Court : Gujarat
Decided on : Oct-13-1978
Reported in : [1987]163ITR381(Guj)
..... 31, 1977, issued by the central board of direct taxes. the circular is directed to all commissioners of income-tax and is headed 'section 40a(3) of the income-tax act, 1961 - rule 6dd(j) of the income-tax rules, 1962 - clarification regarding'. this circular clarified the circumstances in which the conditions laid down in rule 6dd(j) have ..... way of crossed cheque/draft and the purchaser's business interest would suffer due to non-availability of goods otherwise than from this particular seller; or (v) the seller, acting as a commission agent, is required to pay cash in turn to persons from whom he has purchased the goods; or (vi) specific discount is given by the seller ..... to answer the question raised by the tribunal and to leave it to the tribunal to take appropriate steps to adjust its decision under section 66(5) (of the old act) in the light of the answer of this court. if we direct the tribunal to submit a supplementary statement of the case, the tribunal will, according to the .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-17-1978
Reported in : [1978]113ITR318(Guj)
..... and (3) the assessee must have either paid or made satisfactory arrangements for payment of any tax or interest payable in consequence of an order passed under the act in respect of the relevant assessment year. once these three conditions are satisfied, there is no option, as earlier pointed out, to refuse to exercise discretion. ..... valuation date mentioned in the notice. if the wealth-tax officer, appellate assistant commissioner, commissioner or appellate tribunal in the course of any proceedings under the act is satisfied that any person has without reasonable cause failed to furnish the return which he is required to furnish under sub-section (1) of section 14 ..... out in extenso : '18. (1) if the wealth-tax officer, appellate assistant commissioner, commissioner, or appellate tribunal, in the course of any proceedings under this act is satisfied that any person - (a) has without reasonable cause failed to furnish the return which he is required to furnish under sub-section (1) of section .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-17-1978
Reported in : [1979]120ITR752(Guj)
..... that it was by virtue of the deeming provisions after the assessee's version was rejected that the amount was brought to tax under s. 69a of the i.t. act. in view of the series of decisions ultimately culminating in cit v. anwar ali : [1970]76itr696(sc) and khoday eswarsa's case : [1972]83itr369(sc) , the mere fact that the ..... of the assessee regarding the peak amount and on that basis included only rs. 60,000 as the deemed income of the assessee under s 69a of the i.t. act. the admission, therefore, was that this amount of rs. 60,000 belonged to the assessee. there was no concession that this amount represented his income or that it was his .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-21-1978
Reported in : [1980]122ITR306(Guj)
..... in holding that the order of the inspecting assistant commissioner of income-tax imposing the penalty under section 271(1)(c) read with section 274(2) of the income-tax act, 1961, was without jurisdiction and illegal and in cancelling the same accordingly ?' 2. the facts giving rise to this reference as follows : we are concerned with the assessment ..... he accordingly, initiated penalty proceedings and as the minimum penalty leviable exceeded rs. 1,000, he referred the matter to the iac, as required by s. 274 of the act. 3. against the order of assessment by the ito, the assessee preferred an appeal to the aac, and one of the grievances in the appeal was about the addition of ..... : [1977]107itr753(guj) , held on the point of jurisdiction of the iac to pass the order of penalty in view of the amendment in s. 274 by the amendment act, that it was well- settled law that every litigant had a vested right in the procedural law so far as the substance was concerned and if the substantive question of .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-17-1978
Reported in : [1978]113ITR360(Guj)
..... 921 for the three assessment years in question respectively. be it noted that the amounts of penalties imposed as aforesaid were the minimum imposable under the provisions of the act. thereupon the petitioner filed applications under section 271(4a), before the commissioner on october 11, 1974, requesting him to reduce or waive the amount of minimum penalty ..... was required to file its return of income before june 30, 1967, june 30, 1968, and june 30, 1969, respectively, under section 139(1)(a) of the income-tax act. it, however, filed its returns for those assessment years on march 19, 1969, october 23, 1969, and october 23, 1969, respectively. under section 271(1)(a) the ..... .2. now, we had today an occasion to deal with a case arising under section 18(2a) of the wealth-tax act, which provision is identical to the provision of section 271(4a) of the act under consideration [see special civil application no.1265 of 1975 decided on february 16/17, 1978-since reported as madhukar manilal modi .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-10-1978
Reported in : [1979]116ITR631(Guj)
..... its earlier decisions, held that when land is sold for non-agricultural purposes after permission is obtained under s. 63 of the bombay tenancy and agricultural lands act, it is a categorical proof of the fact that the land is not an agricultural land. the intention for using the land becomes clear when the agreement ..... tribunal in its order has proceeded on the footing that the assessee having applied for permission from the collector under s. 63 of the bombay tenancy and agricultural lands act and the land having been sold for non-agricultural purposes, it was not agricultural land and, therefore, capital gains should be assessed. the tribunal, relying upon ..... yards. before the sales were effected, the assessee had applied for permission from the collector of ahmedabad under s. 63 of the bombay tenancy and agricultural lands act, by making an application in that behalf on january 19, 1968, and the permission was granted for effecting the sales in favour of non-agriculturists on certain .....
Tag this Judgment!Court : Gujarat
Decided on : Jan-25-1978
Reported in : (1978)7CTR(Guj)258; [1980]125ITR67(Guj)
..... regarding the ascertainment of residuary estate must be dealt with separately and by itself, that is, apart from the provisions of s. 168(3) of the i.t. act. 17. under these circumstances, we hold that by the time the assessment years under consideration started, the residuary estate had been ascertained and was capable of being handed over ..... balabhai as the legal representative of balabhai damodardas. 7. we may point out that in view of the distinction between the provisions of the w.t. act and the i.t. act and in view of the fact that for the relevant years under consideration before the division bench which considered the wealth-tax case, namely, assessment years ..... certain expenses out of the self-acquired properties of the testator. according to the principles of hindu law and the provisions of s. 6 of the hindu succession act, 1956, the assessee and his brother became entitled under the will to inherit one-half share of the deceased in the coparcenary properties. from the point of the .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-20-1978
Reported in : [1981]127ITR701(Guj)
..... an accretion of the corpus to be reinvested again in the securities giving only the income resulting therefrom to the assessee....it may be that, under the indian income-tax act, a part, which will be considered as an accretion of the capital under the ordinary law, may be treated as income for purposes of taxation. such part of ..... is not bound to do so. he may assess either the representative assessee or the person represented by him. this implicit provision is made explicit by s. 164 of the act [vide c. r. nagappa v. cit : [1969]73itr626(sc) and premier automobiles ltd. v. s. n. shrivastava : [1970]76itr1(sc) ]. section 164, however, is more or less in ..... justified in law in holding that the amounts received by the assessee from the discretionary trust cannot be taxed in the hands of the assessee under section 166 of the act ?' it should be noted that the question at the instance of the commissioner was required to be referred to us in the following circumstances : as stated above, the .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-22-1978
Reported in : [1978]114ITR28(Guj)
..... known as 'penal interest' under section 217(1a). 5. in order to appreciate the controversy in this case it is necessary to refer to the relevant provisions of the act. under section 2(43) 'tax' in relation to assessment year commencing on the 1st day of april, 1965, and any subsequent assessment year, means income-tax chargeable under ..... we are concerned with the assessment years 1970-71 and 1971-72, it follows that 'tax' under section 2(43) means income-tax chargeable under the provisions of the act. section 207 to 219 (both inclusive) deal with 'advance payment of tax'. section 207 provides that tax shall be payable in advance in accordance with the provisions of ..... provisions relating to advance tax even before the end of the previous year in question advance tax has to be paid in accordance with the the provisions of the act as and when the income is being earned. section 208 provides for 'condition of liability to pay advance tax' and section 209 deals with 'computation of advance tax .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-21-1978
Reported in : [1978]114ITR1(Guj)
..... is capable of being rescinded by directors - operates as payment before the company has actually parted with the amount of dividend or discharged its obligation by some other act.' 9. this interpretation of 16(2) in the context of payment was extended to the crediting of dividends to the account of the shareholders by the supreme court ..... the dividends for the years under consideration. it was the contention of petitioner that in view of the provisions of section 220(7) of the income-tax act, 1961, the tax on the dividend income should not be recovered and the relevant facts bearing on this request were pointed out. the petitioners requested the commissioner ..... the shareholders. the partners of the firm and the partnership firm itself applied to the commissioner of income-tax in revision under section 264 of the income-tax act, 1961 to delete the addition of dividend income from the dividends paid on the shares of renwick & company private ltd. these application for revision were rejected on .....
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