Court : Gujarat
..... it was further held that since the assessee was under a genuine and bona fide belief that it was not under any obligation to deduct tax at source from the home salary paid by the foreign company, penalty u/s.271c was not leviable as reasonable cause was shown for not deducting tax at source. ..... 10.1 the apex court held that the payment of home salary abroad by the foreign company to the expatriates had a connection or nexus with their rendition of services in india and therefore, such payment constituted income, which was deemed to accrue or arise to the recipient in india as salary earned in india in terms of section 9(1)(ii) of the act. ..... since the assessee had failed to deduct tax at source in respect of the home salary paid abroad by the foreign company to the expatriate employees, it was asked to explain. ..... (supra), the assessee was a joint venture company between el, netherlands, a foreign company and r, an indian company. ..... case (supra), we are of the opinion that the assessee acted under the bona fide belief that the gift coupons, being in the nature of mementos to commemorate conferment of awards, were not in the nature of payment of salary ..... it was found that the total remuneration paid was only on account of services rendered in india and no work was performed by the expatriates for the foreign company. ..... the foreign partner had appointed four expatriates to the assessee in india ..... hence, the provisions of sections 17(2)(iii) and 17(2)(iv) were applicable on the payments made by the .....
Tag this Judgment!Court : Gujarat
..... reported in [1996] 218 itr 384, the court held that rule 115 does not lay down that all foreign currencies received by the assessee will be converted into indian rupees only on the last date of the accounting period. ..... rule 115 of the income-tax rules, 1962 thus has application for a specific purpose and has no bearing while judging whether foreign exchange rate fluctuation gain can form part of the deduction under section 80hhc of the act. ..... if this is the position when the remittance is made during the same year of the export, we fail to see what material change can it bring about if within the time permitted under sub-section(2) of section 80hhc, the remittance is made but in the process accounting year has changed. ..... the assessee being engaged in the business of export and having made the export, mere fact of the remittance being made after 31st of march of the year when export was made, would not change the situation insofar as, relation of such income to the assessees export business is concerned. ..... to our mind mere change in the accounting year can have no real impact on the nature of the receipt. ..... the conclusion of the assessing officer that since the year during which such sale proceeds were received by the assessee export was not made, would not in any manner change the situation. .....
Tag this Judgment!Court : Gujarat
..... this section shall apply to any change in the shareholding of an indian company which is a subsidiary of a foreign company as a result of amalgamation or demerger of a foreign company subject to the condition that fifty one per cent shareholders of the amalgamating or demerged foreign company shareholders of the amalgamating or demerged foreign company continue to be shareholders of the amalgamated or the resulting foreign company." ..... contention of learned advocate for the appellant that the tribunal has committed error in confirming the finding of the cit(a) that there was no provision either in the company's act or in the income tax act which provides that shares alloted to the shareholders of amalgamating company should relate back to the date from which the amalgamation scheme was made effective by the order of the ..... before dealing with the contentions, it would be relevant to reproduce section 79 of the income tax act, which reads as under:- "section 79 notwithstanding anything contained in this chapter, where a change in shareholding has taken place in a previous year in the case of a company carrying not being a company in which the public are substantially interested, no loss incurred in any year prior to ..... 5.1 learned advocate for the respondent has drawn our attention to section 79 of the income tax act and submitted that in view of the aforesaid section and in view of the observations made by the cit(a) in its order, no interference is required to be called for by this .....
Tag this Judgment!Court : Gujarat
..... favour of the assessee by holding that when no expenditure are shown to have been incurred by the assessee for earning gross dividend income, deduction under section 80m of the act cannot be curtailed to reduce the amount qualifying for claim of deduction under section 80m of the act by assuming the amount of expenditure, which is assumed to have incurred by the assessee. ..... however, we are of the view that, since, it is an admitted position that the appellant, herein, has got decree of a foreign court in his favour, and therefore, there being a possibility of realizing the amount in near future, the tribunal was justified in holding that business loss suffered by the appellant in china is not ..... commissioner of income tax [2012] 343 itr 89 (sc) wherein, it has been held that for the purpose of section 80hhc of the act, it is not the entire amount received by the assessee on sale of depb credit but, the sale value less the face value of the depb that will represent profit on transfer of ..... 5 is concerned, it is true that the assessee has got decree of a foreign court in its favour, but, merely by that it cannot be said that the ..... there is a finding that the assessee has actually incurred expenditure to earn dividend income, the revenue has no basis to reduce the amount of dividend, which would qualify for deduction under section 80m of the herein above, has taken the same view. ..... nominal and by obtaining the land on lease, the capital structure of the assessee did not undergo any change. .....
Tag this Judgment!Court : Gujarat
..... of cities, towns and villages, or for both; or (g) any society registered under the societies registration act, 1860 (21 of 1860) or under any law corresponding to that act in force in any part of india; or (h) any trust; or (i) any university established or incorporated by or under a central, state or provincial act and an institution declared to be a university under section 3 of the university grants commission act, 1956 (3 of 1956); or (j) any government of a foreign state or a foreign enterprise or any association or body established outside india; or (k) any firm; shall, at the time ..... and the company of which he is the principal officer does not deduct or after deducting fails to pay the tax as required by or under this act, he or it shall, without prejudice to any other consequences which he or it may incur, be deemed to be an assessee in default in respect of the tax: provided that no penalty shall be charged under section 221 from such person, principal officer or company unless the assessing officer is satisfied that such person or principal officer or company, as the case ..... in view of this clear intention of including being effective from a prospective date, it is clearly by indicate of the fact that the proposed amendment is not brought by way of clarification of any existing professions but is intended to bring substantial change in the existing provision. .....
Tag this Judgment!Court : Gujarat
..... parikh for the respondent submitted that in absence of any notification under section 6 of the customs act, the customs authority alone could decide such refund applications. 2. ..... only the director general of foreign trade, who would have all the necessary documents, could have entertained such applications. .....
Tag this Judgment!Court : Gujarat
..... it appears that against said rekhaben champaklal sheth, the authority under the smugglers and foreign exchange manipulators (forfeiture of property) act, 1976 ('safema', for short) instituted proceedings for forfeiture of her property. ..... (4) the society shall make such purchaser its member and transfer the plot in question in his or her name, of course subject to clearance of all the legal dues of the society and payment of such transfer charges as may be permissible under the law ..... replies, the society opposed such request on the ground that a member of the society is only the owner of the superstructure, the ownership of the land always remains with the society, and further that in view of section 22 of the gujarat cooperative society act, the central government cannot be a member of the cooperative society. 3. ..... initially had correspondence with the petitioners first indicating that the said plot has been forfeited, and thus, vested in the central government, and thereafter, insisting that the society enter the name of the central government, and it is registered as an owner of the plot. ..... the other opposition is that the gujarat cooperative society act lays down the categories of the persons who can be members of the cooperative society which does not include the central government, and therefore the request of the competent authority for joining the ..... october 1986, said shri thakker applied to the society for transfer of the said plot in the name of rekhaben champaklal sheth. 2. .....
Tag this Judgment!Court : Gujarat
..... writ to quash and set aside the order of respondent no.2 - commissioner of income tax-i at annexure-l rejecting the revision petition filed by the petitioner under section 264 of the income tax act, 1961 ("the act" for short)on the ground that the petitioner had not made out sufficient cause for condonation of delay in filing the revision application; and has also prayed to ..... becomes due to the assessee under this act, he shall, subject to the provisions of this section, be entitled to receive, in addition to the said amount, simple interest thereon calculated in the following manner, namely:- (a) where the refund is out of any tax paid under section 115wj or collected at source under section 206c or paid by way of advance tax or treated as paid under section 199, during the financial year immediately preceding ..... section 195(1) casts an obligation upon every person in this country to deduct tax at the prevailing rates from out of any sum which is remitted to a non resident/foreign ..... sub section (2) of section 195 provides that where a person responsible for paying any such sum chargeable under the act to a non resident/foreign company considers that the whole of such sum would not be the income chargeable in the case of recipient, he may make an application to the assessing officer/income ..... without extending the similar benefit to a resident/ deductor who has deducted tax at source and deposited the same before remitting the amount payable to a nonresident/ foreign company. 17. .....
Tag this Judgment!Court : Gujarat
..... days after the date of its expiry the fee payable for such renewal shall be such amount as may be prescribed by the central government: provided that the fee referred to in sub-section (3) may be accepted by the licensing authority in respect of an application for the renewal of a driving licence made under this sub-section if it is satisfied that the applicant was prevented by good and sufficient cause from applying within the time specified in sub ..... complete data of the holder of the license is with the office of the respondent no.3 stored in the computer and if at all a photograph is needed to be changed for the purpose of renewal then for such purpose the presence of the holder of the driving license is not necessary. ..... the system has the attributes to compare fingerprints on defined scales on the basis of first name, surname and date of birth which shall eliminate the possibility of issue of more than one license to the same ..... a plain reading of section 14 of the act referred to above indicates that if the person, who has obtained the licence for the first time, or on the renewal thereof is below the age of 50 years on the date of issue or as the case may be renewal thereof ..... according to mr.dave, once there is a medical certificate in form-1a, then the same would take care of the inquiry as regards the status of the applicant, more particularly whether he is living / dead / is in the country / is in a foreign country. ..... he is living / dead / in the country / in a foreign country. .....
Tag this Judgment!Court : Gujarat
..... that it is not open to objection under section 21 or 22; [e] if any document is in a language which he does not understand, the provisions of section 19 are complied with; [f] any interlineations blanks, erasures or alterations appearing in the document are attested by the signature or initials of the person or persons executing the same as required by section 20; [g] the deed does not contravene the provisions of sub-section [1] of section 5 of the foreign exchange regulation act, 1947, and [h] whether sale certificate and prior ..... than leviable thereon, or is held not chargeable with duty, by the collector, the chief controlling revenue authority may, within a period of six years from the date of certificate of the collector under sections 32, 32a, 39 or 41, as the case may be, required the concerned party to produce before him the instrument and, after giving a reasonable opportunity of being heard to the party, examine such ..... shall require the party liable to pay the duty, to make payment of such amount as is required to make up the difference between the amount of duty determined under this sub-section and the amount of duty already paid by him and shall also require such party to pay a penalty of two hundred and fifty rupees or the amount of the proper duty or of the ..... he has been given discretion not to accept such presentation and to ask the person presenting the document to get the proper valuation done by a competent person, namely, the deputy collector. .....
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