Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)5ITD700(Ahd.)
..... accepted the assessee' claim that 'orally' the interest rate has been fixed at 11.25 per cent in relation to both the debts.2. starting proceedings under section 263 of the act, the commissioner directed the ito to make the assessment on an interest rate of 13.25 per cent consequential to the increased bank rates. the commissioner's ..... would, therefore, uphold the claim of the assessee.there being a difference of opinion amongst us, the matter is referred to the president under section 255(4) of the income-tax act, 1961 ('the act') in respect of the following : whether, on the facts and in the circumstances of the case, the assessee-company was liable to tax in ..... yet. in mercantile system of accounting the tax has to be levied on the basis of real income and not on the basis of hypothetical income. in cit v. ferozepur finance (p.) ltd. [1980] 124 itr 619 (punj. & har.) the following principle is laid down, after considering the decision of the supreme court in the cases of shoorji .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD158(Ahd.)
..... 25 itr 58, where patanjali sastri cj., at page 70, observed as follows : nor can it be said, in strictness, that the finance act, 1950, is retroactive legislation. that act, as already noticed, purports by section 2 to charge income-tax and super-tax at specified rates 'for the year beginning on the 1st day of april, 1950'. the case ..... distribution of dividends to raise it up to the requisite statutory percentage . . . .after going through the provisions of section 23a of the indian income-tax act, 1922, as well as the relevant provisions of the finance act, 1959, the hon'ble high court held that since the statutory percentages were substituted from 1-4-1960 and since the ..... that there is a difference in the amendment made by the annual finance act and the amendment act, 1975. he further submitted that since the assessee's previous year had ended on 30-6-1975, i.e., much before the amendment brought in sub-section (4) of section 104, the assessee could not be asked to pay additional tax, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD612(Ahd.)
..... shall not be less than ten per cent but shall not exceed one and a half times the amount on which interest is payable under section 217.the said clause (ii) was amended by the finance act, 1969, with effect from 1-4-1970, and such amended clause reads as follows : which, in the case referred to in clause ..... 1-4-1970 reads as follows : in this section and sections 217 and 273, 'assessed tax' means the tax determined on the basis of the regular assessment ..... provisions of clause (c) of section 273 and section 273(h) wherein the words used are "in accordance with the provisions of sub-section (3a) of section 212".no assistance can, therefore, be had from chandrakant damodardas's case (supra) either.13. sub-section (5) of section 215 of the act which was inserted by the finance act, 1969, with effect from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1986)17ITD811(Ahd.)
..... ,14,465. ] both the appeals involve a common ground, they are disposed of by this common order.2. while computing capital employed under section 80j of the income-tax act, 1961 (the act) as amended by the finance (no. 2) act, 1980, the ito deducted the amount of liability in respect of accumulated dividend on preference shares for the years ended on 31-5-1971 ..... terms of issue.this itself does not create a debt against the company.8. we would also like to touch upon section 511 of the companies act, 1956 in respect of distribution of property of company on winding up.under that section the holders of preference shares shall be entitled to payment of capital first but where the terms of issue of any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)7ITD439(Ahd.)
..... mentioning here that the hardship suffered by the assessees like the one before us, has been recognised by the legislature and, therefore, certain remedial amendment was made in section 10(4a), by the finance act 1982, with effect from 1-4-1982. in order to complete this aspect of the matter, we reproduce below the relevant portion of the notes on clauses sent ..... the meaning of this expression as defined in section 2(q) of that act can open a non-resident (external) account; but if he does not satisfy the test of being a 'non-resident' under the income-tax act, he does not qualify for this exemption. 8.2. with a view to removing this anomaly, the finance act has substituted the present clause (4a) by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)8ITD106(Ahd.)
..... a discretionary trust, that the beneficiaries were determinate as also their shares and so the assessment should be made on the trust under section 161 of the income-tax act, 1961 ('the act') and not under section 164 of the act, the above plea of the assessee was not accepted by the ito. he pointed out, inter alia, that the nature of the ..... list of the beneficiaries in future. such a possibility was held to be immaterial.13. reference to the notes on clauses to the finance (no. 2) bill, 1980, and the clause (ii) to explanation 1 to section 164(1), also does not advance the assessee's case further. we are not laying down in the present case any general ..... trustees for samvat year 2034 and so, for this year, the assessment had to be made under section 161. in support of the above contention the assessee's learned counsel drew our attention to the amendment made to section 164 by the finance (no. 2) act, 1980, with effect from 1-4-1980 by inserting clause (ii) to explanation 1. which clarified .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)9ITD488(Ahd.)
..... years under consideration, provided funds to the corporation by way of loans and subsidies with a view that the main object of the corporation was not defeated for want of finance. the said loans and subsidies were granted by the government for different objects and aims in various resolutions passed by the government. in some cases the government had converted subsidies ..... encouraging tribal handicrafts industry. the amounts granted by the government, thus, was for encouraging capital project in form of setting up training centres, museum, etc. thus, the assessee was only acting in a representative capacity or on behalf of the government so to say as a trustee qua grants and subsidies granted by the government. it was fully accountable to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1986)17ITD248(Ahd.)
..... is made." these two sub-sections nowhere state that instalments paid after the due date will not be treated as advance tax payments. the learned counsel rightly ..... of tax deductible in accordance with the provisions of sections 192 to 194, section 194a, section 194c section 194d and section 195, so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment ..... years followed by the different assessee. for example, in the case of the assessees following june ending, last date for filing the estimate or revised estimate under section 212 of the act would be 15th december, while the assessees following financial year as the previous year the last date for filing the estimate would be 15th march. therefore, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)8ITD576(Ahd.)
..... to the proposed rectification. the assessee's objection is not acceptable. deposit under the companies deposit (surcharge on income-tax) scheme, 1976, made as per the finance act is to be reduced from the income-tax payable while computing the chargeable profits. mistake being apparent from records is hereby rectified.3. on appeal the commissioner ( ..... -tax) scheme, 1976, is deductible in computing the chargeable profits.2. in this case the surtax officer initiated the proceedings under section 13 of the companies (profits) surtax act, 1964 ('the act'), as can be seen from the relevant extracts of the order reproduced below: on verification of records it is observed that tax on ..... ratio of decision in the case of t.s.balaram, ito v. volkart bros. [1971] 82 itr 50 (sc) was applicable and, therefore, order under section 13 was unjustified.5. the learned departmental representative vehemently objected to the submission made on behalf of the assessee. according to him, what is required to be seen .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)9ITD814(Ahd.)
..... it must be broadly construed having regard to the fact that articles like books and surgical instruments are expressly included in the definition of plant in section 43(3) of the act. it includes any article or object, fixed or movable, live or dead, used by a businessman for carrying on his business. it is not ..... the learned commissioner. in this connection he submitted that the expression 'plant' had to be construed very widely and it is an inclusive definition under section 43(5) of the act which includes ships, vehicles, books, scientific apparatus and surgical equipments used for the purposes of the business or profession.therefore, it was clear that the ..... this appeal which relates to the assessment year 1980-81 is filed by the assessee against the order made by the learned commissioner under section 263 of the income-tax act, 1961 ('the act'). the assessee is a leading advocate. on examination of the records of the case the learned commissioner noticed that in computing the total .....
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