Court : Gujarat
Reported in : [2006]150TAXMAN499(Guj)
..... final hearing and disposal today.3. mr. t.u. bhatt, learned standing counsel appearing on behalf of the appellant submitted that section 32(1) of the income tax act, 1961 ('the act') requires that a deduction in respect of depreciation of buildings, machinery, plant or furniture is to be granted. that the concept of depreciation in the circumstances ..... by the appellant-revenue :'whether the appellate tribunal was right in law and on facts in holding that the third proviso to section 32(1) of the income tax act, 1961 would not be applicable in respect of the plant and machinery which cost below rs. 5,000 since such assets are covered specifically under the first proviso ..... formulated by this court :'whether the appellate tribunal was right in law and on facts in holding that the third proviso to section 32(l) of the income-tax act, 1961 would not be applicable in respect of the plant and machinery which cost below rs. 5,000 since such assets are covered specifically under the first proviso .....
Tag this Judgment!Court : Gujarat
Reported in : (2008)165CTR(Guj)218; [2009]316ITR181(Guj)
..... mehta, j.1. the tribunal, ahmedabad bench 'a' has referred the following five questions for the opinion of this court under section 256(1) of the income tax act, 1961 (hereinafter referred to as the ''act') at the instance of the commissioner:1. whether the tribunal is right in law and on facts in deleting the disallowance of rs. 18,18,429 being ..... revenue expenditure ?5. whether the tribunal is right in law and on facts in deleting disallowance of rs. 1,48,358 made under section 43b of the income tax act in respect of municipal tax and education cess ?2. the assessment year is 1983-84, while the relevant account period is year ended on 30-6-1982. the assessee is a ..... . insofar as question no. 5 is concerned, the same pertains to disallowance under section 43b of the act in relation to the municipal tax and education cess. mr. bhatt has very fairly pointed out that section 43b of the act has been made applicable with effect from 1-4-1984 and hence cannot be made applicable for assessment year .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)210CTR(Guj)587; [2008]300ITR328(Guj)
..... court instruction no. 2 of 2007 dated 28th march 2007 issued by the central board of direct taxes, which is reproduced in 209 ctr (st.) 17 and 160 taxman 21. it reads as under:under section 244a of the income-tax act, 1961, interest is to be granted simultaneously with the refund and there should normally be no reason to ..... : (1) the order dated october 6, 1992 passed by the commissioner of income tax, baroda, by which the claim of interest on refund advanced by the petitioner was rejected as inadmissible under sections 243(1)(b), 244(1a) and section 214(2) of the income tax act, 1961 ('the act' for short); (2) the order dated january 18, 1993 passed by the ..... chief commissioner of gujarat, ahmedabad, by which interest claimed by the petitioner on the excess amount of tax deducted at source was rejected on the ground that excess amount of .....
Tag this Judgment!Court : Gujarat
Reported in : [1974]93ITR288(Guj)
..... the indian income-tax act, 1922, as also section 4 of the income-tax act, 1961, do not levy the charge of income-tax on a particular item of income. the concept of a charge on a particular item of income is completely alien to the income-tax act. in fact, it would be wholly inappropriate under the income-tax act to speak of quantification of tax liability on a particular item of income. the charge of income-tax referred to ..... he discharge this liability under section 3 of the indian income-tax, 1922, or section 4 of the income-tax act, 1961 is the payment of income-tax on disclosed income under section 68 of the finance act, 1965, nothing else than a process of quantification of the liability charged under section 3 of the income-tax act, 1922, or section 4 of the income-tax act, 1961 if it is, the quantified amount of the liability .....
Tag this Judgment!Court : Gujarat
Reported in : (1996)135CTR(Guj)273; [1996]221ITR435(Guj)
..... consequently, deduction under s. 80l of the it act, 1961 is allowable to them.' mr. shah, learned counsel, has placed reliance on the decision of calcutta high court in cit vs. shri krishna bandar trust (supra). since the determination of the status of an assessee is a part of the process of computation of income, it is necessary to look into the ..... the status of an assessee and that is not the scheme of the act. wherever it is necessary, separate provisions are made for different slabs of taxes. with regard to s. 112, it would be noticed that for individual and huf, the amount of income-tax on long term capital-gain is to be calculated at the rate of 20 ..... tax laws if the context so requires. the word 'association' means 'to join in any purpose' or 'to join in action'. therefore, 'aop' as used in s. 2(31)(v) of the it act, 1961, means an association in which two or more persons join in a common purpose or common action. the association must be one the object of which is to produce income .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]114ITR28(Guj)
..... to the constitutional validity of section 217(1a). 2. the petitioner no. 1 in this case is a partnership firm registered with the income-tax authorities under the provision of the income-tax act, 1961. the petitioners nos. 2,3 and 4 are three of the five partners of the first petitioner-firm. along with those five partners ..... petitioner no. 1 and its three partners who are petitioners nos. 2 to 4 were required to file estimates under section 212(3a) of the income-tax act, 1961 (hereinafter referred to as 'the act'), for the assessment years 1970-71 and 1971-72. these estimates under section 212(3a) were required to be filed on or before december ..... e. scheme) ordinarily, under the scheme of the indian income-tax act, 1922, and also under the scheme of the income-tax act 1961, tax is payable on the income of the previous year but under the provisions relating to advance tax even before the end of the previous year in question advance tax has to be paid in accordance with the the provisions .....
Tag this Judgment!Court : Gujarat
Reported in : [1997]224ITR378(Guj)
..... on the lines noticed by us while noticing the facts of the case. 5. section 4 of the act is the charging section which provides that where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to ..... the facts and in the circumstances of the case, the tribunal was right in law in coming to the conclusion that notwithstanding the provisions of s. 2(42a) of the it act, 1961, which came into force from 1st april, 1974, i.e., from asst. yr. 1974-75 the capital gains earned by the assessee were liable to be ..... sixty months. the assessee claimed that as on the date of transfer of the capital assets concerned, the definition of short-term capital asset under s. 2(42a) of the it act, 1961, it was required that the assessee should have held the capital asset for not more than 24 months immediately preceding the date of transfer, it was a transfer of long .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]260ITR207(Guj)
..... ltd. with which we are not concerned in this reference.2. in the assessment framed under section 143(3), read with section 144b of the income-tax act, 1961, the income-tax officer brought to tax income from house property on notional basis in respect of certain properties transferred to elscope (p.) ltd. further, he did not allow the assessee's claim ..... property cannot be owned by two persons, each one having independent and exclusive right over it. for the purposes of section 22 of the income-tax act, 1961, corresponding to section 9 of the indian income-tax act, 1922, the owner must be 'that person who can exercise the rights of the owner, not on behalf of the owner but ..... 216itr607(sc) .8. in the aforesaid decisions, the courts have taken the view that in order to avail of the benefit under section 32(2) of the income-tax act, 1961, it is not necessary that the business carried on in the following previous year should be the same business as was carried on in the preceding previous year. .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)194CTR(Guj)306; [2005]276ITR411(Guj)
..... aside. rule made absolute.special civil application no. 3960 of 2004.52. the petitioner has, by way of this petition challenged notice issued under section 148 of the income tax act,1961 (the act) dated 28/3/2003 (annexure-a) issued by the respondent seeking to reopen the assessment for assessment year 1996-97, on the ground that the said action is ..... lacs by treating deposit of rs. 67.75 lacs with l.t.shroff group as being unexplained investment under section 69 of the income tax act,1961 (the act) on 31/3/2000. the said order came to be challenged before cit (appeals) who for the reasons stated in his order dated 15/3/2001 set aside the assessment with a direction to the ..... within the meaning of section 147 of the i.t.act,1961. since no scrutiny assessment is made for this year and income escaped is more than rs. 1,00,000/assessment can be reopened with the prior approval of the addl. cit.apart from this while filing the return of income the assessee has stated in a note attached to the .....
Tag this Judgment!Court : Gujarat
Reported in : (1965)0GLR583; [1965]58ITR100(Guj)
..... . 3,500 distributed by the liquidator of the company and received by the assessee as a shareholder was dividend within the meaning of section 2(6a)(c) of the indian income-tax act, 192 ?' 3. it would be seen from the way in which the question is framed that the postulate of the question is that the distribution was out of 'deemed profits ..... bhagwati, j.1. an interesting question of construction of section 2(6a)(c) of the income-tax act arises on this reference. the reference relates to the assessment of the assessee, an individual, for the assessment year 1956-57, the corresponding accounting year being samvat year 2011 (i. ..... . bipinchandra maganlal & co : 'what in truth is a capital return is by a fiction regarded for the purposes of the act as income. because this difference between the price realised and the written down value is made chargeable to income-tax, its character is not altered, and it is not converted into the assessee's business profits. it does not reach the assessee as .....
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