Court : Gujarat
Reported in : (2005)194CTR(Guj)306; [2005]276ITR411(Guj)
..... satisfied. reliance by the assessee on various cbdt circulars for the purpose of showing compliance with section 64(1)(a) of the act, was met with by the assessing officer by stating that the only power that was available with the central government was under section 76 of vdis to remove difficulties in giving effect to the provisions of the scheme, but under the said provisions it was not open to either the central government or central board of direct taxes to issue circulars so as to give fresh legal ..... lacs. that the commissioner of 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 act,1997 were not ..... ). pursuant to the set aside, while framing fresh assessment the assessing officer came to the conclusion that as per provisions of section 68(1) of the finance act,1997 the assessee was not entitled to immunity under vdis in relation to the sum of ..... .65. in the affidavit-in-reply the respondent has referred to his order dated 26/3/2004 disposing 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 .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)25CTR(Guj)263
..... 84 of 1976 : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in rejecting the assessee's claim for deduction under section 2(5)(a)(i) of the finance act, 1965, on account of export of cloth out of india during the accounting year ending on 31st march, 1965 ?' 10. ..... the assessee-company has at its command the services of chartered accountants and cost accountants and with the aid of modern methods and machines such as computers, the assessee-company would not have any difficulty in working out the profits and gains it derived from export business or the direct export sales which would qualify for earning the rebate. 15. ..... (4) where in the opinion of the income-tax officer a computation of such profits and gains in the manner specified in sub-rule (3) presents exception difficulties, the qualifying income shall be taken to be the amount by which such profits and gains as ascertained by the income-tax officer on any other reasonable basis on the data available and included in the total income exceed ..... in our opinion, the difficulty in ascertaining profits and gains derived from the export of goods should arise on account of some special reasons and not on account of some act or omission on the part of the assessee-company ..... in the instant case, if there is any difficulty in ascertaining the profits and gains derived from the export sales, it is because the assessee-company chooses not to keep or reconstruct separate accounts and not because of its .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)173; [1982]134ITR201(Guj)
..... we have shown by underlining from the quotation from the statement annexed to the declaration under clause 68 of the finance act of 1965, the assessee made it very clear and specified that the amount of rs. ..... but in order to cut short the matte, though we are quite prepared to place before your honour as also before the income-tax officer everything that we have got in our possession or power in support of our contention, nevertheless we would desire, if that is possible, to settle the matter and fix a fair and reasonable amount on which we would be prepared to pay the tax.' 7. ..... upon the arrangement because it was only on the basis of that arrangement between the assessee and the department that the two disclosures were made, one under the ad hoc scheme of the finance act of 1965 and the other under s. ..... november 25, 1965, by the commissioner, gujarat-i, certifying that the assessee had made a declaration under clause 68 of the finance act of 1965 of income amounting to rs. ..... on the facts and in the circumstance of the case, tribunal was justified in holding that imposition of penalties under section 271(1)(c) was justified for, (a) assessment year 1962-63, (b) for assessment year 1963-64, and (c) assessment year 1964-65 ..... 'any amount declared by any person under this section in respect of which the tax referred to in ..... books of account, if any, maintained by him for any source of income or in any other record, the amount declared as reduced by the tax paid thereon under this section'. .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)25CTR(Guj)263; [1982]137ITR616(Guj)
..... of 1976 :'whether, on the facts and in the circumstances of the case, the tribunal was justified in rejecting the assessees claim for deduction under section 2(5)(a)(i) of the finance act, 1965, on account of export of cloth out of india during the accounting year ending on 31st march, 1965 ? ..... the assessee-company has at its command the services of chartered accountants and cost accountants and with the aid of modern methods and machines such as computers, the assessee-company would not have any difficulty in working out the profits and gains it derived from export business or the direct export sales which would qualify for earning the rebate.for the purpose of application of sub-r. (3) of ..... (4) where in the opinion of the income-tax officer a computation of such profits and gains in the manner specified in sub-rule (3) presents exception difficulties, the qualifying income shall be taken to be the amount by which such profits and gains as ascertained by the income-tax officer on any other reasonable basis on the data available and included in the total ..... in our opinion, the difficulty in ascertaining profits and gains derived from the export of goods should arise on account of some special reasons and not on account of some act or omission on the part of the ..... in the instant case, if there is any difficulty in ascertaining the profits and gains derived from the export sales, it is because the assessee-company chooses not to keep or reconstruct separate accounts and not because of .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]142ITR503(Guj)
..... both the references is identical, namely : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the assessee is entitled to be treated as an industrial company under section 2(7)(c) of the finance act, 1973 ?' 3. ..... expression 'manufacture or processing of goods' has not been defined by the finance act, 1973, or the finance act, 1974. ..... 2(6)(d) of the finance act, 1968, observed that it was evident from the context in which that word was used, that it was complementary to the term 'manufacture' and, therefore, would not cover manufacture ..... 2(8)(c) of the finance act, 1974, is the same. ..... 2(8)(c) of the finance act, 1974, and except for this difference, in substance, the question involved in that reference is the same because the definition of industrial company in ..... 2(7)(c) of the finance act, 1973, and, therefore, the order of the commissioner directing levy of tax at the rate of 65 per ..... of the finance act, 1973. ..... of the finance act, 1973. ..... , therefore, to consider whether the tribunal was right in coming to the conclusion that pressing of loose cotton into bales amounts to processing of cotton within the meaning of the definition of 'industrial company' in the two relevant finance acts. 6. ..... the commissioner acting in exercise of the powers under ..... this view, he held that the order passed by the ito was erroneous, in so far as it was prejudicial to the interest of the revenue, and called for the exercise of power under s. .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR746; [1965]56ITR621(Guj)
..... any time notwithstanding the expiration of the period of eight years provided under the section as it stood prior to its amendment by the finance act, 1956, and also enacted section 4 in the following terms for validation of notices issued prior to the commencement of the amending act : 'no notice issued under clause (a) and sub-section (1) of section 34 of the principal act at any time before the commencement of this act and no assessment, reassessment or settlement made or other proceedings taken in consequence of such notice shall be called ..... contentions was rather crucial question for, as we shall point out later, if sub-section (1a) was a special provision which excluded the applicability of sub-section (1)(a) to cases covered by sub-section (1a) as contended on behalf of the petitioners, it is difficult to see how any removal of the time-limit of eight years in sub-section (1)(a) could alter the position and bring within the scope and ambit of sub-section (1)(a) cases covered by sub-section (1a) when sub-section(1a) still continued on the statute book as a valid provisions. ..... . in order to get over this difficulty, when it was pointed out by the calcutta high court in debi dutt v. t ..... section 34 was, therefore, enacted to give power to the income-tax officer to reopen an assessment which had already become final and conclusive. ..... the power was conferred under sub-section (1) by two clauses, namely, (a) and (b). .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)212CTR(Guj)285
..... that the appellate tribunal was in error in deleting the value of the factory and research buildings which were under construction and not in actual use for the purpose of business as contemplated under the provisions of section 40(3)(vi) of the finance act, 1983 and that in allowing the claim of the assessee, the tribunal had misread the plain and simple language of the said provisions. ..... bhatt, appearing for the revenue, submitted that the reference was restricted to the issue arising in the assessment year 1986-87 and the subsequent amendment of clause (v) of sub-section (3) of section 40 of the finance act, 1983 did not make any difference insofar as the issue was confined to interpretation and application of the provisions of section 40(3)(vi) of the finance act, 1983. ..... iac 36 itd 448 and appreciating the provisions of section 40 of the finance act, 1983, allowed the claim of the assessee for the year under consideration. ..... the assessing officer or the adjudicating authorities do not have the power, and there was no requirement in the context, to read or add adjectives like 'vacant' before the word 'land' and/or 'fully built up' before the word 'building'. ..... with a view to remove the unintended hardship and provide incentive for growth and modernization, it was proposed to amend the section to provide that the following assets, inter alia, shall not form part of the net wealth for the purposes of levy of wealth tax.(i) ... .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR745(Guj)
..... learned advocate for the assessee, by the legislative changes brought about in clause (c) by the finance act, 1968, which deleted sub-clause (iii) of clause (c) and inserted sub-clause (v) to clause (a) in section 40, the distinction between an employee and a director of a company-assessee is not sought to ..... founded for two significant reasons : in the first place, the distinction in the matter of deductibility of expenses made by a company in the case of directors and employees before the finance act of 1964, or thereafter continues to prevail because in the ultimate analysis the legislature was making different provisions about the amount of expenses which would not be deductible in computing the income ..... sub-clause (iii) of clause (c) of section 40 was first added by the finance act, 1963, with effect from april 1, 1963, and it read as under : '(iii) any expenditure which results directly or indirectly in the provision of any remuneration or benefit or amenity ..... for our opinion by the appellate tribunal : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that section 40(a)(v) was not applicable but section 40(c) of the act was applicable to the facts of the case, though the managing directors are the employees of the assessee-company the next question which, therefore, arises for our opinion ..... finance act, 1968, with effect from april 1, 1969, and in its place sub-clause (v) as extracted above as inserted in clause (a) of section .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)197CTR(Guj)306; 2005(185)ELT119(Guj); [2006]282ITR474(Guj)
..... this stage, we think it proper to reproduce both, section 90(1) and 90(2) of the finance act of 1998, which are as under :90. ..... bare reading of section 90(2) of the finance act of 1998 shows that within a period of 30 days from the date of certificate/order issued by the designated authority, the declarant was required to make the payment as determined by the ..... similarly the respondent authority, in absence of any provision for condoning the delay provided under the finance act, has no jurisdiction to issue the certificate in absence of any provision on the belated ..... time and manner of payment of tax arrear - (1) within sixty days from the date of receipt of the declaration under section 88, the designated authority shall, by order, determine the amount payable by the declarant in accordance with the provisions of this scheme and grant a certificate in such form as may be prescribed to the declarant setting forth ..... 93 of the finance act, 1993, under which any amount paid pursuant to the declaration ..... company on the ground of delayed payment after expiry of period of limitation provided under section 90(2) of the act of 1998 and on the other hand they are not refunding the amount of rs ..... 90(1) of the finance act of 1998, determined the amount payable by the declarant towards full and final settlement of their tax arrears covered by the declaration under ..... commissioner, central excise, ahmedabad - 1, by his order dated 19.2.1999 (annexure : b), passed in exercise of his powers u/s. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR691; [1964]52ITR921(Guj)
..... income-tax officer held that the amounts distributed as aforesaid referable to the accumulated profits of previous years of the company fell within the category of 'dividend' under section 2(6a)(c) of the indian income-tax act, 1922, as it stood prior to the amendment made therein by the finance act, 1955, and were liable to be taxed as dividend. ..... in view of the provisions contained in section 3 of the indian income-tax act, 1922, the provisions of the finance act, 1955, will apply when considering the income of an assessee in respect of the 'previous year in the calendar year 1054' of ..... to that question depends upon whether the amendment made in the definition of the expression 'dividend' in section 2(6a)(c) by the finance act, 1955, is applicable to the facts of the case. ..... by section 20 of the finance act, 1955, the amendment to the income-tax act made by the aforesaid section 3 was to have effect on and from the 1st day of april ..... quoted with approval, the remarks of lord justice lindley in the case of in re armitage, at page 346 where it had been observed that the moment the company got into liquidation there was an end of all power of declaring dividends and of equalizing dividends, and the only thing that the liquidator had to do was to turn the assets into money, and divide the money among the shareholders in proportion to their shares. ..... commissioner of income-tax, it was to remove the anomalous situation which arose out of the decision in the case of inland revenue .....
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