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 relevant account year being samvat year, 2017. this trust was created by kasturbhai lalbhai by exerting a deed of trust dated 18th march, 1961, for the benefit of the wife, children and grand-children of his son, shrenik. the period of distribution of the trust estate provided founder the trust deed .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]102ITR356(Guj)
..... . '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in not holding that out of the interest payment of rs. 10,880, rs. 6,199 was not an admissible deduction against the income from other sources (2) whether, on 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 referred to us for our opinion at the instance of the assessee and that question is : 'whether, on the facts and in the circumstances of the case, the tribunal .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1970Guj167; [1969]73ITR490(Guj)
..... years was therefore receivable by the 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 the trustees for the benefit of the assessee was the minimum amount of rs. 650 and that was therefore the only amount in respect of which .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1978Guj162; [1978]112ITR652(Guj)
..... of this pronouncement of the supreme court it is clear the, provisions of section 21 of the wealth tax act being almost in identical language and being analogous, to the provisions regarding representative assessee as enacted in section 161 and 15ection 164 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 page 593 of the report in 108 itr: (at pp. 1009-lcio .....
Tag this Judgment!Court : Gujarat
Reported in : [1981]127ITR701(Guj)
..... also, the appeal of the assessee met with the same fate. since according to the tribunal capital gains would certainly form part of income and according to the trust deed it was liable to be taxed as income of the trust, and since s. 164 of the i.t. act, 1961, permits the department to make a direct assessment of income-tax on the beneficiary, the ito was perfectly justified in taxing the capital gains in the hands of the assessee as he did. the tribunal also emphasised the fact in this context that the trustees were authorised to ..... the question of their shares arises and those shares must be determined and known.' 7. this court also has in cit v. arvind narottam : [1969]73itr490(guj) quoted with approval the construction placed by the division bench of the bombay high court on the provisos to s. 41(1) of the 1922 act while considering the scheme contained in the 1961 act pertaining to assessment of representative assessee. bhagwati c.j., as he then was, speaking for the division bench .....
Tag this Judgment!Court : Gujarat
Reported in : [1994]210ITR358(Guj)
..... that, while interpreting the corresponding provisions in section 41 of the indian income-tax act, 1922, and section 161 of the income-tax act, 1961, this court in c. r. nagappa v. cit : [1969]73itr626(sc) approved the following observations made by chagla c. j., in regard to the scheme of section 41 of the indian income-tax act, 1922, in cit v. balwantrai jethalal vaidya : [1958]34itr187(bom) 'if the assessment is upon a trustee, the tax has to be levied and recovered in the manner provided in section 41. the ..... 164. section 164(1) only lays down the rate of tax applicable to a discretionary trust. it is not concerned with the manner of computation of total income. in fact, this section comes into play only after the income has been computed in accordance with the other provisions of the income-tax act, 1961. since the determination of the status of an assessee is a part of the process of computation of income, it is necessary to look into the general principles for determining whether .....
Tag this Judgment!Court : Gujarat
Reported in : (1995)119CTR(Guj)150; [1995]211ITR575(Guj)
..... that, while interpreting the corresponding provisions in section 41 of the indian income-tax act, 1922, and section 161 of the income-tax act, 1961, this court in c. r. nagappa v. cit : [1969]73itr626(sc) approved the following observations made by chagla c. j., in regard to the scheme of section 41 of the indian income-tax act, 1922, in cit v. balwantrai jethalal vaidya : [1958]34itr187(bom) 'if the assessment is upon a trustee, the tax has to be levied and recovered in the manner provided in section 41. the ..... 164. section 164(1) only lays down the rate of tax applicable to a discretionary trust. it is not concerned with the manner of computation of total income. in fact, this section comes into play only after the income has been computed in accordance with the other provisions of the income-tax act, 1961. since the determination of the status of an assessee is a part of the process of computation of income, it is necessary to look into the general principles for determining whether .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]213ITR152(Guj)
..... trust v. cwt : [1971]80itr331(all) .' 5. in view of the legal position, the submissions of mr. thakore, for the complainant cannot be accepted. in view of this position, it is clear that section 194a of the income-tax act, 1961, will not be applicable to the present cases and obviously there is no question of deduction of tax from the interest amount credited to the account of payees or of paying the tax after deduction. hence, there is no question of any offence alleged to have been committed by the petitioners as referred in the complaint. hence, the process issued against the accused requires to be quashed and is hereby .....
Tag this Judgment!Court : Gujarat
Reported in : (1996)135CTR(Guj)273; [1996]221ITR435(Guj)
..... tax in special cases as found in chapter xii of the act. section 112 of the act pertains to tax on long-term capital gains. said section reads as under : '112(1) where the total income of an assessee includes any income, arising from the transfer of a long-term capital asset, which is chargeable under the head 'capital gains', the tax payable by the assessee on the total income shall be the aggregate of - (a) in the case of an individual or an huf, - (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been his total income; and (ii) the amount of income-tax ..... ahead without determining the status of an assessee and that is not the scheme of the act. wherever it is necessary, separate provisions are made for different slabs of taxes. with regard to s. 112, it would be noticed that for individual and huf, the amount of income-tax on long term capital-gain is to be calculated at the rate of 20 .....
Tag this Judgment!Court : Gujarat
Reported in : (2002)175CTR(Guj)498
..... 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 assessment year 1980-81 in respect of which the assessment of the assessee family trust was completed on 24-11-1980, determining the total income at rs. 7,03,490. one half of that income i.e., rs. 3,51,745 was taxed in the hands of 25 beneficiaries as per ..... was then to be divided into three equal shares and the respective one-third shares of each son was to be paid to him. the question was whether the income from the trust could be included in the total 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 amendment in 1971, was that the immediate or deferred benefit should be for a minor child. as the .....
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