Court : Gujarat
Decided on : Aug-25-1980
Reported in : (1981)22CTR(Guj)186; [1981]130ITR655(Guj)
..... it was further observed that this court had not considered the question whether irrespective of the machinery provision which is to be found in s. 48 of the 1961 act, the charging provisions, viz., s. 45, itself implies the concept of 'actual cost' to the assessee of the capital asset as being a relevant aspect for ..... in building up his professional reputation. the cost of acquisition was thus incapable of determination.' 30. the full bench also referred to s. 55(1)(b) of the act and held that (headnote of 89 itr 88) : ''cost of any improvement' means 'all expenditure of a capital nature curred by making any addition or alteration to ..... observe (headnote) : 'though the british and american taxation laws proceed on the footing that capital gains are assessable in the case of transfer of goodwill, the indian act did not have it in contemplation, when enacting section 12b, that self-created assets like copyright, patents and goodwill should be subjected to capital gains arising on their .....
Tag this Judgment!Court : Gujarat
Decided on : Aug-20-1980
Reported in : (1981)21CTR(Guj)190; [1981]130ITR95(Guj)
..... of the concerned debt as irrecoverable in the account books of the assessee is concerned, as we have noted above, the language used in both the acts, viz., the act of 1922 and the act of 1961, is almost identical. 13. now, we may note a salient feature which has been well established on the record of this case. ..... this rebate was a concession subject to the fulfilment of the conditions prescribed under the proviso, and the creation of a reserve fund undersection 17 of the banking companies act was not sufficient compliance with the proviso, even though the amount so carried to the reserve fund might be large enough to cover both requirements.' 30. thus, ..... ito to assess any part of the bad debt as irrecoverable, if the assessee could establish it before him by leading cogent evidence. in short, under the previous act, before claiming any allowance of bad debt, it was not absolutely necessary for the concerned assessee to post relevant entries regarding the irrecoverability of the bad debt in .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-19-1980
Reported in : [1982]134ITR355(Guj)
..... he found that this earlier view on the said section was not correct. that certainly cannot be called information within the meaning of s. 147(b) of the act which can entitle him to invoke his jurisdiction under the said provision for reopening the assessment for the relevant assessment year. in fact, the question which is posed ..... the gratuity act, 1972, and the scheme formulated by it and claimed the same as a deductible expenditure from its income. the ito passed his assessment order for the relevant assessment ..... this juncture. 3. the petitioner is a public limited company, viz., the anil starch products ltd., at ahmedabad. it is being assessed to income-tax under the act. during the accounting year 1974-75, the petitioner-company made an actual payment of gratuity of rs. 71,045 to its retiring employees in accordance with the provisions of .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-28-1980
Reported in : (1981)20CTR(Guj)68; [1981]127ITR74(Guj)
Divan, C.J.1. In this case, at the instance of the assessee, the following two questions have been referred to this court for its opinion : '(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in disallowing the claim of the assessee for deduction of a sum of Rs. 58,062 being the amount paid as its share for cable laying charges as revenue expenditure (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that for the purpose of allowance of expenditure under section 37(2) and the application of the rate of 1% prescribed therein the computation of the profit has to be made after making allowance for depreciation not only of the amount computed for the current year at Rs. 14,64,110 but also the amount brought forward from the earlier years, both constituting the amount of depreciation allowance for the current year, and, consequently, upholding the calculation of the Income-tax Officer ?...
Tag this Judgment!Court : Gujarat
Decided on : Oct-07-1980
Reported in : AIR1990Guj149; 1990CriLJ1758; (1990)1GLR529
..... indian central banking enquiry committee, the all india rural credit and survey committee, etc. recently the government of madras appointed an expert committee to review the act. in its report the committee graphically described the difficulties of the cultivators and their dependence upon the middlemen thus : 'the middleman plays a prominent part in ..... by the bombay legislation. the establishment of regulated markets must form an essential part of any ordered plan of agricultural development in this country. the bombay act is, however, definitely limited to cotton markets and the bulk of the transactions in berar market is also in that crop. we consider that the system ..... deal or transaction which directly or otherwise adversely affects the interest of the poor, illiterate and ignorant agriculturist for whose ultimate benefit and protection the said market act has been specially enacted, and (viii) when the said dealer in the fair price shop is merely a conduit-pipe serving as a passage of .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-22-1980
Reported in : (1981)25CTR(Guj)275; [1981]131ITR421(Guj)
Divan, C.J.1. In this case, at the instance of the revenue, the following three questions have been referred to us for our opinion : '(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was not a dealer in immovable properties and, therefore, the amount 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 Rs. 16,000 out of Rs. 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 Rs. 24,431, having been received by the assessee by way of damages on account of the breach of the agreement committed by the se...
Tag this Judgment!Court : Gujarat
Decided on : Oct-09-1980
Reported in : (1981)23CTR(Guj)312; [1981]129ITR102(Guj)
..... that this document was executed with a view to bifurcating or splitting up the profits for the benefit of the relatives of the directors. section 40a of the income-tax act, 1961 makes it clear that where the assessee incurs any expenditure in respect of which payment has been made or is to be made to any person referred to clausein ..... in such cases mixed questions of law and fact are vitiated and it is open to this court, in exercise of its jurisdiction under s. 256 of the i. t. acts, to arrive at its own conclusions in the light of facts which are otherwise not in dispute or facts which otherwise emerge from the materials on record. 5. in the ..... divan, c.j.1. in this reference under s. 256(2) of the i. t. act, 1961, the following two questions have been referred to us at the instance of the assessee : ' (1) whether there was any evidence before the tribunal to come to the conclusion .....
Tag this Judgment!Court : Gujarat
Decided on : Jun-18-1980
Reported in : (1980)19CTR(Guj)105; [1981]129ITR573(Guj)
..... and if there was any benefit in respect of 1,200 shares of navjivan mills ltd. purchased by the assessee, who was the actual beneficiary. the revenue is free to act as far as this aspect of the matter is concerned within the permissible limits of law.' 6. the tribunal agreed with the aac that so far as the year under .....
Tag this Judgment!Court : Gujarat
Decided on : Aug-29-1980
Reported in : [1981]127ITR230(Guj)
..... amount was necessary in that year. the tribunal, therefore, reversed the order of the aac and restored the order of the ito. 4. under s. 32 of the i.t. act, 1961, in respect of depreciation of building, machinery, plant of furniture owned by the assessee and used for the purpose of the business or profession, deductions mentioned in the different ..... the textile commissioner under the provisions of clause 21c(b) of the cotton textile (control) order, 1968, was business expenditure allowable under section 28 or under section 37 of the act (3) whether the claim of the assessee of rs. 46,414 written off in relation to the bore-well is allowable under section 32(1)(iii) of the i.t ..... . act, 1961 (4) whether on the facts the cost of electric motor of rs. 4,000 was of capital nature or revenue nature ?' questions no. (1) and (2) have been referred .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-10-1980
Reported in : [1981]128ITR633(Guj)
..... circumstances. sub-section (1) thereof provides : '(1) the provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this act relating to the computation of income under the head 'profits and gains of business or profession'.'14. thus, s. 40a has overriding effect in the computation of income ..... said amount ought to have been allowed as permissible deduction by the ito. 12. as we will presently show, on a consideration of a relevant provisions of the act, the admissibility of the disputed amount will have to be judged in the light of the first proviso to s. 40a(5)(a) and, consequently, it is ..... the facts leading to this reference in so far as they are relevant may not be briefly stated. the assessee is a public limited company incorporated under the companies act, 1956. the relevant assessment year is 1972-73. at that time, it was carrying on business of manufacturing cotton textile goods in kalol in mehsana district. in filed .....
Tag this Judgment!