Court : Gujarat
Reported in : (1981)25CTR(Guj)263
..... 2. 'computation of qualifying income. - (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 ..... no. 83 of 1976 : 'whether, on the 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, 1964 ?' reference no. 84 of 1976 : 'whether ..... pressed into service... in these circumstances, i would uphold the finding of the revenue authorities that the assessee is not entitled to any relief under section 2(5)(i) of the finance act, 1963.' 7. the learned judicial member agreed with the conclusions reached by the learned accountant member but on different grounds. he held that the .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)173; [1982]134ITR201(Guj)
..... another angle from which the question can be looked at and it is this. under the finance act of 1965, clause 68, provision was made for voluntary disclosure of income and under sub-s. (6), clause (a), 'any amount declared by any person under this section in respect of which the tax referred to in sub-s. (3) is paid shall ..... 1954-55 to 1964-65. 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. 41.50 lakhs was inclusive of interest on hundi loans. the assessee wrote ..... concerned. then a regular voluntary disclosure petition was made on may 31, 1965, addressed to the commissioner and this was considered as an application under s. 68 of the finance act of 1965 declaring rs. 41.50 lakhs as the amount together with interest. this declaration was accepted by the commissioner and he gave a certificate dated november 25, 1965 .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)25CTR(Guj)263; [1982]137ITR616(Guj)
..... 2. 'computation of qualifying income. - (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 ..... of 1976 :'whether, on the facts 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, 1965 ?'the answer to the questions ..... pressed into service... in these circumstances, i would uphold the finding of the revenue authorities that the assessee is not entitled to any relief under sec. 2(5)(i) of the finance act, 1963.'the learned judicial member agreed with the conclusions reached by the learned accountant member but on different grounds. he held that the working made .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]142ITR503(Guj)
..... 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. we proceed to dispose of them by this common judgment. we may, however, state that in reference no. 245 of 1978, ..... the relevant section is s. 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 industrial company in s. ..... ginning charges. the ito treated the assessee as an 'industrial company' within the meaning of s. 2(7)(c) of the finance act, 1973. that section in so far as we are concerned, reads as under : 'for the purposes of this section and the first schedule, - ...... (c) 'industrial company' means a company which is mainly engaged - ...... in the manufacture .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR746; [1965]56ITR621(Guj)
..... baconian obscurity in a provision dealing with settlement of assessments.' this contention of the learned advocate-general based on the substitution of words effected in sub-section (1b) by the finance act, 1956, must therefore be rejected. 22. there is also another circumstance which strongly supports the contention of mr. i. m. nanavati. it is ..... of affairs continued up to 1st april, 1956, when certain further amendments of a rather far-reaching character were made in section 34 by the finance act, 1956. the time-limit of eight years in sub-section (1) in respect of the cases falling within clause (a) was removed and the following provisions were substituted for the ..... 1956. this circumstance is clearly indicative of the legislative intent that no notice in respect of cases covered by sub-section (1a) should be issued under sub-section (1)(a) even after its amendment by the finance act, 1956. if any such notice is issued it would be barred by time and therefore beyond the jurisdiction of .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)212CTR(Guj)285
..... of the tribunal, it adopted the view that buildings under construction meant for business-use were not chargeable to wealth tax under section 40 of the finance act, 1983.3. under section 40 of the finance act, 1983, provision was made to levy wealth tax on the net wealth of certain companies. the purpose of the provision as ..... during the year under consideration. the assessee claimed exemption from wealth tax on the buildings under construction as per clause (vi) of sub-section (3) of section 40 of the finance act, 1983. the assessing officer took the view that buildings under construction as on the valuation date could not be held to have been used ..... appellate authority, relying upon the decision of the tribunal in nutan electricals industries pvt. ltd. v. 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. upon the matter being carried to the tribunal by the revenue, the order .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR745(Guj)
..... directly or indirectly in the provision of any remuneration or benefit or amenity either to its directors or employees. sub-clause (iii) of clause (c) of section 40 was first added by the finance act, 1963, with effect from april 1, 1963, and it read as under : '(iii) any expenditure which results directly or indirectly in the provision of ..... 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 ..... any period of his employment after the aforesaid date.' 6. this sub-clause was omitted by the finance act, 1968, with effect from april 1, 1969, and in its place sub-clause (v) as extracted above as inserted in clause (a) of section 40. in our opinion, therefore, this scheme in respect of non-deduction of expenses or allowances .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)197CTR(Guj)306; 2005(185)ELT119(Guj); [2006]282ITR474(Guj)
..... therefore, the same be quashed and set aside and the respondents be directed to issue necessary certificate in favour of the petitioners.7. 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 ..... with the proof thereof. thereupon the designated authority was required to issue certificate of declaration.3. 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. time and manner of payment of tax arrear - (1) within sixty days from the date of receipt ..... of the declaration under section 88, the designated authority shall, by order, determine the amount payable by the declarant in accordance with the provisions of this scheme .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR691; [1964]52ITR921(Guj)
..... second question that has been raised. 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. the question in short is whether the definition as it stood after the amendment made by ..... the company preceding the date of liquidation, shall be so included.' 4. by section 3 of the finance act, 1955, from the aforesaid sub-clause (c) the proviso was deleted. 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, 1955. ..... 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. the matter was carried in appeal before the .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... 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. the assessee claimed a deduction in respect of this amount ..... 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 put 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 ..... . in order to repel the argument that liability to tax in this case attached only when the finance act, 1957, applicable to assessment year 1957-58 was passed, one has only to refer to the scheme of the act. section 18 of the act which relates to payment of tax by deduction at source provides by sub- (2) that any .....
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