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Rupajuli Tea Co. (India) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1991)38ITD270(Gau.)

..... shares to be taxed as business income, but this loss was nothing as the same arose out of speculation within the meaning of explanation inserted in section 73 of taxation laws (amendment) act, 1975. he was of the view that the assessee was not an investment company nor was it engaged in business of banking or grant of loans and advances ..... the subsequent purchaser from the assessee. the transaction in that particular case was held by the hon'ble court as "speculative transaction" under the provisions of the indian income-tax act, 1922. in the case of madanlal nemani (p.) ltd. v. cit [1976] 105 itr 244 (bom.) noted the facts of that case, in which the assessee ..... the assessing officer pointed out that the principal objects of the assessee was to take over the assets and liabilities of rupajuli tea co. ltd., incorporated under the english companies act and to plant, grow, import, export by sale process etc. of tea, coffee, rubber etc.and other produce of the soil. he noted that the company was .....

Commissioner of Income-tax Vs. Smt. Saraswati Devi Singh

Court : Guwahati

..... from april 1, 1976. the above clause was renumbered as '1513' by an amendment in 1987 which came into force with effect from april 1, 1988. clause (iii) of sub-section (1) ..... , the following provisions of the act are relevant. clause (15a) of section 2 of the act defines 'child' which runs as follows : '(15a) 'child', in relation to an individual, includes a step-child and an adopted child of that individual ;' 5. it may be stated that this clause was inserted by the taxation laws (amendment) act, 1975, which came into force ..... of section 64 of the act runs as follows : '64.(1) in computing the total income of any individual, there shall be .....

Commissioner of Income-tax Vs. K.C. Bezbarua

Court : Guwahati

..... or the period extended by the income-tax officer' which appeared in section 22(2a) of the 1922 act was found missing in section 139(3). however, that change too was done away with by the taxation laws (amendment) act, 1970, which inserted with effect from april 1, 1971, the expression 'or within such further time ..... which, on an application made in the prescribed manner, the income-tax officer may, in his discretion, allow.' thus, after the 1971 amendment, whatever little difference was there between the two acts relevant ..... will squarely govern this case. it may be pertinent to mention that section 139(3) underwent further amendment by the taxation laws (amendment and miscellaneous provisions) act, 1986, with effect from april 1, 1987 and, by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989. we do not propose to examine the effect of .....

Ajay Kumar Saharia Vs. Commissioner of Wealth-tax

Court : Guwahati

..... also refer to the decision of the calcutta high court in india exchange traders' association's case : [1992]197itr356(cal) where reference is made to the direct tax laws (amendment) act, 1989, which has recast with effect from april 1, 1989, the existing provisions of section 7. the main change effected is that the rules for valuation of assets ..... -tax officer is bound to follow the particular method in regard to assets falling within its ambit. this, it is said, may lead to hardship and excessive taxation in several cases. in our view, this is only an assumption not supported by any data. the rule has taken care to ensure that the valuation is not ..... and cwt v. india exchange traders' association : [1992]197itr356(cal) . 13. we will examine the matter independently before dealing with the reasoning in the above decisions. the act is to provide for levy of wealth-tax. section 3 is the charging section by which tax is leviable in respect of net wealth on the corresponding valuation date at .....

Commissioner of Income-tax Vs. Triple Crown Agencies

Court : Guwahati

..... reduced, the interest shall be reduced accordingly, and the excess interest paid, if any, shall be refunded.' we may also notice the following explanation 2 substituted by the taxation laws (amendment) act, 1984, with effect from april 1, 1985 : 'explanation 2.--where, in relation to an assessment year, an assessment is made for the first time under section 147 ..... 147 shall be regarded as a regular assessment for the purposes of section 139(8). this explanation has been substituted with effect from april 1, 1985, by the amendment act of 1984. the attempt made by the explanation is to widen the scope of the expression 'regular assessment' used in sub-section (8) by bringing within ..... been referred by the appellate tribunal under section 256(1) of the income-tax act, 1961 (for short, 'the act'), at the instance of the revenue : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the interest under sections 139(8) and 217 of the income- .....

Tarajan Tea Co. Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

..... attracted, is unsustainable.9. our attention has been drawn to certain statutory changes brought about in section 263. by the taxation laws (amendment) act, 1984, an explanation was introduced to sub-section (1) of section 263 of the act with effect from october 1, 1984. explanation (a), as introduced in 1984, which is relevant for our purpose reads ..... sons : [1990]181itr392(mp) and cit v. east coast marine products (p.) ltd. : [1990]181itr314(ap) .11. section 263 underwent further changes by the direct tax laws (amendment) act, 1987, with effect from april 1, 1988. the expression 'income-tax officer' in sub-section (1) was substituted by the words 'assessing officer' and explanation (a)(i) ..... and, therefore, section 45 is not attracted. it is true that the effect of this decision regarding 'goodwill' has been overcome by the finance act, 1987, amending section 55 so as to provide that cost of acquisition of goodwill acquired other than by purchase shall be taken to be nil and the cost of .....

Assam Company Ltd. and anr. Vs. State of Assam and ors.

Court : Guwahati

..... in any way binding on the agricultural income-tax officer.'15. in the case of tata tea ltd. : [1988]173itr18(sc) , the kerala agricultural income-tax (amendment) act, 1980, and the bengal agricultural income-tax (amendment) act, 1980, were under challenge before the supreme court under article 32 of the constitution. the explanation to section 2(a)(2) of the kerala agricultural income-tax ..... to the taxation of agricultural income. we also agree that the state legislature is free to provide the method of computation of the taxable agricultural income and is free to allow any particular deductions from the gross income as it considers fit. it is not disputed for the respondent that the power of the state legislature to enact a law in respect .....

Ampee Industries (P) Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

..... finance act, 1990, with effect from april 1, 1990. as per the provisions of sections 139(10) of the ..... assessing officer may serve a notice under section 139(2) of the act and after giving him one month's time the assessing officer may initiate an assessment proceeding. in this connection mr. bhattacherjee draws our attention to section 139(10), which was incorporated by the taxation laws (amendment and miscellaneous provisions) act, 1986, with effect from april 1, 1986, and later on deleted by .....

Assam Frontier Tea Ltd. Vs. Assistant Commissioner of Taxes and ors.

Court : Guwahati

..... deduction on and from the asst. yr. 1990-91. however, since the said amendment was not retrospective nor did it apply for the asst. yr. 1984-85, the said ..... absence of such provision under the state act, the contribution and/or expenditure made by the petitioner is very much allowable. as a matter of fact, dr. saraf submits that in order to prevent claiming of the said expenditure the state legislature passed the assam taxation laws (third amendment) act, 1989, thereby prohibiting the allowance of ..... is no distinction between the words allowance and deduction and in this connection refers to blacks law dictionary, sixth edn. according to the dictionary meaning "allowance means a deduction, an average payment, a portion assigned or allowed; the act of allowing". further, he refers to r. 5 of the assam agrl. it rules, .....

Assam Frontier Tea Ltd. Vs. Assistant Commissioner of Taxes and ors.

Court : Guwahati

Reported in : (1997)139CTR(Gau)64

..... deduction on and from the asst. yr. 1990-91. however, since the said amendment was not retrospective nor did it apply for the asst. yr. 1984-85, the said ..... absence of such provision under the state act, the contribution and/or expenditure made by the petitioner is very much allowable. as a matter of fact, dr. saraf submits that in order to prevent claiming of the said expenditure the state legislature passed the assam taxation laws (third amendment) act, 1989, thereby prohibiting the allowance of ..... is no distinction between the words allowance and deduction and in this connection refers to blacks law dictionary, sixth edn. according to the dictionary meaning 'allowance means a deduction, an average payment, a portion assigned or allowed; the act of allowing'. further, he refers to r. 5 of the assam agrl. it rules, .....