Court : Gujarat
Reported in : (1996)131CTR(Guj)206; [1996]219ITR359(Guj)
..... india (supra), their lordships of the hon'ble supreme court examined the scope and ambit of the powers conferred on the appropriate authority under chapter xx-c of the act and have held that the very historical setting in which the provisions of this chapter xx-c were enacted, suggests that it was intended to be resorted to only in cases where there is an attempt at tax evasion by significant undervaluation of immovable property agreed to be sold. ..... it was then submitted by the learned counsel for the petitioners in support of his second contention that the impugned order is conspicuously silent about the motive to evade tax which is sine qua non for the pre-emptive purchase by the appropriate authority, as laid down by their lordships of the hon'ble supreme court in the case of ..... to be supported by reasons in writing and such reasons must be germane to the object for which chapter xx-c was introduced in the it act, namely, to counter attempts to evade tax. 8. ..... , 1995 without arriving at a specific finding that it was with a view to evade tax that the apparent consideration has been understated in the agreement. ..... of the act, the appropriate authority directed respondents nos ..... decision of the hon'ble supreme court came to be followed by this court in the case of anagram finance ltd. vs. ..... is even otherwise bad in view of the fact that the appropriate authority has not given any finding to the effect that the apparent consideration was understated with a view to avoiding income-tax. 4. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1966Guj268; (1966)GLR96
..... regard to government taxation too there were various taxes levied by the provincial government under the bombay finance act, 1932, but there was no tax on open lands or for the matter of that ..... regard to the special conditions prevailing in the territories within the limits of the bom, bay suburban and thana districts the legislature might have considered it inexpedient and unde-sirable to levy urban immovable property tax on open lands situate in those territories and might have, therefore, enacted the exception contained in section 23 clause (e) and such special conditions not being existent in the other territories governed by ..... transgression of the constitutional principles and while considering this question it must be presumed that the legislature understands and correctly appreciates the needs of its own people, that its laws are directed to problems made manifest by experience and that its discriminations are based on adequate grounds: ramkrishna dalmia v ..... . he contended that the bills submitted by the municipality were not in conformity with rule 39 of chapter viii of the schedule to the corporations act and were, therefore, illegal and void and in support of this contention he relied on a decision of a division bench of the bombay high court in ..... a position to inform itself regarding the conditions prevailing in any particular municipal area or district within the state and the value of lands and buildings in such area or district and their potentiality to fetch income if they are let out .....
Tag this Judgment!Court : Gujarat
Reported in : (1994)120CTR(Guj)377; [1995]212ITR31(Guj)
..... in this petition, it is contended that the respondents be directed to give effect to article 9 of the covenant between the government of india and the government of the united kingdom of great britain and northern ireland for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and capital gains executed under section 90 of the income-tax act, 1961. ..... the petitioners have also produced similar certificate dated november 16, 1992, issued by the assistant commissioner of income-tax, circle 2(1), bombay. ..... kingdom, is a resident of the united kingdom and that in accordance with article 9(1) of the agreement for the avoidance of double taxation between the government of india and the government of the united kingdom, the entire shipping income of the united kingdom company is exempt from tax in india with effect from april 1, 1992. ..... it is to be noted that section 172 of the income-tax act occurs in chapter xv which provides for liability in various special cases. ..... copies of the certificate of incorporation of the company named cookquick trading company and the certificate of incorporation of change of name as arabian express line limited with effect from july 10, 1992, are produced on record of this petition. 2. ..... the company was incorporated on june 18, 1992, in the name of 'cookquick trading limited'. ..... the name of the company was changed from 'cookquick trading limited' to 'arabian express line limited' with effect from july 10, 1992. .....
Tag this Judgment!Court : Gujarat
Reported in : [1999]239ITR90(Guj)
..... to dispute which arises out of the special scheme enacted by the finance act of 1998 to settle the disputes under the direct tax as well as indirect taxes known as kar vivad samadhan scheme (hereinafter referred to as 'kvss ..... the matters covered by the order and immunity in respect of such matters from being reopened in any other proceedings under the relevant direct tax enactment or indirect tax enactment or under any other law for the time being in force. 4. ..... entire amount which is unpaid as on the date of declaration and as on the date when the order is being made falls within the definition of 'tax arrears', merely because the amount which is considered to be 'tax arrear' as on the date of order is an admitted tax would not make the declaration, which was valid at the time of making it, infructuous and inoperative, particularly keeping in view if the dispute about the order ..... in his declaration is placed to a disadvantage position vis-a-vis a person not so transparent assessee whose tax declaration are not found acceptable and addition in income has been made, interest and penalties levied and also with those assessees who have recourse to even a wholly untenable dispute the benefit of reduction in tax liability is extended to admitted tax liability as well, inasmuch as a non-disputant assessee is prohibited to get any benefit under kvss, ..... known as kar vivad samadhan scheme was introduced which was contained in chapter iv of the finance act of 1998 which comprised of ss. 86 to 98. .....
Tag this Judgment!Court : Gujarat
Reported in : (1994)121CTR(Guj)318; [1995]212ITR362(Guj)
..... 4,102 paid by the petitioner by way of penalty under section 271(1)(c) read with section 274(2) of the income-tax act; (b) the words and figures 'after 31st day of march, 1975', occurring in sub-section (1a) of section 244 of the income-tax act, be declared as violative of article 14 of the constitution of india; (c) the respondents be directed to pay interest on refund. ..... prior to the addition of sub-section (1a), where refund was payable to the assessee in pursuance of an order passed in an appeal or other proceedings under the act, the income-tax officer was required to refund the said amount within a period of three months from the end of the month in which such order is passed with simple interest at the rate of 12 per cent. ..... 31st day of march, 1975, in pursuance of any order of assessment or penalty and such amount or any part thereof having been found in appeal or other proceeding under this act to be in excess of the amount which such assessee is liable to pay as tax or penalty, as the case may be, under this act, the central government shall pay to such assessee simple interest at the rate specified in sub-section (1) on the amount so found to be in excess from the date on which such ..... for appreciating the rival contentions raised by learned counsel for the parties, it would be necessary to refer to the relevant provisions under chapter xix pertaining to refunds of excess tax or penalty paid by the assessee under the income-tax act. ..... of tamil nadu, : [1992]2scr164 . .....
Tag this Judgment!Court : Gujarat
Reported in : (1997)139CTR(Guj)428; [1997]226ITR781(Guj)
..... any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money, bullion, jewellery or other valuable article or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purposes of the act, to enter any building or place where he has reason to suspect that such money, bullion, jewellery or other valuable article or thing are kept and to seize any such money ..... he has vehemently argued that the government of india, in its ministry of finance, has permitted the import of gold by an indian from a foreign country who has stayed abroad continuously for a period of six months and who pays customs duty in foreign exchange. ..... in course of search carried out by police sub-inspector shri ajara under the bombay prohibition act, he found the gold in possession of two persons, who were indian residents, accompanying the writ petitioners. ..... director of income-tax (investigation), bombay. ..... director of income-tax (investigation) & ors. ..... director of the income-tax shri meena at about 4.00 o'clock in the morning on 8th nov. ..... : [1992]196itr674(mad) . 3. ..... : [1992]194itr32(delhi) ; hemal singh & anr. vs . .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]95CompCas663(Guj)
..... that exercise of power by parliament in enacting law relating to the development and regulation of industry of industrial alcohol, whether the power of the state legislature to levy purchase tax or sales tax on sale of industrial alcohol correctly under entry 54 of list 2, it was in the context of this contention that one of the judges of the supreme court, ..... direction depriving a person of such profits which in its opinion, formed as a result of enquiry, are results of transactions from a manipulated market, whether the persons themselves are responsible for such manipulations or not, as a measure of protecting the interest of the investors and orderly development of securing the market or to prevent the affairs of any intermediary or other persons, referred to in section 12 of the act of 1992 ..... where the statute itself has provided penalties to be levied in the case of breaches of the provisions of the act, rules or regulations under chapter va, it has specifically provided under section 15-i that for the purpose of adjudging any breaches pointed out in ..... 1994, and october 24, 1995, the petitioner with the help of lloyds finance limited and with the help of others purchased in all 94,800 equity shares ..... property omitting articles 19(1)(f) and 31 of the constitution by the constitution 44th amendment act, the right to property which was hitherto a fundamental right was dethroned from part iii and became a constitutional right under article 300a resuscitating only article 31(1) of .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]71SCL469(Guj)
..... communicated to sebi, which has necessitated the petitioners to pray for a relief of direction to the nse and bse to implement the model byelaws as per the directions of sebi.according to the petitioners, the circular dated 28-10-2003 is a circular in exercise of powers conferred upon sebi under section 11(1) of the securities and exchange board of india act, 1992 read with section 10 of the act, 1956 and the same has, till date, never been withdrawn and/or modified ..... the case of the petitioners that circular dated 31-3-2005, issued by sebi in exercise of its powers conferred upon it under section 11(1) of the securities and exchange board of india act, 1992 treats the sub brokers of subsidiaries of recognized stock exchanges, who are registered as stock brokers and their registered sub brokers differently and unequal to other stock brokers and sub brokers and ..... petitioners that subsequent to the issuance of the notification dated 23-9-2003, various representations were made by the stock brokers of such regional stock exchanges through the federation of india stock exchanges and also directly by some of the members of such regional stock exchanges from time to time and the sebi had been holding various meetings and discussions used to take place upon such representations and therefore,, ..... commissioner of income tax reported in : [2001]247itr658(sc) (iv) ..... the hon'ble supreme court in the case of peerless general finance and invst. co. ..... [2002]supp5scr605 (iii) oxford university press .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)224CTR(Guj)554; [2009]314ITR14(Guj); [2009]183TAXMAN317(Guj)
..... collector of central excise, gone on to refer to provisions of sections 273a and 273b of the income-tax act, 1961 (the act) to state that the income tax department ought to have invited attention of the assessee to the said provisions. ..... the question that is therefore, required to be posed and answered, both in the petition and the appeals is : 'whether income-tax appellate tribunal has the powers to make an order as regards admissibility or otherwise of an appeal filed in the tribunal?'5. ..... there is therefore, no such requirement in the facts of the case to approach the committee as the assessee herein and the income tax department cannot be asked to go and obtain clearance from a committee which has no jurisdiction over them. ..... chairman, central board, direct taxes, and anr. ..... the tribunal does not have powers to record any finding / direction in case of any other person not before the tribunal, nor does the tribunal have powers to lay down anything in relation to an assessment year which is not before the tribunal. ..... government may include a representative of the ministry concerned in a specific case and one from the ministry of finance in the committee. ..... collector of central excise : 1992(61)elt3(sc) whereby the order made as record of proceedings has been reproduced. ..... collector of central excise : 1992(61)elt3(sc) . ..... this court would expect a quarterly report about the functioning of this system to be furnished to the registry beginning from 1-1-1992.6. .....
Tag this Judgment!Court : Gujarat
Reported in : (2008)218CTR(Guj)479
..... commissioner of income tax wherein it is held that the central board of direct taxes under section 119 of the income tax act, 1961, has power, inter alia, to tone down the rigour of the law and ensure a fair enforcement of its provisions, by issuing circulars in exercise of its statutory powers under section 119 of the act which are binding on the authorities in the administration of the act. ..... while disallowing the assessee's claim regarding nil capital gain, the assessing officer has observed in his assessment order that the notes on clauses appended to finance bill 1987 makes it very clear that new section 48 in replacing the old section 80-t and statutory deductions or concessions, as the case may be, hitherto available in section 80-t and 115 are being incorporated in section 48 itself. ..... all these four tax appeals are filed by the different assessees under section 260a of the income-tax act, 1961 for the assessment year 1992-93 proposing substantial question of law arising out of the order of the income tax appellate tribunal. ..... for the assessment year 1992-93, return of income was filed which was processed by the income tax department and ultimately assessment under section 143(3) of the income tax act, 1961 was framed on 14.03.1995 after making various additions and disallowances. ..... 80,66,640/----------------------iii] long term capital gain being i-ii.8. .....
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