Court : Gujarat
Decided on : Dec-13-1973
Reported in : [1976]102ITR105(Guj)
..... us in deciding the particular question before us and we must decided the matter by interpreting the statute, looking at the different clauses in section 5(1) of the act. reading the provisions of section 5(1)(viii) and 5(1)(xv) together, it is clear that if any particular jewellery or ornament can fall within the description ..... the district of rarton-eccles, winton and monton, where the court was concerned with the meaning of the term 'street' as used in section 127 of the public health act, 1875, and interpreted under section 4 thereof, observed as under : 'an interpretation clause of this kind is not meant to prevent the word receiving its ordinary popular and ..... bring the two amendments on the statute book with effect from the different dates. we, therefore, cannot escape the conclusion that explanation 1 to section 5(1)(viii) of the aforesaid act having come into force only with effect from april 1, 1972, cannot be considered as on the statute book in the relevant assessment years and .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-17-1973
Reported in : [1977]106ITR542(Guj)
..... us at this stage because it has a great bearing in considering whether the association is a mutual concern or not. 13. now reference to sub-section (2) of section 27 of the act shows that where the dissolution of a registered trade union has been registered and the rules of the trade union do not provide for the distribution of ..... , therefore, not be charged to tax under to tax under the head 'd - profits and gains or business or profession' of section 14 of the income-tax act, 1961, or clause (iv) of section 6 of the act of 1922. but that does not settle the question of taxability of subscriptions received by the assessee from its members because, if these ..... does not work for profit but it does work for the common good of its members and for preservation of the business interest of jari industry. section 28(iii) of the income-tax act, 1961, brings to tax under the head of 'profits and gains of business or profession' the income derived by such association from specific service performed .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-01-1973
Reported in : [1976]102ITR232(Guj)
..... court of appeal reversed that order and held that the trustees were liable to estate duty as the beneficiary had an interest within the meaning of section 43 (1) of the finance act, 1940. the trustees took the matter in appeal before the house of lords. lord reid in his speech while considering what is the nature ..... assessment, though the assets of the three discretionary trusts were assessed to wealth-tax in the hands of the trustees as association of persons under section 21(4) of the said act. the appellate assistant commissioner, however, in appeals preferred by the respondent-assessee, was of the opinion that the respondent-assessee could be assessed only ..... that he was the sole beneficiary at the valuation date of the aforesaid respective assessment years. the wealth-tax officer has passed the said orders under section 21(2) of the wealth-tax act for the said respective assessment years on february 16, 1963, july 25, 1964, and march 5, 1965, respectively, including rs. 24,15,641 .....
Tag this Judgment!Court : Gujarat
Decided on : Nov-14-1973
Reported in : [1975]98ITR237(Guj)
..... in second gift-tax officer, mangalore v. d.h. nazareth : [1970]76itr713(sc) to the provisions regarding capital gains in section 45 read with section 2(14)(iii) and section 2(47) of the same act, it is clear that the tax on capital gains is not a tax imposed directly upon lands and buildings but is a tax ..... on capital gains and hence no liability to tax would arise in respect of gains derived from transfer of agricultural land in rural areas. under section 2, sub-section (47) of the income-tax act, 1961, 'transfer', in relation to a capital asset, includes the compulsory acquisition of the capital asset under any law. therefore, whenever compensation ..... along with several other lands was reserved for the housing board functioning in the state of gujarat. on january 15, 1970, a notification under section 4 of the land acquisition act, 1894, was issued proposing that the lands of the petitioner and several other persons some of whom are petitioners in these special civil applications were .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-04-1973
Reported in : [1977]106ITR494(Guj)
..... liquidator on the voluntary winding-up of a company cannot constitute sale, transfer or exchange for the purpose of sub-section (1) of section 12b of the act. if the language of sub-section (1) of section 12b of the act is clear and does not warrant the inference that distribution of assets on liquidation of a company constitutes sale, transfer ..... us for our opinion. 3. in order to appreciate the rival contentions in this case, it is necessary to refer to some of the provisions of the 1961 act. section 2, clause (14), defines 'capital asset' to mean property of any kind held by an assessee, whether or not connected with his business or profession, but ..... that the income-tax appellate tribunal has not applied the proper test for determining what constitutes a 'body of individuals' for the purposes of the income-tax act and particularly in section 47(ii). secondly, the tribunal has not considered and applied its mind to the question whether this particular plot of land, namely, survey no. 170 .....
Tag this Judgment!Court : Gujarat
Decided on : Jun-20-1973
Reported in : [1974]96ITR443(Guj)
..... the firm made profits on which it was assessed to excess profits tax. during the year ending 1945, however, it sustained a loss and acting under section 7 of the excess profits tax act, the concerned officer set off the profits of the firm for the years ending 1943 and agianst the deficiency of profits during the years ending ..... of the firm for the purpose of assessment to income-tax. by an order dated november 15, 1957, made by the income-tax officer under section 26a of the indian income-tax act, 1922, the firm was granted registration initially for the assessment year 1957-58. as stated earlier, the registration was, thereafter, renewed from year to ..... textiles, relates to assessment years 1957-58 to 1961-62. the assessee-firm was initially registered for the purpose of assessment to income-tax under section 26a of the indian income-tax act, 1922, in assessment year 1057-58 and the registration was thereafter renewed from year to year up to assessment year 1961-62. the registration was .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-07-1973
Reported in : [1974]97ITR1(Guj)
..... generis does not arise to be considered. 26. we thus find that the whole of the disputed expenditure of rs. 75,000 is exempted under clause (j) of section 5 of the act. our answer to the question referred to us is, therefore, in the affirmative. this reference is accordingly disposed of. the commissioner to bear the costs of the ..... incurred by the assessee was of a political nature and not a contractual or a legal one and such an obligation is not contemplated by clause (1) of section 5 of the act. 20. taking the above referred alternative argument first for our consideration, we find that the obligation incurred by the assessee at the intervention of the government of ..... in the accounting period. as against this, the contention of the assessee is that the payment of rs. 75,000 is exempted by clause (j) of section 5 of the act which contemplates exemption from expenditure when the same is incurred by way of or in respect of any gift, donation or settlement on trust or otherwise for the .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-30-1973
Reported in : AIR1974Guj174
..... that context that the question arose whether the expression may' used therein had the force of 'shall' or 'must'. in the said c. p. and berar act whereas sub-section (2) used the expression 'shall' while providing that the deputy commissioner shall forward the application to the provincial government, which may pass such orders as it deems ..... the person on whom the power is conferred to exercise the power. it was a case under the c. p. and berar revocation of land revenue exemption act, 1948. section 5 which dealt with awards of money grants or pension, inter alia, provided that the provincial government may make a grant of money or pension. it is ..... last source consists of assets which may be prescribed as constituting a part of compensation pool. the expression 'prescribed' means prescribed by rules made under the said act (vide section 2(f)). the fourth source of contribution to the compensation pool therefore takes us to rule 36 of the said rules which provides as under :'the following .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-05-1973
Reported in : [1974]95ITR326(Guj)
..... the assessee does not choose to appeal, the order of assessment becomes final subject to any power of revision that the commissioner may have under section 33b of the act. therefore, it would be wholly erroneous to compare the powers of the appellate assistant commissioner with the powers possessed by a court of appeal under ..... assessee does not choose to appeal, the order of assessment becomes final subject to any power of revision that the commissioner might have under section 33b of the income-tax act. therefore, it would be wholly erroneous to try and compare the powers of the appellate assistant commissioner with the powers possessed by a ..... being agricultural land. that claim having been rejected by the wealth-tax officer, the assessees went in appeal before the appellate assistant commissioner under section 23 of the wealth-tax act. the appellate assistant commissioner accepted the claim and allowed the appeal. the wealth-tax officer, therefore, took the matters in further appeal before .....
Tag this Judgment!Court : Gujarat
Decided on : Sep-13-1973
Reported in : [1975]99ITR264(Guj)
..... account of depreciation has been obtained by the assessee in any previous year under the 1961 act or prior acts, the provisions contained in sections 48 and 49 should be modified and the cost of acquisition in the case of assessees acquiring depreciable assets otherwise than in one of ..... has, thereafter, provided for the computation of the cost of acquisition in the case of the appreciable assets. this is a special provision made in section 50 of the act and what the legislature has tried to achieve by this special provision is that in relation to a capital asset in respect of which a deduction on ..... in further appeal before the income-tax appellate tribunal, ahmedabad. the tribunal also did not accept this contention of the petitioner-company on the plain reading of section 50 of the 1961 act. it, therefore, by its order of january 16, 1971, dismissed the appeal. the petitioner-company had, therefore, sought a reference to this court and .....
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