Court : Gujarat
..... questions of law were framed by this court; "(i) whether, in the facts and circumstances of the case, the itat was right in law in holding that the alleged income from advance license benefit receivable (''albr'' for short) is taxable in the year under consideration even though the said income has accrued to the appellant in the subsequent years? ..... commissioner of income tax [2012] 343 itr 89 (sc) wherein, it has been held that for the purpose of section 80hhc of the act, it is not the entire amount received by the assessee on sale of depb credit but, the sale value less the face value of the depb that will represent profit on transfer of depb ..... 295/219 taxman 379/38 taxmann.com 100, wherein, it is held that income from sale of advance license benefits is taxable only in the year in which actual sale took place. 7. mr. ..... favour of the assessee by holding that when no expenditure are shown to have been incurred by the assessee for earning gross dividend income, deduction under section 80m of the act cannot be curtailed to reduce the amount qualifying for claim of deduction under section 80m of the act by assuming the amount of expenditure, which is assumed to have incurred by the assessee. ..... facts and circumstances of the case, the itat was right in law in holding that income from advance license benefit receivable, pass book benefit receivable and profit on sale of import license is not derived from industrial undertaking and thus eligible for deduction u/s 80i and 80ia of the act? .....
Tag this Judgment!Court : Gujarat
..... itself, it was acknowledged and admitted that the position prior to the amendment of section 113 of the act whereby the proviso was added, whether surcharge was payable in respect of block assessment or not, was ..... is held by the hon'ble supreme court that where a benefit is conferred by a legislation, the rule against a retrospective construction ..... was leviable with reference to the rates provided for in the finance act of the year in which the search was inititated; or (ii) the year in which the search was concluded; or (iii) the year in which the block assessment proceedings under section 158 bc of the act were initiated; or (iv) the year in which block assessment order was ..... which prevailed before amending section 113 of the act was that some assessing officers were not levying any surcharge and others who had a view that surcharge is payable were adopting different dates for the application of a particular finance act, which resulted in different rates of surcharge in ..... if a legislation confers a benefit on some persons but without inflicting a corresponding detriment on some other person or on the public generally, and where to confer such benefit appears to have been the legislators object, then the presumption would be that such a legislation, giving it a purposive construction, would warrant it to ..... " addition of this proviso in the finance act, 2003 further makes it clear that such a provision was necessary to provide for surcharge in the cases of block assessments and thereby .....
Tag this Judgment!Court : Gujarat
..... used in india; (b) such machinery or plant is imported into india from any country outside india; and (c) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under this act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee; (iv) "tea board" means the tea board established under section 4 of the tea ..... previous year: provided that nothing in this sub-section shall apply - (i) where the asset is sold or otherwise transferred by the assessee to government, a local authority, a corporation established by or under a central, state or provincial act or a government company as defined in section 617 of the companies act, 1956 (1 of 1956); or (ii) where the sale or transfer of the asset is made in connection with the succession of a firm by a company in the business or profession carried on by the firm as a result of ..... has held that section 32 of the income-tax act confers a benefit on the assessee and that the provision should be so interpreted and the words used therein should be assigned such meaning as would enable the assessee securing the benefit intended to be given by the legislature to the ..... section 32a(6) of the income-tax act, 1961 ?" 2. ..... whether on the facts and in the circumstances of the case, the appellate tribunal has erred in law in deleting the addition made by the assessing officer under section 32b(6) of the income-tax act, 1961? .....
Tag this Judgment!Court : Gujarat
..... cit [2005] 278 itr 546/148 taxman 468 wherein, it has been held that while the expression "premises and buildings" in sections 30 and 32 of the income-tax act, 1961 and the expression "residential accommodation including any accommodation in the nature of guest house" in sub-sections (3), (4) and (5) of section 37 can be similarly interpreted, a distinction has been sought to be introduced for the purpose of section 37 by specifying the ..... facts of the case clearly indicate that portion of the convertible debenture was converted into equity shares and assessee company had got enduring benefits and therefore, the expenditure incurred by the assessee on conversion of convertible debentures into equity shares has to be treated as capital expenditure ..... this appeal u/s.260a of the income tax act, 1961 is filed against the judgment and order dated 25.02.2002 passed by the income tax appellate tribunal in ita no.5684/ahd/1994 and 5957/ahd/1994 whereby, both the appeals were partly allowed. ..... , in our view, when the debentures are converted into equity shares, the assessing company has already got enduring benefit and the expenditure incurred by the conversion of equity shares has to be treated as capital expenditure. 8. ..... the returns were processed u/s.143(1)(a) of the act and notices were issued and served upon the ..... would further clearly indicate that major portion of the convertible debentures was converted into equity shares, and thereby assessing company had got enduring benefit. .....
Tag this Judgment!Court : Gujarat
..... commissioner or commissioner authorised by the board in this behalf under section 120; (b) "record" shall include and shall be deemed always to have included all records relating to any proceeding under this act available at the time of examination by the principal commissioner or commissioner; (c) where any order referred to in this sub-section and passed by the assessing officer had been the subject matter ..... of supplying milk, oilseeds, fruits, or vegetables, as the case may be; or (ii) the government or a local authority; or (iii) a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or a corporation established by or under a central, state or provincial act (being a company or corporation engaged in supplying milk, oilseeds, fruits or vegetables, as the case may be, to the public the whole of the amount of profits and gains of such business; (c) ..... (2) under section 297(2) of the income-tax act, 1961, indian income tax act, 1922 is applicable only for specified objects narrated in clauses (a) to (m) thereof and none ..... section, an "urban consumers' co- operative society" means a society for the benefit of the consumers within the limits of a municipal corporation, municipality, municipal committee ..... in this clause "consumers' co-operative society means a society for the benefits of the consumers; (d) in respect of any income by way of interest or dividends derived by the co-operative society, the whole of such income; (e) in respect of any income .....
Tag this Judgment!Court : Gujarat
..... while considering the aforesaid and the scope of the inquiry at the time of recognition under section 80g(5) of the act by the appropriate authority, the division bench has observed and held as under: "from the aforesaid it appears that the sole ground that has prevailed with the cit in refusing the ..... trust" [2011] 203 taxman 53, wherein, the high court held that at the stage of registration under section 12aa of the act, the extent and nature of activities are not required to be examined and the same is required to be examined in assessment ..... in the aforesaid case also the commissioner refused the application for registration under section 80g(5) of the act on the ground that in the past for some period the petitioner had not applied 75% of the income of the ..... it is well settled position of law that at the time of granting approval under section 80g of the act, what is to be examined is the object of the trust and so far as the aspect of income is concerned, same can be very well examined by the ao ..... he, then, submitted that for the purpose of benefit of section 80g, it is necessary that no income under either section 11 or section 12 is included in the ..... of pending assessment he failed to consider that upto 31st march, 1998, the trust has already enjoyed approval and the donors who had already made donations to it would be entitled to such benefit notwithstanding the fate of assessment of the trust. ..... has no bearing on the claim of the donors for what benefit approval is accorded. .....
Tag this Judgment!Court : Gujarat
..... circumstances of the case, the tribunal is right in law in holding that while computing long term capital gains, deductions under sections 48(2) are required to be allowed before applying the provisions of sections 54e of the income tax act, 1961 (sic)" 3. ..... the assessee is entitled to avail of the permissible deduction under section 48 (1) (b) of the act and then take the advantage of section 54e of the act by investing the proportionate net consideration in specified assets and thereby avoid tax on the capital gains on which the assessee would otherwise be liable to pay tax. 27. ..... under section 54e of the act, an assessee in order to avail of the benefit of exemption or deduction thereunder, must invest in the specified assets within six months of the transfer of assets, either whole or part of the net consideration. ..... we are of the view that deduction under section 48 (2) of the act is available to all assessees whether one makes an investment in specified assets as envisaged under section 54e of the act or not and hence, while computing the income chargeable under the head capital gains, deductions under section 48 (1) and (2) are considered first. .....
Tag this Judgment!Court : Gujarat
..... the second question will also enure for the benefit of the assessee as from the record it is clear that other concerns were not benami concerns of the assessee. 7. ..... act an assessment has to be made on an assessee on an income determined in his case for a particular year. ..... there was, therefore, no reason for making addition of rs.4 lacs on the basis of alleged disclosure made by the assessee in his statement recorded under section 132(4) of the act. ..... act. .....
Tag this Judgment!Court : Gujarat
..... the case are that the respondent-trust made an application for recognition under section 80g(5) of the income tax act, 1961 ('the act', for short), in the prescribed format before the appellant. ..... " [2011] 203 taxman 53/15 taxmann.com 123, wherein, the high court held that at the stage of registration under section 12aa of the act, the extent and nature of activities are not required to be examined and the same is required to be examined in assessment proceedings. ..... while considering the aforesaid and the scope of the inquiry at the time of recognition under section 80g(5) of the act by the appropriate authority, the division bench has observed and held as under: "from the aforesaid it appears that the sole ground that has prevailed with the cit in refusing the ..... in the aforesaid case also the commissioner refused the application for registration under section 80g(5) of the act on the ground that in the past for some period the petitioner had not applied 75% of the income of the trust ..... he, then, submitted that for the purpose of benefit of section 80g, it is necessary that no income under either section 11 or section 12 is included in the total ..... merits of pending assessment he failed to consider that upto 31st march, 1998, the trust has already enjoyed approval and the donors who had already made donations to it would be entitled to such benefit notwithstanding the fate of assessment of the trust. ..... 12a has no bearing on the claim of the donors for what benefit approval is accorded. .....
Tag this Judgment!Court : Gujarat
..... are that the respondent - trust, which came to be created in the year 2002, on 13.09.2013 made an application for recognition under section 80g(5) of the income tax act, 1961 ('the act', for short), in the prescribed format before the appellant. ..... 2011] 203 taxmann 53/15 taxmann.com 123 wherein, the high court held that at the stage of registration under section 12aa of the act, the extent and nature of activities are not required to be examined and the same is required to be examined in assessment proceedings ..... while considering the aforesaid and the scope of the inquiry at the time of recognition under section 80g(5) of the act by the appropriate authority, the division bench has observed and held as under: "from the aforesaid it appears that the sole ground that has prevailed with the cit in refusing ..... in the aforesaid case also the commissioner refused the application for registration under section 80g(5) of the act on the ground that in the past for some period the petitioner had not applied 75% of the income of ..... he, then, submitted that for the purpose of benefit of section 80g, it is necessary that no income under either section 11 or section 12 is included in ..... pending assessment he failed to consider that upto 31st march, 1998, the trust has already enjoyed approval and the donors who had already made donations to it would be entitled to such benefit notwithstanding the fate of assessment of the trust. ..... no bearing on the claim of the donors for what benefit approval is accorded. .....
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