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Barkha Investments and Trading Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... the issue before us and there should be no escape from the conclusion that the expression " financial company " used in the bracketed language of sub-section (8) of section 40a of the act includes such " investment company" only which carries on, as its principal business, acquisition of shares, stocks, debentures, etc., and holds such acquisition as ..... " investment company" within the meaning of the expression used and explained in clause (c)(ii) of the explanation to sub-section (8) of section 40a of the act.19. the relevant part of sub-section (8) of section 40a as it stood at the relevant time, reads as under : " 40a(8). where the assessee, being a company ..... financial discipline which gave rise to various modifications and amendments in the relevant statutes and rules, including the companies act, 1956, r.b.i. act, 1934, interest-tax act, 1974, fera act, 1973, and the like. the section was introduced to make the deposits costlier since it was made so in the banking sector. the whole .....

income-tax Officer Vs. Lasar and Co.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)35ITD346(Ahd.)

..... mentioned expenses were incurred wholly, exclusively and necessarily for commercial expediency and were therefore allowable. the offer to be assessed at maximum marginal rates under section 167a of the act was also made.9. not satisfied with the particulars submitted in support of its claim to be assessed in the status of aop and suspecting the ..... aac), a.r.v. ahmedabad set aside the assessment on the respondent made by the income-tax officer (ito), ward d, mehsana under section 143(3) of the income-tax act, 1961 (the act),'as a measure of protective assessment'. the ito had held that the respondent was not a validily and legally constituted association of persons (aop), ..... genuineness of its constitution as aop as being an assessable entity the ito issued notices under sections 142(1) & 143(2) and summons under sections 131 & 133(6) of the act from time to time calling upon the manager of the aop to appear before him, supply necessary informations on certain points .....

Gujarat Safe Deposit Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)26ITD295(Ahd.)

..... year is not proved, the question of allowing the liability simply does not arise.and rejected the assessee's claim. he thus finalised the assessment under section 143(3) read with section 144b of the it act, 1961 ('the act') at a positive income of rs. 26,510.6. aggrieved, the company approached the cit(a) in appeal. before the cit(a) the ..... the company it is not difficult to hold that the business of the assessee-company was that of banking and money lending for the purposes of section 36(2) as also for section 28 of the act. we hold accordingly.17. now with a view to appreciate the true nature of the "short-term investments" (badla transactions), in respect of ..... was not even able to give the particulars of the debt in question and, therefore, in that situation the assessee could not be allowed any deduction under section 36(2) of the act. the cit(a) even doubted that the investments could be personal investments not of a business nature.7. to the alternate claim of allowing the amount in .....

Deepak A. Sheth Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)27ITD460(Ahd.)

..... did not belong to the assessee on the relevant valuation date and, therefore, was not includible in the computation of his net wealth as defined under section 2(m) of the act, we do not propose to decide the controversy whether the said amount, in the facts and circumstances of the present case, carried an equal liability for ..... requires us to consider the meaning and scope of the expression "belonging to the assessee" as occurring in the definition of 'net wealth' under section 2(m) of the wealth-tax act, 1957 ('the act').8. the expression "belonging to" appears to have been the subject-matter of serious consideration of the supreme court on several occasions. it appears ..... the assessee in wealth-tax assessment proceedings for the obvious reason that the charge of tax in the two enactments was altogether different. mr. patel explained that under it act the charge of tax was on the "accrual of income" whereas the charge of tax under wealth-tax was on the asset "belonging" to the assessee on .....

Bhavana N. Nanavaty Vs. Gift-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)26ITD182(Ahd.)

..... etc. would be the beneficiaries. in this view, of the matter, the trustees of the trust in question would qualify as 'donee' as defined in section 2(viii) of the act. further, the shares transferred by the assessee to the trust in question were without consideration inasmuch as the terms and conditions contained in the deed of trust ..... situation of the legal estate does not affect the question'.in this view of the matter, he strongly urged that the assessment framed by the gto under section. 15(3) of the act, should be quashed inasmuch as there was no gift involved in the aforesaid transaction.7. the learned representative for the department, on the other hand, ..... exigible to gift-tax. even assuming for the sake of arguments that the transaction involved in the present case was a transfer within the meaning of section 2(xxiv) of the act, the learned counsel for the assessee went on to argue that since the said transfer was for consideration inasmuch as the trustees were required to hand .....

Wealth-tax Officer Vs. Kantilal Gulabchand Shah

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)32ITD191(Ahd.)

..... up we hold that an order of making a protective assessment on an assessee is an appealable order within the meaning of clause (c) of sub-section (1) of section 23 of the act. we accordingly declare that the appeals of the assessee before the a.a.c. in the present cases were clearly maintainable and were rightly entertained by ..... . it was on that fateful day that the income-tax authorities appear to have simultaneously carried out search and seizure operations under section 132 of income-tax act, 1961 (the act) and survey operations under section 133a of the act at several places in the individual case of sri kantilal gulab chand shah, the karta of this family. the search operations carried ..... 1982 the w.t.o. was of the opinion that return for assessment year 1977-78 may be treated as having been filed in response to notice under section 17 of the act, keeping in view the fact of search operations and his intention to make assessment on "protective basis".6. by his letter dated 22-7-1983 the .....

Kalindi Investment (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)26ITD228(Ahd.)

..... which in fact relate to only three points. grounds pertaining to the nature of assessee's income earning activities and its claim for deduction under section 80m of the it act, 1961 ('the act') were not pressed before us and such grounds are, therefore, dismissed.4. this leaves us with the grounds relating to the third point ..... the requirement that the appellant-company should hold wholly all the share capital of the subsidiary company was not fulfilled and, therefore, the provisions of section 45 of the act were applicable to the transfer of capital asset in question.8. as against it mr. p.d. khandelwal, the learned departmental representative not only ..... co. kavery investments pvt. ltd. co., in its turn, is the wholly owned subsidiary of the appellant-company. by virtue of the fiction created by section 4 of the companies act, 1956 the appellant-company enters into the shoes of kavery investments pvt.ltd. co. insofar as its fiduciary relation with ambernath investments pvt. ltd. co. .....

Navinbhai M. Patel Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)27ITD411(Ahd.)

..... had invested in purchasing gold ornaments. mr. shah referred us to the passenger (non-tourist) baggage rules, 1957 framed by the central board of revenue under section. 75 of the sea customs act, 1978 (act 8 of 1978) and submitted that jewellery not exceeding rs. 5,000 in value being brought by a passenger as his personal effect was not required to ..... , died on 12th july, 1975 and after his death the appellant filed the return of his income for a.y. 1975-76 on 31st october, 1975 under section. 139(2) of the act, declaring a loss of rs. 5,032. at the first hearing of the assessment proceedings, the appellant produced letter dated 15th february, 1978 along with a number ..... tax (appeals) ii/v-a, a bad, dated 2nd september, 1985 upholding the penalty amounting to rs. 2,72,000 levied by the ito under section.271(1)(c) of the it act, 1961 ('the act'). the appellant before us is one of the sons and as such legal heir and representative of the deceased-assessee shri mathurbhai v. patel.2. the deceased .....

Gujarat State Fertilizers Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)27ITD252(Ahd.)

..... non-resident assessee should be passed without giving him an opportunity of being heard. this requirement was satisfied as soon as the ito had issued notice under section 163(2) of the act to the appellant. now, since the facts relating to the case of the foreign technicians were quite similar and such foreign technicians had, admittedly, rendered ..... baroda, the indian company again appears to have reiterated the same points as had been agitated by it in its written reply to the notice issued under section 163(2) of the act. the learned cit (a), however, did not agree with its submission that the indian company was not required to be appointed as statutory agent of ..... reply vide its letter dated 11th march, 1985: we refer to your abovementioned notice and in reply thereto we have to state that the provision of section 163(2) of the it act are not applicable for the following reasons: (1) the abovementioned foreign technician has filed the return of income to the income-tax officer in time on .....

Wealth-tax Officer Vs. Shrimant F. P. Gaekwad

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1989)28ITD23(Ahd.)

..... the learned representative of the assessee that since the trust had become revocable as on respective valuation dates, the inclusion of the asset was permissible as per section 4 of the act. however, it was further submitted that the revenue had also included the value of the asset in the hands of the trustees of the said marriage trust ..... or ornaments was an article intended for the personal use of the assessee and in that case, the particular jewellery would fall to be governed by section 5(1)(xv) of the act. the finance act, 1971, by deleting w.e.f. 1-4-1963 the exemption clause (xv) (jewellery belonging to the assessee subject to a maximum of rs ..... appeal memo were not being pressed.2.1 the first common ground pertains to the technical grounds that the iac (asst.) erred in assuming jurisdiction under section 8aa of the wealth-tax act. the same was not pressed and, therefore, it is rejected.3. the second ground is in respect of the amount received from intending purchasers under .....