Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)20ITD321(Delhi)
..... . according to shri nanda, the thai company was not only carrying on the activity of gaining fish on behalf of the appellant but also doing publicity and advertisement for the assessee in the foreign markets and acting as its agent for promotion of sale of fish abroad.shri nanda refers to us the paper book consisting of 30 pages and in particular takes us through the terms of agreement with the thai company dated 30-12-1978 and the ..... to its assessment for the assessment year 1980-81 (account year ending on 31-12-1979) in the following terms : the learned commissioner (appeals)-xi has erred in disallowing the weighted deduction under section 35b of the income-tax act, 1961 in respect of expenditure incurred in its business of export of fish, for the charter expenses paid.2. relevant facts leading to the controversy have been stated in detail in the orders of the iac (assessment) and the ..... in that zone for the purposes of supply of fish to foreign customers fell within the provisions of section 35b(1)(b)(vm) ..... in fact, no evidence has been furnished before us to show that any contracts were existing between the assessee and foreign buyers of fish in the relevant accounting period ..... who undertakes to export and sell under universal's representative's supervision at the prevailing international prices on behalf of universal the entire 100 per cent of all exportable marine products from indian waters to thailand or any other foreign countries according to the prevailing market conditions .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR326(AP)
..... authorities held that the payment is made to the export credit guarantee corporation for the information furnished to the assessee regarding credit-worthiness of the foreign purchaser but also providing a guarantee for payment of such amount and such activity for obtaining information and arranging guarantee falls within sub-clause (ii) of section 35b(1)(b) of the act and as such is eligible for weighted deduction. 3. ..... in the context of considering whether such payment can be allowed as a deduction under section 35b of the act, the madras high court held that the commission paid for getting orders does not fall within the items of expenditure set out in ..... case, the assessee indented the services of another company for the purpose of procuring orders from foreign buyers in respect of export of prawns and shrimps to foreign countries and paid a certain amount by way of commission. ..... this additional deduction over and above the normal deduction under section 37 of the act should be allowed if the expenditure is strictly within the contours of the items of expenditure comprised in clause (b) and if a liberal or stretched interpretation is given, the object of giving additional deduction will be defeated ..... claimed by the assessee comprises payments made for obtaining information regarding the marketability of goods and to the export credit guarantee corporation for the purpose of being apprised of the credit-worthiness of the foreign buyer and also providing guarantee for the payment. .....
Tag this Judgment!Court : Mumbai
Reported in : 1987(1)BomCR480; [1990]68CompCas291(Bom)
..... in george's case : [1967]63itr497(sc) , here we have the word 'promoter' in the foreign exchange regulation act from which we can obtain light regarding the type of conduct which was sought to be proscribed ..... of aerated drinks is being prosecuted under section 27 of the foreign exchange regulation act, 1973 ('the act'), accentuates the necessity of exercise of extreme circumspection in prosecuting persons ..... reserve bank, on their part, scrutinised the franchise agreements and having raised no objection and released the foreign exchange requested for, parle were entitled to draw a reasonable inference that their conduct in allowing the ..... as the preamble indicates, the act is to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency and bullion, for the conservation of the foreign exchange resources and the proper utilisation ..... the subject of regulating the association of persons resident in india with concerns outside india is taken care of by section 27(1) of the act which reads as under :'27(1) without prejudice to the provisions of clause (e) of sub-section (1) of section 19, no person resident in india shall, without the previous permission of the central government, associate himself ..... and the central government in the matter of processing of such foreign collaboration would make for a smoother and more meaningful operation of the act.21. .....
Tag this Judgment!Court : Mumbai
Reported in : 1987(12)ECC265; 1987(30)ELT167(Bom)
..... like the use of the word 'contract' in george's case, here we have the word 'promoter' in the foreign exchange regulation act from which we can obtain light regarding the type of conduct which was sought to be prescribed by the parliament. ..... the present case, in which a manufacturer of aerated drinks is being prosecuted under section 27 of the foreign exchange regulation act, 1973 ('the act') accentuates the necessity of exercise of extreme circumspection in prosecuting persons under regulatory offences.2. ..... reserve bank, on their part scrutinised the franchise agreements and having raised no objection and released the foreign exchange requested for, parle were entitled to draw a reasonable inference that their conduct in allowing the bottlers to use their trade-marks free of cost etc. ..... as the preamble indicates, the act is to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency and bullion, for the conservation of the foreign exchange resources and the proper utilisation thereof in the interests of the economic development of the country. ..... it is felt that an active co-ordination between the reserve bank and the central government in the matter of processing of such foreign collaboration would make for a smoother and meaningful operation of the act.17. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1989]66CompCas387(MP)
..... bench at indore and the following resolution was adopted and the minutes of the said extraordinary general meeting are annexure e :' resolved pursuant to section 100 of the companies act, 1956 and subject to confirmation of the hon'ble high court of madhya pradesh bench at indore that the paid-up equity capital of the company be reduced from rs. ..... the objects of the company are :(a) to carry on in india or abroad the business of printing and publishing newspaper, magazines, journals, books, news letters, pamphlets and any other daily or periodical in any indian or foreign languages, under any name including names/titles registered by indian national press (bombay) ltd. ..... the petitioner company, namely the indian national press (indore) limited, has filed this petition under section 101 of the companies act, 1956, for confirming the resolution passed by the company regarding reduction of its share capital.2. ..... therefore, by a special resolution of the company, passed in accordance with section 189 of the companies act, 1956, at an extraordinary general meeting held on september 8, 1986, for which notice dated august 30, 1986 (annexure c), was issued, it was unanimously resolved that the capital of the company should be reduced by reducing the value of the ..... the form of the minutes proposed to be registered under section 103(l)(b) of the companies act, 1956, is as follows:' paid up equity share capital of the company, namely, indian national press (indore) limited henceforth is rs. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta
Reported in : (1987)(13)LC717Tri(Kol.)kata
..... one party has by his words or conduct made to the other a clear and unequivocal promise which is intended to create 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 by 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 so ..... empowers central board of excise & customs, new delhi to call for and examine the records of any proceedings in which a collector of customs as an adjudicating authority has passed any decision or order under this act for the purpose of satisfying itself as to the legality or propriety of such decision or order, and may by order direct such collector to apply to the appellate tribunal for the determination of such points arising ..... c- 24/85-cal, to the effect that the importers should have sought clarifications from the concerned authorities before entering into any contract with the foreign suppliers and said that because of those observations he would like to submit the following documents as additional evidence: - (i) copy of letter in (p) i&ep/cla 752 dated 3.7.85 from the governemt of india, directorate general, technical ..... 42 of appendix-10 means other prohibitions, such as under section 11 of the customs act, 1962, section 13 of the foreign exchange regulation act, 1973 and section 10 of the drugs and cosmetic act, etc.24. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1987Guj253; (1987)2GLR1345
..... , if a case so patently gross and clear of a detention falling on the face of the order of detention or the return made to a notice from the court, outside the provisions of the act on the ground of personal malice of the detaining authority or, some other ground utterly outside the act arises so that no further investigation is called for it may be possible to contend that it is not protected by the presidential order of 27th june 1975, and by the provisions of art. ..... cofeposa and subsequent to the period of detention smugglers and foreign exchange manipulators (forfeiture of property) act was invoked and in those circumstances, the supreme court held that the detention under the cofeposa if it is bad can be questioned and if such an order of detention passed on the strength of cofeposa is set aside, there is no question of invoking the provisions of smugglers and foreign exchange manipulators (forfeiture of property) act to confiscate the properties of the detenu concerned. ..... supreme court had occasion to consider smugglers and foreign exchange, manipulators (forfeiture of property), act 1(13 of 1976) in relation to cofeposa. ..... our notice that such a writ is maintainable and for this proposition he relied on the cases decided under the smugglers and foreign exchange manipulators (forfeiture of property) act (safema act), no doubt, mr. ..... sought to be detained under the provisions of the conservation of foreign exchange and prevention of smuggling activities act, 1974 (cofeposa act). .....
Tag this Judgment!Court : Rajasthan
Reported in : [1989]179ITR67(Raj); 1987(2)WLN336
..... he has also pointed out that the matter of foreign exchange recovery of certain amount of liras is also involved against the petitioner ..... this was a case relating to the offence of passing on defence secrets to a foreign agency which was punishable under the official secrets act. ..... he has also filed objections against the summary order under section 311 of the act which have not been decided even till today. ..... a complaint under sections 276c, 276cc and 277 of the act was filed in the court of the chief judicial magistrate (economic offences), jaipurcity, jaipur, by the income-tax officer, central circle-ii, against the petitioner ..... 340 of 1986, pending trial in the court of the chief judicial magistrate (economic offences) jaipur city, jaipur, under section 276c of the income-tax act, 1961, provided he furnishes a personal bond in the sum of rs. ..... counsel, therefore, points out that under the provisions of section 276c(1)(i) of the act, it is provided that if the amount sought to be evaded exceeds rs. ..... a second appeal is also provided under the act which can be filed before the income-tax appellate ..... the objections under section 132(11) of the act have also been filed and several reminders to decide the same have been sent to the department, but with no effect and the objections are still ..... of 1986, pending trial in the court of the chief judicial magistrate (economic offences), jaipur city, jaipur, under section 276c of the income-tax act, 1961 (hereinafter referred to as 'the act').2. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Reported in : (1987)(11)LC545Tri(Mum.)bai
..... but the appellants have singularly failed to reveal any transactions of sale.in these circumstances, to borrow the phrases from the high court's order, the resort to section 125 of the act to impose fine in lieu of confiscation cannot be so exercised as to give bonanza or profits for an illgeal transaction of import", or that "there would appear to be hardly any justification for letting an importer make monetary gain from any illegal ..... we shall first deal with the question whether it is open to this tribunal to reject the appeals as time barred under section 129a(3) of the customs act on the facts and in the circumstances of the cases.before dealing with the question, it is necessary to narrate briefly the circumstances in which these two matters have come before this ..... to the operative portion of the collector's order, the advocate stated that the collector had found that this was normally a case of levy of a penalty under section 112 of the customs act but the collector had refrained from levying the penalty in view of the sufficient amount of redemption line imposed on the goods in lieu of confiscation. ..... policy, coconut oil was a canalised item and import of this item could be made only by the state trading corporation of india under open general licence (ogl) on the basis of foreign exchange released by the government. ..... the customs to do so will lead to utter confusion in the very basis and principles of taxation and grave uncertainity in business and foreign trade of india. .....
Tag this Judgment!Court : Chennai
Reported in : [1988]69STC195(Mad)
..... follows : 'if any person or registered dealer collects any amount by way of tax or purporting to be by way of tax in contravention of the provisions of sub-section (1), whether or not any tax is due from such person or dealer under this act, in respect of the transaction in which he collects such amount, the assessing authority may, after giving such person or dealer a reasonable opportunity of being heard, by order in writing, impose upon him by way of penalty a sum not exceeding ..... the first blush, would reveal that it is enforceable only in the area specified in the section, and not to other places, but yet, there is no provision of the words 'all the provisions of the sales tax act' or the word 'penalty' in the surcharge act, and that therefore, the levy of penalty on the collection made by the appellant, is not correct and in accordance with law. 6. ..... that this collection cannot be held to be against law, since on a combined reading of section 3(2) of the surcharge act together with section 22(1) and (2) of the sales tax act, the amount collected by the appellant cannot give rise to an action for penalty. ..... hindustan import export corporation, madras-1, under section 37 of the tamil nadu general sales tax act, 1959, against the order of the board of revenue dated 30th june, 1978 made in its ..... when the indian penal code had been drafted by macaulay this concept had been very much in his mind, since india was under the foreign domination then (vide trevelyan's life of macaulay). .....
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