Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jun-19-1985
Reported in : (1985)14ITD27(Ahd.)
..... objects of the amendment referred to in the preceding paragraphs.10. in the circular of the cbdt no. 202 of 5-7-1976, referring to section 27(3) of the finance act, it is mentioned that the amendment comes into force with effect from 1-4-1976 and will be applicable in relation to the assessment year ..... and 51.2 of the circular. the last paragraph is based on a correct interpretation of section 1(2), read with section 27(3)(a) and (b). according to the learned counsel, except section 29(c)(ii) of the finance act, no other section of the finance act, 1976 specifically gives retrospective effect to the provisions contained therein. if the intention was to ..... has challenged these orders of the commissioner.2. the learned counsel for the department pointed out that the question at issue was whether section 7(4) inserted by section 27(3)(b) of the finance act, 1976, is effective prospectively from the assessment year 1976-77 onwards or is applicable retrospectively for an earlier year and if so .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jun-06-1985
Reported in : (1985)14ITD393(Ahd.)
..... mentioned in the order of my learned brother. when the ito had framed the assessments on 6-8-1980 and 16-8-1980, sub-section (1a) of section 35b had already been brought on the statute by the finance act, 1978 with effect from 1-4-1978. for the sake of completing the narration of the facts, it may be mentioned that the said ..... sub-section were very much there when the ito framed the assessments on the dates mentioned above. that ..... sub-section was omitted by the finance act, 1979, with effect from 1-4-1980.however, since the year under appeal is 1979-80, the provisions of the said .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jan-25-1985
Reported in : (1985)12ITD229(Ahd.)
..... company in that case was carrying on a profession as auctioneers. the company would be entitled to exemption from excess profit duty in terms of section 39(1) of the finance (no. 2) act, 1915, if the income was held to be from a profession, the profits of which are dependent mainly on the personal qualifications of the ..... , unlike section 2(5) of the excess profits tax act, do not contain a further requirement that the profits of the profession should depend, wholly ..... carefully considered the rival contentions. i agree with shri patel that the provisions of section 2(5) of the excess profits tax act, and the provisions of sub-paragraph ii of paragraph c of part i of the first schedule of the finance (no. 2) act, 1977 are materially different inasmuch as the provisions with which we are concerned herein .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jun-10-1985
Reported in : (1986)15ITD151(Ahd.)
..... the power' have not to be connected with the words 'exercise of but with the words 'power of appointment'. the said sub-clause (c) was amended by the finance (no. 2) act, 1980 by introduction of the words 'whether general, special or subject to any restrictions as to the persons in whose favour the appointment may be made' after the words ..... the donee of the power ; and 7. in this connection the learned counsel for the assessee shri s.p.meh taargued that the sub-clause (c) of section 2 (xxiv) of the act means that it is the scope of the power which has to be taken into account and that since in this case the power could be exercised in ..... of the power of appointment which had been exercised. this question would have relevance only if it was necessary to consider whether there has been a disposition of property under section 2(xxiv). however, in view of the inclusive definition of transfer it is not necessary to consider that question. the exercise of power of appointment is itself a transfer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Nov-20-1985
Reported in : (1986)16ITD652(Ahd.)
..... the hon'ble gujarat high court in the case of cit v. s.g. pgnatale [1980] 124 itr 391, an explanation was inserted in section 9(1)(n) retrospectively from 1-4-1979, by the finance act, 1983, to the effect that 'income of the nature referred to in this clause payable for service rendered in india shall be regarded as ..... income earned in india'.the ito also held that the living allowances received by the assessee were perquisite within the meaning of section 17 and were not exempt from taxation ..... clause payable for service rendered in india shall be regarded as income earned in india ; prior to the insertion of the explanation with effect from 1-4-1979 by the finance act, 1983, the salary received abroad by an expatriate employee was held to be not taxable in the case of s.g. pgnatale (supra). however, in the instant case, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Sep-30-1985
Reported in : (1986)19ITD320(Ahd.)
..... income theory.14. we will take first the aspect of integrated or composite business receipts. reference is required to be made to clause (iv) of section 28. the said clause was inserted by the finance act, 1964 with effect from 1-4-1964. it reads as under : the following income shall be chargeable to income-tax under the head 'profits ..... not to talk of evaluation in money terms, e.g., amount of reduction in tax incidence on account of lower rate of tax such as found in section 80hhc of the act with amendments from time to time. there may even be similar incentives offered by the government of the country of the importer because of preferential or favourable ..... and made detailed submissions as follows : 1. the income of the assessee is to be computed under the head 'profits and gains of business or profession' (section 28 of the act). there is no dispute between the parties on this point. the assessee is carrying on the business of sale and purchase of cloth as well as manufacturing of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : May-02-1985
Reported in : (1985)14ITD320(Ahd.)
..... purpose the liabilities are already deducted in statement considered as per the computation made in respect of claim under section 80j.10. considering the provisions of section 80j, now retrospectively amended by the finance (no. 2) act, 1980, it is pertinent to note that though the assets to be considered for the purpose of ..... these paras are not reproduced here as they involve minor issues.] 4. the third ground also pertains to quantification of relief under section 80j of the income-tax act, 1961 ('the act'). the assessee is a company wherein the investment is made by the state government as also by the central government. the ..... computation under section 80j are the assets of an industrial undertaking, the section provides for deduction of borrowings and debts owed by the assessee vide clause (iii) of sub-section (1a) of section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jul-26-1985
Reported in : (1986)15ITD383(Ahd.)
..... to five different huf assignees. for the assessment years 1978-79 to 1981-82, the ito had framed the assessments in the hands of the assessee under section 161 of the act, treating it as 'specified trust'.4. for the year under appeal, during the course of assessment proceedings, the ito enquired of the assessee as to ..... 2) on 19-10-1981 the beneficiaries have assigned and transferred their property interest under the trust to the assignees mentioned above. this is in accordance with section 58 of the indian trusts act, 1882 which reads as under : the beneficiary, if competent to contract, may transfer his interest, but subject to the law for the time being ..... . 2) bill, 1980 and the circular issued by the cbdt explaining the provisions of the finance (no. 2) act, 1980, and we entirely agree with the submissions made on behalf of the assessee that the explanation inserted in section 164 would be applicable to only those trusts which are discretionary in nature and not the trusts which are ' .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Feb-15-1985
Reported in : (1985)13ITD653(Ahd.)
..... the assessee to show cause as to why firstly income from immovable properties which remained to be transferred by registered deed should not be taxed under section 22 of the income-tax act, 1961 ('the act'), from the beginning of the accounting period till the date of registration. secondly, why interest on accrual basis be not taxed on the amounts ..... the total income of the assessee at rs. 75,01,464 in the draft order which was forwarded to the iac as required under the provisions of section 144b of the act.4. the iac after hearing the assessee upheld the finding of the ito in regard to the inclusion of income from property. he, however, deleted an ..... , 1970. in rendering the above decision their lordships considered the decisions in morvi industries ltd.'s case (supra) and birla gwalior (p.) ltd.'s case (supra). cit v. ferozepur finance (p.) ltd. [1980] 124 itr 619 (punj. & har.) : income-tax is levied on income, whether the accounts are maintained on mercantile system or on cash basis. if .....
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