Court : Gujarat
Reported in : (1981)25CTR(Guj)263
..... 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. ..... on the facts and circumstances of the case, the tribunal was justified in rejecting the assessee's claim for deduction under section (2)(a)(i) of the finance act, 1964, on account of export of cloth out of india during the accounting year ending on 31st march, 1964 ? ..... - (1) where the total income of an assessee referred to in sub-clause (i) of clause (a) of sub-section (5) of section 2 of the finance act, 1964 (5 of 1964), includes any profits and gains derived from the export of any goods or merchandise out of india, the amount of such profits and gains in respect of which deduction of ..... the finding of the revenue authorities that the assessee is not entitled to any relief under section 2(5)(i) of the finance act, 1963.' 7. ..... the profits and gains on such exports, the qualifying income shall be taken to be the amount by which the profits and gains so ascertained in accordance with the provisions of the income-tax act, 1961 (43 of 1961) (hereinafter referred to as the act), and included in the total income exceed the aggregate of the amount or any portion thereof on which income-tax or super-tax is not payable and the amount in respect of which a ..... 'derive' in webster's new 20th century dictionary, 2nd edn .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)173; [1982]134ITR201(Guj)
..... several places, as 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 ..... permitted to go back 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 ..... certificate was issued on 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 ..... . under the finance act of 1965, clause 68, provision was made for voluntary disclosure of income and ..... view of this arrangement which was arrived at, it may be pointed out that there was an agreed assessment but the agreed assessment was cast in the form of voluntary disclosure schemes of the finance act of 1965 (what is called an ad hoc scheme) and the scheme under the finance (no ..... whether, 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 ?' ..... of the paper book is the form duly filled in for making voluntary disclosure of undisclosed income under clause 68 of the finance act, 1965 ..... chairman, central board of revenue, new delhi. .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)25CTR(Guj)263; [1982]137ITR616(Guj)
..... 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 ..... and circumstances of the case, the tribunal was justified in rejecting the assessees claim for deduction under section (2)(a)(i) of the finance act, 1964, on account of export of cloth out of india during the accounting year ending on 31st ..... - (1) where the total income of an assessee referred to in sub-clause (i) of clause (a) of sub-section (5) of section 2 of the finance act, 1964 (5 of 1964), includes any profits and gains derived from the export of any goods or merchandise out of india, the amount of such profits and gains ..... his decision in the assessment year 1963-64, rejected the assessee-companys claim for rebate under the aforesaid provisions of the relevant finance acts in the assessment years 1964-65 and 1965-66.being aggrieved by the rejection of its claim, the assessee-company carried the matter ..... gains on such exports, the qualifying income shall be taken to be the amount by which the profits and gains so ascertained in accordance with the provisions of the income-tax act, 1961 (43 of 1961) (hereinafter referred to as the act), and included in the total income exceed the aggregate of the amount or any portion thereof on which income-tax or super-tax is not payable and the amount in respect ..... in websters new 20th century .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]142ITR503(Guj)
..... 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. ..... 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 ..... 2(8)(c) of the finance act, 1974, is ..... 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 ..... 2(7)(c) of the finance act, 1973, and, therefore, the order of the commissioner directing levy of tax at the rate ..... the finance act, ..... the finance act, ..... 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. ..... took the view that no manufacturing process was involved in ginning cotton as the process of ginning did not create any new or distinctive commodity. ..... , the term 'manufacture' means a process which results in an alteration or change in the goods which are subjected to the process of manufacturing leading to the production of a commercially new article. .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR746; [1965]56ITR621(Guj)
..... by the time this petition came to be heard by this court, parliament had enacted act xxxiii of 1954 which, as stated above, introduced section 34(1a) in section 34 of the indian income-tax act and this court came to the conclusion on a comparison of the provisions of section 5(1) of the act with section 34(1a) of the indian income-tax act that the new sub-section inserted in section 34 by act xxxiii of 1954 was intended to deal with the class of persons who were said to have been classified for special treatment by section 5(1) of act xxx of 1947.' 13. ..... section 34, as it stood immediately prior to its amendment by the finance act, 1956, was the section as amended on 17th july, 1954, by the insertion, inter alia, of sub-sections (1a) and (1b). ..... 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 .....
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. ..... 528 dated 16.12.1988 it was clarified that the proposed amendment to sub-section (3) would take effect from 1.4.1989 and apply in relation to the assessment year 1989-90 and subsequent years and will not have retrospective effect, the rule of reasonable interpretation required that the provisions inserted to remedy the unintended consequences or the proviso which supplied an obvious omission were read into the section; and such amendments were required to be treated as retrospective in operation. .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR745(Guj)
..... in the submission of the 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 be done away with ..... the 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 40. ..... the assessee are well-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 chargeable under the head ..... been referred to us 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 is : what is ..... amending act of 1968 does not appear to have been altered when the new sub-clause (v) was inserted in clause (a) of section 40 .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)197CTR(Guj)306; 2005(185)ELT119(Guj); [2006]282ITR474(Guj)
..... think it proper to reproduce both, section 90(1) and 90(2) of the finance act of 1998, which are as under ..... 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 ..... 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 ..... finance act, ..... 93 of the finance act, 1993, under which any amount paid pursuant ..... 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 ..... 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 ..... 90(2) of the finance act of 1998 the declarant - assessee was bound to ..... the finance act, 1998 ..... 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 ..... finance act ..... of the karvivad samadhan scheme 1998 as brought into force by the finance act no. ..... 22.3.1998, as per the bare reading of the provision of section 90(2) of the act. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR691; [1964]52ITR921(Guj)
..... the 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 the ..... answer 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, ..... section 3 of the finance act, 1955, whereby the amendment has been effected, came into force from 1st april, ..... by section 3 of the finance act, 1955, from the aforesaid sub-clause (c) the proviso was ..... section 2(6a)(c), as it stood before the amendment made therein by the finance act, 1955, ran as unde : ..... rs.84,591 2,07,365 6,2001,86,185 4,56,801 13,65842,872 1,05,185 3,14542,868 1,05,181 3,14542,868 1,05,181 3,14542,260 1,03,682 3,10028,173 69,121 2,067*79,006 1,93,840 5,796@79,006 1,93,840 5,796* actual amount taxed as dividend is rs .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... and ourselves have been guided, by the opinion of counsel that assessments to excess profits duty are problematical, and that, if assessments were competent the amount of such assessments is still more in doubt owing to the provisions of section 38 (6) of the finance act, 1926 which required the necessity of proving fraud or wilful default'. ..... similarly when an assessee is required to pay advance payment of tax under section 18-a it is an advance payment of tax in respect of the subsequent assessment year and the payment has to be made before the finance act fixing the rates would come into force. ..... a view to show that the tax was payable by the company in respect of the income of the unregistered association and that the liability did not attach to the income in the hands of the unregistered association as the finance act 13 of 1925 under which the liability was to be assessed was not in existence at the time when the income accrued to the unregistered association. ..... but this conclusion does not help the assessee because, as already stated, the effect of the regulation of 1942 is that the indian finance act of 1939 must be deemed to have been in operation on the date when the assessment proceedings started and on the date when they were completed.' 22. ..... ., if a similar new asset could be purchased on the valuation date at the same price at which it was purchased when that asset was acquired .....
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