Court : Gujarat
Reported in : (1985)46CTR(Guj)228; [1985]152ITR94(Guj)
..... bonus only when the claim, if made, is settled amicably or by industrial adjudication.the system of reopening of accounts does not fit in with the scheme of the income-tax act. as far as receipts are concerned, there can be no reopening of accounts, and the position is the same in respect of expenses.'32. we are in ..... the company provided by the articles for performing the services of managing the company's business and that, therefore, his remuneration fell to be taxed under section 7 and not under section 12 of the income-tax act.'21. this case also would not help the revenue. on the contrary, this case would help the assessee-company.22. the last ..... year in which the resolution was not adopted, remuneration could or could not be paid. an attempt was made to read section 40(c) of the i.t. act, 1961, but from that section also nothing which could help the revenue could be suggested.8. therefore, the second question arises which requires more detailed consideration. the learned advocate, .....
Tag this Judgment!Court : Gujarat
Reported in : [2002]254ITR625(Guj)
..... held that the property cannot be owned by two persons, each one having independent and exclusive right over it. hence, for the purpose of secttion 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 in his own right'. therefore, ..... were part and parcel of the industrial undertaking were transferred under a duly executed registered document on february 2, 1978. in view of these facts, the income-tax officer was of the view that as the assessee was the legal owner of the property in question, till conveyance was duly registered, proportionate property ..... of the industrial undertaking whose control and management vested with the vendee, there was no question of assessing the proportionate income from property in the hands of the assessee. the tribunal confirmed the view taken by the commissioner of income-tax (appeals) in the appeal of the revenue and, hence this reference.4. we have heard mr. akil qureshi .....
Tag this Judgment!Court : Gujarat
Reported in : (1985)48CTR(Guj)154; [1986]158ITR520(Guj)
..... court, it was held as under (headnote) : 'the time allowed for furnishing a voluntary return is the time specified in section 139(1) o the income-tax act, 1961. when the income-tax officer extends the date for furnishing the return under proviso (iii) to section 39(1), he does so in the exercise of authority conferred by the statute ..... advance tax ?' 2. a few facts need be noticed in order to appreciate the dispute between the assessee and the revenue in this ..... instance of the assessee for our opinion under section 256(1) of the income-tax act, 1961 : 'whether. on the facts and in the circumstances of the case, the tribunal was justified in law. in holding that the penalty under section 271(1)(a) of the income-tax act, 1961, was rightly imposed on the registered firm even when it had paid excess .....
Tag this Judgment!Court : Gujarat
Reported in : [1973]91ITR371(Guj)
..... under section 221, sub-section (1), read with section 218 of the income-tax act, 1961. the assessee is a registered firm carrying on business in rajkot. since the assessee had been previously assessed by way of regular assessment under the income-tax act, 1961, the income-tax officer passed an order under section 210, sub-section (1), requiring the ..... and in the circumstances of the case, the penalty levied under section 221(1) of the income-tax act, 1961, is valid ?' 2. the determination of this question rests on the true interpretation of a few relevant provisions of the act relating to imposition of penalty. we shall presently refer to these sections but before we do so ..... assessee to pay to the credit of the central government a sum of rs. 17,113 by way of advance tax for the financial year 1965-66. the notice of .....
Tag this Judgment!Court : Gujarat
Reported in : [1992]194ITR659(Guj)
..... the assessee, in whose case provisional assessment for the purpose of refund is made under section 141a of the income-tax act, 1961 (hereinafter referred to as 'the said act'), or who has paid advance tax and/or self-assessment tax, is entitled to refund of the entire tax amount paid by him if, for any reason, the regular assessment becomes time-barred or is annulled. the division ..... . lal and co. : [1964]53itr231(sc) , the supreme court held that the period prescribed by section 34 of the act of 1922 (corresponding to section 153 of the act of 1961), imposed a fetter upon the power of the income-tax officer to bring to tax escaped income and prescribed different periods in different classes of cases for enforcement of the right of the state to recover .....
Tag this Judgment!Court : Gujarat
Reported in : [1993]199ITR428(Guj)
..... came to be rs. 98,400. despite this, considering the originally assessed amount and tax thereon to be more by 25 per cent. of the latter amount, the income-tax department filed a complaint under section 276c(2) of the income-tax act, 1961, in the court of the additional chief metropolitan magistrate at ahmedabad. the said complaint was registered being criminal case no. 134 of 1987 ..... . the complaint was filed alleging breach of section 212 of the income-tax act without considering the judgment of the income-tax appellate tribunal. 2. the petitioners, having succeeded before the income-tax appellate tribunal, filed an application .....
Tag this Judgment!Court : Gujarat
Reported in : (1994)120CTR(Guj)300; [1996]221ITR520(Guj)
..... accepted that where the assessees have received shares and bonds because of amalgamation, there is no transfer of capital assets within the meaning of section 2(47) of the income-tax act, 1961. 11. hence, for the purposes of the present references, it can be stated that the department had accepted (so far as these assessees are concerned) the position ..... . gautam sarabhai trust : [1988]173itr216(guj) held that the assessee was not entitled to get benefit under section 47(vii) of the income-tax act, 1961, because besides the share or shares in the amalgamated company, the shareholder of the amalgamating company in allotted something more such as bonds or debentures ..... that in such type of cases there is no transfer of capital asset within the meaning of section 2(47) of the income-tax act. 12. in the result, because of the peculiar facts, the question in all the references is left unanswered. the references stand disposed of accordingly with no order .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]211ITR1031(Guj)
..... favour of the petitioners, clause 8 provides as under : '8. the vendors and the purchaser shall approach the appropriate authority under section 269uc of the income-tax act, 1961, and shall file the necessary from no. 37-i with the said authority within fifteen (15) days from this day and shall obtain 'no objection ..... march 8, 1991, together with annexures thereto and a copy of the agreement of sale dated february 22, 1991. the appropriate authority acting under section 269ud(1) of the income-tax act, 1961, exercised the power to purchase the said property and for the purpose of payment of consideration to the transferors under section 269uf(1 ..... supreme court has specifically directed that as far as completed transactions are concerned, viz., where after the order for compulsory purchase under section 269ud of the income-tax act was made and possession has been taken over, compensation was paid to the owner of the property and accepted without protest, those transactions shall not be .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)485; [2004]271ITR340(Guj)
..... relevant assessment year, where eight years, but not more than sixteen years, have elapsed from the end of that year, unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees fifty thousand or more for that year;(b) in cases falling ..... of the constitution challenges the notice dt. 31st march, 1994 issued by the ito (annex.-a) under section 148 of the it act, 1961 (hereinafter referred to as 'the act'), r/w section 147 thereof proposing to reopen assessment of denish syntex (p) ltd. for asst. yr. 1983-84 on ..... the ao can issue notice for reassessment under section 147 of the act if the ao has reason to believe that any income chargeable to tax has escaped assessment for the relevant year and escapement of such income is by reason of the failure on the part of the assessee ..... march, 1994 issued by the ito (annex.-a) under section 148 r/w section 147 of the it act, 1961, is quashed and set aside.rule is made absolute with no order as to costs. .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]99ITR258(Guj)
..... 'information', he should reasonably believe that taxable gift has escaped assessment. this provision is, in all material respects, similar to the provision of section 147(b) of the income-tax act, 1961, and the decisions given in the context of section 147(b) would, therefore, be helpful in construing the provisions of section 16(1)(b). 6. now, so ..... far as section 147(1)(b) of the income-tax act, 1961, is concerned, it is well-settled as a result of the decision of the supreme court in commissioner of income-tax v. a raman & company, that 'information' in the context in which it occurs in the said provision must ..... or particulars, or as to law relating to a matte bearing on the assessment'. mere change of opinion on the part of the income-tax officer does not constitute 'information' so as to entitle the income-tax officer to initiate proceedings under section 147(6). on a parity of reasoning, for initiating action under section 16(1)(b) so .....
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