Court : Gujarat
Decided on : Sep-18-1973
Reported in : [1974]44CompCas517(Guj); (1975)0GLR193
..... discriminatory and inconsistent with the doctrine of pair pass distribution of assets of an insolvent company statutorily reecognised in section 511of the companies act. 10. a few illustrative cases can be examined here. in re dehra dun mussoorie tramway co. ltd. (1) [1931] 1 comp. cas. 145 (all.)., priority in payment was claimed in ..... authority legally entitled to, or entrusted by the government with, the control or management of a municipal or local fund. section 3(31) of the general clauses act, 1897, defines 'local authority' to mean a municipal committee, district board, body of port commissioners or other authority legally entitled to, or entrusted by the ..... by the corporation, if it complies with the condition implicit in the definition, it will be an industry within the meaning of the definition in the act. after having observed thus, the supreme court examined the services rendered by the corporation in its various departments including stage department and health department and .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-06-1973
Reported in : [1974]94ITR287(Guj)
..... i say that the circumstances in which the commissioner of income-tax, gujarat ii, came to issue the authorisation under section 132(1) of the said act authorizing me to make search of the premises of the petitioner herein and subsequently an authorisation authorising me to make search of the said locker, what transpired ..... or other valuable article or thing represents either wholly or partly income or property which was not been disclosed for the purposes of the indian income-tax act, 1922, or this act, he may authorize any deputy director of inspection, inspecting assistant commissioner, assistant director of inspection or income-tax officer to seize any such books of ..... contention, the second contention urged by the learned advocate-general on behalf of the petitioner, it would be necessary to refer to some of the provisions of the act and the rules. 7. under section 132(1)(c)(iii), where the director of inspection or the commissioner, in consequence of information in his possession, has .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-13-1973
Reported in : [1976]102ITR105(Guj)
..... a new clause was substituted providing exemption to deposits under any scheme framed by the central government subject to the conditions prescribed therein. the said act also added two provisos and explanations to clause (viii) and these provisos and explanations have been brought into effect prospectively from april 1, 1972. ..... and two explanations, which have been made prospectively effective from april 1, 1972. the said clause (viii), therefore, after the amendment by finance (no. 2) act of 1971, reads as under : '(viii) furniture, household utensils, wearing, apparel, provisions and other articles intended for the personal or household use of the assessee, ..... viii) furniture, household utensils, wearing apparel, provisions and other articles intended for the personal or household us of the assessee.' 6. by finance (no. 2) act of 1971, with retrospective effect from april 1, 1963, after the existing clause (viii), the words, 'but not including jewellery' were added. it also added .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-17-1973
Reported in : [1974]96ITR240(Guj)
..... scientific research to be carried out by the principal parent-company, ciba, basle, was admissible as deduction under sections 10(2)(xv) of the indian income-tax act, 1922. the parent-company, ciba basle ltd., was engaged in the development, manufacture and sale of medicinal and pharmaceutical preparations and it carried on business in india ..... as represented by limex ltd., entered into an agreement for technical collaboration, though by the consent of both the parties to the said agreement, it was not acted upon. in other words, therefore, the two directors and the production manager went abroad for purposes of finding out whether it would be profitable for the ..... in favour of the assessee-company. mr. shah was, therefore, right that even according to the terms and conditions of the contract, which was ultimately not acted upon by the consent of the parties thereto, there was no transfer of property intended, nor conferment of rights or benefits of permanent endurance on the assessee- .....
Tag this Judgment!Court : Gujarat
Decided on : Nov-06-1973
Reported in : [1974]97ITR86(Guj)
..... hindu system of law a joint family may consist of a single make member and his wife and daughters and there is nothing in the scheme of the wealth-tax act to suggest that a hindu undivided family as an assessable unit must consist of at least two male members. mr. kaji for the revenue relies upon the following passage from ..... law of the hindus. under the hindu system of law a joint family may consist of a single male member and widows of deceased male members, and the income-tax act does not indicate that a hindu undivided family as an assessable entity must consist of at least two make members. the supreme court pointed out that there is a distinction ..... sons, is indicated in the text : vide mit. chapter 1, section 2. nothing depends upon his own favour or discretion. when, however, he makes a gift which is only an act of bounty, he is unfettered in the exercise of his discretion by any rule or dictate of law. it is in these gifts obtained through the favour of the father .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-01-1973
Reported in : [1976]102ITR232(Guj)
..... income, that is, to distribute them between the discretionary beneficiaries. the interests of the accumulation beneficiaries under the primary trust was, in the terminology of the finance act, 1894, an interest in expectancy (as contrasted with an interest in possession) : the discretionary beneficiaries under the secondary trust had, for the reasons already given ..... division of the high court of justice on an application by originating summons, taken out under section 3 of the administration of justice (miscellaneous provisions) act, 1933, by the appellants, edmund travis gartside, the testator, for the determination of a question of liability to estate duty on the death of ..... the three discretionary trusts were assessed to wealth-tax in the hands of the trustees as association of persons under section 21(4) of the said act. the appellate assistant commissioner, however, in appeals preferred by the respondent-assessee, was of the opinion that the respondent-assessee could be assessed only .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-07-1973
Reported in : [1974]97ITR1(Guj)
..... to the relevant provisions of section 5 under which the assessee claims exemption. these provisions are as under : '5. no expenditure-tax shall be payable under this act in respect of any such expenditure as is referred to in the following clauses, and such expenditure shall not be included in the taxable expenditure of an assessee - ..... as under : '4. unless otherwise provided in section 5, the following amounts shall be included in computing the expenditure of an assessee liable to tax under this act, namely :- (i) any expenditure incurred, whether directly or indirectly by any person other than the assessee in respect of any obligation or personal requirement of the assessee ..... incurred by the assessee, it should be treated as expenditure, which would be includible in the total expenditure liable to tax. 9. section 4 of the act points out amounts which should be included in the taxable expenditure of an assessee. this section is made subject to the provisions of section 5 which contemplates .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-06-1973
Reported in : [1974]97ITR81(Guj)
..... any declaration. it is found that the tribunal has not considered this aspect even though the additional commissioner who has taken action under section 263 of the act has sufficiently dealt with it in his order. therefore, even without disturbing the finding of the facts recorded by the tribunal, we find that the question ..... of the partners of the assessee, whose names are already given above, had, by this time, approached the additional commissioner under section 264 of the income-tax act, 1961. they had made certain statements to the commissioner, as a result of which the commissioner's doubt as regards the declaration dated june 13, 1966, was ..... 12th november, 1966. 3. for assessment year 1967-68 the assessee filed his return on august 19, 1968, along with a declaration under section 184(7) of the act. however, this declaration was not signed by two of its partners, namely, sajanben zaverilal and divyakant zaverilal. the said declaration was, therefore, defective. however, on april 16 .....
Tag this Judgment!Court : Gujarat
Decided on : Nov-28-1973
Reported in : [1974]97ITR140(Guj)
..... giving total exemption from income-tax and, therefore, there was no scope for construing the provisions of the notification with reference to section 8 of the income-tax act. the bombay high court while deciding the case of industrial investment trust co. ltd., relied upon this decision of the supreme court and held that the income ..... question for our opinion : 'whether, on the facts and in the circumstances of the case, the assessee is entitled to relief under section 85a of the income-tax act, 1961, in respect of the entire amount of the dividend income without deduction of interest paid on borrowings for acquiring the shares ?' 3. the question involved in ..... 1. the question which is involved in this reference is whether, while computing the deduction of tax on inter-corporate dividend under section 85a of the income-tax act, 1961, the income from dividend should be taken at its gross figure or at net figure after deducting the expenditure incurred by the concerned assessee to earn that .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-08-1973
Reported in : [1974]97ITR440(Guj)
..... the deeming fiction contained in the explanation. the explanation which was not originally there when section 271(1)(c) was enacted but which was introduced by the finance act, 1964, provides that where the total income returned is less than eighty per cent, of the total income assessed, the assessee shall, unless he proves that the ..... have concealed the particulars of his income or deliberately furnished inaccurate particulars of such income, but the word 'deliberately' was omitted from the section by the finance act, 1964. what is the effect of this omission does not fall for determination in this case because the assessee is sought to be brought within section 271(1 ..... condition which attracts the applicability of section 271(1)(c) is that the income-tax authority should be satisfied in the course of any proceeding under the act that any person has concealed the particulars of his income or furnished inaccurate particulars of such income. it may be pointed out that, prior to its amendment .....
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