Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1996)58ITD11(Ahd.)
..... not appear to be a family arrangement as claimed by the assessee. what is a family has not been defined either under the gift-tax act or any other direct tax act like wealth-tax act and income-tax act. in the common parlance, a family means, a spouse and the legitimate children. the word "family" includes wife and legitimate children as ..... two sons and daughters mentioned above own and held movable and immovable property separately and independently. in fact, each of them is also separately assessed to income-tax and wealth-tax. each set of family had got its huf having different members. (4) the donees vimlaben vadilal mehta and suhasbhai chhaya family trust are not the ..... or associates is one of the commonest forms of avoidance of not only estate duty but also of income-tax, wealth-tax and even expenditure-tax. the only way of effectively checking this practice is to levy a tax on gifts. such a tax is already being levied in other countries, for example, u.s.a., canada, japan and australia .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1999)64TTJ(Ahd.)526
..... the case are that the assessee m/s himson textile engg. ind. ltd. is a private limited company to which the provisions of s. 115j of the income tax act are applicable for the assessment year 1989-90. on a scrutiny of the audited accounts and report of the statutory auditor, it was found by the assessing ..... prima facie adjustments envisaged in s.143(1)(a) of the income tax act. for these reasons, he increased the amount of depreciation by the impugned amount in arriving at the total income under the normal provisions of the income tax act in the course of proceedings under s. 115j of the income tax act.the assessee appealed. the commissioner (appeals), after referring to ..... purpose of disallowance in arriving at the book profits of the company under the provisions of s. 115j of the income tax act. the commissioner (appeals) held that the rates given in sch.xiv of the companies act are not mandatory in nature but represented only the minimum rates to be ad ' opted in the computation of profits .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)70TTJ(Ahd.)112
..... delay and admit the present appeal.a few facts may be stated at the outset. search and seizure operations under section 132 of the income tax act, 1961 were carried out by the income-tax authorities in the case of m/s. gokul corporation and its partners viz. shri sureshbhai a. patel and shri deepak mehta on 21- ..... assessee before us.the learned counsel, raising legal objections against the impugned addition argued that while making a block assessment under chapter xiv-b of the income tax act, no addition can be made in the case of the assessee on the basis of the statement of shri ramanbhai patel and subhash pandey recorded under ..... , that rigours of the rules of evidence contained in the evidence act are not applicable to income-tax proceedings. however the principles contained in the evidence act, incorporated from rules of natural justice forming part of the common law would naturally be applicable to income-tax proceedings. reference in this connection may be made to the decision .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)75ITD363(Ahd.)
..... but really confined to a group of persons who could not be equated with the `general public' as envisaged in section 2(15) of the income tax act, 1961. in para 10 of the impugned order learned deputy commissioner (appeals) has concurred with the conclusion of the assessing officer, we are unable to ..... as under : subject : promotion of sports - whether a charitable purpose clarification regarding : the expression "charitable purpose" is defined in section 2(15) of the income tax act, 1961, to include relief of the poor, education, medical relief and the advancement of any other object of general public utility.the question whether promotion of sports and games ..... central issue in the present appeals involves the question whether the assessee is entitled to exemption under section 10(23) and/or section 11 of the income tax act, 1961. both the assessing officer and the deputy commissioner (appeals) have field that the assessee is not entitled to exemption under the aforesaid provisions. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)86TTJ(Ahd.)351
..... commissioner (appeals) and dismiss this ground.ground no. 3 pertains to deductions under section 32ab, sections 80hhc and 80-1 of the income tax act in respect of interest income.insofar as sections 80hhc and 80-i are concerned, the issue is squarely covered in favour of the department by the following decisions of ..... from subsidiary company, etc. even after specifically enumeration and listing out such items of receipts which are clearly not chargeable to tax as business income under the income tax act, there is no express requirement under the sixth schedule for excluding such items while working out the profits of business or profession ..... expression 'profits of business' contemplates the computation of profits of a company under the companies act. such computation would of course not necessarily be in consonance with the statutory provisions governing the computation of business income under the income tax act. para 17.4 of the board's circular, referred to above, clearly states that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)79ITD30(Ahd.)
..... of penalty is required to be reached in the course of the assessment proceedings.this has been emphasised on considering scheme of sections 271, 274 and 275 of the income tax act since case of jain bros. v. union of india (1970) 77 itr 107 decided by constitutional bench of honble supreme court on 18-11-1969. the ..... 93,546.the assessee impugned above levy in appeal before the learned commissioner (appeals). it was contended that penalty was initiated under section 271(1)(c) of the income tax act read with explanation 5 of that section, but the above explanation was inserted with effect from 1-10-1984 whereas search and seizure proceedings took place in november, 1983 ..... that said jewellery was the property of the assessee. the assessing officer, however, in his order dated 18-2-1984 passed under section 132(5) of the income tax act, held that the above jewellery belonged to shri piyush o. desai and was acquired by him from undisclosed sources in the period relevant to assessment year 1984-85 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)87TTJ(Ahd.)313
..... unfettered right to withdraw the same whenever it likes. it can be withdrawn only in the proceedings of winding up of the cooperative society. the income from investment of reserve funds was not entitled to special deduction under section 80p of the income tax act, 1961." the hon'ble rajasthan high court reached the aforesaid conclusion after examining the provisions of rajasthan co-op. societies ..... act regarding investment of funds as contemplated in section 63 which is reproduced on p. 61 of the report and is extracted hereunder : "section 63.1 except .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)784
..... the audit report was filed along with the return. the assessee might have committed default under section 271(1)(a) of the income tax act for filing belated return but not under section 271b of the income tax act. in support of above proposition, the assessee drew my attention to decision of bangalore bench of the tribunal in the case of ..... 26 days in obtaining the audit report was held to be without reasonable cause and, accordingly, penalty of rs. 1 lakh was levied under section 271b of the income tax act. the said penalty was confirmed on appeal by the learned commissioner (appeals).the assessee has come up in appeal. i have heard both the parties. the assessee ..... assessment year 1989-90 directed against the order of the commissioner (appeals) upholding levy of penalty under section 271b of the income tax act for not filing audit report in time as prescribed by section 44ab of the income tax act.the audit report which was required to be filed on or before 30-10-1989, was, in fact, filed on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)893
..... iron & steel industries (1993) 199 itr 67 (guj)(fb). the relevant headnote of the judgment is reproduced as under : "the key words in section 41(1) of the income tax act, 1961 are 'the assessee has obtained, whether in cash or in any other manner whatsoever, any amount in respect of such loss or expenditure or some benefit in respect of such ..... several grounds of appeal in which the main controversy sought for is in respect of confirmation of addition of rs. 68,56,871 under section 41(1) of income tax act, 1961.the assessee is a limited company which was engaged in manufacturing of cloth but since 1980, no manufacturing has been done. the return of ..... supreme court reported in (1999) 236 itr 518 (sc)(supra). the headnote of the decision is reproduced as under : "the following words in section 41(1) of the income tax act, are important; 'the assessee had obtained, whether in cash or in any other manner whatsoever any amount in respect of such loss or expenditure or some benefit in respect of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)75TTJ(Ahd.)421
..... claimed is clearly contrary to the letter and spirit of section 40a(3).we may further refer to statutory requirement enacted under section 133(4) of the income tax act, 1961 which cast an obligation on any assessee to furnish a statement of the names and addresses of all persons to whom he has in any previous year given ..... out that the secret commission of the substantial magnitude, being rs. 20 lakhs claimed in the instant case, would be violative of the various provisions of the income tax act, 1961. section 40a(3) prohibits, cash payments exceeding rs. 10,000 relevant for assessment year 1996-97 the limit enhanced to rs. 20,000 with effect from 1 ..... 19,85,255 paid by the assessee during the year is solely dictated by consideration of commercial expediency and is, therefore, allowable under section 37 of the income tax act. the learned counsel contended that the trade practice for payment of secret commission in the line of business carried out by the assessee stands established by the .....
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