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Unit Trust of India and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Reported in : (2001)168CTR(Bom)99; [2001]249ITR612(Bom)

..... in conclusion, he contended that section 32 of the uti act is a special provision as it governs the entire tax liability of the uti act whereas the interest-tax act is a general provision and, accordingly, he contended that the uti act will override the interest-tax act.findings :questionsanswers (a) whether the interest-tax under the interest-tax act, 1974, isa tax on income and, if so, whether interest accruing to the uti fromloans advanced by it stands exempted in view of section 32 of the utiact, 1963 ? ..... 2) act, 1991 with effect from october 1, 1991, when the uti stood covered by the interest-tax act, there was an implied repealing of section 32 of the uti act to the extent mentioned ..... therefore, pointed out that the interest-tax would certainly supersede the uti act and, to that extent, section 32 of the uti act stood impliedly repealed. mr. ..... act, with effect from october 1, 1991, the uti and the lic were brought expressly within the purview of the interest-tax act thereby parliament impliedly repealed section 32 of the uti act to the extent of the interest income which is made taxable under the interest-tax act. ..... act, 1991, parliament impliedly repealed section 32 of the uti act by withdrawing the exemption on the interest income ..... the argument of the uti is accepted then the consequence would be that theexemption granted to the uti would continue for all times and that parliament would not have the authority to enact a subsequent legislation repealing section 32 of the uti act. .....

Unit Trust of India, Mumbai and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Reported in : 2001(3)BomCR673; 2002(1)MhLj301

..... (iv) findings of the court on the question of conflict between section 32 of the uti act, 1963 and the interest tax act, 1974: in view of our discussion hereinabove, there is no conflict between section 32 of the uti act and the provisions of the interest tax act 1974. ..... 2) act, 1991 with effect from 1st october, 1991 when uti stood covered by the interest tax act, there was an implied repealing of section 52 of the uti act to the extent mentioned hereinabove. ..... he, therefore, pointed out that the interest tax would certainly supersede uti act and, to that extent, section 32 of the uti act stood impliedly repealed. mr. ..... when the parliament enacted the finance act with effect from 1st october, 1991 uti and lic were brought expressly within the purview of the interest tax act thereby the parliament impliedly repealed section 32 of the uti act to the extent of the interest income which is made taxable under the interest tax act. ..... 2) act, 1991 the parliament impliedly repealed section 32 or the uti act by withdrawing the tax on the interest income. ..... he contended that if the argument of uti is acceptedthen the consequence would be that the exemption granted to uti act would continue for all times and that the parliament would not have the authority to enact a subsequent legislation repealing section 32 of the uti act. .....

Raj Kishore Prasad Vs. Income-tax Officer

Court : Allahabad

Reported in : (1990)88CTR(All)152; [1992]195ITR438(All)

..... the proceedings initiated under section 263 of the income-tax act for the assessment year 1974-75 have been dropped.' 4. ..... thereafter, a notice was issued under section 154 of the income-tax act, 1961 (for short 'the act'), to the assessee regarding the excess rebate allowed to him. ..... thereafter, the commissioner of income-tax took up the matter suo motu and passed an order under section 263(1) of the act on the ground that the income-tax officer had wrongly omitted to charge interest from the petitioner under section 217(1a). ..... the petitioner's claim for interest based on section 244 read with section 240 is challenged on the ground that, under the said provisions of law, interest is payable only when the refund arises, due to second appeal or reference under the act and not as a result of the provisions under section 263 of the act. ..... the following cases give support to the petitioner's contention that a writ petition under article 226 of the constitution is maintainable when interest is claimed on the amount of refund payable to the assessee from the income-tax department in connection with the proceedings under the income-tax act : 1. ..... the assessment in question was not made under the repealed act, but was made under the act of 1961 of which section 240 read with section 244 fully applies to this case. 10. ..... (sic) of the repealed act, i.e. .....

D. Kumara Siddanna Vs. First Income-tax Officer and anr.

Court : Karnataka

..... assessment proceedings, the first income-tax officer, mercara circle, mercara, being of opinion that the petitioner was liable to pay compulsory deposit under the compulsory deposit scheme (income-tax payers) act, 1974 - hereinafter referred to as 'the cds act' - after completing the assessment, issued a notice of demand exhibit a, under section 14(1) of the cds act, for compulsory deposit of rs. ..... arrangement to incorporate the provisions relating to borrowing from taxpayers in the income-tax act or any other statute, (ii) the doctrine of colourable legislation can have no application where parliament is invested with the authority to legislate in respect of annuity deposit and it exercises its power, and a taxing statute is not open to challenge merely on the ground that the tax is harsh or excessive and (iii) the provisions of section 280x(1) do not offend the right guaranteed under article 14. 9. ..... section 21 is the repealing ..... the cds act which 'affords useful light as to what the statute intends to reach' or, in other words, 'affords a clue to the scope of the statute', makes it clear that this act is intended to provide for the compulsory deposit by certain classes of income-tax payers and for the framing of a scheme in relation thereto and for matters connected therewith or incidental thereto and is enacted in the interest of national economic ..... this act repealed the ordinance and came into force retrospectively from 17th day of july, 1974, the day the cds ordinance .....

Princess Usha Trust Vs. Income Tax Officer and ors.

Court : Madhya Pradesh

Reported in : (2001)164CTR(MP)381

..... 2 and 4 be restrained by an appropriate writ, direction or order from levying interest under section 220(2) of the income tax act, wherever refund is already due to the petitioner under any other act if the demand is posterior to such refunds.'2. ..... the tribunal was, therefore, justified in holding that, on the facts and in the circumstances of the case, the assessee had no right to prefer an appeal from the order levying interest under the provisions of section 220(2) of the act.for all these reasons, our answer to the question referred to this court is in the affirmative and against the assessee. ..... sapre, j.by this petition, filed under articles 226 and 227 of constitution of india the petitioner, an assessee under the income tax act, claims following reliefs for the assessment years 1973-74 and 1974-75 :'an appropriate writ, direction or order be issued against the respondents no. ..... section 220(2) of the act provides that if the amount specified in the notice of demand under section 156 is not paid within 35 days of the service of notice, the assessee shall be liable to pay interest. ..... 2,56,623 for the assessment year 1974-75 be either deleted or it be adjusted against the huge refund which he has to claim from the department in estate duty case under the estate duty act (since repealed) wherein the petitioner was assessed as an accountable person in the case of one deceased - h.h. ..... 2,56,623 for assessment year 1974-75 ;(b) the respondents no. .....

Gujarat Ginning and Mfg. Co. Ltd. Vs. Commissioner of Income-tax, Guja ...

Court : Gujarat

Reported in : [1977]107ITR590(Guj)

..... instance of the assessee, the following question has been referred to us for our opinion : 'whether, on the facts and in the circumstances of the case, the assessee-company is entitled to deduction of the entire amount of interest paid on the mortgage of the buildings and machineries under section 24(1)(iii) of the income-tax act, 1961 ?' 2. ..... deduction of the entire amount of interest for the mortgage and in this connection he wanted relief under section 24(1)(iii) of the income-tax act, 1961. ..... wherever the legislature wants to make provision for apportionment, it does so expressly and in this connection be referred to section 44f of the indian income-tax act, 1922, and to sections 11(1)(b), 159(4), section 159(6) and explanation (a) to section 9(1)(i), rules 7 and 8 of the income-tax rules and section 24(1)(ix) and 27(1)(iii) of the act. ..... though under the general law relating to transfer of property, a composite mortgage of the kind before us covers both lands and the machineries, under the income-tax act, we are only concerned with the income from buildings and lands appurtenant thereto and not with any other income. ..... under section 24(1)(iii) of the act of 1961, as it stood prior to its repeal with effect from april 1, 1969, the bifurcation and apportionment of interest was required to be done and after apportionment deduction could be granted only in respect of interest paid on buildings and lands ..... 24 of 1974, which was decided along with two other references by a common judgment .....

State Bank of Indore Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Reported in : (2004)191CTR(MP)522; [2004]270ITR336(MP)

..... in the circumstances, if the taxing authorities regarded the amount in question to be in the nature of an interest as defined under section 2(7) of the interest-tax act, 1974, then, no flaw can be found in such approach.12. ..... the subsidy was paid towards interest and, therefore, the payment made by the reserve bank of india to the assessee was nothing but interest under section 2(7) of the interest-tax act, 1974. ..... therefore, the subsidy could be included in the chargeable interest under section 5 of the interest-tax act, 1974.'10. ..... 1 and 2/ind of 1991 (annexure d) :'whether, on the facts and circumstances of the case, the income-tax appellate tribunal was justified in holding that the export subsidy granted to the assessee by the reserve bank of india does not lose the character of interest though it is not paid by the borrower and the same is, therefore, includible in chargeable interest under the interest-tax act, 1974 ?' 2. ..... the assessing officer then held that the amount received by the assessee is essentially in the nature of interest as defined under section 2(7) of the interest-tax act and, hence, liable to be included in the total income of the assessee for paying tax.5. .....

Arvind Mills Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1982)1ITD872(Ahd.)

..... 1,41,516 paid by way of interest to the income-tax department under section 220(2) of the income-tax act is an allowable deduction under section 37 or 28 in computing the business income of the ..... the assessee paid interest under section 220(2) of the income-tax act, 1961 ("the act") in the assessment year 1977-78 which is the year under appeal (accounting year of the assessee being calendar ..... it was observed by their lordships in jatia's case (supra): proceeding to consider the claim for deduction made by the assessee under section 10(2)(iii) or section 10(2)(iv), we may point out that under section 10(2)(iii), three conditions are reqdired to be satisfied in order to enable the assessee to claim a deduction in respect of interest on borrowed capital, namely, (a) that money (capital) must have been borrowed by the assessee, (b) that it must have been borrowed for the purpose of business, and (c) that ..... of the business and for the protection of its assets and property from expropriation, coercive process or assertion of hostile title ; it may also comprehend payment of statutory dues and taxes imposed as a pre-condition to commence or for the carrying on of a business : it may comprehend many other acts incidental to the carrying on of the business but, however wide the meaning of the expression may be, its limits are implicit in it ; the purpose shall be for the purpose ..... on rs, 13,951 from 12-12-1974 to 24-5-1976 2,310 82,657ii assessment year 1974-75 [order dated 1-11-1976) i. .....

Orissa State Financial Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Cuttack

Reported in : (1986)17ITD100Ctk

..... 885, and (2) has allowed excess interest under section 214 of income-tax act, 1961, to the tune of rs ..... accountant member - this appeal has been filed by the assessee against the order under section 263 of the income-tax act, 1961, (the act) passed by the commissioner, orissa, bhubaneswar for the assessment year 1979-80.2. ..... regarding the second point, it was urged by the assessee that the ito had merely directed the charging of interest as per rules and the subsequent interest found payable to the assessee because of the excess payment of advance tax was a ministerial work and even if there is any mistake in such clerical work, it would not make the order of assessment passed by the ito erroneous in any ..... it has been held that even when there is a default in adhering to the schedule prescribed for the payment of advance tax, interest under section 214 is payable to the assessee if the demand has been accepted by the department as payment of the instalment of advance tax.hence, he urged that the order under section 263 deserved to be cancelled.7. ..... the time of hearing, it was urged that mistake, if any, in the calculation of interest could be rectified under section 154 of the act and so, it was not a case to which jurisdiction of the commissioner under section 263 could be applied. ..... pointed out that the tribunal in their order dated 7-10-1980 in the case of this very assessee for the assessment years 1974-75 to 1976-77 have held that interest of the same nature as the interest of rs. .....

Haryana Spun Pipe Construction Co. Vs. the State of Haryana and ors.

Court : Punjab and Haryana

Reported in : [1983]53STC112(P& H)

..... from the person has been paid :provided that the said authority, if satisfied that the dealer is unable to pay the whole of the amount of tax assessed or the penalty imposed or the interest due, he may, if the amount of tax or interest admitted by the appellant to be due has been paid, for reasons to be recorded in writing, entertain the appeal subject to the furnishing' of a bank guarantee or adequate security for the payment of the ..... (1) the punjab general sales tax act, 1948 (hereinafter referred to as the repealed act), is hereby repealed :provided that such repeal shall not affect the previous operation of the repealed act or any right, title, obligation or liability already acquired, accrued or incurred thereunder, and subject thereto, anything done or any action taken, shall be deemed to have been done or taken in the exercise of the powers conferred by or under this act, as if this act were in force on the date on which ..... appeal under the punjab act which has been retained in the haryana act but such appeal can now be entertained only on payment of admitted or assessed tax in terms of section 39(5) thereof which reads as under :no appeal shall be entertained unless it is filed within sixty days from the date of the order appealed against and the appellate authority is satisfied that the amount of tax assessed on, and the penalty and interest, if any, recoverable ..... on 14th november, 1974, an ex parte assessment was framed on 'best judgment' basis by the .....