Court : Gujarat
Decided on : Dec-20-1973
Reported in : [1976]102ITR56(Guj)
..... the death of mahendraba there was an intervening ownership right of the deceased, there was no resulting settlement in favour of the grandsons with the result that section 29 of the act has no application to the facts of the case. 27. in our opinion, the correct approach in such cases is first to find out what was ..... and the vesting in the grandsons to whom the property it directed. ultimately, therefore, the question whether this property is 'settled property' within the meaning of section 2 (19) of the act or not, is dependent upon the construction of the joint will executed by the deceased and his wife. 24. the real question which, therefore, arises to be ..... decided in favour of the accountable person and held that the share of mahendraba was exempt from estate duty as the case squarely falls within the ambit of section 29 of the act. 11. being aggrieved by this decision of the tribunal, the revenue has preferred this reference in which the following question is referred to us for our .....
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 : Dec-17-1973
Reported in : [1975]101ITR101(Guj)
..... undefined source, and since it cannot be related to any other sources of the income of the donor, its previous year should, according to the principles of section 3 of the income-tax act, be presumed to be the financial year. according to the tribunal, this would be so even if for other sources of the donor's income the ..... impose such conditions as he may think fit.' 5. the question which arises to be considered is in which of the three sub-clause of clause (xx) of section 2 of the gift-tax act, the case of the assessee falls, now, so far as sub-clause (a) and (b) are concerned, the tribunal ruled them out as is clear from ..... it is an illustration of incorporation 'by reference', inasmuch as it incorporates the definition of the expression 'previous year' as given in section 3 of the income-tax act even for the purpose of the gift-tax act under certain circumstances. incorporation of a provision of law in a statute by reference to a similar provision in another statute is a recognised .....
Tag this Judgment!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-07-1973
Reported in : [1977]108ITR500(Guj)
..... disclosed to the revenue authorities and applying the test of commercial expediency to the facts and circumstances of the case, the tribunal held that the case fell under section 37 of the act of 1961. in the light of the conclusions arrived at, the tribunal summed up its findings as follows : (i) the agreements entered into by the ..... paid to an employee as commission for services rendered, the case would fall under section 36(1)(ii) of the act of 1961 and not under section 37 since section 37 is a residuary section which deals with cases not specifically dealt with, inter alia, in section 36 of the act. section 36(1)(ii) is in these terms : '36. (1) the deduction ..... the expenses necessary to be incurred for the purpose of business which the assessee was carrying on and it held that the claim was allowable under section 37 of the income-tax act, 1961. the tribunal also observed that the question of general practice was neveraised by the revenue authorities and on the other hand the findings .....
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 : Dec-04-1973
Reported in : [1975]101ITR61(Guj)
..... 1962-63 to 1964-65. the actual cost would be reduced by rs. 30,572. that is the only conclusion one can come to in the light of section 43, sub-section (1), of the act of 1961. 18. the question before us is not a question of limitation, that is of the liability being time barred or not, the question is of ..... division bench of the bombay high court, has observed : 'in our opinion, therefore, the meaning of the expression 'actual cost to the assessee' as used in sub-section (5) of section 10 of the act would be what the assessee has, in fact, expended or laid out for the purpose of acquiring the depreciable assets.' 10. it was also observed by the division ..... contribution from any other person or authority must be taken out from the actual cost in order to ascertain what the actual cost to the assessee is. under section 43, sub-section (6) of the act, of 1961, 'written down value' means, (a) in the case of assets acquired in th previous year, the actual cost to the assessee; and (b) in the .....
Tag this Judgment!Court : Gujarat
Decided on : Dec-03-1973
Reported in : [1975]101ITR153(Guj)
..... an admissible deduction under section 57(iii) of the act. we, thus, answer the question in favour of the revenue. this reference is accordingly disposed of. the applicant shall bear the costs of the commissioner ..... at the relevant time it was obligatory upon the assessee to make annuity deposit and that the earning of interest through such deposits was merely incidental. section 280c of the act makes this position quite clear. 19. to conclude, therefore, our answer to the question referred to us is that the expenditure in question was not ..... 5,00,055. interest paid on this amount during the accounting period was rs. 26,986 should be allowed as permissible deduction under clause (iii) of section 57 of the act which says that while computing the chargeable income under the head 'income from other sources' any expenditure, not being in the nature of capital expenditure, laid .....
Tag this Judgment!Court : Gujarat
Decided on : Nov-29-1973
Reported in : [1975]100ITR516(Guj)
..... properties has to be utilised partly for charitable purposes and the balance for religious purposes or vice versa, the entire income will be entitled to exemption under section 11 of the act. the relevant assessment years are 1965-66 to 1967-68, and the assessee is a trustee of two trusts created by two sisters by two different ..... this fund. 12. under these circumstances, in our opinion, the tribunal was right in coming to the conclusion that the assessee is entitled to exemption under section 11(1)(a) of the act. we, therefore, answer the question referred to us as follows : 'on the facts and in the circumstance of the case the trusts are entitled to ..... question has been referred to us : 'whether, on the facts and circumstances of the case, the trusts are wholly religious and entitled to exemption under section 11(1)(a) of the income-tax act, 1961 ?' 2. we may point out that, though the question has been framed in connection with the trusts being wholly religious, there all controversy .....
Tag this Judgment!Court : Gujarat
Decided on : Nov-28-1973
Reported in : [1974]97ITR140(Guj)
..... already noted above, the deduction with which we are concerned in this case is the deduction under chapter vii. 13. the provisions contained in the above referred relevant section of the act show how a 'total income' of an assessee is expected to be computed. in this computation if the dividend income is to be included under the income ..... -tax officer was proper. it was contended on behalf of the revenue that since interest on security was required to be computed under the provisions of section 8 of the act of 1922, the income in respect of which exemption could be granted would be the income which would emerge as computed income after the process of ..... a self-contained one giving total exemption from income-tax and, therefore, there was no scope for construing the provisions of the notification with reference to section 8 of the income-tax act. the bombay high court while deciding the case of industrial investment trust co. ltd., relied upon this decision of the supreme court and held that .....
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