Court : Gujarat
..... we have examined the rival contentions and according to us the following issues fall for consideration in this matter:- (i) whether the insertion of the explanation to section 80-ib(9) of the income tax act, 1961 by finance (no.2) act, 2009 with retrospective effect from 1.4.2000 explaining the meaning of the term "undertaking" is unconstitutional and ultra vires to article 14 of the constitution of india? ..... explanation added to section 80-ib(9) by the finance (no.2) act, 2009 (reproduced above) with retrospective effect from 1.4.2000, reads as under :- "explanation :- for the purposes of claiming deduction under this sub-section, all blocks licensed under a single contract, which has been awarded under the new exploration licensing policy announced by the government of india vide resolution no.o-19018/22/95-ong.dq.vl dated 10th february, 1999 or has been awarded in pursuance of any law for the time being in force or has been ..... it is also proposed to further amend the said sub-section (9) as so substituted and further amended by inserting a new clause (iv) to provide that the benefit of deduction under the said sub-section shall be available if the undertaking is engaged in commercial production of natural gas in blocks licensed under the viii round of bidding for award of exploration contracts under the new exploration licensing policy announced by the government of india vide resolution no.o-19018/22/95-ong.do.vl dated 10th february, 1999 (hereinafter referred to as "nelp .....
Tag this Judgment!Court : Gujarat
..... we have examined the rival contentions and according to us the following issues fall for consideration in this matter:- (i) whether the insertion of the explanation to section 80-ib(9) of the income tax act, 1961 by finance (no.2) act, 2009 with retrospective effect from 1.4.2000 explaining the meaning of the term "undertaking" is unconstitutional and ultra vires to article 14 of the constitution of india? ..... explanation added to section 80-ib(9) by the finance (no.2) act, 2009 (reproduced above) with retrospective effect from 1.4.2000, reads as under :- "explanation :- for the purposes of claiming deduction under this sub-section, all blocks licensed under a single contract, which has been awarded under the new exploration licensing policy announced by the government of india vide resolution no.o-19018/22/95-ong.dq.vl dated 10th february, 1999 or has been awarded in pursuance of any law for the time being in force or has been ..... it is also proposed to further amend the said sub-section (9) as so substituted and further amended by inserting a new clause (iv) to provide that the benefit of deduction under the said sub-section shall be available if the undertaking is engaged in commercial production of natural gas in blocks licensed under the viii round of bidding for award of exploration contracts under the new exploration licensing policy announced by the government of india vide resolution no.o-19018/22/95-ong.do.vl dated 10th february, 1999 (hereinafter referred to as "nelp .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)173; [1982]134ITR201(Guj)
..... 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 ..... permitted to go back upon the arrangement because it was only on the basis of that arrangement between the assessee and the department that the two disclosures were made, one under the ad hoc scheme of the finance act of 1965 and the other under s ..... certificate was issued on november 25, 1965, by the commissioner, gujarat-i, certifying that the assessee had made a declaration under clause 68 of the finance act of 1965 of income amounting to rs ..... view of this arrangement which was arrived at, it may be pointed out that there was an agreed assessment but the agreed assessment was cast in the form of voluntary disclosure schemes of the finance act of 1965 (what is called an ad hoc scheme) and the scheme under the finance (no ..... whether, on the facts and in the circumstance of the case, tribunal was justified in holding that imposition of penalties under section 271(1)(c) was justified for, (a) assessment year 1962-63, (b) for assessment year 1963-64, and (c) assessment year 1964-65 ?' ..... . along with this form a statement was annexed and the statement was in these terms: 'since the samvat year 2009 the declarant's business of manufacture and sale of biris has increased and the firm was obliged to borrow loans due to ..... chairman, central board of revenue, new delhi. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)25CTR(Guj)263
..... on the facts and in the circumstances of the case, the tribunal was justified in rejecting the assessee's 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 ?' 10. ..... 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 ? ..... - (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 gains in respect of which deduction of ..... 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 profits and gains on such exports, the qualifying income shall be taken to be the amount by which the profits and gains so ascertained in accordance with the provisions of the income-tax act, 1961 (43 of 1961) (hereinafter referred to as the act), and included in the total income exceed the aggregate of the amount or any portion thereof on which income-tax or super-tax is not payable and the amount in respect of which a ..... 'derive' in webster's new 20th century dictionary, 2nd edn .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]142ITR503(Guj)
..... references is identical, namely : 'whether, on the facts and in the circumstances 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. ..... or processing of goods' has not been defined by the finance act, 1973, or the finance act, 1974. ..... 2(6)(d) of the finance act, 1968, observed that it was evident from the context in which that word was used, that it was complementary to the term 'manufacture' and, therefore, would ..... 2(8)(c) of the finance act, 1974, is ..... 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 ..... 2(7)(c) of the finance act, 1973, and, therefore, the order of the commissioner directing levy of tax at the rate ..... the finance act, ..... the finance act, ..... to consider whether the tribunal was right in coming to the conclusion that pressing of loose cotton into bales amounts to processing of cotton within the meaning of the definition of 'industrial company' in the two relevant finance acts. 6. ..... took the view that no manufacturing process was involved in ginning cotton as the process of ginning did not create any new or distinctive commodity. ..... , the term 'manufacture' means a process which results in an alteration or change in the goods which are subjected to the process of manufacturing leading to the production of a commercially new article. .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)25CTR(Guj)263; [1982]137ITR616(Guj)
..... 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 ..... and circumstances of the case, the tribunal was justified in rejecting the assessees 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 ..... - (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 gains ..... his decision in the assessment year 1963-64, rejected the assessee-companys claim for rebate under the aforesaid provisions of the relevant finance acts in the assessment years 1964-65 and 1965-66.being aggrieved by the rejection of its claim, the assessee-company carried the matter ..... gains on such exports, the qualifying income shall be taken to be the amount by which the profits and gains so ascertained in accordance with the provisions of the income-tax act, 1961 (43 of 1961) (hereinafter referred to as the act), and included in the total income exceed the aggregate of the amount or any portion thereof on which income-tax or super-tax is not payable and the amount in respect ..... in websters new 20th century .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR746; [1965]56ITR621(Guj)
..... by the time this petition came to be heard by this court, parliament had enacted act xxxiii of 1954 which, as stated above, introduced section 34(1a) in section 34 of the indian income-tax act and this court came to the conclusion on a comparison of the provisions of section 5(1) of the act with section 34(1a) of the indian income-tax act that the new sub-section inserted in section 34 by act xxxiii of 1954 was intended to deal with the class of persons who were said to have been classified for special treatment by section 5(1) of act xxx of 1947.' 13. ..... section 34, as it stood immediately prior to its amendment by the finance act, 1956, was the section as amended on 17th july, 1954, by the insertion, inter alia, of sub-sections (1a) and (1b). ..... any time notwithstanding the expiration of the period of eight years provided under the section as it stood prior to its amendment by the finance act, 1956, and also enacted section 4 in the following terms for validation of notices issued prior to the commencement of the amending act : 'no notice issued under clause (a) and sub-section (1) of section 34 of the principal act at any time before the commencement of this act and no assessment, reassessment or settlement made or other proceedings taken in consequence of such notice shall be called .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)212CTR(Guj)285
..... that the appellate tribunal was in error in deleting the value of the factory and research buildings which were under construction and not in actual use for the purpose of business as contemplated under the provisions of section 40(3)(vi) of the finance act, 1983 and that in allowing the claim of the assessee, the tribunal had misread the plain and simple language of the said provisions. ..... bhatt, appearing for the revenue, submitted that the reference was restricted to the issue arising in the assessment year 1986-87 and the subsequent amendment of clause (v) of sub-section (3) of section 40 of the finance act, 1983 did not make any difference insofar as the issue was confined to interpretation and application of the provisions of section 40(3)(vi) of the finance act, 1983. ..... 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. ..... 528 dated 16.12.1988 it was clarified that the proposed amendment to sub-section (3) would take effect from 1.4.1989 and apply in relation to the assessment year 1989-90 and subsequent years and will not have retrospective effect, the rule of reasonable interpretation required that the provisions inserted to remedy the unintended consequences or the proviso which supplied an obvious omission were read into the section; and such amendments were required to be treated as retrospective in operation. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR500(Guj)
..... - notwithstanding anything contained hereinabove or in any other law for the time being in force, nothing contained in any declaration made under this section shall be admissible as evidence against the declarant for the purpose of any assessment proceeding or any proceeding relating to imposition of penalty or for the purpose of prosecution under any of the acts mentioned in sub-section (9) or the wealth-tax act, 1957 (xxvii of 1957), in respect of any amount specified in an order made by the commissioner under sub ..... while rejecting the contention of the assessee that as they had made a disclosure-petition under section 24(11) of the aforesaid act, no penalty could be imposed, the inspecting assistant commissioner observed that though the assessee had disclosed the hundi loans, the assessee did not withdraw their claim for interest on such loans, and if the ..... the inspecting assistant commissioner was also of the view that the assessee's case was covered by the explanation to section 271(1)(c) as the income returned by the assessee was less than 80 per cent of the income assessed and, therefore, the assessee was deemed to have concealed the particulars of income and furnished inaccurate particulars thereof, as ..... 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. ..... it, therefore, cannot be said that the tribunal for the first time imposed penalty on a new ground. .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR745(Guj)
..... in the submission 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 with ..... 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. ..... the assessee are well-founded for two significant reasons : in the first place, the distinction in the matter of deductibility of expenses made by a company in the case of directors and employees before the finance act of 1964, or thereafter continues to prevail because in the ultimate analysis the legislature was making different provisions about the amount of expenses which would not be deductible in computing the income chargeable under the head ..... been referred to us for our opinion by the appellate tribunal : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that section 40(a)(v) was not applicable but section 40(c) of the act was applicable to the facts of the case, though the managing directors are the employees of the assessee-company the next question which, therefore, arises for our opinion is : what is ..... amending act of 1968 does not appear to have been altered when the new sub-clause (v) was inserted in clause (a) of section 40 .....
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