Court : Gujarat
Reported in : (1961)GLR487; [1962]45ITR294(Guj)
..... stood at all relevant time for the purpose of the present petition, were introduced in section 35 by the finance act, 1956. it is of some importance and cogency to note that it was by the same finance act of 1956 that the definition of 'dividend' in section 2(6a) with which we are concerned was substituted. the proviso to sub-clause ..... and which have bearing on the examination of the contention raised on behalf of the petitioner. prior to its amendment by the finance act, 1955, clause (6a) of section 2 was, in certain respect, differently worded. to sub-clause (c) relating to distribution made to shareholders of a company on the liquidation to the ..... changes and modifications which were made in respect of section 35(10) with which we are concerned. sub-section (10) was substituted by the finance act of 1956 with effect from april 1, 1956. incidentally, it may be mentioned that sub-section (10) was deleted by clause (2) of section 30 of the finance act of 1959. in the course of the argument .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... 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.' the above offer was accepted. 28. the assessee claimed a deduction in respect of ..... in respect of tax for the subsequent assessment year and would be a deduction made at a time when the finance act applicable to that assessment year may not have been on the statute book. sub-section (5) of section 18 provides that any deduction made and paid to the account of the central government in accordance with the provisions ..... that income-tax shall be charged for any year at any rate or rates therein specified, there is no liability which accrues under section 3. in his submission it was only when the finance act, 1957, was passed that liability for payment of tax for the assessment year 1957-58 arose. he urges that what we have to .....
Tag this Judgment!Court : Gujarat
Reported in : [1981]128ITR486(Guj)
..... sales made by the assessee during the two years under appeal. the tribunal found that 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 cent. on the claim being made before the ito. though the assessee had admitted that ..... having been made in that behalf before the ito under the provisions of the finance act, of 1965. 4. as regards the powers of the aac in the appeal under s. 251 of the i.t. act, 1961, being a section similar to s. 33(b) of the indian i.t. act, 1922, there has been the authoritative pronouncement of the supreme court in addl ..... s. 2, sub-s. (5)(a)(ii) of the finance act of 1964). similarly, as regards assessment year 1965-66 which is under reference, by his order the aac directed the ito to verify export sales and to allow rebate under s. 2(5)(a)(iii) of the finance (no. 1) act of 1965. (the section is wrongly mentioned as s. 5(a)(iii) in .....
Tag this Judgment!Court : Gujarat
Reported in : [1961]43ITR107(Guj)
..... constituting an independent provision. there is no warrant for the same. the supreme court had occasion to consider sub-clause (ii) of the proviso appearing in the indian finance act, 1952, in commissioner of income-tax v. elphinstone spinning and weaving mills co. ltd. the said sub-clause (ii) ran as under : 'where the amount ..... (taxation concessions) order, 1950. this argument proceeds on an incorrect reading of the provisions of the part b states (taxation concessions) order, 1950, and of the finance act, 1950. under the provisions of paragraph 6 of the part b states (taxation concessions) order, it is necessary first to calculate the tax at the indian rate ..... section 66(1) of the income-tax act, 1922. the tribunal has made this reference raising the following question of law : 'whether, on the facts and in the circumstances of the case, the applicant is entitled to a rebate of rs. 12,805, under the provisions of clause (i) of the proviso to paragraph b of part i of the indian finance act .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; [2006]281ITR19(Guj)
..... does not have cost of acquisition does not fall within the charging section -is now superseded by amended provision of section 55 of the act. however, it requires to be noted that by the finance act, 1987 w.e.f. 01-04-1988 the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same ..... april 1998; trademark or brand name associated with business by the finance act 2001 with effect from 1st april 2002; and right to carry on any business by the finance act 2002 with effect from 1st april 2003.19. therefore, even if the amendment is taken into consideration section 55 can be invoked in cases of nil cost of acquisition ..... even if there is no cost of acquisition. 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 .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR785
..... -54 ?'3. a reference was made by mr. s. p. mehta, the learned advocate for the assessee, to the provisions of the finance act of 1950. he urged that by section 2(1) of that act, it was provided that income-tax should be charged at the rate specified in part i of the first schedule and the rates of super ..... as from 1st april, 1950, in respect of any class of income then it could only effectively do so by amending both the provisions contained in section 14(2)(c) and the provisions of the finance act of 1952. 4. a similar argument had been advanced before the supreme court in the case in rajputana mining agencies ltd. v. union of ..... rates of tax' refers to only certain provisions contained in the first schedule to the relevant finance acts. our attention was called to the provisions of the finance act, 1951, as modified by the finance act, 1952. by section 2 thereof it has been provided that subject to the provisions of sub-sections (3), (4) and (5), for the year beginning the 1st day of april, .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]124ITR334(Guj)
..... 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. 28 of 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 ..... 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 with item no. 28 of the first schedule to the industries (development and regulation) act, 1951, for the assessment year 1967-68 ?' 2. a neat question of law which arises before ..... order to answer the questions referred to us, we will set out the relevant part of the section which are material for purposes of this reference. we read s. 2(5)(a)(ii) and (iii) as well as s. 2(5)(c) of the finance act, 1966, as under : '2(5)(a). in respect of any assessment for the assessment year commencing on .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]99ITR179(Guj)
..... , in his short opinion, observed : 'disengaged from certain clinging and obscuring draperies, the point seems to me a short one. it turns on the meanings in section 2(1)(d) of the finance act, 1984, of two terms : 'other interest' and 'beneficial interest'. 'other interest' in this context seems to me to cover, and on the facts of this ..... of the settlement. lord keith of avonholm in his opinion agreed with the other law lords and opined that an interest provided within the meaning of section 2(1)(d) of the finance act, 1894, could take the form of a policy of assurance. 21. the learned counsel for the accountable person, therefore, made an attempt to distinguish ..... provided by him. in sir wroth periam christopher lethbridge baronet v. attorney-general the house of lords considered the object of similar provision contained in section 2(1)(d) of the finance act, 1894. the facts in that case were that a tenant for life of real estates had raised money by charges on his life estate and .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR500(Guj)
..... itself. mr. patel, therefore, urged that the tribunal was, so far it relied on this so-called admission, in the first instance, clearly acting beyond section 24(11) of the finance (no. 2) act of 1965. in raising this contention mr. patel, in our view, has lost sight of the fact that what has been prohibited from being ..... the income-tax officer, morvi circle, morvi, that the assessee instead of spread-over proposal was opting for disclosure under the scheme as envisaged under section 24 of the finance (no. 2) act of 19665. the assessee further stated in the said letter of march 30, 1966, that they were all throughout under the impression that four ..... of penalty by the inspecting assistant commissioner was justified, inasmuch as gross or wilful neglect must be presumed to be existing in the present case section 24(11) of the finance (no. 2) act of 1965, which contained an admission that certain hundi loans were not genuine borrowings but income of the assessee initially. in effect, therefore, .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)26CTR(Guj)432; [1983]139ITR8(Guj)
..... s. 2(24), the income is artificially declared to include various items. the definition of 'income' in this clause is inclusive and not exhaustive. this clause was amended by the finance act, 1972, and sub-clause (ix) was inserted with effect from april 1, 1972. under sub-clause (ix), any winning from lotteries, crossword puzzles, races including horse races, ..... on the part of the assessee, nor was it a case of fraud, and, therefore, levy of penalty on the basis of the explanation to section 271(1)(c) of the act on the facts of the case was not justified ?' 9. it passes our comprehension as to how the assessee can escape payment of penalty for concealing ..... fact of the total returned income being less than eighty per cent. of the total income assessed is sufficient to bring the assessee within the penal provision enacted in section 271(1)(c). that is achieved by the legal fiction enacted in the explanation...... if the assessee wants to repel the legal fiction and throw the burden of bringing .....
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