Court : Gujarat
Reported in : [1983]142ITR503(Guj)
..... we do not consider it necessary to enter into a discussion on this question because the tribunal has ultimately come to the conclusion that pressing of cotton amounts to processing of goods within the meaning of the definition of the term 'industrial company' and, therefore, the assessee is entitled to the tax concession available to such companies by virtue of the aforesaid two finance acts. ..... as the question involved in both the 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. ..... we have, therefore, 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. ..... the expression 'manufacture or processing of goods' has not been defined by the finance act, 1973, or the finance act, 1974. ..... [1964] 15 stc 865 and the decision of the kerala high court in casino (pvt. ..... state of punjab [1964] 15 stc 865 (punj) to which a reference is found in the decision of the kerala high court in cit v. ..... : [1973]91itr289(ker) the division bench of the kerala high court, while dealing with the word 'processing' appearing in s. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)25CTR(Guj)263
..... 84 of 1976 : 'whether, 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. ..... we are in full agreement with the view taken by the bombay high court and to some extent with the view taken by the kerala high court. ..... in the case before the kerala high court, the assessee had made certain profits by the sale of import entitlements, and one of the questions which arose before the kerala high court was whether such profits could be regarded and considered to be profit derived from export of any goods or merchandise out of india within the meaning of s. ..... the same argument which is advanced before us was advanced on behalf of the assessee before the kerala high court, namely, that the assessee had become eligible for import entitlement only on account of its having exported goods out of india. ..... the provision which was considered by the kerala high court was identical with the provision which is under consideration in the instant case. ..... cit : [1978]114itr822(ker) , the kerala high court dealt with the words 'derive profits and gains from export of goods' used in s. .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)25CTR(Guj)263; [1982]137ITR616(Guj)
..... under the circumstances, the ito, following 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 in appeal before the aac ..... in the case before the kerala high court, the assessee had made certain profits by the sale of import entitlements, and one of the questions which arose before the kerala high court was whether such profits could be regarded and considered to be profit derived from export of any goods or merchandise out of india within the meaning of ..... , following the decisions of the privy council, the supreme court, kerala high court, and bombay high court, in our opinion, the assessee-company is not entitled to include the savings made by it, on account of import of raw materials as stated above, in the profits and gains derived from the export of goods.in the result, the questions referred to us in each of the references is answered in the affirmative and against the assessee-company ..... in full agreement with the view taken by the bombay high court and to some extent with the view taken by the kerala high court. ..... the same argument which is advanced before us was advanced on behalf of the assessee before the kerala high court, namely, that the assessee had become eligible for import entitlement only on account of its having exported goods out of .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)2GLR596
..... state of kerala : air1962sc922 , the supreme court was concerned with the validity of a notification of august 3, 1950 framing new rules for the issue of licences issued under the cochin tobacco act and travancore tobacco act, which stood repealed by the finance act. ..... therefore, when section 13(2) of the finance act provides that on the extension of the central act from april 1, 1950 to the part b state of travancore-cochin, any law corresponding to the central act is repealed with effect from that date, all that we have to see is whether the law repealed substantially provided for the same matters as the central act even though it may, not be identical in all respects.10. ..... the high court did not deal with what is the effect of section 13(2) of the finance act on the cochin act or travancore act with effect from the coming into force of the finance act, 1950. ..... section 11(1) of the finance act extended the central act and the rules and orders made there under, which were in force immediately after the commencement of the finance act to all part b states except jammu and kashmir. ..... in that context, the supreme court was required to consider as to what was the import of the expression 'corresponding law' used in section 13(2) of the finance act, 1950. ..... section 13(2) of the finance act specifically provided that from april 1, 1950 any law corresponding to central law will be repealed from that date. .....
Tag this Judgment!Court : Gujarat
Reported in : [1979]117ITR831(Guj)
..... we do not think that this observation supports the case of the revenue for two reasons: in the first place, the entire observation is not taken into consideration by the learned advocate for the revenue, and, in the second place, the question which the division bench of the kerala high court was called upon to consider was: what is the meaning of the word 'accrue' in s. ..... act in order to appreciate the opinion of the division bench of the kerala high court in its proper perspective, we must read the observation relied upon by the learned advocate for the revenue in its context. ..... ced : [1971]81itr745(ker) , where the question before the kerala high court was, where the value of a particular cash amount representing the balance in the drawing account, of the wife and children of the deceased inclusive of the property, was liable to be included in the taxable estate of the deceased. ..... ced : [1967]63itr497(sc) : 'the crux of the section lies in two parts: (1) the donee must bona fide have assumed possession and enjoyment of the property, which is the subject-matter of the gift, to the exclusion of the donor, immediately upon the gift, and (2) the donee must have retained such possession and enjoyment of the property to the entire exclusion of the donor or of any benefit to him, by contract or otherwise...... ..... 750): 'in section 34(4) (section 6(5) of the british finance act of 1894), the word used is 'accrue'. .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]122ITR341(Guj)
..... it is true that the kerala high court, though it has taken the view that the explanation enacts a rule of evidence and is, therefore, a part of the procedural law, it cannot still be applied to cases governed by section 271(1)(c) as it stood prior to its amendment by the finance act, 1964, because the procedural amendment was closely and inextricably linked up with the change simultaneously introduced in section 271(1)(c), viz. ..... however, by the finance act, 1964, two changes were brought about, so far as section 271(1)(c) is concerned; first, the word 'deliberately' preceding the expression 'furnished inaccurate particulars of such income' was deleted and, secondly, the explanation was added. ..... then, there is the explanation to section 271(1)(c), which was introduced by the finance act, 1964, which at the material time read as follows:'explanation. ..... we are only referring to this authority for the limited purpose of showing that the kerala high court has also taken the same view as regards the nature and content of this explanation as we have done.40. .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)57CTR(Guj)114; [1986]160ITR15(Guj)
..... prior to its substitution by the finance act, 1972, with effect from april 1, 1972, clause (3) of section 10 read as under : 'any receipts which are of a casual and non-recurring nature, unless they are - (i) capital gains, chargeable under the provisions of section 45, or (ii) receipts arising from business or the exercise of a profession or occupation, or (iii) receipts by way of addition to the remuneration of an employee.' 6. ..... this contention of the assessee was rejected by the income-tax officer, the appellate assistant commissioner and the tribunal and in the reference made at the instance of the assessee, the kerala high court upheld the view taken by the tribunal observing as follows (at p. ..... it is true that the increase in the sale proceeds was because of devaluation which had no direct connection with the trading activity of the assessee, but it cannot be gainsaid that as a result of the devaluation, the assessee became entitled to receive a larger amount or price in terms of rupees for the goods sold and the income which the assessee derived as a result thereof directly arose in the course of the trade and constitutes a trading profit. ..... we respectfully agree with the view taken by the kerala high court. ..... a similar view was taken by the kerala high court in m. .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)2GLR1528
..... the amount standing to his credit in the fund in accordance with the rules of the fund;(d2) a loan to or by an insurance company as defined in the insurance act, 1938 (vi of 1938));(e) a loan to, or by bank;(f) an advance made on the basis of a negotiable instrument as defined in the negotiable instruments act, 1881 (xxvi of 1881), other than a promissory note;[(g) except for the purposes of sections 23 and 25:(i) a loan to a trader;(ii) a loan to a money-lender who holds, a valid licence; or(iii) a loan, by a landlord to his tenant for financing of crops or seasonal finance ..... , a statement in any recognized language showing in clear arid distinct terms the amount and date of the loan and of its maturity the nature of the security, if any, for the loan, the name and address of the debtor and of the money-lender and the rate of interest charged; (ii) to the assistant registrar, within the said period (a statement containing the particulars referred to in clause (a) (i))(3) no money-lender shall receive any ..... or other property in a government post office bank or in any other bank or in a company or with a co-operative society;(b) a loan to, or by, or a deposit with any society or association registered under the societies registration act, 1860, (xxi of 1860) or any other enactment relating to a public, religious or charitable object;(c) a loan advanced by government or by any local authority authorised by government;*((cc) a loan advanced to a government servant from ..... kerala ..... kerala .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR771(Guj)
..... being aggrieved by the above-referred order of the tribunal, the revenue has preferred this reference in which the tribunal has referred to us the following question : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the relief under section 80-i of the act should be allowed to the assessee-company at 8% of rs. ..... with great respect to the learned judges of the kerala high court who have decided this case, we find ourselves unable to follow the reasoning adopted by them. ..... with regard to the carried forward development rebate, however, we shall add a few more words in view of the definition of 'gross total income' given in clause (5) of section 80b, and the amendment which is made in sub-section (2) of section 33, which relates to development rebate, by the same finance (no. ..... the question which is referred to us by the tribunal for our opinion arises out of the construction of section 80-i of the new chapter vi-a, which has replaced section 80e of the old chapter vi-a by finance (no. ..... we find that the reasoning which has guided us in reaching that judgment is available to us with greater force in this reference in view of the above discussed amendments brought about by the finance (no. ..... the amendment made in this sub-section (2) by the finance (no. ..... the amendment made by finance (no. ..... we have thus noticed that finance (no. ..... this substitution came into force by virtue of finance (no. .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]259ITR149(Guj)
..... the kerala high court held that an order can be said to be the 'subject of an appeal' within the meaning of section 264(4) of the income-tax act, 1961, only if the appeal was considered and disposed of on the merits ; an appeal which was dismissed as withdrawn at the instance of the assessee or where an appeal was dismissed on the ground that the same was incompetent or where an appeal was dismissed as barred by limitation or where the appeal was dismissed for nonpayment of undisputed tax as a condition precedent for entertaining the appeal cannot be said to have ..... the rate of interest for this purpose would obviously be the rate of interest which the assessee would have been liable to pay under the provisions of the income-tax/wealth-tax act, as the case may be, if the liability of the assessee to pay the amounts in question under the relevant acts arose on march 9, 1999, that is, the 30th day after the passing of the order of the designated authority as contemplated by sub-section (2) of section 90 of the finance (no. ..... the intention of parliament in enacting the statute provisions can be gleaned from the memorandum explaining the provisions of the finance bill which sets out the object behind the clause. ..... naik has relied on the following paragraph from the speech of the finance minister while introducing the scheme (see [1998] 231 itr 45) :'litigation has been the bane of both direct and indirect taxes. .....
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