Court : Rajasthan
Reported in : [2003]259ITR79(Raj); 2003(2)WLN515
..... unintended hardship of closely held companies on account of the provisions of sub-section (3) and to provide incentive for growth and modernisation, the finance act, 1988, has amended sub-section (3) of section 40 of the finance act, 1983, by amending clause (i), inserting a proviso to clause (v), substituting the existing clause (vi) by new clauses (vi), (via), and (vib) and inserting a proviso to the sub-section. ..... nature of the amendment made by the finance act, 1988, it has been submitted before us that the proviso which is inserted by theamending finance act, 1988, should be given retrospective effect and should be read as forming part of section 40(3) of the act from its inception ..... however, by the time the assessments were completed, section 40 of the finance act was amended whereby it was provided that certain assets which were held by the company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of ..... the amended provisions on the insertion of the finance act, 1988, are extracted as follows :'(3) the assets referred to in sub-section (2) shall be the following, namely :-- (i) gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals not being any such precious ..... and in the circumstances of the case, the tribunal was justified in holding that the amendment made by the finance act, 1988, removing wealth-tax on stock-in-trade was a substantive law and hence not retrospective ..... 1993 .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)121CTR(Raj)479; [1995]212ITR88(Raj)
..... 'by the above amendment of the finance act, 1989, inserting the explanation in clause 2(1a), the interpretation which has been given by the bombay high court cannot be relied on as this explanation clarifies that capital gains arising from the transfer of agricultural land situated in the specified areas, which are referred to under item (a) or item (b) of sub-clause (14) of section 2 will not constitute revenue within the meaning of section 2(1a). ..... by the finance act, 1989, an explanation was added to section 2(1a) retrospectively with effect from april 1, 1970, which is as under :'explanation. ..... by the finance act, 1970, under section 47(viii), it was provided that any transfer of agricultural land in india effected before the 1st day of march, 1970, will not be considered as a transfer, and, therefore, not liable to capital gains tax. ..... - the income-tax appellate tribunal has referred the following question of law arising out of its order dated may 6, 1983, in respect of the assessment year 1972-73 under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal was right in relying on a decision of the honble bombay high court in manubhai a. ..... because the finance act, 1989, has given effect to other explanation retrospectively from april 1, 1970, therefore, we are of the view that the income-tax appellate tribunal was not justified in relying on the decision of the bombay high court .....
Tag this Judgment!Court : Rajasthan
Reported in : (2005)197CTR(Raj)1; [2006]283ITR486(Raj); 2004(3)WLC425
..... supra) was considering the meaning of industrial company within the meaning of section 2(5)(a)(ii) of the finance acts, 1966 and 1967, and has distinguished the decision of the calcutta ..... apparently, the benefit of section 2(7)(c) in terms of the finance act, 1978, was also extended to the ..... which we shall presently refer, is fulfilled by the assessee, he is entitled to avail 100 per cent deduction of the profits and gains derived from the business of such undertaking under sub-clause (iii) of sub-section (2) of section 80ib, which reads as under :'(iii) it manufactures or produces any article or thing, not being any article or thing specified in the list in the eleventh schedule, or operates one or more cold storage plant ..... question that arises for consideration is whether the blending of different types of tea by the assessee amounts to production of a thing or an article by an industrial undertaking within the meaning of expression as used in section 80ib of the it act, 1961, though it may not amount to manufacture of goods in the sense of bringing into existence altogether a new and different thing as known differently in the commercial parlance in the market where tea is transacted ..... this clearly goes to show that accepting the general principle and the meaning of 'manufacture' in the specific case of central excise act with its amending provision having retrospective effect, the court came to the conclusion that even under the unamended provision, the view taken in the ..... 1993 .....
Tag this Judgment!Court : Rajasthan
Reported in : 2005(191)ELT99(Raj); RLW2005(1)Raj264; 2005(1)WLC110
..... section 50(1) of the finance act, 1982, provides that in case of goods, chargeable with a duty of excise, under the act, as amended from time to time, read with any notification, for the time being in force, issued by the central government, in relation to the duty, so chargeable, there shall be ..... been made by the learned counsel for the petitioner are reproduced hereunder :-'section 50 of the finance act, 1982, reads as under:'50. ..... used, are exempted from the payment of so much of the excise duty leviable thereon as is equivalent to the duty of excise, or as the case may be, the additional duty leviable under section 2a of the indian tariff act, 1934 (32 of 1934), already paid on copper or copper alloys in any crude form or manufactures thereof.notwithstanding anything contained in the foregoing paragraph, such pipes and tubes of copper and copper ..... the context of section 50 of the finance act of 1982. ..... section 34 of the finance act ..... ''under section 50(1) of the finance act, 1982, special duty of excise, is to be levied and collected, equal to ten per ..... in section 50 of the finance act of 1982 what has been provided for is that special duty of excise shall be levied and collected equal ..... schedule to the central excises act, or in that schedule as amended from time to time, there shall be levied and collected as an auxiliary duty of excise an amount equal to twenty per cent of the value of the goods as determined in accordance with the provisions of section 4 of the central excises act. .....
Tag this Judgment!Court : Rajasthan
Reported in : RLW2007(2)Raj1606; 2006[4]STR545; [2007]6STT385
..... the said clause was renumbered as clause 23 vide finance act, 2003 clause 23 of section 65 reads as follows:cargo handling services means loading, unloading, packing or unpacking of cargo and includes cargo handling services provided for freight in special containers or for non-containerized freight, services provided by a container freight terminal or ..... section 65 of finance act, 1994 provides and defines various services on which service tax is levied. ..... the say of the petitioner firm is that the services of maintenance and repairs rendered by it falls under tax net under other provisions of finance act and, therefore, the petitioner firm has obtained a certificate of registration. ..... the central government decided to bring 'cargo handling service' also in the sweep of service tax and, therefore, clause 20 was inserted vide finance act, 2002 w.e.f. ..... the finance act, 1994 provides the method of levy of service tax, taxable services and their valuation, procedure and the rules. ..... it will be relevant to refer to taxable services in respect of cargo handling under clause (zr) of sub-section (105) of section 65 which reads as follows:to any person, by a cargo handling agency in relation to cargo handling services.5. ..... the act of 1944 provides for imposition of service tax by section 54. ..... certain provisions of the central excise act, 1944 also applies to the service tax. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2002)178CTR(Raj)305
..... thus, with a view to remove the unintended hardship of the closely held companies on account of provisions of sub-section (3) and to provide incentive for growth and modernisation, the finance act, 1988, has amended sub-section (3) of section 40 of the finance act, 1983, by amending clause (i), inserting a proviso to clause (v), substituting the existing clause (i), substituting the existing clause (vi) by new clauses (vi), (via) and (vib), and inserting a proviso to, the sub-section. ..... looking to the curative nature of the amendment made by the finance act, 1988, it has been submitted before us that the proviso which is inserted by amending finance act, 1988, should be given retrospective effect and should be read as forming part of section 40(3) of the act from its inception. 10. g.p. ..... however, by the time the assessments were completed, section 40 of the finance act was amended whereby it was provided that certain assets which were held by the company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy of ..... the amended provisions on insertion of finance act, 1988, are extracted as follows :'(3) the assets referred to in sub-section (2) shall be the following, namely :(i) gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals not being any such precious metal or alloy held for use as raw ..... prakash talkies : [1993]202itr121(kar) .13. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)50CTR(Raj)61; [1986]160ITR179(Raj); 1985(2)WLN161
..... it may be stated that sub-clause (ii)(a) in section 2(24) was inserted by the finance act, 1972, with effect from april 1, 1973, and sub-clauses (iva) and(ix) were inserted by the finance (no. ..... 2) act, 1980, with effect from april 1, 1980, and by the finance act, 1972, with effect from april 1, 1972, respectively. ..... an application under section 256(1) of the act was filed by the commissioner of income-tax and the aforesaid questions have been referred to us for our opinion.7. ..... let a copy of the order be sent to the tribunal under section 260(1) of the act. ..... income has been defined in section 2(24) of the act. ..... as income has not been defined as such in the act, we may notice the judicial pronouncements in which the connotation of the term 'income' has been considered. ..... we are concerned with the definition of income as contained in section 2(24) at the relevant time. ..... it is well-settled that in order to become a vocation, an activity need not be organised and a single act may amount to carrying on a business, profession orvocation. ..... the word 'income' is an expression of elastic ambit and the definition given in section 2 is not exhaustive. ..... it was observed therein as under :'income in this act connotes a periodical monetary return 'coming in' with some sort of regularity, or expected regularity, from definite sources. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2003)183CTR(Raj)614; RLW2004(1)Raj644
..... at relevant time reads as under :'section 37(3b)--notwithstanding anything contained in sub-section (1), where the expenditure or, as the case may be, the aggregate expenditure incurred by an assessee on any one or more of the items specified in sub-section (3b) exceeds one hundred thousand rupees, twenty per cent of such excess shall not be allowed as deduction in computing the income chargeable under the head 'profits and gains of business or profession'.original sub-section was inserted by the finance act, 1978, w.e.f. ..... scheme and the arguments raised by the learned counsel for the appellant, we deem it appropriate to reproduce the provisions of sub-section (3a) and sub-section (3b) of section 37 which were introduced in the statute book by the finance act, 1988, w.e.f. ..... therefore, in view of specific provision contained in clause (b) of the explanation appended to sub-section (3a) and sub-section (3b) of section 37 of the act, the assessee is not entitled to claim such deduction on account of salary to the employees who are ..... hand it was urged by learned counsel for the respondents that the amount of expenses debited to p&l; a/c of the assessee as its share of marketing are not of any category inhibited by sub-sections (3a) and (3b) of section 37 of the act is a fact which has been accepted by the revenue and which is not disputed. ..... which has been dismissed by the hon'ble supreme court: reference in this connection may be made to (1993) 203 itr 23.5. ..... : [1993]201itr507(guj .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR1965Raj162
..... of the agreement were adopted and affirmed by the successor state of rajasthan and that the agreement was a special law even then it is not open to the petitioner company to seek exemption from income-tax as section 13 of the indian finance act of 1950 does not save such a law nor does it save any such exemption claimed under that law. mr. ..... we do not find any saving of such exemption in favour of the company in section 13 of the finance act, 1950 and therefore it is not open to the company to claim exemption under the provisions of the ..... learned counsel for the petitioner has also argued, that section 13 of the indian finance act, 1950 does not affect the exemptions of the company as it has not specifically abrogated the concessions contained in the agreement anuexure ..... (4) that section 13 of the indian finance act of 1950 did not repeal the special law under which the petitioner company has sought immunity from tax on its income, and, therefore, it is urged that the respondent ..... section 13 of the indian finance act of 1950 deals with repeals and savings of the old laws and we find that it does not save exemption of the company which is claimed under the provisions of the agreement annexure ..... that the agreement (annexure a) was in the nature of a legislative contract which created rights in favour of the company to claim exemption from income-tax even after the indian income-tax act, 1922 was extended by virtue of the indian finance act, 1950 to the part b state of rajasthan. .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR1956Raj30; [1956]29ITR165(Raj)
..... i of schedule i of section 2, finance act of 1951?'3. ..... we are taking is further confirmed by the provision of the first schedule to the finance act of 1955 dealing with the question of exemption. ..... in the finance act of 1955, the words used are:'lineally descended from any other living member of the family not entitled to ..... under the finance act of 1951 ..... appellate tribunal to a full bench for answer, namely,'whether a son or grand-son can be said to be lineal descendant of his mother or grandmother respectively within the meaning of condition (b) of clause (1) of part 1(a) of schedule 1 of the indian finance act (no. 23) of. ..... finance act ..... seems to us that the 'descent' is lineal if it goes from mother to daughter, and granddaughter, and great grand-daughter, because here also it is in a right line without any deviation.section 25, indian succession act defines 'lineal consanguinity', while section 26 defines 'collateral consanguinity'. ..... ' is used in the statute with reference not to one-school only of hindu law, but to all schools; and their lordships think it a mistake in method to begin by pasting over the wider phrase of the act the words 'hindu coparcenary' -- all the more that it is not possible to say on the face of the ..... , to the questionput to us by the division bench is that a sonor a grand-son can be said to be a lineal descendant of his mother, or grand-mother respectively within the meaning of condition (b) ofclause (i) of part 1 (a) of schedule 1 of the indianfinance act (no. .....
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