Court : Gujarat
Decided on : Aug-06-2004
Reported in : (2004)191CTR(Guj)94; [2004]271ITR40(Guj)
..... of the tribunal and was disposed of on 28th april, 2000, wherein the appeal came to be dismissed upholding the order of the respondent under section 263 of the act. being aggrieved by the aforesaid order dt. 28th april, 2000 the appellant has challenged the same and the aforesaid two substantial questions of law have been framed by ..... rs. 1.82 crores for undervaluation of closing stock was proposed. the appellant submitted its written reply but the respondent passed an order under section 263 of the act on 20th march, 1997 setting aside the assessment order with a direction that fresh order be made in accordance with the direction given in his order after giving assessee ..... in the facts and circumstances of the case, the tribunal was right in law in holding that the cit has validly exercised revisional jurisdiction under section 263 of the it act, 1961?2. whether, in the facts and circumstances of the case, the tribunal was right in law in holding that closing stock was to be valued at market .....
Tag this Judgment!Court : Gujarat
Decided on : Aug-19-2004
Reported in : (2004)191CTR(Guj)235; [2004]270ITR469(Guj)
..... the petitioner was served with a copy of the impugned reassessment order dt. 9th feb., 2004. the petitioner thereupon preferred a rectification application under section 35 of the act requesting the respondent to withdraw the impugned reassessment order dt. 9th feb., 2004, but, as averred in the petition, till the date of filing of the petition, ..... legal principles. it is apparent from the facts which have come on record that the assessee had been demanding reasons in relation to notice under section 17 of the act dt. 26th march, 2002, but the same came to be supplied to the petitioner only by letter dt. 28th jan., 2004. immediately thereupon, the petitioner raised ..... 3 of the impugned assessment order dt. 9th feb., 2004.3.3 in the meantime, the respondent had already issued a notice under section 16(2) of the act, dt. 22nd jan., 2004, calling for certain information detailed therein on merits of the controversy. after receipt of letter dt. 28th jan., 2004, communicating the reasons .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-26-2004
Reported in : [2006]281ITR438(Guj)
..... shah, j.1. in this reference at the instance of the revenue, the following questions are referred for our opinion under section 256(1) of the income-tax act, 1961 ('the act' for short), for the assessment year 1981-82:'1. whether on the facts and in the circumstances of the case and in law, the tribunal is right in ..... the court held that the assessee was not an industrial undertaking so as to be eligible to avail of the benefit of investment allowance under section 32a of the act. the court did not consider whether the computers were covered by the definition of 'plant'.8.6 apart from the aforesaid statutory provisions and decisions, the court cannot ..... held that such machines cannot be classified as office appliances and they are scientific apparatus eligible for allowance and entitled to development rebate under section 33(1) of the act.8.2 in cit v. shri ganapathy mills company limited, : [2000]243itr879(mad) the court held that if the air-conditioner was required for the optimum use .....
Tag this Judgment!Court : Gujarat
Decided on : Nov-25-2004
Reported in : (2005)193CTR(Guj)127; [2005]275ITR30(Guj)
..... and the assessee had derived no advantage as such.14 however, apart from the aforesaid factual position, it is necessary to note that u/s.145 of the act income chargeable under the head 'profits and gains of business or profession' shall be computed in accordance with the method of accounting regularly employed by the assessee. the ..... : firstly, the tribunal had held that there was no error in the order of assessing officer so as to vest cit with jurisdiction u/s.263 of the act; secondly, the assessee company was rightly treated as 'industrial company'; and thirdly, in light of the accepted standard accounting practice the assessee company had followed a consistent ..... not been included in the income chargeable to tax. accordingly the commissioner of income tax issued show cause notice dated 24/6/1985 under section 263 of the act. the assessee furnished its reply on 24/7/1985 enclosing therewith various statements and other documents in support of its stand that there was no error in the .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-15-2004
Reported in : (2005)193CTR(Guj)361; [2005]274ITR289(Guj)
..... income tax tribunal, ahmedabad bench 'a', ahmedabad has referred the following question for the opinion of this court under section 256(1) of the income tax act, 1961 (the act) at the instance of the applicant - revenue.'whether, on the facts and circumstances of the case, the tribunal was right in confirming the decision of the ..... sold away to third party the plant and machinery allotted to them. the assessing officer withdrew the development rebate by invoking section 155(5) of the act. the matter ultimately travelled upto supreme court and the apex court, after reiterating the principles laid down in case of malabar fisheries (supra), held that ..... the undertaking,the investment allowance originally allowed shall be deemed to have been wrongly allowed, and the income-tax officer may, notwithstanding anything contained in this act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment, and the provisions of section 154 shall, so far .....
Tag this Judgment!Court : Gujarat
Decided on : Jan-15-2004
Reported in : [2004]267ITR129(Guj)
..... fact remains that during that period, the settlement commission used to pass such orders with regard to waiver of interest under section 234a, 234b & 234c of the act following the said special bench division which has taken the view that the settlement commission is empowered to reduce or waive the interest under section 234a, 234b & 234c ..... be heard and after such further evidence as may be placed before it or obtained by it, may pass an order in accordance with the provisions of the act.28. section 245e empowers the settlement commission to reopen completed proceedings subject to the conditions laid down therein. it confers an extended jurisdiction so as to cover ..... the authority, whether it is court or not but also on the nature of powers conferred on such authority or court, the scheme underlying the provisions of the act concerned and the nature of powers, the extent thereof or the limitations, if any, contained therein with particular reference to the intention of the legislature as well .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-09-2004
Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; [2006]281ITR19(Guj)
..... acquisition by the previous owner will remain unknown.'21. the importance of date of acquisition cannot be lost sight of taking into consideration the scheme of the act. under the act both short term gains and long term capital gains are chargeable to tax but the treatment thereof is different. section 2(42a) defines 'short term capital ..... the income tax appellate tribunal ahmedabad bench 'c' has referred the following question for the opinion of this court under section 256(2) of the income tax act, 1961 (the act) at the instance of the commissioner of income tax, rajkot.'whether, on the facts and in the circumstances of the case, the appellate tribunal is right ..... his personal assets to a partnership firm there would be extinguishment of his exclusive rights which would amount to transfer within the meaning of section 45 of the act. however, in relation to the second issue relying on case of srinivasa setty (supra) it was held that :'..... it is impossible to conceive of evaluating .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-14-2004
Reported in : (2005)1GLR262
..... have accepted the judgment dated 30th january, 1996 and implemented the same by obtaining necessary sanctions from the competent authority. once the judgment dated 30th january, 1996 is already acted upon, and subsequent to that, review petition is filed after period of two years, in that case, review petition is not maintainable. that view has been taken by the ..... or jurisdiction arise merely under the said section. it is inherent in the general jurisdiction of the court to act rightly and fairly according to the circumstances towards all parties involved. cains, lc said in rodger v. comptoir d' escompte de paris, (1871) lr 3 pc : 'one of the first and highest duties of all the courts is to take ..... care that the act of the courts does not injury to any of the suitors and when the expression, the act of the court is used, it does not mean merely the .....
Tag this Judgment!Court : Gujarat
Decided on : Apr-22-2004
Reported in : AIR2004Guj327
..... of the disputed parcel of lands as well as the platform-otta.8. it is also expedient to mention at this juncture that even section 65 of the gujarat municipality act, 1963 inhabits the power of granting lease for more than 3 years without previous permission of the state government. it is an admitted fact that no such previous permission of ..... grant in respect of adjoining land that it could be removed by the respondents, at any time without any notice. apart from that, section 111 of the transfer of property act, which prescribed as may as 8 modes for the determination of the lease, and one of the mode for determination of lease, is by efflux of time. therefore, the position .....
Tag this Judgment!Court : Gujarat
Decided on : Jan-17-2004
Reported in : (2004)1GLR811
..... social welfare officer. the power to issue a certificate also includes the power to cancel the certificate as provided in section 21 of the general clauses act 1897 and section 21 of the bombay general clauses act, 1904. but the principles of natural justice have to be followed before taking any decision regarding cancellation of such certificate. this discussion, therefore, answers both .....
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