Court : Gujarat
Reported in : AIR1978Guj226; [1978]115ITR824(Guj)
..... also finds support from what has been observed in the report of the direct taxes administration enquiry committee in paragraphs 3.55, 3.56 and 3.58 of chapter iii, which reads under : '3.55. ..... the direct taxes administration enquiry committee have also made a few suggestions on this subject in chapter iii of their ..... the board have carefully considered the points involved and their decisions thereon are given below : point (i) : under clause (a) of the proviso to explanation 2 to section 24(1) of the income-tax act, the income-tax officers exclude from the category of speculative transaction only a 'hedging purchase' transaction entered into with reference to specific contracts for sale of goods but do not so exclude a 'hedging sale' transaction made against stocks n hands ..... was stated that even such a transaction was taken by the assessing officers to fall within the mischief of the explanation 2 to section 24(1) of the income-tax act on the ground that there was no actual delivery of the twenty bales. ..... the hardship caused by a too literal interpretation of explanation 2 to section 24(1) of the income-tax act was illustrated to us by a case where a dealer having ready cloth business entered into a contract for the purchase of 1,000 bales of cloth from a mill on a forward delivery ..... find that even the central board of revenue had put too rigid and restrictive an interpretation on this provision, which is not in accord with the spirit of the assurance given by the finance minister. .....
Tag this Judgment!Court : Gujarat
Reported in : (2006)200CTR(Guj)342; [2006]281ITR316(Guj)
..... it is not necessary for the present to deal with other provisions of chapter iii-b of the rbi act but it is necessary to take note of section 45q which provides that provisions of chapter-iiib of the rbi act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force ..... of a non-banking financial company referred to in clause (f);]45-i[(c) 'financial institution' means any non-banking institution which carries on as its business or part of its business any of the following activities, namely:-(i) the financing, whether by way of making loans or advances or otherwise, of any activity other than its own;(ii) the acquisition of shares, stock, bonds, debentures or securities issued by a government or local authority or other marketable securities ..... commissioner of income-tax : [1992]193itr321(sc) .36.1 applying the aforesaid principle to the facts of the case it is apparent that the tribunal has committed an error in law in brushing aside the past history of assessment ..... the nbfc directions, 1977 define 'investment company' and 'non-banking financial company' under clause 2(1)(i) and 2(1)(l) respectively as under:(i) 'investment company' means any company which is a financial institution carrying on as its principal business the acquisition of securities;(l) 'non-banking financial company' means any hire-purchase finance, investment, [***] loan or mutual benefit financial company and [an equipment leasing company] but does not include .....
Tag this Judgment!Court : Gujarat
Reported in : [1972]85ITR315(Guj)
..... here we are setting out the section as it stood during the assessment year 1961-62 prior to its amendment by the finance act, 1968 - that if the income-tax officer, in the course of any proceedings under the act, is satisfied that any person has concealed the particular on his income or furnished inaccurate particulars of such income, he may direct that such person shall pay by way of penalty, in addition to any tax payable by him, a sum which shall not be less than twenty per cent. ..... that sub-section provides that notwithstanding anything contained in section 271(1)(iii), if in a case falling under clause (c) of that sub-section, the minimum penalty imposable exceeds a sum of rupees one thousand, the income-tax officer shall refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under chapter xxi for the imposition of penalty. ..... 5,851 and on the basis of this computation, the minimum penalty imposable on the assessee under section 271(1)(c) read with clause (iii) would exceed rs. ..... 3,500 on the assessee under section 271(1)(c) read with clause (iii). .....
Tag this Judgment!Court : Gujarat
Reported in : (2008)218CTR(Guj)541; [2008]307ITR1(Guj)
..... 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 june 1, 2002.15. ..... -53.1 to set at rest the controversy as to whether block assessment subsumes the regular assessments or is independent of the latter, the act has inserted an explanation after sub-section (2) of section 158ba of the income-tax act clarifying that assessments completed under chapter xiv-b shall be in addition to regular assessments in respect of each previous year included in the block period. ..... as already noted hereinbefore, the entire scheme for bringing to tax income which has escaped assessment under sections 147 to 153 of the act specifically relates to a specific assessment year and different time limits are provided at different stages which are all inter-linked and commence from the end of the relevant assessment year. ..... the finance act, 2001 carried out certain amendments in chapter xiv-b of the act. ..... the scope and effect of the said chapter has been explained by central board of direct taxes (cbdt) by issuing circular no. ..... (iii) the assessment order for the block period shall be passed by an assessing officer not below the rank of assistant commissioner of income-tax with the prior approval of the commissioner of income-tax.xxx xxx xxx xxx xxx(e) procedure for making block assessment. ..... the firm continued business up to 31.03.1992 i.e. .....
Tag this Judgment!Court : Gujarat
Reported in : 2001(74)ECC51; 2005(179)ELT129(Guj); (2001)4GLR3630; 2006[2]STR300; [2007]7STT29
..... (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. ..... the constitution, however, recognises this distinction clearly by specifically providing in article 276(3) that the power of the legislature of a state to make laws aforesaid with respect to taxes on professions, trades, callings and employments shall not be construed as limiting in any way the power of parliament to make laws with respect to taxes on income accruing from or arising out of professions, trades, callings and employments. 53. ..... on the other hand, the tax on profession being levied by the state legislature under entry 60 in list ii is a direct tax on the person himself. 16. ..... 97--any other matter not enumerated in list ii or list iii including any tax not mentioned in either of those lists. ..... (2) notwithstanding anything contained in sub-section (1), in respect of any taxable service notified by the central government in the official gazette, the service tax thereon shall be paid by such person and in such manner as may be prescribed at the rate specified in section 66 and all the provisions of this chapter shall apply to such person as if he is the person liable for paying the service tax in relation to such service.' 19. ..... 97 itself is specific that a matter can be brought under that entry only if it is not enumerated in list ii or list iii and in the case of a tax if it is not mentioned in either of those lists. .....
Tag this Judgment!Court : Gujarat
Reported in : [1987]165ITR195(Guj)
..... as is clear from the provisions of section 4, (i) income-tax is to be charged at the rate or rates fixed by the annual finance act; (ii) the charge is on every person including the assessable entities enumerated in section 2(31); (iii) the income that is taxed is that of the previous year and not of the year of assessment; and (iv) the levy is to be on the total income of the assessable entity computed in accordance with and subject to the provisions of the 1961 act. 13. ..... conflict between the exemption limits mentioned in the relevant finance acts and the provisions of section 17(6) of the 1922 act and section 114 of the 1961 act, but as we have pointed out with reference to the provisions of the finance act for the year 1962-63 and with reference to the finance act for the year 1964-65, in each year the finance act itself made it clear that in cases falling under chapter xii of the act of 1961, the rates which were to prevail were the ..... after the transfer of assets by a husband to his wife, capital gains derived by the wife by selling the assets could be included in the income arising directly or indirectly in the assets thus transferred to the wife for the purpose of section 16(3)(a)(iii) it was contended before the supreme court that at the time when section 16(3)(a)(iii) was enacted, the concept of capital gains was not present in the minds of the legislature and, therefore, capital gains could not .....
Tag this Judgment!Court : Gujarat
Reported in : [2009]313ITR359(Guj)
..... income-tax appellate tribunal, ahmedabad bench 'a' has referred only the following question at the instance of applicant-revenue, under section 256(1) of the income-tax act, 1961 (the act), though the applicant-revenue had suggested as many as eight questions:whether on the facts and in the circumstances of the case and proper interpretation of provisions of section 158bb and part-ii, part-iii of the form no. ..... on behalf of the revenue it was submitted that the provisions of section 158bb of the act have been amended by finance act, 2002 with retrospective effect from 01.07.1995 whereby the reference to chapter iv of the act has been substituted with reference to the provisions of 'this act' and below explanation (a) to the said section a proviso has been inserted. ..... in so far as the first contention is concerned, the same was not raised before the tribunal and hence, it is not necessary to issue any directions at this stage to the tribunal, leaving it open to the applicant-revenue to raise the said issue at the time when the tribunal adjusts its decision in accordance with the judgment of this court. .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)221CTR(Guj)781; [2009]314ITR119(Guj)
..... income-tax appellate tribunal, ahmedabad bench 'a' has referred only the following question at the instance of applicant-revenue, under section 256(1) of the income-tax act, 1961 (the act), though the applicant-revenue had suggested as many as eight questions:whether on the facts and in the circumstances of the case and proper interpretation of provisions of section 158bb and part-ii, part-iii of the form no. ..... on behalf of the revenue it was submitted that the provisions of section 158bb of the act have been amended by finance act, 2002 with retrospective effect from 01.07.1995 whereby the reference to chapter iv of the act has been substituted with reference to the provisions of 'this act' and below explanation (a) to the said section a proviso has been inserted. ..... in so far as the first contention is concerned, the same was not raised before the tribunal and hence, it is not necessary to issue any directions at this stage to the tribunal, leaving it open to the applicant-revenue to raise the said issue at the time when the tribunal adjusts its decision in accordance with the judgment of this court. .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]122ITR341(Guj)
..... that the explanation enacts a rule of evidence and is, therefore, a part of the procedural law, it cannot still be applied to cases governed by section 271(1)(c) as it stood prior to its amendment by the finance act, 1964, because the procedural amendment was closely and inextricably linked up with the change simultaneously introduced in section 271(1)(c), viz. ..... , by the finance act, 1964, two changes were brought about, so far as section 271(1)(c) is concerned; first, the word 'deliberately' preceding the expression 'furnished inaccurate particulars of such income' was deleted and ..... the aid of the explanation the tribunal appears to have proceeded on the view that unless the ito himself was prima facie satisfied that this was a case in which there was concealment of income within the meaning of section 271(1)(c) read with the explanation, the iac could not have arrived at such a conclusion in the course of the penalty proceedings, for, the satisfaction at which ..... the revenue thereupon moved this court under section 256(2) and the tribunal was directed to refer to this court the following question of law :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in finding that the levying of penalty ..... to refer the case to the iac who was to have, for the purpose, all the powers conferred under the said chapter for the imposition of penalty.10. ..... (iii) in the cases referred to in clause (c), in addition to any tax payable by him, a sum which shall .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)194CTR(Guj)306; [2005]276ITR411(Guj)
..... income tax having issued necessary certificate under section 68(2) of the finance act,1997 regarding the fact of payment of tax on the declared income and thus accepting the declaration it was not open to the respondent to go behind the same and state that conditions of section 68(1) of the finance ..... assessing officer came to the conclusion that when the search took place at the premises of l.t.shroff group on 1/8/1996 a special chapter xivb of the act had already been brought on the statute book by the finance act,1995 with effect from 1/7/1995, providing for special procedure for assessment in cases of search ..... of the preliminary objections raised by the petitioner to reiterate that the issue regarding non-fulfillment of condition under section 68(1) of the finance act,1997 was not adjudicated by the tribunal and hence it could not be stated that the tribunal's order covered the grounds of ..... to the assessing officer having jurisdiction over such other person and that assessing officer shall proceed [under section 158bc] against such other person and the provisions of this chapter shall apply accordingly'.on a plain reading, before the section comes into play, the following conditions are required to be satisfied :[i] the assessing officer who is assessing ..... iii) whether the appellate tribunal was right in law and on facts in up-holding the directions of the cit(a) that the provisions of section 158bd of the income tax act were not applicable in this case with regard to bringing to tax .....
Tag this Judgment!