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 .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]261ITR113(Guj)
..... interest payments and if it was not so deducted, then calling upon them to show as to why the provision of section 40(a)(i) of the income-tax act, 1961 ('the act' for short), should not be invoked in the assessee's case and why the entire interest paid outside india should not be disallowed in the course of ..... activity of manufacture or production of any article or thing for the purposes of availing of the benefit of deductions under sections 80hh and 80-i of the income-tax act, 1961. the tribunal was, therefore, wrong in holding that ship breaking activity gives rise to manufacture and production of altogether new articles or things and in allowing ..... of the agreement, wait for the long process of having the matter assessed and then tested by way of an appeal, etc., under the provisions of the income-tax act, 1961. it was held that, under the circumstances, the existing machinery by way of regular assessment was totally inadequate and unsuitable for the problems that were faced by .....
Tag this Judgment!Court : Gujarat
Reported in : [1973]87ITR117(Guj)
..... enacted. it is difficult that the legislature wanted to change the law on the point and to exempt default in payment of advance tax from liability to penalty when it enacted the income-tax act, 1961. the assessee was not in a position to suggest any possible reason why the legislature should have wished to do so, except making ..... tax demanded under section 210 of the act (2) whether the 'advance tax' can be treated as a 'tax' for the purpose of applying the provisions of section 221 of the income-tax act, 1961 (3) if the above questions are answered in the affirmative, whether default in ..... of the two appels and on the applications so made, the tribunal referred the following three question s of law in income-tax reference no. 12 of 1969. '(1) whether the penalty contemplated by section 221 of the income-tax act, 1961, can be derived levied in the case of default made by the assessee in the payment of advancement .....
Tag this Judgment!Court : Gujarat
Reported in : (1990)1GLR67; [1990]182ITR413(Guj)
..... 6. the main thrust of the argument of mr. vakil is in respect of the show cause notice issued under rule 73 of the second schedule of the income-tax act, 1961. mr. vakil states that the notice issued is defective since is has not spelt out as to under which clause and for what reasons and purpose such a notice ..... : [1971]81itr397(cal) . in that case, the calcutta high court observed (headnote) : 'under section 220(6) of the income-tax act, 1961, the income-tax officer should keep a demand in abeyance 'so long as the appeal remains undisposed of'. the income-tax officer has discretion, for good reasons, not to grant any stay at all, he has also the power to impose such conditions ..... proceedings that the impugned show cause notice dated april 12, 1986, which is at annexure 'a' was issued under rule 73 of the second schedule of the income-tax act, 1961, to show cause as to why a warrant of arrest should not be issued by respondent no. 1. in view of these facts, the petitioner states that as .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)24CTR(Guj)228; [1982]133ITR800(Guj)
..... are disclosed in the balance-sheet, shall not be taken into account for the purposes of r. 2a : '(a) any amount paid as advance tax under 18a of the indian income-tax act, 1922 or under section 21 of the income-tax act, 1961....' 14. it is true that directly these rules would not apply to the situation which had arisen for our considerations so far as the ..... case, the tribunal was right is law in holding that for the purpose of computation of the market value of the shares of bipin silk mills (p.) ltd., the advance tax paid under section 210 of the income-tax act, 1961, and shown on the assets side of the balance-sheet of the said company cannot be deducted from the .....
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