Court : Gujarat
..... the position which prevailed before amending section 113 of the act was that some assessing officers were not levying any surcharge and others who had a view that surcharge is payable were adopting different dates for the application of a particular finance act, which resulted in different rates ..... was leviable with reference to the rates provided for in the finance act of the year in which the search was inititated; or (ii) the year in which the search was concluded; or (iii) the year in which the block assessment proceedings under section 158 bc of the act were initiated; or (iv) the year in which block assessment order ..... provided further that the amount of income-tax computed in accordance with the provisions of section 113 shall be increased by a surcharge for purposes of the union as provided in paragraph a, b, c, d or e, as the case may be, of part iii of the first schedule of the finance act of the year in which the search is initiated under section 132 or requisition is made under section 132a of the income-tax act. ..... second proviso to subsection (3) of section 2 of finance act, 2003. ..... /49 taxmann.com 249 wherein the hon'ble supreme court has held as under: 'the surcharge on the income tax was introduced for the first time by the finance act, 1995, in section 2 (3) thereof. ..... gupta itself, it was acknowledged and admitted that the position prior to the amendment of section 113 of the act whereby the proviso was added, whether surcharge was payable in respect of block assessment or .....
Tag this Judgment!Court : Gujarat
Reported in : (1962)3GLR762
..... according to section 7(2) of the finance act 1951 this tobacco was subject to duty at re.10-14-0 per ..... 47 0 and odd and was paid before the finance act 1951 after the finance act 1951 some additional sum was payable in respect of the same tobacco and the amount previously recovered fell in the category of a short ..... 143 on account of the finance act 1951 therefore this amount was payable by the plaintiff in addition to the amount that he had paid before the finance act 1951 but actually after the finance act of 1951 he paid rs. ..... 35 299 as a consequence of the finance act of 1951 is not challenged before us and it is conceded that the demand of an additional amount ..... but after the finance act 1951 the rate of duty on the tobacco was raised to 14 annas ..... the points argued before us are: (1) whether the suit is barred by section 40 of the central excises and salt act 1944 (2) whether it is barred by section 35(2) of the said act; (3) whether the excise authorities should have given a notice to the plaintiff to show cause before canceling the order dated 26-3-52 and (4) whether the ..... he held that the suit was not barred by limitation but was barred by the provisions of section 40 of the central excises and salt act 1944 he also held that rule 10 of the central excise rules 1944 did not apply to the facts of the present case but rule 10a of the said ..... in view of the finance act 1951 whereby the duty on tobacco which did not fall in the special class was increased from 8 annas to 14 annas .....
Tag this Judgment!Court : Gujarat
Reported in : [2002]253ITR543(Guj)
..... in our opinion, the legislative amendments to section 263 particularly by way of explanation as inserted by the finance act, 1988, and the further amendment therein by the finance act, 1989, and the decision of the apex court ..... in the statement of objects and reasons to the finance act, 1988, it was stated that the proposed amendments are intended to make it clear that 'record' would include all records relating to any proceedings under the concerned direct tax laws available at the time of examination ..... could arise has been removed by the legislature by inserting through the finance act, 1988, an explanation and further amending it by the finance act, 1989. ..... the legislature again stepped in through the finance act, 1989, so as to clarify that the provisions of the explanation to section 263(1) shall be deemed to have always ..... arguments could have been urged which were not considered by the supreme court.13. since the tribunal had not examined the merits of the assessees' contentions, regarding invocation of power under section 263(1) of the act and the tribunal had held the action of the commissioner invalid only on the ground that the statements of the assessees' son did not form part of the record ..... camphor works [1998] 231 itr 53 and submitted that the supreme court has noted the legislative intent to give wider meaning to the word 'record' as per the explanation inserted by the finance act, 1988, and further clarified by the finance act, 1989, with retrospective effect. mr. .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]287ITR435(Guj)
..... -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 ..... 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 ..... this proviso was originally inserted by the finance act, 1966, and the value of the actual cost of machinery or plant was ..... 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. yr. ..... section 32 has, therefore, been amended to provide that, where in a previous year an asset is acquired and put to use for the purposes of business or profession for less than 180 days, depreciation thereon shall be allowed at 50 per cent of the depreciation ..... scope and effect of the amendment was explained by departmental circular .....
Tag this Judgment!Court : Gujarat
Reported in : [1974]93ITR288(Guj)
..... income-tax on it under section 68 of the finance act, 1965, does he discharge this liability under section 3 of the indian income-tax, 1922, or section 4 of the income-tax act, 1961 is the payment of income-tax on disclosed income under section 68 of the finance act, 1965, nothing else than a process of quantification of the liability charged under section 3 of the income-tax act, 1922, or section 4 of the income-tax act, 1961 if it is, the quantified amount of the liability measured by the amount of tax paid under section 68 of the finance act, 1965, would be 'debt ..... if we examine the language of section 68 of the finance act, 1965, it is clear that it does not provide for quantification, at a concessional rate, of the liability under section 3 of the indian income-tax act, 1922, or section 4 of the income-tax act, 1961, and payment of income-tax under section 68 is not in satisfaction of that liability. ..... there was nothing in section 68 of the finance act, 1965, said the tribunal, which displaced this liability under section 3 of the indian income-tax act, 1922, or section 4 of the income-tax act, 1961, or created a new liability for payment of income-tax which does not exist prior to the enactment of the finance act, 1965. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1967Guj198
..... tax and when it did so, it contravened the positive provisions of the finance act could not be supported in view of the amendment of the bombay finance act by the addition of section 22-a as was pointed out in the affidavit in reply filed on behalf of the respondents which did authorise the government to denotify any area where such tax was being levied by the state and thus ..... under section 22 of the bombay finance act by the state government and the corporation was only collecting it as its agent under section 24 of the said act. ..... here recalled that in the petitions with which we are concerned, we have also come to the conclusion that there is enough guidance to the taxing authority to be found under the provisions of the corporation act while exercising the power under section 129(c) read with sections 99 and 127 in the use of its discretion and, therefore, it was not an uncontrolled or unguided vesting of power either in the commissioner or the corporation. ..... it may be mentioned that in the bigger group of petitions the following contentions were allowed to be raised consistent with the plea of the petitioners in those petitions:-(16) section 129(c) of the act is ultra vires the constitution as the maximum limit of the rate to be fixed was not prescribed, and arbitrary power to fix any limit at its sweet will and it also suffers from vice ..... tax was levied under the finance act by the state government under the provisions of the finance act, it was collected by the corporation .....
Tag this Judgment!Court : Gujarat
Reported in : 2001(74)ECC51; 2005(179)ELT129(Guj); (2001)4GLR3630; 2006[2]STR300; [2007]7STT29
..... the ambit of the levy was widened by the finance act, 1997, and section 65 was substituted so as to include a wide variety of services including under clause (g) services provided to a client by a consulting engineer. ..... (3) with effect from the date notified under section 88 of the finance act, 1997 (26 of 1997), there shall be levied a service tax at the rate of five per cent. ..... section 116 of the finance act, 1998, substituted section 66 of the finance act, 1994. ..... while admitting the petitions, the court granted ad interim relief restraining the respondents from enforcing in any manner the provisions of section 88 of the finance act, 1997, and section 116 of the finance (no. ..... in these petitions under article 226 of the constitution, the chartered accountants' association and the gujarat institute of civil engineers and architects have challenged the constitutional validity of section 88 of the finance act, 1997, and section 116 of the finance (no. ..... drafted comprehensive definition of either 'constitutional law' or a 'constitution', to convince as that what is not so specified and identifiable as a subject of legislation, given in the constitution, must be necessarily prohibited at least as a topic of ordinary legislation, although it may become permissible by an amendment of the constitution, by an addition to it, appears very unrealistic to us ... ..... in this case, the challenge was to the levy of tax under the expenditure-tax act, 1987, enacted by parliament. .....
Tag this Judgment!Court : Gujarat
..... by an amendment in finance act, 2001, when the benefit to commercial producers of mineral oil was shifted from section 80-ia to section 80-ib and the said section 80-ib with effect from 1.4.2002, till its amendment by finance act, 2008 reads as under :- "80-ib(1) where the gross total income of an assessee includes any profits and gains derived from any business referred to in sub-sections (3) to (11). ..... . in these proceedings, the constitutional validity of the amendment to sub-section (9) of section 80-ib of the act by the finance (no.2) act, 2009, has been challenged. 44 ..... in these proceedings the constitutional validity of the amendment to sub-section (9) of section 80-ib and explanation added to it under the act by the finance (no.2) act, 2009, has been challenged. 3. ..... the petitioner has been claiming benefit of deduction of 100% of the profits and gains from the production of mineral oil and natural gas under section 80-ib(9) as it stood prior to an amendment to section 80-ib(9) of the income tax act, 1961 (hereinafter referred to as 'the act') which was introduced by the finance (no.2) act 2009. ..... . explanation of section 44bb was again introduced vide finance act 1987 with retrospective effect from 1.4.1983 ..... . 1987 at p.1031, it is stated that the property is the most comprehensive of all terms which can be used, inasmuch as it is indicative and descriptive of every possible interest which the party can have .....
Tag this Judgment!Court : Gujarat
..... by an amendment in finance act, 2001, when the benefit to commercial producers of mineral oil was shifted from section 80-ia to section 80-ib and the said section 80-ib with effect from 1.4.2002, till its amendment by finance act, 2008 reads as under :- "80-ib(1) where the gross total income of an assessee includes any profits and gains derived from any business referred to in sub-sections (3) to (11). ..... . in these proceedings, the constitutional validity of the amendment to sub-section (9) of section 80-ib of the act by the finance (no.2) act, 2009, has been challenged. 44 ..... in these proceedings the constitutional validity of the amendment to sub-section (9) of section 80-ib and explanation added to it under the act by the finance (no.2) act, 2009, has been challenged. 3. ..... the petitioner has been claiming benefit of deduction of 100% of the profits and gains from the production of mineral oil and natural gas under section 80-ib(9) as it stood prior to an amendment to section 80-ib(9) of the income tax act, 1961 (hereinafter referred to as 'the act') which was introduced by the finance (no.2) act 2009. ..... . explanation of section 44bb was again introduced vide finance act 1987 with retrospective effect from 1.4.1983 ..... . 1987 at p.1031, it is stated that the property is the most comprehensive of all terms which can be used, inasmuch as it is indicative and descriptive of every possible interest which the party can have .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)50CTR(Guj)37; [1987]163ITR237(Guj)
..... finding of the tribunal that the activity of the assessee of pulverising bentonite was an industry within the meaning of section 2(8)(c) of the finance act, 1974, and hence the assessee was an industrial company is correct in law and sustainable from the material on ..... facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that the assessee was an industrial company under section 2(8)(c) of the finance act, 1974, and entitled to benefit of concessional rate of tax 2. ..... decisions cited, it would be necessary to point out that the definition of the expression 'industrial company' given in section 2(8)(c) of the finance act, 1974, means a company which is mainly engaged....... ..... conclusion that the activity of the assessee-company, therefore, could be described as the activity of 'processing of goods' as coming within the meaning of the expression set out in the definition of 'industrial company' under section 2(8)(e) of the finance act, 1974. 10. ..... the industrial company included a company whose business consisted of processing of goods under the provisions of finance act, 1974. ..... this word has not been defined in the act and it must therefore be interpreted according to ..... is subjected to a process or treatment with a view to its development or preparation for the market', as, for example, by sorting and repacking fruits and vegetables, it would amount to processing of the commodity within the meaning of section 8(3)(b) and rule 13. .....
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