Court : Gujarat
Reported in : [1983]143ITR863(Guj)
..... -65 the total income of the assessee-mills, prior to the set-off on account of carried forwards losses, carried forward unabsorbed depreciation and carried forward unabsorbed development rebate was as under : - rs.assessment year 1962-63 1,28,339assessment year 1963-64 6,57,496assessment year 1964-65 2,99,807 for the assessment year 1965-66 the business income without considering the carried forwards business loss, unabsorbed depreciation and unabsorbed development rebate was rs. 5,05,3488 and there was an amount of capital gains to ..... to us for our opinion : '(1) whether, on the facts and in the circumstances of the case, the finding of the tribunal that the provision of section of 79 of the act, not having been invoked for the assessment year 1962-63, cannot be invoked for the assessment year 1967-68, is erroneous in law (2) whether, on the facts and in the circumstances of the case, the finding of the tribunal that in applying section 79 of the act, only the business loss should be taken into account ..... at the instance of the revenue : '(1) whether, on the facts and in the circumstances of the case, the finding of the tribunal that the provisions of section 79 of the act, not having been invoked for the assessment year 1962-63, cannot be invoked for the assessment year 1965-66, is erroneous in law (2) whether, on the facts and in the circumstances of the case, the finding of the tribunal that in applying section 79 of the act, only the business loss should be taken into .....
Tag this Judgment!Court : Gujarat
Reported in : [1965]55ITR171(Guj)
..... on the other band, it was contended on behalf of the revenue that considering the language of section 2(6a) defining the word 'dividend' as applicable for the assessment year 1958-59 and on a proper construction of the section in its entirety, the distribution which relates to the present matter would be caught as dividend as it fell within the purview of section 2(6a) (c) of the income-tax act. ..... this limitation was lifted by deleting the proviso by the finance act of 1955, with the result that from and after the assessment year 1955-56, the distribution of accumulated profits by a liquidator could be equated with a similar distribution by a company which was in actual working, irrespective of as to when the profits were accumulated. ..... section 2(6a) (c) was amended by the finance act, 1955 and the proviso was deleted with the result that from and after the assessment year 1955-56, any distribution made by a liquidator was liable to be treated as dividend under section 2(6a) (c) if it was 'out of accumulated profits' without any limitation of time. ..... if any accumulated profits were released to the shareholders as part of a distribution made by a liquidator in respect of the assessment year 1955-56 or any succeeding assessment year, such accumulated profits were liable to be fictionally regarded as dividend and taxed as such in the hands of the shareholders as if no liquidation had intervened and they had been distributed by the company as a going concern. 29. .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR318(Guj)
..... the question, therefore, whether the commissioner was right in taking the view that the assessee having filed the returns for the two assessment years in question only after he was asked during the course of the assessment proceedings for the assessment year 1971-72 to do so, he could not be said to have filed the returns voluntarily, does not require further consideration, though we cannot help observing that merely because a return ..... -70 and 1970-71 were filed only after the assessee was asked, during the course of the assessment proceedings for the assessment year 1971-72, to file those returns and those returns were, therefore, not voluntary returns, (2) that the assessee was not a new assessee when he filed the returns for the assessment years 1969-70 and 1970-71, and (3) that, therefore, this was not a fit case to waive or ..... provides that every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under the act on the valuation date was of such an amount as to render him liable to wealth-tax under the act, shall, before the 30th day of june of the corresponding assessment year, furnish to the wealth-tax officer a return in the prescribed form and verified in the prescribed manner setting forth the net ..... to wealth-tax has to furnish to the wealth-tax officer, before the 30th day of june of the corresponding assessment year, a return in the prescribed form and verified in the prescribed manner setting forth the net wealth as on the .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)23CTR(Guj)307; [1982]133ITR23(Guj)
..... whether the assessee was justified in the negative andin working out notional profit for the against the assessee.assessment year 1970-71, in respect ofclosing stock, when the assessee hadnot owned any land but had acquiredonly the rights to ..... therefore, even assuming that the assessee-firm had stock at the close of the year of account relevant to the assessment year 1970-71, no profit could be said to have arisen out of the valuation ..... an appeal against the order of the aac, setting aside the protective assessment for the assessment year 1970-71 made by the ito by way of abundant caution in case the assessee's claim for bifurcation of the profits in the two assessment years, as stated above, was accepted by the tribunal. ..... whether the assessee was justified in working out the notional profit for the assessment year 1970-71, in respect of closing stock, when the assessee had not owned any land but had acquired only the right to purchase the ..... his assessment order for the assessment year 1970-71 held to the effect that since the assessee-firm had not acquired any title over the land which it had agreed to purchase, the profit or income shown by the assessee-firm in its return of income for the assessment year 1970-71 did not fall for consideration in the said assessment year. ..... entire profit arising out of the above transaction was earned by the assessee-firm in the year of account relevant to the assessment year 1971-72, and it was liable to be assessed in the assessment year 1971-72. .....
Tag this Judgment!Court : Gujarat
Reported in : [1969]72ITR17(Guj)
..... the circumstances of the case, the proceedings for the imposition of penalty were properly commenced in the course of any proceedings under the act as required by section 271 of the income-tax act, 1961, for the assessment years 1959-60 to 1962-63 (2) whether, on the facts and in the circumstances of the case, there was any material or evidence before the tribunal to hold that the assessee had deliberately concealed particulars of his income ..... dated june 14, 1965, when the tribunal came to deal with the question of penalties levied by the assistant inspecting commissioner in respect of each of the four years in question, it proceeded on the footing that the assessee had deliberately concealed income in each of the four assessment years in question by adopting this guise of starting a partnership concern, there other partners of which were his own dummies and the minors admitted to the benefit of the ..... also as the return was filed by the assessee for the assessment year 1961-62 before april 1, 1962 the assessment proceedings were in respect of an assessment year prior to april 1, 1962; and as shown by the order, which is on the record of this reference, the assessee was assessed for the year 1961-62 under section 23(3) of the act of 1922. ..... therefore, the income-tax officer reopened the assessment for the years 1959-60 and 1960-61 and so far as the assessment year 1961-62 was concerned, the assessed the income of the assessee by including the entire income of the alleged firm in the .....
Tag this Judgment!Court : Gujarat
Reported in : [1992]198ITR69(Guj)
..... the appellate assistant commissioner, therefore, ultimately, found that the assessee had discharged his duty by placing all the material facts before the income-tax officer for all the four assessment years and also found that the income-tax officers, though he was aware of the fact that the balance-sheets and to produce the same nor did he call upon the assessee to furnish net wealth ..... a notice on the assessee under section 148 of the act as he was of the opinion that the income returned by the assessee for the aforesaid years under reference as compared to the assets, properties and holdings of the assessee at the end of the respective according year was understated to the following extent : assessment year amountrs.1962-63 1,04,0901963-64 0,46,9121964-65 0,72,4001965-66 0,11,243 (iii) the assessee objected to the exercise of the powers by the income-tax officer under section ..... the assessee filed the returns for the aforesaid four years and the income-tax officer, vide order dated august 7, 1963, passed the order of assessment for the assessment year 1962-63 and by orders dated september 22, 1966, passed orders of assessment for the assessment years 1963-64, 1964-65 and 1965-66. .....
Tag this Judgment!Court : Gujarat
Reported in : [1981]129ITR133(Guj)
..... of the net loss relating to short-term capital assets as cannot be or is not wholly set off against income under any head in accordance with the provisions of section 71 shall be carried forward to the following assessment year and set off against the capital gains, if any, relating to short-term capital assets assessable for that assessment year and, if it cannot be so set off, the amount thereof not so set off shall be carried forward to the following ..... saying that if there is no such balance of capital gains left for being included in the gross total income for the relevant assessment year as the entire capital gains arising during that year have got fully set off against the balance of carried forward capital losses of previous years, no such capital gains will be reflected as a head of income making up the gross total income and consequently no question of ..... head of income in accordance with the provisions of section 71, so much of the loss as has not been so set off, subject to the other provisions of the chapter, shall be carried forward to the following assessment year and shall be set off against the profits and gains, if any, of any business or profession carried on by the assessee and ..... section 70(1) provides that save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any head of income other than 'capital gains' is a loss, the assessee shall be entitled to have the amount of such loss set off against .....
Tag this Judgment!Court : Gujarat
Reported in : [2009]319ITR120(Guj)
..... the first objection regarding amalgamation of the assessee with petitioner company, it was submitted that at the relevant point of time, namely during the relevant accounting period, relatable to assessment year under consideration, the assessee company was in existence and therefore this objection could not be treated as a valid objection.6. ..... absence of any income which has escaped assessment, which was chargeable to tax during the relevant assessment year, the impugned notice seeking to reopen the completed assessment for the assessment year 2002-03 cannot be sustained and is hereby ..... it was further submitted that the assessment having been reopened within a period of four years from the end of the relevant assessment year, the assessing officer was not required to establish any omission or failure on the part of ..... for respondent submitted that for assessment year 2004-05, namely subsequent assessment year, respondent had come to the conclusion that the discount offered by the assessee to one jay jee enterprise was without any base, there was no necessity or business expediency for giving such a huge discount and hence this furnished the basis for initiating reassessment proceedings for the assessment year under consideration. ..... reading of section 147 of the act, it becomes apparent that the assessing officer is vested with jurisdiction to reopen a completed assessment if he has reason to believe that any income chargeable to tax has escaped assessment for any assessment year. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)25CTR(Guj)275; [1981]131ITR421(Guj)
..... 000 which was referred to in the agreement of july 8, 1965, this amount was mentioned in the return of income for assessment year 1966-67, and it was processed by the ito and it was not brought to tax. ..... a dealer in immovable property or that he was indulging in an adventure in the nature of trade, the revenue has not challenged the findings recorded in favour of the assessee, namely, that he was not a dealer in immovable property so far as the assessment year 1965-66 was concerned, and so far as the assessment year under reference is concerned as regards these two items of rs. ..... 24,431 is not liable to be included in the income of the assessee for the assessment year under reference (2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that since the amount of ..... 24,431 was dealt with in the assessment years 1965-66 and 1966-67, it could not be included in the assessee's total income for the assessment year under reference (3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the amount of ..... 431, it is clear that there is a decision, against the revenue in the shape of the decision of the aac as regards the assessment year 1965-66 where the aac had deleted the amount of rs. ..... as regards the assessment year 1965-66, there was an order of the aac deleting that amount from the total income of the assessee and as regards the assessment year 1966-67, the amount had not been brought to tax at .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]141ITR129(Guj)
..... the facts and in affirmative (against thethe circumstances of the case, revenue)for the assessment year 1969-70,the payment of rs. ..... 26,300 for the assessment year 1969-70 made by the assessee to the indian cotton mills federation for its failure to meet quota or import allotted quota of certain varieties of cotton within the specified time was allowable as an expenditure ..... therefore, of the view that the tribunal was justified in confirming the order of the aac deleting the disallowance of the said expenditure in each of the assessment years under consideration. ..... the assessment year 1969-70 made by the assessee to the indian cotton mills federation for its failure 'to meet quota or import allotted quota of certain varieties of cotton within the specified time' was allowable as an expenditure for working out the business income of the assessable. ..... for the assessment year 1968-69 and ..... the facts and in the circumstances of the case, for the assessment year 1969-70 payment of rs. ..... for the assessment year 1968-69 and ..... in the assessment year 1968-69, the assessee failed to import american pl 480 cotton to the extent of 381 bales and consequently it had ..... , assessment year 1969-70, the assessee had ..... 38,100 for theassessment year 1968-69, and rs.26,300 for the assessment year1969-70, made by the assessee tothe indian cotton mills federa-tion for its failure to meetquota or import allotted quotaof certain varieties of cottonwithin the specified time wasallowable as an expenditure forworking out .....
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