it is stated, 'our client states that for the purchase of plant and machinery, set out in schedule-a hereunder, you applied for hire purchase finance facility as set out in schedule-b thereunder against the personal guarantee given by mr. ..... the first and foremost objection that has been raised on behalf of the respondent is that there is no hire purchase agreement at all between the applicant and the respondent and in the absence of the same, the applicant is not entitled to invoke the provisions of the arbitration and conciliation act, 1996 (hereinafter referred to as the act). ..... section 22(1) of the sick industrial companies (special provisions) act, 1985, was considered and the pendency of the application by the sick industry before bifr was also considered and it was ultimately held that the machineries covered by the hire purchase agreement do not belong to the industrial company and the property set out thereunder shall remain the absolute property of the company until the payments mentioned therein were made completely. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)280ITR179(Chennai)
..... considerations, specity in this behalf by notification in the official gazette, but does not include land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him (inserted by the finance act, 1993, w.e.f. 1.4. ..... (c) without prejudice to the above claim the appellant submits that in any event the commissioner of income tax (appeals) should have held that in view of the fact that the difference between the unbuilt area and specified area did not exceed 20% of the aggregate area the value should be in accordance with rule 3 of schedule iii to wealth tax act. ..... and we have already set aside this issue to the file of the ao for determination of the value of this property on the basis of schedule iii and therefore in this case also, we set aside the valuation of this property to the file of the ao for fresh examination after following our directions given while deciding the revenue's appeal for a.y.1993-94 and the same cannot be charged to tax at rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)115TTJ(Chennai)802
..... identified; (iii) that the written down value as per section 43(1) of the act in support of the machinery/equipment could not be ascertained; (iv) that the market value of the asset without valuer assessment also could not be ascertained; (v) that there was no actual delivery or handing over of possession of the machinery/equipment by the board to the assessee on completion of the sale of the said machinery/equipment; and (vi) that there was also no redelivery or handing over of possession of the machinery/equipment by the assessee to the board; (vii) that the machinery/equipment was ..... in our opinion, this has been done as reading and analysis of the schedule of the lease agreement establishes that lease agreement had not become operational before april 12, 2001.2.11 even if the asset is not put to use by the lessee but the lessor had started earning lease rentals, courts have held that it is sufficient for the grant of depreciation to the lessor. ..... not only this, but clause 8 goes to state that if for any reason, the depreciation (described in schedule ii to the lease agreement @ 100% p.a. ..... as per the lease agreement schedule, the lease period was seven years. ..... it once again mentions that the assets are eligible for 100% depreciation under the income tax act and that the tneb has approved the proposal of availing lease finance of rs. .....
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