Court : Gujarat
Reported in : [1992]198ITR650(Guj)
..... on the first day of the previous year relevant to the assessment year, of - ...... (v) any moneys borrowed by it from the government or the industrial finance corporation of india or the industrial credit and investment corporation of india or any other financial institution which the central government may notify in this behalf in the official ..... thereof within a period of seven years and, therefore, the said loans did not qualify for capital computation under rule 1(v) of the second schedule to the act. he, therefore, directed the income-tax officer to revise the surtax assessment by excluding the amount of rs. 58,50,000 from the capital computation.6. the ..... reference no. 183 of 1978 pertains to the assessment year 1970-71 and surtax reference no. 6 of 1980 pertains to the subsequent assessment years 1971-72 and 1972-73.2. the income-tax appellate tribunal, ahmedabad, has referred the following four questions to this court under section 256(1) of the income-tax act, 1961 :'1. whether .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)1GLR654
..... in entry 91 of list i in the seventh schedule to the constitution of india, the hyderabad stamp act, 1331 f., the bombay finance act, 1932 and the bombay increase of stamp duties act, 1943. that means, the afore-referred stamp acts which were in force in the then state of bombay are repealed except insofar as they relate to ..... 20(a) and (b) are enacted in pursuance of the suggestions made by various committees including the gujarat taxation inquiry commission constituted by the state government in 1978 to review the state taxes. the commission has suggested for levy of stamp duty on the basis of market value of the property involved in the instrument of ..... this behalf on the lines of the madras enactment.16. it is further stated thereafter the gujarat taxation inquiry commission was constituted by the state government in the 1978 to review all state taxes under the chairmanship of dr. r.j. chelliah. that commission submitted its report in the year 1980. the commission suggested for levy .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)2GLR1577
..... articles 107 to 111.5. lastly it was contended that the finance bill annually gets introduced well in advance to the lapse of the finance act of the previous year and if the provisions of die act are to be worked out, it is likely to bring a conflict between the finance act of the previous year and the bill for the current year ..... before the commencement of the constitution if inconsistent with the provisions of part iii shall become void to the extent of such inconsistency. no such declaration is found in chapter 2 of part v wherein articles 107 to 111 are found, saying that the laws already made or in other words pre-constitutional laws, if they had not ..... of india cannot be asked to go through the legislative procedure set out under articles 107 to 111, and on account of not having gone through that process, the act cannot loose its sanctity as the law. the constitution of india is prospective and on the subject it is neither explicitly nor impliedly retrospective in operation. the first .....
Tag this Judgment!Court : Gujarat
Reported in : [1993]200ITR98(Guj)
..... be appreciated. in that case, then supreme court was concerned with an assessee, a firm, which consisted of three partners (the baglas). this assessee carried on business of financing, money-lending, selling agencies and the like pursuits. the assessee was the selling agent of the swadeshi cotton mills co. another firm consisting of three partners (the jaipurias ..... taken by this court in cit v. nandiniben narottamdas [1983] 140 itr 16. p. d. desai j. speaking for this court, while interpreting section 60 of the act, had to consider the effect of relinquishment of share in a partnership business by a partner. the following observations were made in that connection (at page 28) : 'the ..... partners as allotment of share would reflect reduction in the light of getting money value of the goodwill and it would amount to gift under the gift-tax act. the aforesaid decision of the supreme court proceeds on the basis that such reduction in the share capital of a partner does imply impairment of a capital .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)107CTR(Guj)340; [1993]200ITR281(Guj)
..... of shares. (f) surplus on revaluation of assets and liabilities. (g) capital redemption reserve fund. 28. these matters are dealt with in more detail in chapter xxiii but it may be stated broadly that in certain circumstances some of these profits may be considered as revenue but the better practice is to regard them as ..... before this court in the aforesaid case. 50. mr. shelat then took us to the calcutta high court decision in calcutta tramways co. ltd. v. cit : [1978]112itr1041(cal) . in the case, the calcutta high court examined the fact situation before them wherein the assessee-company had created only one reserve, viz., renewals and ..... capital; others are subject to special restrictions and treatment in accordance with the provisions of the companies act, 1948. (2) revenue reserves. - these are normally regarded as available for distribution through the profit and loss account, but are themselves divided into two classes .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)106CTR(Guj)374; [1993]201ITR208(Guj)
..... us 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 ..... can be said to be income under the head 'income from house property' or it can be said to be income from 'profits and gains of business or profession'. chapter iv income-tax act, 1961, deal with computation of total income. section 14 prescribed heads of income being : (a) salaries, (b) interest on securities, (c) income from house ..... we, accordingly, direct the registry of this court to renumber the aforesaid references as income-tax reference no. 199 of 1978, and further references as income-tax references nos. 199/a to 199/e of 1978. in order to answer the aforesaid questions referred for our opinion at the instance of the revenue, as well as at .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)108CTR(Guj)406; [1993]202ITR619(Guj)
..... cross appeal therein, these references are ordered to be split up and are ordered to be registered as income-tax references nos. 217, 217a, 217b, and 217c of 1978. office is directed accordingly. 2. though different question have been referred for our opinion assessment year-wise, we have thought it fit to reproduce herein below the referred questions ..... the assessee-company. in fact, that is precisely the reason why the division bench of the bombay high court in cit v. geoffrey manners and co. ltd. : [1978]112itr334(bom) , while interpreting rule 2 of the 1963 act took the view that in the light of the language of rule 2 in the second schedule to the 1963 ..... act, 1961 (43 of 1961) : (iv) the debentures, if any, issued by it to the public : provided that according to the terms and conditions of issue of such debentures, they are not redeemable before the expiry of a period of seven years from the date of issue thereof; and (v) and moneys borrowed by it from government or the industrial finance .....
Tag this Judgment!Court : Gujarat
Reported in : (1993)110CTR(Guj)294; [1993]203ITR24(Guj)
..... commissioner were completely justified, and, therefore, the appeal deserves to be dismissed. we have not been provided with a the copy of the orders dated april 16, 1978, on which reliance has been placed by the appellate assistant commissioner and the tribunal. 4. the contention raised by mr. thakore, learned counsel who appears on ..... v. gangadhar baijnath : [1972]86itr19(sc) , the facts were that the assessee, firm consisting of three partners (the baglas), carried on the business of financing, money-lending, selling agencies, etc., and that the firm was the selling agent of the swadeshi cotton mills co. another firm consisting of three partners (the ..... the abovesaid reasoning, the said amount was taken as includible in the income of the assessee which would again be taxable under section 28(iv) of the act of 1961. being aggrieved and dissatisfied with the abovesaid orders of assessment, the assessee had carried the matter in appeal before the appellate assistant commissioner of income .....
Tag this Judgment!Court : Gujarat
Reported in : (1993)1GLR470
..... -1100.8. over and above submitting the representation to the special secretary as stated above, the deputy directors had submitted a representation to the then finance minister on 9-10-1978 explaining their case in detail. they were granted personal interview also by the honourable minister and pursuant thereto minutes of discussion were submitted to the ..... commission came to be appointed, i.e., spc and there, the deputy directors made their strong representation. in the report of the year 1975 vol. ii, part i, chapter 14, section 111, page 166, the case of the deputy directors was dealt with by the spc and that para is as under:(iv) deputy director (rs. 500 ..... that a particular pay scale be given, but, it can certainly issue directions whereby, the government while exercising its legislative functions of framing pay fixation rules will have to act, according to the direction of the court and do justice to the litigants before the court.24. the learned a.g.p. had cited : (1981)illj271sc (jiwan .....
Tag this Judgment!Court : Gujarat
Reported in : (1993)2GLR1202
..... opinion, the legislature is competent to enact these provisions.reliance was also placed on the decision in r.s.d.b. finance company pvt. ltd. v. vallabh glass works ltd. reported in : air1993sc2094 in which it is held that gujarat legislature ..... the constitutional validity of the land reforms to that effect has been upheld by the supreme court in the context of the chapter of fundamental rights hasmukhlal v. state of gujarat : [1977]1scr103 . therefore, ceiling on holding of agricultural land can be ..... by the apex court in its various important pronouncements. in the state of karnataka v. ranganatha reddy reported in : [1978]1scr641 , the supreme court in para 34 of it's judgment referred to the judgment of justice venkatarama iyyer in the ..... resulted in losing a part of the property in the state of maharashtra and therefore, the impugned provisions of maharashtra act operated upon the property outside the state, which amounted to extra-territorial operation of the provisions. the full bench, .....
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