Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : May-29-1995
Reported in : (1995)53TTJ(Ahd.)115
..... to put an effective curb on the proliferation of such trusts and to reduce the scope of tax avoidance through such means, the finance act, 1970, replaced s. 164 of the said act by a new section under which a representative assessee who received income for the benefit of more than one person whose shares in such income were indeterminate or ..... assessee" formerly covered by ss. 40 to 43 of the act of 1922. the provisions of these sections were simplified and recast on the lines of the corresponding provisions in the south african it act. under the provisions of s. 164 of the said act, before the amendment made by the finance act, 1970, income of a trust in which the shares of the ..... the years under consideration, the aforesaid ground relating to s. 164a and validity of statement in writing under expln. 1 to s. 160 is merely of an academic value.the finance act, 1981 inserted a new cl. (v) in sub-s. (1) of s. 160 to provide that a trustee appointed under an oral trust would be a "representative .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Oct-18-1995
Reported in : (1996)59ITD523(Ahd.)
..... of happy trust (supra) is misplaced. the said decision relates to assessment year 1983-84 when the provisions of section 43b were not on the statute book. this situation has undergone a sea-change after the insertion of section 43b by the finance act, 1983 with effect from 1-4-1984.7.4 as regards the order of the i.t.a.t. cochin ..... .f 1-4-1984.drawing our attention to the said explanation 2 the learned d.r.submitted that on a combined reading of the two it will be appreciable that the term "payable" in section 43b has been used in specified sense of a ..... him, the provisions of clause (a) of section 43b are applicable in respect of "any sum payable" by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force and further explanation 2, which though has been inserted by the finance act, 1989 has been made effective retrospectively w.e .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Feb-07-1995
Reported in : (1995)53ITD326(Ahd.)
..... money for bad money, as recovery thereof had a remote chance and was not possible in this case.he also placed reliance on the conditions mentioned in section 36(2) as amended by the finance act 1987 which, inter alia, provides that the year in which the assessee has written off the debt as bad debt in the books of accounts should be ..... nature of the claim of deduction as to whether it is a trading loss or it is a bad debt contemplated in section 36(2) has assumed significance in view of the amendment of section 36(2) made by the finance act, 1987 effective from assessment year 1989-90. the said decision also therefore does not in any manner help the assessee.6.4 ..... a plain reading of the provisions of section 36(2) r.w.s.36(1)(vii) clearly indicates that one of the conditions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Nov-30-1995
Reported in : (1996)56TTJ(Ahd.)580
..... any tax planning or colourable device adopted by the assessee. it is to be noted that the provisions of s.269ss has been brought in statute by finance act, 1984, in order to discourage the tax avoidance or tax evasion and also to stop introduction of unaccounted cash. what the assessee has done here is ..... was vast difference between loan and deposit. they were neither synonymous or inter-changeable. before dy. commissioner having referred to the extract of the speech of finance minister in finance bill, 1984, it was contended that the main object of provisions of s. 269ss was to discourage tax avoidance. it was explained that by dint of ..... than by account payee cheque or account payee bank draft, the assessee violated the provisions of s. 269ss liable to penalty under s. 271d of the it act. on other points also the learned departmental representative vehemently opposed the submissions of the learned counsel of assessee. according to the learned departmental representative order of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Oct-31-1995
Reported in : (1996)58ITD91(Ahd.)
..... 1988-89 can be furnished upto 31st march, 1991 or before the assessment is completed, whichever is earlier.4.6 the time limit prescribed in section 17a as amended by the finance act, 1989 with effect from 1-4-1989 contains specific proviso providing for limitation of time in relation to completion of assessment for assessment year 1987- ..... 88 or any earlier assessment year as well as for assessment year 1988-89. such time limit provided in proviso (a) to section 17a clearly provides that ..... relating to non-deduction of outstanding wealth-tax and income-tax liabilities or it relates to alleged invalidity of reference made to valuation officer under section 16a of w.t. act.5.1 we find that such grounds raised in the present appeals relating to non-deduction of wealth-tax and income-tax liability and relating .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jun-29-1995
Reported in : (1996)56ITD208(Ahd.)
..... any manner support the assessee's contention, as the said judgment considered the effect of amendment of section 263 made with retrospective effect by the finance act, 1989 and did not relate to the question of limitation of the period for passing an order under section 8.3 it is a well-settled law that the law of limitation is a procedural law. ..... year 1980-81 are broadly similar.the original assessment order was passed on 28-11-1981. the assessee submitted a petition before the cit under section 264 of it act, 1961.the cit passed an order under section 264 on 18-4-1984. in this order, the cit directed the ito to entertain the assessee's claim for grant of weighted deduction ..... subject-matter of review by the aac and was left untouched by him, can be rectified by the ito under section 3 5 of the indian it act, 1922, because the mistake would be his own mistake which he can always correct under section 35(1).7.2 the hon'ble gujarat high court in the case of ahmedabad sarangpur mills co. ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jan-25-1995
Reported in : (1995)53ITD33(Ahd.)
..... of the ratio of such decisions was that they laid down the sequence for the working and allowability of the deductions contemplated by chapter vi-a of the act. and section 80hhc fell within the scope of the ratio decidendi of such decisions. it is noteworthy that no decision of any high court wherein a view, contrary ..... carried forward losses or after set off of carried forward accumulated losses is a highly contentious and debatable issue making the matter wholly outside the scope of section 154 of the act. to support this contention, the assessee's counsel has relied on the following given decisions : 7. making further submissions, the assessee's counsel submitted ..... has relied upon the board's circular issued in relation to the claim for development rebate. our attention was also drawn to the memorandum explaining the provisions in the finance bill, 1990, which were brought in after the landmark judgment of the supreme court in the case of shri shubhlaxmi mills ltd. v. addl. cit [1989] .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Mar-19-1995
Reported in : (1995)55ITD300(Ahd.)
..... and circumstances of the present case.9. the only provisions which can be applied in such facts and circumstances is section 45(3) which came into force w.e.f. ay 1988-89.newly inserted section 45(3) by the finance act, 1987 has been made effective from 1-4-1988 which will be applicable for ay 1988-89 and onwards. those ..... provisions cannot be made applicable with retrospective effect in relation to assessments for prior years. we are dealing with the assessees case for ay 1986-87. hence newly inserted section 45(3) ..... court are not at all applicable in the facts and circumstances of the present case. the partners of the firm are not near relatives as defined in section 2(41) of the act. the assessee who made capital contribution in the firm of immovable property has still continued as a partner of the said firm. the said firm is carrying .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Aug-22-1995
Reported in : (1996)57ITD129(Ahd.)
..... was handed over to the enforcement authorities. the enforcement authorities subsequently handed over the said amount of cash to the income-tax authorities in response to requisition made under section 132a of it act, 1961.3. the adi recorded the statement on 19-6-1986. it was initially claimed that cash of rs. 8,50,000 belongs to m/s belite ..... kindly be waived. 3. no action may be taken against me in respect of past years or future years in keeping with the assurances given by the ministry of finance in connection with the voluntary disclosure scheme. 4. i am ready and willing to submit an estimate of advance tax for the assessment year 1987-88 immediately including therein ..... by utilising his income for any previous year which is to end on or after the date of the search, he shall for the purposes of section 271(1)(c) of the act be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income unless such income is recorded on or before such date .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Dec-21-1995
Reported in : (1996)58ITD11(Ahd.)
..... such a case, the memorandum itself does not create or extinguish any rights in immovable properties and, therefore, does not fall within the mischief of section 17(2) (sic) [section 17 (1)(b)] of the registration act and is, therefore, not compulsorily registrable. ; (5) the members who may be parties to the family arrangement must have some antecedent title, ..... agree with the ultimate conclusion drawn by the hon'ble gauhati high court that the transactions does not amount to gift within the meaning of section 4(1)(a) of the gift-tax act." he accordingly reversed the finding of the gto.6. shri manoj misra, the learned d.r. submitted that the entire arrangement by way ..... two families (not one) with the object of bypassing the provisions of the gift-tax act. the gift-tax act was brought on the statute book in the year 1958 with a specific purpose.while introducing the finance bill, 1958, the then hon'ble finance minister explained "the object of imposing gift-tax" said as under : the idea of .....
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