Array ( [0] => ..... of 1987; a stay order was made.3. challenging the validity of the provisions of chapter xxc, inserted in the income-tax act, 1961 by the finance act, 1986, civil writ petition no. 2821 of 1986 (c.b. gautam v. union of india and ors.) was filed before the delhi high court. that writ petition was transferred to the apex court ..... for making it fixed by this court in order dated november 6th, 2003, and in any case, the one fixed by the provisions in section 269ud(1); (ii) copy of the agreement or deed regarding contemporaneous transaction referred to in the show cause notice and then relied on by the appropriate authority at the time of making ..... the property in question would be deemed to be purchased by the central government for rs. 11,10,000/-, being the amount equal to the amount of apparent consideration.2. the petitioner and the private respondents entered into a sale agreement dated august 31st, 1987. in terms of the agreement the immovable property located at 50, radhanath choudhury ..... [1] => ..... , in reassessment proceedings is barred by limitation, as per the amended provisions of section 153(2a) of the i.t.act'61, and hence liable to be quashed." 4. to appreciate the controversy raised by the assessee in this ground no. 2, it is necessary to state the facts of the case leading to the impugned fresh assessment order made by the assessing ..... of an order under section 250 or 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made before the expiry of 31.3.02. he ..... as to whether the present fresh assessment made by the ao is within the time limit provided under section 153(2a) of the act.15. on reading sub-section (2a) of section 153 of the act substituted by the finance act,01 w.e.f. 1.6.01, it is seen that fresh assessment in pursuance of an order under section 250 or section ..... [2] => ..... 1990) 82 ctr (st) 325) explained the insertion of this section in following words :'16.5 under the old provisions of chapter xxi of the income tax act, no penalty was provided for failure to deduct tax at source. this default, however, attracted prosecution under the provisions of section 276b, which prescribed punishment for failure to ..... same genus. penalty proceedings are quasi criminal proceedings and we see no reason for non-application of the underlying principle of article 20(2) of the constitution of india, as also of section 26 of the general clauses act, to the penalty proceedings under the income tax act. as pointed out by justice g.p. singh in his ..... (hereinafter referred to as the act).2. first, the relevant material facts. admittedly, the only lapse on the part of the assessee tax deductor was that he did not take into account the increase in surcharge, effected vide finance (second amendment) ordinance, 1990 promulgated on 15-10-1990, which resulted in a surcharge on tds to ..... [3] => ..... assessment year 1977-78 and subsequent years." as a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). as per explanation to section 73, where any part of a business of a company other than (i) for assessment years 1977-78 ..... defect can be remedied only by legislation and not by judicial interpretation. reliance was also placed on the decision of the supreme court in the case of cit v. shaan finance (p) ltd. (1998) 231 itr 308 (sc) at page 317 for the proposition that in ineterpreting a fiscal statute, the court cannot proceed to make good deficiencies ..... corresponds to section 24(2) read with proviso under the 1922 act. in order to curb the tendency of some tax payers to reduce the tax burden by manipulation, explanation to section 73 was added by taxation laws (amendment act), 1975. circular no. 204 dated 24-7-1976 explains the reasons for incorporating explanation to section 73. it was contended that ..... [4] => ..... inserting the new section retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass ..... and the purpose for which section 14a was inserted is on the similar line as given in aforesaid circular no. 14 of 2001, dated 22-11-2001. further, in section 14a of the act, the following proviso was inserted by the finance act, 2002 with effect from the 11th day of may, 2001, namely:- "provided that nothing contained in ..... do, the entire expenditure will be a permissible deduction but if they do not, the principle of apportionment of the expenditure will apply because there will be no nexus between the expenditure attributable to the venture not forming an integral part of the business and the expenditure sought to be deducted as the business expenditure of ..... [5] => ..... any particular property sale.'21. he stressed the fact that the new chapter giving the central government the pre-emptive right of purchase was inserted by the finance act, 1986, in implementation of this long-term policy statement. therefore, this shows the legislative intent to make the limitation rigid.22. there are other ramifications ..... competent jurisdiction alone can be added to the period of two months. that the rigidity of limitation is a definite and deliberate legislative act is clear from the observations of the finance minister in the long-term fiscal policy announced in december, 1985. in paragraph 5,30 of the said policy statement, the following ..... the consideration declared in the statement in the prescribed form, i.e., form no. 37-i, at rs. 1,88,33,096.2. the case has a chequered history. shortly stated, the first petitioner, a society registered under the societies registration act, has been functioning for the practice, profession and propagation of buddhism. a declaration ..... [6] => ..... residing in the state of sikkim, on or after the 1st day of april, 1958. (vijay mathur),director (tpl-ii).ministry of financedepartment of revenue.' 9. the aforesaid two notifications were followed by the finance act, 1989, section 26 of which provided-'26. notwithstanding anything contained in the notification of the government of india in the ..... 176itr222(all) , and the notification of the government of india in the ministry of finance (department of revenue), no. s. o.148(e) dated the 23rd february, 1989, : [1989]176itr223(cal) , in so far as it relates to the commencement of the income-tax act, 1961 (43 of 1961), in the state of sikkim, the provisions of the income ..... appears clear to us that the intention of parliament was to cover the entire field and thus to leave no scope for the argument that, until rules were framed, there was no inconsistency and no supersession of the state act.'16. the theory of implied repeal under the indian constitution was also noted by the supreme court in ..... [7] => ..... courts invitation, the ambit of the legislation was reconsidered by the legislature, and amending legislation was introduced by section 59(2) of, and schedule 17 to, the finance act 1985. but under section 59(2) of the act of 1985 the amending legislation only applies to expenditure incurred after 11 july 1984, and then if it does not consist ..... was full discovery before the hearings before the commissioners. the crown has prepared summaries, so far as was thought appropriate, of what the documents showed - as no doubt had the companies. i would not therefore think it appropriate to grant the crown a second opportunity to sift the material before the commissioners and see if ..... on the provision of the fixture' - differs from the wording in paragraph 3 or any other paragraph in the schedule, and makes sub-paragraph (2) necessary in paragraph 5. no comparable sub-paragraph is to be found in paragraph 3 or any other paragraph because it is not necessary.in my judgment, the taxpayer companies make ..... [8] => ..... explanation added to section 158ba. that has come into operation from july 1, 1995, by reason of retrospective effect given, when introducing it by the finance (no. 2) act, 1998. the department has made a miscellaneous application before the tribunal on the basis of this explanation requesting the tribunal to set aside or modify its order ..... charging section mentioning section 113 and also the flat rate of 60 per cent. section 158ba(2) has to be read with the ordinary charging section 4 which gives operation to different finance acts for different financial years. sub-section (2) clarifies that the rate shall be as per section 113 irrespective of the previous year. in ..... my opinion, sub-section (2) of section 158ba has to be interpreted in this manner that whatever the finance act the undisclosed income as assessed under chapter xivb must be taxed at the rate mentioned in section 113 notwithstanding the different ..... [9] => ..... that the assessee is an industrial company within the meaning of section 2(7)(c) of the finance act, 1982, and is accordingly chargeable to the concessional rate of income-tax. in that view of the matter, we answer the refrained question no. 1 as well as question no. 2 as referred by the tribunal in the negative and in favour ..... of the assessee.17. there will be no order as to costs.shyamal kumar sen ..... section 32a, but the definition of industrial undertaking as contained in section 2(7)(c) of the finance act, 1982, specifically provides that a company will be an industrial company even when it is engaged in the processing of goods. there can be no doubt that in the process of manufacturing eatables, food and drinks, the assessee-company does ..... [10] => ..... in order to sort out the possible anomalies and to prevent duplication of deduction, the explanations have been inserted by the direct tax laws (amendment) act, 1987, and, again, by the finance act, 1989.2. the tribunal evidently took the view that the provisions of section 43b would not apply, where the assessee has not only deposited the amount within ..... the municipal taxes are concerned, the benefit of the proviso shall be available to the assessee if they are paid within the time referred to in section 139(1), no matter whether the assessment year is 1984-85.6. but the same principle cannot, however, apply to the provision for e. s. i. liability and the provident ..... welfare of employees.'for this particular clause or class of liability, it is the second proviso, which shall apply. it is in the following terms :'provided further that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid during the previous year on or before ..... [11] => ..... and tear of the depreciable assets. the same was the position when the proviso was inserted by the finance (no. 2) act, 1965. the concept of initial depreciation re-emerged and made its entry in the new act by the finance (no. 2) act, 1967, with effect from april 1, 1968. but the legislature, while reintroducing initial depreciation in the ..... allowed.13. we, however, find such contentions to be unsound. at the time, the proviso was inserted in the present act by the finance (no. 2) act, 1965, with retrospective effect from april 1, 1962, there was no scheme for initial depreciation over and above the normal depreciation. the law re-enacted as the income-tax ..... present act, evidently omitted to note that the proviso below clause (6) of section 43 defining 'written down value' ..... [12] => ..... february 4, 1971, and the appeal before the tribunal was decided on march 22, 1973.3. in the meantime, section 5(1)(viii) was amended by the finance (no. 2) act, 1971. by the said amendment, jewellery was excluded from the items exempted under the said section with retrospective effect from april 1, 1963. an explanation defining the ..... in the circumstances of the case and on a proper interpretation of section 5(1)(viii) of the wealth-tax act, 1957, its retrospective amendment by the finance (no. 2) act, 1971, and section 35 of the said act, the tribunal was correct in holding that the rectification orders passed by the wealth-tax officer were justified and ..... wearing apparel. ' 5. on the basis of the said amended section of the act, the wealth-tax officer proceeded to rectify the assessments under section 35 of the act. the assessee objected to the proposed rectification contending that there was no mistake apparent from the record and that the amendment was discriminatory and otherwise bad. ..... [13] => ..... the amount of tax payable and all the provisions of chapter iv shall so far as may apply to any such assessment.'4. this section was amended by the finance act of 1958 (act no. 11 of 1958). the new section 44 runs as follows:'44. the liability in case of a firm or an association discontinued or dissolved. -- where any business, profession or ..... the income, profits and gains of the said firm before its dissolution and for the amount of tax payable thereon;now therefore under section 34 read with section 22(2) of the said act, i require you, the said shivram poddar to deliver to me within 35 days of the receipt of this notice a return in the attached form, of the ..... .' the relevant part of this notice runs as follows:'whereas i have reason to believe that m/s balmukund radheshyam (name of the firm) was dissolved on or about 24-2-1950 : and whereas the income of the said firm assessable to income-tax for the assessment year 1949-58 has been under-assessed; and whereas i propose to reassess the ..... [14] => ..... facts as found has been challenged by the revenue.13. the contention is that the assessee could not anticipate the advantage of a voluntary disclosure allowed under the finance (no. 2) act 1965, in 1962, is not of much consequence in view of the other facts as found. the, assessee, in any event, had been contemplating to ..... could not be closed and return could not be filed in time. (g) when ultimately the disclosure was made, by chance, the scheme of disclosure under the finance (no. 2) act, 1965, came to be promulgated and the assessee took advantage of the same. 9. he also noted that after the disclosure, the assessee did not continue its ..... member, however, did not agree with the view taken by the accountant member. he held that there was no contemporaneous evidence that the partners of the assessee were contemplating to make a voluntary disclosure under the finance (no. 2) act, 1965. he held further that the assessee or its partners could not anticipate that the government would announce ..... [15] => ..... -65. on this aspect, we cannot uphold the view of the tribunal.4. learned counsel for the assessee has, however, invited our attention to section 24 of the finance (no. 2) act, 1965. sub-section (11) of that section provides--see [1965] 58 itr 10 :(11) notwithstanding anything contained hereinabove or in any other law for the time being ..... letter dated december, 24, 1965, whereby the assessee-company had made a voluntary disclosure of rs. 8,60,000 as undisclosed income under section 24 of the finance (no. 2) act, 1965. the tribunal held that this letter of voluntary disclosure did not contain any admission of concealment of income to sustain the order under section 23a.3. on ..... ,25,450. the income-tax officer, however, assessed the company on an income of rs. 2,96,417. after deducting the tax payable thereon, the distributable surplus for the purposes of section 23a of the indian income-tax act, 1922 ('the act'), was worked out at rs. 1,68,029. the company had not declared any dividend. the ..... [16] => ..... ]77itr505(sc) . in that case, the supreme court held that jewellery used for personal use was exempt in entirety under clause (viii). subsequently, the legislature, by the finance (no. 2) act, 1971, excluded jewellery as articles of personal or household use with retrospective effect from april 1, 1963. the assessee has now claimed exemption in this case under section 5( ..... 76, 1976-77 and 1977-78 and upholding the disallowance of the claim for exemption of jewellery under sections 5(1)(viii) and 5(1)(xiii) of the act ? (2) whether the tribunal was justified in law in not upholding the claim of exemption of jewellery in the facts and circumstances of the case ? (3) whether the ..... of jewellery having not considered the material points in dispute with reference to section 5(1)(xiii) read with section 5(1)(viii) of the wealth-tax act, 1957 ?' 2. the assessee is the sole beneficiary and executor of the will left by his wife, mrs. hila ginwalla. this reference relates to the wealth-tax assessment ..... [17] => ..... be a part of the qualification of a company to be entitled to the rebate provided in proviso (i) or paragraph d of the finance act. paragraph d of part ii of the finance (no. 2) act, 1957, deals with the case of rates of super-tax in the case of a company. the subject there is super-tax on a ..... , represent a tragedy of multiple errors. the questions canvassed, decided and raised here turn essentially and fundamentally on the language of paragraph d of part ii of the finance (no. 2) act, 1957. the language of the statute has to be clearly borne in mind at every stage to come to a decision on the points raised. paragraph ..... this contention is rejected.'8. the second contention that he notices is that the distribution in clause (c) of the second proviso to paragraph d of the finance (no. 2) act, 1957, means actual distribution and does not include notional distribution. the appellate assistant commissioner also dismissed this contention as without merit. his relevant observations on this point ..... [18] => ..... to issue the impugned notification withholding the benefit of tax credit certificate. it was argued that the statute itself had retrospective operation because chapter xxiib was introduced by the finance act, 1965, in may, 1965, allowing tax credit and export made on and from february 22, 1965. therefore, it was argued the statute clearly had retrospective ..... that paragraph and after sub-paragraph (1) as so re-numbered (as sub-paragraph (1) of that paragraph), the following sub-paragraph shall be inserted, namely :-- (2) no certificate shall be granted under sub-paragraph (1) in respect of any sale proceeds referred to in that sub-paragraph or part of such sale proceeds received after the ..... in column (3) of the said table in respect of such goods or merchandise shall be deemed to be nil and accordingly no certificate shall be granted in respect of such goods or merchandise.'...... 2. this notification shall be deemed to have come into force on the 6th day of june, 1966.' a battle royal was ..... [19] => ..... whole of such income in computing the total income of the assessee.'5. we are concerned with the section as stated above for the relevant assessment year. in the finance (no. 2) act of 1971 after the first condition was mentioned, the expression was ' under an agreement approved by the board in this behalf ' and two provisos were added, which ..... have noted the facts. it would be instructive in this connection to bear in mind the provision of section 80-o as the same was before its substitution by the finance (no. 2) act of 197j, with effect from 1st of april, 1972. the said provision was as follows :'80-0. deduction in respect of royalties, etc., received from certain ..... a case the limitation of four years would not be a deterrent in making the order.12. having regard to the object of the act, in our opinion, the subsequent amendment by the finance (no. 2) act of 1971, would be in the nature of a clarification and explanatory of what was the law before. it was because the assessee normally ..... ) Finance No 2 Act 2009 Chapter Iii Direct Taxes - Court Kolkata - Page 4 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: finance no 2 act 2009 chapter iii direct taxes Court: kolkata Page 4 of about 2,866 results (0.226 seconds)

May 11 2006 (HC)

Ajay Kumar Tarafdar Vs. the Appropriate Authority and ors.

Court : Kolkata

Reported in : (2006)3CALLT645(HC)

..... of 1987; a stay order was made.3. challenging the validity of the provisions of chapter xxc, inserted in the income-tax act, 1961 by the finance act, 1986, civil writ petition no. 2821 of 1986 (c.b. gautam v. union of india and ors.) was filed before the delhi high court. that writ petition was transferred to the apex court ..... for making it fixed by this court in order dated november 6th, 2003, and in any case, the one fixed by the provisions in section 269ud(1); (ii) copy of the agreement or deed regarding contemporaneous transaction referred to in the show cause notice and then relied on by the appropriate authority at the time of making ..... the property in question would be deemed to be purchased by the central government for rs. 11,10,000/-, being the amount equal to the amount of apparent consideration.2. the petitioner and the private respondents entered into a sale agreement dated august 31st, 1987. in terms of the agreement the immovable property located at 50, radhanath choudhury .....

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Jan 31 2005 (TRI)

W.C. Shaw Pvt. Ltd. Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD535(Kol.)

..... , in reassessment proceedings is barred by limitation, as per the amended provisions of section 153(2a) of the i.t.act'61, and hence liable to be quashed." 4. to appreciate the controversy raised by the assessee in this ground no. 2, it is necessary to state the facts of the case leading to the impugned fresh assessment order made by the assessing ..... of an order under section 250 or 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made before the expiry of 31.3.02. he ..... as to whether the present fresh assessment made by the ao is within the time limit provided under section 153(2a) of the act.15. on reading sub-section (2a) of section 153 of the act substituted by the finance act,01 w.e.f. 1.6.01, it is seen that fresh assessment in pursuance of an order under section 250 or section .....

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Jul 13 2001 (HC)

ito Vs. Titagarh Steels Ltd.

Court : Kolkata

Reported in : (2001)73TTJ(Cal)297

..... 1990) 82 ctr (st) 325) explained the insertion of this section in following words :'16.5 under the old provisions of chapter xxi of the income tax act, no penalty was provided for failure to deduct tax at source. this default, however, attracted prosecution under the provisions of section 276b, which prescribed punishment for failure to ..... same genus. penalty proceedings are quasi criminal proceedings and we see no reason for non-application of the underlying principle of article 20(2) of the constitution of india, as also of section 26 of the general clauses act, to the penalty proceedings under the income tax act. as pointed out by justice g.p. singh in his ..... (hereinafter referred to as the act).2. first, the relevant material facts. admittedly, the only lapse on the part of the assessee tax deductor was that he did not take into account the increase in surcharge, effected vide finance (second amendment) ordinance, 1990 promulgated on 15-10-1990, which resulted in a surcharge on tds to .....

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Dec 10 2002 (TRI)

R.P.C. Industries Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD105(Kol.)

..... assessment year 1977-78 and subsequent years." as a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). as per explanation to section 73, where any part of a business of a company other than (i) for assessment years 1977-78 ..... defect can be remedied only by legislation and not by judicial interpretation. reliance was also placed on the decision of the supreme court in the case of cit v. shaan finance (p) ltd. (1998) 231 itr 308 (sc) at page 317 for the proposition that in ineterpreting a fiscal statute, the court cannot proceed to make good deficiencies ..... corresponds to section 24(2) read with proviso under the 1922 act. in order to curb the tendency of some tax payers to reduce the tax burden by manipulation, explanation to section 73 was added by taxation laws (amendment act), 1975. circular no. 204 dated 24-7-1976 explains the reasons for incorporating explanation to section 73. it was contended that .....

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May 29 2003 (TRI)

Dcit Vs. S.G. Investments and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD44(Kol.)

..... inserting the new section retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass ..... and the purpose for which section 14a was inserted is on the similar line as given in aforesaid circular no. 14 of 2001, dated 22-11-2001. further, in section 14a of the act, the following proviso was inserted by the finance act, 2002 with effect from the 11th day of may, 2001, namely:- "provided that nothing contained in ..... do, the entire expenditure will be a permissible deduction but if they do not, the principle of apportionment of the expenditure will apply because there will be no nexus between the expenditure attributable to the venture not forming an integral part of the business and the expenditure sought to be deducted as the business expenditure of .....

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Jan 05 1994 (HC)

Mahabodhi Society of India and anr. Vs. Union of India (Uoi) and ors.

Court : Kolkata

Reported in : [1994]209ITR412(Cal)

..... any particular property sale.'21. he stressed the fact that the new chapter giving the central government the pre-emptive right of purchase was inserted by the finance act, 1986, in implementation of this long-term policy statement. therefore, this shows the legislative intent to make the limitation rigid.22. there are other ramifications ..... competent jurisdiction alone can be added to the period of two months. that the rigidity of limitation is a definite and deliberate legislative act is clear from the observations of the finance minister in the long-term fiscal policy announced in december, 1985. in paragraph 5,30 of the said policy statement, the following ..... the consideration declared in the statement in the prescribed form, i.e., form no. 37-i, at rs. 1,88,33,096.2. the case has a chequered history. shortly stated, the first petitioner, a society registered under the societies registration act, has been functioning for the practice, profession and propagation of buddhism. a declaration .....

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Mar 29 1993 (HC)

Anjan Banerjee Vs. Union of India (Uoi) and ors.

Court : Kolkata

Reported in : [1994]207ITR130(Cal)

..... residing in the state of sikkim, on or after the 1st day of april, 1958. (vijay mathur),director (tpl-ii).ministry of financedepartment of revenue.' 9. the aforesaid two notifications were followed by the finance act, 1989, section 26 of which provided-'26. notwithstanding anything contained in the notification of the government of india in the ..... 176itr222(all) , and the notification of the government of india in the ministry of finance (department of revenue), no. s. o.148(e) dated the 23rd february, 1989, : [1989]176itr223(cal) , in so far as it relates to the commencement of the income-tax act, 1961 (43 of 1961), in the state of sikkim, the provisions of the income ..... appears clear to us that the intention of parliament was to cover the entire field and thus to leave no scope for the argument that, until rules were framed, there was no inconsistency and no supersession of the state act.'16. the theory of implied repeal under the indian constitution was also noted by the supreme court in .....

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Jul 28 1994 (HC)

Melluish (inspector of Taxes) Vs. B. M. I (No. 3) Ltd. Melluish (inspe ...

Court : Kolkata

Reported in : [1995]213ITR236(Cal)

..... courts invitation, the ambit of the legislation was reconsidered by the legislature, and amending legislation was introduced by section 59(2) of, and schedule 17 to, the finance act 1985. but under section 59(2) of the act of 1985 the amending legislation only applies to expenditure incurred after 11 july 1984, and then if it does not consist ..... was full discovery before the hearings before the commissioners. the crown has prepared summaries, so far as was thought appropriate, of what the documents showed - as no doubt had the companies. i would not therefore think it appropriate to grant the crown a second opportunity to sift the material before the commissioners and see if ..... on the provision of the fixture' - differs from the wording in paragraph 3 or any other paragraph in the schedule, and makes sub-paragraph (2) necessary in paragraph 5. no comparable sub-paragraph is to be found in paragraph 3 or any other paragraph because it is not necessary.in my judgment, the taxpayer companies make .....

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Feb 23 1999 (HC)

Shaw Wallace and Co. Ltd. Vs. Assistant Commissioner of Income-tax and ...

Court : Kolkata

Reported in : (1999)154CTR(Cal)105,[1999]238ITR13(Cal)

..... explanation added to section 158ba. that has come into operation from july 1, 1995, by reason of retrospective effect given, when introducing it by the finance (no. 2) act, 1998. the department has made a miscellaneous application before the tribunal on the basis of this explanation requesting the tribunal to set aside or modify its order ..... charging section mentioning section 113 and also the flat rate of 60 per cent. section 158ba(2) has to be read with the ordinary charging section 4 which gives operation to different finance acts for different financial years. sub-section (2) clarifies that the rate shall be as per section 113 irrespective of the previous year. in ..... my opinion, sub-section (2) of section 158ba has to be interpreted in this manner that whatever the finance act the undisclosed income as assessed under chapter xivb must be taxed at the rate mentioned in section 113 notwithstanding the different .....

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Sep 22 1993 (HC)

S.P. Jaiswal Estates Pvt. Ltd. Vs. Commissioner of Income-tax (No. 1)

Court : Kolkata

Reported in : [1994]209ITR298(Cal)

..... that the assessee is an industrial company within the meaning of section 2(7)(c) of the finance act, 1982, and is accordingly chargeable to the concessional rate of income-tax. in that view of the matter, we answer the refrained question no. 1 as well as question no. 2 as referred by the tribunal in the negative and in favour ..... of the assessee.17. there will be no order as to costs.shyamal kumar sen ..... section 32a, but the definition of industrial undertaking as contained in section 2(7)(c) of the finance act, 1982, specifically provides that a company will be an industrial company even when it is engaged in the processing of goods. there can be no doubt that in the process of manufacturing eatables, food and drinks, the assessee-company does .....

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