Court : Gujarat
Reported in : [1978]114ITR28(Guj)
..... at the relevant time was as follows : '(5) in this section and section 217 and 273, 'assessed tax' means the tax determined on the basis of the regular assessment (reduced by the amount of tax deductible in accordance with the provisions of sections 192 to 194, section 194a and section 195) so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the ..... by the finance act, 1964, sub-section (3a) was added to section 212 and under that sub-section, in the case of any assessee who is required to pay advance tax by an order under section 210, if, by reason of the current income being likely to be greater than the income on which the advance tax payable by him under section 210 has been computed or for any other reason, the amount of advance tax computed in the manner laid down in section 209 on the current income (which ..... section 217(1) provides for the payment of interest when no estimate is made and under sub-section (1a) of section 217 which was added by the finance act, 1969 where, on making a regular assessment, the income-tax officer finds that any such person as is referred to in sub-section (3a) of section 212 has not sent the estimate referred to therein, simple interest at the rate of nine per cent. ..... the proviso to section 212, sub-section (3a), which added by the finance act, 1970, is not material for the purpose of this judgment. .....
Tag this Judgment!Court : Gujarat
Reported in : [1987]165ITR195(Guj)
..... this position prevailed up to march 31, 1956, because of the amendment inserted by the finance act, 1956, with effect from april 1, 1956, a change was effected in section 23(5)(a) with the result that where the assessee was a firm and the total income of the firm has been assessed under sub-section (1), (3) or (4), as the case might be, in the case of a registered firm, the income-tax payable by the firm itself was to be determined first and the total income of each partner ..... the result of the amendment of the indian income-tax act, 1922, by insertion of section 2(6c) in the definition of the word 'income' and section 12b with effect from april 1, 1957, meant that every assessee, including a registered firm, became liable to pay income-tax at the rates prescribed by the relevant finance acts on its total income with capital gains as one of the components of such total income. ..... in the light of the different provisions which we have mentioned above, and particularly in the light of the definition of the word 'person' in section 2(31) of the 1961 act and also the definition of the word 'income' in section 2(24) read with the provisions of section 114 and section 182 of the 1961 act and the relevant sub-section or section of the finance act of each year, it is obvious that when considering the total income for the purpose of arriving at the income-tax payable by a registered firm as such .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]121ITR311(Guj)
..... 9(1) which was inserted by the finance act, 1976, with effect from june 1, 1976, income by way of fees for technical services payable by the government or a person who is a resident, except where the fees are payable in respect of services utilised in a business or ..... india in the ministry of industry that there was no necessity to amend clause 10, but it was to satisfy the requirement of the ministry of finance that ultimately clause 10 was modified by the supplementary agreement of ..... 9(1) was inserted by the finance act, 1976, and the new clause (vi) was thus inserted with ..... , assembly, mining or like project undertaken by the recipient or consideration which would be income of the recipient chargeable under the head 'salaries'. thus, it seems that after the insertion by the finance act (no ..... . 9(1)(vi) and the proviso that the facts are covered by the plain language of the section and this particular income of the two instalments is royalty, but royalty which is covered by the proviso to clause (vi) cannot be deemed to ..... in this particular case, the agreement was finally arrived at between the parties on may 16, 1976, that is, after 1st april, 1976, because the supplementary agreement regarding the amendment of clause 10 of the main agreement of september 26, 1974, was arrived at on may 15, 1976 ..... . the section and the provisions of the section are so clear and the facts of the case which are not in dispute are so clear that we are surprised that those stands should have been taken .....
Tag this Judgment!Court : Gujarat
Reported in : (2008)218CTR(Guj)541; [2008]307ITR1(Guj)
..... the finance act, 2002, has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in post-search inquiries made on the basis of evidence found in the ..... the last of the amendments made by finance act, 2002 as explained in ..... the last amendment came to be made by the finance act, 2002 which has been ..... finance act, 2001 carried out certain amendments in chapter xiv-b of the act ..... order to facilitate the assessment process, and to ensure that the investigation is carried to its logical conclusion in a focused manner section 2(7a) of the act has been amended to include the assistant director of income-tax within the meaning of 'assessing officer', enabling him to discharge the assessment functions ..... if section 4 has to be read with section 158bb for computing undisclosed income then the provisions of the relevant finance act have got to be read into the block assessment scheme under chapter xiv-b, even prior to ..... of the relevant assessment year in a case where assessment has been framed under section 143(3) of the act or under section 147 of the act for the relevant assessment year, unless income has escaped assessment for such assessment year by reason of failure or omission to either file return under section 139 of the act, or in response to notice under section 142(1) or section 148 of the act, or to disclose fully and truly all material facts necessary for the assessment of .....
Tag this Judgment!Court : Gujarat
Reported in : [1985]152ITR255(Guj)
..... the following amounts namely : - (a) the amount, if any, by which the 'relevant amount of distributions of dividends' by the company as computed in accordance with explanation 1 to item i of paragraph f of part i of the first schedule to the finance act, 1966 (13 of 1966), exceeds its total income (reduced by the amount of capital gains, if any, relating to capital assets other than short-term capital assets included therein) assessable for the assessment year commencing on april ..... distributions of dividends, the ito has to ascertain the amount, if any, by which the relevant amount of distributed dividends by the company as computed in accordance with the relevant provisions of the prior finance acts (in the present case finance acts 1965 and 1966) exceeded the total income assessable for the assessment year commencing on april 1, 1966. ..... company as is referred to in clause(iii) of subsection (2) or clause (a) orclause (b) of sub-section (4) of section104 of the income-tax act, or...on so much of the total income as does notexceed the relevant amount the distributionsof dividends by ..... what has been said above, it is clear that the question whether section 17(1) of the indian income-tax act, was applicable to the case of the first respondent is not free ..... -tax officer to go into the true scope of the relevant provisions of the act in a proceeding under section 154 of the income-tax act, 1961. ..... income-tax act, 1961, holding that the said section did not ..... , application of section 154 will .....
Tag this Judgment!Court : Gujarat
Reported in : (1993)109CTR(Guj)231; [1994]206ITR582(Guj)
..... in august, 1952, the company received a refund under section 10 of the finance act, 1942, and in respect of the chargeable accounting periods, it contended that as it had in fact no profits assessable to excess profits tax in the united kingdom, its case fell within the main portion of section 11(11) of the finance act of 1946. ..... before the bombay high court, under section 10 of the indian finance act, 1942, an option was given to the assessee who becomes liable to pay excess profits tax to make a deposit of 1/5th of the amount of the excess profits tax and, if he did so, he became entitled to be refunded 1/10th of the amount of ..... benefit of the unabsorbed depreciation in the following previous year or in the succeeding previous year and when that is the purpose of the legal fiction, all the facts necessary for the purpose of earning depreciation under section 32(1) of the act must be secured and, therefore, for the following previous year, the ownership of machinery, user of machinery and user of machinery for the purpose of business and existence of business also will be required to be assumed for ..... : [1987]168itr773(guj) , the division bench of this high court, speaking through justice b. s. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)189CTR(Guj)440; [2004]269ITR343(Guj)
..... discharged the burden of showing that it is a company which is mainly engaged in mining and, therefore, an 'industrial company' as defined by section 2(7)(c) of the finance act, 1982, and hence entitled to the benefit claimed.under the circumstances, we answer the question in the affirmative, i.e. ..... the circumstances of the case, the tribunal is right in law in holding that the assessee is an industrial company within the meaning of section 2(7)(c) of the finance act, 1982 and hence entitled to the benefit claimed ?'2. ..... basis that it is an industrial company as defined by section 2(7)(c) of the finance act, 1982. 4. ..... is a company in which the public are substantially interested,-- ** ** ** (2) where the company is not a company in which the public are substantially interested,-- (i) in the case of an industrial company,-- industrial company is defined in section 2(7)(c) as under : 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining ..... to the finance act, 1982 ..... of the employer'.the assessee contended that the assesses was engaged in mining and was, therefore, entitled to the benefit of lower rate of income-tax as provided by the finance act, 1982. ..... in this reference under section 256(2) of the income-tax act, 1961 ('the act' for short) at the instance of the revenue, following question is referred for .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]141ITR472(Guj)
..... year 1968-69 and since there was no liability to basic tax, the question of levy of additional tax in respect of excess dividends did not arise under the provisions of the finance act, 1968, for the assessment year 1968-69 a) in the affirmative and against the revenue for the reasons specified hereinabove q 5. ..... (i) a company in which the public are substantially interested, or (ii) a company as is referred to in clause (iii) of sub-section (2) or clause (a) or clause (b) of sub-section (4) of section 104 of the income-tax act, or (iii) such a company as is exempt from the operation of section 104 of the said act by a notification issued under the provisions of sub-section (3) of that section, on so much of the total income as does not exceed the relevant amount of distributions of dividends by the company. ..... section 2(1) of the finance act ..... year 1968-69 and since there was no liability to basic tax, the question of levy of additional tax in respect of excess dividends did not arise under the provisions of the finance act, 1968, for the assessment year 1968-69 ?' 2. ..... whether, on the facts and in the circumstances of the case, the tribunal was right in coming to the conclusion that the provisions of section 40(c)(iii)/40(a)(v) were applicable for determining the question of allowance of perquisites allowed to the directors, for the assessment year 1968-69 and 1969-70, respectively a) in the affirmative and in favour of ..... finance act ..... finance act ..... finance act ..... section 4(1) of the income-tax act .....
Tag this Judgment!Court : Gujarat
Reported in : (1994)118CTR(Guj)466; [1994]206ITR699(Guj)
..... if it was intended to be treated as any deemed payment of surcharge, there would have been no need to provide in section 2(8) of the finance act, 1976, that surcharge payable would be 'nil' in such cases of deposit of the entire amount with the industrial development bank of india. 7. ..... on the deposit being made of an amount equal to the surcharge, the assessee no more remains liable to pay surcharge in view of the provisions made in section 2(8) of the finance act, 1976, whereunder surcharge payable in such an event would be 'nil'. ..... as per the provisions of section 2(8) of the finance act, 1976, the surcharge on income-tax payable by the company in a case where the amount of deposit made with the industrial development bank of india was equal to or exceeded the amount of surcharge on income-tax payable by it was to be ' ..... section 2(8) of the finance act, 1976, which is relevant in the present context reads as follows : '2. ..... as observed above, the finance act, 1976, provided for relief of surcharge. ..... shah, that the finance act, 1976, provided for an alternative mode for payment of surcharge and, on deposit being made by the assessee in lieu of surcharge, the surcharge should be deemed to have been paid. ..... subsequently, the income-tax officer passed the rectification order under section 13 of the act on may 14, 1982, withdrawing the deduction allowed earlier in computing the chargeable profits by a sum of rs. .....
Tag this Judgment!Court : Gujarat
Reported in : (1987)59CTR(Guj)116; [1987]166ITR316(Guj)
..... the income-tax officer, however, rejected the assessee's contention and held that the amount was income of the assessee-company under section 28(iv) of the act were not applicable inasmuch as there was no benefit or perquisite arising out of the business and consequently addition of the aforesaid amount as business income was not justified. ..... firm could be said to bed carried out by the assessee-company and as a corollary it must follow that the assessee-company has been rightly held as an 'industrial company' within the meaning of the aforesaid provisions of the financed act so as to qualify for lower rate of tax as stipulated under the said ..... the assessee-company, therefore, in the course of assessment proceedings for the assessment year under consideration, that is, assessment year 1971-72, claimed that it was an 'industrial company' within the meaning of clause (c) of sub-section (6) of section 2 of the finance (no. ..... 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 was an 'industrial company' within the meaning of clause (c) of sub-section (6) of section 2 of the finance (no. ..... case : [1970]78itr474(sc) , we think it appropriate to decline to answer the question on the ground that the tribunal had failed to consider and decide the question whether the assessee-company is an 'industrial company' within the meaning of section 2(6)(c) of the finance (no. ..... section 2(6)(c) of the finance (no. .....
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