Court : Mumbai
Decided on : Apr-18-2011
..... cit reported in 307 itr 75 (sc) and cit v/s. official liquidator, palai central bank ltd. reported in 130 itr 539 (sc).15) mr. mistri submitted that clause (d) to the proviso to section 43(5) of the act inserted by the finance act, 2005 with effect from 1/4/2006 also supports the contention of the assessee. in ..... arise in the ordinary course of his business as such member;shall not be deemed to be a speculative transaction; " 22) section 43(5) has been amended by finance act, 2005 with effect from 1/4/2006 by inserting clause (d) and explanation as follows:- " definitions of certain terms relevant to income from profits and gains of ..... could be set off only against income from speculative business. 6) mr. gupta further submitted that clause (d) inserted to the proviso to section 43(5) by finance act, 2005 specifically provides that with effect from 1/4/2006 exchange permitted derivative transaction shall not be deemed to be a speculative transaction. clause (d) being prospective in .....
Tag this Judgment!Court : Mumbai Nagpur
Decided on : Oct-13-2011
..... the concept of failure to pay can be equated with non- payment. non-payment is nothing but failure to pay when due. as per the provisions of the finance act, 1979 amount of ftt collected becomes due within fifteen days from the date of collection thereof. failure to pay within this prescribed time frame would mean non-payment or ..... hold that the high court has no power to condone the delay in filing the "reference application" filed by the commissioner under unamended section 35h(1) of the central excise act, 1944 beyond the prescribed period of 180 days and rightly dismissed the reference on the ground of limitation." 4. in the ruling of gopal sardar vs. karuna ..... their respective apartments in the building pursuant to an agreement for sale of undivided share in the land and building construction executed in the year 1987.the respondent central bank of india , on the ground that the borrower had executed the mortgage of the plot along with the structure of the open foundation in its favour .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-02-2011
..... settled, not enacted law. parliament may or may not accept the proposal. (b.k. industries v. union of india)1the law as enacted is what is contained in the finance act after it is legislated upon by parliament. budgetary proposals constitute legislative material antecedent to the enactment of law. the rates of tax, are those which are prescribed by legislation, ..... for the proposition that courts can direct the central government to issue a notification under section 25. reliance on this case is misfounded; in that case, the supreme court was dealing with 2 (1998) 97 e.l.t ..... sections 1 and 2 of section 25. that would not justify the court, on a plea such as that has been raised in the present case, to direct the central government to issue a notification in the first instance. 8. the petitioner has relied on the decision in the case of choksy tube company ltd. v. union of india2 .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-21-2011
..... for more stringent penalties for the contravention of the provisions of chapter vb. for the purposes of this chapter, it is also proposed to make the central government the appropriate government in respect of companies in which not less than fifty-one per cent of the paid-up share capital is held by the ..... central government and of corporations established by or under law made by parliament. 5. the bill is designed to give effect to the above proposals.---gaz. of ind., ..... of such provisions as to the applicability of the industrial employment (standing orders) act, the argument that two establishments be treated as one, based upon the provisions of the id act, cannot be accepted. the evidence led to establish unity of ownership, unity of employment, unity of finance, unity of conditions of service, functional integrality, interdependence, etc., is of no .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-23-2011
..... , but an amount of `18,70,340/-. 33. this is clearly contrary to the mandate of sections 269ud(1) and 269uf(1) of the it act which enjoins upon the central govt. to pay by way of consideration for the purchase, an amount equal to the amount of apparent consideration. consequently therefore the quantum of deposit made by ..... anything contained in sub-section (1), if any dispute arises as to the apportionment of the amount of consideration amongst persons claiming to be entitled thereto, the central government shall deposit with the appropriate authority the amount of consideration required to be tendered under sub- section (1) within the period specified therein. sub-section (3 ..... writ petition nos. 2191 and 2192 of 2010). respondent no.1 is the appropriate authority under chapter xx-c of the it act, 1961 and respondent no.2 is the union of india through ministry of finance. inasmuch as the petitions raise common questions of facts and law, they are being disposed of by this common judgment. 3 .....
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