Court : Orissa
Reported in : [2007]292ITR175(Orissa)
..... submitted that the said income earned and interest paid on borrowed capital, have been shown separately only to conform to the requirements of schedule vi, part ii, section 3(v) and section 3(xi)(b) of the companies act, 1956, which mandates that 'expenditure for interest' to be shown at expenditure side and the 'interest income' to be shown on the income side of the profit and loss account. ..... in this respect, shri ratho submitted that the interest earning ought to qualify for relief under section 80hh of the act, since such earning arose out of borrowed funds of the assessee, which were not immediately required for earning some interest and accordingly, he submitted that such interest earned under ..... : [1986]161itr320(sc) wherein the apex court took note of the underlying object of the enactment of section 80e of the act in the following manner:it is obvious from the object of the terms in which it provides relief that the intention of ..... that in the present case at hand, each of the four heads on which the present appellant earns interest, ought to be cumulatively accepted as an act of prudent management on the part of the assessee to utilize its resources for the best interest of the company. ..... 2) act, 1991, by introducing the explanation (baa) in section ..... intent behind the enactment of section 80hh (introduced with effect from april 1, 1974) can also be inferred from a conscious omission to amend section 80hh when the legislature amended section 80hhc by the finance (no. .....
Tag this Judgment!Court : Orissa
Reported in : [2005]141STC26(Orissa)
..... (sc) is that the industrial policy resolution is issued by the state government after the policy resolution is approved by the cabinet itself whereas the notification under section 7 of the bihar finance act is issued by the state government in the finance department to carry out the objectives and the policy decisions taken in the industrial policy resolution itself and therefore such notification cannot be repugnant to the industrial policy resolution of the state ..... ] 112 stc 258 ; (1998) 8 jt 2 (sc) wherein it was held that a notification issued in exercise of powers under section 7 of the bihar finance act cannot authorise the state government to negate the incentives and the benefits which an industrial unit would otherwise be entitled to under the industrial policy resolution of the state ..... established after 1990 and before july 26, 1991 alone were not entitled to the benefit of incentive scheme under the central sales tax act in respect of inter-state sale of ..... mahaveer oil industries which commenced production on 17th february, 1991, contended that by framing the sales tax incentives scheme the state of rajasthan had held out a promise that the benefits of the scheme would be available to all ..... subsequently, however, a notification dated july 26, 1991 was issued restoring the benefit of exemption of central sales tax to oil industries ..... -board boxes by investing money from his own personal resources as well as from out of the loans from the state bank of india in the year 1991. .....
Tag this Judgment!Court : Orissa
Reported in : 85(1998)CLT560; (1999)158CTR(Ori)298; [1999]235ITR574(Orissa)
..... in spite of its basic viability on account of various dependent or independent factors, may not be in a position to generate necessary financial resources to continue the business on an economical level, lack of finance may be acting as a detriment ;(iii) the central government and the special authority, therefore, are required by section 72a to gauge whether the amalgamating company, immediately before its amalgamation, has its resources to continue its ..... facilitate the rehabilitation or revival of the business of the amalgamating company, then, the central government may make a declaration to that effect, and, thereupon, notwithstanding anything contained in any other provision of this act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for depreciation of the amalgamated company for the previous year in ..... the specified authority re-examined the whole matter in its 85th and 86th meetings held on april 3, 1991, and may 14, 1991, and declined to recommend the case under section 72a(1) on the ground that the purpose of ..... with his conclusion that the impugned decision of the central government communicated on august 2, 1991, at annexure-1 refusing to make declaration under section 72a(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), does not call for interference by us in this application under articles 226 and 227 ..... the order dated august 2, 1991, passed in file no. .....
Tag this Judgment!Court : Orissa
Reported in : (1992)101CTR(Ori)247; [1992]198ITR110(Orissa)
..... legislative history set out above, we find that the first proviso to section 43b came into effect from april 1, 1988, and explanation 2 enacted by the finance act, 1989, was made retrospective in its operation with effect from april 1, 1984. ..... in sanghi motors' case [1991] 187 itr 703, the delhi high court was considering the challenge to the vires of section 43b of the act, it held that the section provided that, in regard to payment of tax, duty, cess or fee, deduction is to be allowed only when the payment is actually made, notwithstanding the system of accounting maintained by ..... in this regard expressed by the patna high court in jamshedpur motor accessories stores' case : [1991]189itr70(patna) has, therefore, our concurrence. ..... union of india (see [1991] 191 itr 3), where the delhi high court following its decision in sanghi motors' case [1991] 187 itr 703 and escorts ..... case [1991] 189 itr 81, the delhi high court reiterated its view expressed in sanghi motors' case [1991] 187 itr 703, and did not agree with the view expressed by the patna high court in jamshedpur motor accessories stores' case : [1991]189itr70(patna ..... 6467 of 1991 on may 8, 1991, in the case of weston electronics ..... 11793 of 1991 (see [1991] 191 ..... relevant to mention here that the special leave petition filed by the revenue in respect of the decision of the patna high court injamshedpur motor accessories stores' case : [1991]189itr70(patna) was dismissed by the supreme court by order dated july 19, 1991, in s. l. p. .....
Tag this Judgment!Court : Orissa
Reported in : (2004)186CTR(Ori)96; [2003]264ITR160(Orissa); 2003(I)OLR392
..... , the tribunal will also keep in view the provision of section 11(4a) of the act which came to be inserted by the finance act, 1983, with effect from april 1, 1984.12. ..... to the nature of the issue that was before the tribunal and in view of what has been stated above, we think it proper to set aside that order dated may 10, 1991, and direct the tribunal to consider the case on all the points arising out of the commissioner's order dated november 28, 1988. ..... the finding recorded by the tribunal in its orders dated december 13, 1990, and may 10, 1991, we have no hesitation to hold that the order of the tribunal dated january 19, 1990, dismissing the assessee's appeal suffered from the mistake apparent from the record and, therefore, the application made under section 254(2) of the act for rectification of the order dated january 19, 1990, was rightly accepted by the tribunal by ..... a perusal of the aforesaid substantive order dated may 10, 1991, would clearly show that in the garb of rectification/amendment, the tribunal has substituted a fresh order which, in our opinion, is in ..... in the substantive order of the tribunal dated may 10, 1991, besides the above mistake (applicability or non-applicability of section 11(4a)), the tribunal has given an additional ..... that arises for consideration is whether in exercise of power purported to be under section 254(2) of the act, the tribunal is competent to reverse its earlier decision and make the order dated may 10, 1991, in favour of the assessee. .....
Tag this Judgment!Court : Orissa
Reported in : 1991(II)OLR32
..... section (4) imposes a rider' on the regsitrar's authority and is to the following effect:'(4) before taking any action under sub-section (1) in respect of a society, the registrar shall consult the financing bank to which it is indebted and consider the opinion received from such bank :provided that where no opinion is received from such bank of period of thirty days from the date of reference ..... 143 (supra) followed in ojc 1641/78 {supra) and hence it must be held that a proper consultation with the financing bank of the society is a condition precedent before even any notice is issued to show cause against the proposed action of ..... it is the submission of the learned counsel appearing for the petitioners that section 32 (4) of the act makes mandatory provision for consultation with the financing bank before any action is taken under section 32 (1) and that whenever it is seen that the consultation has not been ..... air 1979 orissa 143 (supra) interpreted the provisions of section 32(1) & (4), as it stood then, to mean that the consultation with tne financing bank of the society is a condition precedent not only when the final step of supersession is contemplated, but even for issue of notice to the society to show ..... the show-cause was submitted on 17-1-1991 but the petitioners have moved the court on 1-2-1991 alleging of having come to know of an order of supersession ..... 243 dated 22-1-1991 of the opposite party no 2, the assistant registrar of go-operative societies to offer their .....
Tag this Judgment!Court : Orissa
Reported in : 91(2001)CLT397; (2001)ILLJ1527Ori
..... the said decision of the board of directors the general manager of the central office by his letter dated january 4, 1991 instructed the finance manager of different units to carry out the said decision of the board. ..... regional provident fund commissioner, orissa issued a circular dated july 6, 1989 to all the establishments covered by the act in orissa to recover contribution at the enhanced rate of 10%.upon receipt of the said circular the finance manager of the talcher unit wrote to the general manager (finance) in the central office for issuing necessary instructions. ..... by letter dated october 30, 1989 general manager (finance) wrote back that the amended provisions of section 6 of the act enhancing the provident fund contribution from 8.33% to 10% did not apply to the talcher unit ..... it maybe mentioned here that section 6 of the employees providentfund and miscellaneous provisions act, 1952 (hereinafter referred to as 'the act') was amended enhancing the provident fund contribution from 8.33% to 10% with effect from ..... section 35011/9/88-ss-ii dated may 17, 1989 the government of india amended provisions of section 6 of the act specifying 10% of the basic wages and dearness allowances as the rate of contribution of the employees and employer to ..... in the proviso to the amended provisions of section 6 of the act and that central office of the f. c. i. ..... section 6 of the act imposes upon the employer an obligation to deduct from the employee and to contribute to the provident fund at .....
Tag this Judgment!Court : Orissa
Reported in : AIR1994Ori258; 1995(I)OLR544
..... .'in balla ram, air 1949 fc 81, the learned judges approved the observations of lord thankerton, in in re, a reference under the government of ireland act, 1920; in re section 3, finance act (northern ireland), (1936) 2 all er 111 to the effect :--'it is the essential character of the particular tax charged that is to be regarded, and the nature of the machinery, often complicated by which the tax is to be assessed is not of assistance except in so ..... . it was also held that royalty on mineral rights is not a tax on land, but a payment for the user of land.in orissa cement case, air 1991 sc 1676 examining the scheme of taxation and taking note of the fact as to how the annual value of land is determined, more particularly section 7(3) of the amended act of 1989, the apex court held that it was apparently intended to regulate the cess on coal in respect of which the pit's mouth value ..... purports to tax on all land, it can be said without hesitation that though the state legislature apparently purports to act within its powers under entry 49 of list ii, in substance and in reality it transgressed the powers as it has sought to tax on coal and, therefore, the decision in india cement case (air 1990 sc 85) as well as orissa cement case (air 1991 sc 1676) would also apply to the case in hand and it must be held that the state legislature did .....
Tag this Judgment!Court : Orissa
Reported in : [2004]134STC62(Orissa)
..... income of the assessee does not consist solely of income from interest on securities or dividends, within three months from the end of the month in which the total income is determined under this act, and(b) in any other case, within three months from the end of the month in which the claim for refund is made under this chapter, the central government shall pay the assessee ..... payment or by deduction of such excess from the amount of tax, penalty or interest due in respect of any other period : provided that no claim to refund of any tax, penalty or interest paid under this act, shall be allowed unless it is made within twenty-four months from the date on which the order of assessment or order imposing penalty, as the case may be, was passed or from the date of the final ..... march, 1975, in pursuance of any order of assessment or penalty and such amount or any part thereof having been found in appeal or other proceeding under this act to be in excess of the amount which such assessee is liable to pay as tax or penalty, as the case may be, under this act, the central government shall pay to such assessee simple interest at the rate specified in sub-section (1) on the amount so found to be in excess from the ..... petitioner was to get refund of certain amount for the period 1990-91 and 1991-92 under the central sales tax act, for which he made an application on august 5, 1995. ..... (93)elt657(sc) , a case under the bengal finance (sales tax) act. ..... of india, ministry of finance : 1985(19)elt3(sc) , .....
Tag this Judgment!Court : Orissa
Reported in : 91(2001)CLT352
..... 1-1-1979, the appointed day on which the assets and liabilities of the company vested under section 6 of the bolani ores limited (acquisition of shares) and miscellaneous provisions act, 1978 (hereinafter called 'the acquisition act') and if the company was managing the institution, then whether the school in question comes within the scope and ambit of sections 6 and 7 of the said ..... with section 7 of the bolani ores limited (acquisition of shares) and miscellaneous provisions act, 1978 from the appointed day and consequently the petitioners are to be treated as employees of the school under the sail on and from 1-1-1979 instead of 1-1-1991, the purported date of taking over and shall be entitled to all such benefits ..... sub-clause (g) of clause-11 the company was required to make available the necessary finance as and when required for depositing with the state and/or central government for the ..... under the agreement the company was to provide finance, proper accommodation, to the institution and its staff on company rate and provide ..... bolani school was continued to be provided with finance to safeguard the interest of its employees who have sent their children to the said school, the provision of such benefit cannot be given to the staff of the school ..... while the entire finance, infrastructure, accommodation and other facilities were to be provided by the company itself with a view to provide ..... the ownership finance and maintenance of the school remained undisputedly with the company and, .....
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