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1 - 10 of 29 (0.47 seconds)The Banking Companies (Amendment) Act, 1956
Section 21 in The Reserve Bank of India Act, 1934 [Entire Act]
Section 35A in The Banking Regulation Act, 1949 [Entire Act]
The Reserve Bank of India Act, 1934
Union Of India And Anr vs Azadi Bachao Andolan And Anr on 7 October, 2003
In Union of India and Anr. v. Azadi Bachao Andolan and Anr [(2004)
10 SCC 1], it was held that a circular issued by the Central Board of Direct
Taxes(CBDT) was not inconsistent with the provisions of the Income-Tax
Act and was valid and efficacious. The assessing officers chose to ignore
the guidelines and hence the CBDT was justified in issuing "appropriate
guidelines" under Circular No. 789. The said Circular does not in any way
crib, confine or cabin the powers of the assessing officers with regard to any
particular assessment. It merely formulates broad guidelines to be applied in
the matter of assessment of the assesses covered by the provisions of the
Indo - Mauritius Double Taxation Avoidance Convention, 1983.
Commissioner Of Income Tax,Mumbai vs Anjum M.H.Ghaswala & Ors on 18 October, 2001
In Commissioner of Income Tax v. Anjum M.H. Ghaswala and Ors.
[(2002) 1 SCC 633], it was pointed out that the circulars issued by CBDT
under Section 119 of the Income Tax Act have statutory force and would be
binding on every income-tax authority although such may not be the case
with regard to press releases issue by the CBDT for information of the
public.
Uco Bank, Calcutta vs Commissioner Of Income-Tax, West ... on 13 May, 1999
In UCO Bank v. CIT [(1999) 4 SCC 599], this Court opined that "the
circulars as contemplated therein cannot be adverse to the assessee." Thus,
the authority which wields the power for its own advantage when required to
wield it in a manner it considers just by relaxing the rigour of the law or in
other permissible manners as laid down in Section 119. The power is given
for the purpose of just, proper and efficient management of the work of
assessment and in public interest.