Judgment Search Results Home > Cases Phrase: companies profits surtax act 1964 Court: gujarat Page 2 of about 735 results (0.062 seconds)

Alkapuri Investment Pvt. Ltd. Vs. Commissioner of Surtax

Court : Gujarat

Reported in : [1994]210ITR903(Guj)

..... 18 of the companies (profits) surtax act, 1964, r/w s. ..... 1970-71 in the reserve for bad and doubtful debts was not includible in capital computation for the purpose of computing the capital base while determining the surtax liability of the assessee. ..... 1970-71 in the reserve for bad and doubtful debts was not includible in capital computation for the purpose of computing the capital base while determining the surtax liability of the assessee ?' 2. ..... 256(1) of the it act, 1961 : 1. .....

Commissioner of Surtax/income-tax Vs. Ahmedabad Manufacturing and Cali ...

Court : Gujarat

Reported in : [1995]217ITR270(Guj)

..... the income-tax appellate tribunal, ahmedabad bench 'b', has referred to us the following question is for our opinion under section 18 of the companies (profits) surtax act, 1964, read with section 256(1) of the income-tax act, 1961 : for the assessment years 1965-66 and 1966-67 : '1. ..... the material on record has also shown that the distribution of dividend from the profits has been effected from a dividend account and the dividend reserve account was not touched in any manner whatsoever. ..... the assessee had claimed that the above be treated as reserve and included in computing the capital base of the company. ..... 1 crore standing to the credit of the dividend reserve account was to be treated as reserve for including the same in computing the capital base of the company. ..... 1 crore standing to the credit of dividend reserve account is liable to be treated as a reserve for including the same in computing the capital base of the company? ..... 1 crore standing to the credit of the dividend reserve account should be treated as a reserve and as such should be included in computing the capital for determining the capital base under the rules of the said act. .....

Rpg Life Sciences Ltd. Vs. Union of India (Uoi)

Court : Gujarat

Reported in : 2005(187)ELT433(Guj); [2006]144STC267(Guj)

..... commissioner of surtax : [1999]237itr834(guj) , this court has laid down as under: 'section 13 of the companies (profits) surtax act, 1964, provides for rectification of mistake apparent from the record. ..... the petitioner, a limited company, is carrying on business of manufacture of medicines. .....

Commissioner of Income-tax, Gujarat-ii Vs. Alembic Chemical Works Co. ...

Court : Gujarat

Reported in : [1982]133ITR578(Guj)

..... for the purpose of companies (profits) surtax act, 1964 (hereinafter referred to as 'the act'), the ito worked out the gross total income for the year 1969-70 at rs ..... of the revenue, the following question has been referred to us for our opinion : 'whether, on the facts and in the circumstances of the case, the deductions allowed to the assessee under chapter vi-a of the income-tax act amount to deductions from total income or are income, profits or gains not includible in the total income as contemplated in rule 4 of the second schedule of the companies (profits) surtax act, 1964 ?' 2. ..... 4 which is the charging section : 'subject to the provisions contained in this act, there shall be charged on every company for every assessment year commencing on and from the 1st day of april, 1964, a tax (in this act referred to as the surtax) in respect of so much of its chargeable profits of the previous year or previous years, as the case may be, as exceed the statutory deduction, at the rate or rates specified in the third schedule.' ..... 4 of the surtax rules, inasmuch as it uses the words 'income, profits and gains of a company not includible in its total income under the income-tax act' refers only to those sums which are not includible in the total income by the provisions of ..... indicated as by the charging section, it is only those profits earned by a company which exceed the statutory deduction as are liable to surtax at the rate or rates specified in the third schedule to the act. .....

Commissioner of Surtax Vs. New India Industries Ltd.

Court : Gujarat

Reported in : (1992)108CTR(Guj)406; [1993]202ITR619(Guj)

..... , made the following pertinent observations; while interpreting rule 3 firstly in isolation and then in the context of rules 1 and 2, rule 3 of the second schedule (headnote) : 'rule 3 of the schedule ii to the companies (profits) surtax act, 1964, read in isolation from the other rules may suggest that any increase or decrease in the paid up share capital by itself would lead to an increase or decrease of the capital. ..... it has been held therein (headnote) : 'the amount representing the increase in the share capital of company as a result of capitalisation of part of its reserves is not to be included in the capital base under rule 3 of the schedule ii of the companies (profits) surtax act, 1964, and the inclusion of the said amount in the capital base in the original assessment is a mistake apparent from the record.' 34. ..... these proceedings pertain to the assessment of the assessment which is a public limited company under the provisions of the companies (profits) surtax act, 1964 ('the said act', for short). ..... , speaking for the supreme court, laid down as under (headnote) : 'the expression 'reserve' has not been defined in the super profits tax act, 1963, or the companies (profit) surtax act, 1964. ..... is, during the course of the previous year, capitalised by issue of fully paid-up free bonus shares, there is no increase by any amount in the capital computed in accordance with the provisions of rule 1 and 2 of the second schedule to the companies (profits) surtax act, 1964.' 32. .....

Commissioner of Income-tax, Gujarat-i Vs. Mafatlal Chandulal and Co. L ...

Court : Gujarat

Reported in : [1977]107ITR489(Guj)

..... such pieces of legislation were, firstly, the excess profits tax act, 1940, which was in force during the second world war, the business profits tax act, 1947 (hereinafter referred to as 'the act of 1947'), the super profits tax act, 1963, with which we are concerned in the present case (hereinafter referred to as 'the act of 1963'), and the companies (profits) surtax act, 1964 (hereinafter referred to as 'the act of 1964'). ..... section 4 is the charging section and by section 4, subject to the provisions contained in the act, there shall be charged on every company for every assessment year commencing on and from the april 1, 1964, a tax (in this act referred to as the surtax) in respect of so much of its chargeable profits of the previous year or previous years, as the case may be, as exceed the statutory deduction, at the rate or rates specified in the third schedule. ..... the above examination of the provisions of all the three acts, namely, the act of 1947, the act of 1963 and the act of 1964, will show that in every case, along with the paid up capital, the reserve play a very material part in the computation of the capital of the company and there have been several decisions of the supreme court, some under the act of 1947 and one under the act of 1964, which throw light not the concept of reserves in the .....

Gujarat Steel Tubes Ltd. Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : (1994)116CTR(Guj)82

..... cit : [1988]172itr176(guj) where it is held that surtax stands on the same footing as income-tax inasmuch as it is also a tax on the total income computed under the income-tax act after its adjusted under the companies profits (surtax) act, 1964. ..... this would be clear from the following observations made by the court (at page 219) : 'it may be noted that, in the amendment which was effected by the amendment of finance act, 1964, the word 'remuneration' was dropped from the relevant phrase giving an indication that the legislature did not intend to include cash emoluments in any of the words 'benefit, amenity and perquisite'. ..... soparkar, next contended that it is for the assessee-company to decide as to whether expenditure should be incurred for purchase of deferred annuity policy in the course of its business and such expenditure can be incurred voluntarily and without any necessity and, if it is incurred for the purpose of promoting business and to earn profits, the assessee is entitled to deduction under section 37 of the income-tax act, even though there was no compelling necessity to incur such expenditure. .....

Ahmedabad Manufacturing and Calico Pvt. Ltd. Vs. Commissioner of Incom ...

Court : Gujarat

Reported in : (1986)57CTR(Guj)151; [1986]162ITR800(Guj)

..... 1981]130itr14(sc) , the respondent company which manufactured nylon-6 yarn from imported caprolactum claimed that nylon-6 was a 'petrochemical' and that it was entitled to higher rebate of surtax under schedule iii to the companies profits (surtax) act, 1964, for the assessment year 1965-66, and to higher development rebate under section 33(1)(b)(b) and relief under section 80-i of the act for the assessment years 1968-69 ..... applying the commercial sense in which the expression 'petrochemical' was used in item (18) of the fifth schedule and sixth schedule to the act and item (19) of paragraph 2 to the third schedule of the companies profits (surtax) act and basing its conclusion on a large volume of documentary material drawn from general dictionaries, chemical dictionaries, technical, commercial and government publications, the documentary testimony of experts in the field, the ..... which arose out of its income-tax assessments for the assessment years 1964-65 and 1965-66, the assessee-company had claimed benefit of deduction under section 2(5)(a)(i) of the finance act, 1964, and section 2(5)(a)(i) of finance act 1965. ..... that if bonus shares are not issued the assessee-company could have retained the accumulated profits with it, but it would not be correct to say that when it issued the bonus shares, no change in regard to the accumulated profits took place and that the accumulated profits continued to remain with the assessee-company as before, though now in form of paid-up share .....

Assistant Commissioner of Income-tax Vs. Saurashtra Kutch Stock Exchan ...

Court : Gujarat

Reported in : (2003)183CTR(Guj)364; [2003]262ITR146(Guj)

..... (2) of the act, section 35 of the indian income-tax act, 1922, section 35 of the wealth-tax act, 1957, and section 13 of the companies (profits) surtax act, 1964, are pari ..... that (headnote) :'section 13 of the companies (profits) surtax act, 1964, provides for rectification of mistake apparent from the ..... a mistake apparent from the record on its own motion or on an application by a party under section 254(2) of the act;(b) an order on appeal would consist of an order made under section 254(1) of the act or it could be an order made under sub-section (1) as amended by an order under sub-section (2) of section 254 of the act;(c) the power of rectification is to be exercised to remove an error or correct a mistake and not for disturbing finality, the ..... a bench of the tribunal shall consist of a judicial member and accountant member, however, depending on the monetary limit stipulated in sub-section (3) of section 255 of the act, it would be open to the president of the tribunal or any other member authorised in this behalf by the central government to sit singly and dispose of the case ..... a creature of the statute as could be seen from the provision of section 252 of the act and hence it could not go beyond the powers granted under the act;(d) under section 254(4) of the act the order passed by the tribunal in appeal was final and by purported exercise under section 254(2) of the act such finality could not be disturbed ;(e) there was no mistake in the order dated october 27, 2000 .....

Commissioner of Income-tax Vs. Harsiddh Specific Family Trust

Court : Gujarat

..... to the depreciation computed in accordance with the provisions of sub-section (1) of section 32 from the amounts of profits computed in accordance with the requirements of parts ii and iii of the schedule vi to the companies act, 1956 (1 of 1956), as increased by the aggregate of - (i) the amount of depreciation; (ii) the amount of income-tax paid or payable, and provision therefor; (iii) the amount of surtax paid or payable under the companies (profits) surtax act, 1964 (7 of 1964); (iv) the amounts carried to any reserves, by whatever name called; (v) the amount or amounts set ..... aside to provisions made for meeting liabilities, other than ascertained liabilities; (vi) the amount by way of provision for losses of subsidiary companies; and (vii) the amount or amounts of dividends paid or proposed, if any debited to the .....