Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: gujarat Page 4 of about 146 results (0.104 seconds)

Commissioner of Income-tax Vs. Central India Builders

Court : Gujarat

Reported in : [1985]156ITR453(Guj)

..... 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 expenditure in the nature of entertainment expenditure incurred within india by any assessee after the 28th day of ..... old sub-section (2b) was omitted by the finance act, 1976, ..... 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 ..... by the taxation laws (amendment) act, 1978. ..... say for the present 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. ..... to us for 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 ? .....

Patidar Oil Cake Industries Vs. Dy. Commissioner of Income Tax

Court : Gujarat

Reported in : (2004)190CTR(Guj)481; [2004]270ITR347(Guj)

..... not applicable with effect 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 ..... as the other 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 ..... under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the act') for assessment years 1986-87, 1987-88, ..... finance act, 1988 with effect from 1.4.1989, section 80hhc was substituted and the substituted section ..... section 143(3) of the act for assessment years 1986-87, 1988-89 and 1989-90 while the assessment was framed for assessment year 1987-88 under section 143(1) of the act ..... the circumstances, for assessment years 1986-87, 1987-88 and 1988-89 in light of the fact that the initiation by issuance of impugned notices is beyond the period of four years and the prerequisite conditions stipulated by section 147 of the act are not fulfilled, there is no ..... 1987 .....

Commissioner of Income-tax, Gujarat-i Vs. Satellite Engineering Ltd.

Court : Gujarat

Reported in : [1978]113ITR208(Guj)

..... in favour of new industrial undertakings since its initial enactment; first, from clause (ii) of sub-section (4) of section 80j, which as initially enacted was in pari materia with clause (ii) of sub-section (2) of section 84, the words 'a building (not being a building taken on rent or lease), have been omitted by the finance act, 1975, with effect from april 1, 1976, and, secondly, a provision for ..... the finance act, 1969, the time-limit of 23 years in section 80j(4)(iii) was increased to 28 years and by the finance ..... the new business does not exceed 20% of the total value of the building, machinery or plant used in the business, then the condition laid down in clause (ii) of sub-section (2) shall be deemed to have been complied with and the tax holiday will be available to such industrial undertaking, though, for the purposes of computing the capital employed ..... to section 84, which offers tax incentive in the form of fractional exemption from tax on profits of a newly established undertaking for five assessment years was, for the first time, introduced in the indian income-tax act, 1922, by section 13 of the taxation laws (extension to merged states and amendment) ..... industry from all quarters and this seems to be the background for the enactment of old section 15c and its continuance in the statute book in one form or the other thereafter till this date with progressive amendments made from time to time with a view to extending its benefit for a ..... an amendment enacted by .....

Commissioner of Income-tax Vs. Gopal Gram Seva Sahakari Mandli Ltd.

Court : Gujarat

..... finance act, 1987 ..... amended by the finance (no.2) act ..... under section 80hh for section 80hha or section 80hhb or section 80hhc or section 80hhd or section 80-i or section 80-ia or section 80j the deduction under sub-section (1) of this section, in relation to the sums specified in clause (a) or clause (b) or clause (c) of sub-section (2) shall, shall be allowed with reference to the income, if any, as referred to in those clauses included in the gross total income as reduced by the deductions under section 80hh section 80hha, section 80hhb, section 80hhc. ..... engaged in the business of supplying milk, oilseeds, fruits, or vegetables, as the case may be; or (ii) the government or a local authority; or (iii) a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or a corporation established by or under a central, state or provincial act (being a company or corporation engaged in supplying milk, oilseeds, fruits or vegetables, as the case may be, to the public the whole of the amount of profits and gains of such business; ..... rescind any such notification or amend it so as to rescind any exemption, reduction in rate or other modification made thereunder; (m) where the period prescribed for any application, appeal, reference or revision under the repealed act had expired on or before the commencement of this act, nothing in this act shall be construed as enabling any such application, appeal, reference or revision to be made under this act by reason only of the .....

D.R. Industries Ltd. and anr. Vs. Union of India (Uoi) and 3 ors.

Court : Gujarat

Reported in : 2008(127)ECC61; 2008(153)LC61(Gujarat); 2008(229)ELT24(Guj)

..... submission made by mr raval, learned assistant solicitor general that if we look at the legislative history, it becomes clear that prior to finance act, 1980 the appeal lay only before the board of revenue or the collector of central excise (appeals) and there was no further appeal ..... we, therefore, do not find any merit in any of the contentions raised on behalf of the petitioners for challenging the constitutional validity of the proviso to sub-section (1) of section 35 of the central excise act, 1944 in so far as the parliament has provided for the limitation period of 60 days for filing an appeal before the commissioner (appeals) and in so far as the power to condone the delay ..... power to condone the delay beyond a further period of 30 days from the expiry of the time within which the appeal ought to have been filed, that the central excise act, 1944 is a complete code and the provisions of section 35 clearly indicate that the provisions of the limitation act were to apply only to the extent and during the extended period of 30 days and not beyond. ..... the petitioners have thereupon filed these petitions and have challenged the constitutional validity of the proviso to sub-section (1) of section 35 of the central excise act, 1944 in so far as the power of condonation of delay conferred on the commissioner (appeals) is ..... in fact, in the year 1980, the provisions of section 35(1) were amended for curtailing the period of limitation from three months to 60 days and the condonable .....

Commissioner of Income-tax Vs. Zippers India

Court : Gujarat

Reported in : (2006)203CTR(Guj)52; [2006]284ITR142(Guj)

..... section 37(3a) of the act was introduced initially by finance act,1978 with effect from 01/04/1979 and came to be deleted with effect from 01/04/1981 ..... thereafter, once again the provisions were inserted by finance act, 1983 with effect from 01/04/1984 and were omitted with effect from 01/04/1986 by finance act,1985. ..... other words, all the three items of expenditure are allowable under section 37(1) of section 37 of the act but because of the use of the term s notwithstanding anything contained in sub-section (1) occurring in the opening part of sub-section (3a) of section 37 of the act the specified percentage is disallowed.9. ..... , j.1.the following question has been referred by the income tax appellate tribunal, ahmedabad bench, 'b' under section 256(1) of the income tax act,1961 (the act) at the instance of the commissioner of income tax. ..... the assessing officer invoked provisions of section 37(3a) read with section 37(3b) of the act and disallowed a sum of rs ..... 276/- made under section 37(3a) of the act by treating the commission paid as not falling within the provisions of section 37(3b) of the act.16. ..... section 37(3a) of the act provides that where the expenditure or, as the case may be, the aggregate expenditure incurred by an assessee on any one or more of the items specified in sub-section (3b) exceeds the stipulated limit, twenty percent of such excess shall not be allowed as deduction while computing the income chargeable under the head sprofits and gains of business or profession .....

All Gujarat Federation of Tax Consultants and ors. Vs. Central Board o ...

Court : Gujarat

Reported in : [1995]214ITR276(Guj)

..... various amendments have been made in that section since then up to the finance act, 1994, which are ..... of quashing the aforesaid two circulars issued by the board to the extent it issues instructions to deduct tax at source for payments made to its members by the persons referred to in section 194c of the act falling within the category of contracts for carrying out any work termed as transport contracts, service contracts, advertisement contracts, broadcasting contracts and telecasting contracts and those who are carrying on profession as ..... conclusion to which we have arrived at above about the interpretation of the words 'any contract' and 'contractor' in the context of section 194c is supported by a strong circumstance bout the interpretation which the finance ministry and the board entrusted with the execution of the provisions of the act was placed before the subordinate authority and public for clarifying their doubts explaining newly inserted provision in the year 1972. ..... the finance bill, 1987, it was proposed to insert section 194e in the following terms (see [1987] ..... section 194j now proposed to be inserted is almost in the same terms for the same purpose for which section 194e was proposed to be inserted by the finance bill, 1987 ..... that the legislature intended to make a separate provision for bringing the service contract and professional service within the purview of the provision relating to tax deduction at source, by the finance bill, 1987, which has been quoted above. .....

Mahendra Rambhai Patel Vs. Controller of Estate Duty, Gujarat State

Court : Gujarat

Reported in : AIR1965Guj9; [1965]55ITR1(Guj)

..... 1898, and to dedicate them to the trusts thereby declared; and we have to determine whether the existence of these trusts is sufficient to prevent hubert's estate being one in possession; and as the only interest taxable under the finance act is a beneficial one, it immaterial, that the legal estate in hubert's third remained in him till his death; the liability to duty is the same as if the legal estate had been in the trustees for such a ..... sub-section (1), therefore selects certain categories of property and, aided by the interpretation section,s.22,brings them expressly under the description of property passing on death, indifferent to the whether if it itself had not been part of the original scheme of the finance act, 1894, any one of those categories or any particular form of property falling within one of the categories would, or would not, have been treated by the courts as covered by the ..... finance act, 1894, corresponding to section 23 of our act, means beneficial interest in possession of the property, that is beneficial possession or enjoyment of the property either to the extent of the whole income of the property or to the extent of a definite ..... finance act, 1894, which corresponds with section 23 of our act, the property could not be deemed to have ..... finance act 1894, which corresponds to section 38 of our act ..... finance act, 1894, and section 5 of our act ..... finance act, 1894, in order to comprehend the true import of passing of property referred to in section 5 of our act .....

In Re: Wood Polymer Limited; in Re: Bengal Hotels Pvt. Ltd.

Court : Gujarat

Reported in : [1977]109ITR177(Guj)

..... by section 50(1) of the finance act, 1938, it was provided that section 42 of the finance act, 1930, shall not apply unless it is shown to the satisfaction of the commissioners of inland revenue that the instrument was not executed in pursuance of or in connection with an arrangement ..... section 42 of the finance act, 1930, granted exemption to stamp duty on an instrument to which the section ..... bring out the width and amplitude of the power by contrast, it may be pointed out that while our company law follows almost to a word corresponding provisions of the english companies act, the latter act does not contain the provision in pari materia with section 392(1)(b) and, therefore, in order to mitigate any difficulty arising out of a suggestion that may be made while the scheme is being examined by the court to modify or ..... were exempt from payment of stamp duty as they would fall under section 42 of the finance act, 1930. ..... apparently show the income as accruing to another person, at the same time making it available for use and enjoyment to the assessee as in a case falling within section 44d or mask the true character of the income by disguising it as a capital receipt as in a case falling within section 44e or assume diverse other forms.....but there must be some artifice or deviceenabling the assessee to avoid payment of tax on what is really and in truth his income ..... the second proviso to section 394(1) was added by amending act of 1965, pursuant to the recommendations of vivian bose .....

Commissioner of Income-tax, Gujarat Vs. Arun Industries

Court : Gujarat

Reported in : [1966]61ITR241(Guj)

..... that such an assessee can exist is clear from the second part of the definition of 'assessee' in section 2(2) and, as a matter of fact, prior to the amendment made by the finance act, 1956, a registered firm was such an assessee, since no tax was payable by the registered firm itself. ..... a registered firm, as pointed out above, was an assessee within the meaning of the definition contained n section 2(2) even prior to the amendment made by the finance act, 1956, since though no income-tax was payable by it, it was certainly an entity in respect of whom section 23(5) authorised a proceeding to be taken for the assessment of its income. ..... now in this connection it is necessary to notice not only the position prevailing in the relevant year of account but also the position which prevailed prior to the amendment made in section 23(5) by the finance act 1956, with effect from 1st april, 1956. ..... but now after the amendment made by the finance act, 1956, tax is payable by the registered firm itself under section 23(5)(a)(i), the revenue would be bound to grant to the registered firm exemption in respect of tax on the exempted profits. ..... after the amendment made by the finance act, 1956, a registered firm would also fall within the first part of the definition of 'assessee' in section 2(2) since income-tax is now payable by it under section 23(5)(a)(i). .....