Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1993)44ITD150(Ahd.)
..... though a firm, for the purposes of general law, is nothing but a compendious name for its partners, under the income-tax act, it is an independent and separate entity and is treated as such for computation of income and levy of tax. in fact, the assessee as sole proprietor, after dissolution of the firm, was clearly the owner of the assets and ..... robbed of the right of various benefits available to him under the statute, including the right to get benefit of depreciation. this is also evident from rule 5 of the income-tax rules, which prescribes "ownership" and "user" as conditions necessary to allow depreciation, and other factum like whether there was transfer at the time of dissolution and whether ..... of disallowance of rs. 1,76,382 made by the ito out of the claim for depreciation allowance under section 32 of the act.2. the assessee filed the return on 30-6-1983 showing total income of rs. 2,92,500. the accounting year of the assessee is calendar year from 1-1-1982 to 31-12-1982. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1992)43ITD680(Ahd.)
..... in the light of the income-tax act it must be said that earning of income is not the only consideration. since the purpose of the income-tax act is to levy and collect tax on income any purpose or activity to reduce the tax payable would be well within its scope. in the context of the income-tax act a common purpose of a ..... group having a common purpose to save income-tax would, therefore, be included in the meaning of ..... tribhovandas (supra) showed that it did not have sufficient facts before it. he relied on the following decisions :- 2. citv. buldana district main cloth importers group [1961] 42 itr 172 (sc) he submitted that if the gujarat high court decision in the case of harivadan tribhovandas (supra) was so interpreted that if individuals happen .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1993)46ITD129(Ahd.)
1. this appeal by the assessee is directed against order dated 13-3-1989 passed by the learned commissioner of income-tax, gujarat-iii, ahmedabad in exercise of powers under section 263 of the income-tax act, 1961.2. the assessee had sold certain "shares in the accounting year relevant to assessment year 1983-84. according to the ..... assessee the date of sale of shares was 21-8-1982. long term capital gains arose as a result of sale of those shares. the assessee claimed relief under section 54f of the act ..... assessee had filed appeal before the cit (appeals) regarding computation of capital gains. the dispute in the appeal before the cit (appeals) was in respect of cost of acquisition. that dispute was decided by the cit (appeals) by order dated 28-10-1988.3. thereafter the learned commissioner of income-tax initiated proceedings under section 263. in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1993)45ITD571(Ahd.)
..... furnished exceeds the total income assessed, means the tax that would have been chargeable on the income in respect of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income; this phraseology of explanation 4 also envisages 'total income assessed'. in income-tax act 'total income' is defined in ..... clause (45) of section 2 and does not throw any light as to whether it would always include loss. of course, there are judicial pronouncements to the effect that for some purposes words 'total income ..... for assessment year 1988-89 there might be a case for payment of tax under section 115j but certainly upto assessment year 1987-88 there were losses and depreciation etc. to be adjusted against the income. on the legality aspect he emphasised that department's reliance is on explanation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)49ITD330(Ahd.)
..... assessing officer provided the assessee was unaware of the omission or the wrong statement at the time of original return. all that section 139(5) of the income-tax act, 1961 postulates is that the assessee must discover the omission or wrong statement in the first return though the law does not enjoin upon the assessee to state the ..... the basis of material found out during the course of enquiry, no assessee is entitled to immunity from penalty or prosecution under the provisions of the income-tax act, 1961. in order to support this submission, our attention was drawn to answer given by chairman of the board to question no. 19 of the said circular ..... of the assessment and penalty orders. the assessee had no option in such circumstances but to declare higher income through revised return and then lay claim for immunity from penalty and prosecution under the relevant provisions of the income-tax act, 1961, taking the aid of answers given by the board's chairman in circular no. 451, dated 17- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)49ITD341(Ahd.)
..... 32a(5) provides that investment allowance granted under section 32a in respect of any machinery or plant shall be deemed to have been wrongly made for the purposes of the income-tax act in the following events: (a) if the machinery or plant is sold or otherwise transferred by the assessee to any person at any time before the expiry of 8 years ..... ). consequently the assessing officer had no jurisdiction to take recourse to section 155(4a) of the act. he, accordingly, cancelled the orders passed under section 155(4a) and allowed all three appeals, of the assessee. the revenue is aggrieved against the said order of the cit).4. the learned sr. d.r. strongly relied on the reasons mentioned in the order under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1997)63ITD110(Ahd.)
..... with the proposal of the bank. the only thing that the assessee could do was to invite the attention of the bank to the provisions of the indian income-tax act. the assessee did so and failed to convince the bankers. therefore, we are of the opinion that the assessee had a reasonable cause for not declaring the ..... supreme court in the case of gangadhar banerjee & co. (p.) ltd. (supra) at particular page 184 clearly held that section 23a of the act of 1922 (corresponding to section 104 of 1961 act) is in the nature of penal provision. in that decision, the hon'ble supreme court held that the burden lies on the revenue to prove ..... to non-distributable dividend in expansion of business of the assessee. the assessee further relied on the following decisions reported in : cit v. williamson diamonds ltd. [1959] 35 itr 290 (pc), cit v. bipinchandra maganlal & co. ltd. [1961] 41 itr 290 (sc), cit v. asiatic textiles ltd. [1971] 82 itr 816 (sc), indian commerce & industries co. ltd. [1966] 60 itr .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)75ITD387(Ahd.)
..... officer also did not allow any deduction for the excise duty on the ground that it was not paid to the government account in terms of section 43b of the income tax act which according to him permitted deduction only on the basis of actual payment.the commissioner (appeals) considered the issue at length in the impugned order. according to him the excise ..... officer was not justified in treating the excise duty collected by the appellant from the merchant manufacturers as a trading receipt and bring the same to tax by invoking provisions of section 43b of the income tax act.therefore, the additions of rs. 58,999 and rs. 44,58,378 made by the assessing officer for assessment years 1986-87 and 1987-88 respectively .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)76ITD257(Ahd.)
..... appeals, relates to computation of carry forward of unabsorbed depreciation and unab-sorbed investment allowance in the context of the provisions of section 115j of the income-tax act, 1961. for the three assessment years the provisions of section 115j(1) arc applicable and lax has been charged by deemiming the 30% of the book ..... ,80,78,746 is carried forward." the assessing officer however rejected the contention and adopted the figures of carried forward depreciation under section 32(2), of the income-tax act, and carried forward the following amounts :(1) unabsorbed depreciation for assessment year 1987-88 rs. 1,07,18,511(2) unabsorbed depreciation for assessment year 1988 ..... (1) and sub-section (2) of section 115j. section 115j has been introduced by way of an independent chapter xii-b in the income-tax act by the finance act, 1987 and it came into force from assessment year 1988-89. while introducing section 115j, the legislature deleted section 80vva which provided for levy of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)77ITD367(Ahd.)
..... and, therefore, the commissioner was not right in treating the assessment order as erroneous and prejudicial to the interest of the revenue under section 263 of the income-tax act.in fact, the assessing officer passed order of "nil assessment" without application of mind. the assessment order as quoted earlier does not show that assessing officer ..... of revisional jurisdiction. shri shah, accordingly, contended that there was no scope in the circumstances of the case to revise the assessment under section 263 of the income-tax act.4. shri r.k. gupta, the ld. dr argued in support of the impugned order.it was submitted that the assessee could not point out any ..... the proceedings and treated the assessment order as erroneous in so far as prejudicial to the interest of the revenue for purposes of section 263 of the income-tax act as the assessing officer failed to bring to charge the interest received on fdrs, the assessment order was revised and modified by directing that interest be charged .....
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