Court : Gujarat
Reported in : [1976]102ITR105(Guj)
..... resisted on the ground amongst others that the explanation 1, added to the said section 5(1)(viii) by the aforesaid amending act for the first time included the golden ornaments in the 'jewellery' by the inclusive definition given therein, came into force with effect from april 1, 1972, and, therefore, for all intents and purposes ..... shah has lost sight of the fact that though these two amendments have been inserted in section 5(1)(viii) by the same statute, namely finance (no. ..... in order to appreciated the rival contentions of the parties, we set out hereunder the relevant sub-section before its amendment by finance (no. ..... on behalf of the revenue it has been urged that the amendment made in section 5(1)(vii) by finance (no. ..... the said clause (viii), therefore, after the amendment by finance (no. ..... we cannot accept any such interpretation which would lead to such absurd result when the intention of parliament in excluding the jewellery from the purview of exemption under section 5(1)(viii) with effect from april 1, 1963, is manifestly clear in the finance (no. ..... however, the attempt of the revenue to include the golden ornaments as jewellery and, therefore, not liable to be exempted under section 5(1)(viii) in view of the amendment made by the finance (no. ..... in the statute book in the relevant assessment years and at the relevant time, because the explanations 1 and 2 together with the two provisos are to be brought on the statute book, though by the same legislation, namely, finance (no. .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]106ITR159(Guj)
..... council had held that the rate imposed under the provisions of the bengal village self-government act, 1919, on a person occupying a building within the union, and using the same for the purpose of business is an allowable deduction in computing the profits of the business under section 10 of the indian income-tax act and the privy council held that the assessee, on establishing the portion of the rate which ..... of the rebate under clause 1(b)(ii) of paragraph f of schedule i of finance act, 1965, has not been examined either by the appellate assistant commissioner or by the tribunal and whether that withdrawal was justified in law or not on merits will ..... since this cess was an item of admissible expenditure, there was no legal sanction behind the income-tax officer's action in reopening the assessment under section 147(b) of the income-tax act, 1961, because the cause of action for which the assessment proceedings were sought to be reopened was non-existent. ..... considered is whether in the instant case the income-tax officer at the time when he issued the notice had the 'information' contemplated by section 147(b) and on the basis of that 'information' reasonably believed that income chargeable to tax had escaped assessment for any assessment year. ..... paragraph f of schedule i of finance act, 1965, as stated above. ..... rebate under clause 1(b)(ii) of paragraph f of schedule i of finance act, 1965, had been wrongly allowed at the rate of 35 ..... paragraph f of schedule i of finance act, 1965. 15. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)192CTR(Guj)400; [2005]273ITR414(Guj)
..... that income by way of cash compensatory support became taxable retrospectively with effect from april 1, 1967, but that was by an amendment of section 28 by the finance act of 1990, which amendment could not have been known before the finance act was amended on may 31, 1990. ..... the relevant portion of the notification reads as under :-'in exercise of the powers conferred under clause (a) of sub-section (2) of section 119, the central board of direct taxes, hereby direct that the chief commissioner of income-tax and director general of income-tax may reduce or waive interest charged under section 234b or section 234b or section 234c of the act in the classes of cases or classes of income specified in paragraph 2 of this order for the period and to the ..... effect from 1.4.1967 and, therefore, export cash assistance of rs.7,68,751/- earlier claimed in its return of income as capital receipt, be treated as income.thereafter, the assessing officer passed order dated 29.10.1991 under section 143(3) of the act for ay 1989-90 making addition of export cash assistance of rs.7,68,751/- and two other similar items with which we are not concerned in this petition. ..... in view of the amendment by insertion of clause (iiib) in section 28 of the act making export cash assistance as taxable w.e.f.1-4-1967 the assessing officer in that case passed the order under section 143(1a) adding the export cash assistance amounts as income and also levying additional tax under section 143(1a) and also charged .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]105ITR115(Guj)
..... the court then proceeded to consider what is a mistake apparent from the record and after considering the relevant provisions contained in the amending act came to the following conclusion : 'it is in the light of this position that the extent of the income-tax officer's power under section 35 to rectify mistakes apparent from the record must be determined; and, in doing so, the scopes and effect of the expression 'mistake apparent from ..... it was held that the effect of the provision of section 13 of the amendment act would be deemed to have come into force on april 1, 1952, and, therefore for all intents and purposes, the amendment to section 18a must be deemed to have been included in the principal act as from that date and the proviso should be deemed to be part of section 18a as on the date of passing of the order. ..... we may shortly refer to the provision of the wealth-tax act at it stood prior to the amendment and the amending section in the finance (no. ..... prayed that the tribunal should exercise its rectification power under section 35 of the wealth-tax act in view of the amendment made by the finance (no. ..... the wealth-tax officer, therefore, pursuant to this amendment made an application to the tribunal urging the tribunal to exercise its powers of rectification under section 35 of the wealth-tax act, as in the submission of the wealth-tax officer there was a mistake apparent from the record of the case, inasmuch as the tribunal confirmed the order of the appellate assistant .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)2GLR1528
..... or payable to a money-lender in consideration of or otherwise in respect of a loan, but does not include any sum lawfully charged by a moneylender for or on account of costs, charges or expenses in accordance with the provisions of this act, or any other law for the time-being in force.section 2(9) defines loan which is as under : 'loan' means an advance at interest ***** whereof money or in kind, but does not include:(a) a deposit of money or other property in a government post office bank or in any other bank ..... a pawn broker but does not include - (i) government, (ii) a local authority (iii) a bank (iv) the agricultural refinance corporation constituted under the agricultural refinance corporation act, 1963 or (v) any other banking financial or any institution which the state government may, by notification in the official gazette, specify in this behalf].section 2(18) defines trader which is as under:(18) 'trader' means a person who in the regular course of business buys and sells goods or other property, whether movable ..... 1 has committed offence under sections 5, 18, 19 and 25(3) of the act and is doing business of finance without obtaining any licence as required under the act. ..... giving finance/loan to a person to purchase rickshaw can be said to be within the definition of 'loan' attracting section 5 and other relevant provisions of the act for which licence is required. .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)29CTR(Guj)85; [1982]138ITR245(Guj)
..... and it was, in view of the stand taken by the assessee that the tribunal was not justified in examining this dimension of the matter in the light of the amendment introduced by the finance act of 1970 which became effective from april 1, 1970, that the revenue sought a reference on the question whether or not the finding recorded by the tribunal on the mixed question of law and fact as to ..... of the case, the tribunal was justified in holding that the transfers in question were not transfers effected before march 1, 1970, as contemplated in section 47(viii) of the income-tax act, 1961 (3) whether, on the facts and in the circumstances of the case, the tribunal was right in not accepting the assessee's contention that in view of the provisions of section 47 of the registration act, the transfer was effected on the dates of execution of the sale deeds ?' 15. ..... facts and in in the negative andthe circumstances of the case, against the revenue.the tribunal was justified innot accepting the assessee'scontention that in view of theprovisions of section 47 of theregistration act, the transferwas effected on the dates ofexecution of the sale deeds ?question referred at the instance of the revenue.5. ..... permitting the departmentto raise the additional ground,namely, that because of theregistration of the instrumentof transfer subsequent tofebruary 28, 1970, the transfersin question were not transferseffected before march 1, 1970, ascontemplated in section 47(viii)of the income-tax act, 1961 ?2. .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]106ITR424(Guj)
..... claim deduction in respect of those expenses in arriving at its profits for income-tax purposes notwithstanding the provisions of section 15(1)(a) of the finance act, 1965, which, in effect, disallowed the allowance 'for any expenses incurred in providing business entertainment' ..... down a hard and fast strait-jacket formula so as to answer various contingencies arising from time to time as to what expenses would be classed as entertainment expenses in the present context of the income-tax act, where no scheme as one we find in section 15 of the finance act of 1965 of the united kingdom is to be found ..... business entertainment expenses, they were still incurred in the provision by the assessee-company of anything which it was its trade to provide and, therefore, the prohibition contained in section 15(1)(a) of the finance act, 1965, would not preclude deduction of the expenses as provided in section 15(9) of the said act ..... partial disallowance of the income-tax officer, went in appeal before the appellate assistant commissioner, who held that the expenditure incurred by the assessee-company was not entertainment expenditure covered by section 37(2) of the act for the simple reason that the expenditure incurred was for providing meals which were the bare necessity having regard to the nature of the business and were not such as to provide ..... amendments was sought to be inserted in the act by the finance ..... by introduction of sub-section (2a) by the taxation laws (amendment) act, 1967, with effect .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]100ITR447(Guj)
..... on further appeal, the house of lords allowed the appeal and held that section 7(5) of the finance act 1894, was merely a machinery for estimating the value and that, accordingly, the value of the shares for the purpose of estate duty was to be estimated at the price which they ..... the question before the house of lords was under section 7(5) of the finance act, 1894, pertaining to estate duty and the wording of the relevant section was : 'the principle value of any property shall be estimated to be the price which, in the opinion of the commissioners, such property would fetch if sold in the open market at the time of the death ..... held that in arriving at the open market value under section 7(5) of the finance act, 1894, the court should only have regard to the published information and information which the directors would in fact have given in answer to reasonable questions; accordingly, he held that since ..... under section 44, sub-section (1), clause (3) of the finance act, 1965, except where in consequence of special circumstances price so quoted were by themselves not a proper measure of market value, the market value was to be accepted in the case of shares quoted for sale ..... the house of lords that, in the circumstances, confidential information of the nature contained in the category b documents ought not to be regarded as available to a hypothetical purchaser under section 7(5) of the act of 1894, and that, accordingly, the value of the shares was to be assessed at pounds 3 10s. .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]251ITR661(Guj)
..... during the assessment years in question 1978-79 and 1979-80, sub-section (8) of section 40a, as inserted by the finance act, 1975, with effect from april 1, 1976, stood as under :'(8) where the assessee, being a company (other than a banking company or a financial company), incurs any expenditure by way of interest in respect of any deposit ..... 40a(8) : sub-section 8 has since been omitted by the finance act, 1985, with effect ..... to (iii)] which carries on, as its principal business, the business of providing finance, whether by making loans or advances or otherwise ;(v) a mutual benefit finance company, that is to say, a company which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the central government under section 620a of the companies act, 1956 (1 of 1956), to be a nidhi or mutual benefit society ;(vi) a miscellaneous finance company, that is to say, a company which carries on exclusively, or almost ..... (10 of 1949), applies and includes any bank or banking institution referred to in section 51 of that act ;(b) 'deposit' means any deposit of money with, and includes any money borrowed by, a company, but does not include any amount received by the company-- (i) from the central government or any ..... this amount, according to the assessing officer, required to be considered under section 40a(8) of the income-tax act, 1961, as interest paid on deposits and deductions on that account were liable to be reduced by 15 .....
Tag this Judgment!Court : Gujarat
Reported in : [2004]267ITR266(Guj)
..... the periodprior to the date of acquisition of the asset, therelevant provisions of section 10(2) of the indianincome-tax act, 1922 did not contain any explanationwhich is now to be found as explanation 8 to section43(1) of the indian income-tax act, 1961 and whichexplanation was inserted by the finance act, 1986 withretrospective effect from 1.4.1974. ..... interestpaid before the commencement of production forms part ofthe 'actual cost' of the assets to the assessee withinthe meaning of the expression in section 10(5) of theindian income-tax, 1922, but in the facts of the instantcase that decision would otherwise also not be applicablebecause the legislature has added explanation 8 tosection 43(1) of the income-tax act, 1961 by finance act,1986 with retrospective effect from 1.4.1974.5. ..... far as the first question in concerned, thefacts, broadly stated, are as under :-the assessee had purchased machinery under ascheme of payment by instalments financed by the icici.under this scheme, the assessee drew usance bills spreadover five years guaranteed by the assessee's bank andgave them to the seller for ..... by finance act, 1986,the following explanation was added as explanation 8 withretrospective effect from 1.4.1974 :-'explanation 8 - for the removal of doubts, it ishereby declared that where any amount is paid oris payable ..... in this reference at the instance of the revenueunder section 256(1) of the income-tax act, 1961('the act' for short), the following questions have beenreferred for .....
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