Array ( [0] => ..... 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 ..... [1] => ..... 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 ..... [2] => ..... (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 ..... [3] => ..... 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 ..... [4] => ..... 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 ..... [5] => ..... ', 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 ..... [6] => ..... 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 ..... [7] => ..... 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 ..... [8] => ..... 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 ..... [9] => ..... 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 ..... [10] => ..... 'capital gains' under s. 48. without computation of 'profits or gains' no tax can be levied under s. 45 of the act. therefore, the amount received by the assessee towards the value of goodwill was not assessable to tax under s. 48 of the income-tax act, 1961.' 31. the full bench of the kerala high court also placed reliance on the ..... have to be deducted from the full value of the consideration for the transfer of the capital asset (headnote of 89 itr 88) : 'in the context of the income-tax act, the expression 'cost of acquisition' signifies some expenditure or outlay in terms of money by the assessee in the creation or acquisition of the concerned capital asset. it ..... : .....'capital gains arises only on the transfer of a capital asset which has actually cost to the assessee something. such actual cost in the context of the income-tax act being cost in terms of money, it cannot apply to transfer of capital assets which did not cost anything to the assessee in terms of money in its creation ..... [11] => ..... holding company to its wholly owned subsidiary company at book value and, therefore, did not entail payment of any capital gains tax in view of the provision contained in section 47(iv) of the income-tax act, 1961, which provides that nothing contained in section 45 shall apply to.....(iv) any transfer ofcapital asset by a company to its ..... and securities and the transferor-company is avoiding any liability to pay capital gains tax even though the property changed hands twice in a span of 1 1/2 years.15. section 45 of the income-tax act, 1961, provides for levy of capital gains tax on any profits or gains arising from the transfer of a capital asset. section ..... a paper company, a fiction of law or a fictituous personality to bring about this transfer which if undertaken directly would straightaway invite application of section 45 of the income-tax act. it would, in this connection, be advantageous to recall the words of denning m.r. in wallersteiner v. moir [1974] 3 all er 217 , examining ..... [12] => ..... supreme court in cit vs . british india corpn. ltd. : [1987]165itr51(sc) . 7. we have given careful consideration to the rival contentions. under s. 37 of the it act, 1961 all expenditure laid out wholly and exclusively for the purpose of business or profession are to be allowed as deduction while computing the income provided the same ..... are not in the nature of capital expenditure or personal expenses of the assessee, apart from the condition that the same may not be governed by any other express provision of the act ..... and in catena of cases thereafter. 12. lord dunnedin in vallambrosa rubber co. vs. farmar (1910) tax cases 529 opined that the capital expenditure is a thing which is going to be spent once and for all income expenditure is a thing which is going to be recur every year. in the same case lord atkinson ..... ) Income Tax Act 1961 Section 80rrb Deduction in Respect of Royalty on Patents - Court Gujarat - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: income tax act 1961 section 80rrb deduction in respect of royalty on patents Court: gujarat Page 1 of about 3 results (0.062 seconds)

Aug 03 1967 (HC)

Commissioner of Income-tax Vs. S.C. Kothari

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 .....

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Dec 01 1994 (HC)

Gujarat Carbon Ltd. Vs. Deputy Commissioner of Income-tax (Asstt)

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 .....

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Jan 22 1992 (HC)

Shri Ambica Mills Ltd. Vs. Income-tax Officer

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 .....

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Mar 23 2005 (HC)

Rajesh Jhaveri Stock Brokers Pvt. Ltd. Vs. Assistant Commissioner of I ...

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 .....

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Oct 07 1991 (HC)

induprasad Chunibhai Patel Vs. Central Board of Direct Taxes and ors.

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 .....

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May 09 2002 (HC)

Ganesh Chhababhai Vallabhai Patel Vs. Commissioner of Income-tax

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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Mar 20 2003 (HC)

Commissioner of Income-tax Vs. Vijay Ship Breaking Corporation

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 .....

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Sep 08 1971 (HC)

Swastik Engineering Works Vs. Commissioner of Income-tax, Gujarat

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 .....

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Sep 15 1989 (HC)

Vikrambhai Punjabhai Palkhiwala Vs. S.M. Ajbanj, Recovery Office and o ...

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 .....

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Sep 26 1980 (HC)

Commissioner of Wealth-tax, Gujarat-iii Vs. Arvindbhai Chinubhai

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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