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 : (1986)53CTR(Guj)186; [1987]163ITR102(Guj)
..... this point of view, we are of the opinion that the amount of interest was received by the assessee in the respective assessment years and merely because he agreed not to withdraw the same would not materially alter the nature of the transaction between ..... was carried to the suspense account from which it could not be withdrawn, there was neither receipt nor accrual, actual or constructive, and therefore, it was rightly taxed in the assessment year 1973-74 when it was actually transferred from the suspense account to the non-resident (external) account of the assessee. ..... be noted that, while doing so, the assessee clearly described the amount as interest received during the relevant assessment years and kept in the suspense account because of the special arrangement arrived at between him and ..... the bank of india found itself in the difficult situation of either deducting tax at source from the interest amount earned on the fixed deposits by the assessee during the relevant assessment years or of transferring the said amount to a suspense account while the advice of the reserve bank was awaited. ..... is concerned, the entries have been split up and related to the relevant assessment years and the amount has been brought by way of capital to the non- ..... rs. 61,788 as having been received towards interest during the relevant assessment years, but since the same was lying in the suspense account in view of the special arrangement between him and the bank, he carried the said amount to the .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]217ITR279(Guj)
..... submission, he drew our attention to the reply affidavit filed by the inspecting assistant commissioner wherein it is stated as under : 'i further say that after evaluation of true and full facts on the point during the assessment of the petitioner for the assessment year 1979-80, it was found that the aforesaid four items, together and only together, constituted complete composite trading proceeds of the accounting period arising precisely from the export sales of the accounting ..... (in lakhs)by sale of garments 214.41 206.74by cash incentives anddrawbacks (received) 37.78 24.17by stock-in-trade 5.33 9.77 in both the assessment years, namely, assessment years 1977-78 and 1978-79, the income-tax officer, following his decision for earlier assessment years of 1975-76 and 1976-77, took the stand that cash incentives and drawback should be taxed on the mercantile system.' 6. ..... now, coming to the relevant assessment years of 1977-78 and 1978-79, primary facts disclosed by the petitioner were as under : 'for the assessment years 1977-79 and 1978-79, in the profit and loss accounts filed along with the original returns, the following details were disclosed on the credit side : assessment year assessment year1977-78 1978-79rs. ..... the learned advocate for the revenue, on the other hand, submitted that for the assessment years 1977-78 and 1978-79, the assessee had not disclosed those primary facts which would have shown the true and exact nature of the export transactions. .....
Tag this Judgment!Court : Gujarat
Reported in : [1992]197ITR680(Guj)
..... in appeal for the assessment year 1975-76, the commissioner, following his order for the assessment year 1974-75, allowed weighted deduction only on dalali ..... claim for godown rent for the assessment year 1974-75 was also rejected by the tribunal ..... so far as the appeal for the assessment year 1972-73 was concerned, the commissioner agreed with the view by the income-tax officer in regard to two items, i.e ..... in appeal for the assessment year 1974-75, the commissioner accepted the assessee's claim for weighted deduction only to the extent of ten per cent ..... in appeal for the assessment year 1973-74, the commissioner, relying on the decision of the income-tax appellate tribunal ('the tribunal', for short), held that the assessee was entitled to weighted deduction in respect of only one-third expenditure incurred for ..... in the assessment for the assessment year 1972-73, the income-tax officer rejected the assessee's claim for weighted deduction in respect of the items set out above mainly on the ground that the expenditure was incurred in india and was not ..... for the assessment year 1974-75, the income-tax officer rejected the claim of the assessee for weighted deduction mainly on the ground that the expenditure incurred in india did not qualify for weighted ..... for the assessment year 1973-74, the income-tax officer rejected the claim of the assessee for weighted deduction on the ground firstly that the expenditure which was incurred by the assessee was in its ordinary course of business and as .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)106CTR(Guj)374; [1993]201ITR208(Guj)
..... in the aforesaid fact-situation, we are required to decide as to whether the tribunal was right in holding that the rental income accruing to the assessee during the relevant assessment year from renting out part of its business premises can be said to be income under the head 'income from house property' or it can be said to be income from 'profits and gains of business or profession' ..... the said decision of the tribunal in the case of the present assessee for the previous assessment year was accepted by the department, and, therefore, the appellate assistant commissioner was of the view that the income-tax officer was not justified in making the additions of the aforesaid amounts and that the ..... mehta, learned counsel for the assessee, was to the effect that, for the assessment years 1969-70 to 1971-72, the bonus paid to the employees even if taken as falling within the first part of section 40(a)(v) would be governed by the proviso which excludes certain expenditure like computing expenditure under the first part of ..... 1 and 3 : the first question relates to the assessment year 1968-69 for which the relevant provisions are section 40(c)(iii) of the income-tax act, 1961, and the third question relates to the assessment year 1969-70 to 1971-72 for which the relevant provisions are section 40(a)(v) of the income-tax act, ..... ) of 1970-71 rendered in the case of the present assessee for the assessment year 1967-68 holding that the bonus was part of remuneration and cannot be treated as .....
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 : [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 : Chennai
Reported in : [1990]185ITR343(Mad)
..... in that view of the matter, we are of the opinion that the tribunal was correct in computing the capital gains in the case of the assessee for the assessment year 1968-69, in accordance to the provisions of section 46(2) of the income-tax act, 1961, after deducting the cost of acquisition from the second and final distribution made by the official liquidator in march, 1968, which is the ..... facts as under : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was correct, while computing the capital gain under section 46(2) of the income-tax act, 1961, for the assessment year 1968-69, in the case of the assessee, in deducting the cost of acquisition of shares held in various companies, from the full value of the consideration, viz. ..... the income-tax officer has done by relying on the detailed reasons given by him in the assessment for the assessment year 1966-67, wherein the carried forward loss was not given a set-off. ..... while computing the capital gain in the case of the assessee herein for the assessment year 1968-69, the cost of acquisition has got to be deducted from the full value of the consideration which is the second and final distribution made by the official liquidator in march, ..... standing counsel further submitted that, if the deduction of the cost of acquisition is given in this assessment year, then there would be double deduction in the case of the assessee in the assessment year under consideration, which the assessee is not entitled to. 14. .....
Tag this Judgment!Court : Chennai
Reported in : (1997)140CTR(Mad)24; [1997]223ITR515(Mad)
..... the abovereferred to sums in all the abovesaid questions pertaining to different assessment years, are sums which are standing to the credit of all minor daughters, all put together, including any accretion ..... , all of them could be tabulated as follows, showing also the relevant assessment years, in relation to which the tax cases have arisen. ..... following necessary facts have also to be stated before actually adverting to the abovesaid short point : the accounting year in relation to each assessment year is the year ended on april 12. ..... 330 are not includible in the wealth of the assessee for the assessment years 1973-74, 1974-75 and 1976-77, respectively ?' 19. ..... an april 1, 1974, relevant to the assessment year 1975-76 as stridhanam for her marriage. ..... are not includible in the wealth of the assessee for the assessment years 1977-78 and 1978-79, respectively ?' 20. ..... assessment year year year----------------------------------------------------------------------1557 of 1986 1973-74 1468 of 1982 1973-74 1885 of 1984 1975-76 1469 of 1982 1974-75 873 of 1985 1973-74 1470 of 1982 1975-76 874 of 1985 1974-75 1471 of 1982 1976-77 875 of 1985 1976-77 314 of 1983 ..... 29,683 for the assessment year 1976-77 as deduction in the computation of the total income ?' ..... 988 for the assessment year 1975-76 and rs ..... being the interest paid by the assessee, on the accounts of his minor daughters should be allowed as a deduction under section 36(1)(iii) of the income-tax act, for the assessment year 1977-78 ?' 15. .....
Tag this Judgment!Court : Chennai
Reported in : [1986]17ITD951(Mad)
..... the assessee did not declare any dividend at all for any of these two years within the prescribed period of twelve months immediately following the relevant previous years, that is, within 31-12-1977 for the assessment year 1977-78 nd 31-12-1978 for the assessment year 1978-79. ..... for the assessment year 1978-79 the working of the ito is as follows :assessment year 1978-79 (year ended 31-12-1978)rs.rs.'1 ..... the ito for the assessment year 1977-78 worked it out as follows :assessment year 1977-78 (year ended 31-12-1976) rs.rs.'1. ..... the orders of the ito for the two assessment years levying the income-tax on undistributed income are ..... the assessment under section 143 of the act was completed for the assessment year 1977-78 only 9-4-1980 and for the assessment year 1978-79 on 31-3-1981, whereas dividend was declared on 16-5-1980 ..... impugned orders were passed by the ito on 30-3-1981 for the assessment year 1977-78 and on 30-3-1982 for the assessment year 1978-79. ..... assessment years 1977-78 and 1978-79, with calendar years as the accounting year. ..... 18,079 for the assessment year 1977-78, it is clear that no dividend need to be declared at all and that in any even payment of larger dividend than that declared would be quite ..... of course for the assessment year 1977-78 the protection provided under section 105 of the act is available as the shortfall is within the permitted range of 10 per ..... ) of 1980 decided on 21-4-1981], - assessment year 1975-76 to which one of us, the accountant member, was a .....
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