Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1983)3ITD368(Gau.)
..... 11a filed by the assessee to be defective, he should have given him an opportunity of curing the defect in terms of sub-section (3) of section 185 of the act, read with sub-section (3) of section 184, of the act and that, by not doing so, the ito had failed to discharge his statutory obligation. if it had been pointed out by ..... agreement, a giving effect from a date on which the partners united to carry on business of the partnership. the ito referred to the provisions of section 4 of the partnership act and emphasised that the partnership was the relation between the partners who had agreed to share the profits of a business carried on by all or any ..... executed on 24-5-1976, accompanying the application. as such, i am unable to grant registration to the firm for the assessment year 1977-78 under section 185(1)(a) of the income-tax act, 1961.7. the assessee appealed against the aforesaid order of the learned commissioner (appeals), who reversed the order of the ito by pointing out inter .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1986)15ITD503(Gau.)
..... . 'net wealth' is defined in section 2(m) of the act and it means the amount by which the aggregate value of all the assets belonging to ..... and is not an actionable claim and is, therefore, not transferable in view of the clear provisions of section 6(e) of the transfer of property act, 1882. section 6 says that property of any kind may be transferred except as otherwise provided by this act or any other law for the time being in force. this goes to show that a mere right ..... to sue cannot be regarded as a property. now, under section 3 of the wealth-tax act, 1957 ('the act'), wealth-tax is chargeable in respect of net wealth of the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1986)16ITD100(Gau.)
..... the completion of the original assessment and it came to the surface of the records for the first time in the draft order dated 9-3-1976 under section 144b of the act for the assessment year 1973-74. the commissioner (appeals) also pointed out that the original assessment records did not give any indication of the nature or ..... escaped assesssment by reason of the failure of the assessee to disclose fully and truly all material facts necessary for the assessment, proceedings under section 147(a) were initiated. notice under section 148 of the act dated 2-10-1977 was served on the assessee on 7-3-1977, which was not complied with by the assessee. subsequently, a ..... thisa ppeal which is directed against the order of the commissioner (appeals) by which he has cancelled the reassessment made by the ito under section 144/147(a) of the income-tax act, 1961 ('the act') and thereby deleted the addition of rs. 5,04,127.the relief claimed by the revenue is that the order of the commissioner (appeals .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1990)32ITD157(Gau.)
..... half of what her brother took, the intention of the lady was that each grandchild should take a definite share in the properties. it was held that section 9(3) of the income-tax act, 1922, was applicable and the share of the grandchildren being definite and as cartainable, they could not be assessed as an association of persons.19. thus, from ..... of the property gifted as there has been no actual delivery, there was no valid gift in the eye of mohammedan law. this stand was not accepted as section 3 of the gift-tax act charges a tax in respect of the gift, in that allahabad case, the tribunal held that on a correct appreciation of the mohammedan law there was a ..... that the first party i.e. the lady for the purpose of construction shall borrow money from any source and take advance securities from the parties, tenants, etc. and such acts would be binding on the other signatories to the deed who would have no objection in finalising terms of the loans etc. it is seen that the bank loan of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1990)35ITD597(Gau.)
..... makes over capital assets which is held by him to a firm as his contribution towards the capital, there was a transfer of capital asset within the meaning of section 45 of the it act, 1961, because an exclusive interest of the partner in personal assets is reduced, on their entry into the firm, into a share interest.16. thus, it can be ..... . kesavan nair (supra) as cited before us at the time of hearing. in that decision, the hon'ble kerala high court has dealt with the provisions of section 4(1) of the g.t. act, in the context of that case. at page 369 (middle), it was observed amongst other things, that where no consideration at all is recited, but nevertheless there ..... high court in the case of cgt v. p. rangasaminaidu [1970] 76 itr 315 (fb) was considered, it is seen that the effect of the phrase of section 2 of the g.t. act is that the different transactions which are included under sub-clauses do not, by any implication, limit the generality of the words used in the main part of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1991)36ITD431(Gau.)
..... high court has also observed that if the finding on this point is against the assessee, the assessee should be given opportunity to exercise his option under section 55(2) of the it act, as applicable to the assessee for the year 1984-85. to that extent the order of the commissioner is modified as far the capital gains arising out ..... syndicate bank ltd. (supra) that if this aspect of the matter is found against the assessee, then the assessee may be afforded opportunity to exercise the option under section 55(2) of the it act, 1961.43. in the case of a.n. transports v. cit [1990] 185 itr 134, the hon'ble kerala high court on the facts of that ..... income-tax officer, and, therefore, the income must be considered as an 'escaped income' which can be assessed by the officer only by initiating reassessment proceedings under section 147 of the act.23. we have heard both the sides as far as admission of this additional ground is concerned. after hearing both the sides, we are of the opinion that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1991)37ITD112(Gau.)
..... was merely an adjustment of rights of the various members of the family and the partition in the huf did not amount to a "disposition" within the meaning of section 24 of that act. at page 265, the decision given by the hon'ble madras high court in the case of gutta radhakrishnayya (supra) was also considered in which it was held ..... assessee and it was an old property and the value should be taken as on 31- 3-1971 and not as on 31 -3-1979, in view of section 1(4) of the act. the assessing officer noted that the assessee became the owner of the property as a consequence of the arbitration agreement which was effective from 1-1-1982. according ..... belonged to the assessee even prior to the partition of the bigger huf. the assessee's learned counsel draws an analogy as compared with the provisions of section 39(7) of the estate duty act. it is reiterated by him that interest of a member in the huf properties (mitakshara) passes on the death and was includible in the estate and, accordingly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1991)37ITD392(Gau.)
..... madras high court in the case of m.c.t. trust's case (supra) in which, on the facts, of the case, it was held that section 11 of the act does not prescribe any time limit for the investment of the accumulations of a charitable trust in government securities. therefore, the concerned rule which prescribed a time limit ..... is concerned.16. in the case of ito v. m.c. ponnoave [1970] 75 itr 174 the hon'ble supreme court had occasion to deal with section 4 of the finance act, 1963 which was substituted by a new definition of "tax recovery officer". the provision, as amended, empowered the state government to authorise by notification certain land ..... appeal before the present cit(a) whose order is the subject-matter of the present appeal before us.4. the assessee-company claimed weighted deduction under section 35b(1)(b)(ix) of the act in respect of various items. according to the assessee, it had effected sales outside india for which purpose it incurred various expenses. among other things, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1991)38ITD270(Gau.)
..... shares to be taxed as business income, but this loss was nothing as the same arose out of speculation within the meaning of explanation inserted in section 73 of taxation laws (amendment) act, 1975. he was of the view that the assessee was not an investment company nor was it engaged in business of banking or grant of loans ..... the assessee also agitated before the cit (appeals) that the assessing officer went wrong in holding that the loss in share dealing was speculative within the meaning of section 73 and also erred in not accepting the loss for carry forward of the same and equally erred in not carried forward such loss though the assessee did not ..... the assessing officer pointed out that the principal objects of the assessee was to take over the assets and liabilities of rupajuli tea co. ltd., incorporated under the english companies act and to plant, grow, import, export by sale process etc. of tea, coffee, rubber etc.and other produce of the soil. he noted that the company was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1992)40ITD20(Gau.)
..... income which is below the amount chargeable to tax. as indicated by us 'total income' speaks of the positive income as would be dealt with by the charging of section 5 of the act. section 5 has no scope to deal with the return of loss.10. in the case of state bank of travancore (supra) it was observed by the hon'ble ..... a loss of rs. 18,260 and as such it was the return which shall be deemed never to have been furnished in view of the proviso to section 139(10) of the act. it was submitted that the said return was not a return and non est in law and, therefore, the assessing officer was not competent to complete the assessment ..... only return which shows a positive income though not chargeable to tax would have to be dealt with in accordance with this sub-section (10) notwithstanding any of the provisions of this income-tax act.9. sub-section (3) of section 139 deals exclusively with the matters of return in which the assessee has claimed a loss as sustained by him.such loss or .....
Tag this Judgment!