Court : Gujarat
Reported in : (1993)109CTR(Guj)480; [1993]202ITR175(Guj)
..... ,84,570. it was further claimed that the difference of rs. 2,57,235 is neither taxable as income nor as capital gain within the meaning of section 45 of the income-tax act, 1961 (for short, 'the act of 1961'). 3. the income-tax officer was not satisfied with the contention of the assessee. according to him, there was no cogent material on ..... was a transfer of the capital asset by the assessee under section 2(47) of the income-tax act, 1961, when it became a partner in the firm from june 16, 1975, and, therefore, became liable to pay capital gains under section 45 of the income-tax act, 1961 ?' 2. it will be profitable to have a look at the introductory facts. the ..... the transfer of the capital assets by the assessee under section 2(47) of the income-tax act, 1961, when he became a partner in the firm from june 16, 1975, the assessee did not become liable to pay capital gains tax under section 45 of the income-tax act on account of the said transfer. 12. thus, the ultimate answer to question .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]217ITR157(Guj)
..... an obligation, leaving the lender out of the scope of the section and furthermore non-compliance of section 269ss is made punishable under section 276dd of the income-tax act, 1961, which provides a very stringent punishment, viz., imprisonment for a period up to two years and fine equivalent to the amount of the borrowing. while so ..... notice calling upon the petitioner to explain five deposits of rs. 20,000 each and also to show cause why for contravention of section 269ss of the income-tax act, 1961, penalty should not be imposed upon him. the assessing officer held that the said deposits were genuine, but the explanation that the said deposits were accepted ..... 32.2 with a view to countering this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new section 269ss in the income-tax act debarring persons from taking or accepting, after june 30, 1984, from any other person any loan or deposit otherwise than by an .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]216ITR529(Guj)
..... 1. at the instance of the assessee, i.e., life bond fabric pvt. ltd., the income-tax appellate tribunal, ahmedabad bench 'a' ('the tribunal', for short), has made the present reference under section 256(1) of the income-tax act, 1961 ('the act', for short), to this court, as the tribunal agreed that two questions of law arise for ..... the opinion of this court out of the order dated june 17, 1980, passed by it in i.t.a. no. 503/(ahd.) of 1979. 2. facts : this reference relates to the assessment year 1973-74. on the completion of regular assessment, the income-tax ..... balaram, ito v. volkart brothers : [1971]82itr50(sc) the supreme court considered the scope of section 154 of the act in connection with the provisions of section 17(1) of the indian income-tax act, 1922. while considering the provisions, the supreme court has held that a mistake apparent on the record is an obvious .....
Tag this Judgment!Court : Gujarat
Reported in : II(2005)BC293; [2004]122CompCas242(Guj); (2004)4CompLJ503(Guj); [2004]269ITR548(Guj)
..... .2. mr. soparkar, learned counsel for the petitioner, has submitted that in view of the provisions of section 226(3) of the income-tax act, 1961 ('the act' for short) which are analogoues to the provisions of section 46(5a) of the indian income-tax act, 1922, and the decision of the apex court in ito v. budha pictures : [1967]65itr620(sc) the notice issued by the respondent ..... make.13. in view of the above discussion, we grant interim relief restraining the respondent-authorities from acting upon the impugned notice dated october 20, 2000 (annexure a), and also restraining the respondent authorities from enforcing any notice under section 226(3) of the income-tax act, 1961, without first obtaining consent of the bifr as provided in section 22(1) of the sick industrial .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]259ITR149(Guj)
..... counsel for the assessee has relied on the decisions of the apex court interpreting the expression 'pending appeals' in cases under the industrial disputes act and under the indian income-tax act, 1922, and the income-tax act, 1961 and the decisions interpreting the expression 'pending proceedings'.20. in raja kulkarni v. state of bombay air 1954 sc 73 ; [1953] ..... on the amounts as ascertained under the kvss at the rate/s applicable to the outstanding dues payable by the assessee under the provisions of the income-tax act, 1961/wealth-tax act, 1957, as the case may be, for the period from march 9, 1999, to september 9, 2002, and also requiringthe petitioner to pay ..... . jain, ito v. mahendra : [1972]83itr104(sc) , notice for reopening the assessment issued under section 34(1)(a) of the indian income-tax act, 1922, was pending when the income-tax act, 1961, came into force on april 1, 1962. ultimately, that notice came to be discharged by the authority after april 1, 1962, and thereafter the .....
Tag this Judgment!Court : Gujarat
Reported in : (2008)220CTR(Guj)577
..... is right in law in its interpretation of provisions of section 36(1)(iii), section 37(1) and section 43a of the income-tax act, 1961 read alongwith exchange control rules.3. however, in tax appeal no. 19/2002 for assessment year 1987-88 the court has reformulated the substantial question of law as under:(i) whether ..... of the assessee and the revenue and the provisions contained in section 36(1)(iii) read alongwith section 43a of the income-tax act, 1961 and concluded the issue against the assessee by reversing the decision of cit (appeals) by stating that looking to the nature of expenses and provisions of section 43a, the assessing officer is legally ..... and insurance company for ensuring deferred payment of purchase consideration of machinery was admissible deduction under section 37 of the income-tax act, 1961.13. mr. patel further relied on the decision of the apex court in the case of commissioner of income-tax v. tata iron and steel co. ltd. : [1998]231itr285(sc) , in which case at the .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]141ITR472(Guj)
..... was correct in law in finding that payment of betterment charges to the ahmedabad municipal corporation under the provisions of the town planning act, 1954, made by the assessee was allowable as a deduction u/s. 37 of the income-tax act, 1961, for the a.ys. 1968-69 and 1969-70 a) in the negative and in favour of the revenue having regard to ..... the decision in addl. cit v. rustam jehangir vakil mills ltd. : [1976]103itr298(guj) . q 2. whether, on the facts and in the circumstances of ..... thakkar, j.1. five question have been referred to this court for its opinion under s. 256(1) of the i.t. act 1961, by the income-tax appellate tribunal, ahmedabad bench 'b'. out of these five questions, four questions are already concluded by decisions of this court and only one question, namely, question no. 4, is res .....
Tag this Judgment!Court : Gujarat
Reported in : [1987]165ITR192(Guj)
..... circumstances of the case, the respondent was liable to pay tax on capital gains under section 114 of the income-tax act, 1961 (2) whether, on the facts and in the circumstances of the case, the rectification order by the income-tax officer under section 154 of the income-tax act, 1961, was validly passed ?' 2. the assessment year in question ..... thereafter, initiating rectification proceedings under section 154 of the income-tax act, 1961, on the ground that there was a mistake apparent from the record inasmuch as the firm had been charged at the maximum rate of tax under section 17(1) of the indian income-tax act, 1922, the income-tax officer purported to rectify the assessments by applying the ..... the respondent firm was not free from doubt, and it was not open to the income-tax officer to go into the true scope of the provisions of the act in a rectification proceeding under section 154 of the income-tax act, 1961 : the officer was wrong in holding that there was a mistake apparent from the .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1978Guj162; [1978]112ITR652(Guj)
..... of the income-tax act, the decisions under the wealth tax act will also have their impact in interpreting section 161 and section 164 of the act of 1961. section 21(1) of the wealth tax act is analogous to section 161 of the act of 1961 and section 21(4) of the wealtil tax act is analogous to s. 164 of tfi6 income-tax act, 1961. at ..... it is necessary to refer to the relevant provisions of the indian income-tax act, 1922 (hereinafter referred to as 'the act of 1922') and compare them with the analogous provisions in the income-tax act, 1961 (hereinafter referred to as 'the act of 1961'). section 40 of the act of 1922 was included in chapter v which dealt with "liability in ..... the harm that is likely to happen by unsettling law that had been once settled. we may " note that the act has been repealed by the income-tax act, 1961. the corresponding provisions of the 1961 act are materially different from the provisions referred to earlier. under these circumstances we do not think that we would be .....
Tag this Judgment!Court : Gujarat
Reported in : [1973]90ITR318(Guj)
..... a business and a person setting up a business and for the purpose of section 2(11) which was the section of the indian income-tax act, 1922, corresponding to section 3(1)(d) of the income-tax act, 1961, what is required to be considered is the setting up of a business and not the commencement of business. it is only when a ..... we now proceed to consider. 5. now the question as to when a business is set up assumes importance because, according to section 3(1)(d) of the income-tax act, 1961, the previous year for a business newly set up in a financial year means the period beginning with the date of the setting up of the business and ending with ..... bhagwati, c.j.1. the reference arises out of assessment to income-tax made on the assessee for the assessment year 1966-67, the relevant previous year being the financial year ending 31st march, 1966. the assessee is a private limited company which has been acting as managing agent of swastik oil mills ltd. since several years past. some time towards .....
Tag this Judgment!