Court : Gujarat
Reported in : [1977]106ITR917(Guj)
..... before we go to decided cases, it is important to bear in mind that under section 45 of the income-tax act, 1961, any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 53 and 54, be chargeable to income-tax under the head 'capital gains' and shall be deemed to be ..... 'capital asset' has been defined by section 2, sub-section (14) of the act of 1961 to mean - 'property of any kind held by an assessee, whether or not connected with his business or profession, but does not include -.. ..... the land had been brought within municipal limits in 1956 and it was exempted from the operation of the bombay tenancy and agricultural lands act by virtue of a notification which had been issued by the government reserving all lands within the limits of the ahmedabad municipal corporation for non-agricultural and industrial ..... under the act of 1922, any land from which the income derived was agricultural income was excluded whereas under the act of 1961, agricultural land in india is excluded from the definition of 'capital asset' ..... ' thus, under the act of 1961 a departure is made regarding the exclusion from the definition of 'capital asset' under clause (iii) ..... was of capital gains under section 45 of the act of 1961. ..... the assessee contended that the land was agricultural land and hence it was not a capital asset on the sale of which capital gains could become payable under the scheme of the income-tax act, 1961. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)252; [1982]133ITR866(Guj)
..... the supreme court was concerned with the question whether the factory of the assessee could be said to have been set up after the commencement of the act so as to entitle the assessee there to the exclusion of that portion of net wealth which was employed in the factory. ..... act, 1961 or whether it was capital in nature incurred prior to the commencement of the business. ..... act. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)25CTR(Guj)280; [1982]133ITR884(Guj)
..... act, 1961 (hereinafter referred to as 'the act') : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the `azo' building was used for the purposes of business for more than one month in the .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]122ITR306(Guj)
..... of the case, the tribunal was right in law in holding that the order of the inspecting assistant commissioner of income-tax imposing the penalty under section 271(1)(c) read with section 274(2) of the income-tax act, 1961, was without jurisdiction and illegal and in cancelling the same accordingly ?' 2. the facts giving rise to this reference as follows : we are concerned with the assessment year 1970-71 ..... . act, 1961, an addition of rs ..... . thus, it is obvious that so far as the position in law is concerned, the tribunal's view cannot be upheld and it must be held that the view taken by the tribunal regarding the result brought bout by the amending act of 1970, so far as jurisdiction of the iac was concerned, was not correct. 9 ..... . 274 by the amendment act, that it was well- settled law that every litigant had a vested right in the procedural law so far as the substance was concerned and if the substantive question of jurisdiction was to be affected by a new amendment the legislature ..... . 274 of the act with effect from april 1, 1971, and a s a result of the amendment, the jurisdiction of the iac to levy penalty could arise only when the amount of income, as determined by the ito, in respect of which particulars have been ..... . act of 1970, neither in express words nor by necessary implication, had indicated that the jurisdiction of the iac, even in pending matters, i. e ..... . act would continue to have jurisdiction in matters which were then pending before him, since the amend ..... . 274 of the act. 3 .....
Tag this Judgment!Court : Gujarat
Reported in : [1973]90ITR318(Guj)
..... now the question as to when a business is set up assumes importance because, according to section 3(1)(d) of the income-tax act, 1961, the previous year for a business newly set up in a financial year means the period beginning with the date of the setting up of the business and ending with the financial year and it is only if expenditure is incurred by an ..... court pointed out in this case that there is a clear distinction between a person commencing a business and a person setting up a business and for the purpose of section 2(11) which was the section of the indian income-tax act, 1922, corresponding to section 3(1)(d) of the income-tax act, 1961, what is required to be considered is the setting up of a business and not the commencement of business. ..... the assessee is a private limited company which has been acting as managing agent of swastik oil mills ltd. ..... for purchase of necessary spinning machinery and plant in january and february, 1956, and the construction of factory buildings had started in march, 1956, and was in progress on 1st april, 1957, when the wealth-tax act, 1957, came into force. ..... there the question was whether a new spinning unit started by the assessee was set up after the commencement of the wealth-tax act, 1957, so as to qualify the assessee for exemption under section 5(1)(xxi) of that act. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR669(Guj)
..... order dated 24th july, 1953, the central government, under the powers vested in them have caused an investigation to be made into the affairs of lalbhai mills under the provisions of the industries (development and regulation) act, 1951, and whereas the managing agents, with the consent and privity of the confirming parties requested ambica mills to take over the sole charge and management of the business of lalbhai mills including manufacture ..... it was also held by the supreme court that in order that an expenditure may be admissible as a deduction under section 10(2)(xv) of the indian income-tax act, 1922, equivalent to section 37(1) of the income-tax act, 1961, it is not necessary that the primary motive in incurring it must be directly to earn income thereby. 10. ..... in the scheme of winding-up proceeding under the companies act, 1956, as envisaged, it is open to a secured creditor to insist on the security even in winding-up proceeding or to surrender his security and come in as unsecured creditor or to insist on security to the extent that the assets are sufficient to meet the secured ..... after the passing of the indian companies act, 1956, the winding-up proceedings were transferred to the high court of bombay. ..... was sent by the lal mills on december 72, 1954, and ultimately, on january 15, 1955, the assessee-company presented a winding-up petition in the district court at ahmedabad since that court had jurisdiction under the indian companies act, 1913. .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]124ITR627(Guj)
..... act, 1961 (hereinafter referred to as 'the act'), in view of the fact that the assessee was a priority industry. ..... 80-i of the act inasmuch as if the amount of excise duty was excluded the net result would be a loss; (3) that the petitioner had not disclosed all material facts truly and fully at the time of original assessment proceeding inasmuch as, (a) in ..... the petitioner is a limited company incorporated under the companies act, 1956. ..... vi of the act. ..... act and that, therefore, no allowance under s. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)21CTR(Guj)26; [1980]126ITR654(Guj)
..... . act, 1961, and deleted the amount in computing the assessee's profits ..... . act, 1961, which said that in the cases of a firm any payment of salary made by the firm to any partner was not deductible, was absolute in its terms and was applicable to all cases irrespective of the character in which a ..... act, 1961. ..... 7,777 paid by the assessee-firm to the hindu undivided family of sajjanram jwaladas was, as held by the tribunal, allowable as deduction in view of section 40(b) of the income-tax act, 1961 ?' 2. ..... . according to the partnership deed, there were stated to be partners acting as karta of their respective huf ..... . the fact that the partnership deed mentioned that the three partners represented the respective families did not make any difference to the legal position under the partnership act or under the i.t ..... . 40(b) of the act on the ground that the said sum represented interest paid to the partner ..... . 40(b) of the act, and that argument was repelled by the tribunal. 5 ..... . 40(b) of the act ..... . act ..... . act, the ito added interest paid on the advances standing to the credit of the account of the huf to the income of the assessee-firm for the assessment years '1968-69 and 1969-70 ..... . 40(b) of the act ..... . 40(b) of the act ..... act, disallowed the deduction of the said expenditure. .....
Tag this Judgment!Court : Gujarat
Reported in : [1982]134ITR689(Guj)
..... act, 1961 (hereinafter referred to as 'the act'): question: 'whether, on the facts and in the circumstances of the case, the tribunal was justified in law, in deleting the penalties imposed u/s. ..... act, 1961, for assessment years: (a) 1967-68, (b) 1968-69 and (c) 1969-70 holding that the department had not discharged the initial burden that the delay in the filing of the return was without reasonable cause ?' 2. ..... , (1) deterrent to the assessee concerned in order to teach him a lesson not to repeat the culpable act in future; (2) deterrent to those who are like minded and to operate as a warning to taxpayers in general not to be amiss in their obligation, not to flout or circumvent their obligation under the taxing statute. ..... 271(1)(a) of the act was leviable for the said assessment years. 8. ..... 271(1)(a) of the act. 3. ..... 271(1)(a) of the act. ..... 139(1) of the act. .....
Tag this Judgment!Court : Gujarat
Reported in : [1974]97ITR575(Guj)
..... been referred to us by the tribunal for our opinion : 'whether, on the facts and in the circumstances of the case, the income of the society from ginning and pressing was exempt under section 81(i)(c) of the income-tax act, 1961, as it stood prior to its amendment on 1st april, 1968 ?' 2. ..... , would the profits attributable to such non-exempt activities attract tax under the proviso or not moreover, a proviso similar to the proviso with which we are concerned in this reference was added to section 14 (3) of the 1922 act by finance act, 1960, whereas the allahabad high court in u. p. ..... our answer is that, on the facts and in the circumstances of the case, the income of the assessee from ginning and pressing with the aid of power was not exempt under section 81(i)(c) of the income-tax act as it stood prior to its amendment on 1st april, 1965. 11. ..... 20,000 under section 14 (3) (i) of the indian income-tax act, 1922, though it may not be entitled to claim exemption for the said receipts under section 14 (3) (iv) of the 1922 act. ..... it was claimed on behalf of the assessee that they were all exempt as the claim would come within section 81(i)(c) of the income-tax act (as it existed then). ..... the relevant assessment years were 1961-62 to 1963-64. ..... the society took the matter in further appeal to the tribunal and claimed exemption for the said receipts under section 81(i)(c) of the aforesaid act. ..... the assessee is a co-operative society constituted under the co-operative societies act. .....
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