Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 5 amendment of section 16 Court: gujarat Page 1 of about 175 results (0.056 seconds)

Commissioner of Income-tax Vs. Gosar Family Trust

Court : Gujarat

Reported in : (1990)89CTR(Guj)266; [1991]189ITR18(Guj)

..... tax at the maximum marginal rate of income tax (including surcharges) applicable by the finance act ..... under the provisions of section 16a of the said act, before the amendment made by the finance act, 1970, income of a trust in which the shares of the beneficiaries were indeterminate or unknown was changeable to tax as a single unit treating it as the ..... with a view to put an effective curb on the proliferation of such trusts and to reduce the scope of tax avoidance through such means, the finance act, 1970, replaced section 164 of the said act by a new section under which a representative assessee who received income for the benefit of more than one person whose shares in such income were indeterminate or unknown was chargeable to income tax on such incomes of ..... 2) act, 1980, with effect from april 1, 1980, as a measure to plug loopholes for tax avoidance through the medium of private trusts, since it was felt that, even after the amendment in 1970, the provisions of section 164 had not been fully effective in curbing the use of private trusts for avoiding proper tax liability and the entire income of a discretionary trust was made liable to .....

Commissioner of Income-tax Vs. Gopal Gram Seva Sahakari Mandli Ltd.

Court : Gujarat

..... 1-4-1972 and amended by the finance (no.2) act, 1980, w.e.f. ..... original section was inserted by the finance act, 1972, w.e.f. ..... original section was inserted by the finance (no.2) act, 1967, w.e.f. ..... to- (i) a federal co-operative society, being a society engaged in the business of supplying milk, oilseeds, fruits, or vegetables, as the case may be; or (ii) the government or a local authority; or (iii) a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or a corporation established by or under a central, state or provincial act (being a company or corporation engaged in supplying milk, oilseeds, fruits or vegetables, as the case may be, to the public the whole of the amount of profits and gains of such business; (c) in the case ..... (3) in a case where the assessee is entitled also to the deduction under section 80hh for section 80hha or section 80hhb or section 80hhc or section 80hhd or section 80-i or section 80-ia or section 80j the deduction under sub-section (1) of this section, in relation to the sums specified in clause (a) or clause (b) or clause (c) of sub-section (2) shall, shall be allowed with reference to the income, if any, as referred to in those clauses included in the gross total income as reduced by the deductions under section 80hh section 80hha, section 80hhb, section 80hhc. .....

Commissioner of Income-tax Vs. Deepak Family Trust No. 1 and ors.

Court : Gujarat

Reported in : [1994]210ITR358(Guj)

..... the amendment effected by the finance act, 1980, has done away with the deeming provisions whereby a trust, under section 164(1), could be assessed as though it were an association of persons. ..... in that case, the calcutta high court considered the amendment effected by the finance act, 1980, and observed as under (headnote) : '........... ..... it was, however, submitted by learned counsel for the revenue that these two cases arose under the wealth-tax act and the language of the relevant sections of the wealth-tax act and the income-tax act being different, those decisions cannot be regarded as authorities for the purpose of holding that trustees of discretionary trust should be regarded as an individual. 7. mr. ..... mammed kayi : [1981]129itr307(sc) wherein it has been held that the expression 'individual' in section 3 of the wealth-tax act, 1957, includes within its ambit mappilla marumakkathayam tarwads and they are well within the purview of the taking provisions of the enactment. ..... harivadan tribhovandas 0043/1973 : [1977]106itr494(guj) construed the words 'body of individuals' occurring in section 2(31) of the act as a conglomeration of individuals who carry on some activity with the object of earning income. ..... nizam's family (remainder wealth) trust : [1977]108itr555(sc) 'it may be noted that, while interpreting the corresponding provisions in section 41 of the indian income-tax act, 1922, and section 161 of the income-tax act, 1961, this court in c. r. .....

Commissioner of Income-tax Vs. Deepak Family Trust No. 1 and Others.

Court : Gujarat

Reported in : (1995)119CTR(Guj)150; [1995]211ITR575(Guj)

..... the amendment effected by the finance act, 1980, has done away with the deeming provisions whereby a trust, under section 164(1), could be assessed as though it were an ..... case, the calcutta high court considered the amendment effected by the finance act, 1980, and observed as under (headnote) ..... it was, however, submitted by learned counsel for the revenue that these two cases arose under the wealth-tax act and the language of the relevant sections of the wealth-tax act and the income-tax act being different, those decisions cannot be regarded as authorities for the purpose of holding that trustees of discretionary trust should be regarded ..... expressed by the calcutta high court, it will have to be held that the representative assessee in the case of a discretionary trust must be regarded as an individual and thus would be entitled to the benefit of deductions under section 80l of the act.in the result, we answer the questions referred in all these references accordingly, that is, in favour of the assessee and against the revenue. ..... mammed kayi : [1981]129itr307(sc) wherein it has been held that the expression 'individual' in section 3 of the wealth-tax act, 1957, includes within its ambit mappilla marumakkathayam tarwads and they are well within the purview of the taking provisions ..... /1973 : [1977]106itr494(guj) construed the words 'body of individuals' occurring in section 2(31) of the act as a conglomeration of individuals who carry on some activity with the object of earning income .....

Alembic Chemical Works Co. Ltd. (No. 2) Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : [1992]194ITR497(Guj)

..... act, 1980, with effect from april 1, 1962, to provide that no depreciation would be allowed in respect of assets used for scientific research, if the entire cost thereof has been deducted under that section ..... the income-tax appellate tribunal ('the tribunal' for short) has referred to us, for our opinion, the following questions under section 256(1) of the income-tax act, 1961 : 'for the assessment year 1972-73 : whether, on the facts and in the circumstance of the case, for the purpose of working out the capital gains out of the sale of original shares and ..... section 35(2)(iv), before its amendment, provided that, where a deduction is allowed for any previous year under that section in respect of expenditure represented wholly or partly by an asset, no deduction shall be allowed under clauses (i), (ii), (iii) and (vi) of sub-section (1) or under sub-section (1a) of section 32 for the same previous year in respect of ..... section 35(2)(iv) has, however, been amended by the finance ..... of the expenditure incurred on scientific research, as provided in section 35(1)(iv) read with section 35(2) of the income-tax act, 1961. ..... this case may be certified as a fit one for appeal to the supreme court under section 261 of the act. ..... in section 32, was not allowable only in the previous year in which deduction was allowed under section 35 ..... 39b of 1980, respectively. ..... 35 of 1980 (see : [1992]194itr497(guj) ), answered the question against the assessee following the decision of the supreme court in the case .....

Shankerlal Gafurbhai Patel Vs. Commissioner of Income Tax

Court : Gujarat

Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)

..... per cent gold bonds, 1977, [7 per cent gold bonds, 1980], [and national defence gold bonds, 1980]'{inserted by the finance (no.2) act, 1965, w.e.f. ..... commissioner of income tax, tamil nadu-v reported in : [1983]144itr886(mad) the court observed like this:'section 45 of the i.t.act enacts that tax under the head 'capital gains' shall be payable on any profit or gain arising from the transfer ..... date for redemption, as the case may be, if the assessee does not collect the money though so offered and kept ready, he may claim exemption, which is not the intent and purpose of section 5.6.2 learned counsel for the revenue further submitted that the submission of the assessee is also not tenable in law e.g. ..... , any subsequent sale, exchange or transfer of such gold within the meaning of section 2(47) of the income-tax act would attract capital gains tax in respect of capital gain arising from such sale, ..... any subsequent sale, exchange or transfer of such gold within the meaning of section 2(47) of the income tax act would attract capital gains tax in respect of capital gains arising from such sale ..... 2) act, 1965, with effect from 1.4.1965, 7% gold bonds, 1980 were added in the said provision and thereafter under taxation laws (amendment and miscellaneous provisions) act, 1965, with effect from 4.12.1965, national defence gold bonds, 1980 were further included ..... section 5(1)(xvia) of the act was enacted as under with effect from 13.12.1962 by taxation laws (amendment) act, 1962 :'to exempt 6 1/2% .....

Gaekwad Investment Corporation Ltd. Vs. Commissioner of Income-tax, Gu ...

Court : Gujarat

Reported in : [1982]138ITR61(Guj)

..... question has been referred to us for our opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the order of the commissioner of income-tax that the relief under section 85a of the act for the assessment year 1967-68, and under section 80m of the act for the assessment years 1968-69 and 1969-70, was admissible only on the income from dividend as computed under the provisions ..... : 'where any deduction is required to be allowed under section 80m in respect of any income by way of dividends from a domestic company which is included in the gross total income of the assessee, then, notwithstanding anything contained in that section, the deduction under that section shall be computed with reference to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross ..... in the statement of objects explaining the reasons for the insertion of section 80aa, it was specifically stated that the clause was being introduced so that the effect of the supreme court decision in cloth traders (p. ..... 2) act of 1980, which inserted s. ..... 80aa but this amendment was with retrospective effect from april 1, 1968. ..... 2) act of 1980 with effect from 1st april, 1968, the computation of the relief under s. ..... section 12 of the finance (no. ..... 80aa inserted by the finance (no. ..... after the decision of the supreme court, the legislature, by finance (no. .....

Punjalal L. Shah (Huf) Vs. Cit

Court : Gujarat

Reported in : (2001)170CTR(Guj)444

..... 2) act of 1980 with effect from 1-4-1980 and being directly relevant for answering the questions referred, is reproduced in full as under :'notwithstanding anything contained in the foregoing provisions of this section, where a partial partition has taken place after the 31-12-1978, among the members of an huf hitherto assessed as undivided; (a) no claim that such partial partition has taken place shall be inquired into under sub-section (2) and no finding shall be recorded under sub-section (3) that such partial partition ..... as has been contended in reply on behalf of the revenue, such argument on behalf of the assessee cannot be accepted as that would nullify the effect of the provisions contained in sub-section (9) of section 171 and would directly frustrate the very purpose of the amended provision, as in that case the partial partition would have to be recognised partly for the purpose of determining the share of income of the smaller huf in the three partnership firms. ..... had taken place and any finding recorded under sub-section (3) to that effect whether before or after the 18-6-1980, being the date of introduction of the finance (no. .....

Punjalal L. Shah (Huf) Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : [2002]253ITR718(Guj)

..... 2) act of 1980 with effect from april 1, 1980, and being directly relevant for answering the questions referred, is reproduced in full as under : 'notwithstanding anything contained in the foregoing provisions of this section, where a partial partition has taken place after the 31st day of december, 1978, among the members of a hindu undivided family hitherto assessed as undivided,-- (a) no claim that such partial partition has taken place shall be inquired into under sub-section (2) and no finding shall be recorded ..... as has been contended in reply on behalf of the revenue, such argument on behalf of the assessee cannot be accepted as that would nullify the effect of the provisions contained in sub-section (9) of section 171 and would directly frustrate the very purpose of the amended provision, as in that case the partial partition would have to be recognised partly for the purpose of determining the share of income of the smaller-hindu undivided family in the three partnership firms. ..... under sub-section (3) that such partial partition had taken place and any finding recorded under sub-section (3) to that effect whether before or after the 18th day of june, 1980, being the date of introduction of the finance (no. .....

Union of India and ors. Vs. Zenith Silk Mills

Court : Gujarat

Reported in : AIR1985Guj90

..... auxiliary duty on imported goods, recoverable under section 44 of the finance act, 1982.the government issued an exemption notification (as amended from time to time) being no. ..... the contention is that as per the legislative policy reflected in sections 129e and 131 of the customs act, 1969, as amended by finance act no. ..... the respondent company desired to have these notifications so construed as exempting the goods imported by them from all customs duties, that is, not only the basic duty of customs, but also additional customs duty under section 3 of the customs tariff act and auxiliary duty under section 44 of finance act no. ..... that the civil courts have jurisdiction to examine cases in which the customs authority has not complied with the provisions of the statute or the officer of customs has not acted in conformity with the fundamental principles of judicial procedure or the authority has acted in violation of the fundamental principles of judicial procedure or he has made an order which is not within his competence or the statute which imposes liability is unconstitutional, or where the order is alleged, to be mala ..... basic customs duty chargeable under section 12 of the customs act, 1962 read with section 2 of the act.2. ..... 2 of 1980, a party is required to deposit or to pay the duty in question as the case may be, notwithstanding the fact that an appeal or a reference has been made and the same is pending. .....