Court : Guwahati
..... regular accounts of its receipts and expenditure ; and (v) the institution or fund is either constituted as a public charitable trust or is registered under the societies registration act, 1860 (xxi of 1860), or under any law corresponding to that act in force in any part of india or under section 25 of the companies act, 1956 (1 of 1956), or is a university established by law, or is any other educational institution recognised by the government or by a university established by ..... been referred by the income-tax appellate tribunal, gauhati bench, under section 256(1) of the income-tax act, 1961, hereinafter referred to as 'the act' : 'whether, on the facts and in the circumstances of the case, and on a proper interpretation of section 88 of the income-tax act, 1961, the appellate tribunal was justified in holding that the relief under section 88 was also admissible ..... may have the benefit of exemption under section 88 of the act for the initial donation to a fund or institution for the ..... the act should be ..... act ..... act ..... of the act on this ..... opinion, in conformity with the object of the provisions ejection 88 of the act itself. ..... or institution, it is submitted on behalf of the department, such a donation would not attract the provisions of section 88(1)(b)(ii) of the act.12. ..... fulfilled the various conditions laid down in sub-section (5) of section 88 of the act.5. ..... trust in question, to which the donation was made, did not fulfil the required conditions as laid down under section 88 of the act.4. .....
Tag this Judgment!Court : Guwahati
..... it was held that a partner cannot be an employee of the firm, that though a firm is a taxable entity under the income-tax act it has no independent existence in the eye of law and that the income of the firm was the income of the partners constituting the firm ..... , no remuneration is permissible to a partner for his rendering services to the firm, since the carrying on of the business of the partnership is a primary duty which all the partners or some of the partners acting for all, are required to do by the law relating to partnership.the matter may be looked at another way too. ..... it was further observed that the salaries paid to partners are regarded by the income-tax act as retaining the character of profits and not excludible from the tax net, whatever the reason behind it may ..... it was further held that on account of the method of computation prescribed in the income-tax act, 60% of the income of the firm is agricultural in character and, therefore, it cannot be taxed under the income-taxact, that even though the flexible arrangement among partners regarding distribution of this sum may take different ..... the portion of profits from sales of tea by a grower which is agricultural in character is excluded from taxation under the act, recognising the constitutional provision excluding taxation by the union, of agricultural income by means of rule 24. ..... a partner is bound to find the necessary finances for the partnership and hence any interest on capital supplied by the partner is not .....
Tag this Judgment!Court : Guwahati
..... no person can be his own servant in law, as a contract of service postulates two different person.it was father held that on account of the method of computation prescribed in income-tax act, 60% of the income of the firm is agricultural in character and, therefore, it cannot be taxed under the income-tax act, that even though the flexible arrangement among partners regarding distribution of this sum may take different forms, the essential agricultural character and the consequent ..... , therefore, salary is a different label for profits, in the context of a partners remuneration.it was further held that the scheme of the act, evening it with special reference to section 10(4)(b), treats the employees salary as profit where the servant is none other than a partner, i.e. ..... if was held that a partner cannot be an employee of the firm, that though a firm is a taxable entity under the income-tax act it has no independent existence in the eye of law and that the income of the firm was the income of the partners constituting the firm ..... , no remuneration is permissible to a partner for his rendering services to the firm, since the carrying on the business of the partnership is a primary duty which all the partners or some of the partners acting for all, are required to do by the law relating to partnership.the matter may be looked at another way too. ..... a partner is bound to find the necessary finances for the partnership and hence any interest on capital supplied by the partner is not deductible .....
Tag this Judgment!Court : Guwahati
..... as the facts stand, it is not disputed by the assessee that this case attracts the explanation to section 271(1)(c) of the act and the tribunal approached the case on that basis holding that the burden lay on the assessee to prove that the failure to return the correct income did not arise out of any fraud or gross or ..... the following question of law has been referred to the high court for decision by the income-tax appellate tribunal, gauhati bench, under section 256(1) of the income-tax act, 1961, hereinafter referred to as 'the act' : 'whether, on the facts and circumstances of the case, the tribunal was right in cancelling the penalty levied under section 271(l)(c) of the income-tax act, 1961, for the assessment year 1968-69 ?' 2. ..... 6,500 on account of under-statement of sales in 7% finance goods account. 4. ..... in the result, we find that the tribunal, on the facts and circumstances of the case, was right in cancelling the penalty levied under section 271(1)(c) of the income-tax act, 1961, for the assessment year 1968-69. 16. ..... that being the position, the tribunal has found that the assessee has been able to discharge the burden cast upon it under the explanation to section 271(1)(c) of the act. 14. ..... 50,000 under section 271(1)(c) of the act. 6. .....
Tag this Judgment!Court : Guwahati
..... this is because in the case of a registered firm, the department can know the share of profit of each individual partner and levy income-tax thereon accordingly.section 185 of the act read with rule 22 and forms 11 and 11a show that a partnership firm has to be registered for one assessment year; and under section 184(7), the registration shall have effect for every subsequent year, if ..... , the firm constituted by that instrument has not been sought to be registered by the application made under rule 22 of the rules read with section 185 of the act.it must, therefore, be held that the application for registration did not fulfil the requirements of section 184(1)(i) and (ii) of the act and was liable to be rejected under section 185(1) of the act.in the result, the question is answered in the affirmative and in favour of the department.ibotombi singh j. ..... sarma, learned counsel appearing for the assessee, submits that the application under section 185 of the act was accompanied by the partnership deed dated february 1, 1964, and the memorandum of agreement dated april 7, 1965; these two documents read together evidence the constitution of the firm. ..... counsel for the assessee, that retirement of a partner does not ipso facto dissolve a firm and that the firm continues; but the essential requisites for the registration of a firm under the income-tax act, as stated above, are the names of the partners and their respective shares in profits. .....
Tag this Judgment!Court : Guwahati
..... these two provisions clearly show that for the purpose of registration of a partnership firm for the purpose of the income-tax act, 1961, the act is primarily concerned with the names and addresses of the partners and their respective shares in the profit of the firm.10. ..... sarma, learned counsel appearing for the assessee, submits that the application under section 185 of the act was accompanied by the partnership deed dated february 1, 1964, and the memorandum of agreement dated april 7, 1965 ; these two documents read together evidence the constitution of the firm. ..... counsel for the assessee, that retirement of a partner does not ipso facto dissolve a firm and that the firm continues; but the essential requisites for the registration of a firm under the income-tax act, as stated above, are the names of the partners and their respective shares in profits. ..... --(1) an application for registration of a firm for the purposes of this act may be made to the income-tax officer on behalf of any firm if- (i) the partnership is evidenced by an instrument; and (ii) the individual shares of the partners arc speci6ed in that instrument..... ..... tribunal was justified in law in holding that the assessee-firm was not constituted under a valid instrument of partnership and so the assessee-firm was not entitled to registration under section 185 of the income-tax act, 1961, for the assessment years 1965-66 and 1966-67?'2. .....
Tag this Judgment!Court : Guwahati
..... forth such other particulars as may be prescribed-- (a) in the case of every person whose total income, or the total income of any other person in respect of which he is assessable under this act, includes any income from business or profession, before the expiry of six months from the end of the previous year or where there is more than one previous year, from the end of the ..... we are fortified in this view by the subsequent amendment effected by the finance act, 1972, by which the lacuna has been filled up by substituting the old sub-section (8), by a new sub-section (8), which reads as follows : '(8) (a) where the return under sub-section (1) or sub- ..... app cas 364, the house of lords, at page 371, observed: ' where a single section of an act of parliament is introduced into another act, i think it must be read in the sense which it bore in the original act from which it is taken, and that consequently it is perfectly legitimate to refer to all the rest of that act in order to ascertain what the section meant, though those other sections are not incorporated in the new ..... on the principle of law above, where only clause (iii), and no other portions of the proviso to sub-section (1) of section 139 of the act, has been transposed to sub-section (4) of section 139 of the act, there is no escape from the conclusion that the interest as provided in clause (iii) is imposable on the assessee in the case of belated filing of return, even though no application is made by the assessee .....
Tag this Judgment!Court : Guwahati
..... [1975]101itr457(sc) , the supreme court observed as follows (page 463) : ' furthermore, it is the finance act which fixes the rate of interest payable under sub-section (2) of section 220 and it is common knowledge that every year the finance act makes important amendments in the rates payable under the various provisions of the i.t ..... , the cwt had the following question referred for the opinion of the high court; ' whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the finance act, 1969, was not retrospective in effect and the penalties under section 18(1)(a) of the w.t ..... section 18 was again amended in 1969 by section 24 of the finance act, 1969 (act 14 of 1969), and the amendment was given effect from 'april 1, ..... these circumstances, therefore, it is not within the competence of the ito to vary the rate of interest fixed by the finance act under sub-section (2) of section 220 from time to time.'98 ..... penalty was levied under section 18(1)(a)(i) of the act as amended by section 24 of the finance act of 1969 (hereinafter called the '1969 amendment').5. ..... . act, 1957, as amended by the finance act, 1969, is not retrospective in its operation.under section 18 the wrongful act on the part of an assessee becomes complete as soon as he does not file the return of his wealth on the ..... penalty was levied under section 18(1)(a)(i) of the act as amended by section 24 of the finance act of 1969 (hereinafter called ' the 1969 amendment act ').65 .....
Tag this Judgment!Court : Guwahati
..... order, the cwt had the following question referred for the opinion of the high court : "whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the finance act, 1969, was not retrospective in effect and the penalties under section 18(1)(a) of the w. t. ..... thereafter, penalty was levied under section 18(1)(a)(i) of the act a amended by section 24 of the finance act of 1969 (hereinafter called "the 1969 amendment act").the assessee appealed to the aac of wealth-tax. ..... (2) of section 220 and it is common knowledge that every year the finance act makes important amendments in the rates payable under the various provisions of the i.t. ..... thereafter, penalty was levied under section 18(1)(a)(i) of the act as amended by section 24 of the finance act of 1969 (hereinafter called the "1969 amendment").the assessee appealed to the aac of the wealth-tax. ..... : [1975]101itr457(sc) , the supreme court observed as follows (page 463) :furthermore, it is the finance act which fixes the rate of interest payable under sub-s. ..... 18 was again amended in 1969 by section 24 of the finance act, 1969 act 14 of 1969), and the amendment was given effect from april 1, 1969.by this amendment cls. ..... act, 1957, as amended by the finance act, 1969, is not retrospective in its operation.under section 18 the wrongful act on the part of an assessee becomes complete as soon as he does not file the return of his wealth on the stipulated date. .....
Tag this Judgment!Court : Guwahati
..... [1975]101itr457(sc) , the supreme court observed as follows (page 463) :' furthermore, it is the finance act which fixes the rate of interest payable under sub-section (2) of section 220 and it is common knowledge that every year the finance act makes important amendments in the rates payable under the various provisions of the i.t ..... , the cwt had the following question referred for the opinion of the high court; ' whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the finance act, 1969, was not retrospective in effect and the penalties under section 18(1)(a) of the w.t ..... section 18 was again amended in 1969 by section 24 of the finance act, 1969 (act 14 of 1969), and the amendment was given effect from 'april 1, ..... these circumstances, therefore, it is not within the competence of the ito to vary the rate of interest fixed by the finance act under sub-section (2) of section 220 from time to time.'98 ..... penalty was levied under section 18(1)(a)(i) of the act as amended by section 24 of the finance act of 1969 (hereinafter called the '1969 amendment').5. ..... . act, 1957, as amended by the finance act, 1969, is not retrospective in its operation.under section 18 the wrongful act on the part of an assessee becomes complete as soon as he does not file the return of his wealth on the ..... penalty was levied under section 18(1)(a)(i) of the act as amended by section 24 of the finance act of 1969 (hereinafter called ' the 1969 amendment act ').65 .....
Tag this Judgment!