Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1990)35ITD298(Ahd.)
..... to that.15. the learned d.r. also urged that the term "transfer" as defined in section 2(47) and as amended by finance act, 1987 w.e.f. 1988, includes 'any transaction involving the allowance of possession of any immovable property to be taken or retained in ..... say that the charge of capital gains tax contemplates the working of the entire scheme laid down in sub-chapter e of chapter iv. a person earning capital gain is entitled, as of right, to avail of the benefit under sections 53 and 54 of ..... supra) the allahabad high court was concerned with the interpretation of the expression 'building owned by the assessee' occurring in section 32 of the act and had held that the said expression had not been used in that section in the sense of property, complete title in which vests ..... the act. the attachment of the sale proceeds by the customs and income-tax authorities and withdrawing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)78TTJ(Ahd.)448
..... to ascertain the profit in respect of slump price paid for the business. it was pleaded that the recent amendments made by way of insertion of section 50b by the finance act, 1999, w.e.f. 1st april, 2000, go to indicate that earlier such transaction was not liable to capital gain. reliance was placed on the decision of ..... these conditions are not satisfied, there is no transfer and capital gain liability does not arise. (iii) since the firm was converted into a company under chapter ix of the companies act with all its assets and liabilities, there was no cost of acquisition and as such the computation provision for calculation of capital gain will fail and no ..... ltd. (1986) 60 comp. cas. 568 (ap), it was stated that property of the partnership-firm gets statutorily vested in the company as a consequence of registration under chapter ix of the companies act. the basic requirement for incidence of capital gain to arrive is that there must be transfer within the meaning of section 2(47) of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)116TTJ(Ahd.)689
..... connected. what applies to cellular mobile telephone is also applicable in fixed telephone service. neither service can be regarded as "technical service" for the purpose of section 194j of the act. the use of the internet and the world wide web is increasing by leaps and bounds, and there are hundreds of thousands, if not millions, of subs-59cribers to ..... tax at source on the payment made to the internet service provider. at the time the income-tax act was enacted in the year 1961, as also at the time when explanation 2 to section 9(1)(vii) was introduced by the finance (no. 2) act, with effect from april 1, 1977, the products of technology had not been in such wide use ..... as they are today. any construction of the provisions of the act must be in the background of the realities of day-today life in which the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1988)27ITD411(Ahd.)
..... had never disclosed to the wto the alleged possession of jewellery from the sale of which financing of the fixed deposits had been claimed by him. the learned cit(a) appears to have taken specific note of the finding ..... case where the assessee had failed to disclose at any stage before the tax authorities that he had in his possession fixed deposits financed by cash for rs. 2,72,000. the cit(a) was further of the opinion that in the present case the assessee ..... . in that view of the matter the proposition laid down by the supreme court in the case of cit v. anwar ali [1970] 76 itr 696 that the burden of proof squarely lies on the department will not apply to a case under section. 271(1 ..... 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1990)32ITD92(Ahd.)
..... case of cwt v. savithri (t.c. nos. 165 to 167 of 1975 dated 17-12-1979) which relates to similar amendment made to section 18 of the act by the finance act, 1969. following respectfully, the aforesaid judgment, we hold that the commissioner was justified in invoking his revisionary jurisdiction in passing the impugned orders which are well within time ..... was erroneous and prejudicial to the interest of revenue. in fact the two businesses continued to be carried on by the same set of persons with full control over finances and management and ultimately the benefit has been derived by the members of the family so it can be said that there was no discontinuance of or closure of ..... by section 275 as it was in force at the time when the default was committed, i.e. 14-3-1970, in the meantime, an amendment was made in that, a new provision was substituted by the taxation laws (amendment) act, 1970 with effect from 1-4-1971, according to which the time limit was extended, namely, two years from the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1997)58TTJ(Ahd.)403
..... . s. l. m. maneklal industries ltd. (1994) 205 itr 547 (guj) wherein wall-clock used in factory was held as plant entitled in development rebate.(iv) cit vs. jagdishchandra co. (1970) 75 itr 697 (mad) wherein it was held that light fittings, ceiling and padestal fans and water pipe fittings in hotel do not cease to be plant merely because they ..... deduction as claimed.12. the next ground raised by the assessee for the asst. yr. 1987-88 is about charge of interest under ss. 139(8) and 215 of the it act. the ao while completing the assessment gave a direction in the assessment order for charge of interest under ss. 139(8) and 215. on appeal, the cit(a) observed that ..... items involved are not plant and as such deduction is not allowable under s. 32ab.8. on appeal, it was claimed that the word "plant" is nowhere defined in the act but the same has been interpreted by different high courts.the honble gujarat high court in the case of cit vs. elecon engineering co. ltd. (1974) 96 itr 672 (guj .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)71TTJ(Ahd.)121
..... the judgment in the case of j.k. synthetics (supra) has held that the assessee will be liable to pay interest under section 10a(2) or bengal finance (st) act, 1941 at the very moment the assessing authority made the assessment and interest on the amount of tax on the gross turnover would start accruing from the date prescribed ..... sub-section (1) of section 143 or on regular assessment, as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income.. where, in relation to an ..... of kalyankumar ray (supra) it is submitted that determination of such payable envisaged in section 143(3) of the act, is an integral and inseparable part of the entire process of assessment provided in chapter xiv of the act. the contention that the levy of interest was not the issue for consideration before the honble supreme court in that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD482(Ahd.)
..... net worth appearing in sica will have no application to noncorporate entities effecting slump sale. to overcome these difficulties definition of 'net worth' has been modified by the finance act, 2000. the circular no. 794, dt.9th aug., 2000 issued by the cbdt for explaining the various amendments deals with the modification in the definition of 'net ..... a slump sale. from the aforesaid set of provisions it clearly emerges that section 50b along with the ancilliary sections has been introduced by the legislature by the finance act, 1999, by way of a special provision for levy and computation of capital gains in case of slump sale. in our judgment section 50b is a ..... profit realised on transfer of a capital asset. relying upon the decision of supreme court in the case of rustom cavasjee cooper v.union of india air 1970 sc 564 the learned departmental representative argued that the business undertaking as a going concern is a capital asset in terms of the provision contained under section 2 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)6SOT375(Ahd.)
..... of the assessment and not within the scope of exercising jurisdiction under chapter xiv-b and, therefore, the court held that section 158ba of the act had no application to the facts of the case. this judgment is dated 15-3-2001, i.e., before the amendment by finance act, 2002 with retrospective effect from 1-7-1995 and also where ..... 2001 and the case of smt. reema bhandari and smt. ritu bhandari (supra) were also cases decided on 29-9-2000, ie., before the insertion of explanation by finance act, 2002 with retrospective effect from 1-7-1995. in these circumstances, in our opinion, the income of the assessment year 1995-96 though assessed under section 143(3) ..... be taxed in block assessment although the same featured in regular books of account. it was a decision rendered on 19-2-2001 and the amended provisions by the finance act, 2002 with retrospective effect from 1-7-1995 were not the subject-matter of consideration before their lordships of calcutta high court. similarly, in the case of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD158(Ahd.)
..... dividends. the appellate assistant commissioner negatived the contention and held that the statutory percentages would be 50 per cent and 65 per cent as enacted by the finance act of 1959 and therefore the assessee was not entitled to an opportunity to declare additional dividends. it was further held by the appellate assistant commissioner that ..... favour of the assessee. relying strongly on the decision of the hon'ble calcutta high court in the case of citw. bombay photo stores (p.) ltd. [1970] 76 itr 84, the learned counsel for the assessee submitted that the commissioner (appeals) had rightly decided the assessee's case in its favour. the learned counsel ..... p.) ltd. [1976] 102 itr 264 (mad.), cit v. ramchand kundanlal saraf [1975] 981tr 474 (mp), cgtv. c.muthukumaraswamy mudaliar [1975] 98 itr 540 (mad.), cit v. tezpur automobiles [1970] 75 itr 722 (assam & nagaland), gobald motor service (p.) ltd. v. cit [1966] 60 itr 417 (sc), cit v. gangadhar banerjee & co. (p.) ltd. [1965] 57 itr .....
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