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 : [1999]239ITR90(Guj)
..... . it is reflected from the provisions of s. 88 as well as 95 of the finance act of 1998. the amount to be determined under s. 88 is with reference to disputed income, disputed wealth, disputed gift, disputed chargeable expenditure, disputed chargeable interest. section 95 makes it abundantly clear that unless an appeal or reference or writ petition is admitted ..... of tax arrears as on the date the order was made or order could be made that would call for determination of amount under s. 88 of the kvss under finance act (no. 2) of 1998. 22. having given our careful and anxious consideration to this contention we ar@ unable to accept it. undoubtedly, it is true that pending ..... have been raised challenging this order dt. 26th feb., 1999, rejecting the declaration and refusing to determine the amount payable under s. 88 r/w s. 90 of the finance act (no. 2) of 1998 by the designated authority as a consequence of rectification order made under s. 154 by the ao on 26th feb., 1999. 8. the first .....
Tag this Judgment!Court : Gujarat
Reported in : (2008)1GLR392
..... the complaint, which had been filed by the borrowers, complainant alleging that the petitioner finance company had vilotated provisions of the bombay money lenders act 1946. the petitioner finance company had taken up a ground that in view of the provisions of section 2(9)(g) of the money lenders act 1946 the loan to a trader was not covered under the bombay money lenders ..... meaning of term sloan defined in the bombay money lenders act 1946 so as to attract the applicability of the bombay money lenders act 1946. this court has in case of sundaram finance limited (sfl) (supra) considered the provisions of section 2(9)(g) of the bombay money lenders act 1946 in a proceedings under section 482 of the code of criminal procedure while examining the .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)24CTR(Guj)228; [1982]133ITR800(Guj)
..... in presenti or in futro an ascertainable sum of money; that the charging section for the purposes of income-tax was s. 3 of the indian i. t. act, 1922, and the annual finance acts only gave the rate for quantifying the tax; that a liability to pay ..... particularised the amounts; it did not create the right, for the right came into existence as soon as, according to the relative finance act, it became ascertained that the tax deducted at source or treated as paid on its behalf had exceeded the tax payable. that right ..... .y. 1969-70.17,563 being the excess income-tax paid over theincome-tax liability for a.y. 1970-71.---------76,8574. according to the wto, this amount represented an asset of the assessee within the meaning of s. 2(e ..... e) of the wealth-tax act, 1957, on the valuation date ?' 3. now, to look a few relevant leading to the present proceedings. the assessee is an individual. the relevant assessment year is 1970-71 and the valuation date is 31st march, 1970. the assessee held 137 shares .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]112ITR577(Guj)
..... payment of that loan should be treated as distribution of dividend within the meaning of section 23a. 11. it should be noted that clause (e) of section 2(6a) of the act and section 23a were both substituted simultaneously, for the original provisions by the finance act, 1955, with effect from 1st april, 1955. the object of both of the ..... to say, distribution is from and out of the accumulated profits resolved to be distributed by the company. 21. in commissioner of income-tax v. jamnadas sriniwas p. ltd. : [1970]76itr656(cal) , the high court of calcutta has construed the words 'distribution' and 'paid' or 'payment' and it has observed as under (pages 660, 661) : ' ..... the expression 'distributed' in clause (b) of the second proviso to paragraph d of part ii of the finance act, 1956, it intended to include 'paid' or 'payment'. by enacting clause (e) of section 2(6a) of the indian income-tax act, 1922, the legislature has created a fiction and has made the payments referred to in clause (e) .....
Tag this Judgment!Court : Gujarat
Reported in : [1994]207ITR905(Guj)
..... sub-section (3) of section 212. sub-sections (3) and (3a) of section 212 were substituted for the original sub-section (3) by the same finance act but with effect from april 1, 1969. thus, the ..... way of penalty, a sum - ...' 5. the opening words of section 273 make it abundantly clear that the said provision was made applicable to any proceeding in connection with regular assessment for the assessment year commencing on april, 1, 1970, also. before section 273 was substituted by the finance act, 1969, from april 1, 1970, there was no provision providing for penalty for non-compliance with .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)208CTR(Guj)439
..... ', it is evident that advancement of any other object of general public utility is also charitable purpose. the above definition of 'charitable purpose' is modified by the finance act, 1983, with effect from april 1, 1984. before the above amendment, the purpose, i.e., advancement of any other object of general public utility was qualified ..... the institution and not about the nature of the income. if the object of the institution falls within the definition of charitable purposes under section 2(15) of the act and the institution is genuinely carrying out such object, the commissioner of income-tax must register the institution. therefore, the moot question to ..... specific duties and therefore they cannot be said to be doing any charitable work. he contended that the statutory body is not entitled to exemption under section 11.learned counsel for the assessee has strongly opposed the above submissions of the learned departmental representative.8.1 after considering the arguments of both the .....
Tag this Judgment!Court : Gujarat
Reported in : 1991LC16(Gujarat); (1992)1GLR548
..... other. they cannot be applied and implemented without the aid of each other. similar is the position with regard to finance act, 1975. by section 35 of the finance act, 1978, auxiliary duty of customs has been imposed. section 35(4) also provides that the customs act, 1962 and the rules made thereunder shall apply in relation to the levy and collection of the auxiliary duty of ..... customs leviable under section 35 of the finance act. it is also provided that these provisions of the customs act, 1962 and the rules shall apply as if the duty of customs of such goods were levied and collected under the provisions of the customs .....
Tag this Judgment!Court : Gujarat
Reported in : [1985]152ITR251(Guj)
..... the company. the terms 'relevant amount of distribution of dividends' is explained in explanation 1 to item i of paragraph f of part i of the first schedule to the finance act, 1967, and it is to be computed accordingly. once that is computed, what is the amount in which additional tax at 7.5% has to be paid has ..... 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 ..... ' 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 : (2005)195CTR(Guj)14; [2005]274ITR242(Guj)
..... court followed the decision of cit vs. datacons (p.) ltd. (supra) and held that the assessee was an industrial company within meaning of section 2(7)(c) of the finance act, and therefore, the assessee was entitled to get investment allowance in respect of the generator installed by it.9.3 in case of commissioner of ..... (pvt.) ltd. : [1990]186itr609(cal) , the question before the calcutta high court was whether the assessee was a industrial company within meaning of section 2(7)(c) of the finance act, 1981 and whether the assessee was entitled to investment allowance in respect of a generator installed by it. the assessee was carrying on the business of ..... accounting and management service by using computers. the assessee claimed that it was a new industrial undertaking and was entitled to investment allowance under section 32a and deduction under section 80j of the act. the high court of kerala referred to the decisions in case of shaw wallace and co. ltd. : [1993]201itr17(cal) wherein .....
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