Judgment Search Results Home > Cases Phrase: benefit sharing Court: income tax appellate tribunal itat ahmedabad Page 1 of about 297 results (0.098 seconds)

Minor Prahlad Ugardas Patel Oral Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53TTJ(Ahd.)115

..... of trust or wakf deed, as the case may be, and is identifiable as such on the date of such order, instrument or deed; (ii) the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is received shall be deemed to be indeterminate or unknown unless the individual shares of the persons or whose behalf or for whose benefit such income or such part thereof is receivable, are expressly stated in the order of the court or the instrument of trust or wakf deed ..... 164 stated that where any income in respect of which a trustee is liable as representative assessee is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or part thereof is receivable are indeterminate or unknown, tax shall be charged as if such income were the total income of an aop or where such income or part thereof is actually received by a beneficiary, then at the rate applicable to ..... 160 are liable as representative assessees or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part of the income and such persons being hereafter in this section referred to as "relevant income", "part of relevant income" and "beneficiaries", respectively, tax shall be charged on the relevant income or part of relevant .....

Neil Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1986)19ITD195(Ahd.)

..... , if any, forming part of the trust fund and deal with the residue of such annual or other income as under : the whole of the residue of such annual or other income shall be paid, spent or applied in equal share to or for the benefit of children of atul thakorbhai patel that may be in existence on the 31st day of march of each financial year which shall be accounting year of the trust.it is clear from the reading of the above clause, which is material ..... of trust or wakf deed, as the case may be, and is identifiable as such on the date of such order, instrument or deed ; (ii) the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is received shall be deemed to be indeterminate or unknown unless the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable, are expressly stated in the order of the court or the instrument of trust or wakf deed ..... shri shah submitted that according to the deed of trust and in particular clause (4) thereof the net income of the trust was to be applied or spent or paid in equal shares for the benefit of the children of said atul that may be in existence on 31st day of march of each financial year. .....

Sangita Trust No. 1 Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1994)50ITD66(Ahd.)

..... the persons mentioned in clauses (iii) and (iv) of sub-section (1) of section 160 are liable as representative assessees or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown (such income, such part of the income and such persons being hereafter in this section referred to as 'relevant ..... to this question is provided by sub-section (4) which provides that, where the shares of the beneficiaries for whose benefit the trust properties are held are indeterminate or unknown, the wealth-tax may be levied upon the trustees as if the beneficiaries for whose benefit the trust properties are held were an individual for the purposes of the act. ..... (3) ** ** ** (4) notwithstanding anything contained in the foregoing provisions of this section, where the shares of the persons on whose behalf or for whose benefit any such assets are held are indeterminate or unknown, the wealth-tax shall be levied upon and recovered from the court of wards, administrator-general, official trustee, receiver, manager, or other person aforesaid, ..... appear to be the position in regard to assessment where the trustees hold the trust property for the benefit of a single beneficiary or, there being more beneficiaries than one, the individual shares of the beneficiaries, in the trust properties are determinate and known. .....

Punitaben Karsanbhai Patel Oral Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)103ITD175(Ahd.)

..... this issue there are two conflicting views of the tribunal, one in favour of the assessee by holding that as the main trusts have availed the benefit of kvss with regard to the beneficiary's share income and the interest payment, the benefit should be given to the beneficiary trusts as otherwise it would amount to double taxation.these cases are - shantaben karsanbhai patel osdft and ors. ..... the revision orders have been passed by the cit on the following premises: (i) the assessing officer has failed to take cognizance of the legal implication of the kar vivad samadhan scheme, 1998, which confine the benefits, as per section 94 of the kar vivad samadhan scheme, 1998 only to the declarant with reference to the kar vivad samadhan scheme, 1998, that too, in relation to tax arrears of the declarant, as on ..... the court held that there was no tax arrears against partner and, therefore, he was not entitled to take any benefits of the kar vivad samadhan scheme, 1998 sought and settled by the firm, (v) the assessing officer has further erred in granting interest under section 244a which was in direct contravention of the provisions of law contained ..... assessments in the hands of the settler's minor children of the income from assets settled in trusts for their benefit by the settler will affect the validity of the inclusion of the trust income in the hands of the settler but assessment of the minor beneficiaries cannot stand in view of the assessment of the settler under section 64(v); .....

income-tax Officer Vs. Deepak Family Trust No. 1

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1989)28ITD249(Ahd.)

..... liability of representative assessee for assessment and recovery of taxes in respect of other persons would not prevent the revenue either to make direct assessment of the person on whose behalf or for whose benefit the income, as referred to in the relevant sections, is receivable or the recovery from such person of the tax payable in respect of such income.reading section 161 along with section ..... instrument in writing whether testamentary or otherwise [including any wakf deed which is valid under the mussalman wakf validating act, 1913 (6 of 1913)] receives or is entitled to receive on behalf or for the benefit of any person, such trustee or trustees ; (2) every representative assessee shall be deemed to be an assessee for the purposes of this act.it may be noted that sub-section (2) of section ..... . (1) every representative assessee, as regards the income in respect of which he is a representative assessee, shall be subject on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown (such income, such part of the income and such persons being hereafter in ..... on the beneficiaries in respect of their interest in the trust properties, because their shares are indeterminate or unknown and that is why it is provided that the assessment may be made on the trustees as if the beneficiaries for whose benefit the trust properties are held were an individual .....

Rasbihari Tobacco Processors Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)57TTJ(Ahd.)120

..... in the aforesaid case the honble high court has held the view that where a company claims that it has issued share on the receipt of share application money the amount so received would be credited in the books of accounts of the company and the ao would be entitled to enquire whether ..... of few persons, each reply used common language, replies received showed that several senior employees of the assessee-company were involved in getting share application filled in, the shareholders had not disclosed any investment in other shares and the shareholders invariably used the sale proceeds of shares for household consumption and they had not deposited the same amount in the bank or in any other investment.2.2. ..... transaction and capacity of the investors were proved as all the investors except five persons confirmed the subscription made in the shares of the company and their capacity was also proved as they were either self-employed or employed in various companies. ..... law or ipc or under any other law showing that the issue was bogus or non-genuine.the material on record proved that it is the applicants and allottees of shares whose names appear in companys register and they are the real and beneficial owners of the shareholding. ..... has transferred the shares through the medium of the alleged shareholders to the said investment company with all the benefits of dividends and the saving/reduction of capital gains tax/gift as and when the investment company transfers its shares............." 4. .....

Rasbihari Tobacco Processors Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... in the aforesaid case the hon'ble high court has held the view that where a company claims that it has issued share on the receipt of share application money the amount so received would be credited in the books of accounts of the company and the ao would be entitled to enquire whether ..... few persons, each reply used common language, replies received showed that several senior employees of the assessee-company were involved in getting share application filled in, the shareholders had not disclosed any investment in other shares and the shareholders invariably used the sale proceeds of shares for household consumption and they had not deposited the same amount in the bank or in any other investment.2.2. ..... transaction and capacity of the investors were proved as all the investors except five persons confirmed the subscription made in the shares of the company and their capacity was also proved as they were either self-employed or employed in various companies. ..... law or ipc or under any other law showing that the issue was bogus or non-genuine.the material on record proved that it is the applicants and allottees of shares whose names appear in company's register and they are the real and beneficial owners of the shareholding. ..... has transferred the shares through the medium of the alleged shareholders to the said investment company with all the benefits of dividends and the saving/reduction of capital gains tax/gift as and when the investment company transfers its shares............." 4. .....

Barkha Investments and Trading Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... having income under the head "business" also and there could not be business unless there was trading in shares and, therefore, a financial company or an investment company must necessarily carry on the business of purchase and sale of shares also in addition to holding shares for investment.according to him, the investments could be held as stock-in-trade also in order to satisfy ..... the position that emerges from the above-mentioned decisions is that the aforesaid expression cannot be limited to companies whose principal business is the acquisition and holding of shares, debentures, stocks or other securities but also covers companies whose primary or principal source of income is house property or capital gains as well". ..... . the increase or decrease in the holdings at the end of the year as depicted by the balance-sheet is not a result of acquiring more shares for the purpose of acquisition but a result of trading.therefore, the increase should not be construed as an increase in shareholding acquired for the purpose of holding ..... 40a(8), explanation (c)(ii) is as under : " an investment company, that is to say, a company which carries on, as its principal business, the acquisition of shares, stock, bonds, debentures, debenture stock, or securities issued by the government or a local authority, or other marketable securities of a like nature. ..... for the purpose of the benefit of this section, the shares acquired should be kept by the assessee as its investment and not as stock-in-trade .....

Neo Trust Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1992)41ITD412(Ahd.)

..... of trust and the trustees shall stand possessed of the 28.5 percent balance of the income which shall be divided and receivable for and on behalf of and for the benefit of the trusts mentioned as beneficiaries in the schedule ii herein attached to this trust deed, and shall be divided as per shares specified against each of the said beneficiaries mentioned herein in the said schedule ii herein attached, but it is specifically made known that the beneficiaries of the said ..... after analysing the entire facts we have come to the conclusion that the income payable to the trustees of these oral disc.trusts was payable for the benefit of such individuals whose shares were indeterminate and as such as far as that income was concerned the provisions of section 164(1) were attracted.12. ..... when that is seen, it is clear that there are several individuals for whose benefit the said income was receivable and the shares of those individuals were not determinate.11.5 considering from all the angles, the conclusion is irresistible that as far as income which, according to the assessee trust, had been received for and on behalf of and for the benefit of 11 oral disc.trusts of first line, is concerned that income had been really received for .....

Assistant Commissioner of Gift Vs. Laxmanbhai R. Gandhi (Huf).

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)55TTJ(Ahd.)139

..... high court took note of the facts of the case of chhotalal mohanlal (supra) wherein the apex court took cognizance of the fact that the minors had been admitted to the benefits of partnership and they did not bring any capital which was clear from the last sentence in the first paragraph of the judgment of the supreme court at page 126 which reads ..... ) 166 itr 124 (sc), goodwill of a partnership firm was an asset and when minors are admitted to the benefit of partnership resulting into reduction of the share of an existing partner, the right to the value of goodwill stands transferred and such a transaction constitutes a ..... of the gt act, 1958 by c in respect of a part of the goodwill.goodwill is property and when minors are admitted to the benefits of partnership in a firm and the share of an existing partner is reduced thereby, the right to the money value of the goodwill stands transferred and the transaction constitutes a "gift" ..... regard to these facts and in view of the legal position discussed in the preceding paras, in our view, giving away of 25 per cent share to the new partner was not without adequate consideration and, therefore, we concur with the finding of the cgt(a) that there was no gift chargeable ..... retired, g contributed as before, the share of c was reduced to four annas, one r was inducted as a partner with four annas share and two minor sons of c, k and d were admitted to the benefits of the partnership, with a right to a share of 12 per cent and 13 per cent .....