Court : Gujarat
Reported in : (1981)25CTR(Guj)263
..... whether, on the facts and in the circumstances of the case, the tribunal was justified in rejecting the assessee's claim for deduction under section 2(5)(a)(i) of the finance act, 1965, on account of export of cloth out of india during the accounting year ending on 31st march, 1965 ?' 10. ..... whether, on the facts and circumstances of the case, the tribunal was justified in rejecting the assessee's claim for deduction under section (2)(a)(i) of the finance act, 1964, on account of export of cloth out of india during the accounting year ending on 31st march, 1964 ? ..... - (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 in respect of which deduction of income- ..... 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. ..... provision contained in the finance act, 1964, the year mentioned in 1964, while in the finance act, 1965 the year ..... these provisions contained in finance act, 1964, and finance act, 1965 are in identical terms except for the year mentioned in ..... , following his decision in the assessment year 1963-64, rejected the assessee-company's claim for rebate under the aforesaid provisions of the relevant finance acts in the assessment years 1964-65 and 1965-66. 3. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)173; [1982]134ITR201(Guj)
..... 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 ..... permitted to go back upon the arrangement because it was only on the basis of that arrangement between the assessee and the department that the two disclosures were made, one under the ad hoc scheme of the finance act of 1965 and the other under s ..... certificate was issued on november 25, 1965, by the commissioner, gujarat-i, certifying that the assessee had made a declaration under clause 68 of the finance act of 1965 of income amounting to rs ..... view of this arrangement which was arrived at, it may be pointed out that there was an agreed assessment but the agreed assessment was cast in the form of voluntary disclosure schemes of the finance act of 1965 (what is called an ad hoc scheme) and the scheme under the finance (no ..... whether, on the facts and in the circumstance of the case, tribunal was justified in holding that imposition of penalties under section 271(1)(c) was justified for, (a) assessment year 1962-63, (b) for assessment year 1963-64, and (c) assessment year 1964-65 ?' ..... clause (a), 'any amount declared by any person under this section in respect of which the tax referred to in sub-s ..... if he credits in books of account, if any, maintained by him for any source of income or in any other record, the amount declared as reduced by the tax paid thereon under this section' .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)25CTR(Guj)263; [1982]137ITR616(Guj)
..... :'whether, on the facts and in the circumstances of the case, the tribunal was justified in rejecting the assessees claim for deduction under section 2(5)(a)(i) of the finance act, 1965, on account of export of cloth out of india during the accounting year ending on 31st march, 1965 ? ..... :'whether, on the facts and circumstances of the case, the tribunal was justified in rejecting the assessees claim for deduction under section (2)(a)(i) of the finance act, 1964, on account of export of cloth out of india during the accounting year ending on 31st march, 1964 ? ..... - (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 in respect of which deduction of income-tax and ..... circumstances, the ito, following his decision in the assessment year 1963-64, rejected the assessee-companys claim for rebate under the aforesaid provisions of the relevant finance acts in the assessment years 1964-65 and 1965-66.being aggrieved by the rejection of its claim, the assessee-company carried the matter in appeal before the ..... the provision contained in the finance act, 1964, the year mentioned in 1964, while in the finance act, 1965 the year mentioned ..... these provisions contained in finance act, 1964, and finance act, 1965 are in identical terms except for the year mentioned in cl. .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]142ITR503(Guj)
..... both the references is identical, namely : 'whether, on the facts and in the 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. ..... expression 'manufacture or processing of goods' has not been defined by the finance act, 1973, or the finance act, 1974. ..... 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 ..... 2(8)(c) of the finance act, 1974, is the same ..... 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 ..... 2(7)(c) of the finance act, 1973, and, therefore, the order of the commissioner directing levy of tax at the rate of 65 ..... of the finance act, 1973 ..... of the finance act, 1973 ..... , therefore, to consider whether the tribunal was right in coming to the conclusion that pressing of loose cotton into bales amounts to processing of cotton within the meaning of the definition of 'industrial company' in the two relevant finance acts. 6. ..... of cotton amounts to processing of goods within the meaning of the definition of the term 'industrial company' and, therefore, the assessee is entitled to the tax concession available to such companies by virtue of the aforesaid two finance acts. .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR746; [1965]56ITR621(Guj)
..... any time notwithstanding the expiration of the period of eight years provided under the section as it stood prior to its amendment by the finance act, 1956, and also enacted section 4 in the following terms for validation of notices issued prior to the commencement of the amending act : 'no notice issued under clause (a) and sub-section (1) of section 34 of the principal act at any time before the commencement of this act and no assessment, reassessment or settlement made or other proceedings taken in consequence of such notice shall be called in ..... bombay high court apparently did not dispute the proposition that sub-section (1)(a) was a general provision and sub-section (1a) was a special provision but it sought to negative the applicability of the maxim generalia specialibus non derogant by saying that sub-section (1)(a) and sub-section (1a) did not operate together simultaneously over the escaped income of war years at any time either before the amendment by the finance act, 1956, or after and there was, therefore, no ..... notices were issued by the respendent on 31st january, 1962, and the question which, therefore, arises for consideration is whether after the amendment by the finance act, 1956, a notice can be issued under sub-section (1)(a) of section 34 for reopening an assessment for any of the assessment years covered by sub-section (1a) of section 34 when no notice for reopening such assessment was issued under sub-section (1a) of section 34 on or before 31st march, 1956. .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)212CTR(Guj)285
..... revenue, submitted that the reference was restricted to the issue arising in the assessment year 1986-87 and the subsequent amendment of clause (v) of sub-section (3) of section 40 of the finance act, 1983 did not make any difference insofar as the issue was confined to interpretation and application of the provisions of section 40(3)(vi) of the finance act, 1983. ..... amendment of act (11 of 1983)- in section 40 of the finance act ..... was in error in deleting the value of the factory and research buildings which were under construction and not in actual use for the purpose of business as contemplated under the provisions of section 40(3)(vi) of the finance act, 1983 and that in allowing the claim of the assessee, the tribunal had misread the plain and simple language of the said provisions. ..... or office for the purposes of its business or as residential accommodation for its employees whose income chargeable under the head 'salaries' is ten thousand rupees or less:subsequently, in the year 1988, under section 87 of the finance act, 1988, the above provision was amended. ..... appellate tribunal, ahmedabad bench 'b' has, at the instance of the revenue, referred, under section 27(1) of the wealth tax act, 1957, the following questions of law arising out of its order dated 22.12.1995 in wta ..... in fact put to the use of constructing buildings in the assessment year 1986-87, within two years of purchase of the vacant land during the accounting year relevant to the assessment years 1983-84 and 1984-85. .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR745(Guj)
..... the 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 with by the said amendment. 4. ..... on behalf of the assessee are well-founded for two significant reasons : in the first place, the distinction in the matter of deductibility of expenses made by a company in the case of directors and employees before the finance act of 1964, or thereafter continues to prevail because in the ultimate analysis the legislature was making different provisions about the amount of expenses which would not be deductible in computing the income chargeable under the head 'profits ..... sub-clause (iii) of clause (c) of section 40 was first added by the finance act, 1963, with effect from april 1, 1963, and it read as under : '(iii) any expenditure which results directly or indirectly in the provision of any remuneration or benefit or amenity to an employee who is a citizen of india, to the extent such ..... 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. ..... position available before the amending act of 1968 does not appear to have been altered when the new sub-clause (v) was inserted in clause (a) of section 40. .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)197CTR(Guj)306; 2005(185)ELT119(Guj); [2006]282ITR474(Guj)
..... 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. ..... 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 the payment as determined by ..... the respondent authority, in absence of any provision for condoning the delay provided under the finance act, has no jurisdiction to issue the certificate in absence of any provision on the belated ..... 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 and grant a certificate in such form as may be prescribed to the declarant setting ..... on the ground of delayed payment after expiry of period of limitation provided under section 90(2) of the act of 1998 and on the other hand they are not refunding the amount of ..... 90(1) of the finance act of 1998, determined the amount payable by the declarant towards full and final settlement of their tax arrears covered by the declaration ..... tax enactment or indirect tax enactment under which the proceedings against the declarant are or were pending shall be deemed to have been revived:provided further that the designated authority may amend the certificate for reasons to be recorded in writing. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR691; [1964]52ITR921(Guj)
..... tax officer held that the amounts distributed as aforesaid referable to the accumulated profits of previous years of the company fell within the category of 'dividend' under section 2(6a)(c) of the indian income-tax act, 1922, as it stood prior to the amendment made therein by the finance act, 1955, and were liable to be taxed as dividend. ..... answer to that question depends upon whether the amendment made in the definition of the expression 'dividend' in section 2(6a)(c) by the finance act, 1955, is applicable to the facts of the ..... by section 20 of the finance act, 1955, the amendment to the income-tax act made by the aforesaid section 3 was to have effect on and from the 1st day of ..... section 3 of the finance act, 1955, whereby the amendment has been effected, came into force from 1st ..... section 2(6a)(c), as it stood before the amendment made therein by the finance act, 1955, ran as unde ..... is not disputed that the income-tax act as amended at the date of the relevant finance act, applies for the purpose of assessment and any alteration which comes into force on the 1st of april of a finance year must apply to the assessment for that ..... our answer to the second question is that clause (c) as it stood after its amendment by the finance act, 1955, is applicable to the present case in respect of each of the ..... the question in short is whether the definition as it stood after the amendment made by the finance act, 1955, is applicable, or the definition as it stood immediately prior thereto, .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... and ourselves have been guided, by the opinion of counsel that assessments to excess profits duty are problematical, and that, if assessments were competent the amount of such assessments is still more in doubt owing to the provisions of section 38 (6) of the finance act, 1926 which required the necessity of proving fraud or wilful default'. ..... where a deduction has been made in respect of salaries during the accounting year 1956, it could only be in respect of the tax payable for the assessment year 1957-58 and when salary is being paid during the year 1956, it would be at a time when the finance act applicable to the assessment year 1957-58 not merely would not be in operation but would not have been enacted. ..... a view to show that the tax was payable by the company in respect of the income of the unregistered association and that the liability did not attach to the income in the hands of the unregistered association as the finance act 13 of 1925 under which the liability was to be assessed was not in existence at the time when the income accrued to the unregistered association. ..... case, the provision for income-tax which may become due on the profits of the previous year ending on the relevant valuation date is a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth tax act, 1957 (as amended in 1959)? .....
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