Court : Gujarat
Reported in : (2004)190CTR(Guj)295; [2005]273ITR139(Guj)
..... carrying on of anyactivity for profit' have been omitted by finance act,1983 w.e.f. ..... under section 10(22) onthe ground that the expression 'educational institutionexisting solely for education' in section 10(22) of theact must be given a narrow meaning than that given to theterm 'education' in section 2(15) of the act and thatsection 10(22) only refers to formal education given inschools and colleges and not to other forms of educationwhich is for development, advancement and betterment ofeducation. ..... to the decision ofthe apex court in sole trustee, loka shikshana trust vs.cit : [1975]101itr234(sc) wherein the apex court enunciatedthe following principles while interpreting theexpression 'education' in section 2(15) of the act:-'the sense in which the word 'education' has beenused in section 2(15) in the systematicinstruction, schooling or training given to theyoung is preparation for the work of life. ..... by finance (no.2) act,1998 ..... before considering the rival submissions, it isnecessary to refer to the relevant statutory provisionsin this behalf.chapter iii of the income-tax act, 1961 specifies'incomes which do not form part of total income'.section 10 commences with the heading 'incomes notincluded in total income', ..... at this stage, mr soparkar, learned counsel forthe assessee prays for a certificate under section 261 ofthe income-tax act, 1961 for appealing against thisdecision to the hon'ble supreme court.although what we have done is following thedecision of the apex court in .....
Tag this Judgment!Court : Gujarat
Reported in : [2002]258ITR667(Guj)
..... of law is referred to this court for its opinion :'whether, on the facts and in the circumstances of the case, the tribunal is right in law in coming to the conclusion that the assessee is entitled to exemption under section 40(3)(vi) of the finance act, 1983, for the residential property on the ground that the same was used for guest house and business premise ?'2. ..... -tax proceedings, similar treatment is to be given in the wealth-tax proceedings and as such in the wealth-tax proceedings, the value thereof cannot be included in the net wealth of the assessee as it is specifically exempt under section 40(3)(vi) of the finance act, 1983.5. ..... when the property was used for business purposes, the value thereof could not be included in the net wealth of the assessee and as such the exemption was available to the assessee under section 40(3)(vi) of the finance act, 1983.3. .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)208CTR(Guj)439
..... the above definition of 'charitable purpose' is modified by the finance act, 1983, with effect from april 1, 1984. ..... however, the finance act, 1983, has omitted the words 'not involving the carrying on of any activity for profit' ..... , the gujarat maritime board is a statutory body and the tribunal has after detailed discussion held that under the requirement of section 12a of the income-tax act, 1961, the gujarat maritime board is a charitable institution and is entitled to the benefit of section 12a with effect from april 1, 2002.4. ..... 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 ..... this appeal:whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that gujarat maritime board fulfills the conditions as envisaged in section 12aa of the income-tax act, 1961, which are necessary for its registration under section 12a of the said act2. ..... it was explained by learned counsel that the assessee was created by the gujarat maritime board act, 1981, passed by the state government, which is approved by the president of india ..... commissioner of income-tax has held that the assessee was created as a local authority within the meaning of 'person' for the purpose of the income-tax act, 1961 and therefore, it cannot be considered as a public trust or charitable trust. .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)199CTR(Guj)556
..... this phrase, but any such sum shall not be deductible in determining the written down value for the purposes of clause (ii) has been omitted from the statute by the finance act, 1983 with effect from 01/04/1984 and hence, according to revenue, it is now open to the revenue to reduce the written down value by deducting the amount of initial depreciation already granted to the assessee. ..... therefore, the contention on behalf of revenue that the said decision is prior to amendment by finance act, 1983, does not make any difference as the basic distinction between two allowances remains. 17. ..... that by virtue of amendment by the finance act, 1983 with effect from 01/04/1984, the words sbut any such sum shall not be deductible in determining the written down value for the purposes of clause (ii) had been omitted and, therefore, the assessing officer ..... the tribunal was therefore, right in law in holding that initial depreciation allowed in assessment year 1982-83 on new hotel building is not deductible for arriving at wdv in view of the amendment effected by finance act, 1983. ..... naik that the same was relatable to assessment year 1981-82 and the kolkata high court was not required to render any opinion in context of the amendment carried out by finance act, 1983. ..... 1982-83 on new hotel building is not deductible for arriving at wdv in view of the amendments effected by finance act, 1983? 2. .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]287ITR435(Guj)
..... in 1983, the amendment carried out by the finance act, 1983, came to be explained by departmental ..... the finance act, 1983, has amended this proviso and increased the monetary ceiling ..... subsequently, by finance act, 1983, the said ceiling has been increased ..... lxxvi-61) of 1966 and para 54 of the said circular reads as under ;in order to simplify the calculation and accounting of depreciation allowance in respect of machinery or plant of a small cost, the finance act, 1966, has added a proviso (now the first proviso) to section 32(1)(ii) of the it act to the effect that where the actual cost of machinery or plant does not exceed rs. ..... he also invited attention to the amendment made by the finance act, 1995, whereby the first proviso came to be omitted ..... this proviso was originally inserted by the finance act, 1966, and the value of the actual cost of machinery or plant was fixed ..... furthermore, no depreciation will be allowed in respect of any plant or machinery the cost of which gets amortised in one or more years, under section 42 of the it act relating to the special provision for deduction in respect of business of prospecting for mineral oil.17.2 these amendments will take effect from 1st april, 1992, and will, accordingly, apply in relation to the asst ..... , urged that the question referred to the court has to be answered in favour of the revenue considering the scheme of the act which unfolded on reading provisions of section 32(1), the first proviso and the third proviso together.4. .....
Tag this Judgment!Court : Gujarat
Reported in : (2001)171CTR(Guj)362; [2002]254ITR529(Guj)
..... 80hhc was introduced by the finance act, 1983, with effect from april 1, 1983. ..... contrary, there is an inherent indication in the act when one reads the provision of section 80hhb of the act which was introduced by the finance act, 1982, with effect from april 1, 1983. ..... the purposes of this section,--(a) 'convertible foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder ; (b) 'export turnover' means the sale proceeds of any goods or merchandise exported out of india, but does not include freight or insurance attributable to the transport of ..... of the assessee, then, notwithstanding anything contained in that section, for the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income.'11. ..... of the act was introduced by the finance (no. ..... shah further submitted that the provision of section 80hhc of the act as it stood for the relevant assessment year did not envisage that there should be any profits from the business of exports and the language as employed in the section did not support the proposition .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)196CTR(Guj)614; [2005]277ITR349(Guj)
..... 2 to the said section was inserted by finance act, 1983, with retrospective effect from 1st april, 1976, and it gives an inclusive definition of the term 'entertainment expenditure' so as to include expenditure on provision of hospitality of every kind by the assessee to any person, whether by way of provision of food or ..... the tribunal, ahmedabad bench 'a', has referred the following question for the opinion of this court under section 256(1) of the it act, 1961 (the act), at the instance of the cit, ahmedabad :'whether the tribunal is right in law and on facts in deleting the additions made by the ito ..... which is otherwise allowable under section 37(1) or 37(2) of the act, would be hit by provisions of section 37(2a) of the act if the expenditure is in the nature of entertainment expenditure. ..... 2 to section 37(2a) of the act, (ii) as well as the position after insertion of the explanation, and (iii) contemporaneous circular issued by the board and the scheme of the act held that :'generally, 'entertainment expenditure' is an expression ..... ao both the items of expenditure were incurred for entertaining the guests of the company and hence, the expenditure fell within the ambit of provisions of section 37(2a) of the act read with expln. ..... section 37(2a) of the act opens with non obstante clause whereby it is laid down that no allowance shall be made in respect of so much of the expenditure in the nature of entertainment expenditure incurred by any assessee during any previous year .....
Tag this Judgment!Court : Gujarat
Reported in : [1985]156ITR453(Guj)
..... it is necessary, therefore, to read explanation 2 which has been retrospectively inserted by the finance act, 1983, w.e.f. ..... by finance act, 1983, this explanation was treated as explanation 1 and a new explanation as explanation 2 was added with retrospective effect from april 1, 1976 ..... it should be further recalled that by the aforesaid finance act, explanation to sub-section (2a), as it then stood, was sought to be amended so as to make the explanation applicable for purposes of this sub-section (2b) ..... it should be recalled that by section 10 of the finance act, 1970 (19 of 1970), the aforesaid sub-section (2b) was, inter alia, added with effect from april 1, 1970, the said sub-section (2b) read as under ;'(2b) notwithstanding anything contained in this section, no allowance shall be made in respect of ..... now, this old sub-section (2b) was omitted by the finance act, 1976, w.e.f. ..... 1, 1979, by the taxation laws (amendment) act, 1978. ..... 000 should be disallowed under section 37(2b) of the income-tax act, 1961 ?' 2. ..... our opinion :'(1) whether, on the facts and in the circumstances of the case, the tribunal was right in law in coming to the conclusion that the messing expenses were not disallowable under section 37(2b) of the income-tax act, 1961 ? ..... purposes that when these questions were referred to us by the appellate tribunal, the provision under which the question of admissibility of entertainment expenses arose was as it then stood as sub-section (2b) of section 37 of the income-tax act. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)481; [2004]270ITR347(Guj)
..... in the statute book by the finance act, 1983 w.e.f. ..... three assessment years are concerned, namely, assessment years 1986-87 to 1988-89, it is apparent that the proviso only requires that an amount equal to the amount of deduction claimed under sub-section (1) of section 80hhc of the act is debited to the profit and loss account and credited to a reserve account which is to be utilised for the purposes of the business of the assessee, and such debit and credit have to be made in the previous ..... from assessment year 1989-90 and hence there being no requirement, no breach can be ascribed to the assessee;(iv) that by way of statutory amendment, proviso to sub-section (1) of section 80hhc of the act was not applicable and hence there was no requirement in law to maintain the reserve as the proviso itself had been deleted with effect from 1.4.1989;(v) that merely because the reserve created by the petitioner ..... of the fact that the assessments have been sought to be reopened after a period of four years from end of each of the assessment years in question, the provisions of section 147 of the act mandate that the assessing officer shall be vested with the jurisdiction to initiate reassessment proceedings only in case there is any omission or failure on the part of the assessee to disclose fully and truly all ..... however, by the finance act, 1988 with effect from 1.4.1989, section 80hhc was substituted and the substituted section did not ..... came to be substituted by the finance act, 1985 w.e.f. .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)195CTR(Guj)518; [2005]277ITR529(Guj)
..... section 80hhc of the act, as applicable to the assessment year under consideration, was introduced with effect from 1st april 1983 by the finance act, 1983, and reads as under :'deduction ..... 1983 which gives the explanatory notes on the provision relating to direct taxing as incorporated in the finance act, 1983 ..... of this section, -(a) 'convertible foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder;(b) 'export turnover' means the sale proceeds of any goods or merchandise exported out of india, but does not include freight or insurance attributable to the ..... the contentions raised by the revenue and accepted the submissions made on behalf of the assessee by holding that, for the purposes of clause (b) of sub-section (1) of section 80hhc of the act, one has to compare the aggregate export turnover of all qualifying goods during the relevant previous year with the aggregate export turnover of all qualifying goods during the immediately preceding previous year. ..... or may not exceed the total export turnover of the immediately preceding previous year; but, when the assessee sought additional deduction under section 80hhc(1)(b) of the act, the assessee was required to show that its total export turnover had increased when compared to the total export turnover of the immediately preceding previous year. .....
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