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 : (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 : [1983]144ITR532(Guj)
..... of additional labor force. the assessee company claimed relief under s. 84/80j of the act in respect of the fourth kiln at sikka for the assessment years 1964-65 to 1970-71. section 84 which is deleted with effect from april 1, 1968, by the finance (no. 2) act of 1967 was almost in identical terms with s. 80j, which are required to be ..... stifled for claiming relief under both these provision are almost same. the assessee-company claimed relief under s. 84 of the act for the assessment years 1964-65 .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]140ITR61(Guj)
..... the licensing of industrial undertaking rules, 1952, wherein the assessee has been registered as falling in item no. 28 of the scheduled industry.it will be seen from section 2(5)(c) of the finance act, 1964, that the item no. 28 of the scheduled industry is specifically excluded from the scope of this action. therefore, the rebate of rs. 35,148 ..... 'vegetable oils and vanaspati' was excluded from the scope of s. 2(5)(a)(ii) of the finance act, 1964. this mistake seems to have been pointed out to the ito by the internal auditor of the i.t. dept. on september 27, 1968. when this was pointed out, the ito replied back to the auditor stating that the item of de ..... de-oiled cakes. the company follows the mercantile system of account keeping. for the assessment year 1964-65, the assessment was originally completed by the ito on march 25, 1968 and the total income which was assessed was rs. 1,46,237. the return had been filed on september 24, 1965. during the relevant previous year of accounting the .....
Tag this Judgment!Court : Gujarat
Reported in : [1985]152ITR251(Guj)
..... few facts. for the assessment year 1968-69, the assessee on a total income of rs. 31,21,022 excluding capital gains. the assessee, was a domestic company. it was liable to pay additional tax at 7.5% under paragraph f of item i(b) of part i of schedule i under the relevant finance act. it was so liable to pay ..... in the circumstances of the case, the tribunal was justified in confirming the order of the income-tax officer passed under s. 154 of the income-tax act, 1961, holding that the said section was applicable (2) whether, on the facts and circumstances of the case, the tribunal was justified in confirming the adoption of the figures of dividend declared ..... 'mistake' or a 'possible different approach' from a different perspective. in other words, he had no alternative case as to what else could have been the view of the section on the facts. only where there is a possibility of the assessee contending that he has a different case or a different approach or that there is a debatable question .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)50CTR(Guj)283; [1986]162ITR142(Guj)
..... -section(1) of section 80p provides that where, in the case of an assessee being a co-operative society ..... ), 81(iii) and 81(iv) of the act, section 81(iv) being a verbatim reproduction of section 14(5) with the whodunit (1) 'income of co-operative reproduction after the amendment brought about by the finance (no. 2) act, 1967, with effect from april 1, 1968, section 81(iv) was replaced by section 10(29) and section 81(i) was replaced by section 80p with which we are concerned. sub .....
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 : [1992]194ITR659(Guj)
..... , by the taxation laws (amendment) act, 1975. under the said provision, where the assessee claimed that the tax plaid ..... have been paid towards the provisional assessment in view of section 234 as it stood at that time and credit for the same was given to the assessee in the provisional assessment. section 141a, having a bearing on provisional assessment for refund, was inserted by the finance act, 1968, with effect from april 1, 1968, and sub-section (1) was substituted with effect from april 1, 1976 .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)106CTR(Guj)218; [1993]201ITR451(Guj)
..... income while making the assessment and, consequently, there was no question of treating the said income as earned income while exercising powers of rectification under section 154 of the act, as urged on behalf of the assessee. in this view of the matter, the income-tax officer rectified the orders for both the assessment years ..... ,34,967 for the assessment years 1967-68 and rs. 1,32,827 for the assessment years 1968-69 in accordance with the provisions contained in part i of the first schedule to the finance (no. 2) act, 1967 ('the fiance act' for short). thereafter, on verification of the records of the assessment proceedings for the assessment years ..... in the total income' and, therefore, it could not be said that the matter was free from argument and debate, and, consequently, rectification proceedings under section 154 of the act were bad in law. on merits, the tribunal, for the reasons recorded in its order, upheld the view of the appellate assistant commissioner. the tribunal also .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)106CTR(Guj)374; [1993]201ITR208(Guj)
..... aforesaid sub-clause (iii) came to be omitted by the finance act, 1968, with effect from april 1, 1969, and, therefore, for the relevant assessment years, i.e., 1968-69 to 1971-72 newly inserted clause (a) (v) of section 40 shall have to be seen which reads as under : 'section 40(a)(v). - any expenditure incurred after 29th day ..... at this stage to refer to the aforesaid two statutory provisions. section 40(c)(iii) being relevant for the assessment year 1968-69 which was originally introduced by the finance act, 1963, is as under : '40. amounts not deductible. - notwithstanding anything to the contrary in sections 30 to 39, the following amounts shall not be deducted in ..... amount calculated at the rate of five thousand rupees per month for any period of his employment after the 28th day of february, 1963...' section 40(c)(iii) was amended by the finance act of 1964, thereafter it read as follows : '(iii) any expenditure incurred after the 29th day of february, 1964, which results directly or .....
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