Court : Delhi
Reported in : (1999)151CTR(Del)1; [1998]236ITR1(Delhi); [1998]101TAXMAN401(Delhi)
..... of the special bearer bonds (immunities and exemptions) ordinance, 1981, later on repealed by an act of identical ..... of the indian penal code, narcotics drugs and psychotropic act, 1985 the terrorist and disruptive activities prevention act, 1987 or prevention of corruption act, 1988 has been instituted.in respect of a person against whom an order of detention has been made under conservation of foreign exchange and prevention of smuggling activities act, 1974.in respect of a person notified under sub-section (2) of section 3 of special court (trial of offences relating to transactions in securities) act, 1992.6.where the declarant has filed an ..... arrears is only interest payable or penalty levied, 50 per cent of such amount shall be paid.in respect of tax arrears payable under expenditure tax act, the amount payable shall be 10 per cent of the disputed chargeable expenditure where the tax arrears is expenditure-tax or includes interest payable and penalty, in addition where the arrear is only in respect of interest or penalty, only 50 per cent of the arrear shall be payable.in ..... arrears include the tax, interest or penalty determined in any assessment on the basis of search and seizure proceedings under section 132 or section 132a of income tax act, the amount payable shall be 40 per cent of the disputed income (45 per cent in the case of firms and companies).in respect of arrears under wealth tax act, the amount payable shall be 1 per cent of disputed wealth where the tax arrears .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1981)25CTR(SC)406; [1982]133ITR239(SC); (1981)4SCC675; [1981]1SCR947; 1982(14)LC12(SC)
..... share the view taken by the majority in disposing of these writ petitions on september 2, 1981 that 'neither the special bearer bonds (immunities and exemptions) ordinance, 1981 nor the special bearer bonds (immunities and exemptions) act, 1981 is violative of article 14 of the constitution', and i made the following order on the same day: i have come to the conclusion that the special bearer bonds (immunities and exemptions) ordinance, 1981 and the special bearer bonds (immunities and exemptions) act, 1981 violate article 14 of the constitution and are therefore invalid. ..... the central government to make order removing any difficulty which may arise in giving effect to the provisions of the act and section 9 sub-section (1) repeals the ordinance, but since the act is brought into force with effect from the date of promulgation of the ordinance, sub-section (2) of section 9 provides that notwithstanding the repeal of the ordinance, anything done or any action taken under the ordinance shall be deemed to have been done ..... xxvii of 1949 and provided as follows: the repeal by this act by the administration of evacuee property ordinance 1949 (xxvii of 1949) shall not affect the previous operation thereof, and subject thereto, anything done or any action taken in the exercise of any power conferred by or under that ordinance 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 day on which such thing .....
Tag this Judgment!Court : Mumbai
Reported in : 1997(4)ALLMR709; [1997]228ITR68(Bom)
..... that case, the court dealt with the constitutional validity of the provisions of the special bearer bonds (immunities and exemptions) act, 1981. ..... court held that the contention of the petitioner that classification made by the act was discriminatory as it excluded persons with white money from taking advantage of the provisions of the act by subscribing to or acquiring special bearer bonds, was totally unfounded. 18. ..... dealing with the immunities given and exemptions granted to persons having unaccounted money who have evaded taxation and concealed their income despite stringent tax laws, the court held that it would be outside the province of the court to consider if any particular immunity or exemption is necessary or not for the purpose of inducing the disclosure of black money; it depends upon diverse fiscal and economic considerations based on practical necessity and administrative expediency; and it would also involve certain amount of experimentation on ..... : (i) the said case was decided on the basis of limited immunity, and (ii) the bonds scheme and the voluntary disclosure scheme are wholly different in scope and nature. ..... against this, a dishonest tax-payer is given full immunity and would be required to pay only 30 per cent. ..... has been pointed out that the scheme is a simple scheme which grants immunity from any action under the it act, wt act and foreign exchange regulations act (fera). ..... (f) the it act is subject to this scheme and immunities are given to dishonest tax-payer. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1992]195ITR612(SC); 1992(1)SCALE803; 1995Supp(4)SCC510
..... as has been clearly set out in that decision, the immunity conferred by the special bearer bonds (immunities and exemptions) act, 1981 is a very limited one. ..... the appellants, however, claim that these amounts had been intended, for purchasing special bearer bonds and that the department has seized the amounts before this intention could be carried into ..... question is whether there is anything in law which prohibits the department from seizing these amounts merely because they are, even accepting the appellant's case, intended to be invested in special bearer bonds. ..... only provides that, where a person has invested in the bearer bonds, the department cannot question the sources of acquisition thereof. ..... the special bond scheme, as has been clearly set out in the press note as well as in the statute, is completely independent of, and does not affect the remedies and processes available to the department under, the provisions of the income-tax act.3 ..... immunity does not extend to the moneys which are discovered by the department otherwise in pursuance of the normal provisions of the act. ..... in the other appeal, the money was seized from the safe deposit of a bank and the appellant states that the amount had been deposited by him with the manager of the bank for safe ..... the observations at pages 260 and 261 particularly deal with situations of the present ..... the appeals fail and are dismissed with costs, ..... amounts have been seized by the department under section 132(1) of the income-tax act, 1961. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR2003Bom318; 2003(3)ALLMR406; I(2004)BC43; 2003(6)BomCR82; 2003(4)MhLj44; [2004]50SCL97(Bom)
..... union of india air 1981 sc 213, constitution bench of the apex court was examining constitutional validity of special bearer bonds (immunities and exemptions) act, as well as special bearer bonds (immunities and exemptions) ordinance. ..... that 'legislation is directed to practical problems, that the economic mechanism is highly sensitive and complex, that many problems are singular and contingent, that laws are not abstract propositions and do not relate to abstract units and are not to be measured by abstract symmetry' that exact wisdom and nice adoption of remedy are not always possible and that 'judgment is largely a prophecy based on meagre and uninterpreted experience'.9. what was said by the supreme court while considering ..... the aforesaid prayers are sought in view that rbi is regulatory authority for the banks under section 35-a of the banking regulation act, 1949 and it has authority to decide interest rates and banking policy in the interest of public and depositors.2. mr. m.b. ..... banking regulation act, 1949 is the act to consolidate the law relating to banks and to provide nature of transactions that can be carried on by the banks in india. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : JT2007(7)SC209; 2007(11)SCALE374; (2007)8SCC418
..... union of india : [1982]133itr239(sc) , constitutional validity of the special bearer bonds (immunities and exemptions) act, 1981 was challenged being arbitrary and having no reasonable nexus with the object sought to be achieved. ..... it was urged that even if it is assumed for the sake of argument that policy could be changed and exemption could be granted by the authorities to any unit, such exemption and/or relaxation could not be allowed only with a view to favour a particular party and no such action could be sustained in law. ..... udham singh nagar for one power driven kolhu size 71x42cm, 15 rollers hydraulic capacity 1250 tcd open pan steam boiling system for season 2003-04 under cane purchase tax act, 1961 and the licensing rules under the said act by cane and sugar commissioner, uttranchal is in accordance with the act and rules and there is no need to amend the order dated 17/2/2004 passed by the cane and sugar commissioner, uttranchal in view of his estimation of cane availability.43. ..... , prior to the date of application including previous conviction, if any, for the contravention of the provisions of the act, the rules made thereunder and the conditions of the licence;(b) the default, if any, made by the applicant in payment of the dues under this act; and(c) the total continuous period for which the applicant held a licence under this act prior to the date of application;provided further that no application for renewal of a licence shall be rejected unless the .....
Tag this Judgment!Court : Karnataka
Reported in : (2001)166CTR(Kar)148; [2001]247ITR333(KAR); [2001]247ITR333(Karn); [2001]115TAXMAN27(Kar)
..... the supreme court considered the constitutional validity of the provisions of the special bearer bonds (immunities and exemptions) act, 1981. ..... section (2) of section 119, without prejudice to the generality of the board's power set out in sub-section (1), a specific power is given to the board for the purpose of proper and efficient management of the work of assessment and collection of revenue to issue from time to time general or special orders in respect of any class of incomes or class of cases, setting forth directions or instructions, not being prejudicial to assessees, as to the guidelines, principles or procedures to be ..... nothing' contained in sub-section (1) shall apply in relation to : (i) the income assessable for any assessment year for which a notice under section 142 or section 148 of the income-tax act has been served upon such person and the return has not been furnished before the commencement of this scheme ;(ii) the income in respect of the previous year in which a search under section 132 of the income-tax ..... which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the income-tax act or to disclose fully and truly all material facts necessary for his assessment or otherwise, then notwithstanding anything contained in the income-tax act or in any finance act, income-tax shall be charged in respect of the income so declared at the rates specified thereunder.4.sub-section (2) of section 64 which contains .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1985]152ITR476(AP)
..... without prejudice to the above said contentions, it is urged that the seizure of this amount constitutes a breach of promise held out to the taxpayers by the union of india, the 5th respondent herein, to invest their unaccounted money in special bearer bonds, 1991, without suffering any consequences,under the special bearer bonds (immunities and exemptions) ordinance, 1981' promulgated on january 12, 1981, and, since replaced by the special bearer bonds (immunities and exemptions act, 1981, (act no.7 of 1981). ..... 3 of the special bearer bonds (immunities and exemptions) act, 1981, reads as follows : '3. ..... may be the finance minister expressed the hope that in view of the supreme court upholding the validity of the special bearer bonds (immunities and exemptions) act, there would be greater response to the sale of the bonds with effect from december 1, 1981, and may be, as pleaded by the petitioner, he deposited the amount with the bank through p.s. ..... the special bearer bonds (immunities and exemptions) act (act no. ..... the validity of the special bearer bonds (immunities and exemptions) ordinance, 1981, as well as the act was unsuccessfully questioned in a batch of writ petitions before the supreme court. ..... the purchase of the special bearer bonds, as and when they are offered for sale, may guarantee immunity and exemption from any of the penal provisions of the i.t. .....
Tag this Judgment!Court : Kerala
Reported in : (1994)IIILLJ1044Ker
..... union of india (1981) 4 scc 677: air 1981 sc 2138 the supreme court, considering the validity of the special bearer bonds (immunities and exemptions) act, 1981 stated at page 690: 'another rule of equal importance is that laws relating to economic activities should be viewed with greater latitude than laws touching civil rights such as freedom of speech, religion etc. ..... in this batch of writ petitions the petitioners who are all owners of cinema theatres challenge the validity of section 24 of the cine-workers and cinema theatre workers (regulation of employment) act, 1981 (hereinafter referred to as the cinema theatre workers act) and the notification dated 30.4.1986 of the government of india, ministry of labour (produced as ext.p1 in o.p. ..... as is clear from the objects and reasons of the act and its provisions, the act is for the benefit of employees who form part of the economically weaker sections of the society and section 24 of the cinema theatre workers act, 1981 extending the coverage of the employees' provident funds act to cinema theatre employing five or more workmen cannot therefore be said to be in anyway discriminatory or opposed to article 14 of the constitution. ..... the cinema theatre workers act received the assent of the president on 24-12-1981 and was published in the gazette on the same day. .....
Tag this Judgment!Court : Delhi
Reported in : (1997)59TTJ(Del)384
..... it had acquired 885 special bearer bonds issued by the central government under the special bearer bonds (immunities and exemptions) act, 1981 (for short the 'bearer bonds act'). ..... 5 of special bearer bonds (immunity & exemptions) act, 1981, inserted sub-cl ..... 10 of it act exempting 'premium on redemption of special bearer bonds, 1991'. ..... that premium on above bonds was exempt as per clarificatory notes issued at the time of introduction of special bearer bonds. ..... cit(a)s reasons were two-fold in this regard viz :(i) the special bearer bonds scheme conferred a special immunity. ..... the special bearer bonds 1991 are exempt as per item no ..... 1992-93 are directed against different orders of cit(a) on identical lines refusing claim of exemption of premium received on maturity of special bearer bonds under s. ..... 10(15)(ib) covers only bonds offered and purchased in the normal course and not to the special bearer bonds scheme of 1981 which was for bringing out concealed income.3 ..... in the special bearer bonds scheme of 1981. ..... of it act as under :'(ib) premium on redemption of special bearer bonds, 1991. ..... per bond for 885 bonds : 17,70,000 1,06,20,000 the assessed claimed total exemption of the above sum in terms of the bearer bonds act. ..... cit was debarred from such an enquiry not only under the bearer bonds act but also under the circular issued by the cbdt itself explaining the provisions of that statute.the ..... january, 1982 leave no amount of doubt that premium received on bond is not taxable and is exempt. .....
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