Court : Gujarat
Decided on : Dec-04-1973
Reported in : [1975]101ITR61(Guj)
..... the swiss suppliers. 16. in view of this cessation of liability, we have to ascertain the position for the different assessment years. as pointed out above, under the act of 1922, which was applicable to assessment year 1961-62. it was only if there was any contribution from government or public or local authority, that those contribution ..... for the assessment year 1950-51, the question arose whether the appellant was entitled to depreciation on the factory under section 10(2)(vi) of the indian income-tax act, 1922, on the amount of rs. 34 lakhs, depreciation not having been allowed for any earlier period. the appellate tribunal held that, as regards the 10/16th ..... ltd. v. income-tax officer, porbandar pointed out that neither the principle of res judicata nor estoppel not the terms of section 10(2)(vi) of the act of 1922 prevented the income-tax officer from determining for himself what the actual cost of the machinery had been and that depreciation had to be calculated for every year .....
Tag this Judgment!Court : Gujarat
Decided on : Nov-09-1973
Reported in : [1975]101ITR270(Guj)
..... of the revenue. 4. in order to appreciate the legal position, we may point out that section 59 was freshly enacted by the estate duty (amendment) act, 1958 (act 33 of 1958), and came into force with effect from july 1, 1960. a group of sections, sections 56 to 65 as they stand on the statute ..... fundamental rule of english law that no statute shall be constructed to have a retrospective operation unless such a construction appears very clearly in the terms of the act, or arises by necessary and distinct implication.' 18. again maxwell has pointed out a page 218 the circumstances in which the presumption against retrospective operation has ..... accountable persons before the appellate controller that assessments having been completed in the first instance on february 26, 1960, before the coming into force of the amending act, the reopening of the assessments under section 59 was illegal and was not warranted. this contention was accepted by the appellate controller and, thereafter, the matter .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-20-1973
Reported in : [1976]102ITR56(Guj)
..... grandsons to whom the property it directed. ultimately, therefore, the question whether this property is 'settled property' within the meaning of section 2 (19) of the act or not, is dependent upon the construction of the joint will executed by the deceased and his wife. 24. the real question which, therefore, arises to ..... whether the settlement took effect before or after the commencement of this act; and 'settlement' means any disposition, including a dedication or endowment, whereby property is settled.' 23. looking to this definition, the property regarding which the deceased and ..... competent to dispose of the property.' 22. this section speaks about 'settled property' and 'settlement'. both these terms are defined by clause (19) of section 2 of the act as under : '2. (19) 'settled property' means property which stands limited to, or in trust for, any persons, natural or juridical, by way of succession, .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-15-1973
Reported in : [1977]106ITR691(Guj)
..... the undertaking : the development rebate originally allowed shall be deemed to have been wrongly allowed, and the income-tax officer may, notwithstanding anything contained in this act, proceed to recompute the total income of the assessee for the relevant year as if the recomputation is a rectification of a mistake apparent from the record within ..... be allowed to be availed of by the department. this preliminary objection must be rejected because it is well-stated law that when a particular tribunal has acted without jurisdiction, the question of alternative remedy does not arise and if the high court, while exercising powers under articles 226 and 227 finds that the ..... was in charge of the matter pertaining to the second respondent herein. the second respondent-firm was a registered firm for the purpose of the income-tax act, and it was manufacturing hosiery goods in ahmedabad. in the course of assessment proceedings for the assessment proceedings for the assessment year 1964-65, the then .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-07-1973
Reported in : [1977]108ITR500(Guj)
..... into with the aforesaid two persons as also shri k. g. nayak in calendar year 1963 were genuine and binding agreements between the parties; (ii) the agreements were acted upon substantially and entries in the account books made in regard to the payment of commission were genuine an not fictitions; (iii) the payment of commission under the ..... revenue authorities and applying the test of commercial expediency to the facts and circumstances of the case, the tribunal held that the case fell under section 37 of the act of 1961. in the light of the conclusions arrived at, the tribunal summed up its findings as follows : (i) the agreements entered into by the assessee with ..... to be incurred for the purpose of business which the assessee was carrying on and it held that the claim was allowable under section 37 of the income-tax act, 1961. the tribunal also observed that the question of general practice was neveraised by the revenue authorities and on the other hand the findings indicated that the .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-25-1973
Reported in : [1987]165ITR195(Guj)
..... ought not to induce judges to do violence to well-settled rules of construction, whenever the language of the legislature admits of two constructions, the courts act upon the view that the legislature could not have intended to bring about obvious injustice, so that the courts should accept that possible interpretation which would lead ..... of literal construction cannot be rigidly adhered to if it leads to manifest absurdity. in such a case, as it has so often been said, the court acts under the influence of an irresistible conclusion that the legislature could not possibly have intended what its words may signify. the cardinal rule of literal construction and ..... the supreme court, to interpret the word in the light of any supposed english legislative practice. the supreme court held that inasmuch as the amendment of the 1947 act by definition of the word 'income' in section 2(6c) defined 'income' as including any capital gains chargeable under section 12b, the word 'income' would .....
Tag this Judgment!Court : Gujarat
Decided on : Nov-14-1973
Reported in : [1975]98ITR237(Guj)
..... of the entries in the seventh schedule. with effect from april 1, 1970, the definition of 'agricultural income' was amended by the taxation laws (amendment) act, being act 42 of 1970, with retrospective effect, that is, from april 1, 1970, so as to provide by virtue of the proviso that agricultural income must not be ..... this group were put in an agricultural zone under the development plan which was formulated by the municipal corporation under the provisions of the bombay town planning act, 1954. on october 28, 1963, the municipal corporation passed another resolution putting the land of the petitioner in residential zone but by the resolution of ..... of the gujarat housing board. the land in question in each of these 24 special civil applications was, prior to the relevant notifications under the land acquisition act being issued, being used for agricultural purposes and in each of these 24 cases, the land is situated within the jurisdiction of the municipal corporation of ahmedabad. .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-14-1973
Reported in : [1974]95ITR639(Guj)
..... , according to the second respondent, income chargeable to tax for the said two assessments years had escaped assessment within the meaning of section 147 of the act and the second respondent proposed to reassess the income for the said assessment years and had called upon the petitioners to submit returns in the prescribed form. ..... dated march 18, 1971, the second respondent intimated to the petitioners that he intended to initiate proceedings against the petitioners under section 147(a) of the act of 1961, in respect of assessment years 1962-63 to 1965-66 the corresponding accounting years being 1961 to 1964. this action was proposed because, according to ..... special civil applications refer to separate notices issued by the second respondent in each of these special civil application under section 147(a) of the income-tax act, 1961, seeking to reopen assessments for different years and the grounds on which the assessments are sought to be re-opened are identical. the petitioners challenge .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-04-1973
Reported in : [1977]106ITR494(Guj)
..... officer, the assessee appealed and the appellate assistant commissioner came to the conclusion that the assessee's case was governed by section 47(i) of the 1961 act, because, according to the appellate assistant commissioner, there was a distribution of the capital asset on a partition of the hindu undivided family. the appellate ..... , whether incorporated or not, a local authority, and every artificial juridical person, not falling within any of the preceding sub-clauses. under the indian income-tax act, 1922, the definition of the word 'person' included a hindu undivided family and a local authority in section 2(9), but the charging section mentioned as ..... , these decisions correctly laid down the crucial test for determining what is an 'association of persons' within the meaning of section 3 of the indian income-tax act, 1922, and these decisions have been accepted and followed in a number of later decisions of different high courts. there is no formula of universal application as .....
Tag this Judgment!Court : Chennai
Decided on : Sep-15-1973
Reported in : [1974]95ITR284(Mad)
..... which the installation may have necessitated. it is, however, found that the above passages are with reference to the provisions of the australian income-tax assessment act which are somewhat different.18. apart from saying that the courts have always interpreted the meaning of ' cost to the assessee ' as including any expenditure ..... borrowings which are used to finance capital expenditure. , . . interest on capital during construction paid in accordance with the provisions of section 208 of the companies act, 1956, may, however, be capitalised as permitted by that section. interest on monies which are specifically borrowed for the purchase of a fixed asset may be ..... specifically borrowed for the new expansion may be capitalised and that only for the period before production starts. '21. section 208 of the indian companies act, 1956, contemplates payment of interest on share capital in certain contingencies and permits the interest payments to be treated as capital as representing the cost of .....
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