Court : Gujarat
Reported in : [1965]58ITR675(Guj)
..... the deity collected by them. the point which arises under these questions is whether the assessees constitute an association of persons within the meaning of section 3 of the income-tax act, 1922, so as to be liable to be assessed as such in respect of the offerings to the deity collected by them or whether each of the assessee ..... share of those offerings. now, what constitutes an association of persons within the meaning of section 3 of the income-tax act, 1922, is no longer open to controversy and is settled by the decision of the supreme court in commissioner of income-tax v. indira balkrishna. the supreme court in that case, after referring to three decisions, two of the ..... . the ladies were also given their share of the offering even though they did not attend the temple on the festival days. 3. on these facts, the income-tax officer held that the assessees were liable to be assessed as an association of persons in respect of the offerings to the deity collected by them and since there .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1966Guj75
..... supreme court has observed: 'this court, however, gave approval to the opinion of the learned chief justice of the bombay high court that section 31 of the income-tax act confers not only appellate powers upon the appellate assistant commissioner in so far as he is moved by an assessee but also a revisional jurisdiction to revise the assessment ..... the words of the section.if it were not one would expect that the legislature would have amended section 3 and specified the other intention in express words. the income-tax act was amended several times in the last 37 years, but no amendment at section 31(3) was undertaken to nullify the rulings, to which we have referred. ..... , rs. 25,258 in the computation of the total income of the assessee. that amount however can be brought to tax in the assessee's hands only as profits or gains of business under section 10 of the act. in that case, 'the source of income considered by the income-tax officer would be the business of the assessee as he had .....
Tag this Judgment!Court : Gujarat
Reported in : [1966]62ITR621(Guj)
..... supreme court as observed : 'this court, however, gave approval to the opinion of the learned chief justice of the bombay high court that section 31 of the income-tax act confers not only appellate powers upon the appellate assistant commissioner in so far as he is moved by an assessee but also a revisional jurisdiction to revise the assessment ..... words of the section. if it were not, one would expect that the legislature would have amended section 31 and specified the other intention in express words. the income-tax act was amended several times in the last 37 years, but no amendment of section 31(3) was undertaken to nullify the rulings, to which we have referred. ..... . 25,258, in the computation of the total income of the total income of the assessee. that amount however can be brought to tax in the assessees hands only as profits or gains of business under section 10 of the act. in that case, the source of income considered by the income-tax officer would be the business of the assessee as .....
Tag this Judgment!Court : Gujarat
Reported in : [1966]61ITR30(Guj)
..... shelat, c.j.1. this reference involves two questions, one relates to the jurisdiction of the tribunal under section 33(5) of the income-tax act, 1922, and the other relates to the status of the firm of messrs. f. y. khambhaty which carried on business at kano in nigeria and in which ..... appeal to the supreme court, the supreme court held that when the appellate assistant commissioner found that the assessee had incurred loss, the earlier decision of the income-tax officer to act under section 23(5)(b) automatically fell through and that the powers of the appellate assistant commissioner under section 31(4) to amend an assessment of the ..... outside the ambit of its jurisdiction which might help the department in taking proceedings against the assessee, for instance, under section 34 of the act. in puranmal radhakishan and company v. commissioner of income-tax, following the decision in motor union insurance co. ltd., the high court again held that in an appeal by an assessee to the tribunal .....
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 .....
Tag this Judgment!Court : Gujarat
Reported in : [1965]57ITR592(Guj)
..... and would be assessed under the income-tax act as a separate entity from his hindu undivided family in respect of the income derived by him from his self-acquired and separate properties. the expenditure-tax recognises this position, for section 3, which is the charging section in the act, provides that expenditure-tax shall be charged at the ..... considerations would apply only to the question of holding of the property and possession of the income, but the question of expenditure has to be considered independently of the source of income for the purposes of the expenditure-tax act and, therefore, the only question that could arise would be about the meaning of the expenditure ..... status of a hindu undivided family. 2. during the two relevant years, the karta of the hindu undivided family was surendra mangaldas who died on october 19, 1961. while the appeals filed by him before the appellate tribunal were still pending. on his death, his sons, darshan, the present karta of the hindu undivided .....
Tag this Judgment!Court : Gujarat
Reported in : [1965]55ITR556(Guj)
..... assets was made by the assessee. though the revenue allowed normal depreciation, initial depreciation and extra-shift allowance to the assessee at the rates permissible under the income-tax act, the assessee did not depreciate the value of its fixed assets correspondingly in its books of account, but provided depreciation on a different basis and showed the ..... the assessee-company, adjustments could be made in accordance with section 7(2) in the balance-sheet by substituting the written down value computed under the indian income-tax act for the value of the block assets as shown in the balance-sheet (2) whether the sum of rs. 77,820, being the accrued liability to ..... are concerned, the answers to them are concluded by two decisions given by this court, one in commissioner of wealth-tax v. raipur . and the other in wealth-tax reference no. 3 of 1961, commissioner of wealth-tax v. ajit mills ltd., the latter being an unreported decision given on 18th october, 1962. however, in order to .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1967Guj12
..... fixed assets was made by the assessee. though the revenue allowed normal depreciation, initial depreciation and extra-shift allowance to the assessee at the rates permissible under the income-tax act, the assessee did not depreciate the value of its fixed assets correspondingly in its books of account but provided depreciation on a different basis and showed the value of ..... which existed in the valuation date under the two agreements was a contingent liability as pointed out by us in our judgment in w.t. ref. no. 3 of 1961 dated 18-10-1962 (guj) (supra), where one of the agreements which came up for consideration was the same agreement, namely, the agreement dated 22nd june 1949. ..... the net wealth of the assessee. the learned advocate general appearing on behalf of the revenue contended relying on the decision in w.t. ref. no. 3 of 1961 dated 18-10-1962 (guj) (supra) that since no provision was made in the balance sheet in regard to the contingent liability for payment of gratuity and there .....
Tag this Judgment!Court : Gujarat
Reported in : (1965)0GLR419; [1966]59ITR120(Guj)
j.m. shelat, c.j.1. this is a reference under section 66(1) of the income-tax act, 1922, at the instance of the commissioner, and arises out of the assessment for the assessment year 1960-1961 and of which the previous year is samvat year 2015 (corresponding to the period november 12, 1958, to october 31, 1959 ..... before the appellate assistant commissioner, the assessee-firm took up the same contentions, and relied upon two decisions in sir kikabhai premchand v. commissioner of income-tax and commissioner of income-tax v. sir homi mehta's executors. the appellate assistant commissioner took the view that the principle laid down in these two decisions was applicable to the ..... to say, the assessee and the company, as doing business with each other and by means of a fictional sale producing a fair profit which the income-tax department sought to tax. 8. looking, therefore, at the substance of the transaction, there can be no doubt that on the partners of the assessee-firm deciding to discontinue .....
Tag this Judgment!Court : Gujarat
Reported in : (1965)0GLR601; [1966]17STC138(Guj)
..... result of the decision of the supreme court in commissioner of income-tax v. scindia steam navigation co., ltd. ([1961] 42 i.t.r. 589) - and the principle there laid down in regard to section 66 of the income-tax act must apply equally in regard to section 34 of the bombay sales tax act, 1953 - that once a question is in issue before ..... including hydrogenated oil relying on rule 5(1)(k) read with rules 18(1) and (2) of the turnover the assessment rules made under the madras general sales tax act, 1939. the assessee was entitled to such deduction only if hydrogenated oil was covered by the expression 'groundnut oil' in these rules. the supreme court held that ..... a notification issued by the uttar pradesh government exempting certain sales of cloth and yarn in the exercise of its powers under section 4 of the uttar pradesh sales tax act, 1948. the notification exempted inter alia sales of cotton cloth and yarn manufactured in uttar pradesh made on or after 1st december, 1949, with a view .....
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