Court : Gujarat
Reported in : [1976]102ITR105(Guj)
..... two questions set out hereinabove to us for our opinion. 4. on behalf of the revenue it has been urged that the amendment made in section 5(1)(vii) by finance (no. 2) act of 1971 excluding the jewellery from the purview of exemption under the said clause with effect from april 1, 1963, changes the complexion of exemption ..... down in its decision in commissioner of wealth-tax v. mrs. arundhati balkrishna. we must also bear in mind that section 5(1)(viii) was amended partly retrospectively and partly prospectively by the same act, viz., finance (no. 2) act of 1971. it should be recalled that jewellery has been excluded from the purview of exemption under clause (viii) with ..... would lead to such absurd result when the intention of parliament in excluding the jewellery from the purview of exemption under section 5(1)(viii) with effect from april 1, 1963, is manifestly clear in the finance (no. 2) act, of 1971. as stated by us, it is only by way of greater caution that the ornaments of gold, .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]106ITR159(Guj)
..... but in reality it was 5 per cent. of the rebate under clause 1(b)(ii) of paragraph f of schedule i of finance act, 1965, as stated above. it is an admitted position that proceedings under section 147(b) were initiated only on the ground that education cess amounting to rs. 68,882 had been wrongly allowed in the original ..... under clause 1(b)(ii) of paragraph f of schedule i of finance act, 1965. 15. we, therefore, hold that the tribunal was not justified in law in upholding the appellate assistant commissioner's order by which the reassessment under section 147(b) read with section 148 of the income-tax act, 1961 was cancelled. we, therefore, answer the question referred to us ..... . he, therefore, brought that item back for the purpose of taxation. he further held that rebate under clause 1(b)(ii) of paragraph f of schedule i of finance act, 1965, had been wrongly allowed at the rate of 35 per cent. in the original assessment order but on merits he found that it should have been allowed at .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)192CTR(Guj)400; [2005]273ITR414(Guj)
..... of cash compensatory support became taxable retrospectively with effect from april 1, 1967, but that was by an amendment of section 28 by the finance act of 1990, which amendment could not have been known before the finance act was amended on may 31, 1990. levy of additional tax bears all the characteristics of penalty. additional tax was ..... while issuing the intimation under section 143(1)(a) had also determined the interest payable under section 234b of the act without treating the aforesaid amount of export cash assistance as income. it was only on 16.3.1990 that finance bill 1990 was introduced for making export cash assistance taxable and finance act 1990 received the assent of ..... taxes, hereby direct that the chief commissioner of income-tax and director general of income-tax may reduce or waive interest charged under section 234b or section 234b or section 234c of the act in the classes of cases or classes of income specified in paragraph 2 of this order for the period and to the extent .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]105ITR115(Guj)
..... its order of october 16, 1970. it was strenuously urged by the learned advocate-general that having regard to the set-up of the amending section 32 of the finance (no. 2) act of 1971 whereby section 5(1)(viii) was sought to be amended, three serious question arise. firstly, whether this amendment could affect any completed assessment. in the ..... concerned, jewellery was excluded from the exempted lists of wealth with effect from april 1, 1963. that is what has been sought to be done by section 32 of the finance (no. 2) act of 1971, by inserting words, 'but not including jewellery' after the words, 'articles intended for the personal of household uses of the assessee' with effect ..... power on the ground that because jewellery has been excluded from the list of the exempted wealth by the amendment sought to be made by section 32(a)(ii) of the finance (no. 2) act of 1971 with effect from april 1, 1963, the assessment completed for the assessment year 1963-64 could be disturbed and rectified. it .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)2GLR1528
..... to a person for purchasing rickshaw and hire-purchase agreement has been entered into between petitioner no. 1-company and person who has taken loan/finance. relevant provisions of the act which are relevant are as under:section 5 - money-lender not to carry on business of money-lending except for area under licence and except in accordance with terms of licence.no ..... alleging inter alia that the petitioners, more particularly petitioner no. 1 has committed offence under sections 5, 18, 19 and 25(3) of the act and is doing business of finance without obtaining any licence as required under the act. it was further averred that petitioners are engaged in the business of disbursing loan without obtaining licence as required under the provisions of the .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)29CTR(Guj)85; [1982]138ITR245(Guj)
..... same, viz., whether the profit made on the transaction was exigible to tax. no doubt a new reasoning in the context of the amended provisions introduced by the finance act of 1970 was sought to be urged. all the same the subject-matter remained the same. in other words, though the reasoning called into aid was altogether ..... singh : [1969]1scr328 . the question arose in the context of s. 16 of the bihar land reforms (fixation of ceiling area and acquisition of surplus land) act. sub-section (1) of s. 16 provides that there can be no transfer to a person who together with the land already held by him acquires land by transfer which in ..... in in the negative andthe circumstances of the case, against the revenue.the tribunal was justified innot accepting the assessee'scontention that in view of theprovisions of section 47 of theregistration act, the transferwas effected on the dates ofexecution of the sale deeds ?question referred at the instance of the revenue.5. whether, on the facts and .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]106ITR424(Guj)
..... have been able to get the deduction, which it should have before the provision was brought on the statute book in 1965. moreover, sub-section (5) of section 15 of the finance act, 1965, defined the term 'business expenses' so as to include within its compass hospitality of any kind whatsoever. the opinion given by the ..... of assessee's business otherwise than out of an allowance paid by the assessee. the final step in this matter was taken by the finance act, 1970, which inserted sub-section (2b). it prohibited deduction of any expenditure in the nature of entertainment expenditure within india by any assessee after 28th february, 1970. in ..... the informants, was entitled to claim deduction in respect of those expenses in arriving at its profits for income-tax purposes notwithstanding the provisions of section 15(1)(a) of the finance act, 1965, which, in effect, disallowed the allowance 'for any expenses incurred in providing business entertainment'. a contention was raised on behalf of the .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]100ITR447(Guj)
..... for taking over of the entire shareholding of the company. these take-over negotiations were not published or communicated to the stock exchange. under section 44, sub-section (1), clause (3) of the finance act, 1965, except where in consequence of special circumstances price so quoted were by themselves not a proper measure of market value, the market ..... and, accordingly, increased the valuation of pounds 4 10s. a share. on further appeal, the house of lords allowed the appeal and held that section 7(5) of the finance act 1894, was merely a machinery for estimating the value and that, accordingly, the value of the shares for the purpose of estate duty was to ..... of directors to answer reasonable questions put by the purchaser or his advisers. plowman j. held that in arriving at the open market value under section 7(5) of the finance act, 1894, the court should only have regard to the published information and information which the directors would in fact have given in answer to reasonable .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]251ITR661(Guj)
..... the provisions of law which concern the issue before us.7. 40a(8) : sub-section 8 has since been omitted by the finance act, 1985, with effect from april 1, 1986. during the assessment years in question 1978-79 and 1979-80, sub-section (8) of section 40a, as inserted by the finance act, 1975, with effect from april 1, 1976, stood as under :'(8) where the ..... its principal business, the business of acceptance of deposits from its members and which is declared by the central government under section 620a of the companies act, 1956 (1 of 1956), to be a nidhi or mutual benefit society ;(vi) a miscellaneous finance company, that is to say, a company which carries on exclusively, or almost exclusively, two or more classes of business .....
Tag this Judgment!Court : Gujarat
Reported in : [1999]239ITR90(Guj)
..... . it is reflected from the provisions of s. 88 as well as 95 of the finance act of 1998. the amount to be determined under s. 88 is with reference to disputed income, disputed wealth, disputed gift, disputed chargeable expenditure, disputed chargeable interest. section 95 makes it abundantly clear that unless an appeal or reference or writ petition is admitted ..... of tax arrears as on the date the order was made or order could be made that would call for determination of amount under s. 88 of the kvss under finance act (no. 2) of 1998. 22. having given our careful and anxious consideration to this contention we ar@ unable to accept it. undoubtedly, it is true that pending ..... have been raised challenging this order dt. 26th feb., 1999, rejecting the declaration and refusing to determine the amount payable under s. 88 r/w s. 90 of the finance act (no. 2) of 1998 by the designated authority as a consequence of rectification order made under s. 154 by the ao on 26th feb., 1999. 8. the first .....
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