Court : Kolkata
Reported in : 1992(62)ELT684(Cal)
..... duty is leviable on the said printed cartons manufactured by the petitioner at the rate provided under heading 4818.13 of the first schedule to the central excise tariff act, 1985. by the finance act, 1986 the scheme of credit for inputs used for the manufacture of excisable goods were introduced which was known as modified value added tax (referred to as ..... who intends to opt in the said scheme, can not be allowed to be opted out within the financial year was ultra vires the provision of central excises & salt act, 1944 and/or the central excise rules, 1944 and of the constitution of india.5. it is stated that the petitioner voluntarily opted under modvat scheme on and from 1st april ..... , 1987 whereby the petitioner was directed to show cause why the amount of rs. 2,90,829.39 should not be realised under section 11a of the central excises & salt act. in the said show cause notice it was alleged that the petitioner can not avail of the benefit under mod vat scheme and also at the same time .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : 1990(27)ECC228; 1990(49)ELT22(P& H)
..... dated 10th february, 1986.(iii) waste and scrap which has arisen in the engineering industry while manufacturing goods falling in any other heading of the schedule to central excise tariff act, 1985. such scrap is also chargeable to nil rate of duty under the above notification.(iv) other scrap which has arisen in the premises of petitioner-company ..... specified chapter 72 both in the list of inputs as well as that of the final products which qualified for mod vat credit scheme. chapter 72 of the central excise tariff act, 1985 deals with iron and steel. heading 73.02, in particular, deals with 'waste and scrap of iron and steel'. sub-heading 7203.10 deals with ..... flats etc. the aforesaid products are manufactured by them by primarily using waste and scrap of steel commonly known as 'bazar scrap'. a scheme was introduced in the finance bill, 1986 called the mod vat scheme. under the scheme the manufacturers of excisable goods were allowed credit in the payment of excise duty etc. on the final .....
Tag this Judgment!Court : Chennai
Reported in : [1992]196ITR82(Mad)
..... settlement becomes void.' 16. there was a second proviso to section 245d(1) till april 1, 1979, which was omitted with effect from that date by the finance act, 1979. the second proviso read as hereunder : 'provided further that an application shall not be proceeded with under this sub-section if the commissioner objects to the ..... of the powers of the settlement commission under section 245h to grant immunity from prosecution not only for any offence under the act but also under the indian penal code or under any other central act for the time being in force. on facts, the petitioners have prayed for immunity from prosecution before the settlement commission ..... in c. c. no. 2163 of 1982 on the file of the additional chief metropolitan magistrate, egmore, madras, initiated by the respondent, viz., income-tax officer, central circle xiii, madras, alleging commission of offences by the petitioners and another under sections 120b, 34, 193, 196 and 420, indian penal code, and sections 276c, 277 .....
Tag this Judgment!Court : Mumbai
Reported in : [1993]202ITR74(Bom)
..... of the commissioner under sub-section (1) or sub-section (3).'9. section 245h of the act confers power on the settlement commission to grant immunity from prosecution and penalty. section 245ha of the act was inserted by finance act, 1987, with effect from june 1, 1987. this section confers power on the settlement commission to ..... its security and even with full knowledge that to acquire or possess any valuable assets outside india without obtaining permission under foreign exchange, income-tax and other central acts would be illegal, the kamani group created legal agencies on its behalf in foreign countries but scrupulously avoided having any direct involvement with the companies set ..... to settlement of cases set out in chapter xix-a of the income-tax act. the income-tax settlement commission is set up under section 245b and consists of a chairman and as many vice-chairmen and other members as the central government thinks fit. the appointments are made from amongst persons of integrity and .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : [1991]187ITR58(HP)
..... delhi stock exchange assocation ltd. : [1979]3scr373 , wherein the supreme court took note of a press statement or press note which had been issued by the finance ministry immediately upon the issue of the notification in question for coming to a conclusion as to the nature of contracts which were to be considered as being covered ..... of relief in the matter of penalty were being conferred on the commissioner by these provisions, particularly those contained in sub-section (4). the interpretation of the central board of direct taxes can be considered only as an aid to understanding the intention of parliament in enacting, in particular, sub-section (4). such an interpretation ..... penalty imposed upon the assessee is in the process of being recovered.8. after the passing of the taxation laws (amendment) act, 1975, circular no. 179 dated september 30, 1975, was issued by the director, central board of direct taxes. it is printed in [1976] 102 itr 9. it describes the subject of the circular to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)34ITD523(Delhi)
..... . the assessing officer has rejected the claim of the assessee in this regard and has imposed the tax at normal rates as applicable under the finance act of 1987. the cit(a), faridabad, has dismissed the appeals filed by the assessees and the order of the inspecting assistant commissioner of income-tax (assessment ..... assessing officer with regard to circular issued by reserve bank of india bearing no. ad (ma series) circular no. 4 dated 11-2-87 circulated by the central board of direct taxes, the learned counsel contended that any interpretation by a non-statutory body cannot be relied upon by the revenue authorities for imposing tax obligations ..... foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973) and any ' rules made thereunder. 'foreign exchange asset' means any specified asset which the assessee has acquired or purchased, with, or .....
Tag this Judgment!Court : Mumbai
Reported in : (1990)90CTR(Bom)116; [1991]187ITR353(Bom)
..... of chapter vi-a including section 80-o. in this context, it is desirable to mention that section 80hhb was brought into the income-tax act by the finance act, 1983, with effect from april 1, 1983. the finance bill, 1982 was introduced in the lok sabha on february 27, 1982. as per clause 18 of the bill, section 80hhb had four sub-sections ..... 8, 1986, september 18, 1986, october 14, 1986, and december 1, 1986 (being exhibits f, g, h, i, j, k, m, q, r, s, and v), passed by the central board of direct taxes, new delhi, refusing to approve thirteen agreements referred to in paragraphs 9, 13 and 20 of the petition under section 80-o of the income-tax ..... apply only where the consideration for the execution of the project or such work is payable in foreign currency..'5. clause 48 of the memo explaining the provisions in the finance bill, 1982, reads as under :(134 i.t.r. (statutes section) 140) : '48. deduction is respect of profits and gains from projects outside india, it is proposed to provide .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1991]188ITR741(MP)
..... the registered valuers of immovable properties prior to the amendment of section 34ab of the act by the finance act, 1988, with effect from june 1, 1988, and respondent no. 3 is the union of india. before the amendment, the central board of direct taxes (hereinafter called 'the board') was empowered to register persons ..... duly registered valuer under the provisions of the wealth-tax act, 1957, vide order of the central board of direct taxes dated january 20, 1986. thereafter, section 34ab and other corresponding provisions of the wealth-tax act, 1957 (hereinafter called 'the act'), were amended by the finance act of 1988 with effect from june 1, 1988, and ..... the name of the chief commissioner was substituted in the place of the central board of direct taxes in respedt of according registration. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1992)43ITD33(Delhi)
..... totally inapplicable. it pointed out that the madras case was a case of claiming rebate under the provisions of section 2(5){a) of the finance act, 1966. under the scheme framed by the central government to encourage export of goods, the assessee became entitled to import licences and, on the sale of that import licences, the assessee made a ..... export have to be ascertained only in accordance with the provisions of the income-tax act, 1961, and not independent of it, in view of the provisions contained in section 2(5)(d) of the finance act, 1966, and rule 3(2) made by the central board of direct taxes pursuant to section 2(5)(d), these two receipts have to ..... in chapter via, it appears to me that such controversy need not be gone into. even, in the circular issued by the central board of direct taxes, when-section 80hha had been inserted by the finance (no. 2) act, 1977, with effect from april 1, 1978, in paragraph 20 of the circular, after referring to the provisions of sub-sections .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)1GLR136
..... bahadur mathur v. union of india, reported in 1972 lab.ic 1206, the division bench of orissa high court has held that the distinction has been made between a central act, enactment, regulation and rules and the rules framed by the president in exercise of the powers conferred by the proviso to article 309 of the constitution do not constitute ..... the word 'hank' had not been used in a technical sense and further held that the rule making authority had not been vested with the power under the central excises and salt act to make rules with retrospective effect purported to be given which was beyond the powers of the rule making authority. in the facts of the present case no ..... and anr. v. shri k. chandramouli, under secretary to the government of india and anr., reported in 1984 (vol. 55) sales tax cases 162, the government of india, ministry of finance, department of revenue had issued notification dated 18-4-1980 in exercise of power conferred by sub-section (1) of section 25 of the customs .....
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