Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1987)20ITD528(Ahd.)
1. In this appeal, the assessee is challenging the capital gains of 1,05,427 charged in its hands.2. The assessee is a trust and is assessed in the status of an AOP. The assessment year is 1982-83 and the relevant previous year ended on 31-3-1982.3. The assessee owned 1512 ordinary shares of Shahibaug Entrepreneurs (P.) Ltd. (SEPL) of the face value of Rs. 100 each. Alkapuri Investments (P.) Ltd. (Alkapuri) was wholly owned subsidiary of SEPL.Under the scheme of amalgamation, SEPL amalgamated with Alkapuri by the order of the Hon'ble Gujarat High Court under the company Petition No.11 of 1980.. As per the scheme of amalgamation approved by the Hon'ble High Court, the assessee received the following in respect of each equity share of SEPL : (i) one equity share of face value of Rs. 100 each and two fractional certificates, each certificate representing a fractional entitlement of one-tenth of one equity share of Rs. 100 of Alkapuri credited as fully paid-up ; (ii) one 11 per cent Redee...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1995)53TTJ(Ahd.)222
These are appeals preferred by the Revenue against the orders of the CIT(A)/AAC for the asst. yrs. 1979-80, 1980-81 and 1981-82. As the issue involved is common these appeals have been heard together and disposed of by this consolidated order.2. The grievance of the Revenue for asst. yr. 1979-80 is that the learned CIT(A) erred in holding that the assessee-firm M/s. Shri Gopal Mills is genuine and further erred in directing the Assessing Officer to grant registration to the firm. The grievance for asst. yrs. 1980-81 and 1981-82 is against allowing continuation of registration to the firm.3. The facts in brief are that the firm M/s. Bansilal & Co., was constituted during the accounting year relevant to the asst. yr.1975-76 by Shri Bansilal Athumal and Chandumal Safermal among others.The firm was doing business in food grains as well as manufacturing of moong and tuvar pulses. As the profit of the firm was steadily rising the business relating to manufacturing of pulses was diverted...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)89TTJ(Ahd.)338
These eight appeals by assessee are directed against a consolidated order dated 7-2-1996, for assessment years 1983-84 to 1988-89 and separate order dated 15-9-1999, for assessment year 1991-92 and dated 10-12-1996, for assessment year 1982-83 of CWT(A)-II, Ahmedabad. The common grounds raised by assessee in all these appeals are reproduced below : (1) The learned commissioner (Appeals) has erred in dismissing the appeal preferred by the appellant by holding that the Wealth Tax Officer was justified in taxing the wealth of the appellant by resorting to section 21AA of the Wealth Tax Act, 1957.(2) The learned commissioner (Appeals) has erred in not dealing with the various judgments and arguments placed before him and has erred in holding against the appellant without dealing with various submissions and contentions placed before him.(3) Alternatively and without prejudice to what is submitted hereinabove the appellant submits that the learned CWT(A) has erred in not holding that even ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1989)31ITD315(Ahd.)
1. In both these appeals the grounds are the same arising out of the same facts. Therefore, they are disposed of by this common order. The common question is whether the assessee trust is a specific discretionary trust. This question arises because the beneficiaries in the assessee trust are discretionary trusts and therefore, the question is whether we should take into account only the ultimate beneficiaries or we should confine our attention to the definite beneficiaries specified in the trust deed of the assessee before us.2. Briefly, under the trust deed creating the assessee trust 21 discretionary trusts are specified as beneficiaries having specific shares in the income of the assessee trust. In each of these 21 trusts there are two Associations of Persons (AOP) as beneficiaries but whose right to share in the income of each of these trusts is subject to the complete discretion of the trustees. All these 42 AOPs are made up of various combinations of altogether 34 persons. Under...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)104ITD122(Ahd.)
1. This is an appeal filed by the revenue and it is directed against the order of CIT(A) dated 6^thOctober, 2000 for AY1997-98. 1. The Id. CIT(A) has erred in law and on facts in deleting the following additions:i) deleting the disallowance of interest expenses Rs. 3,78,72,736/-ii) addition on account of inflated purchases Rs. 5,30,000/- Rs. 3,84,02,766/- 3. The assessee company is engaged in the business activity of financing and trading in shares and securities. It has been incorporated on 03 07.1996 The assessee company has merged and amalgamated with Anmol Denim Ltd. vide order of Hon. Gujarat High Court dated 30^thOctober, 1998 w.e.f. 1.4.1997. It filed its return of income on 17.11.1997 declaring loss of Rs. 39,15,295/-. The return was accompanied by form No. 3CA, 3CD and audited Profit & Loss a/c and balance-sheet as provided under Section 44AB of the IT Act, 1961.4. On going through the balance-sheet the AO noticed that unsecured loans were mentioned at Rs. 71,25,53,703/- ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)8ITD651(Ahd.)
Per Shri U. T. Shah, Judicial Member - These two appeals, involving common points of dispute, are disposed of together for the sake of convenience.2. It may be mentioned that for the assessment year 1980-81, the AAC did not admit the appeal on a technical ground that the assessee did not pay the tax before filing the appeal. However, the assessee had clearly indicated that the return of wealth is submitted as a matter of procaution and, hence, payment under section 15B of the Wealth-tax Act, 1957 (the Act) has not been made. After hearing both the parties on this issue, we were of the view that the AAC was not justified in not admitting the appeal filed before him. Since the points involved for the assessment year 1980-81 are similar to the points involved in respect of the assessment year 1981-82, we have decided not to remit the appeal for the assessment year 1980-81 to the AAC for his decision on merits in order to minimise the litigation.3. The assessee is assessed in the status o...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)263ITR42(Ahd.)
1. The President, Tribunal had constituted this Special Bench to decide these two appeals by the Revenue, both for the asst. yr. 1991-92. The common issue referred for our decision is : "Whether, the second subsidiary company of first subsidiary company (parent company listed in the recognised stock exchange of India) falls within the definition of a 'company' in which public are substantially interested as per Section 2(18)(b)(B)(c) of the IT Act, 1961, notwithstanding the fact that neither parent company is holding any shares (or requisite shares) in the second subsidiary company nor is the first subsidiary company holding 100 per cent shares in the second subsidiary company ?" 2. In both the cases the assessee claimed 'the status of a "widely held company" under Section 2(18) of the Act. Both the assessees' equity shareholding is of 100 shares each. 50 shares each were held by Samudaya Investment Ltd. (hereinafter referred to as "Samudaya") in the 1st case of Ajax Investment Ltd. a...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD597(Ahd.)
1. These appeals are by the assessees, namely, Smt. Kamal K. Parikh, Shri Ashok K. Parikh and Shri Arun K. in respect of the assessment years 1976-77 and 1977-78. The point in issue in all the appeals is the same. So all the appeals were heard together and for the sake of convenience are being disposed of by a common order.2. Smt. Kamal K. Parikh, Shri Ashok K. Parikh and Shri Arun K. Parikh (assessees) held certain shares of Mehta Parikh & Co. (P.) Ltd. on the valuation dates, relevant to assessment years 1976-77 and 1977-78. The said shares were valued by the assessees at Re. 1 per share as according to the assessees the liabilities of the company were more than the assets as per the balance sheet of the said company. The WTO accepted such valuation.3. The learned Commissioner after going through the records found that the WTO while working out the break-up value of the shares considered the provision of taxation for calculation without deducting the advance tax already paid bef...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)8ITD325(Ahd.)
1. These 8 appeals by the assessee are against the order of the Commissioner under Section 25(2) of the Wealth-tax Act, 1957 ('the Act') dated 24-1-1981. The assessment years involved are 1971-72 to 1978-79. Since common issues are involved in all these appeals, we have heard them together and dispose of by this common order for the sake of convenience.2. The main issue for our consideration in these appeals is whether the order of the Commissioner under Section 25(2) is erroneous and bad in law. The wealth-tax assessments in the case of Shri Vimalshah, Shri Bababhai and others, executors of the estate of late Smt. Bai Manek, widow of Sheth Jamnabhai Bhagubhai, for the assessment years 1965-66 to 1978-79, were completed by the WTO on 13-3-1979. On going through the records in this case the Commissioner found that the WTO had allowed incorrect deductions in computing the net wealth of the assessee.According to the Commissioner the net wealth of the estate of the deceased person is char...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)85ITD125(Ahd.)
1. These six appeals filed by the assessee are directed against the orders of the CIT(A) for asst. yrs. 1984-85 to 1989-90.2. Since issues involved are common, these appeals have been heard together and are being disposed of by a consolidated order for the sake of convenience. The common issue involved in these appeals for the six assessment years is regarding the inclusion of income from the two UK trusts. For asst. yr. 1987-88, the issue relating to income from the three USA trusts along with income from the UK trusts as above has also been raised by the assessee.3. Shri K.C. Patel, the learned counsel for the assessee, submitted two paper books during the course of hearing. Paper book No. 1 is running into 288 pages containing, inter alia, copies of the settlement deeds of the five foreign trusts as well as orders of the Settlement Commission. Paper book No. n comprising 14 pages include inter alia, statements of income for the assessment years under appeal enclosed by the assessee...
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