Court : Gujarat
Reported in : (1981)25CTR(Guj)263
..... 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 ..... 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, ..... - (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 any assessment for the assessment year commencing on the 1st day of april, 1965 - (i) an assessee being an india company or any other company which has made the prescribed arrangements for the declaration and payment of dividends within india or an assessee (other than a company) whose total income includes any profits and gains derived from the export of any ..... the position, therefore, remains that the assessee has not furnished before us material to show that in fact profit was ..... instead of furnishing statistical figures which could establish that in fact profit was earned by the assessee on sales outside india, general propositions are put forward and reference is .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)173; [1982]134ITR201(Guj)
..... . at 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 ..... be 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 ..... a 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 under sub ..... in 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 ?' 2. ..... . 2020 showing the loan accounts in respect of multani merchants, various banks, and other parties from whom our firm had obtained loans for business purposes .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)25CTR(Guj)263; [1982]137ITR616(Guj)
..... 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, ..... facts 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 march ..... - (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 ..... respect of any assessment for the assessment year commencing on the 1st day of april, 1965 -(i) an assessee being an india company or any other company which has made the prescribed arrangements for the declaration and payment of dividends within india or an assessee (other than a company) whose total income includes any profits and gains derived from the export of any ..... the position, therefore, remains that the assessee has not furnished before us material to show that in fact profit was made ..... instead of furnishing statistical figures which could establish that in fact profit was earned by the assessee on sales outside india, general propositions are put forward and reference is .....
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 not ..... 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. ..... amounts to processing of goods within the meaning of the definition of the term 'industrial company' and, therefore, the assessee is entitled to the tax concession available to such companies by virtue of the aforesaid two finance acts. ..... section in so far as we are concerned, reads as under : 'for the purposes of this section and the first schedule, .....
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 ..... the restrictive conditions which were required to be fulfilled for taking action under sub-section (1)(a) or (1)(b) were omitted from sub-section (1a) and no condition precedent was prescribed for taking action under sub-section (1a) beyond the broad general requirement that the income-tax officer must have reason to believe that the income chargeable ..... (1) if - (a) the income-tax officer has reason to believe that by reason of the omission or failure on the part of an assessee to make a return of his income under section 22 for any year or to disclose fully and truly all material facts necessary for his assessment for that year, income, profits or gains chargeable to income-tax have escaped ..... also tried to attack the validity of the notice in respect of the assessment year 1950-51 on the ground that there was no omission or failure on the part of any of the petitioners to make a return or to disclose fully and truly all material facts necessary for his or her assessment .....
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. ..... , godown, warehouse, hotel or office for the purposes of its business or as residential accommodation for its employees whose income chargeable under the head 'salaries' is ten thousand rupees or less:subsequently, in the year 1988, under section 87 of the finance act, 1988, the above provision was amended. ..... the relevant part of the section as it appeared in the finance act, 1983 is as follows:40 revival of levy of wealth-tax in the case of closely-held companies.(1) ...(2) ... .....
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 by the ..... the same head, namely, benefit, amenity and perquisite, clause (c) of section 40 also prescribes conditions under which the expenses incurred on that head are entitled to ..... by the revenue, apart from militating against the aforesaid rule of construction, would subject the expenses incurred by a company for providing benefit or amenity or perquisite to a director or employee to the twin scrutiny, namely, a prescribed ration applicable to an employee to the twin scrutiny, namely, a prescribed ration applicable to an employee and also the test of excessive and reasonable limits applicable to a director. ..... the contention of the revenue that clauses (a)(v) and (c) of section 40 operate in different fields does not appear to be well founded, because they are dealing with the same broad head, namely, amenity, benefit and perquisite, though none the less they prescribe conditions in respect of different sub-heads, namely, the case of ..... hand, in respect of the expenses incurred by the company-assessee for provision of benefit or amenity to its employees, the simple test whether it was in excess of a prescribed amount or not was provided. .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)197CTR(Guj)306; 2005(185)ELT119(Guj); [2006]282ITR474(Guj)
..... at 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 designated authority. ..... 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 therein the particulars of the tax arrear and the sum payable after such determination towards full and final settlement of tax arrears : provided that where any material particular furnished in the declaration is found to be false, by the designated authority at any stage, it shall be presumed as if the declaration was never ..... shri rao for the petitioners submitted that as per the provisions of general clauses act, the petitioner could have made the payment of the amount determined by the designated authority as per order (annexure : b) on 27.3.1999, but on 27.3.1999 (saturday) the bank remained closed due to strike, 28th march, 1999 was the sunday and 29th march, 1999 was public holiday i.e. ..... bank of baroda, and 28.3.1999 was the holiday on account of sunday and 29.3.1999 was the public holiday on account of 'bakri eid'. ..... saturday) it was a strike in the petitioner's bank i.e. .....
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 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 ..... section 2(6a)(c), as it stood before the amendment made therein by the finance act, 1955, ran as unde ..... it is not disputed that the income-tax act as amended at the date of the relevant finance act, applies for the purpose of assessment and any alteration which comes into force on the 1st of april of a finance year must apply to the assessment for that .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... 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'. ..... sum by which a dividend has been increased under sub-section (2) of section 16 shall be treated as a payment of income-tax or super-tax on behalf of the person from whose income the deduction was made, or of the owner of the security or of the share-holder, as the case may be, and credit shall be given to him therefor on the production of the certificate furnished under sub-section (9) or section 20, as the case may be in the assessment, ..... amount on the footing that the same constituted a debt within the meaning of the finance act, 1939, schedule vii. ..... course, with accuracy as to these taxes, was not unmindful of the fact that it is the duty of the subject to whom a notice is given to render a return in order to enable the crown to make art assessment upon him; but the charge is made in consequence of the act, upon the subject; the assessment is only for the purpose of quantifying it. ..... plaintiff leaving a balance in the legal aid fund subject to any charge conferred on the law society by section 3 (4) of the act of 1949, to cover the prescribed deductions, which remained to be quantified, e.g. ..... (a) debentures, (b) loans and advances from banks; (c) loans and advances from subsidiaries and .....
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