Court : Gujarat
Decided on : Feb-29-1980
Reported in : (1980)17CTR(Guj)293; [1981]127ITR1(Guj)
..... laid down in that circular. the circular is binding on the commissioner because he is also one of the persons employed in the execution of the w.t. act. the notice dated january 5, 1980, clearly indicates that the commissioner, the respondent herein, was valuing the shares of cloth traders pvt. ltd., on principles different ..... cit : [1971]82itr913(sc) . there their lordships pointed out that the directions in such benevolent circulars, even though they may be deviating from the provisions of the act, would be binding on the income-tax officers.' 13. this position is well accepted and there are several decisions of the different high courts in india, namely, the ..... 240.38, respectively, for these valuation dates. ultimately, on the footing of these valuations, assessment orders were passed under s. 16(3) of the w.t. act. in making the wealth-tax assessments, as shown by the assessment orders for the respective years, the wto made assessment in accordance with the circular of october 31, 1967 .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-01-1980
Reported in : (1980)18CTR(Guj)378; [1981]130ITR411(Guj)
..... come to the conclusion that the tribunal was right in law in confirming the levy of penalty upon the assessee under the provisions of s. 271(1)(c) of the act. the question referred for our opinion is, therefore, answered in the affirmative, that is to say, in favour of the revenue and against the assessee. the assessee shall pay the ..... the income returned and the income assessed in the instant case arose on account of the addition made by the ito either under s. 68 or s. 69a of the act and that, under such circumstances, having regard to the decision of this court in s. p. bhatt's case : [1974]97itr440(guj) and cit v. vinaychand harilal : [1979]120itr752(guj ..... the circumstances of the case, the tribunal was right in law in confirming the levy of penalty of rs. 3,500 under section 271(1)(c) of the income-tax act, 1961 ?' 9. the facts narrated above would show that both the iac and the tribunal have invoked in aid the explanation to s. 271(1)(c) in addition to the .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-03-1980
Reported in : (1981)22GLR86
..... representations to the bank and ultimately approached the conciliation officer, government of india, for intervention under the provisions of the industrial disputes act, 1947, (hereinafter called 'the act'). before the conciliation officer a settlement was reached between the petitioner bank and the workman on 10th october 19/5. under the settlement ..... pass the examination even at the second attempt were terminated whereupon they filed an application under section 23 of the industrial disputes (appellate tribunal) act complaining of wrongful termination. the dispute was referred for adjudication and the industrial tribunal held on merits that the action of the employer in discharging ..... : (1976)illj478sc . that was a case where two employees were thrown out of jobs without payment of retrenchment compensation under section 25-f of the act. one of the two employees was re-absorbed in service, but the other remained unemployed. he was appointed intermittently between july 31, 1973 and august .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-06-1980
Reported in : (1980)17CTR(Guj)95; [1980]126ITR779(Guj)
..... property. the separate property of a hindu coparcener 'ceases to be his separate property and acquires the characteristic of joint family or ancestral property not by mere act of physical mixing with his joint family or ancestral but his own volition and intention by his waiving or surrendering his special right in it as a separate ..... the separate property of a hindu coparcener ceases to be his separate property and acquires the characteristics of his joint family or ancestral property, not by mere act of physical mixing with his joint family or ancestral property, but by his own volition and intention, by his waiving or surrendering his special right in it ..... of throwing into common stock or common hotchpotch was again explained in goli eswariah v. cgt : [1970]76itr675(sc) in the context of the question whether the act of throwing self-acquired properties into joint family properties amounts to gift or not. hedge j., speaking for the court, explained the doctrine in the following terms (p .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-08-1980
Reported in : [1980]124ITR391(Guj)
Desai, J.1. The familiar dilemma presents itself again. Is the excess sum realised by an assessee on the sale of land merely a gain on account of the engangement of value of a capital asset or is it a profit made in the operation of business by the sale of an item of the stock-in-trade 2. The assessee is a registered partnership firm which carries on business of money-lending. It also derives income by way of dividend and from investment year being Samvat year 2024. 3. It appears that the assessee had purchased 7,422 sq. yds. of land at Vadaj in S. Y. 2007. The said land was sold by the assessee in S. Y. 2024. According to the assessee, the sale resulted in a profit of Rs. 12,365. The assessee had also purchased another piece of land admeasuring 5,610 sq. yds. situate at Sabarmati jointly with one Ratilal Panchand on September 24, 1956 (S. Y. 2012). A portion of the said land admeasuring 2,077 sq. yds. was also sold in S. Y. 2024. According to the assessee the said sale resulted in a p...
Tag this Judgment!Court : Gujarat
Decided on : Mar-10-1980
Reported in : [1981]127ITR786(Guj)
..... purpose of his duties on the ground that the deduction of expenditure incurred on the maintenance of conveyance has been specifically provided for under s. 16(iv) of the act which requires as the condition precedent the ownership of the vehicle or conveyance by the assessee and as in this case, admittedly, the assessee was not the owner of ..... rupees, whichever is the least : (iii) any amount paid by the assessee in respect of taxes on professions, trades, callings or employments levied under any state or provincial act : (iv) where the assessee is not in receipt of a conveyance allowance, whether as such or as part of his salary, and owns a conveyance which is used for ..... (iv) of s. 16 for either of the two assessment years. 6. however, the question is whether the case would fall under s. 16(v) of the act. section 16 itself provides for deductions under various heads and under clause (v), what has been provided for are three specific types of expenditures mentioned as not being available for .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-11-1980
Reported in : AIR1981Guj136; (1981)0GLR269
..... held that it has no jurisdiction to examine this part of the order of the town planning officer. the jurisdiction of the board is governed by section 34 of the act. in 1971, when the appeals were filed before the board of appeal, section 34 provided as follows :'any decision of the town planning officer under clauses (v), (vi), (viii), (ix .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-14-1980
Reported in : (1980)19CTR(Guj)117; [1982]133ITR65(Guj)
..... not disputed on behalf of the assessee, and in our opinion rightly, that the income-tax appellate tribunal is the competent quasi-juridical authority constituted under the act to interpret and apply the law. it is also not in dispute that at the stage of the original assessments, this decision was not known to the ito ..... and came to the conclusion that since those authorities 'perform essentially administrative or executive functions and cannot be attributed the powers of judicial supervision over the quasi-judicial acts of income-tax authorities', such audit reports could not be treated as pronouncements upon a question of law, which could be allowed to influence the course of the ..... merits. the only submission urged for the consideration of the tribunal was that the assessment proceedings could not have been reopened under s. 147(b) of the act because there was no 'information' in the possession of the ito on the basis of which he could have had reasons to believe that income chargeable to .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-14-1980
Reported in : [1981]128ITR671(Guj)
..... in holding that the addl. commissioner was not competent to pass the order in question and the tribunal rightly cancelled the order passed under s. 263 of the i.t. act. we, therefore, answer the question referred to us in the affirmative, that is, in favour of the assessee and against the revenue. the commissioner will pay the costs of this ..... ,882 was added on account of deduction cess for the reasons discussed in the reassessment order made under s. 143(3) read with s. 147(b) of the i.t. act, 1961. subsequently, that is, on september 30, 1971, the additional commissioner issued a notice to the assessee to show cause why action under s. 263 should not be taken against ..... order in reassessment regarding that item must be said to have passed under s. 147. section 263(1) of the i.t. act provides that the commissioner may call for and examine the record of any proceeding under the act, and if he considers that any order passed therein by the ito is erroneous in so far as it is prejudicial to .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-16-1980
Reported in : [1981]132ITR401(Guj)
..... must be broadly construed having regard to the fact that articles like books and surgical instruments are expressly included in the definition of plant in s. 43(3) of the act. it includes any article or object fixed or movable, live or dead, use by businessman for carrying on his business. it is not necessarily confined to an apparatus which ..... test laid down by this high court inn cit v. elecon engineering co. ltd. : [1974]96itr672(guj) , where it was pointed out that under s. 32 of the i.t. act, 1961, depreciation can be claimed : (i) in respect of buildings machinery plant or furniture, (ii) owned by the assessee and used for the purpose of his business or profession, ( ..... to allow the development rebate admissible to the assessee on the said amount of rs. 1,08,000 provided the conditions laid down in s. 34 off the i.t.act, 1961, were satisfied.as regards the expenditure of rs. 24,000 on the testing formula, the tribunal held that the said expenditure was revenue in nature and directed the .....
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