Court : Gujarat
Reported in : [1978]114ITR302(Guj)
..... answer the question raised by the tribunal and to leave the tribunal to take appropriate steps to adjust its decision under section 260, sub-section (1), of the income-tax act, 1961, in the light of the answer of this court. if we direct the tribunal to submit a supplementary statement of the case, the tribunal will, according to the ..... to us that the tribunal has not correctly applied the law for determining as to what is agricultural land for the purpose of section 2(14)(iii) of the income-tax act, 1961, as it stood prior to march 31, 1970. 27. it is true that, ordinarily, the high court has to accept the fact as found by the tribunal ..... desai for the revenue, it is necessary to refer to the relevant sections of the income-tax act, 1961. under the charging section, namely, section 4 of the act, 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, .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]104ITR255(Guj)
..... the circumstances of the case, the tribunal was right in holding that the assessee was not entitled to the concession under section 84 of the income-tax act, 1961 ?' 3. for the reasons which follows, out answer to this question is in the negative. 4. section 84, under which the concession is claimed, contemplates that ..... the applicant-assessee, which is a private limited company, is entitled to the concession contemplated by section 84 of the income-tax act, 1961, for the assessment year 1967-68. this section 84 was deleted by finance (no. 2) act of 1967 with effect from april 1, 1968, but so far as the accounting period in question is concerned, ..... textile machinery corporation, the tribunal held that the steel foundry division and jute mill division of the assessee were industrial undertakings to which section 15c of the indian income-tax act, 1922, applied. the facts of that case show that the goods which the steel foundry division and jute mill began producing for the assessee were also .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]106ITR494(Guj)
..... 'person' nor was a body of individuals to be treated as an assessee under the charging section, namely, section 3. when the legislature came to enact the income-tax act, 1961, it made a departure so far as the inclusive definition of the word 'person' is concerned by including a body of individuals also within the word 'person' ..... conglomeration of individuals can be said to be a 'body of individuals' for the purposes of the income-tax act. it is possible to attribute any one of the following three meanings to the expression 'body of individuals' occurring in the income-tax act, 1961 : (1) on the same basis as an 'association of persons', that is, the members of ..... tribunal was right in holding that the case of the respondent was covered under clause (ii) of section 47 of the income-tax act, 1961, and, therefore, there was no capital gains made by the respondent liable to tax ?' 2. the facts giving rise to this reference may be shortly stated. the assessee is an individual and the relevant .....
Tag this Judgment!Court : Gujarat
Reported in : (1996)134CTR(Guj)388; [1996]221ITR155(Guj)
..... founded in law.application :also to current assessment though not in relation to controversy as to changing of self generated goodwill, to capital gains tax.a. y. :1974-75income tax act 1961 s.263income tax act 1961 s.45 rajesh balia, j.1. the tribunal, ahmedabad bench 'a' at the instance of the assessee has referred the following two questions ..... by the assessee on opportunity of hearing being afforded to him before passing the order. application :also to current assessment year.a. y. :1974-75income tax act 1961 s.263 revision under s. 263--validity--enquiry by assessing officer.ratio :in the circumstances of the case the commissioner was not justified in law in holding ..... that the assessment of each year is independent of the assessment of other years, the assessment being of a particular assessment year which is in respect of income which has been earned, accrued or received during twelve months comprising in previous year relevant to the assessment year, the assessment has to be framed on .....
Tag this Judgment!Court : Gujarat
Reported in : [2009]308ITR234(Guj); [2009]184TAXMAN45(Guj)
..... into loan under the scheme of the government. the assessing officer has, therefore, invoked the provisions of section 43b of the income-tax act, 1961, and made addition of the amounts of sales tax collected by the assessee during the previous year relevant to the assessment years in question.3. being aggrieved by the order of the ..... clear that the assessee is entitled to relief and the benefit given under section 43b of the income-tax act, 1961, can be claimed by the assessee. similar is the position here. both the appellate authorities, namely, the commissioner of income-tax (appeals) as well as the tribunal have found that the certificate produced by the assessee during ..... allowed the claim of the assessee and deleted the addition made by the assessing officer under section 43b of the income-tax act, 1961.8. this very issue has come up before this court earlier in the case of cit v. shree talal taluka sahakari khand udyog mandli ltd. : [2003]259itr21(guj) wherein this very circular has .....
Tag this Judgment!Court : Gujarat
Reported in : (1961)GLR555; [1961]43ITR8(Guj)
..... constituted under an instrument of partnership specifying the individual shares of the partners may, under the provisions of section 26a of the indian income-tax act, 1922, register with the income-tax officer, the particulars contained in the said instrument on application made in this behalf. this rule requires that the instrument of partnership must ..... -general provides as under : '(1) we....... beg to apply for the registration of our firm under section 26a of the indian income-tax act, 1922, for the assessment for the income-tax year..... (2) the original/a certified copy of the instrument of partnership under which the firm is constituted specifying the individual shares ..... when the matter came up before the high court on a reference being made under section 66(3) of the income-tax act, 1922, chief justice beaumont, in dealing with the relevant provisions of the income-tax act, expresses himself in terms following : 'under rule 2 the only person who can apply for registration is a .....
Tag this Judgment!Court : Gujarat
Reported in : [1961]43ITR405(Guj)
..... the shares of the partners. in 1947 the partnership was converted into a limited company and the assessee firm claimed relief under section 25(4) of the indian income-tax act. the income-tax officer disallowed the claim on the ground that the partners of the firm in 1939 being different from the partners of the firm in 1947, on relief could ..... supreme court, in the course of his judgment, observes as follows : 'the true question to decide is one of identity of the unit assessed under the income-tax act, 1918, which paid double tax in the year 1939, with the unit to whose business the private limited company succeeded in the hear 1947. we have no doubt that the tribunal and ..... his business. he became entitled to carry forward the sum of rs. 29,308 on account of such loss under the provisions of section 24(2) of the income-tax act. on 7 november, 1953, the assessee entered into a deed of partnership where under he admitted his brother kirparam motiram as his partner in the said business from .....
Tag this Judgment!Court : Gujarat
Reported in : [1983]144ITR817(Guj)
..... respondent issued notice dated march 19, 1979, under s. 148 read with s. 147 of the i. t. act, 1961 (hereinafter referred to as 'the act'). stating that he had reason to believe that the petitioner income for the assessment year 1974-75 had escaped assessment and, therefore the assessment year 1974-75 had escaped assessment and, ..... fully explained in e statement filed by the petitioner along with the return. it is further pointed out that the petitioner was consistently following one method for income-tax purpose and this method was accepted by the i. t. dept. for the last many years. petitioner further contends that the respondents was not in ..... 79itr609(sc) and ito v. madnani engineering works ltd. : [1979]118itr1(sc) . in burlop dealers case, the assessee in the course of its original assessment to income-tax for the assessment year 1949-50, had produced a partnership agreement within ratiram tansukharia and claimed that the profits earned by its form h. manory ltd, had bene divided .....
Tag this Judgment!Court : Gujarat
Reported in : (1988)70CTR(Guj)180; [1988]172ITR176(Guj)
..... the basis for the levy surtax is the 'chargeable profits' which is defined in section 2(5) of the surtax act ('the act' for short) as follows : '2. (5) 'chargeable profits' means the total income of an assessee computed under the income-tax act, 1961 (43 of 1961), for any previous year or years, as the case may be, and adjusted in accordance with the provisions of the ..... first schedule.'6. section 4 of the act is the charging section.section 5 provides that every company whose chargeable profits assessable under .....
Tag this Judgment!Court : Gujarat
Reported in : [1991]192ITR577(Guj)
..... extent of rs. 39,801 should be allowed as deduction under section 57(iii) of the income-tax act, 1961 ('act' for short), while computing the income chargeable under the head 'income from other sources'. however, since, in the view of the income-tax officer, investment made out of the money borrowed from messrs. c. prabhudas and co. were ..... investments are in polysteels (india) limited and polygas limited. according to the income-tax officer, the investments are made in the said companies for controlling the affairs of the company rather than for earning income as envisaged under section 57(iii) of the income-tax act, 1961. in polysteels (india) limited, other members of the assessee's family, ..... this contention. as already observed above, the reasons which the supreme court has given in the context of section 9(1)(iv) of the indian income-tax act, 1922, apply with equal force while considering the allowability of expenditure under section 57(iii) in a case like that of the assessee. the .....
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