Court : Gujarat
Reported in : [1987]165ITR300(Guj)
..... 1968-69, the explanation which was inserted by the finance act, 1964, is relevant for our purpose and it read as follows : 'explanation - where the total income returned by any person is less than eighty per cent. of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section ..... the particulars of his income or furnished inaccurate particular of such income. it may be pointed out that, prior to its amendment by the finance act, 1964, section 271(1)(c) required that the assessee should have concealed the particulars of his income or deliberately furnished inaccurate particulars of such income, but the ..... terms but by resort to the deeming fiction contained in the explanation. the explanation which was not originally there when section 271(1)(c) was enacted but which was introduced by the finance act, 1964, provides that where the total income returned is less than eighty per cent. of the total income assessed, .....
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 : (1981)25CTR(Guj)263
..... 2. 'computation of qualifying income. - (1) where the total income of an assessee referred to in sub-clause (i) of clause (a) of sub-section (5) of section 2 of the finance act, 1964 (5 of 1964), includes any profits and gains derived from the export of any goods or merchandise out of india, the amount of such profits and gains ..... be pressed into service... in these circumstances, i would uphold the finding of the revenue authorities that the assessee is not entitled to any relief under section 2(5)(i) of the finance act, 1963.' 7. the learned judicial member agreed with the conclusions reached by the learned accountant member but on different grounds. he held that the working ..... the matter in appeal before the tribunal. the tribunal following its earlier decision in the assessee-company's appeal being appeal i.t.a. no. 1625 of 1968-69 for the assessment year 1963-64, allowed the revenue's appeal and rejected the assessee-company's claim for rebate for the assessment years 1964-65 and 1965 .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)173; [1982]134ITR201(Guj)
..... another angle from which the question can be looked at and it is this. under the finance act of 1965, clause 68, provision was made for voluntary disclosure of income and under sub-s. (6), clause (a), 'any amount declared by any person under this section in respect of which the tax referred to in sub-s. (3) is paid shall ..... 1954-55 to 1964-65. at several places, as we have shown by underlining from the quotation from the statement annexed to the declaration under clause 68 of the finance act of 1965, the assessee made it very clear and specified that the amount of rs. 41.50 lakhs was inclusive of interest on hundi loans. the assessee wrote ..... concerned. then a regular voluntary disclosure petition was made on may 31, 1965, addressed to the commissioner and this was considered as an application under s. 68 of the finance act of 1965 declaring rs. 41.50 lakhs as the amount together with interest. this declaration was accepted by the commissioner and he gave a certificate dated november 25, 1965 .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)25CTR(Guj)263; [1982]137ITR616(Guj)
..... 2. 'computation of qualifying income. - (1) where the total income of an assessee referred to in sub-clause (i) of clause (a) of sub-section (5) of section 2 of the finance act, 1964 (5 of 1964), includes any profits and gains derived from the export of any goods or merchandise out of india, the amount of such profits and ..... pressed into service... in these circumstances, i would uphold the finding of the revenue authorities that the assessee is not entitled to any relief under sec. 2(5)(i) of the finance act, 1963.'the learned judicial member agreed with the conclusions reached by the learned accountant member but on different grounds. he held that the working made ..... carried the matter in appeal before the tribunal. the tribunal following its earlier decision in the assessee-companys appeal being appeal i.t.a. no. 1625 of 1968-69 for the assessment year 1963-64, allowed the revenues appeal and rejected the assessee-companys claim for rebate for the assessment years 1964-65 and 1965-66. .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]142ITR503(Guj)
..... (pvt.) ltd. : [1973]91itr289(ker) the division bench of the kerala high court, while dealing with the word 'processing' appearing in s. 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 cover manufacture also. ..... the relevant section is s. 2(8)(c) of the finance act, 1974, and except for this difference, in substance, the question involved in that reference is the same because the definition of industrial company in s. ..... circumstances of the case, the income-tax appellate tribunal was right in law in holding that the assessee is entitled to be treated as an industrial company under section 2(7)(c) of the finance act, 1973 ?' 3. we proceed to dispose of them by this common judgment. we may, however, state that in reference no. 245 of 1978, .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR746; [1965]56ITR621(Guj)
..... baconian obscurity in a provision dealing with settlement of assessments.' this contention of the learned advocate-general based on the substitution of words effected in sub-section (1b) by the finance act, 1956, must therefore be rejected. 22. there is also another circumstance which strongly supports the contention of mr. i. m. nanavati. it is ..... of affairs continued up to 1st april, 1956, when certain further amendments of a rather far-reaching character were made in section 34 by the finance act, 1956. the time-limit of eight years in sub-section (1) in respect of the cases falling within clause (a) was removed and the following provisions were substituted for the ..... 1956. this circumstance is clearly indicative of the legislative intent that no notice in respect of cases covered by sub-section (1a) should be issued under sub-section (1)(a) even after its amendment by the finance act, 1956. if any such notice is issued it would be barred by time and therefore beyond the jurisdiction of .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)212CTR(Guj)285
..... of the tribunal, it adopted the view that buildings under construction meant for business-use were not chargeable to wealth tax under section 40 of the finance act, 1983.3. under section 40 of the finance act, 1983, provision was made to levy wealth tax on the net wealth of certain companies. the purpose of the provision as ..... during the year under consideration. the assessee claimed exemption from wealth tax on the buildings under construction as per clause (vi) of sub-section (3) of section 40 of the finance act, 1983. the assessing officer took the view that buildings under construction as on the valuation date could not be held to have been used ..... appellate authority, relying upon the decision of the tribunal in nutan electricals industries pvt. ltd. v. iac 36 itd 448 and appreciating the provisions of section 40 of the finance act, 1983, allowed the claim of the assessee for the year under consideration. upon the matter being carried to the tribunal by the revenue, the order .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR745(Guj)
..... submission of the learned advocate for the assessee, by the legislative changes brought about in clause (c) by the finance act, 1968, which deleted sub-clause (iii) of clause (c) and inserted sub-clause (v) to clause (a) in section 40, the distinction between an employee and a director of a company-assessee is not sought to be done away ..... any period of his employment after the aforesaid date.' 6. this sub-clause was omitted by the finance act, 1968, with effect from april 1, 1969, and in its place sub-clause (v) as extracted above as inserted in clause (a) of section 40. in our opinion, therefore, this scheme in respect of non-deduction of expenses or allowances ..... and the benefit derived by or accruing to it therefrom.' (iii) (omitted by finance act, 1968, with effect from 1-4-1969). 3. on behalf of the revenue it has been contended that having regard to the legislative history of the provision contained in section 40(a)(v) and having regard to the different fields in which these two .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)197CTR(Guj)306; 2005(185)ELT119(Guj); [2006]282ITR474(Guj)
..... therefore, the same be quashed and set aside and the respondents be directed to issue necessary certificate in favour of the petitioners.7. bare reading of section 90(2) of the finance act of 1998 shows that within a period of 30 days from the date of certificate/order issued by the designated authority, the declarant was required to make ..... with the proof thereof. thereupon the designated authority was required to issue certificate of declaration.3. at this stage, we think it proper to reproduce both, section 90(1) and 90(2) of the finance act of 1998, which are as under :90. time and manner of payment of tax arrear - (1) within sixty days from the date of receipt ..... of the declaration under section 88, the designated authority shall, by order, determine the amount payable by the declarant in accordance with the provisions of this scheme .....
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