Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD22(Mad.)
..... savings deposit certificates, post office national savings certificates, national plan certificates, twelve year national plan savings certificates and such other certificates issued by the central government as that government may, by notification in the official gazette, specify in this behalf, interest on deposits in post office savings banks and bonus in respect of deposits under the post office savings bank (cumulative time deposits) rules, 1959, to the extent to which the amounts of such certificates or deposits do not exceed in each case the maximum amount which is permitted to be invested or deposited therein: the argument of the learned counsel ..... it is further argued that since the post office national savings certificate is an enumerated category of investment mentioned in that sub-section, before granting exemption no notification of the central government will be shown or required. ..... the common question which arises for consideration in all these three appeals is whether the accrued interest on the national savings certificates (v issue) held by the assessee as on the last date of the previous years relevant to the respect assessment years under consideration is exempt from income-tax under section 10(15)(it) of the it act. ..... the national savings certificates (v issue) rules, 1973, were framed by the central government by virtue of the powers conferred on it under section 12 of the government savings certificates act, 1959 (46 of 1959). .....
Tag this Judgment!Court : Mumbai
Reported in : 2008(1)BomCR627; 2008(2)MhLj164
..... ;(d) statutory devolution; and(e) nomination.provided further that where the central government is satisfied that such purchase or acquisition of certificates is due to a bona fide error on the part of the holder thereof, it may authorise payment of simple interest on the face value of the certificate at the same rate as is admissible for the time being in force for the type of saving accounts in the post office savings bank with which such holder is entitled to open under the provisions of the post office savings account rules, 1981.the kisan vikas patra rules, 1988 do not make ..... of the provisions contained in the proviso to rule 13(1) of the post office savings certificates rules, 1960 (as made applicable by virtue of rule 3 of the kisan vikas patra rules, 1988), be entitled to interest at the applicable rate as stipulated therein from the date of the investment until the date of maturity;(ii) the aforesaid payment shall be made to the petitioner within a period of four weeks from today;(iii) the directions contained in clauses (i) and (ii) above shall be without prejudice to the rights of the petitioner to submit a representation to the central government to exercise the power of relaxation with reference to the provision of rule 17 of the ..... in exercise of the rule making power conferred by section 12 of the act, the central government made and issued the kisan vikas patra rules in 1988. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1953P& H134
..... it applied to post office 12 years national savings certificates which were issued in pursuance of the notification of the government of india in the finance department dated 4-9-1943, and a restriction was placed on the transfer of these 'certificates by section 3 by which no transfer could be valid without the, previous consent in writing of an officer of the post office who was authorised by the central government. ..... at the time of the hearing ofthe appeal the new act has come into forceand under this act property, as i have saidbefore, includes all kinds of property, includingcash deposited in a bank, and, therefore, evenif the contention of the appellant were to becorrect that post office national savings certificates are 'cash deposited in a bank' theystill will be evacuee property, and, under section 17(2) of the act as all the property has vested inthe custodian the attachment of 1946 ceases tohave effect. ..... post office cash certificates act, act 18 of 1917, came into force on 19-9-1917, and it was enacted for the purpose of restricting the transfer of post office 5 year cash certificates.in 1944 post office national savings certificates ordinance, ordinance xlii of 1944, was promulgated on 9-9-1944. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1938Cal445
..... the latter was clearly in possession of the cash certificates which stood in the name of ramdas nath and he was only empowered to deal with them in conformity with the statutory rules which are published in the post and telegraph guide and in accordance with the provisions of the post office cash certificate act, act 18 of 1917. ..... it appears that the post master general of bengal and assam was the custodian of certain post office cash certificates to the nominal value of rs. ..... in a case such as the one now before me in which the heirs of ramdas nath had thereunder taken no steps to obtain the administration of their father's estate it would have been open to the decree holders to apply for such administration under the provisions of section 218, succession act, and in my view, unless they take the requisite steps contemplated by the succession act, they have no locus, standi to execute their decree against post office certificates standing in the name of ramdas nath which are still in the legal custody of the post master general.3. ..... this man died on 26th july 1933 and his heirs apparently took no steps to obtain a valid transfer to them of the cash certificates in accordance with the provisions of post office rules. .....
Tag this Judgment!Court : Kerala
Reported in : [1979]116ITR135(Ker)
..... government and notified by it in this behalf in the official gazette, to the extent to which the amounts of such deposits do not exceed the maximum amount permitted to be deposited therein ; (xvi) ten year treasury savings deposit certificates, fifteen-year annuity certificates, deposits in post office savings banks, post office cash certificates, post office national savings certificates, post office national plan certificates and twelve-year national plan savings certificates, ten-year defence deposits certificates and twelve-year national defence certificates, to the extent to which the amount of such certificates or deposits do not exceed in each case the maximum amount permitted to be invested or deposited therein ..... and section 5(1a) of the act reads :'(1a) nothing contained in sub-section (1) shall operate to exclude from the net wealth of the assessee any assets referred to in clauses (xv), (xvi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), (xxvii), (xxviii), (xxix), (xxxi) and (xxxii) [not being deposits under the post office savings bank (cumulative time deposits) rules, 1959], to the extent the value thereof exceeds, in the aggregate, a sum of one hundred and fifty thousand rupees : provided that where the assets include any assets referred to in clause (xv) or ..... 1,50,000 to whicn she was entitled for exemption under the provisions of section 5(1) of the act. ..... 1,50,000 which represented the maximum limit of exemption to which she was entitled under section 5(1) of the act. .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR431; [1964]54ITR749(Guj)
..... (xvi) ten year treasury savings deposit certificates, fifteen-year annuity certificates, deposits in post office savings banks, post office cash certificates, post office national savings certificates and twelve year national plan savings certificates held by the assessee.' 6. ..... whom they raised tow contentions : (1) that since the certificates were not in the names of the assessee, but in names of the nominees, under the post office rules and under the government rules the owners of such certificates would be the persons in whose names such certificates stood and, therefore, such certificates could not be included in the net wealth of the assessee, and (2) in the alternative, that if it were held that the assessees were the owners of these certificates then these certificates must be treated as having been held by the assessees within the meaning of section 5(1)(xvi) of the wealth-tax act. ..... but for all that the bankruptcy could not have applied the property to his own purposes or used it for his own benefit without committing a fraud for which he might have been made ceremonially responsible. .....
Tag this Judgment!Court : Gujarat
Reported in : [1964]54ITR740(Guj)
..... (xvi) ten year treasury savings deposit certificates, fifteen-year annuity certificates, deposits in post office savings banks, post office cash certificates, post office national savings certificates and twelve year national plan savings certificates held by the assessee. ..... whom they raised tow contentions : (1) that since the certificates were not in the names of the assessee, but in names of the nominees, under the post office rules and under the government rules the owners of such certificates would be the persons in whose names such certificates stood and, therefore, such certificates could not be included in the net wealth of the assessee, and (2) in the alternative, that if it were held that the assessees were the owners of these certificates then these certificates must be treated as having been held by the assessees within the meaning of section 5(1)(xvi) of the wealth-tax act. ..... but for all that the bankruptcy could not have applied the property to his own purposes or used it for his own benefit without committing a fraud for which he might have been made ceremonially responsible. .....
Tag this Judgment!Court : Kolkata
Reported in : [1969]72ITR245(Cal)
..... then again, section 5 provides that wealth-tax shall not be payable by an assessee in respect of, inter alia, the tools and implements used by the assessee for the raising of agricultural produce ; ten-year treasury savings certificates, fifteen-year annuity certificates, deposits in post office savings banks, post office cash certificates, post office national savings certificates, twelve-year national plan savings certificates, ten-year defence deposit certificates and twelve-year national defence certificates held by the assessee, etc.19. ..... by the splitting up, or the reconstruction, of a business already in existence or by the transfer to a new business of any building, machinery or plant used in a business which was being previously carried on : provided that the exemption granted by clause (d) shall apply to any such company as is referred to therein only for a period of five successive assessment years commencing with the assessment year next following the date on which the company is established which period shall, in the case of a company established before the commencement of this act, be computed in accordance with this act from the date .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1929Cal401
..... as regards the postal cash certificate and the fixed deposit receipt they are property belonging to the petitioner himself and standing in his own name, and the contention that they were fraudulently obtained from the post office and the bank by the fraudulent concealment of the fact that the money was not the accuser's money need not be seriously considered.9. ..... the legality of the conviction has been assailed mainly on two grounds:firstly, that the elements necessary to constitute an offence under section 54-a calcutta police act, were not made out against the accused and that that section has no application in a case like the present, and secondly that no charge having been framed against the accused under section 54-a, calcutta police act, the conviction is bad in law and cannot be sustained. ..... section 54-a, calcutta police act, reads as follows:whoever has in his possession or conveys in any manner anything which there is reason to believe to have been stolen or fraudulently obtained shall, if he fails to account for such possession, or act to the satisfaction of the magistrate, be liable to fine, which may extend to one hundred rupees, or , with imprisonment, with or without hard labour, for a tern which may extend to three months.17. .....
Tag this Judgment!Court : Kolkata
Reported in : 120Ind.Cas.250
..... as regards the postal cash certificate and the fixed deposit receipt they are property belonging to the petitioner himself and standing in his own name and the contention that they were fraudulently obtained from the post office and the bank by the fraudulent concealment of the fact that the money was not the accused's money need not be seriously considered.12. ..... as regards the conviction under section 54-a, the learned magistrate was not satisfied with the explanation which the petitioner has given as to how he came by such a large sum of money as he had put into the bank and for which he had purchased the cash certificate. ..... section 54-a of the culcutta police act reads as follows: 'whoever has in his possession, or conveys in any manner, anything which there is reason to be lieve to have been stolen or fraudulently obtained, shall, if he fails to account for such possession or act to the satisfaction of the magistrate, be liable to fine which may extend to one hundred rupees, or to imprisonment, with or without hard labour, for a term which may extend to three months.17. ..... section 54 a has already been extended to cases to which, in my opinion, it was never intended to apply, but to extend it to a case like this and to authorise a magistrate to call upon a person to explain his wealth or prosperity would be far too dangerous.14. .....
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