Court : Gujarat
Decided on : Aug-05-1980
Reported in : [1981]131ITR257(Guj)
..... liability on merits; it is also not disputing the correctness of the accounts. the omission to precisely provide or the liability is also understandable having regard to the act that the legal position in that behalf was not crystallised until the decision in metal box company of india ltd. v. their workmen : (1969)illj785sc was delivered ..... and reporting. as earlier pointed out, such a provision is permissible as can be seen from the form of balance-sheet in sch. vi to the companies act, 1956, whereunder provisions for taxation, dividends, provident fund schemes, staff benefit schemes and other items for which a company is contingently liable are to be treated ..... along with certain other textile mills, was a party to an industrial dispute raised by the textile labour association, ahmedabad, under the provisions of the bombay industrial relations act, 1946, and that the said dispute resulted in an award made by the industrial court, bombay, on september 16, 1957. the award came into force on .....
Tag this Judgment!Court : Gujarat
Decided on : Aug-28-1980
Reported in : (1981)21CTR(Guj)31; [1981]131ITR559(Guj)
..... its assets and liabilities stood transferred to the private limited company with effect from april 1, 1966. it is clear that under s. 42(b) of the partnership act, subject to contract between the partners, a firm is dissolved if constituted to carry out one or more adventures or undertakings, by the completion thereof. in this case, ..... thereafter the transaction of transfer by the partnership firm to the limited company had taken place and the provisions as to capital gains were introduced in the indian i.t. act, 1922, only in 1956. hence, the only question before the supreme court in mugneeram bangur's case : [1965]57itr299(sc) was whether under the provisions relating ..... that thereby readjustment of the business relationship was intended, the liability to be taxed under the second proviso to s. 10(2)(vii) of the indian i.t. act, 1922, in respect of the readjustment had to be determined according to the strict legal form of the transaction. the company was a legal entity distinct from the .....
Tag this Judgment!Court : Gujarat
Decided on : Aug-12-1980
Reported in : (1980)19CTR(Guj)130; [1981]132ITR159(Guj)
..... was whether, on the facts and in the circumstances of the case, the assessee there was entitled to relief under s. 25(4) of the indian i.t. act, 1922, on the ground that 'the person..... carrying on..... business..... is succeeded in such capacity by another person....., such another person being the assessee.' the following ..... find that the undisputed or indisputable facts point in the direction of the succession being by inheritance. the deceased died intestate. under s. 8 of the hindu succession act, 1956, his property would develop, firstly, upon the heirs being the relatives specified in class i of the schedule. son, daughter and widow are included in class ..... observation quoted below upon which great reliance has been placed on behalf of the revenue in the instant case (p. 409) : 'but under the income-tax act the position is somewhat different. a firm can be changed as a distinct assessable entity ad distinct from its partners who can also be assessed individually...... the partners .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-01-1980
Reported in : (1981)22CTR(Guj)201; [1982]133ITR108(Guj)
..... 'conveyance, assignment, settlement, delivery, payment or other alienation of property'. it is clear from the context that the word 'disposition' therein refers to a bilateral or multilateral act. the word 'transaction' in clause (d) of s. 2(xxiv) also refers only to a bilateral transaction and not a unilateral transaction. a transfer to which two ..... is inescapable that the life interest was not transferred by the releasor in favour of the releasees, but on the contrary, it was destroyed by the very act of release and the concerned trustees were discharged from their obligation to make good the life interest during the remainder of the life of the releasor. mr. ..... said definition in s. 2(xii), and seeks to include transfer or conversion of any property referred to in s. 4 which contemplates deemed gift for the purpose of the act. the word 'transfer of property' is defined by s. 2(xxiv) and it reads : ''transfer of property' means any disposition, conveyance, assignment, settlement, delivery, .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-30-1980
Reported in : [1982]133ITR578(Guj)
..... two lakhs, whichever is greater. under r. 4 of the second schedule it is provided that where a part of the income as computed under the i. t. act, its capital ascertained otherwise would be diminished by a proportionate amount. the ito determined the capital of the company for the purpose of standard deduction according to the second ..... from 'income, profits and gains `not included'' in the computation of the total income. the concept of' not includible' is a provision according to the i.t. act, whereby the very nature of the income, profits and gains concerned, the income cannot be included or is not capable of being included in the total income of the assessee ..... special provisions relating to deductions in chap. vi-a, is taken out and excluded from the total income computed in accordance with the provisions of the i.t. act. 21. we may mention that several other high courts in india have arrived at the same conclusions, though the reasons which have appealed to those different high court .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-24-1980
Reported in : (1981)21CTR(Guj)219; [1982]135ITR443(Guj)
..... the bombay high court cit v. t. maneklal mfg. co. ltd : [1978]115itr725(bom) , where the bombay high court has pointed out that the i.t. act being an all india statute, uniformity in the construction of its statutory provisions is eminently desirable and the considered opinion of any other high court should be followed unless there ..... industries so as to accelerate the process of industrialisation. it does not appear to have been the intention of the legislature, as envisaged by section 15c of the act, that the benefit of the said section would be confined to the industrial undertakings of those parties who had not already set up such undertaking in the past ..... were enacted after the second world war in order to encourage setting up of new industrial undertakings. section 15c was enacted and inserted in the indian i.t. act, 1922, to encourage setting up of new industrial undertakings by offering tax incentives and the period of tax incentives was increased from time to time and the period .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-28-1980
Reported in : (1980)17CTR(Guj)289; [1981]129ITR718(Guj)
..... -society contends that the respondent-ito had no jurisdiction to reopen the proceedings as the condition precedent to the exercise of the power given under s. 147 of the act does not exist in the present case. 3. in order to appreciate the aforesaid controversy between the parties, it is necessary to have a glance at the relevant facts ..... rs. 1,00,845. along with this revised total income the assessee also filed a statement showing the proportionate business profits income exempt under s. 80p of the act because of its dealing with non-members as well. it is pertinent to note at this stage that the petitioner-society had sold during the accounting year some depreciable ..... ito when he passed the assessment order. such type of information can obviously not amount to the requisite information within the meaning of s. 147(b) of the act as finally settled by the supreme court. in that view of the matter even the second ground cannot give any efficacy to the impugned notice and it cannot be .....
Tag this Judgment!Court : Gujarat
Decided on : Jan-18-1980
Reported in : (1980)16CTR(Guj)1; [1980]123ITR748(Guj)
..... so far as failure to pay on due date of an instalment is concerned, it is possible that under the other provisions of the i.t. act, say, for example, s. 221 or under s. 273, which was dealt with by this court in kohinoor flour mills' case : [1975 ..... the date of completion of the regular assessment and if that tax, that is, tax chargeable under the provisions of the income-tax act, 1961, is paid before the 1st day of april next following the financial year in which the advance tax was payable under section 212 ..... denied to an assessee who has not paid the instalments of advance tax on the dates specified under s. 211 of the i.t. act. 4. in order to appreciate the contentions which have been urged before us, it is necessary to refer to the group of sections ..... stating that a sum of rs. 9,005 by way of interest was also payable to the petitioner under s. 214 of the i.t. act and requested the respondent to pay same. by his letter dated december 17,1977, a copy of which is ex. d to the petition, .....
Tag this Judgment!Court : Gujarat
Decided on : Jan-10-1980
Reported in : [1980]124ITR68(Guj)
..... any general opinion expressed by a person not qualified, experienced or acquainted with the subject-matter, cannot amount to 'information' on which the gift-tax officer might act for reopening a completed assessment. it must be remembered that, section 16(1) empowers the gift-tax officer to disturb the finality of an assessment already made ..... the statute are 'reason to believe' and not 'reason to suspect'. the reopening of the assessment after the lapse of many years is a serious matter. the act, no doubt, contemplates the reopening of the assessment if grounds exist for believing that income of the assessee has escaped assessment. the underlying reason for that is that ..... escaping assessment in a large number of cases come to the notice of the income-tax authorities after the assessment has been completed. the provisions of the act in this respect depart from the normal rule that there should be, subject to right of appeal and revision, finality about orders made in judicial and quasi .....
Tag this Judgment!Court : Gujarat
Decided on : Aug-25-1980
Reported in : (1981)21CTR(Guj)20
..... dessan 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 company to ..... same assessee as is before us. that case was in respect of assessment year 1964-65. in that cases, it was held (headnote) : 'section 84 of the act (now section 80j) provided for tax holiday for new industrial undertakings or hotels and exempted the income thereof to the extent of six per cent. of the capital employed in ..... ultimately before the tribunal was regarding the computation of capital employed by the assessee in its business for the purpose of relief under s. 84 of the i.t. act, 1961, as it then stood. the assessee was entitled to claim under that section that no income-tax should be paid in respect of a newly established undertaking .....
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