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Tax can be recovered only when it becomes debt due from assessee and it becomes a debt due when notice of demand is served – tax recovery officer cannot file claim against property attached by court : SC
Section 1 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 – Applicability of Act – Whether co-operative banks established under Maharashtra Co-operative Societies Act, 1960, Andhra Pradesh Co-operative Societies Act, 1964 and Multi-State Co-operative Societies Act, 2002, transacting business of banking, do not fall within meaning of ‘banking company’ as defined in section 5(c) of Banking Regulation Act, 1949 and, therefore, provisions of Recovery of Debts Due to Banks and Financial Institutions Act, 1993, by invoking doctrine of incorporation, are not applicable to recovery of dues by such co-operative banks from their members – Held, yes
1. These appeals under Section 260A of the Income Tax Act, 1961 (“the Act” hereinafter referred to as), are filed against the common order dated December 31, 2001, passed by the Income Tax Appellate Tribunal, Bangalore Bench, in three batches of appeals relating to orders under Sections 201(1), 201(1A) and 271C relating to the assessment years 1992-93 to 1996-97.
Thayaballi Mulla Jeevaji—hereinafter called the respondent—was a trader in Malabar produce, cloth, pepper and other commodities. For the assessment year 1945-46, the respondent submitted a return disclosing a net business loss of Rs. 7,960. The Income-tax Officer, Kozhikode, District Malabar, completed the assessment on March 29, 1946,
Explore the Supreme Court’s verdict in S.A. Builders Ltd vs. CIT (Appeals) Chandigarh & Anr. regarding the allowability of interest on borrowed capital under Section 36(1)(iii). Understand the critical considerations for deductions, including the importance of commercial expediency. Learn how the Court’s insights impact cases involving advances to sister concerns and the nexus between borrowed funds and business purposes. Get a comprehensive understanding of the legal perspectives on interest deduction in business transactions.
In the case of Vijay v. State of Maharashtra & others (2006) 6 SCC 286 Apex Court held that It is now well-settled that when a literal reading of the provision giving retrospective effect does not produce absurdity or anomaly, the same would not be construed to be only prospective. The negation is not a rigid rule and varies with the intention and purport of the legislature
“Whether, on the facts and in the circumstances of the case, there was a material irregularity in the notice issued to the assessee under section 34 and dated 28th February, 1958, and if so, whether such irregularity vitiated the proceedings taken under the said notice ?”
The doctrine of fairness also is now considered to be a relevant factor for construing a statute. In a case of this nature where the effect of a beneficent statute was sought to be extended keeping in view the fact that the benefit was already availed of by the agriculturalists of tobacco in Guntur, it would be highly unfair if the benefit granted to them is taken away,
Time barred Excise duty Refund claim paid Protest buyer manufacturer
The law is well settled that a person who claims exemption or concession has to establish that he is entitled to that exemption or concession. A provision providing for an exemption, concession or exception, as the case may be, has to be constructed strictly with certain exceptions depending upon the settings on which the provisions has been placed in the statue and the object and purpose to be achieved.
