Court : Gujarat
Reported in : [2003]261ITR481(Guj)
..... appellate tribunal is right in law and on facts in holding that the amount of rs. 2,22,620 representing deferred sales tax, i.e., unpaid sales tax liability, did not attract the provisions of section 43b of the income-tax act, 1961 ?'2. in this reference, the only dispute is about disallowance under section 43b for unpaid sum of rs. 2,22,620 ..... that notice had not been taken of the gujarat sales tax act, 1969, to ascertain whether or not there was such an amendment. the supreme court thereafter has ..... itr 53), would apply only if a state would have amended its sales tax act to provide that the sales tax that was deferred by an incentive scheme framed by it would be treated as actually paid, so as to meet the requirements of section 43b of the income-tax act, 1961, it was further held on the basis of the facts of that case .....
Tag this Judgment!Court : Gujarat
Reported in : [1994]207ITR622(Guj)
..... finding of the appellate assistant commissioner as confirmed by the appellate tribunal that the assessee is not a separate taxable entity and hence was not liable to pay income-tax under the provisions of the income-tax act, 1961, is correct in law and sustainable from the material on record (2) whether, on the facts and in the circumstances of the case, the assessee is not ..... liable to pay tax under any of the provisions of the income-tax act, 1961 ?' 2. believing that the gujarat pradesh congress samiti is an independent taxable entity, the income-tax officer served a notice under section 148 of the act for the assessment years 1960-61, 1961-62 and 1962-63. the contention raised on behalf of the gpcc .....
Tag this Judgment!Court : Gujarat
Reported in : [1993]203ITR280(Guj)
..... , the tribunal was correct in law in holding that the supreme court decision in : [1973]88itr192(sc) was applicable only with reference to penalty provisions under the income-tax act and not otherwise (4) whether, on the facts and in the circumstances of the case, the tribunal has correctly applied the ratio of the supreme court and various ..... . 3,148 as penalty to the state government under section 45 of the gujarat sales tax act, 1969, for the default committed by it, viz., failing to pay tax due within the prescribed time. the assessee claimed deduction of these amounts. the income-tax officer disallowed the said claim on the ground that the payment which was made was by ..... ) whether, on the facts and in the circumstances of the case, the tribunal was right in law in construing the provisions of section 45 of the gujarat sales tax act, 1969, to hold that the interest payment made would be penalty for infraction of law and not allowable as revenue expenditure (2) whether, on the facts and in .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]101ITR101(Guj)
..... we should decide what would be the 'previous year' for the purpose of gift-tax 'by assuming that assessment under the income-tax act is to be made' is not correct. assessment for gift-tax has to be made under the gift-tax act and not under the income tax act if sub-clauses (a) and (b) do not apply. if this is so ..... illustration of incorporation 'by reference', inasmuch as it incorporates the definition of the expression 'previous year' as given in section 3 of the income-tax act even for the purpose of the gift-tax act under certain circumstances. incorporation of a provision of law in a statute by reference to a similar provision in another statute is a recognised ..... ending on the 31st day of march immediately preceding the assessment year; (b) in the case of an assessee having different previous years under the income-tax act for different sources of income, profits or gains, means that previous year of twelve months determined as the previous year under sub-clause (a) or sub-clause (b), as .....
Tag this Judgment!Court : Gujarat
Reported in : (2001)169CTR(Guj)416; [2001]251ITR61(Guj)
..... with the ratio laid down by the supreme court in the case of challapalli sugars ltd. v. cat : [1975]98itr167(sc) and explanation 8 below section 43(1) of the income-tax act, 1961. the commissioner (appeals) upheld the reasoning adopted by the assessing officer and concluded the issue by stating that once the assessee had capitalised the interest in its books of account ..... rs. 2,12,05,459 are of revenue nature and are fully deductible under the provisions of the income-tax act, 1961. these expenses are of revenue nature and are incurred wholly and exclusively for the purposes of business. these are fully deductible under theprovisions of the income-tax act, 1961, and, hence, the same are claimed in full. it is submitted that the same be allowed in .....
Tag this Judgment!Court : Gujarat
Reported in : (1987)66CTR(Guj)10; [1988]171ITR86(Guj)
..... herself liable for capital gains tax which he levied as per the assessment order finalised by him. he took the same view in regard to the contribution made by ..... into stock-in-trade. the income-tax officer held that the conversion was not proper as the said shares were not easily marketable. he, therefore, came to the conclusion that the assessee had transferred her shares to the partnership of m/s. kalpana within the meaning of section 2(47) of the income-tax act, 1961, and had, therefore, made ..... question whether the transfer in question was with or without consideration as it held that there was no transfer within the meaning of section 2(47) of the income-tax act. since the finding recorded by the tribunal on the question of transfer cannot be sustained in view of the decision of the supreme court in sunil siddharthbhai : .....
Tag this Judgment!Court : Gujarat
Reported in : (1995)128CTR(Guj)292; [1995]214ITR57(Guj)
..... by the ratio laid down in the case of shree digvijay woollen mills ltd. v. cit : [1993]204itr398(guj) . the division bench, with respect to charging interest on account of underestimate of advance tax, observed as under (headnote) : 'the levy of interest under section 216 of the income-tax act, 1961, is not mandatory but is directory. though the underestimation contemplated by clause (a) will, in ..... all cases, result in reduction of the amount payable as advance tax; the underestimation itself may not always be or, in all .....
Tag this Judgment!Court : Gujarat
Reported in : [1993]200ITR762(Guj)
..... [1985]151itr389(guj) , this court interpreted the provisions of section 214(1) of the income-tax act, 1961, as it was at relevant time and arrived at the conclusion that interest on the excess of the advance tax refunded under section 214(1) of the income-tax act has to be paid up to the date of regular assessment. when the first assessment of the ..... assessment. interest is payable on such excess up to the date of such revised assessment. this is the scheme of section 214(1) of the income-tax act. 6. it seems that the income-tax officer has rejected the petitioner's application relying upon the decision of the bombay high court in the case of sarangpur cotton . v ..... income-tax officer is final, that is the regular assessment for the purposes of section 214(1). .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]252ITR289(Guj)
..... of income-tax (assessment), special range, ahmedabad, worked out the computation of amount refundable vide order dated march 14, 1988, as under :rs ..... dated march 14, 1988, by taking into account credit to the assessee on account of tax deducted at source. however, on this additional sum of refund no interest was calculated. the assessee, therefore, made an application dated may 23, 1989, claiming interest under section 214 of the income-tax act, 1961. in its order dated august 30,1989, captioned under section 154 the deputy commissioner .....
Tag this Judgment!Court : Gujarat
Reported in : [1994]208ITR275(Guj)
..... court in k. p. varghese v. ito : [1981]131itr597(sc) wherein the supreme court has held that sub-section (2) of section 52 of the income-tax act, 1961, can be invoked only where the consideration for the transfer of a capital asset has been understated by the assessee, or in other words, the full value of ..... court by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961 : '1. whether, on the facts and in the circumstances of the case, the provisions of section 52(2) could be invoked in the absence of proof of avoidance or reduction of the assessee's tax liabilities under section 45 of the income-tax act 2. whether, ..... respect of those shares was returned by the assessee for gift-tax purposes and gift-tax was accordingly charged by the gift-tax officer. the income-tax officer deemed it fit to apply the provisions of section 52(2) of the income-tax act and computed long-term capital gains. the income-tax officer also rejected the contention raised on behalf of the .....
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