Court : Gujarat
Reported in : [1972]85ITR77(Guj)
..... in order to appreciate the contentions urged in this connection, it is important to note some of the provisions of the income-tax act, 1961 (hereinafter referred to as 'the act'). ..... under section 271(1)(c), if the income-tax officer or the appellate assistant commissioner in the course of any proceedings under this act is satisfied that any person has concealed the particulars of his income, he may direct certain penalties to be levied. ..... moreover, under the scheme of section 271, the penalty proceedings under the act may be initiated either by the income-tax officer or by the appellate assistant commissioner. .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)31CTR(Guj)255; [1983]141ITR875(Guj)
..... 2(47) of the i.t act, 1961 (hereinafter called 'the act') as no consideration was received by the assessee or had accrued to her within the meaning of s ..... act, 1961, would be attracted ..... act, 1961. ..... act, 1961, and it was argued that since what was transferred to the university department was pilot-kiln, it was not donation in a sum of money but donation of movable property and, therefore, the assessee company was not ..... act, 1961. ..... from the resume of the case law discussed above it becomes crystal clear that the provisions of 80g of the act would be attracted only if the donation is in cash and not in kind. ..... the existing provisions in section 80g of the income-tax act have, however, been interpreted in certain judicial pronouncement to include even donations in kind ..... 5 inserted by the finance act, 1976 has retrospective application ..... conclusion of the tribunal, therefore, that donation in kind is not precluded for the purpose of allowance of rebate in terms of section 88 of the act cannot be said to be correct. ..... 80g by the finance act, 1976, with effect from april 1, ..... 5 by the finance act, 1976, with effect from april 1, 1976, was merely to clarify this doubt which had arisen on account of an erroneous reading of the judicial pronouncements on the ..... 88of the act and since in the instant cast what was donated was the superstructure raised on the zilla parishad's land, it could not be said that the donation was in ..... 80g of the act, since what was transferred to the two trusts were shares and not .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]114ITR302(Guj)
..... the tribunal; or (2) decline to answer the question raised by the tribunal and to leave the tribunal to take appropriate steps to adjust its decision under section 260, sub-section (1), of the income-tax act, 1961, in the light of the answer of this court ..... somnath's case : [1977]106itr917(guj) and it appears to us that the tribunal has not correctly applied the law for determining as to what is agricultural land for the purpose of section 2(14)(iii) of the income-tax act, 1961, as it stood prior to march 31, 1970. 27 ..... . it would be open to the tribunal to dispose of the appeal under section 260, sub section (1), of the income-tax act, 19611, in the lights of the observation made by us in this decision after approaching the question from the correct angle as explained by us [vide ..... on april 6, 1968, the collector of ahmedabad granted permission under section 63 of the bombay tenancy and agricultural lands act to sell this land on the footing that it was agricultural land and thereafter on september 4, 1968, the sale deed was executed in favour of manav flats ..... been referred to us for our opinion : 'whether, on the facts and in the circumstances of the case, the land in question in an agricultural land within the meaning of section 2(14)(iii) of the income-tax act, 1961, and, therefore, whether the capital gains arising from the sale thereof is exempt from assessment to income-tax under the said act ?' 2. ..... it is necessary to refer to the relevant sections of the income-tax act, 1961. .....
Tag this Judgment!Court : Gujarat
Reported in : (1986)50CTR(Guj)242; [1986]160ITR35(Guj)
..... and in the circumstances of the case, the tribunal was right in law in holding that the tea expenses were not in the nature of the entertainment expenditure which could be disallowed under section 37(2b) of the income-tax act, 1961 ?' 5. .....
Tag this Judgment!Court : Gujarat
Reported in : [1981]131ITR86(Guj)
..... income from the property or rupees ten thousand, whichever is higher; (b) income derived from property held under trust in party only for such purposes, the trust having been created before the commencement of this act, to the extent to which such income is applied to such purposes in india; and where any income is finally set apart for application to such purposes in india, to the extent to which the income so set apart is not in ..... judge was of the opinion on hearing the evidence adduced by the parties that since the original scheme was framed 60 years ago, it requires to be reframed having regard to the provisions of the bombay public trusts act, 1950, more particularly because even the hereditary pujaris were liable to be removed if found unfit in performing the puja or in the larger interest of the trust. ..... act, 1961 (hereinafter referred to as 'the said act'), and the only income which was entitled to be exempt under s ..... the amount standing to the credit of reserve fund is to be invested according to the provisions of the bombay public trusts act but out of the annual contribution to the reserve fund, 20% is to be utilised for religious, educational and/or medical purposes with the sanction of the district court. ..... act, 1961, as was in force at the relevant ..... , on the facts and in the circumstances of the case, the tribunal was right in holding that the case of the assessee-trust falls under section 11(1)(b) and not under section 11 (1)(a) of the income-tax act, 1961 2. .....
Tag this Judgment!Court : Gujarat
Reported in : (1996)131CTR(Guj)206; [1996]219ITR359(Guj)
..... union of india (supra), their lordships of the hon'ble supreme court examined the scope and ambit of the powers conferred on the appropriate authority under chapter xx-c of the act and have held that the very historical setting in which the provisions of this chapter xx-c were enacted, suggests that it was intended to be resorted to only in cases where there is an attempt at tax evasion by significant undervaluation of ..... in chapter xx-c of the it act, 1961 (hereinafter referred to as 'the act'). ..... of the it act, 1961.' 11. ..... was also submitted that the puc is within 300 metres from usmanpura mosque and, therefore, under the ancient monuments act, permission for construction is to be obtained from the concerned authority at delhi. ..... requires to be supported by reasons in writing and such reasons must be germane to the object for which chapter xx-c was introduced in the it act, namely, to counter attempts to evade tax. 8. ..... to 5 on the other hand entered into an agreement for purchase of the property in question, being land with building admeasuring about 1961 square metres for a consideration of rs. ..... 269ul of the act within a period of six weeks from the date of furnishing of certified copy of this order or six weeks from the date of receipt of writ of this court, whichever ..... 269ud of the act is to be exercised only in the case where the appropriate authority has arrived at the finding that the difference between the apparent consideration and fair market value is with a view to evading tax .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR745(Guj)
..... are well-founded for two significant reasons : in the first place, the distinction in the matter of deductibility of expenses made by a company in the case of directors and employees before the finance act of 1964, or thereafter continues to prevail because in the ultimate analysis the legislature was making different provisions about the amount of expenses which would not be deductible in computing the income chargeable under the ..... the appellate tribunal : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that section 40(a)(v) was not applicable but section 40(c) of the act was applicable to the facts of the case, though the managing directors are the employees of the assessee-company the next question which, therefore, arises for our opinion is : what is true scope ..... ambit and come of section 40(a)(v) and section 40(c) of the income-tax act, 1961, as were in force in the relevant assessment year 1969-70. ..... in the submission of the learned advocate for the assessee, by the legislative changes brought about in clause (c) by the finance act, 1968, which deleted sub-clause (iii) of clause (c) and inserted sub-clause (v) to clause (a) in section 40, the distinction between an employee and a director of a company-assessee is not sought to ..... the expenses in the course of the assessment proceedings of the assessee-company held that the provisions contained in section 40(a)(v) applied and not section 40(c) of the income-tax act, 1961. 2. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]102ITR25(Guj)
..... for the purpose of section 3(1)(d) of the income-tax act, 1961, what is required to be considered is the setting up of a business. ..... , the question before the supreme court was in the context of section 5(1)(xxi) of the wealth-tax act, 1957, which provided that it a new and separate unit is set up after the commencement of the act by a company established with the object of carrying on an industrial undertaking in india, that portion of the net wealth of the company which is employed by it in such unit would be excludible in computing the net wealth of the company. ..... has held that there is a clear distinction between a person commencing a business and for the purpose of the indian income-tax act it is the setting up of the business and not the commencement of the business that is to be considered. ..... decision before the supreme court was 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 to exclusion of that portion of the net wealth which was employed in the factory, and thus the observation of the supreme court regarding the setting up of a concern or a unit have to be read in the context of the wealth-tax act and not in the context of the income-tax .....
Tag this Judgment!Court : Gujarat
Reported in : [1985]151ITR499(Guj)
..... be pointed out that so long as the subject-matter of the appeal remains the same ground as before, a new section of the act can be relied upon which was not relied upon before either the income-tax officer or the appellate assistant commissioner. ..... the rule in force did not permit such deduction, but the assessee's case was that the rule transgressed the provisions of the act and, therefore, irrespective of the rule, the capital had to be computed without deducting debts and liabilities. ..... act, 1961, he did raise it really at the time of hearing and the aac agreed to admit the further ground, but when he actually came to pass the order, he did not grant any relief ..... act, 1961 ..... 93,215 constituted an allowable item of expenditure under section 10(2)(v) of the act (2) whether, on the facts and in the circumstances of the case, the ..... of 66 itr) : 'there is nothing in the income-tax act which restricts the tribunal to the determination of questions raised before the ..... the act, since it was a case of assets acquired before the previous year and the written down value would be the actual cost less all depreciations actually allowed to the assessee under the act or any act repealed ..... of, course, he has to act judicially, but this discretion is distinct from the jurisdiction with which alone we ..... 80j of the act, deduction for debts and liabilities should not be taken', also to be referred, the income-tax appellate tribunal noted that not finding has been entered on this question and the matter .....
Tag this Judgment!Court : Gujarat
Reported in : [1996]221ITR861(Guj)
..... the respondent herein, the commissioner of income-tax, issued a notice under section 263 of the income-tax act, 1961 (hereinafter referred to as 'the act'), on january 16, 1995, vide annexure 'c' to the petition, to which the petitioner submitted and elaborate reply on february ..... 1990-91income tax act 1961 s.263 revision under ..... -91income tax act 1961 s.263 ..... cit : [1993]203itr933(guj) has preferred a mca under section 260 of the act now seeking a certificate of fitness before this court on september 28, 1993, and the department may contemplate filing of special leave petition before the supreme court against that decision, and, therefore so far as ..... this court had an occasion to consider the scope of section 43a of the act and the additional liability due to fluctuations in the rate of exchange, in the case of new india industries ltd ..... the language of section 43a(1) of the act, speaks of an increase or reduction in the liability of the assessee as expressed in indian currency for making payment towards the whole or a part of the cost of an imported asset or for repayment of the whole or a part of the moneys borrowed ..... contended by the learned advocate for the petitioner that the issuance of the notice under section 263 of the act is bad, illegal and contrary to law. ..... passed by the commissioner for the assessment year 1989-90 under section 263 of the act is annexed to the petition at annexure 'd'. ..... the year 1989-90, a notice under section 263 of the act was issued by the commissioner. .....
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