Court : Gujarat
Reported in : [1976]102ITR356(Guj)
..... the persons who are referred to in section 41(1) of the indian income-tax act, 1922, equivalent to section 160 of the income-tax act, 1961, are not the persons having any beneficial interest in the income. none of them has any beneficial interest in the income, for example, the court of wards, the administrator-general, the official trustee ..... ) must be answered against the assessee and it must be held that the income includible in the total income of the assessee is income determinable as per the provisions of the income-tax act, 1961, in the case of the trust and not the income actually received or receivable by the assessee from the said trust or according to ..... the facts and in the circumstances of the case, the income includible in the total income of the assessee is income determinable as per provisions of the income-tax act, 1961, in the case of the trust or the income receivable by the assessee from the said trust ?' 6. in income-tax reference no. 29 of 1973, only one question has been .....
Tag this Judgment!Court : Gujarat
Reported in : [1969]74ITR396(Guj)
..... bhagwati, c.j.1. this reference raises a short but very interesting question of construction of section 164 of the income-tax act, 1961. the reference arises out of an assessment made on the trustee of a trust called panna sanjay trust for the assessment year 1962-63, the ..... question is concerned, is admittedly the same as the shame of the old income-tax act and these observations of the bombay high court though made in the context of the old income-tax act would have equal validity under the present income-tax act. wherever any income is excluded from chargeability to tax either expressly or by necessary implication arising from the scheme of the ..... the purpose of determination of rate. but this postulate is plainly incorrect and is contrary to the scheme of the income-tax act. the bombay high court, while examining the scheme of the old income-tax act, pointed out in commissioner of income-tax v. n. m. raiji : 'the scheme is that wherever one finds an exemption or exclusion from payment of .....
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 : AIR1970Guj167; [1969]73ITR490(Guj)
..... trustees on behalf of or for the benefit of the assessee and the assessee was liable to be assessed directly in respect of such income under section 166 of the income-tax act, 1961. the income- tax officer accordingly included the entire income of the three trusts in the total income of the assessee for all the three assessment years. the asessee being aggrieved by the orders of the ..... income-tax officer, preferred appeals to the appellate assistant commissioner. the appellate assistant commissioner disagreed with the view taken by the income-tax officer and held that the only income receivable by .....
Tag this Judgment!Court : Gujarat
Reported in : [1968]69ITR1(Guj)
..... of taxation. even if a trade is illegal, it is still a trade within the meaning of the income-tax act, and its income profits and gains are chargeable with income-tax. see wheatcrofi's law of income tax, paragraph 1-411, page 1196, simon's income-tax, second edition, volume 2, paragraph 480. 18. the principle was laid down by rowlatt j. in ..... business only. once it is found that the transaction in question is trade, manufacture, adventure or concern in the nature of trade within the meaning of the income-tax act, the words of the section are not to be cut down by the consideration that the trade is tainted with illegality. the taint of illegality or wrong- ..... the circumstances of the case, the transactions resulting in a loss of rs. 3,40,443 were speculative transaction for the purposes of section 24 of the indian income-tax act, 1922, merely on the ground that the assessee had not performed the contracts by giving delivery and had paid damages in settlement of the obligations contracted for .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]216ITR415(Guj)
..... assessment year 1988-89 to march 31, 1988, by providing that such requests for change of accounting year be liberally allowed under section 3, sub-section (4), of the income-tax act, 1961. of course, granting of such requests would be subject to the condition that adoption of such longer previous year does not result in any loss of revenue. 4. on the ..... to 31st march, 1988. such requests for the change of accounting year may be liberally allowed by the assessing authorities under the provisions of section 3(4) of the income-tax act, 1961, subject to the condition that the adoption of such a longer previous year does not result in any loss of revenue.' 3. it is also averred that the aforesaid ..... 1, 1986, to march 31, 1988, on august 12, 1988. the said return was accompanied by an application dated august 9, 1988, under section 3(4) of the income-tax act, 1961, for permitting the petitioner to change the period of assessment on the basis of the circular issued by the central board of direct .....
Tag this Judgment!Court : Gujarat
Reported in : [1993]203ITR84(Guj)
..... (exhibit j) dated january 5, 1983, passed under section 220(2) of the income-tax act, 1961 (hereinafter referred to as 'the income-tax act'), passed by the income-tax officer, companies circle vii, ahmedabad. the said order reads as under : 'order under section 220(2) of the income-tax act : the assessment for the year 1974-75 was finalised on september 20, 1977, determining ..... 277. 7. in the result this special civil application is allowed. the order (exhibit j) dated january 6, 1983, under section 220(2) of the income-tax act passed by the income-tax officer, companies circle vii, ahmedabad, demanding interest of rs. 5,10,378 from the petitioner is quashed and set aside. rule is made absolute with no ..... the revised assessment order, the petitioner was required to pay rs. 8,05,048 and interest of rs. 2,07,680 under section 244(1a) of the income-tax act. that means the petitioner was required to pay rs. 10,72,648. for the aforesaid amount, a notice of demand (exhibit h) dated october 12, 1982 .....
Tag this Judgment!Court : Gujarat
Reported in : (2005)196CTR(Guj)105; [2006]284ITR593(Guj)
..... the respondent issued impugned notice under section 148 of the act. on 31st may, 2004 a return of income declaring the loss at the same figure, as declared in the original ..... today.3. the petitioner, a private limited company filed its return of income for assessment year 2001-2002 on 30th october,2001 declaring total loss of rs.2,70,85,105/-. the said return was processed under section 143(1) of the income tax act, 1961 (the act) accepting the loss returned by the petitioner. on 12th may, 2004 ..... objection may serve as information on the basis of which the income-tax officer can act, ultimate action must depend directly and solely on the formation of belief by the income-tax officer on his own where such information is passed on to him by the audit that income has escaped assessment. in the present case, by scrupulously analysing .....
Tag this Judgment!Court : Gujarat
Reported in : [1993]200ITR688(Guj)
..... time, issue such orders, instructions and directions to other wealth-tax authorities as it may deem fit for the proper administration of this act, and such authorities and all other persons employed in the execution of this ..... mainly on the ground of the application of the criterion of income that the petitioner's application for registration as valuer has been rejected. 9. section 10 of the act empowers the board to issue instructions to subordinate authorities. this provision which is in pari materia with section 119 of the income-tax act, 1961, reads as follows : '10. (1) the board may, from time to .....
Tag this Judgment!Court : Gujarat
Reported in : [2002]258ITR193(Guj)
..... ', has referred the following question for the opinion of the high court under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the income-tax officer was justified in passing order under section 154 of the income-tax act, 1961 ?'2. the matter pertains to the assessment year 1980-81 in respect of which the assessment of the assessee ..... the respective one-third share of each son was to be paid to him. the question was whether the income from the trust could be included in thetotal income of the assessee (who had executed the deeds) under section 64(v) of the income-tax act, 1961. the supreme court held that the specific provision of law under section 64(v) as it stood before the .....
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