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....e is entitled to the provision of section 35(1) of the Ordinance in order to have the book version of the account accepted by the DCT concerned.................... (36)
When the DCT concerned discards the books of account, he has to raise dissatisfaction as to the method of accounting, regularl......dit of the authority from grants made by the government, Loans obtained from the government, grants made by the local authorities, Loan raised by the authority from inside Bangladesh, foreign aid and loans obtained with the approval of the government, sale proceed of bonds issued by the authority an..
Category: Fiscal/Taxation Law | Date: 23 Oct, 2014 | Hits: 1
Fidelity Assets and Securities Co. vs. Commissioner of Taxes, 2014, 43 CLC (HCD)
....ing disallowances of “provision for classified assets and diminution value of investment in shares and bonds” and apart from other expenses as claimed in the profit & loss accounts discarding book version. (II) In the circumstances and on the facts whether the Taxes Appellate Tr......ারোপিত এবং আরোপিত সুদ আদায় করা হবে, অতঃপর আসল সমন্বিত হবে। 11. Under the aforesaid provision, the loans by way of lease finance, granted by the Assessee-applicant company to its customers, which bec..Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 0
....er the taxes appellate tribunal was justified maintaining disallowances of expenses to additional to staff, provision for gratuity, Business promotion, corporate liability and software maintenance discarding trading version of the applicant as audited in accordance with law.
(4) In the circumst......shown in the return of the immediate preceding assessment year and--
(a) does not have any income which is exempted from tax; or
(b) does not have receipt of Gift; or
(c) does not have loan other than from a bank or financial institution; or
(d)sum of accretion of net wealth and ..
Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 2
....”
17. From the order passed by the Tribunal (Annexure-C to the reference application), it appears that it decided the question as under:-
“We have heard the rival contention and carefully perused the records and gone through the relevant provision of law. Section 2 of the Incom......t.
No answer to question (3).
Questions formulated for determination:
(1) Whether, in the facts and circumstances of the case, the Tribunal was justified in determining the short time loan taken by the applicant as deem dividend income?
(2) Whether, in the facts and circumstance..
Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 0
....”
17. From the order passed by the Tribunal (Annexure-C to the reference application), it appears that it decided the question as under:-
“We have heard the rival contention and carefully perused the records and gone through the relevant provision of law. Section 2 of the Incom......s (the IACT, in brief) issued notice upon the assessee under section 120 of the Ordinance and, upon hearing of the assessee’s representative, decided that the amount obtained by the assessee as loans as share-holders of three companies were reserved, surplus and accumulated profit of the said ..
Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 8
Latifur Rahman Vs. Commissioner of Taxes, 2014, 43 CLC (HCD)
....” 17. From the order passed by the Tribunal (Annexure-C to the reference application), it appears that it decided the question as under:- “We have heard the rival contention and carefully perused the records and gone through the relevant provision of law. Section 2 of the Incom......s (the IACT, in brief) issued notice upon the assessee under section 120 of the Ordinance and, upon hearing of the assessee’s representative, decided that the amount obtained by the assessee as loans as share-holders of three companies were reserved, surplus and accumulated profit of the said ..Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 17
Enamul Hoque Chowdhury Vs. Deputy Commissioner of Taxes, 2014, 43 CLC (HCD)
....ssued without lawful authority having no legal implication. However, there shall be no order as to costs. Md. Emdadul Hoque Azad, J: I agree. Ed. This Case is also Reported in: ...... The DCT concern having been failed into an error raised an allegation in the notice under section 93 of the Income Tax Ordinance 1984 that the Assessee-writ-petitioner failed to disclose the bank loan amount of Tk. 2,85,59,317.00 which not been chargeable to tax does not come under the purview o..Category: Fiscal/Taxation Law | Date: 14 Sep, 2014 | Hits: 0
Dr. Poly Dam Vs. Deputy Commissioner of Taxes, 2014, 43 CLC (HCD)
....ssued without lawful authority having no legal implication. However, there shall be no order as to costs. Md. Emdadul Haque Azad, J: I agree. Ed. This Case is also Reported in: ......shown in the return of the immediate preceding assessment year and-- (a) does not have any income which is exempted from tax; or (b) does not have receipt of Gift; or (c) does not have loan other than from a bank or financial institution; or (d)sum of accretion of net wealth and ..Category: Fiscal/Taxation Law | Date: 4 Sep, 2014 | Hits: 1
Shah Monzurul Hoque Vs. Commissioner of Taxes, 2014, 43 CLC (HCD)
....section 82BB of the Income Tax Ordinance 1984 in-to-to. 14. However, there shall be no order as to costs. Md. Emdadul Haque Azad, J: I agree. Ed. This Case is also Reported in: ...... the mandatory requirement of section 82BB(3) of the Income Tax Ordinance. 4. In the circumstances and on the facts whether the Taxes Appellate Tribunal was justified giving a decision regarding loan of the applicant. The Income Tax Ordinance, 1984 (Ordinance No.XXXVI of 1984); ..Category: Fiscal/Taxation Law | Date: 1 Sep, 2014 | Hits: 0
Union Capital Limited Vs. Commissioner of Taxes, 2014, 43 CLC (HCD)
....d in negative and in favour of the Assessee-applicant. However, there shall be no order as to cost. Md. Emdadul Haque Azad J.— I agree. Ed. This Case is also Reported in: ...... to show the deemed interest income in the suspense account and complying the same the Assessee-applicant company in its annual statement, showed the accrued deemed interest income from the bad debts loan in suspense account, despite the fact that the Assessee-applicant regularly employed the mercan..Category: Fiscal/Taxation Law | Date: 21 Jul, 2014 | Hits: 3
....ngladesh is directed to take necessary steps under section 16(2) of the Income Tax Ordinance, 1984.
S. H. Md. Nurul Huda Jaigirdar J. - I agree.
This Case is also Reported in:
......e of the assessee at Tk. 9,61,110.00. From the assessment order, it was found that the assessee submitted certificate of salary and allowances, statement of asset and liability and documents of house loan before the DCT and he disclosed to have received cash gift of Tk. 6,00,000.00 from his wife and..
Category: Fiscal/Taxation Law | Date: 4 Jun, 2014 | Hits: 5
Shafiqul Islam Vs. Bangladesh Bank and others, 2014, 43 CLC (HCD)
....ssing the effects and impacts of other amendments made by the said amending Act to the Bank Companies Act, 1991. 17. The issue of retrospectivity of an amendment or enactment has been taken care of by section 6 of the General Clauses Act, 1897 to some extent. It is provided by section......sel Lodge obtained credit facilities from Mercantile Bank Limited (respondent No. 5) vide sanction letter dated 6-5-2007. In this transaction as well, the petitioner stood guarantee for the said loan by executing personal guarantee. Russel Lodge obtained further credit facilities from Prime Fin..Category: Banking Law, Company Law | Date: 1 Jun, 2014 | Hits: 11
Asad Ali (Md.) and another Vs. Golam Sarwar and others, 2014, 43 CLC (AD)
....ourt below are set-aside and the case for pre-emption be dismissed. Ed. This Case is also Reported in: 66 DLR (AD) (2014) 315. ......as that the pre-emptee opposite party No.2, who is admittedly a co-sharer of the case land, purchased the entire case land by 2 kabalas from the opposite party No.3; that the opposite party No.2 took loan of Taka 10,000 from the opposite party No.1 and as security of that loan he showed the opposite..Category: Tenancy Law | Date: 28 May, 2014 | Hits: 22
State and another Vs. Abdul Kader @ Mobile Kader and others, 2014, 43 CLC (AD)
....h person was a party to it." 8. Section 10 is intended to make as evidence communication between different conspirators while the conspiracy is going on with reference to the carrying out of the conspiracy. The confession of a co-accused was not intended to be put on the sam......tween the last part of 1995 and the last part of 1996 and worked in Ideal Textile Mills Limited owned by him. After the Mills had been closed at the last part of 1999 due to the default in paying the loan of Islami Bank Limited, the accused along with one Babu of Dugachhi village used to stay with M..Category: Criminal Law | Date: 14 May, 2014 | Hits: 16
Asad Ali (Md.) and another Vs. Golam Sarwar and others, 2014, 43 CLC (AD)
....sion and also that of the appellate Court below are set-aside and the case for pre-emption be dismissed. Ed. This Case is also Reported in: 66 DLR (AD) (2014) 315. ......as that the pre-emptee opposite party No.2, who is admittedly a co-sharer of the case land, purchased the entire case land by 2 kabalas from the opposite party No.3; that the opposite party No.2 took loan of Taka 10,000 from the opposite party No.1 and as security of that loan he showed the opposite..Category: Civil Law, Property Law | Date: 14 May, 2014 | Hits: 7
State Vs. Faisal Morshed Khan and another, 2014, 43 CLC (AD)
....n the case of Mohiuddin Khan Alamgir Vs. Anti-Corruption Commission (2010) 15 BLC 107, the High Court Division noted that it was held in that case that the valuation of the PWD officials did not carry any evidentiary value. 17.Having considered the evidence on the P.Ws., the High Court Div......ccordingly, both the criminal petitions for leave to appeal are dismissed with the observation made in the body of the judgment. Ed. This Case is also Reported in: 66 DLR (AD) (2014) 236. ..Category: Anti-Corruption Laws | Date: 5 May, 2014 | Hits: 8
Parul Nath and others Vs. State, 2014, 43 CLC (AD)
....posited gold can only be determined from the Ledger Accounts Book along with the record maintained in the Mortgage Registers. The business in advancing loan by receiving gold ornaments as mortgage is carried on verbally as per the business practice and custom. There was no written document and ......ainst security of gold ornaments. In course of his business, Ram Krishna Nath used to lend money to different small jewellery traders, after receiving gold ornaments as security. When any person took loan, he used to give a serial token number against the gold ornaments received as deposit and secur..Category: Criminal Law, Property Law | Date: 27 Apr, 2014 | Hits: 8
Pubali Bank Limited Vs. Commissioner of Taxes, 2014, 43 CLC (HCD)
....Tk. 3,12,14,954/- only on account of expenses and Tk. 7,63,59,667/- on account of provision for bad and doubtful debts and adjusted an amount of Tk. 12,00,00,000/- from the total income on account of carry forward loss for the assessment year 1993-1994. 3. Being aggrieved by the assessment orde......application (shortly, the reference application) has been filed raising the following four questions for our opinion: (i) Whether the term “total outstanding loan” in section 29(1)(xviiiaa) of the Income Tax Ordinance, 1984 connotes the “classifi..Category: Fiscal/Taxation Law | Date: 27 Apr, 2014 | Hits: 6
Ibrahim Vs. State, 2014, 43 CLC (HCD)
....ess and completeness are enough to justify the conviction." 12. On identical point she refers the case of Ataur Rahman Vs. State 43 DLR 87 held: "The evidence of an injured person carries much weight since the injured person does not usually allow the real culprit to escape ......m be set at liberty if not detained in any other case. The Office is directed to send down the records at once. Ed. This Case is also Reported in: 20 BLC (HCD) (2015) 289 ..Category: Evidence Law, Women and Children | Date: 16 Apr, 2014 | Hits: 17
Moklesur Rahman (Md.) and another Vs. Government of Bangladesh and others, 2014, CLC (AD)
....hereinbefore. The Artha Rin execution case in question (No.560 of 2004) shall stand satisfied accordingly. Ed. This Case is also Reported in: 66 DLR (AD) (2014) 207. ......M/s. Shabuz Medical Hall of which writ-petitioner No.1 is the proprietor. Writ-petitioner No.1 executed all necessary documents in favour of the decree-holder-Bank and enjoyed the benefit of the loan. The property of one Shahidul Islam was mortgaged with the decree-holder-Bank as security of th..Category: Others | Date: 24 Feb, 2014 | Hits: 15
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