Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1990)35ITD597(Gau.)
..... the value of the property after excluding rs. 1,35,000 being the amount credited in the assessee's capital account and only the balance thereof was brought to tax under the gift-tax act, i.e., the subject matter before the appellate tribunal is limited to that extent. although rs. 1,35,000 cannot, be considered as consideration at all in ..... did not get anything in return. in that decided case, the hon'ble supreme court held that there was no question of capital gains which required to be taxed. but under the gift-tax act, the position would be different, inasmuch as the assessee has parted with his personal asset on his transfer of the asset owned by him to the firm ..... towards the capital contribution, was not intended to pass to the, assessee, the same was treated as deemed gift within the meaning of section 4(1)(6) of the gift-tax act. the gto concluded that considering the prevailing market rate for the land in the said locality, he adopted rs. 600 per sq. yd. which worked out to rs. 6 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (2004)88ITD61(Gau.)
..... of opinion between the accountant member, and the judicial member, the matter is being referred to the hon'ble president of the income-tax appellate tribunal under section 255(4) of the income-tax act, 1961 with a request that the following question may be referred to a third member or to pass such orders as the president ..... brothers, died sometime in 1947.it was claimed by the assessee that biswakanta and krishnakanta had formed an huf and it had derived agricultural income and some business income out of trading in agricultural produce. rejecting the claim of huf, it has been pointed out by the assessing officer that the first return was filed by the ..... to 1970 arc not on records. however, a scrutiny of the financial statements of the assessee shows that the source of income of the assessee is from agricultural income and interest income on fdrs. agricultural income is derived from agricultural lands which are owned in joint names of sri k.k. barkataky and sri b.k. barkataky. the sources of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1991)37ITD112(Gau.)
..... fraction and if there is division by metes and bounds the allotment of properties vivifies and specifies such shares in separate ownership.12. for the purpose of computation of income under the income-tax act and in particular in respect of section 9 of the indian income-tax act, 1922, the hon'ble supreme court in the case of r.b. jodha mal kuthiala v ..... rao [1982] 134 itr 640, the hon'ble andhra pradesh high court on the facts of that case while dealing with the wealth-tax matters has observed that analogy of income-tax law cannot be applied to the wealth-tax act.22. on the facts available and in view of what we have discussed above, we are of the opinion that the claim of ..... . cit [1971] 82 itr 570 has observed that for the purposes of the said act, the owner must the person who can exercise the rights of the owner and not on behalf of the owner .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1991)37ITD392(Gau.)
..... various aspects of the matter in respect of merits of the case and the implications of the relevant section and the rule framed thereunder. it is true that income-tax act as it stands amended on the first day of april of the financial year must apply to the assessment of that year and that an amendment which comes ..... passed by the assessing officer giving effect to the order and directions passed under section 263 of the income-tax act 1961 by the commissioner of income-tax.2. it may be mentioned here that against the order passed by the commissioner of income-tax under section 263, the assessee took up the matter in appeal before the appellate tribunal and the ..... karnataka high court in southlndia paper mills ltd.'s case (supra) wherein the object of chapter xx ii-b of the income-tax act, 1961 was dealt with. the object of the said provision was to grant tax credit certificate to certain assessees and by virtue of the said provision the central government formed a scheme under which certain .....
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