Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Tamil Nadu
Reported in : (1986)(6)LC464Tri(Chennai)
..... in the context of this factual background and the statutory legal obligation cast on an exporter under the provisions of the export control order and foreign exchange regulation act, besides the customs act, non-mention of the relevant particulars relating to the valuation of the export consignment in question would certainly be a contravention entailing confiscation. ..... bill and other connected relevant documents the value, specification, quality and description of the goods which were sought to be exported, as per the provisions of the export control order 1977 and the provisions of the foreign exchange regulation act, proceedings were instituted against the appellants by issue of a show cause notice which ultimately culminated in the impugned order now appealed against. ..... the export control order or any other order and that there is no statutory definition of the item in question is hardly relevant for determination of the issue relating to under-invoicing or undervaluation within the provisions of the customs act, export control order and foreign exchange regulation act.the ratio of the ruling in the case of bimex international maha singh gate, amritsar v. ..... being absent in the connected shipping bill and other documents contravention of the provisions of the export control order and foreign exchange regulation act has been made out. .....
Tag this Judgment!Court : Delhi
Reported in : 1986CriLJ1857
..... except with the previous general or special permission of the reserve bank, no person, whether an authorised dealer or a money changer or otherwise, shall enter into any transaction which provides for the conversion of indian currency into foreign currency or foreign currency into indian currency at rates of exchange other than the rates for the time being authorised by the reserve bank.13. ..... the enforcement directorate received secret information that the petitioner was indulging in unauthorised sale and purchase of foreign exchange at a large scale under the cover of having money changer license at village mehram nagar, opposite palam airport, new ..... sibal referred to section 8(1) and 8(2) of the foreign exchange regulation act, 1973 and contended that the petitioner under his license was fully competent to convert indian currency into foreign currency or foreign currency into indian currency. ..... 1985 the petitioner was arrested under section 35(1) of the foreign exchange regulation act, 1973 for contravention of section 8(1) and 8(2) of foreign exchange regulation act, 1973 by the enforcement directorate. ..... 8(1) and 8(2) of the foreign exchange regulation act read as under:8. ..... detention order was passed with a view to preventing the petitioner from acting in any manner prejudicial to the augmentation of the foreign exchange.2. ..... , joint secretary to the government of india, under section 3(1) of the conservation of foreign exchange and prevention of smuggling activities act, 1974. .....
Tag this Judgment!Court : Delhi
Reported in : ILR1986Delhi191b; 1986RLR56
..... law abiding citizen, that he is intended to be harassed by ulterior motives, that he is always ready to join the investigation and fully explain all the documents which had been taken into possession, that the foreign exchange which was recovered from his house was of nominal value, that such violation became merely a trifle offence not to be taken notice of when it is coupled with the explanationn given by the petitioner in ..... of the documents, recovered as a result of searches of premises of the petitioner, are going on, that there are large number of documents indicating that the petitioner had been passing on to foreign countries very vital and sensitive information of all types, including the one relating to defense and military affairs. ..... he explains that both the police as well as enforcement authorities under the foreign exchange regulation act have been trying their level best to contact the petitioner for the' purposes of interrogation, that notices were sent to him at his residence d-83, defense colony, new delhi but ..... he apprehends arrest by the authorities under the foreign exchange regulation act (hereinafter referred to as fera) as well as delhi police and, intelligence ..... an information which may not be secret but which relates to a matter the disclosure of which is likely to affect the sovereignty and integrity of india, the security of the state or friendly relations with foreign state or useful to an enemy is an offence under section 3 of the official secrets act. .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)1GLR688
..... making reference and so the full bench had posed the question in the following terms:in a case where the declaration under section 9(1) of the cofeposa records satisfaction in terms of clauses (a), (b) and (c) of section 9(1) of the act could such declaration be upheld if such satisfaction is based only on material relating to incidents of dates prior to the date of declaration and even prior to the date of the order of detention.while considering the said question in ..... the first ground the learned advocate shri dhingra, amicus curiue, assisting the court contended that the ground was vague and at any rate did not show that the acts of the petitioner were prejudicial to the maintenance of public order and that since this ground was not valid the entire detention order had become invalid. ..... and pots a bomb therein, the object obviously is to create a scare so that neither the teaching staff nor the pupils would dare attend it for prosecution of studies and that those acts constituted not merely mischief under section 425 ipc but also constituted mischief which would disturb or was likely to disturb public order. ..... operations such as smuggling, holding black marketing, illicit dealing in foreign exchange and other activities of a similar character are generally under-taken for economic advantage, in that process exploiting the economic ..... arisen out of a reference concerning the provisions of the conservation of foreign exchange and prevention of smuggling activities act, 1974. .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)88BOMLR81; (1986)51CTR(Bom)183; [1986]159ITR28(Bom); [1986]24TAXMAN106(Bom)
..... indian currency for making payment towards the whole or a part of the cost of the asset or for repayment of the whole or a part of the moneys borrowed by him from any person, directly or indirectly, in any foreign currency specifically for the purpose of acquiring the asset (being in either case the liability existing immediately before the date on which the change in the rate of exchange takes effect), the amount by which the ..... the increased liability on account of revaluation of the german and dutch currencies as aforesaid was erroneous and prejudicial to the interests of the revenue inasmuch as, according to him, under section 43a of the income-tax act, 1961, the adjustment for increased liability could be allowed only if the aforesaid liability was increased or decreased during the relevant previous year in consequence of a change in the rate of exchange. ..... the language of this section to suggest that the asset in question must have been acquired after april 1, 1967, or that devaluation or revaluation of the foreign currency must take place after that day in order that the provisions of the section may come into play. ..... as we have pointed out, section 43a of the income-tax act, 1961, only deals with the effect of a change in the rate of exchange with the foreign currency concerned in determining the 'actual cost' referred to in section 43 and there is nothing in the language of section 43 to indicate that the actual cost has anything to do with the cost of the asset in question .....
Tag this Judgment!Court : Kerala
Reported in : (1986)55CTR(Ker)141; [1986]162ITR732(Ker)
..... is, however, subject to clause (b) which provides that the ceiling limit prescribed under clause (c) is not applicable to the expenditure or allowance in relation to (i) any employee in respect of any period of his employment outside india; (ii) any employee being a foreign technician who is entitled to exemption from tax on his remuneration under section 10(6)(vii) or section 10(6)(viia); and, (iii) any employee whose income chargeable under the head 'salaries' does not exceed rs. ..... (1) the provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this act relating to the computation of income under the head ' profits and gains of business or profession '. ..... this section, in the computation of income under the head 'profits and gains of business or profession' operates non obstante any other provision of the act to the contrary. ..... the answers to these questions depend on the construction of sections 40(c) and 40a(5) of the income-tax act, 1961. .....
Tag this Judgment!Court : Delhi
Reported in : 29(1986)DLT148
..... to challenge the existence or validity of an arbitration agreement or award as also suits to have the effect (scope) of an arbitration agreement determined are barred and such questions can be raised only by an application under section 33 of the act whereas under the foreign awards act there is no provision similar or akin to sections 32 and 33 (and that is why a suit of the nature filed by renusagar qua the arbitration agreement covered by the convention is maintainable) but by virtue of sections 3 and 7 the same ..... , in paragraph 98, the supreme court has opined that a stay of the suit either under section 3 of the foreign awards act or under section 34 of the arbitration act, 1940 may have the effect of finally disposing of the suit for all practical purposes. ..... section 3 of the foreign awards act so to say combines in its own arm bit both sections 33 and 34 of the arbitration act ; in other words, questions regarding the existence, validity or effect (scope) of the arbitration act are required to be decided under section 3 of the foreign awards act before a stay of legal proceedings contemplated therein could be granted and the right to have legal proceedings stayed contained in section 34 of the arbitration act is also to be found in the some section 3. ..... justice tulzapurkar,speaking for court has observed : 'an examination of sections 3, 5 and 7 of the foreign awards act in juxtaposition with sections 32, 33 and 34 of the arbitration act brings out these differences. .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1985KAR3923
..... adult son living separately from the family is concerned, he is rightly regarded as a separate unit who will have to file a separate declaration in respect of his holding under section 9 of the act and since he is living separately and would not be contributing his capacity to the family to cultivate the family lauds personally there is no justification for increasing the permissible area of the primary unit ..... is no doubt true that the right of a female heir to the interest inherited by her in the family property gets fixed on the death of a male member under section 6 of the act but she cannot be treated as having ceased to be a member of the family without her volition as otherwise it will lead to strange results which could not have been in the contemplation of ..... that the determination of the extent of surplus land of a holder has to be made as on the appointed day.it is obvious from the foregoing requirements prescribed under section 12 of the act that the crucial date with reference to which the extent of the surplus land held by a person is to be determined is the appointed day in the case of persons holding land in excess ..... ceiling on holding (1) no person who is not a member of a family or who has no family and no family shall, except as otherwise provided in this act, be entitled to hold, whether as land owner, land lord or tenant or as a mortgagee with possession or otherwise or partly in one capacity and partly in ..... joint family is totally foreign to the personal laws of .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1986KAR713; 1986(2)KarLJ242; [1986]62STC238(Kar)
..... sales tax, uttar pradesh : 1981(8)elt325(sc) the supreme court reiterated them in these words : 'it is well-settled that in interpreting items in statutes like the excise tax acts or sales tax acts, whose primary object is to raise revenue and for which purpose they classify diverse products, articles and substances, resort should be had not to the scientific and technical meaning of ..... having come to the conclusion that on proper construction the expression 'the agreement' occurring in section 5(3) refers to the agreement with a foreign buyer and does not include any agreement with a local party containing a covenant to export, the next question that arises for our consideration is as to when does ..... for sale of the identical goods entered into by the stc with the foreign buyers) that the former were to stand cancelled if the latter for any reason fell through any vice versa and further the penultimate sales were effected to implement the contracts with the foreign buyers and even then following the ratio of the coffee board's case : ..... setting out section 5(3) of the cst act and analysing the same, the acct proceeded to observe thus : 'thus the sale or purchase falling under section 5(3) must precede the export sale, must be after the placing of order by the foreign buyer or after making agreement with the foreign buyer and must be for the purpose ..... with or order from a foreign buyer must be available or produced in order to attract section 5(3) of the central sales tax act, 1956. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]163ITR531(Raj)
..... income included in the total income of the assessee-firm for the year and that the assessee-firm was under the bona fide belief that the entire expenditure incurred in foreign tours will be allowed by the taxing authorities in the assessment and the quantum in appeal would be allowed by the income-tax authorities. ..... dated march 10, 1981, passed by the income-tax appellate tribunal, the revenue moved an application for reference under section 256(1) of the act, requiring the tribunal to refer a question of law arising out of the order of the tribunal dated march 10,1981, to this court. ..... the learned tribunal also considered the effect of the explanation added to section 271(1)(c) of the act and recorded the finding that it was not attracted in the instant case inasmuch as the income returned was not less than 80% of the total income assessed for the year ..... consequently, the revenue has filed a reference application under section 256(2) of the act, arising out of the order dated march 10,1961, passed by the income-tax appellate tribunal ..... application under section 256(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), is directed against the order dated august 28, 1981, passed by the income-tax appellate tribunal, jaipur, by which the reference application under section 256(1) of the act preferred by the revenue was rejected.2. ..... as business expenses of the firm, penalty proceedings under section 271(1)(c) of the act were initiated and a show-cause notice was served. .....
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