Court : Rajasthan
Reported in : (1995)121CTR(Raj)479; [1995]212ITR88(Raj)
..... not being not being more than 8 kms. from the local limits of any municipality or cantonment board as may be notified in the official gazette. by the finance act, 1970, under section 47(viii), it was provided that any transfer of agricultural land in india effected before the 1st day of march, 1970, will not be considered as a ..... transfer, and, therefore, not liable to capital gains tax. by the finance act, 1989, an explanation was added to section 2(1a) retrospectively with effect from april 1, 1970, which is as under :'explanation. - for the removal of doubts, it is hereby declared that ..... arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of this section.'by the above amendment of the finance act, 1989, inserting the explanation in clause 2(1a), the interpretation which has been given by the bombay high court cannot be relied on as this explanation .....
Tag this Judgment!Court : Rajasthan
Reported in : [2003]259ITR79(Raj); 2003(2)WLN515
..... . thus, with a view to remove the unintended hardship of closely held companies on account of the provisions of sub-section (3) and to provide incentive for growth and modernisation, the finance act, 1988, has amended sub-section (3) of section 40 of the finance act, 1983, by amending clause (i), inserting a proviso to clause (v), substituting the existing clause (vi) by ..... the remaining years, i.e., 1985-86, 1986-87, 1987-88 and 1988-89, were also completed. however, by the time the assessments were completed, section 40 of the finance act was amended whereby it was provided that certain assets which were held by the company as stock-in-trade in a business carried on by it, such assets shall ..... trade valued at cost amounting to rs. 4,30,500. on account of revival of the levy of wealth-tax in the case of closely held companies by section 40 of the finance act, 1983, the assessee filed its return of wealth for the assessment year 1984-85 on march 30, 1985, declaring a total wealth of rs. 14,52 .....
Tag this Judgment!Court : Rajasthan
Reported in : (2005)197CTR(Raj)1; [2006]283ITR486(Raj); 2004(3)WLC425
..... is also of little assistance. this was a case in which the court was considering the merit of the expression 'industrial company' as used in section 2(7)(c) of the finance act, 1978. under the finance act, 1978, 'industrial company' was defined to mean a company which is mainly engaged in the business of generation or distribution of electricity or any other ..... in the case of j.b. advani & co. (p) ltd. v. cit (supra) was considering the meaning of industrial company within the meaning of section 2(5)(a)(ii) of the finance acts, 1966 and 1967, and has distinguished the decision of the calcutta high court in the case of g.a. renderian's case (supra). bombay high court ..... form of power or in the construction of ships or in the manufacture or processing of goods or in mining. apparently, the benefit of section 2(7)(c) in terms of the finance act, 1978, was also extended to the industrial company which was engaged in only processing of goods. blending is processing of tea and thus there .....
Tag this Judgment!Court : Rajasthan
Reported in : 2005(191)ELT99(Raj); RLW2005(1)Raj264; 2005(1)WLC110
..... opinion that so far as the law laid down in goodyear india ltd.'s case (supra), is concerned, that was in the context of section 50 of the finance act of 1982. in section 50 of the finance act of 1982 what has been provided for is that special duty of excise shall be levied and collected equal to ten per cent of the ..... this notification 'from so much of auxiliary duty of the excise leviable thereon in sub-clause (2) of clause 34' of the finance bill, 1975. (later on section 34 of the finance act, 1975). clause 34 of the finance bill is reproduced herein for ready reference :-'34. auxiliary duties of excise.--(1) in the case of goods mentioned in the first schedule ..... 1990 (49) e.l.t. 39 (delhi). relevant extracts from this case on which emphasis has been made by the learned counsel for the petitioner are reproduced hereunder :-'section 50 of the finance act, 1982, reads as under:'50. special duties of excise:- (1) in the case of goods chargeable with a duty of excise under the central excise .....
Tag this Judgment!Court : Rajasthan
Reported in : RLW2007(2)Raj1606; 2006[4]STR545; [2007]6STT385
..... of levy of service tax, taxable services and their valuation, procedure and the rules. certain provisions of the central excise act, 1944 also applies to the service tax. the act of 1944 provides for imposition of service tax by section 54. section 65 of finance act, 1994 provides and defines various services on which service tax is levied. the central government decided to bring 'cargo handling ..... service' also in the sweep of service tax and, therefore, clause 20 was inserted vide finance act, 2002 w.e.f. 16-8-2002. the said clause was renumbered as clause 23 vide finance act, 2003 clause 23 of section 65 reads as follows:cargo handling services means loading, unloading, packing or unpacking of cargo and includes cargo handling services .....
Tag this Judgment!Court : Rajasthan
Reported in : (2002)178CTR(Raj)305
..... thus, with a view to remove the unintended hardship of the closely held companies on account of provisions of sub-section (3) and to provide incentive for growth and modernisation, the finance act, 1988, has amended sub-section (3) of section 40 of the finance act, 1983, by amending clause (i), inserting a proviso to clause (v), substituting the existing clause (i), ..... amendments were carried out excluding stock-in-trade from purview of the wealth-tax. the said amendment was brought to remove the unintended hardship caused by section 40 of the finance act, 1983. as such it is declaratory in nature. it is argued that while reviving the levy of the wealth-tax of the companies the intention ..... remaining years i.e. 1985-86, 1986-87, 1987-88, and 1988-89, were also completed. however, by the time the assessments were completed, section 40 of the finance act was amended whereby it was provided that certain assets which were held by the company as stock-in-trade in a business carried on by it, such .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)50CTR(Raj)61; [1986]160ITR179(Raj); 1985(2)WLN161
..... and(ix) were inserted by the finance (no. 2) act, 1980, with effect from april 1, 1980, and by the finance act, 1972, with effect from april 1, 1972, respectively. we are ..... concerned with the definition of income as contained in section 2(24) at the relevant time. as income has not been defined as such ..... we are concerned with the assessment year 1973-74. income has been defined in section 2(24) of the act. it is merely an inclusive definition and various types have been enumerated. it may be stated that sub-clause (ii)(a) in section 2(24) was inserted by the finance act, 1972, with effect from april 1, 1973, and sub-clauses (iva) .....
Tag this Judgment!Court : Rajasthan
Reported in : (2003)183CTR(Raj)614; RLW2004(1)Raj644
..... counsel for the appellant, we deem it appropriate to reproduce the provisions of sub-section (3a) and sub-section (3b) of section 37 which were introduced in the statute book by the finance act, 1988, w.e.f. 1st april, 1984, and were omitted by the finance act, 1985, w.e.f. 1st april, 1986. the two provisions remained in ..... , and was later omitted by the finance (no. 2) act, 1980, w.e.f. 1st april, 1981.'section 37(3b) the expenditure, referred to in sub-section (3a) is that incurred on : (i) advertisement, publicity and ..... or more of the items specified in sub-section (3b) exceeds one hundred thousand rupees, twenty per cent of such excess shall not be allowed as deduction in computing the income chargeable under the head 'profits and gains of business or profession'.original sub-section was inserted by the finance act, 1978, w.e.f. 1st april, 1979 .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR1965Raj162
..... imposition and collection of income-tax and if anybody wants to seek an exemption from taxes on his income he can do so under section 60 or 60a of the act. section 13 of the indian finance act of 1950 deals with repeals and savings of the old laws and we find that it does not save exemption of the company which is ..... claimed under the provisions of the agreement annexure a. learned counsel for the petitioner has also argued, that section 13 of the indian finance act, 1950 does not affect the exemptions of the company as it has not specifically abrogated the concessions contained in the agreement anuexure a. as has already ..... taxes has devolved on the union of india by means of the provisions of the constitution which is the supreme law .of the land. (4) that section 13 of the indian finance act of 1950 did not repeal the special law under which the petitioner company has sought immunity from tax on its income, and, therefore, it is urged that .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR1956Raj30; [1956]29ITR165(Raj)
..... that the assessee was entitled to the higher exemption limit of rs. 7,200/- in terms of the proviso to para. a in part i of schedule i of section 2, finance act of 1951?'3. the facts of the case are these: the assessee messrs dhannalal devilal of jaipur filed a return for the assessment year 1951-52, and claimed the ..... which is admittedly an hindu undivided familyconsisting of two minor sons and their mother and grand-mother, is entitled to the higher exemption limit of rs. 7,200/- under the finance act of 1951. we have already set out the relevant provision in this behalf, and it is admitted between the parties that clause (a) does not apply, as that requires ..... said to be lineal descendant of his mother or grandmother respectively within the meaning of condition (b) of clause (1) of part 1(a) of schedule 1 of the indian finance act (no. 23) of. 1951 which prescribes rs. 7,200/- as an exemption limit in the case of hindu undivided family.'4. the relevant provision on the interpretation of .....
Tag this Judgment!