Court : Gujarat
Decided on : Jan-09-2006
Reported in : (2006)201CTR(Guj)510; [2006]283ITR338(Guj)
..... proceeds on the footing that the commissioner had not expressed any opinion and had merely set aside the assessment while exercising powers under section 263 of the act, nonetheless when an appeal is preferred against such an order, the tribunal is well within its jurisdiction to examine as to whether the commissioner had rightly exercised ..... jurisdiction under section 263 of the act. in other words, whether the assessment order made by the assessing officer could be treated to be erroneous and prejudicial to the interests of the revenue, ..... which are the two pre-requisite conditions for assumption of jurisdiction under section 263 of the act. in this process, if the tribunal examines the facts and evidence which were available on record before the commissioner at the time of framing of order .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-30-2006
Reported in : (2006)204CTR(Guj)433; [2006]286ITR502(Guj)
..... retirement or voluntary separation, it would be necessary to consider the substantial questions of law suggested by the appellant.10. sub-section (4) of section 260a of the act, inter alia, provides that the appeal shall be heard only on the question so formulated, and the respondent shall, at the hearing of the appeal, be allowed to ..... scheme of voluntary retirement would be of no benefit to them. such a construction is not called for having regard to the provisions of section 10(10c) of the act. the payment of amount contemplated under voluntary retirement scheme framed by the reliance industries limited does not exceed the amount equivalent to (1) three months' salary for ..... under voluntary retirement scheme. on such retirement, he received a sum of rs. 2,21,535/-, which was claimed as exempt under section 10(10c) of the act. the assessing officer held that the amount receivable by the assessee on his voluntary retirement was worked out on the basis of a scheme which was not in consonance .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-16-2006
Reported in : [2006]284ITR361(Guj)
..... revised return offering the item for taxation and accepted the assessment made. thus, it was concluded by the tribunal that exigibility of penalty under section 271(1)(c) of the act would depend upon facts and circumstances of the case, and after considering the totality of the facts and circumstances, the assessee could not be charged with concealment of income or ..... d.a. mehta, j.1. the tribunal, ahmedabad bench 'c has referred the following question under section 256(1) of the it act, 1961 (the act) at the instance of the cit :whether, on the facts and circumstances of the case and in law, the tribunal was right in deleting the penalty levied under section 271( .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-07-2006
Reported in : (2006)204CTR(Guj)319; [2006]286ITR66(Guj)
..... specified modes of acquisition. in the present case, admittedly, the mode of acquisition so far as the assessee is concerned, is under section 47(iv) of the act i.e. the transfer of capital asset by holding company to its subsidiary company when kppl transferred shares of aravalli to assessee, there being no dispute as to ..... first transaction between kppl and aravalli and kppl and the assessee on the one hand, and second between aravalli and the assessee. section 46(2) of the act has been invoked and applied at the stage of the second transaction between the assessee and aravalli viz. when aravalli went into voluntary liquidation and distributed assets valued ..... assets valued at rs. 93,24,000/- from one aravalli investments private limited (aravalli) on voluntary liquidation of aravalli. the assessing officer invoked section 46(2) of the act for bringing to tax the surplus under the head 'capital gains' after deducting the amount paid by the assessee for acquisition of shares i.e. rs. 55,36, .....
Tag this Judgment!Court : Gujarat
Decided on : Jun-15-2006
Reported in : (2007)209CTR(Guj)39; [2007]292ITR135(Guj)
..... assessing officer to allow carry forward of the assessed loss even though the return was filed late, in view of the specific provisions of section 80 of the income tax act, 1961. the reference, therefore, will have to be answered in the affirmative, i.e. in favour of the assessee and against the revenue.16. for the foregoing ..... communicate the rejection to the assessee concerned. in other words, he, having exercised the jurisdiction vested in him under proviso to section 139(1) of the income-tax act, 1961, had failed to communicate to the assessee that the said discretion had been exercised against it.10. what is the effect of such non-communication is to be ..... . the income tax appellate tribunal, ahmedabad bench 'c', has referred the following question for the opinion of this court under section 256(1) of the income tax act, 1961.whether the appellate tribunal is right in law and on facts in directing the assessing officer to allow carry forward of the assessed loss even though the return was .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-05-2006
Reported in : 2007ACJ1367
k.m. mehta, j.1. mithun kalikrishna banerjee, appellant- original claimant- petitioner has filed this appeal under section 173 of the motor vehicles act, 1988 against the judgment and award dated 1.2.2002 passed by the motor accident claims tribunal (aux.ii), ahmedabad (rural) in mac petition no. 1358 of 1995. the learned .....
Tag this Judgment!Court : Gujarat
Decided on : Aug-23-2006
Reported in : [2007]293ITR285(Guj)
..... earlier income. before the ao, the benefit of amnesty scheme was also claimed to avoid the liability of penalty proceedings under section 271(1)(c) of the it act ('the act' for short).the ao accepted the revised return and assessed the present assessee for the sum of rs. 2,27,824, but opened penalty proceedings under ..... the concealment of income was already detected, but, before determining the additional income for the purposes of tax, the ao, in accordance with the provisions of the act and the principles of natural justice, was requiring the assessee to prove the genuineness of all the deposits by 3rd march, 1986, he required certain particulars and details ..... the matter was brought before the tribunal. as the tribunal rejected the submissions made by the assessee, the assessee made an application under section 256(1) of the act for a reference to the high court. accordingly, on the aforesaid question, the reference has been made.3. mr. divetia, learned counsel for the assessee, submits .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-02-2006
Reported in : (2007)207CTR(Guj)606; [2007]290ITR282(Guj)
..... the assessment year 1986-87 and rs.44,58,378/- for assessment year 1987-88 by invocation of the provisions of section 43b of the income tax act,1961 (the act).2 both these appeals were admitted by an order dated 14/7/2003 and the following substantial question of law was framed :whether, on the facts and ..... were set aside by commissioner of income tax, surat with a direction to carry out fresh assessments after taking into consideration the applicability of section 43b of the act with regard to the outstanding liabilities of excise duty appearing in the balance sheet of the assessee under the head sundry creditors.10. the assessing officer, accordingly ..... has been elaborated in the following portion of the departmental circular no. 372 dated 8/12/1983 as follows :35.1 under section 145 of the income-tax act, profits and gains of business or profession are computed in accordance with the method of accounting regularly employed by the assessee. broadly stated, under the mercantile system of .....
Tag this Judgment!Court : Gujarat
Decided on : Feb-06-2006
Reported in : [2006]284ITR238(Guj)
..... of saiaswati industrial syndicate ltd. (supra) as, prima facie, the assessee failed to point out, in any manner whatsoever, as to how section 41(1) of the act is applicable, and that in fact the said provision has been invoked and applied in case of the assessee. therefore, in absence of any prima facie case being made out ..... the applicant apart from stating that the amalgamating company and the amalgamated company are two separate entities and in case of amalgamation, provisions of section 41(1) of the act cannot be invoked, has not been able to show how and in what circumstances the said section has been invoked and applied to the facts of the case. admittedly, ..... in holding that the prospectus report fee of rs. 3,000 for new issue of shares is capital expenditure and, therefore, not allowable under section 37(1) of the it act, 1961 ?4. whether, on the facts and in the circumstances of the case, the amalgamation expenses of rs. 22,500 and liquidation expenses of winding up of starlight .....
Tag this Judgment!Court : Gujarat
Decided on : Jan-09-2006
Reported in : (2006)201CTR(Guj)312; [2006]282ITR568(Guj)
..... consider is whether the undertaking of the assessee is an industrial undertaking and whether any articles are manufactured or produced therein. industrial undertaking has not been defined in the act. as held by the supreme court in bangalore water supply and sewerage board v. a rajappa : (1978)illj349sc , the word `industry' has a wide import. ..... 8/1992, concurred with the findings recorded by commissioner (appeals), to hold that the assessee was entitled to relief both under section 80hh and section 80i of the act. according to tribunal, the commissioner (appeals) had rightly relied upon the decision of the allahabad high court in the case of commissioner of income tax, agra v ..... being years ended on 31st july 1983 and 31st july 1984 respectively. the assessee, a private limited company, claimed relief under section 80hh and 80i of the act for both the assessment years. the same was denied by the assessing officer on the ground that the activity carried on by the assessee does not constitute .....
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