Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: gujarat Page 15 of about 146 results (0.078 seconds)

Commissioner of Income Tax Vs. Mani Enterprises

Court : Gujarat

Reported in : (2004)187CTR(Guj)215; [2004]267ITR157(Guj)

..... section 167a of the act, as was in force at the relevant time (which was inserted by the finance act ..... substituted by the finance act, 1985, w.e.f ..... the plain language of the provisions of section 167a of the act and in view of the specific shares of the individuals who were members of the association during the relevant period as indicated above, in our view, the tribunal rightly held that the provisions of section 167a of the act were not applicable in the facts of the ..... 1984-85 :'whether the tribunal is right in law and on facts in holding that provisions of section 167a were not applicable in the present case and further directing that the assessee should be taxed at appropriate rate considering ..... be charged tax at the maximum marginal rate under section 167a of the it act, 1961 ('the act' for short). ..... individuals; their shares are specific and that the assessee is an aop, the shares of whose members are determinate, it was on this basis that the tribunal held that the provisions of section 167a of the act were not applicable. ..... provisions of section 167a of the act were not ..... the conclusion that reading the trust deed as a whole, the number of members and their respective shares were not determinate and were not known and, therefore, applied the provisions of section 167a and charged tax at the maximum marginal rate.4. ..... was that the shares of the beneficiaries and/or the members were determinate and known and, therefore, the provisions of section 167a of the act were not applicable. .....

M.M. Khambhatwala Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : (1992)107CTR(Guj)59; [1992]198ITR140(Guj)

..... words 'not being expenditure incurred in india in connection therewith or expenditure (wherever incurred) on the carriage of such goods to their destination outside india or on the insurance of such goods while in transit' were inserted in clause (b) (iii) of section 35b(1) by the finance act, 1970, with effect from 1st april, 1968. ..... part of the clause which starts with the words 'not being' and which was added by the finance act, 1970, deals with the expenditure which is not to be taken into account in granting the development ..... in the background of the above, facts, the following two questions have been referred to us for our opinion under section 256(1) of the act, at the instance of the assessee : '(1) whether the expenses incurred in india relating to carriage and insurance of goods meant for export ..... 1,17,959 for the assessment year 1975-76 were not entitled to weighted deduction under section 35b of the income-tax act, 1961 (2) whether the expenses incurred in india for the assessment year 1976-77 relating to carriage and insurance of good meant for export ..... in the course of the assessment for each of the three assessment years, did not claim weighted deduction in respect of the said expenditure under section 35b of the income-tax act, 1961, ('the act' for short). ..... not entitled to weighted deduction under section 35b of the income-tax act, 1961 ?' 2. ..... arises for our consideration is whether the assessee is entitled to claim deduction as provided in section 35b(1) of the act. .....

Commissioner of Income-tax Vs. Insaniyat Trust (Now Merged with Sarabh ...

Court : Gujarat

Reported in : (1988)71CTR(Guj)145; [1988]173ITR248(Guj)

..... for such services; (d) if the services of the trust or institution are made available to any person referred to in sub-section (3) during the previous year without adequate remuneration or other compensation; (e) if any share, security or other property is purchased by or on behalf of the trust or institution from any person referred to in ..... adequate interest or both; (b) if any land, building or other property of the trust or institution is, or continues to be, made available for the use of any person referred to in sub-section (3), for any period during the previous year without charging adequate rent or other compensation; (c) if any amount is paid by way of salary, allowance or other- wise during the previous year to ..... any person referred to in sub-section (3) out of the resources of the trust or institution for services rendered by that person to such trust or institution and the amount so paid is in excess of what may be reasonably paid ..... section (1) and sub-section (5) of section 13, which were inserted by the taxation laws (amendment) act, 1975, with effect from april 1, 1977, in support of his contention that a wider meaning should be given to the expression 'funds' employed in section ..... with the finance act, 1970, issued ..... 1987 .....

Commissioner of Income-tax Vs. Ravjibhai Harkhabhai Savalia

Court : Gujarat

..... in fact, what we have stated hereinabove is reinforced by the newly inserted clause (c) in section 45(5) by the finance act, 2003 w.e.f. ..... 1.4.2004) section 155(16) by the finance act, 2003 (32 of 2003), have been enacted. 35. ..... when the court/tribunal directs payment of enhanced compensation under section 23(1a), or section 23(2) or under section 28 of the 1894 act it is on the basis that award of collector or the court, under reference, has not compensated the owner for the full value of the property as on date of notification." 3. mr. t.p. ..... this newly added clause envisages a situation where in the assessment for any year, the capital gain arising from the transfer of a capital asset is computed by taking the compensation or consideration referred to in clause (a) of section 45(5) or, as the case may be enhanced compensation or consideration referred to in clause (b) of section 45(5), and subsequently such compensation or consideration is reduced by any court, tribunal or other authority. 34. ..... 1.4.04 and section 155(16) which refers to a situation of a subsequent reduction by the court, tribunal or other authority and recomputation/amendment of the assessment order. .....

Dinesh Nagindas Shah Vs. Commissioner of Income Tax

Court : Gujarat

Reported in : (2004)190CTR(Guj)106; [2005]273ITR229(Guj)

..... 1994-95, the amendment in the wt act by finance act, 1992, granting exemption under section 5(vi) was applicable only in respect of the residential house property and not in respect of any commercial property, but while preparing the wealth-tax ..... 9th march, 2004, respectively, passed by the cit, ahmedabad, rejecting the two petitioners' revision petitions under section 25 of the wt act, 1957 (hereinafter referred to as 'the act'), on the ground that the revision petitions were filed beyond the period of limitation.3. ..... the cit heard the learned counsel for the assessee and held that although the petition under section 25 was required to be made within a period of one year, the petitioners had filed the revision petition beyond the period of limitation and that there was nothing to show that ..... be omitted by finance act, 1992, w.e.f ..... 'in view of various amendments to the provision for grant of exemption in respect of the house belonging to the assessee and in view of the common parlance where 'house' generally would mean residential house and not commercial premises, if the petitioners omitted to claim exemption under section 5(vi), it cannot be said that in the facts and circumstances of the case, delay of ..... returns were filed within the period of limitation and no intimation was received under section 16(1), there was no infirmity in the petitioners' claim for exemption for asst. ..... : (1987)illj500sc wherein the apex court has held that technical considerations are not to be allowed to .....

Commissioner of Income Tax Vs. Hynoup Food and Oil Ind. Pvt. Ltd.

Court : Gujarat

Reported in : (2005)199CTR(Guj)350; [2007]290ITR702(Guj)

..... of the present case is it possible to state that the case of the assessee is governed by the exceptions carved out by rule 6dd(j) of the rules the rule has to be read in the context of the second proviso to sub-section (3) of section 40a of the act where under a disallowance is not permissible if on consideration of business expediency an assessee is able to satisfy the assessing officer that he was required to make payment in cash due to exceptional or unavoidable circumstances, or because payment by a crossed cheque or bank ..... in order to remedy such situation, section 40a was added by the finance act of 1968 and it came into force with effect from april 1, 1968. ..... as to whether payments made by the assessee in cash to the persons from whom the assessee had purchased smuggled goods could be said to be a payment made out of the business expediency within the meaning of the second proviso to section 40a(3) of the act and was covered by rule 6dd(j) of the rules the andhra pradesh high court has reproduced the contentions raised on behalf of the assessee at pages 343 and 344 of the report. ..... in sum and substance it was contended on behalf of the assessee that where the very business carried on by the assessee is an illegal business, it was not possible to comply with the requirements of section 40a(3) of the act and in the very nature of things, the assessee could not be called upon to establish either the genuineness of the payment or the identity of the payee. .....

Mohit Shantilal Shah Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : [2000]241ITR28(Guj)

..... this petition is challenging the order of designated authority rejecting the application of the petitioner under kar vivad samadhan scheme as introduced by the finance act no. ..... on the assesses and the appeals have been provided, even against such adjustments made, does not make its determination of tax, penalty or interest which ex hypothesi is determined at the close of year of operation of the charging sections so as to hold that making of the regular assessment under s. ..... section 87(m) refers to determination of the amount of tax, penalty or interest, obviously, to the second stage, namely, quantification of the liability to pay the tax, penalty or interest, as the case may be, in accordance with the machinery provisions of the act. ..... section 95 declares that the provisions of the scheme shall not apply in respect of 'tax arrear' under any direct tax enactment in a case where prosecution for concealment has been instituted on or before the date of filing of the ..... section 90 in the first instance directs the designated authority to determine within 60 days from the date of receipt of the declaration under s ..... section 90 provides for the time and manner of payment of 'tax arrear' and consequences that follow has apparently been provided under ..... section 88 declares that, subject to the provisions of this scheme, where any person makes, on or after the 1st day of september, 1998, but on or before the 31st day of december, 1998, a declaration to the designated authority in accordance with .....

Punjalal L. Shah (Huf) Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : [2002]253ITR718(Guj)

..... as has been contended in reply on behalf of the revenue, such argument on behalf of the assessee cannot be accepted as that would nullify the effect of the provisions contained in sub-section (9) of section 171 and would directly frustrate the very purpose of the amended provision, as in that case the partial partition would have to be recognised partly for the purpose of determining the share of income of the smaller-hindu undivided family in the three partnership ..... learned counsel appearing for the revenue, in his reply submitted that the contention advanced on behalf of the assessee, if accepted, would defeat the object and nullify the effect of the provisions contained in sub-section (9) of section 171 which were inserted only to curb the tendency of the hindu undivided family of effecting colourable or sham partial partitions only as a device to evade tax and as part of their tax planning. ..... the income-tax officer rejected the contention of the assessee staling that in view of the provisions of sub-section (9), inserted by the amendment in section 171, the partial partitions cannot be recognised and the hindu undivided family will be taxed in the same status as partner of the three ..... the provisions contained in sub-section (9) of section 171 as introduced by the amendment to the act and the question of its constitutionality came up forconsideration before the supreme court in the case of valliappan [1999] 238 itr ..... sub-section (9) in section 171 was inserted by the finance .....

Rambhai Jethabhai Patel Vs. Commissioner of Income-tax, Gujarat-i

Court : Gujarat

Reported in : [1977]108ITR771(Guj)

..... finance act, 1965, section 113 was deleted from the act with effect from april 1, 1965, and section 2, sub-section (46), of the act ..... income-tax officer was justified in not allowing the assessee to exercise the option under section 113 of the act for the assessment year 1962-63 (3) whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the status of the assessee was ..... us by the income-tax appellate tribunal for our opinion : '(1) whether the tribunal was justified in holding that on the date on which the assessee had filed application under section 113 of the act, the assessment for the assessment year 1962-63 was not pending (2) whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the ..... there it was held that the word 'pending' in section 5 of the west bengal premises rent control (temporary provisions) (amendment) act, 1950, should be liberally construed so as to include a case such as the one where although no actual appeal was pending when the amending act came into force an appeal was subsequently filed within limitation and, consequently, the appeal was to be disposed of on the basis that the law in ..... a mistake apparent from the record and there is a time-limit prescribed under the section for exercise of the power and that time-limit is four years from the date of the order sought to be amended. .....

Ranoli Investment (P) Ltd. Vs. Commissioner of Income Tax

Court : Gujarat

Reported in : (2003)179CTR(Guj)156

..... legislature in its wisdom has, rightly, provided sub-section (1) of section 104 in finance act, 1973, and there is a purpose and policy ..... we have heard the learned counsel appearing for the parties and we have examined threadbare the relevant proposition of the provisions of section 104(1) of the it act and before we render our opinion in this reference, let us have a skeleton spectrum of relevant facts leading to the rise of this reference under section 256 of the it act, which is, at the instance of the assessee-company.the assessee-company is an investment company in which members of the public ..... it cannot be said that the interpretation propounded by the tribunal while confirming the order of the ito with regard to provisions of section 104(1) of the act, as it then stood, is in any way unjust, unreasonable, inequitable, perverse or based on misreading of the facts or provisions of law, requiring interference of this court in ..... account the factual scenario emerging from the record of the present case, in the background of the relevant provisions of law propounded in section 104(1) of the it act, we are of the clear opinion that the impugned order of the tribunal is justified requiring no interference in this reference. ..... case that the assessee-company was in a position to distribute the dividends and it did distribute the dividends, but such distribution was not made within the statutory period in view of the amendment which came to be introduced by the finance act, 1973. .....