Court : Kolkata
Reported in : AIR1993Cal50,(1993)1CALLT69(HC),97CWN330,1994(48)ECC152
..... more decisions were cited which i need not elaborate. it is stated that the review of the policy direction was taken by the central office of the rbi that the union ministry of finance starting from 3rd january, 1989 and culminated in the circular dated 2nd april, 1990 communicating that the regional offices should strictly adhere ..... , enforcement directorate, government of india v. saroj kumar bhotika.10. in the circumstances, i hold that the reserve bank of india and also the union of india have acted in a most discriminatory and unreasonable manner by not allowing theforeign exchange to mr. pramit kumar ray, petitioner no. 2, for pursuing studies of ll.b. (hons.) ..... petitioners made submissions relating to some undisputed facts. in 1972 the bar council of india adopted a resolution vide s. 24(1)(c)(iv) of the advocates act, 1961 that the ll.b. degree of leeds university obtained after graduation from any indian university is hereby recognized. the petitioner no. 2 graduated in political .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]205ITR126(Cal)
..... the cost of replacements is allowed as deduction in lieu of depreciation in respect of certain assets. by the amendments made by the income-tax (amendment) act, 1946, the finance act, 1955, and the finance act, 1956, certain initial depreciation was allowed in respect of buildings newly erected or machinery and plant newly installed. obviously, it was by way of an ..... as well as initial depreciation allowed.13. we, however, find such contentions to be unsound. at the time, the proviso was inserted in the present act by the finance (no. 2) act, 1965, with retrospective effect from april 1, 1962, there was no scheme for initial depreciation over and above the normal depreciation. the law re-enacted ..... is owned by an indian company and used by such company as a hotel and such hotel is for the time being approved in this behalf by the central government, a sum equal to twenty-five per cent. of the actual cost of erection of the building to the assessee, in respect of the previous year .....
Tag this Judgment!Court : Kolkata
Reported in : 1992(57)ELT674(Cal)
..... no. 25/90-cx. 1 (hereinafter referred to as the said circular) was issued by the ministry of finance, government of india to'all principal collectorsall collectors of central exciseall collectors of central excise & customsall collectors of central excise & constitution.'7. the said circular after noticing the recommendation of the conference (quoted above) reads as ..... obtained by an assessee, such administrative circulars and/or instructions can grant such relief and when they do so the taxing authorities are bound to act in accordance with such instructions and circulars.14. the respondents have contended :(i) while functioning quasi-judicially officers should not allow their judgments to ..... be reduced to a dead letter. at the same time it cannot be lost sight of that several decisions noted above have held that central excise officers acting quasi-judicially must exercise their independent judgment.18. in my view the principles that emerge from the aforesaid decisions read in the light of .....
Tag this Judgment!Court : Kolkata
Reported in : [1993]203ITR422(Cal)
..... really amount to legislation in the guise of interpretation which is plainly impermissible. the view of the karnataka high court is also that the amendment effected in the finance act, 1985, and the object with which the same has been amended, far from supporting the case of the assessee, supports the case of the revenue. the ..... before making any deduction under the newly added (from that year) chapter vi-a (at present comprising sections 80a to 80w). 7. by the amendment of the finance act, 1985, with effect from april 1, 1985, it has been provided that the total income shall be computed before making any deduction under this clause, i.e., ..... section 36(1)(viii), as originally enacted, provided that if a financial corporation, for the time being approved by the central government for the purpose of this clause, which is engaged in providing long-term finance for industrial development in india, creates a special reserve, then, deduction shall be allowed in computing its business income to .....
Tag this Judgment!Court : Kolkata
Reported in : (1991)1CALLT385(HC),1990(2)CHN385,[1990]185ITR453(Cal)
..... and having gone through the impugned orders, this court finds that chapter xxc of the income-tax act consisting of sections 269u to 269uo inserted by the finance act, 1986, mainly deals with purchase by central government of immovable properties in certain cases of transfer. section 269uc envisages restrictions on transfer of immovable ..... property. section 269uc(1) provides, inter alia, that, notwithstanding anything contained in the transfer of property act, 1882, or in any ..... property, the question of filing any statement under section 269uc of the act cannot arise.(3) the appropriate authority, therefore, has to find out whether the central government can purchase the property in question. section 269ui of the act gives power to the appropriate authority to make the investigation. it .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]183ITR532(Cal)
..... object of explaining the real intendment of the statutory provision will be applicable only from the assessment year 1988-89. since the aforesaid proviso inserted by the finance act, 1987, merely clarifies the real legislative intention, the same should be made applicable ever since the provision of section 43b was introduced. such an interpretation will ..... certain goods and the department was of the view that the company was not entitled to the exemption as it had cleared the goods earlier without paying central excise duty, the granting of an interim order restraining the excise authorities from levy and collection of excise duty merely on furnishing bank guarantees by the ..... orders, all dated february 16, 1990, relating to the assessment years 1984-85, 1985-86 and 1986-87 passed by the assistant commissioner of income-tax, central circle-xxi, calcutta, refusing to grant stay of realisation of the demand as disputed for the said assessment years pending disposal of the first appeal.2. the .....
Tag this Judgment!Court : Kolkata
Reported in : [1992]74CompCas304(Cal)
..... that the terms of the contract remain, whether express or implied. the case before the court of appeal was in the form of a case stated under the finance act, 1925, on the point as to whether such interest which is added to the principal sum can be treated as a claim made for repayment of income-tax ..... . no questions regarding principle and policy for grant of instalments have been considered in this case and, accordingly, this judgment is of no assistance to us in this context.87. central bank of india v. p. r. garments industries pvt. ltd., : air1986guj113 , has been noted by us hereinabove. in that case, inter alia, quarterly instalments of rs. ..... chatterjee has relied on the following cases : state bank of india v. b. gupta (tea), pvt. ltd., : air1987cal64 , s. k. engineering works, batata v. new bank of india, , central bank of india v. p.r. garments industries p. ltd., : air1986guj113 , jagannath pigments and chemicals v. bank of baroda [1989] 65 comp cas 393 (bom), k. appa rao v. v .....
Tag this Judgment!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 : Kolkata
Reported in : (1990)1CALLT78(HC),1991LC609(Calcutta),1989(44)ELT409(Cal)
..... exempted. there are other notifications which exempted said goods from the whole of auxilary duty leviable under sub-section (1) of section 43 of the finance act. it is strongly alleged by the petitioner that the custom authorities even after filing of relevant documents including bill of entry are not releasing the goods ..... ) bank guarantee for whole of the difference between standard and concessional rate of duty with a condition that the consumption to be verified and issued by the central excise authority ;(iii) manufacturers' catalogues/literature regarding the use in leather industry;(iv) explanation regarding valuation in terms of 1' x 200' (on surface ..... bank guarantee for whole of the difference between standard and concessional rate of duty with a condition, that the consumption to be verified and issued by the central excise authority.(iii) manufacturer's catalogue/literature regarding the use in the leather industry.(iv) explanation regarding valuation in terms of 1' x 200' (the .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]186ITR301(Cal)
..... after the enactment of section 44g, the central board of direct taxes issued a public circular no. 202 dated july 5, 1976 (see [1976] 105 itr 17). this circular explains the substance of the provisions relating to the income-tax act and other direct taxes contained in the finance act, 1976. paragraph 25 of the said ..... other matters connected with executive and general administration as may be prescribed.' 6. the said section was inserted in the income-tax act by the finance act, 1976. paragraph 36 of the memorandum explaining the provisions in the finance bill, 1976 (see : [1976]102itr187(mad) ), underlined the legislative intention of introducing the said section. the said paragraph ..... india by inflating their claims in respect of head office expenses. with a view to getting over these difficulties, the finance act, 1976, has inserted a new section 44c in the income-tax act, laying down certain ceiling limits for the deduction of head office, expenses in computing the taxable profits in the .....
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