Court : Guwahati
..... assessment of the petitioner-firm to payment of sales tax for the period in question, the assessing authority took note of the central sales tax act declaration in form - 'c' used by the petitioner-firm for importing goods from outside the state for resale in assam. ..... 28.6.1996, the petitioner firm also surrendered its registration certificate under the assam general sales tax act, 1993 and the central sales tax act by contending that it had wound up its business without however mentioning any specific date of such ..... after coming into force of the assam general sales tax act, 1993 with effect from 1.8.1993, the petitioner was registered under the provisions of the said act, the petitioner-firm persistently failed to file its returns under the act in force though several notices were issued to the petitioner-firm to file ..... was initially registered as a dealer under the assam (finance) sales tax act, 1956 and the central sales tax act, 1956. ..... a best judgment assessment under section 17(5) of the assam general sales tax act, 1993 passed on 13.1.1997 has been challenged in the present proceeding along with the order dated 12.9,1997 passed in the exercise of revisional power declining interference with the ..... from the petitioner-firm to the notices sent to it by the assessing authority intimating its decision to finalise the assessment according to its best judgment, the authority had no alternative but to invoke section 17(5) of the act to determine the liability of the petitioner-firm. .....
Tag this Judgment!Court : Guwahati
..... learned counsel for the assessee-company had drawn our attention to section 2(7)(c) of chapter ii of the finance act, 1982, where industrial company has been defined as follows : ' 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture ..... income of a particular tea company should be taken within the scope of section 2(7)(c) of the finance act, 1982, to enable the assessee-company to receive the lower rate. ..... section 5 it will appear that whatever is received by a person other than those which are excluded from the total income can be regarded as total income for the purpose of section 2(7)(c) of the finance act, 1982. ..... has been explained in the explanation to section 2(7)(c) of the finance act, 1982. ..... 'total income' means the total amount of income referred to in section 5, computed in the manner laid down in this act ; as per section 5 of the act, the total income of any previous year of a person includes all income from whatever source derived. ..... in this reference under section 256(1) of the income-tax act, 1961, the following question has been referred by the income-tax tribunal, gauhati bench, gauhati, for the opinion of this court : ' whether, on the facts and in the circumstances of the case and ..... the assessee is a company incorporated under the companies act and owns a tea estate and carries on the business of tea plantation .....
Tag this Judgment!Court : Guwahati
..... him or any earlier sale thereon or, as the case may be, in respect of the purchase of which, by him or any earlier purchase thereon a tax is payable under the act or under the assam sales tax act, 1947, or under the assam purchase tax act, 1967, the superintendent may, subject to sub-rule (3), on application pay to such dealer by way of drawback, set-off or refund an amount equal to the tax paid under ..... any of the aforesaid acts in respect of raw materials so used on production of a certificate in form xv from the director of industries, government of assam, or any other officer authorised by him in this behalf to ..... the extraordinary assam gazette of the same day reading :in exercise of the powers conferred by sub-section (1) of section 39 of the assam finance (sales tax) act, 1956 (assam act xi of 1956), the governor of assam is pleased to make the following rule for the purpose of carrying into effect the said act as amended, namely :-the assam finance (sales tax) (fourth amendment) rules, 19711. ..... conferred by section 39 of the assam finance (sales tax) act, 1956 (assam act xi of 1956), the governor of assam, after previous publication and on consideration of the objections and suggestions, is pleased to finalise the assam finance (sales tax) (amendment) rules as ..... finance (sales tax) act, 1956 (hereinafter called the act .....
Tag this Judgment!Court : Guwahati
..... clause c of the guidelines, dated 29.1.2003, aforementioned reads as follows -these guidelines will cover cases on which the banks have initiated action under the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 and also cases pending before courts/drts/bifr, subject to consent decree being obtained from the courts/drts/bifr. 9. ..... the custodian : [1997]3scr51 , the ambit and scope of section 36 read with section 46 of banking regulation act, 1949, the apex court made it clear that the directives issued by the reserve bank of india are of binding nature, the banks must follow them and if there is violation or breach of these directives, the bank ..... thus, where a bank initiates an action under the said act, the guidelines would get attracted and the bank concerned has to proceed with the case keeping in view the said guidelines. ..... finance ltd. v. ..... finance ltd. ..... finance ltd. ..... 1, which is a limited company registered under the companies act with the petitioner no. ..... 1 became 'non-performing asset' (hereinafter referred to as-'npa') as far back as in the year 1991. ..... the first part applies to those cases, wherein banks have initiated actions under the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002. .....
Tag this Judgment!Court : Guwahati
..... or conduct made to the other a clear and unequivocal promise which is intended to create legal relations or affect a legal relationship to arise in the future, knowing or intending that it would be acted upon by the other party to whom the promise is made and it is in fact so acted upon the other party, the promise would be binding on the party making it and he would not be entitled to go back upon it, if it would be inequitable to allow him to do ..... secretary to the government of assam, agriculture department addressed to the director of agriculture, assam, found reiteration more comprehensively in the office memorandum dated 15.10.1980ofthe government of india, ministry of finance, bureau of public enterprises based on the policy of according preference for products of public enterprises in competition with private sector undertakings in the matter of purchase by government departments. ..... based on the principle of estoppel but is a doctrine evolved by equity in order to prevent injustice where a promise is made by a person knowing that it would be acted upon by the person to whom it is made and in fact it is so acted on and that it is inequitable to allow the party making the promise to go back upon it.this view found reiteration amongst others in surya narain yadav and ors. ..... under secretary, finance department with reference to the cabinet memorandum for closure of aaidc and approved by the cabinet on 22.03.2006, affirmed that the state government acting on the recommendations .....
Tag this Judgment!Court : Guwahati
..... sub-clause (ix) of section 2(24) of the act was inserted by the finance act, 1972, which brought the winnings from lotteries within the purview of the act. ..... apparently, the stand of the revenue is that the provisions contained in section 194b of the act read with the terms and conditions of the agreement dated december 2, 1991, arrived at between the petitioner and the organising agent affirms that the petitioner is bound to deduct tax at source in respect of prize winning tickets which remained unsold or unclaimed. ..... it has been further argued that substitution of clause 10 of the agreement dated december 2, 1991 by clause 5 of the agreement dated august 7, 1992, was nothing but an attempt to escape from the ambit of section 194b of the act ; that in substance there is no material difference between the old and the substituted clause in clause 5 of the agreement dated august 7, 1992, as payments of prize money of unclaimed/unsold winning tickets had to be made through book adjustment by ..... it has been further submitted that clause 24 of the agreement dated december 2, 1991, made it clear that the entire lot of tickets printed for draw are deemed to be sold out and participate in the draw and that otherwise the question of any unsold ticket winning a prize cannot arise. .....
Tag this Judgment!Court : Guwahati
..... an assessee being an individual or a hindu undivided family, the capital gain arises from the transfer of a long-term capital asset ['to which the provisions of section 53 are not applicable, omitted by the finance act, 1985 with effect from 1-4-1985] being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head 'income from house property (hereafter in this section ..... assessee by exempting the capital gain on the sale of property used for residence from being charged to income-tax and also that sub-section (2) of section 54 of the income-tax act, 1961, simply mentions that the unutilized portion of the capital gain on the sale of the property used for residence could be deposited by the assessee before the date of furnishing return ..... of income-tax under section 139 of the income-tax act and also that the sub-section (2) of section 54 of the income-tax act does not mention that the date of furnishing of return of income-tax should be construed within the meaning of section 139(1) of the income-tax ..... such being the situation, it is the case of the respondent/assessee that the respondent/assessee could fulfil the requirement under section 54 of the income-tax act for exemption of the capital gain from being charged to income-tax on the sale of property used for residence up to march 30, 1998, inasmuch as the return .....
Tag this Judgment!Court : Guwahati
..... rakesh dubey, learned standing counsel, finance and taxation department, for the respondents on advance notice and having perused the scheme of the act and particularly rule 41(12a) of the rules, we are inclined to dispose of this writ petition with a direction to the respondents jointly and severely to decide the application made by the petitioner on 28th february, 2014 (annexure-d) for ..... rakesh dubey, learned standing counsel, finance and taxation department, for the respondents. ..... the petitioner is a registered dealer under the provisions of the assam value added tax act, 2003. .....
Tag this Judgment!Court : Guwahati
..... by notice dated 12.8.1997 directed to show cause as to why it should not be charged for the giving false statement under section 60 of the 1993 act read with section 25(6) of the assam finance (sales tax) act, 1956 on the ground that the petitioners had purchase coal from persons other than the commission agents and that the identity of such seller had been kept ..... any action for issuing the authorisation certificate and on the other informed the petitioner that there was no provision for grant of exemption from payment of sales tax under the 1991 policy and no exemption would be granted in respect of sales made in course of inter-state trade and commerce and that the assessment would be completed summarily and thereafter tax would be ..... the petitioner's unit which was an existing unit under the 1982 policy/scheme being inspired by the above mentioned incentive scheme evolved by the government in the year 1991, undertook expansion works in its said unit and made additional investments in conformity with the norms laid down in the industrial policy and applied for the eligibility certificate ..... category-b contemplates an industrial unit having its registered office within the state of assam which is or was in production at any time prior to 1.4.1991, undertaking expansion, modernisation, diversification to the minimum extent of 25% at the same location or at other places of the state of assam and with an additional employment at least by 10% and is in compliance with the criteria .....
Tag this Judgment!Court : Guwahati
..... from the aforesaid decisions, we are of the considered view that for computation of the composite income derived from sale of tea grown and manufactured by the seller and exported out of india under section 2(1a) of the act of 1961 read with rule 8 of the rules of 1962, the deduction under section 80hhc in respect of profits derived from export of tea out of india would be allowed as permissible deduction before apportionment of non-agricultural ..... under the said rule, income from the sale of tea grown and manufactured by a seller in india has to be computed as if it were income derived from business which would imply that the deductions allowable under the act of 1961 in respect of income derived from business would be allowable in the case of income derived from the sale of tea grown and manufactured by a seller and further allowance would be granted as set out in rule 8(2) ..... the assessment year 1986-87, pertaining to the accounting period ending june 30, 1985, the deputy commissioner of income-tax (assessment), special range-ii, guwahati, assessed the asscssce-company under the income-tax act, first applied rule 8 of the income-tax rules and determined 40 per cent of the income from tea as income from business and thereafter allowed deduction under section 80hhc and computed business ..... to be noted that chapter vi-a was inserted by the finance act, 1965, with effect from april 1, 1965. ..... and the assessment years 1989 -90, 1990-91, 1991-92, 1992-93, 1993-94 and 1994-95 in respect .....
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