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Additional Commissioner of Income-tax Vs. Chandravilas Hotel

Court : Gujarat

Reported in : [1987]165ITR300(Guj)

..... its amendment by the finance act, 1964, section 271(1)(c) required that the assessee should have concealed the particulars of his income or deliberately furnished inaccurate particulars of such income, but the word 'deliberately' was omitted from the section by the finance act, ..... explanation which was not originally there when section 271(1)(c) was enacted but which was introduced by the finance act, 1964, provides that where the total ..... , since we are concerned with the assessment years 1967-68 and 1968-69, the explanation which was inserted by the finance act, 1964, is relevant for our purpose and it read as follows : 'explanation - where the total income returned ..... section 271(1)(c) which has been invoked by the appellate assistant commissioner in imposing penalty on the assessee, was inserted by the finance act, ..... accordingly in a case where the income returned by the assessee was less than 80% of the income assessed as reduced in the manner specified in the explanation to section 271(1)(c) of the act, law would deem it that the assessee had concealed or furnished inaccurate particulars unless the assessee is able to bring something on record to show that the failure on ..... response to the notice issued by the inspecting assistant commissioner, calling upon the assessee to show cause why penalty should not be levied under section 271(1)(c) of the act, the explanation of the assessee was as follows : (1) the assessee had filed its returns of income on the basis of audited statement .....

Bardolia Textile Mills Vs. Income-tax Officer, Circle Ii, Ward-e, Sura ...

Court : Gujarat

Reported in : [1985]151ITR389(Guj)

..... section 141a was inserted by the finance act of ..... next following theif no such assessment has been made]to said financial year to thethe date of the assessment (herein date of the regularafter called the 'regular assessment') assessment for the assessmentmade under section 23 of the income, year immediately followingprofits and gains of the previous year the said financial year, andfor an assessment for the year for an where any such instalment isassessment for the year ..... inserted in the section by the taxation laws (amendment) act, 1975, with ..... april 1, 1952, was to pay interest on whatever money was paid by the assessee as advance tax irrespective of whether such amount was found due on final assessment or not, subsequent to the amendment, it was only on the excess determined on regular assessment that interest was payable to the assessee. ..... inserted in the act by the taxation laws (amendment) act, 1975, with ..... the taxation laws (amendment) act, 1975, with effect ..... the provision which the court was called upon to consider in that case was different from the provision in the repealed act prior to 1952 and also as amended in 1952. ..... the amendment in 1952, had a different scheme as to advance tax and the character of the obligation of the assessee to pay the the state to account for it stood entirely on a footing different from that envisaged in the scheme under the act of 1922 ..... 18(5), no doubt as amended, but wherein also the scheme as considered by the learned judges was not the ..... amendment, .....

Commissioner of Income-tax-I Vs. Bharat V. Patel

Court : Gujarat

..... meaning of the words specified securities in section (iiia) was defined or explained for the first time vide finance act, 1999 w.e.f. ..... do not find merit in the contention advanced on behalf of the department that section 17(2)(iiia) inserted by finance act, 1999 w.e.f. ..... the mechanism introduced for the first time under the finance act, 1999 by which cost was explained in the manner stated above was not there prior ..... there is nothing in the memorandum to the finance act, 1999 to say that this new mechanism would ..... is aggrieved by the finding of the tribunal that the amount in question was not taxable as salary and perquisite under section 17(2)(iii) of the act or even alternatively under section 28(iv) of the act. 3. mr. b.s. ..... [(1981) 128 itr 294 (sc)] this court held that the charging section and computation provision under the 1961 act constituted an integrated code. ..... assessment years 1997-98, 1998-99 and 1999- 2000 there was no provision in the said 1961 act which made the benefit by way of esop taxable as income specifically. ..... specifically taxable only with effect from 1.4.2000 when section 17(2)(iiia) stood inserted. 9. ..... the income tax act, 1961 (hereinafter referred to as 'the act'). ..... 28(iv) of the act purportedly on the ground that the employer - employee relationship did exist between the assessee and procter and ..... act and in treating the amount received on exercising the opinion of employee's stock option plan (eosp) as long term capital gains instead of treating the same as short .....

S.R. Koshti Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : (2005)193CTR(Guj)518; [2005]276ITR165(Guj)

..... under section 143, the following explanation was inserted by finance act, 1994 w.e.f. ..... the reasons which have weighed with the respondent commissioner while passing the impugned order under section 263 of the act are; (i) that the revised return filed on 24-9-2002 was beyond the period of limitation prescribed under section 139(5) of the act; (ii) the order dated 27th march 2003 passed under section 154 of the act by the assessing officer was prejudicial to the interests of revenue inasmuch as the income assessed in the said order was much lower ..... it is the say of the petitioner that, subsequently, the petitioner became aware that he was entitled to certain portion of the income so received as being exempt under section 10(10c) of the act, but the employer had deducted tax at source on the entire amount by treating the same as salary and accordingly, the tax deduction certificate in form no. ..... the respondent is directed to not only issue the refund due in accordance with the order under section 154 of the act dated 27th march 2003, but also grant interest under section 244a of the act, till the date of payment of the refund at appropriate rate, as may be prevalent from time to time. ..... as already noticed hereinbefore, the assessing officer was not only right in law, but was fully justified in passing the order under section 154 of the act after entertaining the revised return which was filed within the time limit statutorily prescribed. .....

Commissioner of Income-tax Vs. Rohit Mills Ltd.

Court : Gujarat

Reported in : (1964)0GLR837; [1965]58ITR854(Guj)

..... current year from out of unreserved and undemarcated funds and did not look to the reserve for the payment of such taxes, in particular advance taxes, there is nothing either in the provisions of the act of in rule 2 to justify the income-tax department to treat such payment as having been made from the reserve fund and to proceed to deduct such amount from out of the reserve fund for ..... general, on behalf of the commissioner of income-tax, has disputed the correctness of these conclusions of the tribunal and submitted (1) that the reserves within the meaning of rule 2, schedule ii of the act, must in substance and reality be reserves and not merely in name, (2) then in the instant case, the system of accounting adopted by the company showed that the taxes were paid first from the ..... it is clear, therefore, that payments made by the assessee-company towards its liability of advance payments under section 18a of the income-tax act, cannot be said that the assessee-company, at the time when such payments were made, looked to the 'taxation ..... by finance acts of 1948 and of 1949, the amount of taxable profits was reduced from ..... in respect of any chargeable accounting period beginning after that date, be equal to such percentage of the taxable profits as may be fixed by the annual finance act. ..... on the percentage allowed under the relevant finance act corresponding to the chargeable accounting period on taxable profits less the abatement computed in accordance with schedule ii of the act. .....

Kashiram Textile Mills Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : [1995]211ITR889(Guj)

..... 1 shall be reduced by - (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount - (a) the amount of income-tax, if any, payable, by the company in respect of any income referred ..... - in this sub-clause, the expression 'the relevant amount of distributions of dividends' has the meaning assigned to it in the finance act of the relevant year; (c) the amount of income-tax, if any, payable by the company under section 104 of the income-tax act. ..... to in clause (i) or clause (ii) or clause (iii) or clause (viii) of rule 1 included in the total income; (b) the amount of income-tax, if any, payable by the company under the provisions of the annual finance act with reference to the relevant amount of distributions of dividends .....

Commissioner of Income-tax, Gujarat Ii Vs. Amul Transmission Line Hard ...

Court : Gujarat

Reported in : [1976]104ITR771(Guj)

..... development rebate, however, we shall add a few more words in view of the definition of 'gross total income' given in clause (5) of section 80b, and the amendment which is made in sub-section (2) of section 33, which relates to development rebate, by the same finance (no. ..... the question involved in this reference is whether at the time of giving effect to the provisions contained in section 80-i of the income-tax act, 1961 (which is hereinafter referred to as 'the act'), deduction of 8% should be made before setting off carried forward losses, carried forward depreciation and carried forward development rebate or after ..... 2) act of 1967 which substituted new chapter vi-a in place of the old one, and which also amended sub-section (2) of section 33, has made it clear, beyond any doubt, that deduction of 8% contemplated by section 80-i should be made only after ..... result, therefore, is that, in our opinion, the tribunal was not justified in law in holding that relief under section 80-i of the act should be allowed to the assessee-company at 8% without first setting off unabsorbed losses, depreciation and development rebate carried ..... for the purpose of working out 8% deduction contemplated by section 80-i of the act, the income-tax officer first deducted the above referred total ..... obvious that the correct figure of total income, which is otherwise taxable under other provisions of the act, cannot be obtained without working out the net result of computation under the head 'profits and gains .....

Motilal Harilal and Co. Ltd. Vs. Commissioner of Income-tax, Bombay No ...

Court : Gujarat

Reported in : [1962]45ITR557(Guj)

..... follows :'(1) whether on the facts and in the circumstances of the case the action of the income-tax officer in reducing the rebate allowable to the assessee company under clause (ii) of proviso 1 to paragraph d of part ii of the schedule to the finance act, 1956, in terms of clause 1(b) of proviso 2 of the same paragraph was legal and,(2) whether on the facts and in the circumstances of the case the distribution of the dividend during the previous year 1955 was saved by the ..... orders of the income-tax officer under section 23a in respect of the profits of the previous years 1947, 1948 and 1949 directing that the dividends should be deemed to have been distributed on the respective dates of the annual general meetings falling prior ..... it lays down as follows :'where tax has been paid in respect of any undistributed profits and gains of a company under this section, and such profits and gains are subsequently distributed in any year the proportionate share therein of any member of the company shall be excluded in computing his total income of that ..... thakore, the learned advocate for the company, that once a company has been deemed to have distributed dividends under the provisions of section 23a, there could not be any further distribution of dividends in respect of the amounts so declared to have been distributed by the .....

Thakorbhai L. Patel and ors. Vs. Assistant District Registrar, Co-op. ...

Court : Gujarat

Reported in : AIR2001Guj66; (2001)3GLR1921

..... made any payment which is contrary to law or to the rules or laws of the society or is against the directions or instructions of the financing bank for which the society is acting as agent under sub-section (3) of section 16, or(b) by reason of his culpable negligence or misconduct involved the society or the financing bank for which it is acting as agent under sub-section (3) of section 16 in any loss or deficiency, or(c) failed to bring into account any sum which ought to have been brought into account, or(d) misappropriated or ..... fraudulently retained any property of the society or of the financing bank for which it is acting as agent under sub-section (3) of section 16, the registrar may inquire into the conduct of such person or officer and after giving such person or officer an opportunity of being heard make an order requiring him into contribute sum to the ..... 1987, at annexure 'c' and also the judgment dated 4-7-1987 passed in revision filed under section 155 of the gujarat co-operative societies act, 1961 (hereinafter referred to as 'the act ..... 47 of 1987 by the additional registrar, cooperative societies and the judgment dated 4-7-1987 in revision ..... 1987, which came to be dismissed on 16-4-1987 ..... at annexure at 'b', 'c' and 'd', namely, the order of the liquidator, judgment dated 16-4-1987 in appeal no. ..... which also came to be dismissed on 4-7-1987.5. .....

Essar Oil Limited. Vs. Union of IndiA.

Court : Gujarat

..... it is submitted that the finance act, 1999 does not contain any provision similar to section 20 of the customs act and as such, the provisions of section 20 cannot be made applicable to additional duty of customs under the finance act, 1999 and as such, the additional duty of customs would not at all be leviable on re-import of the goods in question. ..... it is submitted that in the present case, additional duty of customs is levied under section 116 of the finance act, 1999. ..... mr.mihir joshi, learned senior advocate appearing on behalf of the petitioner has invited the attention of the court to the extract of the speech of the finance minister while presenting budget in the year 1999 (page 113 to the petition) to submit that the intention behind levy of additional duty on imported and domestic high speed diesel oil (hsd) was to garner additional ..... it was submitted that additional duty of customs is sought to be levied in the light of the provisions of section 20 of the customs act, 1962 which lays down that if the goods are imported into india after exportation therefrom, such goods shall be liable to duty and be subject to all the conditions and restrictions, if any, to which goods of the .....