Court : Gujarat
Reported in : (1961)GLR487; [1962]45ITR294(Guj)
..... clause (ii) of the proviso to paragraph b of part i of the schedule to the finance acts above referred to, be deemed to have been made the subject of incorrect relief under this act, and the income-tax officer shall recompute the tax payable by the company by reducing the rebate originally allowed, as if the re-computation is a rectification of a mistake apparent from the record within the meaning of this section and the provisions of sub-section (1) shall apply accordingly, the period of four years ..... but, before we examine the same, it will be convenient to set out section 35(10) : 'where, in any of the assessment for the years beginning on the 1st day of april of the years 1948 to 1955 inclusive, a rebate of income-tax was allowed to a company on a part of its total income under clause (i) of the proviso to paragraph b of part i of the relevant schedules to the finance acts specifying the rates of tax for the relevant year, and subsequently the amount on which the rebate ..... our attention has also been drawn by counsel to the second schedule to the indian finance act, 1948, a provision in clause b(a) of part i relating to rates of income-tax set out at page lxxxii in the income-tax manual, 1959 ( ..... no longer be distinguished from capital, and that such portion of the assets distributed by the liquidator as represents undistributed profits is not income in the hands of the shareholders which they are required to include in their returns of total income for super-tax purposes. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... 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 shareholder, 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, ..... on the footing that the same constituted a debt within the meaning of the finance act, 1939, schedule vii. ..... 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 an 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'. ..... consequence of any order under or in pursuance of this act, the income-tax officer shall serve upon the assessee or other person liable to pay such tax, penalty or interest a notice of demand in the prescribed form specifying the sum so payable.' 41. ..... debentures, (b) loans and advances from banks, (c) loans and advances from subsidiaries .....
Tag this Judgment!Court : Gujarat
Reported in : [1981]128ITR486(Guj)
..... there was no dispute that the assessee's case was covered by the relevant section of the finance act of 1965 and the assessee would have been entitled to rebate at two per ..... which has been relied upon indicates that the record which is spoken of by the supreme court in gurjargravures' case : [1978]111itr1(sc) in the subsequent passage which we have underlined by supplying emphasis means the return made by the assessee or the assessment order of the ito and it is in that context that the supreme court indicated in gurjargravures' case : [1978]111itr1(sc) that they were not called upon to ..... ' sub-clause (i) refers to the type of manufacturer, namely : 'an assessee being an indian 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 goods ..... any other particulars before him at the stage of the original assessment indicated that the assessee was entitled to such relief under the provisions of the relevant finance act, 1965, so far as the order under reference is concerned. ..... (iii) where an assessee of the type referred to in sub-clause (i) engaged in the manufacture of any articles in an industry specified in the said first schedule has, during the previous year, sold such articles to any other person in india who himself has exported them out of india had evidence is produced before the income- .....
Tag this Judgment!Court : Gujarat
Reported in : [1961]43ITR107(Guj)
..... the assessee did not dispute its liability to pay additional income-tax under clause (ii) of the proviso to paragraph b of part i of the first schedule to the finance act, the dispute between the parties being only in regard to the rate at which additional income-tax had to be charged. ..... of income-tax and super-tax payable in the taxable territories on the total income for the year in question in accordance with the rates prescribed by the relevant finance act of the central government, by the amount of such total income. ..... , in the income rupee : provided that in the case of a company which, in respect of its profits liable to tax under the income-tax act for the year ending on the march 31, 1951, has made the prescribed arrangements for the declaration and payment within the territory of india excluding the state of jammu and kashmir, of the dividends payable out of such profits, ..... and has deducted super-tax from the dividends in accordance with the provisions of sub-section (3d) or (3e) of section 18 of that act - (i) where the total income, as reduced by six and ..... prescribe varying rates for varying circumstances, and it deals with rate or rates, first and last, and not with chargeability to tax, which is the subject-matter of section 3 of the income-tax act .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; [2006]281ITR19(Guj)
..... similarly, section 55 has been amended from time to time to enable the taxation of other assets wherein no cost of acquisition is envisaged : tenancy rights, state carriage permits and, looms hours by the finance act, 1994 with effect from 1st april 1995; right to manufacture, produce or process any article or thing by the finance act 1997 with effect from 1st april 1998; trademark or brand name associated with business by the finance act 2001 with effect from 1st april 2002 ..... this provision presupposes the cost of acquisition but this mode of ascertaining the cost of acquisition is prescribed by shifting the date of ascertainment to january 1, 1964, from the actual date of acquisition. ..... the assessing officer, therefore, held that though the assessee was given opportunity to produce evidence in support of the price at which the assessee's forefathers must have purchased the land, the assessee having not furnished the same, the cost price was determined on an estimated basis. ..... the return of income filed by the assessee was accompanied by a letter dated 06-06-1983 wherein the assessee advanced reasons for showing long term capital gains at 'nil' in the return of income. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR785
..... part ii of the first schedule to the finance act, 1951, as modified by the finance act, 1952, deals with 'rates of ..... case by a surcharge for the purposes of the union at the rate specified therein in respect of each such rate of income-tax, and (b) rates of super-tax shall, for the purposes of section 55 of the indian income-tax act, 1922, be those specified in part ii of the first schedule, increased in the case to which paragraphs a, b, and c, of that part apply, by a surcharge for the purposes of the union at the rate specified therein in respect of each such rate ..... a preceding year; (ii) such portion of the excess dividend as is demand to be out of the undistributed profits of each of the said years shall be deemed to have borne tax, - (a) if an order has been made under sub-section (1) of section 23a of the income-tax act, in respect of the undistributed profits of that year, at the rate of five annas in the rupee, and (b) in respect of any other year, at the rate applicable to the total income of the company, for that year ..... the year ending on the 31st day of march, 1953, has made the prescribed arrangements for the declaration and payment within the territory of india excluding the state of jammu and kashmir, of the dividends payable out of such profits, and has deducted super-tax from the dividends in accordance with the provisions of sub-section (3d) or (3e) of section 18 of that act - (1) where the total income, as reduced by seven annas in the rupee and by the amount .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]124ITR334(Guj)
..... the first schedule to the industries (development and regulation) act, 1951, for the assessment year 1966-67 (2) whether, on the facts and in the circumstances of the case, the assessee was entitled to claim deduction from income-tax in respect of de-oiled cakes exported or sold to exporters by it under section 2(4)(a)(ii) and (iii) and section 2(4)(c) of the finance act, 1967, read ..... 2(5) of the finance act, 1966, extended concession to any articles manufactured by the industries specified in the first schedule to the industries (development and regulation) act, 1951, and ..... 2(5) of the finance act, 1966, therefore, extend the concession to the industries specified in the first schedule to the industries (development and regulation) act, 1951, in respect of any articles manufactured in the said industries provided such articles are exported or ..... referred to us for our opinion : '(1) whether, on the facts and in the circumstances of the case, the assessee was entitled to claim deduction from tax in respect of de-oiled cakes exported or sold to exporters by it under section 2(5)(a)(ii) and (iii) and section 2(5)(c) of the finance act, 1966, read with item no. ..... 2(4)(c), as the case may be, of the respective finance acts, it was clear that the industry engaged in the manufacturer or production of vegetable oils and ..... which arises before us is whether the assessee-firm which is carrying on the industry of manufacturing vegetable oil is entitled to claim exemption as prescribed under s. .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]99ITR179(Guj)
..... now no more a doubtful proposition of law whether a policy of insurance was an 'annuity' or 'other interest' within the meaning of section 2(1)(d) of the finance act of 1894 as observed by lord morton of henryton in westminister bank ltd. v. ..... duty to be paid on any property passing on the death of the deceased, all property so passing other than property exempted from estate duty under clauses (c), (d), (e), (i), (j), (l), (m), (n) and (o) of sub-section (1) of section 33; agricultural land so passing, if any, situate in any state not specified in the first schedule; and in the case of property so passing which consisting of a coparcenary interest in the joint family property of a hindu family governed by the mitakshara, marumakkattayam or aliyasantana law would be aggregated so as to form ..... met with the fatal accident in that historic plane crash near alps on 24th january, 1966, enroute to the united states in the course of his return journey after enjoying his brief spell of holiday for about three months in this country during which he got himself married. ..... the following provisions have been made as to payment of claims : 'payment of claims - benefit for loss of life will be payable in accordance with beneficiary designation and the provisions respecting such payment which may be prescribed herein and effective at the time of payment. ..... to be paid was a matter of calculation by the board of education in accordance with the rules and regulations which prescribed the calculations. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR500(Guj)
..... was also of the view that the assessee's case was covered by the explanation to section 271(1)(c) as the income returned by the assessee was less than 80 per cent of the income assessed and, therefore, the assessee was deemed to have concealed the particulars of income and furnished inaccurate particulars thereof, as the assessee had no proof that their failure to return the correct income did not arise from any fraud or wilful neglect their part ..... its failure to file a revised return of total income for the year under consideration or to inform the income-tax officer about the true state of affairs would amount to furnishing incorrect particulars of income within the meaning of section 271(1)(c) of the income-tax act. ..... none-the-less the fact remains that by letter of march 30, 1966, the assessee opted for the disclosure of income by making a declaration under the scheme as prescribed under section 24 of the finance (no. ..... some doubt as to the genuineness of loans, the assessee did not think fit to contest the same and co-operates with the department, 'in spite of the fact that the loans raised on hundies and collected through banks were accepted by the tribunal at bombay as late as september, 1964'. ..... 2019, most of which were through banks. .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)26CTR(Guj)432; [1983]139ITR8(Guj)
..... puzzle competition and there was no prize won at such competition, in the face of these glaring facts established by the evidence on record, we are unable to understand how one can reasonably come to the conclusion that failure to return the correct income did not arise on account of fraud or any gross or wilful neglect on the part of the to a case of gross or wilful neglect on the part of the assssee, since the assessee, with ..... assessee wants to repel the legal fiction and throw the burden of bringing the case within section 271(1)(c) again on the revenue, as it would be in the absence of the explanation, the assessee has to show-and this burden is upon him-that his failure to return the correct income did not arise from any fraud or gross or wilful neglect on his ..... 256(1) of the act : '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that due to disclosure made by the assessee in part iv of the return, the assessee could not said to have furnished inaccurate particulars of income within the ..... this clause was amended by the finance act, 1972, and sub-clause (ix) was inserted with effect from ..... 271(1)(c) prescribes a rule of evidence and raises a presumption of concealment of income and filing of inaccurate particulars of the income when the differences between the returned income of the assessee and the assessed income is more ..... assessee, he had filled in entry forms and paid the prescribed fee to take part in the competition. .....
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