Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1995)53TTJ(Ahd.)115
..... for the benefit of any person, such trustee or trustees; explanation 1 - a trust which is not declared by a duly executed instrument in writing [including any wakf deed which is valid under the mussalman wakf validating act, 1913 (6 of 1913)], shall be deemed for the purposes of cl. (iv), to be a trust declared by a duly executed instrument in writing if ..... supra) and in view of above referred discussions and the reasons given by the cit in orders under s. 263 we hold that the learned cit has validly assumed jurisdiction under s. 263 of the it act, 1961.22. now we will consider the ground relating to asst. yrs. 1981-82 and 1982-83 with regard to applicability or otherwise of s. ..... liable to tax at maximum marginal rate for all the years under consideration, the aforesaid ground relating to s. 164a and validity of statement in writing under expln. 1 to s. 160 is merely of an academic value.the finance act, 1981 inserted a new cl. (v) in sub-s. (1) of s. 160 to provide that a trustee appointed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1989)28ITD249(Ahd.)
..... iv) in respect of income which a trustee appointed under a trust declared by a duly executed instrument in writing whether testamentary or otherwise [including any wakf deed which is valid under the mussalman wakf validating act, 1913 (6 of 1913)] receives or is entitled to receive on behalf or for the benefit of any person, such trustee or trustees ; ( ..... 2) every representative assessee shall be deemed to be an assessee for the purposes of this act.it may be noted that sub-section (2) of ..... trusts, whose beneficiaries and shares of beneficiaries were indeterminate could be treated as 'individuals' and such trusts could be allowed deduction under section 80l of the act, accepted assessee's contention and directed the ito to allow deduction under section 80l of rs. 3,000 to the assessee in the computation of its .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)50ITD66(Ahd.)
..... behalf of another, or any trustee appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), the wealth-tax shall be levied upon and recoverable from the court of wards, administrator-general, official trustee, receiver, manager or trustee, as the case ..... separately computed and considered for deciding the question as to whether each one of them exceeds the taxable limits prescribed in the rate schedule of the wt act cannot be accepted as the provisions of section 21(4) clearly provides that in the case of a private discretionary trust where the shares of the ..... that the provisions of section 21(4) are applicable and the assessees are not entitled to any exemption/deductions as provided under section 5(1a) of the wt act is confirmed. ground no. 3 taken in all these appeals is, therefore, rejected.8. the learned counsel for the assessee, however, vehemently argued that the alternative .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)93ITD624(Ahd.)
..... exchange card as valuable property. considering the above, entire ratio of gujarat high court decision is reversed by the supreme court and no part thereof remains a valid proposition of law after the decision of the supreme court. the learned authorised representative further submitted that the contention of the learned departmental representative in para 7 of ..... case of ahmed g.h. ariffs (supra), there was a right of beneficiary to receive an adequate share of net income of the properties comprised in a wakf created by a muslim, governed by the mohammedan law which extends the meaning of property even to a mahantship or shebaitship and in the case of purshottam n. ..... restricted meaning to the word 'asset' as defined by section 2(e) of the act when the language employed shows that it was intended to include property of every description. on a proper construction of the relevant clauses in the wakf deed, we are not satisfied that the aliquot share income provided for the beneficiaries was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)90ITD170(Ahd.)
..... , no further enquiry need be made. but if the ito finds that the alleged shareholders do not exist then, in effect, it would mean that there is no valid issuance of share capital. shares cannot be issued in the name of non-existing persons. the use of the words 'may be charged' (emphasis added) in section ..... with the direction that the assessee should furnish confirmation/ authenticated application forms to the ao who may conduct the necessary enquiries as provided under section 68 of the act to readjudicate the addition afresh in accordance with law and after giving an opportunity of being heard to the assessee.5. the first dispute of the cit- ..... no under writer is involved. therefore, in case of private placement, heavy burden lies on the assessee to prove three parameters stated earlier of section 68 of the act. on share application form itself it has been stated "for private circulation only'. this clearly indicates that in this issue neither any promoter nor any underwriter was involved .....
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