Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1988)24ITD51(Ahd.)
..... . hence, he is directed to re-determine the estate duty under section 5 & 6 of the estate duty act, 1953 accordingly.1 ..... . accordingly, we set aside the impugned order and thereby modify that of the assistant controller of estate duty holding that her share is l/4th and not 1/2 for levy of estate duty under the estate duty act, 1953 ..... . therefore, no property at all passes on her death for the purpose of estate duty act, 1953 ..... . in the view i have taken it is not considered necessary to determine the extent of her share in the said property as this question does not fall for consideration.as there is difference of opinion amongst both of the members in this case and, therefore, we make reference to the worthy president of the tribunal under section 63(11) of the estate duty act, 1958, for appointing third member to settle the difference of opinion among us.hence, we frame the following questions for the determination of the third member : 1 ..... . on the other hand, shri shah, the learned counsel for the assessee, contends that hindu women's right to property act, 1937 does not help as the same is repealed by the hindu succession act, 1956, that the hindu succession act does not make the widow a coparcener, and therefore, she cannot get the property of the huf's partitioned and as such question does not arise to pass any right or property on her death for the purpose of estate duty act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)100ITD247(Ahd.)
..... in this case the question was whether interest paid to the northern railway and the punjab government in respect of the capital borrowed for purposes of the assessee's business was allowable under section 36(1)(iii) of the act and in that connection, the term 'borrowing' came up for consideration and it was held that the term borrow has not been defined in the statute and, therefore, its dictionary meaning has to be looked up. ..... it was true that from the juristic point of view the company was a legal personality entirely distinct from its members and the company was capable of enjoying rights and being subjected to duties which were not the same as those enjoyed or borne by its members. ..... it was contended on behalf of the department that payment of stamp duty on debenture was not an allowable deduction but the tribunal rejected the contention and the high court agreed with the tribunal by stating "the expression in connection with the issue of public subscription of the debentures of the company essentially for the expansion of the business is a very wide expression and it would certainly include the stamp duty payable by the assessee on the debenture issue". .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD783(Ahd.)
..... he further pointed out that the estate duty was paid on the wealth left by the deceased karim khan and the same had been inherited by the minor ..... the learned counsel for the assessee at the very outset pointed out that section 2(15a) was introduced by the taxation laws (amendment) act, 1975, with effect from 1-4-1976 and, therefore, for the first four assessment years, 1972-73 to 1975-76, the income of the minors could not be clubbed with that of the assessee and that, therefore, reopening of assessments for those four years was ..... therefore, now on both the counts (i) that the assessee's case does not come in any way within the purview of section 64 ; and (ii) that the minors are not the step-children of the assessee, we must hold that the income of the minors cannot be included in the income of the ..... the aac held that the reopening was valid but regarding applicability of the said section 64(1)(ii) and section 2(15a), he held that the relationship of father and minor child should be in existence when the minor child is admitted to the benefits of ..... he also contended that the burden of proof in this case was on the department and that since section 64 created an artificial income, it should be construed strictly relying upon the decision in the case of ..... regarding residence, maintenance and inheritance, he has connected to another consideration in this case, namely, that the purpose of section 64 was to prevent diversion of income while at the same time maintaining control over it. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1997)63ITD370(Ahd.)
..... of the public issue specified in the prospectus issued by the assessee-company were as follows : (2) to supplement the company's long-term resources for working capital; and (3) to obtain listing of the equity shares and debentures of the company on the stock exchange.the assessee incurred aggregate expenditure ..... case before us the issue relates to the expenditure on issue of partly convertible debentures and for the reasons discussed above, we hold that the proportionate expenditure on the convertible part of the debenture is for the augmentation of equity base of the company and as such has to be treated as ..... disallowed 1/5th of the expenditure on running and maintenance of motor cars and depreciation thereon for possible personal use of the cars by the directors and executives of the company. ..... held that the amount spent was not in the nature of capital expenditure and was laid out or expended wholly and exclusively for the purpose of the assessee's business and was, therefore, allowable as a deduction under s. ..... cit (supra) on which heavy reliance has been placed by the learned counsel for the assessee, the apex court was dealing with a case of an appellant who had ..... the act of borrowing money was incidental to the carrying on of business, the loan obtained was not an asset or an advantage of enduring nature, the expenditure was made for securing the use of money for a certain period and it was irrelevant to consider the object with which ..... 84,633 towards stamp duty, registration fee, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1997)59TTJ(Ahd.)387
..... of the public issue specified in the prospectus issued by the assessee-company were as follows : (2) to supplement the companys long-term resources for working capital; and (3) to obtain listing of the equity shares and debentures of the company on the stock exchange.the assessee incurred aggregate expenditure ..... case before us the issue relates to the expenditure on issue of partly convertible debentures and for the reasons discussed above, we hold that the proportionate expenditure on the convertible part of the debenture is for the augmentation of equity base of the company and as such has to be treated as ..... disallowed 1/5th of the expenditure on running and maintenance of motor cars and depreciation thereon for possible personal use of the cars by the directors and executives of the company. ..... held that the amount spent was not in the nature of capital expenditure and was laid out or expended wholly and exclusively for the purpose of the assessees business and was, therefore, allowable as a deduction under s. ..... cit (supra) on which heavy reliance has been placed by the learned counsel for the assessee, the apex court was dealing with a case of an appellant who had ..... the act of borrowing money was incidental to the carrying on of business, the loan obtained was not an asset or an advantage of enduring nature, the expenditure was made for securing the use of money for a certain period and it was irrelevant to consider the object with which ..... 633 towards stamp duty, registration fee, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)171
..... regular course of business have to be rejected, as has rightly been done by the assessing officer during the course of assessment proceedings as well as during the course of penal proceeding under section 271(1)(c) of the act.penalty also cannot be cancelled as contended by the assessees authorised representative that the satisfaction of the assessing officer was that the assessee concealed its income by making bogus purchases and inflating its purchases accounts ..... the light of the above finding of the tribunal, it became imperative for the assessing officer to reconsider the question whether penalty under section 271(1)(c) of the income tax act could at all be imposed having regard to the fact that ..... . 40,000 taking aid of section 145(2) of the act, the lenient and liberal view taken by this tribunal in assessees quantum appeal by giving partial relief cannot be construed that the default, charge or guilt of the assessee ..... taken by this tribunal in assessees quantum appeal by giving partial relief cannot be construed that the default, charge or guilt of the assessee-firm has been condoned or waived ..... taken by this tribunal in assessees quantum appeal by giving partial relief cannot be construed that the default, charge or guilt of the assessee-firm has been condoned or waived. ..... (1972) 83 itr 26 (sc) because the breach and default committed by the assessee-firm is neither technical ..... 1971) 83 itr 26 (sc) because the breach and default committed by the assessee-firm is neither technical nor .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)111TTJ(Ahd.)593
..... applicable only to the taxability of interest form l/c or any other source where the deposit is directly linked to the purchase of machinery or plant, but in no case can be applied to the issue of taxability of receipts for the supply of technical know-how in the case before us; meaning thereby that this decision is also not helpful to the assessee - so far as taxability of receipt from gujarat maritime board are concerned.tuticorin alkali chemicals ..... , but is a consolidated charge, as it appears to be, even the expenses mentioned at (a) above would not be possible to be reduced (from the receipt) unless the same get/are properly identified.5.3 moving forward, and assuming for the moment identification of such additional cost(s) as stand incurred specifically in the execution of the contract, and which would therefore merit reduction (from the receipt(s)), leaves us with the cost(s) that stand already incurred ..... fact that hon'ble supreme court has recognized this concept of admissibility of depreciation on such assets, by holding that such assets are of depreciable nature, we are of the opinion that amendment made in section 32 of the act for granting depreciation on intangible asset can be extended for grant of depreciation in years prior to coming of this amendment on the statute. ..... goodselves are proposing to make is absolutely on the basis of change of opinion and therefore there is no question of initiating the proceedings for the levy of penalty under section 271(1)(c) 17.1. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)88ITD202(Ahd.)
..... the departmental authorities levied penalty for concealment of income or filing inaccurate particulars of income as the prize money claimed to have been received was a device to convert unaccounted money into ostensible prize money and hence imposed penalty under section 271(1)(c) on the assessee. ..... on a careful consideration of the entire relevant facts, we are of the considered opinion that the assessee acted deliberately in defiance of law and was guilty of contumacious and dishonest conduct and was clearly liable to levy of penalty under section 271(1)(c) of the act.the revised return filed by the assessee on the facts of the present case cannot expiate the contumacious conduct on the part of the assessee of obtaining such bogus nri gift and of not showing the said ..... the headnote of the said decision is reproduced hereunder : penalty--concealment of income--search and seizure operations showing that assessee had concealed its income--revised returns filed showing greater income--mere filing of revised returns not sufficient--no evidence that revenue had agreed not to levy penalty--imposition of penalty valid--it act, 1961, section 271(1)(c).' 8. ..... i am, therefore, convinced that this is a fit case for levy of penalty under section 271(1)(c) of the act." 5. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)89ITD203(Ahd.)
..... 3,48,300 is genuine in that event also same is not allowable keeping in view the explanation 2 to section 28, "definition of speculative transaction" contained in section 43(5) and provisions contained regarding set off of speculative losses in section 73 of the income tax act, 1961.for the reasons given hereinabove, i, therefore, hold that alleged loss of sale and purchase of shares amounting to rs ..... of account, documents, money, bullion, jewellery or other valuable article or thing and any statement made by such person during such examination may thereafter be used in evidence in any proceeding under the indian income tax act, 1922 (11 of 1922), or under this act" it is true that an assessee has a right to retract but that has to be based on evidence brought on record to the contrary and there must be justifiable reason and material accepting retraction. ..... he also observed that even otherwise, a statement was made under mistaken facts or under wrong interpretation of law which can very well be retracted by giving cogent reasons for the same supported by necessary evidence which according to him, was given by the assessee by way of filing valuation report showing no investment in house property and investment found as per annexurev of the panchnama being of the ..... penalty proceedings under section 271(1)(c) are initiated on this ..... i pray that i should get relief from penalty and prosecution proceedings. ..... and i pray that i should get relief from penalty and prosecution proceedings. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)78TTJ(Ahd.)448
..... stock company, there is a transfer of the assets from the firm to the company within the meaning of section 2(47) and section 45 of the it act and the departmental authorities were justified in bringing to tax the enhanced valuation put on the assets of the firm which were taken over by the company for which consideration was paid by way of allotment of shares to the erstwhile partners of the firm who became the ..... challenged the action of the ao as well as the learned cit(a) mainly on the following grounds : (i) there is no 'transfer' within the meaning of section 2(47) of the it act r/w section 45(1) of the it act, when the entire business of the assessee-firm has been converted into a joint stock company under the provisions of part-ix of the companies act, 1956, more particularly when no separate price has been paid or attributable to the depreciable assets. ..... for consideration is whether on registration of the firm as a limited company under part-ix of the companies act, 1956, and consequently vesting of the properties of the firm into the company under section 575 of the companies act would make the firm liable to pay any capital gain tax and whether the registration under part-ix involves a 'transfer', the departmental authorities are of the view that the provisions of section ..... basic requirement for incidence of capital gain to arrive is that there must be transfer within the meaning of section 2(47) of the it act which would ..... section 565 of the companies act provides for .....
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