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Commissioner of Wealth-tax Vs. Malabar and Pioneer Hosiery P. Ltd.

Court : Kerala

Reported in : (2006)200CTR(Ker)287; [2006]280ITR260(Ker)

..... the commissioner took the view that the exemption under section 40(3)(vi) of the finance act, 1983, will be available if the assessee uses the building as a factory, godown, warehouse, hotel for the purpose of business. ..... : [2004]265itr312(ker) , held that section 40(3)(vi) of the finance act specifically includes warehouse, cinema house, hotel or office for the purpose of its business or as residential accommodation for its employees. ..... in the appeal, the following questions of law are raised :(1) whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the assessee's case is hit by section 40 of the finance act, 1983 ? ..... -tax proceedings the rent from the civil supplies corporation and kalyana mandapam was treated as business income and, hence, for the purpose of wealth-tax also, it can be termed as business premises coming under section 40(3)(vi) of the finance act.3. ..... according to counsel, under section 35(7) of the act, no amendment under this section shall be made after the expiry of four years. ..... hence, the order is not hit by section 35(7) of the act.5. ..... later on, the commissioner of wealth-tax revised the assessments under section 25(2) of the act. ..... the assessments for these years were completed under section 16(1) of the act. ..... but what we have to find out is whether under the relevant provisions of the wealth-tax act, this can be applied. ..... these cases arise under the wealth-tax act, 1957 (hereinafter referred to as 'the act'). .....

S.P. Jaiswal Estates Pvt. Ltd. Vs. Commissioner of Income-tax (No. 2)

Court : Kolkata

Reported in : (1994)122CTR(Cal)7,[1994]209ITR307(Cal)

..... by our judgment delivered on september 22, 1993, we have already held that having regard to the definition of industrial company as contained in section 2(7)(c) of the finance act, 1981, the assessee-company is entitled to claim the concessional rate of income-tax since it was engaged in the processing of goods during the relevant previous year ..... poddar argued that since the new depreciation rates were in force during the assessment year 1983-84, the amendment having come into force on april 2, 1983, new rates should be applied to the case of the assessee-company.9. mr ..... kerala high court held that the law that has to be applied is the law as it stands on april 1 of a financial year ; any amendments in the act which come into force after april 1 of a financial year would not apply to the assessment for that year, even if the assessment is actually made after the amendments come into force. ..... in this case, we find that the income-tax (fourth amendment) rules, 1983, by which the higher rate of depreciation was laid down came into effect on april 2, ..... rule 6aa was inserted by the income-tax (eighth amendment) rules, 1981, with effect from august 1, 1981 ..... is an undisputed fact that the higher rates of depreciation were laiddown by the amendment rules as aforesaid with effect from april 2, 1983. ..... : [1990]182itr464(ker) , we hold that the assessee is not entitled to the higher rate of depreciation as laid down in the income-tax (fourth amendment) rules, 1983, in the assessment year 1983-84. .....

Commissioner of Income-tax Vs. L.H. Hall

Court : Kolkata

Reported in : [1980]123ITR738(Cal)

..... aforesaid and the tax on his income chargeable under the head 'salaries' is paid by the employer to the central government [which tax in the case of an employer being a company may be paid notwithstanding anything contained in section 200 of the companies act, 1956 (1 of 1956) ], the tax so paid by the employer for a period not exceeding sixty months following the expiry of the thirty-six months aforesaid; (b) in any other case, not being the case ..... the finance act of 1955 introduced section 4(3)(xiva) with effect from the 1st april, 1955. ..... before it could be operative it was substituted by clause (xiva) of the finance act of 1956. ..... we need not make any comment on clause (xiva) of the finance' act of 1955. ..... the finance act, 1958, changed the explanation to clause (xiva) and substituted the following explanation:'explanation. ..... the finance act of 1956 substituted clause (xiva) to the 'following effect from the 1st april, 1955 :'(xiva) any income chargeable under the head ' salaries ' received by or due to any person, not being a citizen of india, during the ..... we are indeed not shut out from considering the purport or tenor of the other sections of the act but it would indeed be hazardous to ignore the specific words in the section under dispute and interpret it solely in the light of other sections. ..... section 15 of the 1961 act gives us the meaning of 'salaries'. ..... the assessee came to india on august 22, 1961, as a technician within the meaning of section 10(6)(vii)(b) of the act.4. .....

In Re: S.P. Electronics and anr. Vs. State of West Bengal and ors.

Court : Kolkata

Reported in : (1989)2CALLT214(HC)

..... respondents cannot withhold declaration form for any alleged non-payment of turnover tax, on the further ground that so long as section 6b (2) (e) of the bengal finance (sales tax) act, 1941 was in force, that is, prior to enactment of west bengal taxation laws (amendment) act, 1987 providing for relief to the petitioners from payment of turnover tax, the purported demand of turnover tax from the petitioners by the commercial tax officer during the concerned period is illegal, arbitrary and ..... it is strongly alleged that in the amendment act, 1987 of the west bengal sales tax act, 1964 and bengal finance (sales tax) act, 1941 the rate of turnover tax has been raised and the ceiling limit of exemption from payment of turnover tax has also been lowered from 50 lacs to 25 lacs and further by the said act, clause (e) of sub-section (2) of section 6b of the bengal finance (sales tax) act, 1941 has been omitted with retrospective effect as if the said section was never included ..... it is argued with force that even if it may be contended that the amendment of section 6b(2)(e) of the bengal finance (sales tax) act, 1941 is valid and intra vires, the industries set up prior to the date of said amendment should have been given exemption and should be kept outside the purview of the said west bengal taxation laws (amendment) act, 1987 and on the grounds as stated hereinbefore, the petitioners have prayed for the reliefs indicated above.7. .....

Mahabir Industries Vs. Principal Commissioner of Income Tax

Court : Supreme Court of India

..... this section was amended by the finance act, 1999 w.e.f. ..... section 80-ia of the act was originally introduced in the year 1991 by the finance (no.2) act, 1991 w.e.f. ..... interestingly, another provision in the form of section 80-ic was inserted by finance act, 2003 w.e.f. ..... along with this provision, section 80-ib was also introduced for the first time by the same finance act, 1999. ..... the commissioner of income tax, west bengal, calcutta1 has held that the true test for ascertaining whether industrial undertaking is formed by reconstruction of business already in existence (which was the expression used in section 15c of 1922 act), is not whether the new industrial undertaking connotes expansion of the existing business of the assessee but whether it is a new and identifiable undertaking separate and distinct from existing business. ..... applying the aforesaid interpretation, we find there can be different fact situations, some of which, we have tried to illustrate; (i) a unit established prior to 7.1.2003, claiming deduction under section 80-ib, post insertion of section 80-ic carries out substantial expansion, would be entitled to deduction only under section 80-ic, at the admissible percentage, for the remaining period, which in any case when combined, cannot exceed ten years, (ii) just as in the case of the present assessee, a unit established after 7.1.2003, carries out ..... this argument has to be rejected for at least two reasons: (1977) 2 scc3681 civil appeal no(s). .....

United India Insurance Co. Ltd. Vs. Commissioner of Commercial Taxes, ...

Court : Karnataka

Reported in : ILR1989KAR3473

..... indeed, such provisions are available under the bengal finance (sales tax) act, as amended from time to time, which was the subject matter of consideration by the supreme court in member, board of revenue, west bengal v. ..... it was contended by the learned counsel for the appellant that in order to attract the provisions of the act a person should be carrying on a trade or commerce or manufacture involving buying, selling or distribution of goods. ..... therefore, the conclusion is irresistible that the appellant becomes a dealer for purposes of the act which includes a casual trader who also carries on an activity which is business. 6. ..... it seems to us that the assessee, south eastern railway, was a 'dealer' for the purposes of the bengal finance (sales tax) act, 1941. ..... decision summed up the law on the point as to who may be regarded as a dealer in these words : 'in these appeals the question is whether the assesses-railway in each case is a 'dealer' for the purpose of assessment under the bengal finance (sales tax) act, 1941. ..... section 2(f-2) of the act defines 'business' as follows : '2(f-2) 'business' includes, - (i) any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture, whether or not such trade, commerce, manufacture, adventure or concern is carried on with a motive to make gain or ..... in the year 1977-78, the appellant had entered into a contract of insurance with m/s. .....

Addl. Commissioner (Legal) and anr. Vs. M/S. Jyoti Traders and anr.

Court : Supreme Court of India

Reported in : [1999]112STC277(SC)

..... it is true that under the amending act by section 18 of the finance act, 1956, authority was conferred upon the income-tax officer to assess a person as an agent of a foreign party under section 43 within two years from the end of the year of assessment. ..... by section 18 of the finance act, 1956 section 34 was extensively amended and clause (iii) of the proviso was substituted by the following proviso:'provided further that the income-tax officer shall not issue a notice under this sub-section for any year after the expiry of two years from that year if the person on whom an assessment of reassessment is to be made in pursuance of the notice is a person deemed to be the agent of a non-resident person under section 43.'20. ..... who spoke for the majority said that sub-section (10) was introduced into section 35 of the income tax act, 1922 by the finance act, 1956 and that if there was nothing more in the language of the sub-section to give it operation from an earlier date it would have operated only from april 1, 1956 but the language of the sub-section gave it additional retrospectivity and said so in such clear and unambiguous language as to leave no doubt. ..... but authority of the income-tax officer under the act before it was amended by the finance act of 1956, having already come to an end, the amending provision will not assist him to commence a proceeding even though at the date when he issued the notice it is within the period provided by that amending act. .....

Tamilnadu Kalyana Mandapam Owners Association Vs. Union of India and o ...

Court : Chennai

Reported in : 2001(133)ELT36(Mad); [2002]253ITR250(Mad); (2001)2MLJ629; 2006[2]STR438

..... shortly stated, the case of the petitioners before us is that this tax and the provisions therefor in sections 65, 66 and 67 of the finance act are firstly beyond the 'legislative competence' of the union of india as, in fact, in pithand substance, this tax amounts to a 'tax on land and buildings', which is covered by entry 49 of the state list (list ii) of the ..... , the constitutional validity of and section 116 of the amendment act 32 of 1994 is being challenged ..... it was pointed out that in the tami nadu general sales tax act, a provision was introduced by way of an amendment in 1984 wherein the term 'sale' specifically included the exact phraseology of sub-clause (f) ..... in paragraph 8 of the judgment, which are as under (page 608) : 'now, in this connection the speech made by the finance minister while moving the amendment introducing sub-section (2) is extremely relevant, as it throws considerable light on the object and purpose of the enactment of subsection (2). ..... learned counsel, therefore, refers to the statement of objects and reasons of the forty-sixth amendment and argues that sub-clause (f) of clause (29a) was clearly brought in because of the two earlier decisions by the supreme court, they being the decision in ..... the numbers alone changed under the amended act but, the language of the provisions ..... elt21(sc) would be really of no consequence as all that it provides is that after the introduction of the forty-sixth amendment, there cannot be a splitting of the works contract. .....

Geo Seafoods Vs. Additional Sales Tax Officer Iv and anr.

Court : Kerala

Reported in : [2000]119STC236(Ker)

..... [1964]53itr231(sc) , it was observed as follows :'as we have already pointed out, the right to commence a proceeding for assessment against the assessee as an agent of a non-resident party under the income-tax act before it was amended, ended on march 31, 1956, it is true that under the amending act by section 18 of the finance act, 1956, authority was conferred upon the income-tax officer to assess a person as an agent of a foreign party under section 43 within two years from the end of the year of assessment. ..... the finance act, 1993, the legislature amended section 17 of the act and included section 17(6). ..... of the income-tax officer under the act before it was amended by the finance act of 1956 having already come to an end, the amending provision will not assist him to commence a proceeding even though at the date when he issued the notice it is within the period provided by that amending act. ..... have already stated, if the amendment act had not been enacted, the proceedings in the present case would have been held to be unreasonable and void on the day on which the finance act, 1993 came into force. ..... for all these years, it is found that returns were filed on april 29, 1975, april 30, 1976 and april 27, 1977, so far as the year 1974-75 is concerned, the books of accounts were produced on november 20, 1975 and the statement was also filed on march 7, ..... the year 1976-77, the returns were filed on april 27, 1977. ..... the year 1976-77, the petitioner had filed the return on april 27, 1977. .....

Standard Mills Co. Ltd. Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Reported in : [1963]49ITR218(Bom)

..... 1,01,89,572 could not be considered as premium received in cash by the assessee company within the meaning of the explanation to paragraph d of part ii of the indian finance act, 1956, when it allotted 8,000 and 31,800 shares to the shareholders of the ' dyeing works' and of the 'the china mills' respectively, on occasion of their respective amalgamations in 1950 ..... it may be that the premium otherwise within the meaning of the section 78 of the indian companies act might have been received by the company which under the company law, it may be required to take to a separate account and deal with in the manner provided in ..... the company contended that it was bound to do so under section 56 of the companies act, 1948, which was a provision similar to the provision of section 78 of the companies act, 1956, requiring the company, when it issues shares at a premium whether in cash or otherwise, to transfer to the share premium account a sum equal to the aggregate amount or value of the premium on ..... he has also invited our attention to the provisions of section 78 of the companies act, 1956, and to the decision of an english case in henry ..... by the assistant controller of capital issues (who was the appropriate authority appointed under section 10 of the act), was for the issue of 8,000 ordinary shares of rs. ..... the court had to consider therefore, was whether the excess received was premium whether in cash or otherwise within the meaning of the provision of section 56 of the companies act. .....