Skip to content


Judgment Search Results Home > Cases Phrase: comparative chart of corresponding sections of 1983 act Year: 1997 Page 1 of about 23 results (0.105 seconds)

Feb 03 1997 (TRI)

Deputy Commissioner of Income Tax Vs. Gujarat State Co-operative Bank

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Feb-03-1997

Reported in : (1998)66ITD386(Ahd.)

..... act and s. 71 of the gujarat act provide various modes of investment for all the funds of the co-operative societies, ..... . in this connection he drew our attention of ss. 5 and 6 of the banking regulation act, 1949, reproduced at page 88 of the assessee's paper book. the learned counsel submitted before us a comparative chart of the corresponding sections of the rajasthan co-operative societies act and submitted that from the said chart it will be found that while s. 63 of the rajasthan ..... the co-operative societies, the m.p. act in s. 44(2) contains a restrictive clause as follows : "sec ..... short-term deposits as stated above. according to the learned counsel, the business of banking is not merely acceptance of deposits and lending the same to borrowers. sec.5(b) of the banking regulation act, 1949, defines banking as follows : "banking means accepting for the purpose of lending or investment all deposits of money from the public ......." the learned counsel .....

Tag this Judgment!

Dec 09 1997 (SC)

Orissa Sponge Iron Ltd. and anr. Vs. State of Orissa and ors.

Court : Supreme Court of India

Decided on : Dec-09-1997

Reported in : AIR1998SC735; 86(1998)CLT83(SC); JT1997(10)SC123; 1997(7)SCALE502; (1998)2SCC268; [1997]Supp6SCR299; [1998]109STC193(SC)

..... was not an arbitrary exercise of power, more so when the industry granted further exemption was a comparatively new one. this court observed :'the governor, in exercise of its power given by section 5 of the act, can decide the exemption of any goods from taxation. the power may be exercised having regard to ..... it should pursue and what discriminations advance those social and economic policies.'we, therefore, hold that para 2.18 of the 1989 policy and the corresponding provisions of the notification sro 790/90 (finance) dated 16.8.1990, insofar as they extended the benefit of the 1989 policy only to the ..... and textile industries ltd. v. state of maharashtra : 1988(2)scale944 one of the arguments was that (see p.189) the result to the 1983 amendment to sec. 41-a was that while the old unit had to pay purchase- tax. sales-tax turnover tax etc. totalling rs. 1650 per metric ton, ..... 1989 policy dealt with grant of 'deferment/ exemption' of sales tax duties as specified in the notification under section 7. inasmuch as the 1989 policy is a new scheme, in our opinion nakara : (1983)illj104sc cannot apply. in nakara case certain rules conferred particular benefit on members of a particular class and subsequently, ..... mistake but there is good reason for stipulating the said cut off date.does nakara apply?19. the other contention based on nakara's case : (1983)illj104sc is also not tenable. this argument is based on the theory that the 1989 policy is a continuation of the 1980 policy. a reading .....

Tag this Judgment!

Mar 06 1997 (HC)

Narayan Glass Works Vs. Assistant Commissioner of Income Tax. (Also As ...

Court : Delhi

Decided on : Mar-06-1997

Reported in : (1997)58TTJ(Del)634

..... 2 per cent on sales of glassware which has been accepted by the revenue. he invited our attention to p. 73 of the paper-book being comparative chart of payment of commission. he also submitted that opinion formed by the cit(a) that provisions of s. 40a(3) are violated is formed without affording ..... semi-automatic presses had been started in the nearby areas. the assessed further submitted that cost of raw material and packing had gone up substantially without corresponding increase in the sale of end product, resulting in fall in margin of gross profit. the assessed supported its submission by giving instances of purchase ..... this party has been allowed by the ao himself, question of liability of rs. 5,473 being non-genuine did not arise. he submitted that acting behind the back of the assessed the ao obtained copy of account of the assessed in the books of madan & co. learned representatives of the ..... of laxmi glass against c form no. 727838. he pointed out that the ao was requested to summon this party under s. 131 of the act but it was not done. under these circumstances he submitted having failed to respond to assessees request no adverse inference could be drawn against the assessed ..... . the next grievance is against additions sustained by the learned cit(a) on account of suppressed sales, bogus liabilities and addition under s. 68 of the it act. in turn, the revenue is in appeal against relief allowed by the learned cit(a) as under :addition sustained relief allowed made by by cit(a .....

Tag this Judgment!

Mar 06 1997 (TRI)

Narayan Glass Works Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-06-1997

..... commission @ 2 per cent on sales of glassware which has been accepted by the revenue. he invited our attention to p. 73 of the paper-book being comparative chart of payment of commission. he also submitted that opinion formed by the cit(a) that provisions of s.40a(3) are violated is formed without affording necessary ..... of semi-automatic presses had been started in the nearby areas. the assessee further submitted that cost of raw material and packing had gone up substantially without corresponding increase in the sale of end product, resulting in fall in margin of gross profit. the assessee supported its submission by giving instances of purchase rate of ..... payable to this party has been allowed by the ao himself, question of liability of rs. 5,473 being non-genuine did not arise. he submitted that acting behind the back of the assessee the ao obtained copy of account of the assessee in the books of madan & co. learned representatives of the parties are ..... disallowance.6. the next grievance is against additions sustained by the learned cit(a) on account of suppressed sales, bogus liabilities and addition under s. 68 of the it act. in turn, the revenue is in appeal against relief allowed by the learned cit(a) as under :---------------------------------------------------------------------- addition sustained relief allowed---------------------------------------------------------------------- rs. rs. rs.----------------------------------------------------------------------(a) suppressed .....

Tag this Judgment!

Aug 29 1997 (HC)

Eastern Construction Company Vs. Income-tax Officer.

Court : Delhi

Decided on : Aug-29-1997

Reported in : (1997)59TTJ(Del)723

..... corresponding contract receipts. the expenditure should be real and if it is incurred for the purpose of business, the same will be clearly allowable under the provisions of it act.(i) the learned counsel also invited our attention towards the chart placed at p. 1 of the paper-book in which the comparative figures ..... of past history. the ao could apply a net profit rate by taking into consideration the past records or the results shown by the other comparable cases of civil contractors. instead of adopting such a method of estimating the assessees taxable income, the ao has made various ad hoc disallowance ..... and where the contract receipts are more than 40 lakhs. however, the presumptive rate of net profit of 8 per cent. incorporated in the aforesaid section represents a just, fair and equitable rate of net profit, which can be taken into consideration for determining the income from contract business in a ..... have been given. the details mentioned in the said chart inter alias reveals that ..... of gross contract receipts, net profit declared by the assessed in asst. yr. 1983-84 to asst. yr. 1985-86 .....

Tag this Judgment!

Aug 29 1997 (TRI)

Eastern Construction Company Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-29-1997

..... the corresponding contract receipts. the expenditure should be real and if it is incurred for the purpose of business, the same will be clearly allowable under the provisions of it act. (i) the learned counsel also invited our attention towards the chart placed at p. 1 of the paper-book in which the comparative figures ..... of past history. the ao could apply a net profit rate by taking into consideration the past records or the results shown by the other comparable cases of civil contractors. instead of adopting such a method of estimating the assessee's taxable income, the ao has made various ad hoc ..... and where the contract receipts are more than 40 lakhs. however, the presumptive rate of net profit of 8 per cent. incorporated in the aforesaid section represents a just, fair and equitable rate of net profit, which can be taken into consideration for determining the income from contract business in a ..... been given. the details mentioned in the said chart inter alia reveals that the ..... of gross contract receipts, net profit declared by the assessee in asst. yr. 1983-84 to asst. yr. 1985-86 have .....

Tag this Judgment!

Sep 26 1997 (TRI)

Assistant Commissioner of Income Vs. Sharma Cold Storage and Ice Facto ...

Court : Income Tax Appellate Tribunal ITAT Patna

Decided on : Sep-26-1997

Reported in : (1998)64ITD129(Pat.)

..... (1985) 156 itr 323 (sc), the supreme court held that the word "income" includes loss in connection with s. 16(3) (a) of the indian it act, 1922 corresponding to s. 64 of the it act, 1961. in case of cit vs. hari pd. & co. pvt. ltd. (1975) 99 itr 118 (sc), it was held by the supreme court that ..... various courts should then be related to the law as it existed at the relevant time. a chart giving a comparative account of the changes right from s.28(1)(c) of the indian it act, 1922 to s. 271(1) (c) of the it act, 1961, has been given, pointing out the law prior to 1st april, 1968, the ..... is statutorily clarified in expln. 4 to s. 271(1)(c), which is reproduced below : "explanation 4. - for the purposes of cl. (iii) of this sub-section, the expression "the amount of tax sought to be evaded" - (a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate ..... a particular provision of a statute. sometimes an explanation is added by the legislature nearer to a provision to define the particular phrase without adding to the definition section of a statute. a bare reading of expln. 4(a) extracted by my learned brother at pages 7 and 8 of his order clearly shows that it ..... or some words occurring in it. therefore, the explanation normally should be so read as to harmonise with and to clear up any ambiguity in the same section." applying the above tests it is amply clear that expln. 4(a) to s.271(1)(c) is not a substantive provision by itself but has .....

Tag this Judgment!

Sep 26 1997 (HC)

Assistant Commissioner of Income Tax Vs. Sharma Cold Storage and Ice F ...

Court : Patna

Decided on : Sep-26-1997

..... h. gotla : [1985]156itr323(sc) , the supreme court held that the word "income" includes loss in connection with s. 16(3) (a) of the indian it act, 1922 corresponding to s. 64 of the it act, 1961. in case of cit vs . hari pd. & co. pvt. ltd. : [1975]99itr118(sc) , it was held by the supreme court that profits and ..... courts should then be related to the law as it existed at the relevant time. a chart giving a comparative account of the changes right from s. 28(1)(c) of the indian it act, 1922 to s. 271(1)(c) of the it act, 1961, has been given, pointing out the law prior to 1st april, 1968, the ..... is statutorily clarified in expln. 4 to s. 271(1)(c), which is reproduced below :"explanation 4. - for the purposes of cl. (iii) of this sub-section, the expression "the amount of tax sought to be evaded" -(a) in any case where the amount of income in respect of which particulars have been concealed or ..... particular provision of a statute. sometimes an explanation is added by the legislature nearer to a provision to define the particular phrase without adding to the definition section of a statute. a bare reading of expln. 4(a) extracted by my learned brother at pages 7 and 8 of his order clearly shows that it ..... or some words occurring in it. therefore, the explanation normally should be so read as to harmonise with and to clear up any ambiguity in the same section."applying the above tests it is amply clear that expln. 4(a) to s. 271(1)(c) is not a substantive provision by itself but has .....

Tag this Judgment!

Sep 22 1997 (TRI)

Archana International Vs. Commissioner of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Decided on : Sep-22-1997

Reported in : (2004)(163)ELT209Tri(Mum.)bai

..... by the earlier orders of the commissioner approved by the department has to be applied, therefore has to be accepted. besides this margin of profit also corresponds with the margin that the chennai bench of the tribunal has to be appropriate after considering three orders of the commissioner. we are, therefore, of the ..... and rs. 10,138/- maximum. the value declared by the appellant and accepted by the commissioner works out to rs. 9,197/- per engine. this corresponds to the average value of the consignments which was subject matter of the earlier adjudication.5. once the department has accepted the earlier order as legal and ..... be redeemed on a fine of rs. 40,00,000/- and imposing a penalty on the importer of rs. 10,00,000/- under section 111(d) of the customs act. advocate for the appellant say that he does not question the liability to confiscation of the engines in question on the ground that they ..... has been any misdeclaration of value or quantity.on the contrary declared value has been accepted. as we have seen the value compares favourably with the value determined before the customs.taking this into account we reduce the penalty on the appellants to rs. 2.5 lakhs. ..... value either declared or enhanced according to the norms set out by the commissioner at levels ranging between 85% and 137%. the appellant has furnished a chart in which the percentage of the redemption fine has been worked out. they range between the two extremes indicated in the preceding sentence. the commissioner .....

Tag this Judgment!

Aug 27 1997 (TRI)

T.S. Kumarasamy Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Aug-27-1997

Reported in : (1998)65ITD188(Chennai)

..... have not been obtained from the bank/banks for cross verification. (v) the directions regarding the verification of the fixed deposits of rs. 1.72 crore vis-a-vis the corresponding entries in other bank accounts have not been carried out. (vi) details of immovable properties and their correct valuation have not been collected and examined as directed. 4. in view ..... has been passed by the assessing officer without application of mind as he has taken into consideration irrelevant factors not germane to computation of undisclosed income as provided in section 158b of the act. the assessment, therefore, impugned in the present appeal is illegal and requires to be quashed, submits assessee's counsel. elaborating further, the assessee's counsel submitted that the ..... 3 per cent. of the turnover. he claimed that the margin of profit in respect of similar dealers in karnataka and andhra would be the same. however, details of the comparative data was not furnished by him. the total turnover during the block period is roughly rs. 31 crores. the net profit on this turnover at the admitted rate of 3 ..... basis of details available regarding the investments made by the assessee and the expenditure incurred by him during the block period. (ii) the assessing officer should collect details regarding the comparative figures in the case of a similar trader viz., karnataka agro corn products, bangalore, who earlier supplied the product to the government of tamil nadu, who is assessed by company .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //