Court : Gujarat
Reported in : AIR1963Guj98; (1962)GLR479
..... tax levied under the aforesaid act b a tax on income. mr. modi asks us to interprete the 'words 'all taxes on income' appearing in article 291 in a broad sense. the words 'taxes on income' also appear in item no. 82 of list i in the seventh schedule to the constitution of india. the words there used are 'taxes on income other than agricultural income ..... '. mr, modi urges that the words 'all taxes on income ..... ' in article 291 must bear the same meaning as the words 'taxes on income' in item no. 82 in list i of the seventh .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]114ITR302(Guj)
..... have been applied to the concept of 'agricultural land'. 13. in commissioner of income-tax v. manilal somnath : [1977 ..... tax act, the agricultural land is exempted from the definition of 'assets' in the wealth-tax act and wealth-tax has to be paid on the net assets held by an assessee and the question of what constitutes 'agricultural land' is common for assessment for wealth-tax purposes and assessment for capital gains under the income-tax act and the same principle under the wealth-tax act and the income-tax act ..... it appears to us that the tribunal has not correctly applied the law for determining as to what is agricultural land for the purpose of section 2(14)(iii) of the income-tax act, 1961, as it stood prior to march 31, 1970. 27. it is true that, ordinarily, .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... value is arrived at after providing for normal depreciation at the rate permissible for the purpose under the provisions of section 10 of the income-tax act. when permitting such depreciation the income-tax authorities, as far as possible, try to give a deduction for depreciation which would approximate with the depreciation which as asset was likely to ..... other articles intended for the personal or household use of the assessee. it has excluded the tools and implements used by the assessee for the raising of agricultural produce. it has excluded tools and instruments necessary to enable the assessee to carry on his profession or vocation, subject to a maximum of twenty thousand ..... has been defined by section 2(e) as follow : '(e) 'assets' includes property of every description, movable or immovable, but does not include - (i) agricultural land and growing crops, grass or standing trees on such land; (ii) any building owned or occupied by a cultivator or receiver of rent or revenue out of .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... value is arrived at after providing for normal depreciation at the rate permissible for the purpose under the provisions of section 10 of the income-tax act. when permitting such depreciation the income-tax authorities, as far as possible, try to give a deduction for depreciation which would approximate with the depreciation which an asset likely to ..... other articles intended for the personal or household use of the assessee. it has excluded the tools and implements used by the assessee for the raising of agricultural produce. it has excluded tools and instruments necessary to enable the assessee to carry on his profession or vocation, subject to a maximum of twenty thousand ..... has been defined by section 2(e) as follows: - '(e) 'assets' includes property of every description, movable or immovable, hut does not include-- (i) agricultural land and growing crops, grass or standing trees on such land; (ii) any building owned or occupied by a cultivator or receiver of rent or revenue out of .....
Tag this Judgment!Court : Gujarat
Reported in : [1986]159ITR141(Guj)
..... the income-tax officer be not revised under section 263 of the income-tax act, 1961. 4. in response to the show cause notice, the assessee's contention was that the provisions of section 49 of the act had no application to the facts of the present case, inasmuch as when his predecessor shri n. n. vyas, purchased the lands, they were al1 agricultural lands ..... two (questions set out above have been referred to us for our opinion. 7. on behalf of the assessee, it was urged that section 48 of the income-tax act, 1961, which prescribes the mode of computation and deductions is not applicable since the case would be governed if at all by section 49 of the said ..... cost of acquisition of the agricultural lands in the hands of the previous owner, the said shri n. n. vyas. the commissioner had further found that there was an additional error in the computation of the capital gains for the year 1972-73, since the income-tax officer had allowed deduction under section 80t of the act at 45% instead of 35 .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)10GLR1002; [1965]55ITR580(Guj)
..... out by the assessee with reference to the lands in question constitute agriculture operations, making the sale proceeds agricultural income as defined by section 2(1) and being exempt form income-tax under section 4(3) (viii) of the income-tax act of 1922.' 2. the assessee is the present ruler of the ..... agricultural income. the income-tax officer rejected both these contentions and added this amount to the total income of the assessee. while negativing these two contentions, the income-tax officer remarked as follows : 'besides, the income from the sale of forest and forest produce of spontaneous growth worked out above is clearly not agricultural income within the meaning of section 2(1) of the income-tax act ..... as the lands from which the said income is derived were not only not assessed to the land revenue in the taxable .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)23CTR(Guj)303; [1982]136ITR881(Guj)
..... if the presumption raised either from actual user of the land or from agricultural use or there land is to be rebutted, there must be material on the records to rebut that presumption. the approach of the facts-finding authorities, namely, the income-tax authorities and the tribunal should be to considers the question from the point ..... see headnote at p. 672 : '(1) that the fact that permission was obtained under s. 63 of the bombay tenancy and agricultural lands act did not mean that the land ceased to be agricultural in character, because if for any reason the conditions laid down in the permission were not satisfied, the sanction would automatically be null ..... india prospecting syndicate private ltd., and cotton and cloth private ltd. the western indian prospecting syndicate private ltd., was formed on may 1, 1920, under the indian companies act, 1913, and on july 10, 1947, western india prospecting syndicate private ltd., had purchased 4,847 square yards of land at the rate of rs. 46 per .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1965Guj243
..... carried out by the assessee with reference to the lands in question constitute agricultural operations, making the sale proceeds agricultural income as defined by s. 2(1) and being exempt from income-tax under s.4(3)(viii) 0f the income-tax act of 1922.(2) the assessee is the present ruler of the former state ..... agricultural income. the income-tax officer rejected both these contentions and added this amount to the total income of the assessee. while negativing these two contentions, the income-tax officer remarked as follows:'besides, the income from sale of forest and forest produce of spontaneous growth worked out above is clearly not agricultural income within the meaning of s.2 (1) of the income-tax act ..... as the lands from which the said income is derived were not only not assessed to the land revenue in the taxable territories .....
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 : (1987)65CTR(Guj)54; [1987]168ITR472(Guj)
..... that the assessee had on the transfer of the agricultural lands to the firm of messrs. h. j. traders earned a profit of rs. 1,81,229 (rs. 1,99,045 - rs. 17,817) which was exigible to tax under section 45 of the income-tax act, 1961 (hereinafter called 'the act'). since the variation was likely to exceed rs. ..... not in doubt, that the income-tax officer, after deducting the cost of acquisition of the land, ..... of the assessee having earned profit which could be brought to tax as capital gains within the meaning of section 45 read with section 48 of the act. it was only because the income-tax officer thought that the transaction in question was a genuine transaction and the agricultural land was transferred to the firm, the genuineness whereof was .....
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