Court : Gujarat
Reported in : (2007)212CTR(Guj)195
..... provided tds has been deducted as per provisions of chapter xvii b i.e. under section. 195 of 11 act. under section 195, the tds is to be made as per rates in force i.e. first schedule of the finance act. as per first schedule of finance act, the tds on royalty payment in case of a domestic company, where the royalty ..... officer. at this stage, we do not want to go into that question. but, admittedly, this court has not stayed the proceedings consequent to notice under section 148 of the act, therefore, the assessing officer was at liberty to proceed with the proceedings and make final assessment. moreover, we give liberty to the petitioner to move an application ..... , all the case laws on the subject have been considered and referred to. the said sum of rs. 62,59,521/- is required to be disallowed under section. 43b of the act. 5. gratuity: it is seen that the assessee has claimed deduction for gratuity debited to p&l; account as under: inductotherm (india) private limitedassessment year 2001 .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)54CTR(Guj)241; (1986)2GLR1342; [1986]162ITR240(Guj)
..... from april 1, 1968, it was explained, inter alia, in the memorandum explaining the provisions of the finance bill, 1968, as under [1968] 67 itr 80 : 'in order to avoid hardship due to ..... made under this section shall prejudice the determination, on the merits, of any issue which may arise in the course of the regular assessment. 20. at this juncture, it would be appropriate to point out that at the time when the provisions of section 19 of the act were inserted in the statute book by the finance act, 1968, with effect ..... delay in issue of refund in cases where the completion of the regular assessment is likely to be delayed, it is proposed to make a new provision of the income-tax act enabling tax-payers to claim a .....
Tag this Judgment!Court : Gujarat
Reported in : 2000(70)ECC170
..... as mentioned in para 18 of the show cause notice. after issuance of the show cause notice, it appears that the petitioner submitted a declaration under section 88 of the finance (no. 2) act, 1998. the petitioner, with a view to avail of the benefit of the kar vivad samadhan scheme, approached the designated authority, customs & central ..... rules, 1998. the commissioner of central excise, ahmedabad-i issued a certificate of intimation under section 91(1) of the finance (no. 2) act, 1998. the certificate clearly indicates that the amount determined as payable under section 18(1) of the finance (no. 2) act, 1998 was rs. 20,31,513. in the said certificate, so far as the payment ..... on the next day afterwards on which the court or office is open. provided that nothing in this section shall apply to any act or proceeding to which the indian limitation act, 1877 applies. (2) this section applies to all central act and regulations made on or after the 14th day of january, 1887.' 5. thus, in the instant .....
Tag this Judgment!Court : Gujarat
Reported in : [1994]210ITR1029(Guj)
..... act, as it stood prior to its substitution by the finance act, 1987 w. e. f. 1st april, 1988. earlier s. 71 was substituted by finance (no. 2) act, 1962 w. e. f. 1st april, 1962 and its sub-s. (2) was substituted by finance (no. 2) act, 1967 w. e. f. 1st april, 1968 ..... , sub-s. (2), and s. 73, sub-s. (3), of the act, it has been held by the high court as under : 'section 32 of the it act, 1961, deals with depreciation. section 32(2) specifically lays down that if in a previous year owing to there being no ..... ahmedabad, the tribunal, ahmedabad, bench 'a', has made the present reference to this court under s. 256(1) of the it act, 1961 ('act' for short), as it was satisfied that four questions of law arise for the opinion of the high court out of its order ..... the purpose of legal fiction, all the facts necessary for the purpose of earning depreciation under s. 32(1) of the act must be secured and, therefore, for the following previous year, the ownership of machinery, and user of machinery for the .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)222CTR(Guj)138
..... delhi and ors. v. rattan lal and ors. : [1984]145itr183(sc) wherein it was held that the the immunity enjoyable by a declarant under section 24 of the finance (no. 2) act of 1965, under the voluntary disclosure scheme is confined to the declarant alone and is not extended to the assessment of a third party assessee in relation ..... by the creditor and taxed under the scheme, from investigating the true nature and source of the creditrs. (iv) the legal fiction created by section 24 (3) of the finance (no. 2) act, 1965, was limited in its scope and could not be invoked in assessment proceedings relating to any person other than the person making the declaration ..... but was the income of somebody else, then there was nothing to prevent an investigation into the true source of the amount. there was nothing in section 24 of the finance (no. 2) act, 1965, which prevented the ito, if he was not satisfied with the explanation of an assessee about the genuineness or source of an amount found .....
Tag this Judgment!Court : Gujarat
Reported in : (1990)89CTR(Guj)266; [1991]189ITR18(Guj)
..... to put an effective curb on the proliferation of such trusts and to reduce the scope of tax avoidance through such means, the finance act, 1970, replaced section 164 of the said act by a new section under which a representative assessee who received income for the benefit of more than one person whose shares in such income were indeterminate or ..... simplified and recast on the lines of the correspondent provisions in the south african income-tax act. under the provisions of section 16a of the said act, before the amendment made by the finance act, 1970, income of a trust in which the shares of the beneficiaries were indeterminate or unknown was changeable to tax as a single unit treating ..... are taxpayers, the said proviso was not attracted to the present case. he relied upon the decision of the bombay high court in cit v. lady ratanbai mathuradas : [1968]67itr504(bom) , in which it was held that, on a reading of the relevant clauses of the trust deed. it did not appear that the income in the .....
Tag this Judgment!Court : Gujarat
Reported in : 2002(82)ECC511; (2000)3GLR146
..... facts, it was contended on behalf of the petitioners that the petitioner company was entitled to the refund of rs. 30 lakhs because under the provisions of section 88(f) of the said finance act, which related to settlement of tax, sub-clause (ii) contemplated waiver of fine, penalty and interest on payment of 50 per cent of the amount ..... a declaration under the kar vivad samadhan scheme of 1998, in respect of the 'tax arrears'. the declaration was accepted as per the intimation under section 90(1) of the finance (no. 2) act, 1998, stating that the designated authority after consideration of the relevant material, determined the amount mentioned therein payable by the declarant towards full and final ..... of the amount of 'tax arrears' declared in form 1b was shown to be rs. 11,53,52,778/-. the amount determined as payable under section 88(f)(ii) of the finance (no. 2) act, 1998 was rs. 5,76,76,389/-. the other items which were shown under the head `amount of tax arrears' were of penalty of rs .....
Tag this Judgment!Court : Gujarat
Reported in : [2004]267ITR266(Guj)
..... of acquisition of the asset, therelevant provisions of section 10(2) of the indianincome-tax act, 1922 did not contain any explanationwhich is now to be found as explanation 8 to section43(1) of the indian income-tax act, 1961 and whichexplanation was inserted by the finance act, 1986 withretrospective effect from 1.4.1974. the ..... on behalf of therespondent-assessee, we are of the view that there isconsiderable substance in the submissions of mr bhatt,learned counsel for the revenue. by finance act, 1986,the following explanation was added as explanation 8 withretrospective effect from 1.4.1974 :-'explanation 8 - for the removal of doubts, it ishereby declared ..... the assessee withinthe meaning of the expression in section 10(5) of theindian income-tax, 1922, but in the facts of the instantcase that decision would otherwise also not be applicablebecause the legislature has added explanation 8 tosection 43(1) of the income-tax act, 1961 by finance act,1986 with retrospective effect from 1.4. .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)GLR865; [1964]54ITR271(Guj)
..... the shareholders on such fictional distribution, it would be better to collect additional super-tax from the company itself and therefore the legislature amended section 23a by the finance act, 1955. the object of the section remained the same, namely, to get at super-tax which might be avoided. formerly, the revenue was entitled to recover it from the ..... that there cannot be another charge of super-tax in addition to the charge imposed by section 55. while section 55 imposes a general charge of super-tax on total income at the rate or rates laid down by the finance act, section 23a imposes an additional charge of super-tax on undistributed income in the case of certain ..... is view is, however, fortified by a further consideration as regards the intention of the legislature. prior to the amendment by the finance act, 1955, even though an order under section 23a could be made at any time, the fictional income created by the order could not be assessed in the hands of the shareholders after .....
Tag this Judgment!Court : Gujarat
Reported in : [1997]224ITR378(Guj)
..... so far as it is rendered applicable for the recovery of tax imposed for a particular fiscal year by a finance act. by virtue of the indian finance act, 1939, s. 16(1)(c) of the indian it act as amended by the indian it (amendment) act, 1939, applied for the asst. yr. 1939-40 although the subject of charge was the income of the ..... the contention before us by respective parties have been on the lines noticed by us while noticing the facts of the case. 5. section 4 of the act is the charging section which provides that where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those ..... and gains can only be said to accrue at the end of the previous year when the result of the working of business for the entire period is known. section 48 which prescribes mode of computation and deduction in respect of income chargeable under the capital gains divides types of capital gains into two categories, namely, capital gains .....
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