Court : Gujarat
Reported in : [2002]257ITR355(Guj)
..... that it was not taxable, cannot be said to be false.[bb] the decision of the punjab & haryana high court in commissioner of income tax v. firozepur finance (p) ltd. reported in was cited for the proposition that if income does not result at all, there cannot be levy of tax. the court followed the ..... central provinces manganese ore co. ltd. (supra) was applied by the division bench of this court in commissioner of income tax v. gordhanbhai jethabhai, reported in : [1994]205itr279(guj) , in which while construing the provisions of section 215, the court in terms held that interest becomes payable by the assessee under that provision as a result ..... previous approval of the inspecting assistant commissioner.explanation 1 : where in respect of any facts material to the computation of the total income of any person under this act, -(a) such person fails to offer an explanation or offers an explanation which is found by the income tax officer or the appellate assistant commissioner or the .....
Tag this Judgment!Court : Gujarat
Reported in : (2000)161CTR(Guj)246; [2000]245ITR84(Guj)
..... at the rate of 22 np per kilogram though the former was chargeable under item 17(3) and the later under item 17(4) of the first schedule to the act. the finance act, 1961, raised the excise duty payable under item 17(4) to 35 np per kilogram w.e.f. 1st march, 1961. from 1st march, 1961, to 1st august, ..... proceedings stood void ab initio'. 27. in this connection, we may also quote relevant paragraph from de smith, woolf and jowell, judicial review of administrative action, (5th edn. 1995), chapter 11 (procedural fairness : fettering of discretion) : '11-001. a decision-making body exercising public functions which is entrusted with a direction must not, by the adoption of a fixed ..... company and set aside the order passed by the cit under s. 263 of the act by order dt. 30th march, 1994. aggrieved by the said order of the tribunal the revenue filed r.a. no. 381/hyd of 1994, under s. 256(1) of the act formulating two questions of law and required the tribunal to state the case and refer the .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)3GLR2515
..... following authorities for giving reasons: (1) the book of administrative law by hon'ble & respected c.k. thakkar (hon'ble judge, supreme court of india) particularly chapter on natural justice which starts from page 158 particularly where the learned author on page 195 stated that speaking orders or reasoned decisions means 'an order speaking for itself'. in ..... relied upon the judgment of bombay high court in the case of shri champawati yantramag audyogik sahakari sanstha maryadit, beed v. state of maharashtra and ors. reported in 1994 lab.ind. cases p.1115 para 4 on page 1116 the hon'ble court observed like this:'... therefore, there is no merit in the submission made by ..... of incorporation was given on 7.5.1971, and therefore it was a company though it is owned and finance by state government but the affairs of the petitioner corporation is run under the provisions of the indian companies act, therefore it cannot be said to be a state. he submitted that such arguments were raised in case .....
Tag this Judgment!Court : Gujarat
Reported in : (1996)135CTR(Guj)405; [1996]222ITR68(Guj)
..... the companies with a view to limit or regulate exposure of the indian companies. it was specifically pointed out that the company is not engaged in financing business or dealing in foreign exchange. 4. with regard to excise duty, it was pointed out that the petitioner-company has claimed deduction under section 43b of ..... , during the course of assessment raised questions regarding the aforesaid items and the company was called upon to explain. the company, by its letter dated march 8, 1994, explained in detail as to how the amount was received. it was pointed out that the company has entered into forward exchange contracts and on cancellation of the ..... material would make the company entitled to get the deduction under the provisions of section 43b of the act. 5. mr. p.k. kedia, the then deputy commissioner of income-tax (assessment), special range-i, surat, on march 24, 1994, considering the submissions assessed the company assessee. in paragraph 4.5 of the assessment order, the assessing .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)54CTR(Guj)272; (1987)1GLR3; [1986]162ITR28(Guj)
..... assessees and required by auditors for purposes of commercial audit less for tax audit. the fact that the impugned section 44ab was placed on the statute book by the finance act, 1984, and was not made effective till april 1, 1985, coupled with the rules being published for the first time on january 31, 1985, as rightly contended ..... assessment year or 30th june, whichever is later. it should be noted that the impugned provision, namely. section 44ab, has been put on the statute book by the finance act no. 49 of 1984, but has been made effective from april 1, 1985, while the rules were published on january 31, 1985, and they have been also made ..... record of accounting and what would be the mechanics of accounting are also indicated by the institute of chartered accountants of india in the monograph of compulsory maintenance of accounts, chapter-4, paragraph 4.13.2 is instructive. it reads as under : '4.13.2. vouchers or documentary evidence. - the reliability placed on accounts prepared by a .....
Tag this Judgment!Court : Gujarat
Reported in : (2000)4GLR700
..... nbfcs from accepting deposits, filing ofwinding up petitions etc. it is further stated that inexercise of powers conferred by sections 45j, 45k and 45l of chapter iiib of the act, reserve bank of india hadissued non-banking financial companies (reserve bank)directions, 1977. non-banking financial companiesacceptance of public deposits (rb) directions, 1998 ..... spaces in other pages offering fabulous rates of interest.'8.3 he has also relied on the decision of the supremecourt in the case of peerless general finance andinvestment co. ltd. vs . reserve bank of india reportedin : 1991crilj1391 . in this case the supreme courtafter considering the decision in delhi cloth and ..... to query what action the reserve bank of india and the union of india are taking or proposing to take against the mushroom growth of `finance and investment companies' offering staggeringly high rates of interest to depositors leading us to suspect whether these companies are not speculative ventures floated to attract .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)1GLR116
..... which is established in the year 1973 is receiving 100 per cent finance from the state government. respondent no.1 board has been created under the relevant provisions of the bombay khadi and village industries act, 1960. the board is also defined under section 2(a) of the said act.under chapter ii section 3, the state of gujarat issued notification in the ..... the benefit and another class is deprived of that benefit the arbitrariness is manifest. though on the date of the joint note persons who had retired between november 1, 1994 and june 23, 1995 are held to be eligible to get the gratuity on the basis of the revised pay the same class of pensioners who have retired between ..... pay scale was given to all persons who retired between july 1, 1993 to june 23, 1995 except the gratuity benefit. however, persons who retired between november 1, 1994 and june 23, 1995 were given the benefit of gratuity on the basis of revised pay scale. but employees who retired between july 1, 1993 and october 31 .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)1GLR24
..... .1.[4] that the board has its own regulation for which specific provisions have been incorporated in chapter v of the act.[5] chapter v of the act clearly provides for finance accounts and audit and, also, provides for budget and various other aspects. section 16 of chapter v empowers the state government to transfer to the board immovable and movable properties for the effective and ..... material for the adjudication of the dispute involved, as it only pertains to the preparation and submissions of programme. whereas in chapter v of the act, various provisions are made for finances, accounts, audit and debts of the board. miscellaneous provisions are made in chapter vi for the purpose of running the of business and to carry on the aims and objects of the .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]95CompCas663(Guj)
..... it speak about giving post-decisional hearing. 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 sections 15a to 15h, the adjudicating officer ..... that the court was dealing with a set of directions issued by the reserve bank of india having the force of law governing the conduct of non-banking non-financing institutions which were issued in exercise of power under section 45k. it was not a case of directly issuing an order bringing consequences on the alleged defaulter of some ..... it was rs. 101.25; and on october 11, 1995 at the national stock exchange it was rs. 345. between october 18, 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 of the ril and during the same period it sold 32 .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)2GLR1158
..... company or a reconstruction company. in fact the bank and financial institutions have been separately granted powers for enforcing their security interest under chapter iii of the securitisation act. the contention on behalf of the assignee bank that the provisions of registration of securitisation or reconstruction company are applicable only in case ..... liabilities. in other words a balance-sheet which reflects sound financial health of a bank would get preference over an establishment whose balance-sheet reflects weak finances. it is for this purpose that a prudent banker is required to invest in various modes, including in securities of different kinds to carry on ..... the issue in question.15. in fact, when section 529-a of the act was proposed to be introduced vide companies (amendment) bill, 1985, the statement of object and reasons provided as under:another announcement made by the finance minister in his budget speech relates to the decision of the government to introduce .....
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