Judgment Search Results Home > Cases Phrase: finance no 2 act 1977 Court: allahabad Page 6 of about 405 results (0.039 seconds)

Commissioner of Wealth Tax Vs. Parmatma Saran (Huf)

Court : Allahabad

Reported in : (2004)191CTR(All)282; [2004]270ITR389(All)

..... respect of any period, whether before or after such partial partition;(d) the several liability of any member or group of members aforesaid shall be computed according to the portion of the joint family and the provisions of this act shall apply accordingly}.explanation---in this section,--(a) 'partition' means--(i) where the property admits of a physical division, a physical division of the property, but a physical division of the income without a physical division of the property ..... (b) each member or group of members of such family immediately before such partial partition and the family shall be jointly and severally liable for any tax, penalty, interest, fine or other sum payable under this act by the family in respect of any period, whether before or after such partial partition;(c) the several liability of any member or group of members aforesaid shall be computed according to the portion of the joint family property allotted to him ..... was also inserted in section 171 of the it act by the same finance act. ..... , has referred the following question of law under section 27(1) of the wt act, 1957, hereinafter referred to as the act, for opinion of this court :'whether, on the facts and in the circumstances of the case, the tribunal was legally correct in holding that the amended section 20a of the wt act inserted by the finance (no. ..... the act which was inserted by finance (no. ..... for the revenue submitted that on a plain reading of section 20a of the act, which was inserted by finance (no. .....

industrial Finance Corporation of India, Kanpur and Another Vs. P.V.K. ...

Court : Allahabad

Reported in : AIR1992All239

..... the proceedings for the sale of property through the receiver is not making any headway; the court does find it surprising that a premier public finance institution, sought and was granted an order to sell through a receiver, but this public finance institution cannot formulate a scheme for the sale of the properties and the assets of the company or a scheme to transfer the management of ..... be defeated.the courts will interpret enactments which create public finance institutions and obliges them to encourage trade and industry with working capital, in a manner by which a man of prudence would act either when granting loans or taking steps to recover them ..... finance corporation of india, a public financial institution and otherwise a body corporate established under the industrial finance corporation act 1948 (act ..... be those who enter into a 'contract of indemnity' or a 'contract of guarantee', sureties not excluded, chapter v11i of this act determines the essential and proper parties to the contract, independent of the provisions of the industrial finance corporation of india act, 1948. ..... finance corporation act ..... the court cannot go and if the receiver has submitted a report which is not encouraging, it is up to the plaintiff in the present case-- industrial finance corporation of india -- to suggest ways and remedies within and arising out of the agreement, upon which the loan was taken out, for more effective steps to retrieve its loan within the remedies available to it under the act.11. .....

P.N. Tiwari and ors. Vs. Union of India (Uoi) and ors.

Court : Allahabad

Reported in : (2003)185CTR(All)1; [2004]265ITR224(All)

..... cit : [2000]243itr383(sc) is not applicable in view of the specific provision of section 17(2)(vi) r/w rule 3 of the rules.in view of the introduction of sub-clause (vi) of clause (2) of section 17 of the act by means of the finance act, 2001, and prescription of interest-free loans or loans at the concessional rate of interest by the employer to its employees having been treated as a 'fringe benefit' or 'amenity', it is not possible to take the view that the same ..... in other words, before the amendment by finance act, 2001, the perquisites were not determined by delegated legislation by rules made under the act.hence, before the amendment by finance act, 2001, interest-free loans given by the employer to the employees for various ..... a fund, other than a recognized provident fund or an approved superannuation fund or a deposit-linked insurance fund established under section 3g of the coal mines provident fund and miscellaneous provisions act, 1948, or as the case may be, section 6g of the employees' provident funds and miscellaneous provisions act, 1952, to effect an assurance on the life of the assessee or to effect a contract for any annuity;' thus before the amendment by finance act, 2001, a perquisite was whatever was mentioned in the ..... the petitioner is also challenging the validity of section 17(2)(vi) of the it act, 1961, as inserted by the finance act, 2001 on the ground that it has delegated essential legislative powers and that it is violative of articles 19(1) and 246 of .....

Commissioner of Income Tax and Dy. Commissioner, Income Tax Vs. India ...

Court : Allahabad

..... the reliance placed by the revenue on the judgment in the case of soft beverages (supra), the controversy relates to interpretation of explanation added through finance act, 1987 which came into force from 1.4.1988 where it has been provided that blended flavouring concentrates shall include and shall be deemed to have always included ..... take effect from 1st april, 2002, and will, accordingly, apply in relation to the assessment year 2002-2003 and subsequent years.accordingly, the aims and object as revealed by the finance bill, shows that it was to be made applicable from the assessment year 2002-2003 and not retrospectively with regard to cases pending or adjudicated prior to 1.4.2002.16. ..... (1) of section 32 of the act was inserted by the finance act, 2001 with effect from 1.4.2002.13 ..... once the explanation-5 inserted by the finance act, 2001, itself provides that it shall be given effect from the first day of april, 2002, then there appears to be no reason for the courts to ..... invited by the learned counsel for the appellant to the finance bill, 2001 which contains the aims and object of ..... so far as the reliance placed by the appellant's counsel to the finance bill with regard to retrospective effect of the explanation-5 is concerned, seems ..... tax appellate tribunal has failed to appreciate that the expression for removal of doubt as appearing in section 32 of the income tax act, 1961 as explanatory and clarificatory in nature and consequently applicable with retrospective effect?10. .....

Lucknow Grih Swami Parishad Vs. State of U.P. and Others

Court : Allahabad

Reported in : 2000(3)AWC2139; (2002)3UPLBEC2351

..... finance act ..... finance act ..... through its secretary has filed this petition challenging notification dated 5.10.1985 (whereby state government exercising power under section 52 of the act prescribed 12.5% and 13% rate of water tax andsewerage charges respectively) and notification dated 8.3.1986 (whereby cost of water supplied by jal sansthan was increased) copies of said notifications have been filed as annexures-1 and 12 ..... tax.petitioner also stressed that no rules.bylaws or guidelines in respect of theterms and conditions for supply ofwater for domestic and otherpurposes effecting general public inutter disregard of provisions ofsection 98 of the act were framed.petitioner also disputed authority ofjal sansthan to impose servicecharges on flat rate of rs. ..... and others).petitioner, nagrik kalyan parishad is a society registered under the societies registration act and its members are house and water tax payers and that since matter pertains to public grievance steps were taken to file the petition and as such they had locus ..... the said provision merely contemplated that no rule or bye law framed under act, 1975, shall be made with retrospective effect, which may be made applicable ..... the petitioners would have been better advised to file appeal under section 30 of act, 1975-if they wanted to agitate matters depending on facts, statistics and data ..... apart from that the state municipal act and panehayat act make it very clear that potable water supply is one of the primary objectives of such .....

Jeep Flashlight Industries Ltd. Vs. Union of India (Uoi) and ors.

Court : Allahabad

Reported in : 1985(19)ELT68(All)

..... thus prior to coming into force of the finance act of the year 1975, there was no provision for charging excise duty on the manufacture of brass and aluminium torches which admittedly were not made out of plastic. ..... prior to the enforcement of the finance act of the year 1975, the position was that whereas excise duty was payable on the manufacture of articles made of plastics all sorts under tariff item no. ..... on coming into force of the finance act of 1975 inserting item no. ..... 13/66 of 1978 dated 26th december, 1978 passed by the government of india under section 36 of the central excises and salt act, 1944 rejecting the revision application of the petitioner filed against the order of the appellate collector, central excise, new delhi, dated 30th january, 1976 in appeal no. 69-c.e. ..... this decision, in our opinion, merely emphasises that where in statutes like the sales tax act and other fiscal enactments, a word of every day use is mentioned and the scope and meaning of that word in technical or scientific and in common parlance, is not the same, it should in such statute, be given the meaning ..... the licence issued to the petitioner under the provisions of the industries (development and regulation) act, 1951 for manufacture of plastic torches issued on 22nd august, 1972 shows that the petitioner had been licenced to manufacture plastic torches out of duty paid plastic material. ..... the state of tamil nadu (1977 s.t.c. .....

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... the special counsel for the department referred to definition of interest in section 2(7) and stated that upto the amendment by the finance act of 1991 interest was specifically excluded and that exclusion being not retained in the amended definition of section 2(7) which would mean that ..... the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the ld- counsel further submitted that in coming to this conclusion, they have ..... the point at issue is whether in the absence of a specific exclusion in the newly inserted definition of interest by the finance act, 1991 can it be said that interest on securities would now stand covered and to decide the issue submitted that in the present definition, as stated earlier, since interest ..... could not be placed on the judgment of madras high court in the case of lakshmi vilas bank ltd (supra) as that was the judgment rendered prior to the amendment by the interest tax act, 1991.9.5 the special counsel also relied on the judgment of andhra pradesh high court in the case of polisetty somasundaram charities (supra) which was relied on by the cit(a).9.6 referring to the meaning ..... cit [1977] 108 itr 345 wherein supreme court has stated that : "intention of the .....

Commissioner of Income-tax Vs. Malhotra Cold Storage and Fruit Industr ...

Court : Allahabad

Reported in : (1996)132CTR(All)345; [1996]219ITR131(All); [1996]86TAXMAN1(All)

..... a view to making the task of the revenue less difficult parliament by the finance act, 1964, omitted the word 'deliberately' in clause (c) and added the explanation. ..... from these authorities it is clear that after the finance act, 1964, the rule regarding burden of proof enunciated in anwar ali's case : [1970]76itr696(sc) is no longer valid. ..... in view of the amendment made by the finance act, 1964, the case on hand will not be governed by the case of anwar ali : [1970]76itr696(sc) , but by a decision of the supreme court in ..... by the finance act, 1964, however, the word 'deliberately' occurring in clause (c) was omitted and the explanation abovementioned was added ..... to show that the deposits represented the concealed income of the assessee in the relevant year : that disallowance of the claim of the revenue expenditure will not attract the explanation to section 271(1)(c) of the act and that rejection of a claim of revenue expenditure does not mean that there was concealment or that inaccurate particulars were furnished by the assessee. 10. ..... the income-tax officer relying upon the explanation to section 271(1)(c) of the act held that the total income returned by the assessee being less than 80 per cent, of the assessed income the assessee shall be deemed to have concealed the particulars of its income or furnished inaccurate particulars ..... ali's case : [1970]76itr696(sc) dealt with section 28(1)(c) of the indian income-tax act, 1922, which in so far as is relevant, read as follows : ' 28 .....

Commissioner of Income-tax Vs. Jai Durga Construction Co.

Court : Allahabad

Reported in : (2000)164CTR(All)512; [2000]245ITR857(All)

..... it was only after realising' the lacuna of law that the provisions of section 44ab and section 271b were amended by the finance act, 1995, with effect from july 1, 1995, enjoining upon the assessee to furnish the audit report before the specified dale ..... requirement of law, as it stood at the relevant point of time, before its amendment from july 1, 1995, of filing the audit report before the specified date in view of the fact that section 44ab of the income-tax act, 1961, says that audit report be 'obtained before' the specified date so that it may be filed along with the return of income by/on the specified date ?' 2. we have heard sri prakash krishna, learned counsel for ..... this obligation has been created by substituting the words 'furnish by' for the words 'obtain before' by the finance act, 1995, with effect from july 1, 1995 ..... (ii) whether the tribunal was justified in holding that audit report was obtained before the specified date as provided under section 44ab of the income-tax act, 1961, in view of the fact that audit report (as is evident from the date given on it) itself was prepared on october 31, 1991 ..... this appeal under section 260a of the income-tax act, 1961 (hereinafter referred to as 'the act'), has been preferred by the commissioner of income-tax, allahabad, against an order dated november 5, 1998, passed in ita ..... . in terms of section 44ab of the income-tax act, 1961, the assessee was required to get its accounts audited and to obtain the audit report by october 31, .....

E. Sefton and Co. Private Ltd. Vs. Government of India

Court : Allahabad

Reported in : 1993(63)ELT626(All)

..... in the present case, we find that it is only to mitigate the oppressiveness of section 35 of the central excises and salt act, that steps were taken under the finance (2) act, 1980 to provide for extension of the period of limitation and that is why a proviso was added vesting the appellate authority with the jurisdiction to condone the delay and extend the period of ..... over-looked that section 35 of the central excises and salt act was amended by the finance (2) act, 1980 which was published in gazette of india on 21-8-1980. ..... the amendments which were envisaged under section 50 of the finance (2) act, 1980 so far as section 35 relating to appeals were concerned vested the collector (appeals) with the jurisdiction to condone the delay in filing an appeal by a ..... , other than those contained in sections 4, 9 to 18 and 22 shall not apply and, therefore, the applicability of section 5 was in clear and specific terms excluded, section 29, sub-section (2) of the limitation act, 1963, enacts in so many terms that for the purposes of determining the period of limitation prescribed for any suit, appeal or application by any special or local law, the provisions contained in sections 4 to 24, ..... it may further be noticed that although the finance act had come into force on 21-8-1980 the notification specifying the date from which the amendment was to come into force was issued by the central government ..... in pursuance of the order dated 24-11-1977 passed by the superintendent, central excise .....