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Jindal (India) Ltd. Vs. State of West Bengal and ors.

Court : Sales Tax Tribunal STT West Bengal

Reported in : (1990)76STC367Tribunal

..... vires of the provisions of sections 4(6)(ii) and 5(6)(b) of the bengal finance (sales tax) act, 1941 (hereinafter referred to as "the bfst act"), as introduced by the west bengal act 23 of 1977 and as amended by the west bengal act 14 of 1978 and the west bengal act 8 of 1983, is ..... sub-section (6) was inserted in sections 4 and 5 of the bfst act for the first time by the west bengal act 23 of 1977, for imposing with effect from 10th october, 1977, a purchase tax in respect of specified purchases at the rate of ..... concessional rate of 2 per cent sales tax when it purchases hr strips from registered dealers by issuing declarations in form xxiva according to the proviso to section 5(1)(bb) of the bfst act, the applicant-company transfers its manufactured products to the branches outside west bengal and also despatches consignments thereof to different places outside the state. ..... sales tax will be levied and collected in respect of declared goods under section 14 of the cst act, 1956, including hr strips (in which the applicants are interested), the respondents shall not levy or collect purchase tax in respect of such goods on the strength of the provisions of sections 4(6)(ii) and 5(6)(b) of the bfst act, 1941, as amended from time to time. ..... a registered dealer under the bfst act and also under the central sales tax act, 1956 (hereinafter called "the cst act"). ..... , is a company under the companies act, 1956, having its registered office at new delhi and other offices at lillooch, howrah, .....

State of West Bengal and Others Vs. M/S. Chowringhee Sales Bureau Priv ...

Court : Supreme Court of India

Reported in : AIR1997SC2021a

..... the commissioner and on such terms and conditions as he may think fit to impose:provided further that where before or after the date of the coming into force of clause (f) of section 2 of bengal finance (sales tax) (west bengal amendment) act, 1950, the calculation of the turnover for any period prior to such date was or is made on the basis of the sale-prices or parts of sale-prices receivable during such ..... turnover during any period which remains after deducting therefrom -(a) his turnover during that period on -(i) the sale of goods declared tax-free under section 6; (ii) sales to a registered dealer of goods other than iron and steel, rice and wheat, referred to in section 14 of the central sales tax act, 1956(74 of 1956) specified in the certificate of registration of such dealer as being intended for re-sale, other than that by way of sale referred to in ..... west bengal, or to have taken place in the course of inter-state trade or commerce, within the meaning of section 3 of the central sales tax act, 1956 (74 of 1956), or in the course of import of the goods, into, or export of the goods out of, the territory of india, within the meaning of section 5 of that act; (va) sales of goods specified in section 14 of the central sales tax act, 1956 (74 of 1956), on a prior sale whereof in west bengal due tax is shown to the satisfaction of the commissioner to have been ..... under a licence issued to it under the cardamom act read with the cardamom (licensing and marketing) rules, 1977. .....

M/S Herbertsons Limited, Alwar Vs. State of Rajasthan and anr.

Court : Rajasthan

Reported in : 2001(3)WLC19; 2001(3)WLN442

..... referring to the supreme court decision, the bench observed as follows; 'in that case, the appellant before the supreme court filed a writ petition before the high court challenging the validity of section 6b of the bengal finance (sales tax) act, 1941, imposing a tax on the annual aggregate gross turnover of a dealer whose gross turnover exceeded rs. ..... in fact, this was introduced by section 2 of the rajasthan excise (amendment) act, 1976 (rajasthan act 30 of 1976) vide notification no.f.2(14) vide 76 dated 28.4.76. ..... joshi, on a reading of section 30a, amended section 30-a and the statement of objects and reasons, it is clear that an assessee is required to pay the dues on the date prescribed under the rules or the act or otherwise. ..... the excise act was amended on 6.8.85 and the amendment was made in section 30-a. ..... necessary amendment in section 30-a of the act is, therefore, being made for the purpose. (32). ..... in the above case, the learned single judge while staying the operation of the amendment made by section 3(1) of the kerala finance bill, 1998 imposed the following conditions:'1. ..... 9700 and 9701 of 1995 (9), has observed as follows:- 'faced with the express phraseology of rule 69(2) of the rajasthan excise rules, 1956, r/w rules 21 and 91 (3) of the rajasthan distillery rules, 1977, mr. .....

State of Kerala Vs. Attesee (Agro Industrial Trading Corporation)

Court : Supreme Court of India

Reported in : AIR1989SC222; 1989(19)ECC60; 1988(38)ELT720(SC); JT1988(4)SC250; 1988(2)SCALE1597; 1989Supp(1)SCC733; [1988]Supp3SCR601; [1989]72STC1(SC)

..... . it may be mentioned here that the finance act, 1961 had amended section 14 of the cst act_ by including, as item(xi): 'silk fabrics as defined in item 20 of the first schedule of the 1944 act' ..... . so far as assessment years 1971-72 and 1972-73 are concerned, the definition of cotton fabrics' in item 19 of the schedule to the 1944 act, as amended by the finance act 1969 w.e.f ..... mean all varieties of fabrics manufactured either wholly or partly from cotton and include dhoties, sarees, chadars, bed sheets, bed-spreads, counter-panes and table cloths, but do not include any such fabricitem 19 was amended by the finance act, 1969 ..... .(ii) in 1957, there were certain legislations of parliament affecting the levy of sales tax and excise duty the first of these was the central saks tax act, 1956 (cst act_) passed in pursuance of article 286(3) of the constitution of india which reads thus:any law of a state shall, in so far as it imposes or authorises the imposition of, a tax on the sale or purchase of goods declared by parliament by law to be of special ..... . 2) act, 1977, substituted the word 'man - made fabrics' for the words 'rayon or artificial silk fabrics' w.e.f ..... . 8.8.1977 and included a definition of the new expression in item 22 of the schedule to the 1944 act and the 1957 act.section 7 of the act, as originally enacted, declared that the goods declared to be of special importance would, from 1.4.1968, be subject to the restrictions and conditions specified in section .....

M/S. Shriram Chits and Investment (P.) Ltd. Vs. Union of India and Oth ...

Court : Supreme Court of India

Reported in : AIR1993SC2063; [1994]79CompCas298(SC); (1994)2CompLJ430(SC); JT1993(4)SC399; 1993(3)SCALE125; 1993Supp(4)SCC226; [1993]Supp1SCR54

..... the matter was examined in consultation with the central government and it has been decided not to amend section 20 of the chit funds act, 1982 but only to amend the rules framed thereunder (which deal with the release of securities) to comply with the ..... ; (h) the manner in which the loopholes, if any, in the existing directions taken advantage of by private limited companies in the context of certain concessions enjoyed by such companies under the provisions of the companies act, 1956, could be plugged; and(i) the need to empower the bank to apply for compulsory winding up of non-banking financial companies under certain circumstances.ii. ..... regional rural banks (banks in rural sector) are regulated under the regulatory mechanism of regional rural banks act, non-banking financial companies (reserve bank) directions, 1977 apply to the deposit-taking activities of non-banking financial companies like loan, investment, hire purchase finance and equipment leasing companies ..... non-banking non financial companies, like trading and manufacturing companies, are regulated by the companies (acceptance of deposits) rules, 1975 framed under section 58a of the companies act, 1956.24 ..... either public/private limited companies incorporated under the companies act, 1956 or proprietary or partnership concerns or individual organisers. ..... and the creation of a reserve fund : the minimum paid-up capital of chit fund companies incorporated under the companies act, 1956, whether private or public, should be rs .....

Tata Iron and Steel Co. Ltd. and anr. Vs. the State of Bihar and ors.

Court : Patna

..... fide dispute between the parties with respect to the vesting of estate of petitioner company, there was litigation between parties and also amending act was under challenge before the supreme court in which stay of operation of amending act, 1972 was granted and as such the principle of section 14 of the limitation act can be applied in such situation and the period under dispute can be excluded for the purpose of computation of limitation. ..... , health, housing, welfare, power house, and educational facilities to be deemed settled with it by the state-- (1) if any land has been acquired for an industrial undertaking under the land acquisition act, 1894 (act 1 of 1894) so much of such land and buildings and structures thereon in possession of the industrial undertaking as are being utilised for providing civic amenities, namely, health, housing, welfare, power ..... petitioners have challenged the demand made vide letter dated 17-11-1985, annexure-9, directing to deposit arrear of rent and cess for the period 1-1-1956 to 31st march, 1985 by 11th december, 1985 and also revised demand made vide letter dated 21-11-1985 directing to pay arrears of rent ..... the health cess and education cess under the bihar health cess act, 1977 and the bihar and orissa primary education act, 1919, the contention of learned counsel for the petitioner is ..... claimed that such cess has been provided under chapter ix of bihar finance act, 1982 which is levy on the land held by the raiyat ..... the bihar finance act, 1882. .....

In Re: Jvg Leasing (Securities and Finance) Ltd. and ors.

Court : Delhi

Reported in : [2008]144CompCas780(Delhi); (2006)2CompLJ242(Del); [2007]79SCL541(Delhi)

..... thereforee, considered necessary to maintain necessary liquidity and for making it a statutory obligation to provide for this liquidity, companies (amendment) act, 1974 was enacted introducing section 58a and 58b of the companies act, 1956. ..... it was his submission that the winding up petitions are filed by the rbi under section 45mc of the act, as according to the rbi, the application for license was rejected by the rbi and, thereforee, the companies could not, in law, do a non-banking finance business and accept deposits from the public etc. ..... backdrop, two questions arise for determination, namely, (a) non-banking finance company which is denied license by the rbi under section 45ia of the rbi act or a company whose license is cancelled under the aforesaid provisions, has to be necessarily wound up under section 45mc of the rbi act? ..... until recently the emphasis was on regulating the receipt of deposits by non-banking finance companies (nbfcs) as an adjunct to credit and monetary policies and to provide indirect ..... subsequently, non-banking non-finance companies directions 1967 and miscellaneous non-banking companies (reserve bank) directions 1977 were also issued to curb the practices of certain companies whereby these companies started collecting funds from public by way of subscription to various chit or benefit schemes, a device adopted to skip the rigors of ..... this legislative backing, the rbi issued non-banking finance companies directions making them effective from 1st january .....

Shriram Smarak Nidhi Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)29ITD186(Delhi)

..... by, or on behalf of, any company or corporation both the principal whereof and the interest whereon are fully and unconditionally guaranteed by the central government or by a state government; (vii) investment or deposit in any government company as defined in section 617 of the companies act, 1956 (1 of 1956) ; (i) the corpus of the trust or institution immediately before the 1st day of june, 1973 ; or (ii) the original corpus (being assets other than cash) of any trust or institution created or established on or after the 1st ..... we also find that sub-section (5) was added to section 11 by insertion by the finance act, 1983 w.e.f 1-4-1983 and, inter alia, provides the forms and modes of investing or depositing the money referred to in clause (b) of sub-section (2) of section 11.15. ..... of the trust or institution, any form or mode, other than investment in shares (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) in a company (not being a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or a corporation established by or under a central, state or provincial act) ; (c) in any other case, the forms or modes referred to in sub-clause (i), sub-clause (ia), sub-clause (ii), sub-clause (iii) and sub-clause (iv) of clause (a) ; 17. ..... this clause was substituted by the finance act, 1983 w.e.f.1-4-1983 for the clause as amended by finance (no. ..... 2) act, 1977 w.e.f.1-4-1978 ..... 1-4-1977. ..... 1-4-1977. .....

Commissioner of Income-tax Vs. Jaykrishna Harivallabhdas

Court : Gujarat

Reported in : [1998]93CompCas875(Guj)

..... section 12b became inoperative with the commencement of the indian finance act, 1949, but was revived by the finance ..... in the form of assets, are not to be taxed only as capital gains under the head 'capital gains' but part of it is referable to the distribution of accumulated profits, which are liable to be taxed as dividends in accordance with the provisions of section 2(22)(c) and the same has to be deducted from the cash or market value of assets received and only the balance is to be treated as 'full value of consideration' for extinguishment of rights of shareholders as on that date to be fixed under the head ..... reference to the revenue's contention about the provisions made in the third proviso to section 12b in the act of 1946 and subsequent omission of the reference to distribution of assets on liquidation in the proviso to section 12b as amended by the finance (no. ..... amin's case : [1977]106itr368(sc) , which was rendered in the case of a foreign company, which was not governed by the provisions of section 46(2) of the income-tax act, was not applicable to the present ..... 3) act, 1956, and the proviso to section 12b as inserted in the act in 1956 omitted reference to distribution of capital assets on liquidation of a ..... of 1981 for the assessment year 1977-78 : 'whether, on the facts and in the circumstances of the case, the tribunal was right in law in coming to the conclusion that the assessee was entitled to claim capital loss of ..... : [1977]106itr368(sc) ..... : [1977]106itr368(sc) .....

Commissioner of Income-tax, Gujarat-i Vs. Satellite Engineering Ltd.

Court : Gujarat

Reported in : [1978]113ITR208(Guj)

..... two further concessions in favour of new industrial undertakings since its initial enactment; first, from clause (ii) of sub-section (4) of section 80j, which as initially enacted was in pari materia with clause (ii) of sub-section (2) of section 84, the words 'a building (not being a building taken on rent or lease), have been omitted by the finance act, 1975, with effect from april 1, 1976, and, secondly, a provision for carrying forward has been ..... the finance act, 1969, the time-limit of 23 years in section 80j(4)(iii) was increased to 28 years and by the finance ..... part thereof transferred to the new business does not exceed 20% of the total value of the building, machinery or plant used in the business, then the condition laid down in clause (ii) of sub-section (2) shall be deemed to have been complied with and the tax holiday will be available to such industrial undertaking, though, for the purposes of computing the capital employed in such industrial undertaking ..... to give fillip to trade and industry from all quarters and this seems to be the background for the enactment of old section 15c and its continuance in the statute book in one form or the other thereafter till this date with progressive amendments made from time to time with a view to extending its benefit for a longer ..... provision, as observed in textile machinery corporation's case : [1977]107itr195(sc) , is to encourage setting up of ..... 3 years in 1949 to 6 years in 1953, 7 years in 1954, 13 years in 1956 and 18 years in .....