Court : Gujarat
Reported in : (1981)22CTR(Guj)186; [1981]130ITR655(Guj)
..... 'capital gains' under s. 48. without computation of 'profits or gains' no tax can be levied under s. 45 of the act. therefore, the amount received by the assessee towards the value of goodwill was not assessable to tax under s. 48 of the income-tax act, 1961.' 31. the full bench of the kerala high court also placed reliance on the ..... have to be deducted from the full value of the consideration for the transfer of the capital asset (headnote of 89 itr 88) : 'in the context of the income-tax act, the expression 'cost of acquisition' signifies some expenditure or outlay in terms of money by the assessee in the creation or acquisition of the concerned capital asset. it ..... : .....'capital gains arises only on the transfer of a capital asset which has actually cost to the assessee something. such actual cost in the context of the income-tax act being cost in terms of money, it cannot apply to transfer of capital assets which did not cost anything to the assessee in terms of money in its creation .....
Tag this Judgment!Court : Gujarat
Reported in : [1964]54ITR241(Guj)
..... question, namely : 'whether, on the facts and in the circumstances of the case, the assessee-trust is entitled to exemption under section 4(3)(i) of the indian income-tax act, 1922 ?' 6. the definition of what is a charity is one which is not a definition that it would receive in ordinary parlance. as has often been pointed out ..... purposes which does not ensure for the benefit of the public.' 8. section 4(3)(i), as it stood prior to the enactment of the income-tax (amendment) act, 1953, and the finance act of 1955 was in some represents different from what it is now. but it is conceded that so far as the present reference is concerned, these ..... to march 31, 1956. the two trusts made applications for refund on the ground that they were entitled to exemptions in respect of their incomes under section 4(3)(i) of the act. the income-tax officer held that the assessee-trusts were neither religious nor charitable trusts, and relying upon that finding, as also upon the provisions of clause 13 .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR1(Guj)
..... and gains of business for the current year arises in this reference in view of the provisions contained in sections 32(2) and 72(2) of the income-tax act, 1961 (which is hereinafter referred to as 'the act'). 2. short facts of the case, which form the background in which this question arises for our consideration, can be stated as under. the respondent-assessee ..... the tribunal that the ratio of the decision of the supreme court in the case of commissioner of income-tax v. jaipuria china clay mines (p.) ltd., decided under the provisions of the indian income-tax act, 1922, applies to the instant case under the provisions of the income-tax act, 1961, and that, therefore, the carried forward losses should be deducted first from the current year's business .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)25CTR(Guj)283
..... order of priority that we have mentioned hereinabove has been set out, but no reasoning have been given in support of this conclusion. 25. similarly, in a. n. aiyar's income tax act, 1961, 2nd edn., at p. 824, the same order of priority as we have mentioned, has been set out but barring the reference to the decision of this court in ..... unless the context otherwise requires, the expression 'total income' used in the act would mean total income computed in the manner laid down in the act. section 4 of the 1961 act is the charging section and it 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 .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)104CTR(Guj)236; [1992]196ITR822(Guj)
..... financial year ending on march 31, 1977. in the course of assessment for the assessment year under reference, the assessee claimed deduction under section 36(1)(viii)(a) of the income-tax act, 1961 ('the act' for short). according to the assessee, such deduction was to be allowed before deduction is allowed under the said provision and under chapter vi-a of the ..... the case, the tribunal was right in law in coming to the conclusion that the relief under section 36(1)(viii) of the income-tax act, 1961, should be worked out on the basis of 40 per cent. of the total income before deduction (a) under section 36(1)(viii) and (b) under chapter vi-a (2) whether, on the facts and in the ..... the tribunal was right in law in coming to the conclusion that the sum of rs. 49,832 was not disallowable as entertainment expenditure under section 37(2b) of the income-tax act, 1961 ?' 6. so far as the first question is concerned, as already observed, the controversy is with regard to the computation of the total .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]105ITR601(Guj)
..... provides by sub-section (1), that tax shall be payable by an assessee under the head 'profits and gains of business, profession or vocation ..... commissioner of income-tax v. modi spinning & weaving mills co. ltd., during the last few years a number of cases have come up before the courts involving the consideration of proviso (b) to section 10(2)(vib) of the indian income-tax act, 1922, equivalent to section 34(3) of the income-tax act, 1961. 4. section 10 of the act of 1922 ..... the present case with the rest of the provisions of section 10(2)(vib). 5. under the act of 1961, section 28 provides that the income mentioned in one or the other clause of section 28 shall be chargeable to income-tax under the head 'profits and gains of business or profession' and under clause (i), the profits .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]98ITR237(Guj)
..... under either of the entries 82 or 86 of list i and resort cannot be had for the propose of enacting the impugned section 2(14)(iii) of the income-tax act, 1961, to the residuary entry 97 of list i. (3) the classification made by section 2(14)(iii) read with section 46 and section 47(viii) is irrational ..... april 1, 1970, that one has to consider the submissions made regarding the legislative competence of parliament to enact section 2(14)(iii) of the income-tax act, 1961. 10. the supreme court has pointed out in second gift-tax officer, mangalore v. d.h. nazareth : [1970]76itr713(sc) , the scheme of the three lists in the seventh schedule, and has ..... of the 1970, agricultural land in india was not included in the words 'capital assets' as defined by section 2(14) of the income-tax act, 1961. but, as a result of the amendment by act 19 of 1970, land situated in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]106ITR542(Guj)
..... good of its members and for preservation of the business interest of jari industry. section 28(iii) of the income-tax act, 1961, brings to tax under the head of 'profits and gains of business or profession' the income derived by such association from specific service performed for their members. but, during the accounting periods the assessee-association ..... subscriptions received by it from its members can, therefore, not be charged to tax under to tax under the head 'd - profits and gains or business or profession' of section 14 of the income-tax act, 1961, or clause (iv) of section 6 of the act of 1922. but that does not settle the question of taxability of subscriptions ..... received by it from its members would be covered by the concept of 'income', and if so, whether it would be taxable under any of the provisions of the income-tax act, 1961. 9. since the assessee-association is registered as a trade union under the act, and since it is constituted by certain rules framed by it, it .....
Tag this Judgment!Court : Gujarat
Reported in : [1974]94ITR26(Guj)
..... time in 1961, that is, before the expiry of ten years from the end of the relevant according periods, the claim for allowance by way of development rebate was not allowable. the contention of the assessee before the income-tax officer was that in accordance with the provisions of section 10(2)(vib) of the indian income-tax act, 1922, it was obligatory on the income-tax officer ..... of artificial silk machinery ?' 5. turning to the first question, the relevant provisions are to be found in section 10 and 35 of the indian income-tax act, 1922. sub-section (1) of section 10 provides that the tax shall be payable by an assessee under the head 'profits and gains of business, profession or vocation' in respect of the profits or gains of .....
Tag this Judgment!Court : Gujarat
Reported in : [1974]95ITR251(Guj)
..... issued a notice on may 15, 1964, in respect of the said amount of rs. 5,936 for the assessment year 1958-59 under section 147(a) of the income-tax act, 1961, as income which had escaped assessment; and the learned judge of the allahabad high court held that the notice issued after a lapse of four years was without jurisdiction. the learned judge ..... the allahabad high court in a proceeding under article 226 of the constitution, as to whether a notice issued under section 147(a) of the income-tax act, 1961, similar to section 34(1) (a) of the 1922 act, was valid or not. the facts in that case were that the petitioner in that case was one of the partners of a firm which ..... discount co.'s case held that, as the primary facts as appearing from the return had been disclosed to the income-tax officer, the petitioner's conduct could not come within the ambit of clause (a) of section 147 of the act of 1961, and that on the facts the case really lay within the four corners of clause (b) of section 147 .....
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