Court : Gujarat
Reported in : (2007)212CTR(Guj)285
d.h. waghela, j.1. the income tax appellate tribunal, ahmedabad bench 'b' has, at the instance of the revenue, referred, under section 27(1) of the wealth tax act, 1957, the following questions of law arising out of its order dated 22.12.1995 in wta no. 2589/ahd/1991 in respect of assessment year 1986-87.( ..... that case that, though the proviso is prospective in nature-applicable for and from the assessment year 1989-90, the proviso clarifies the meaning of the expression 'land other than agricultural land' as 'vacant land lying unused'. since there was a building under construction, the said 'vacant land' could not be said to be 'land lying unused' and, ..... to amend the section to provide that the following assets, inter alia, shall not form part of the net wealth for the purposes of levy of wealth tax.(i) ...(ii) land other than agricultural land proposed to be utilized for industrial purposes, for a period of two years from the date of its acquisition;(iii) ...(iv) gold, silver, platinum .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)210CTR(Guj)594; [2007]293ITR70(Guj)
..... thorough cross-examination, he was successful in obtaining the information from the witness that the witness, in fact, had no money with him, he was having certain agricultural lands and from the agricultural operations, he could hardly meet both the ends. not only that, it is to be seen that a sum of rs. 22,500 was deposited simply because ..... and was brought before the ao to save the skin of the original assessee, a partnership firm. we are unable to hold that the findings recorded by the ao, cit(a) and the tribunal into the genuineness of the transaction, call for any interference.4. so far as the first question is concerned, the learned counsel for the assessee ..... submitted that before issuing a notice under section 147(a) of the it act, the ao must be sure of the grounds available to him and he cannot be allowed to make a fishing inquiry. his submission is that simultaneous issue of notice .....
Tag this Judgment!Court : Gujarat
Reported in : (2006)201CTR(Guj)243; [2006]283ITR116(Guj)
..... of the managing agency commission which was referable to the growing of sugarcane, was disallowed on the ground that the income from sugarcane cultivation was agricultural income and not exigible to tax. the appellate tribunal found that the cultivation of sugarcane and the manufacture of sugar by the assessee constituted one single ..... sahakari sangh ltd. v. commissioner of income-tax : [1994]207itr175(guj) to contend that while granting deduction under section 80p(2)(a)(iv) of the act, to co-operative societies, only the net income attributable to the activities specified under the section for the purchase of agricultural implements, livestock, etc. intended for supplying ..... intended for agriculture as computed in the previous year) were deducted and the profits qualifying for deduction under section 80p(2)(a)(iv) of the act were computed at rs. 1,37,070/-. 5. the assessee carried the matter in appeal before the commissioner of income-tax (appeals) (cit (appeals). before the cit (appeals) .....
Tag this Judgment!Court : Gujarat
Reported in : [2008]145CompCas455(Guj); [2007]74SCL80(Guj)
..... business.27. if the other aspect is examined on the question of the transaction being barred by the other laws since the property in question was already attached by the income tax authority as well as the revenue recovery officer, it appears that had the company in liquidation consciously transferred the property in spite of the order of attachment of the competent ..... that even in the said sale deed there is no recital of the date on which the company in liquidation had purchased property, but it only refers that the non-agricultural permission to be granted on 23.6.1988 and the same came to be renewed vide letter dated 12.8.1991 of the collector for the period up to 22 ..... official liquidator shall consider the claim of the applicant of rs. 3,95,000/- which is stated in the sale deed in accordance with the statutory priority as per the act.29. similar will be the final order for the applicants of company applications no. 191 of 1999, no. 292 of 1999, no. 293 of 1999, no. 294 of 1999, no .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]150TAXMAN560(Guj)
..... assessee did not come within the ambit of expression 'agricultural primary commodities' in section 80hhc(2)(b)(i) of the income tax act, 1961 and that deduction under section 80hhc(1) of the act was allowable ?'2. it is an accepted position between the parties that the lead matter is income tax reference no. 113 of 1994 and hence, the ..... .the following common question of law has been referred by the tribunal, ahmedabad bench 'a', under section 256(1) of the income tax act, 1961 (hereinafter referred to as 'the act), at the instance of the cit in all the three references. therefore, all the three references have been heard together and are being disposed of by this common ..... which are exported is that such goods should not be 'agricultural primary commodities'. in the case of cit v. cynamid india ltd. (supra), the apex court was called upon to determine the meaning of the term 'product of agriculture' as used in section 35c of the act. the commodity in question before the apex court was husk .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)199CTR(Guj)217; [2006]280ITR62(Guj)
..... which are exported is that such goods should not be 'agricultural primary commodities'. in the case of cit v. cynamid india ltd. (supra), the apex court was called upon to determine the meaning of the term 'product of agriculture' as used in section 35c of the act. the commodity in question before the apex court was husk ..... goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee the following deductions, namely :(a) a deduction of an amount equal to one per cent of the export turnover of such goods or merchandise ..... any goods or merchandise to which the section applies, the assessee would become entitled to deductions at specified rates while computing total income of the assessee. under sub-section (2) of section 80hhc of the act, it is provided under clause (a) that the section applies to all goods or merchandise [other than those specified in clause .....
Tag this Judgment!Court : Gujarat
Reported in : 2005(188)ELT475(Guj)
..... as well as grown in its own farms. it claimed deduction of agricultural income from its total income by valuing the sugarcane grown in its own farms at market value and deducting therefrom the agricultural expenses. in appeal the tribunal directed the income tax officer to ascertain the average transport charges from the purchasing centres to the ..... appliance as understood in common parlance as well as in technical sense understood in engineering circles.2. on 28th february 1986 when the central excise tariff act, 1985 (tariff act) came into operation the machines, like one manufactured by the petitioner, were covered under heading no. 84.37 which reads as under :'84.37 ..... the working of cereals or dried leguminous vegetables, other than farm type machinery'.the petitioner has been classifying domestic flour mill under the said heading of tariff act. however, on 31st may, 1990 the central board of excise and customs (cbec) issued circular bearing no. 11/90-cx.4 whereby it was declared .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)195CTR(Guj)385; [2006]282ITR24(Guj)
..... loss undoubtedly taxable profits, if any, of the business will be computed, but dormant profits cannot be equated to profits charged to tax under sections 3 and 4 of the indian income-tax act, 1922. the concept of accrual of profits of a business involves their determination by the method of accounting at the end of ..... tribunal, ahmedabad bench 'b' has referred the following question for the opinion of this court under section 256(1) of the income-tax act, 1961 (the act) at the instance of the commissioner of income-tax, gujarat-i, ahmedabad :-whether, the appellate tribunal is right in law and on facts in deleting the addition to the extent of ..... :'the main object of the union is to carry out the activities for economic and social development of the agriculturists, byefficiently organising processing and marketing of agricultural and allied produce.'to achieve the aforesaid main object of the society, the society had undertaken several other activities, one of which was of procuring milk. .....
Tag this Judgment!Court : Gujarat
Reported in : III(2005)ACC343; IV(2005)ACC112; IV(2005)ACC485; 2005ACJ1645; (2005)2GLR1784
..... ,045.00 on 31st august, 1989. best evidence to assess the compensation is to accept the income reflected in the income tax return filed before death, instead of income otherwise shown. income of rs. 3,53,830.00 is for 17 months. therefore, his net income for 17 months after deducting income tax of rs. 18045.00 would be rs. 3,35,785 and divide it by 17 ..... looking to the longevity in the family. consequently, he had potential to earn more in future through agricultural operations and employment. the kishan multi purpose society is an autonomous body. it acts through resolutions. its actions are, therefore, regulated by the act, rules framed under the act and its by-laws. consequently, it cannot be said that the resolutions passed by the society with .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)195CTR(Guj)518; [2005]277ITR529(Guj)
..... tribunal, ahmedabad bench 'b' has referred the following question for the opinion of this court under section 256(1) of the income tax act, 1961 (the act) at the instance of the commissioner of income tax, baroda.'whether the appellate tribunal is right in law and on facts in holding that deduction u/s 80hhc(1)(b) is ..... . in support of his submissions, mr. parikh has placed reliance on decision of calcutta high court in case of commissioner of income-tax v. indian products ltd. : [1994]207itr647(cal) .6. section 80hhc of the act, as applicable to the assessment year under consideration, was introduced with effect from 1st april 1983 by the finance ..... of india are receivable by the assessee in convertible foreign exchange.(b) the goods or merchandise referred to in clause (a) are the following, namely :-(i) agricultural primary commodities, not being produce of plantations;(ii) mineral oil;(iii) minerals and ores; and(iv) such other goods or merchandise as the central government may, .....
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