Court : Gujarat
Reported in : [1983]141ITR472(Guj)
..... for the assessment year commencing on the april 1, 1968, income-tax shall be charged at the rates specified in part i of the first schedule ..... rates shall be charged for that year in accordance with, and subject to the provisions of, this act in respect of the total income of the previous year or previous years, as the case may be, of every person :...... section 2(1) of the finance act, 1968 : 2. income-tax. -(1) subject to the provisions of subsections (2) and (3), ..... was no liability to basic tax, the question of levy of additional tax in respect of excess dividends did not arise under the provisions of the finance act, 1968, for the assessment year 1968-69 a) in the affirmative and against the revenue for the reasons specified hereinabove q 5. whether, on the facts and in the circumstances of .....
Tag this Judgment!Court : Gujarat
Reported in : (1994)122CTR(Guj)164; [1995]212ITR614(Guj)
..... high court in cit v. casino (pvt.) ltd. : [1973]91itr289(ker) wherein the division bench, while dealing with the word 'processing' appearing in section 2(6)(d) of the finance act, 1968, observed that it was evident from the context in which that word was used that it was complementary to the term 'manufacture' and, therefore, would not ..... examination might indicate loss of moisture content, that it not sufficient for holding that the stored articles have undergone a 'process' within the meaning of section 2(7)(c) of the finance act, 1973. with great anxiety we have gone through the facts of the said case and the principle of law as discussed therein. we, however, ..... trades dealing in or using cotton. the assessee-company claimed that pressing of cotton fell within the expression 'processing of goods' within the meaning of section 2(7)(c) of the finance act, 1973, and, therefore, it was an 'industrial company' entitled to the concessional rate of tax. this court held that loose cotton in bulk .....
Tag this Judgment!Court : Gujarat
Reported in : [1972]85ITR315(Guj)
..... the determination of the question : one is section 271, sub-section (1), clause (c), and the other is section 274, sub-section (2). section 271, sub-section (1), clause (c), provides - and here we are setting out the section as it stood during the assessment year 1961-62 prior to its amendment by the finance act, 1968 - that if the income-tax officer, in ..... the course of any proceedings under the act, is satisfied that any ..... (1) calling upon the assessee to show cause why penalty should not be imposed on the assessee for concealment of income under section 271(1)(c) of the income-tax act, 1961. now, according to the computation made by the income-tax officer, the income-tax payable by the assessee on the total income of .....
Tag this Judgment!Court : Gujarat
Reported in : (2003)184CTR(Guj)312
..... of bharat beedi works (p) ltd. and anr. v. cit : [1993]201itr1063(sc) .20. when section 40a(2) was introduced by the finance act, 1968, the cbdt issued an explanatory circular being circular no. 6-p(lxxvi-66) of 1968, dt. 6th july, 1968. para. 74 of the said circulars reads as under :'74. it may be noted that the new provision is ..... (supra), in that case this court had no occasion to consider the provisions of section 40a(2) of the act because that case related to asst. yrs. 1962-63 to 1965-66 whereas the provisions of section 40a were inserted by the finance act, 1968 w.e.f. 1st april, 1968. moreover, in the aforesaid case, the commodity in question was tobacco and the ..... possible to state that the tribunal was justified in invoking the provision of section 40a(2) of the act and disallow of 50 per cent of the expenditure. as can be seen from the circular dt. 6th july, 1968, issued by the cbdt when the provision of section 40a(2) is invoked the authority is expected to exercise his judgment .....
Tag this Judgment!Court : Gujarat
Reported in : [1987]165ITR195(Guj)
..... than four partners or whether the firm had five or more than five partners.this provision of section 2,sub-section [4], of the finance [no. 2] act 1962,is to be found reproduced in the finance act of 1963, as also in the finance act of 1964 which provided the rates for the assessment year 1964-65. for the assessment year 1964 ..... minimum rate at which net 'capital gains' was to be taxed was fifteen per cent and the full bench also took into consideration the provisions of section 2 of the relevant finance act applicable to the assessment year 1967-68. we, therefore, answer the question referred to us in the negative and we hold that the tribunal was ..... the historical development to its further development with effect from april 1, 1968, as a result of the provisions of the finance (no. 2) act, 1967, section 114 was omitted and in its place section 80t was inserted. under section 80t which thus came into effect from april 1, 1968, where the gross total income of an assessee not being a company .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]107ITR447(Guj)
..... sections have been incorporated by the same act under new sections with effect from the same date in the act. since all the relevant assessment years with which we are concerned are ..... -tax is payable under chapter vii.'chapter vii of the act consists of sections 81 to 86 and at the relevant time the heading of the chapter was 'incomes forming part of total income on which no income-tax is payable.' by the finance (no. 2) act, 1967, with effect from the april 1, 1968, section 81 to 85c were deleted and the provisions of those .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]252ITR846(Guj)
..... provide the exemption in respect of interest only on funds which are repatriable outside india. in order to bring out this intention, section 10(4a) of the income-tax act has been amended by the finance act, 1968. under the amended provision, the exemption will be available only in respect of interest on moneys standing to the credit of a ..... 115. interest income of non-residents from non-resident accounts in a bank in india--under the provisions in section 10(4a) of the income-tax act prior to its amendment by the finance act, 1968, a non-resident was exempt from tax on his income by way of interest on moneys standing to his credit in a ..... other meaning to the words 'not resident'.9. when the finance act, 1968, amended and altered the exemption originally granted by section 10(4a) of the act with effect from april 1, 1969,the central board of direct taxes issued circular no. 6-p (lxxvi-66) of 1968, dated july 6, 1968. the relevant portion from the said circular reads as under :' .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]110ITR151(Guj)
..... ,78,583 was deducted from the total income claiming that amount to be relief under section 84 of the income-tax act, 1961 (hereinafter referred to as 'the act'). section 84 subsequently came to be deleted by finance (no. 2) act, 1967, and the deletion has been with effect from april 1, 1968. on december 13, 1967, the assessee-company filed a revised return showing therein the ..... . : [1974]93itr548(bom) was considering the provisions of section 15c of the act of 1962 which,as we have pointed out, was in identical terms as section 84 of the act of 1961. it must also be pointed out that though section 84 was repealed with effect from april 1, 1968, by finance (no. 2) act, 1967, a new section 80j with minor variations which are of no relevance .....
Tag this Judgment!Court : Gujarat
Reported in : [1986]162ITR761(Guj)
..... the topic covered by section 80-i was dealt with by original section 80e, which was inserted by the finance act, 1966, with effect from april 1, 1966. that section, i.e., section 80e, was deleted and in its place the above section 80-i was introduced by the finance (no. 2) act, 1967, with effect from april 1, 1968. the income-tax ..... however, so far as the years under consideration are concerned, this section under which the assessee claimed relief was in existence. it further appears that ..... assessee claimed deduction in respect of profits and gains under section 80-i of the income-tax act, 1961 (hereinafter referred to as 'the act'), attributable to products manufactured at plant at serial no. 2. it may be mentioned here that section 80-i of the act has been deleted by the finance act, 1972, with effect from april 1, 1973. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR510(Guj)
..... on the point involved in this reference. 6. chapter vii of the income-tax act, 1961, which included sections 81 to 85c (which are now omitted by section 33 of and the third schedule to the finance (no. 2) act, 1967, with effects from the april 1, 1968), provided for incomes forming part of total income on which no income-tax is payable ..... year from its new industrial project at vidyanagar. he thus computed the value of the capital employed at rs. 45,39,537. accordingly, under section 84 read with section 101 of the income-tax act, 1961, the income-tax officer exempted an amount of rs. 2,72,372 being 6 per cent. of the capital employed in the new ..... . section 84(1) which deals with income of newly established industrial undertakings or hotels provides as under : '84. .....
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