Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1985)14ITD208(Ahd.)
..... in this context, my attention was also invited to an order of the bombay high court under section 256(2) of the act holding that no question of law arose out of the tribunal's conclusion that the amount of rs. ..... his only attempt was to establish that the reasoning of the supreme court and of the bombay high court, as given in respect of goodwill, will strongly apply to the case of an asset of the type of remainderman's interest.6. ..... fairly admitting that in all the above three cases, the question involved was that of surrender of tenancy rights, it is urged that the ratio laid down is that the cost of acquisition of the asset and the cost of improvement thereon must be fairly and reasonably ascertainable in order to attract the provisions of section 45. ..... as regards the cost of improvement also, shri bhattacharya points out that the fluctuation in the price of the asset on account of the passage of time is not an improvement of the asset and the market value goes up because of fluctuation. ..... shakuntala, sister of the party of the first part, and her sons who may be living at the time of death of the party of the first part. ..... shakuntala is not living, it should be given to the son of the said smt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD482(Ahd.)
..... the bombay high court held that sale of such a goodwill would be outside the purview of section 45 since its cost of improvement cannot be ..... treating the stock-in-trade as a short-term capital asset, the ao computed the short-term capital gain on the slump sale as under: sales consideration on sale of industrial undertaking as a going concern aggrieved the assessee carried the matter in appeal before the cit(a).the learned cit(a) endorsed the view taken by the ao and held that the computation of capital gain is in accordance with the computation provision contained under section 48 of the it act and the decision of hon'ble supreme court in the case of cit ..... relation to capital assets being an undertaking or division transferred by way of such sale, the 'net worth; of the undertaking or the division, as the case may be, shall be deemed to be the cost of acquisition and the cost of improvement for the purposes of ss. ..... every assessee, in the case of slump sale, shall furnish in the prescribed form along with the return of income, a report of an accountant as defined in the explanation below sub-section (2) of section 288 indicating the computation of the net worth of the undertaking or division, as the case may be, and certifying that the net worth of the undertaking or division, as the case may be, has been correctly arrived at in accordance with the provisions of this section ..... a going concern is essentially a functioning living organism possessing attributes of vitality, growth and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1989)30ITD23(Ahd.)
..... the assessee had submitted that the farm had been entered as porperty of the foundation in the public register maintained under the bombay public trust act, 1950 and since the foundation was a registered public chartable trust the property acquired was for the furtherance of the objects of the foundation and formed part of the corpus of the trust and consequently contained in the trust deed so that the expenditure incurred on the imporovement or maintenance of the farm was an application of the income of the trust within the meaning of section 11. ..... the iac has also alleged that by his letter dated 4 -1 - 1985 the assessee was requested to furnished various details regarding the stock of various articles like gramophone records, audio cassettes, air conditioners, furnitures and fixtures, articles of national importance which the assessee was displaying in the museum and was owned by the assessee for public or official use and even up to the date of the assessment i.e. ..... patel on 18-5-1981 were for improving the yield but that was not an experiment. ..... regarding the submission of the learned standing counsel that it has taken a long time to set up this library we would first of all like to point out that getting the live recordings of as many as to authors would take up quite some time. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1990)34ITD183(Ahd.)
..... 5 itc 100 the bombay high court had held that where a person died after the commencement of the assessment year but before his income of the previous year was assessed, his executor was not liable to pay the tax and that if the death occurred while assessment proceedings were pending, the proceedings could not be continued and the assessment could not be made after the person's death: this view of the bombay high court led the legislature to introduce section 24b in the 1922 act in 1933. ..... when in our system of administration of justice we adhere to this principle of hearing a living person before passing any order against him, how can we ignore the necessity of representation in the case of a dead person whose estate is to be adversely affected by the order likely to be passed that is why an assessment made on a dead person would be a nullity in law and void ab initio. ..... shroff [1963] 48 itr 59 the supreme court held that the individual has ordinarily to be a living person and there could be no assessment on a dead person. ..... it is clearly inferred that assessment under the act can only be made against an individual assessee who must be a living person.9. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2000)73ITD38(Ahd.)
..... the jagir came to be abolished by the bombay merged territory and area (jagir abolition) act, 1953 w.e.f. ..... ultimately on 15th march, 1972 the hon'ble high court of gujarat while disposing of the writ petitions filed by the assessee as well as the state of gujarat remitted the matter to the collector, baroda for adjudicating the issue of ownership of the private forest in the two villages and if any compensation in respect thereof was payable to the assessee. ..... after careful consideration of the arguments of the learned counsel on the issue as well as the facts and material on record we have come to the conclusion that since the right to receive the additional compensation arose or accrued during the period relevant to the asst. yr. ..... 1,20,561 essentially represents the enhancement in the compensation in respect of the jagir of the assessee abolished under the jagir abolition act.protracted litigations culminated in the further enhancement by an amount of rs. ..... 45(5)(b) providing that the cost of acquisition and the cost of improvement of the capital asset under question shall be taken to be nil for the purposes of s. ..... with regard to receipt of enhanced compensation, the finance act, 1987 brought in important legislative changes inasmuch as the enhancement in the compensation has been deemed to be the income chargeable under the head 'capital gains' in the previous year in which such amount is received by the assessee. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)74TTJ(Ahd.)281
..... these technical know-how agreements have been executed with a view to improve the production, expand the range of its products either by way of backward integration or forward integration which are part and parcel of the same business.before we refer to the judgment cited by shri shah, let us go through the judgments which have been relied upon by learned senior departmental representative to ..... after a careful reading of all the judgments relied upon by the learned counsel, we are of the considered opinion that the lump sum payment made by the assessee for acquiring technical know-how for improving its existing products and for extending the range of its existing business and/or for expanding the said business is clearly allowable as revenue ..... the commissioner in exercise of his power, under section 263(1) of the act, revised the said order of the income tax officer dated 25-3-1970, holding that the amount in question could not be treated as expenditure and that granting 1/14th of the said amount as capital expenditure under section 35a was erroneous and prejudicial to the interests of the revenue and thus set aside the same.thereafter, the aac dismissed the appeal and directed that 1/14th amount be added back as income of the ..... against this, the assessee is claiming deduction only of 100 per cent in the year, in which such expenditure has really been incurred and paid.it may be relevant here to make a useful reference to a judgment of honble bombay high court in the case of cit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD263(Ahd.)
..... , after a careful reading of all the judgments relied upon by the learned counsel, we are of the considered opinion that the lump sum payment made by the assessee for acquiring technical know-how for improving its existing products and for extending the range of its existing business and/or for expanding the said business is clearly allowable as revenue ..... the circumstance that the agreement pertained to a product already in the line of the appellant's established business and not to a new product indicated that whatever stipulated was an improvement in the operations of the existing business and its efficiency ..... the cit in exercise of his power under section 263(1) of the act revised the said order of the ito dt, 25th march, 1970, holding that the amount in question could not be treated as expenditure and that granting l/14th of the said amount as capital expenditure under section 35a was erroneous and prejudicial to the interests of the revenue and thus set aside the same ..... a licence for an exclusive right to employ the technology in the design, construction and operation of the plant, expansion of the plant and also to grant sub-licence during the term of the said agreement for the use of the technology in india at reasonable terms and conditions to be agreed upon, which terms and conditions shall not be less favourable than those granted to the other licensees of licensor. ..... be relevant here to make a useful reference to a judgment of hon'ble bombay high court in the case of cit v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... since the assessee has maintained their accounts on accrual basis is mandatorily required by the provisions of companies act, the value of such benefit is liable to tax on accrual basis in the year under consideration.5.12 shri dave, the learned cit-dr also drew our attention to the publication styled as accrual system of accounting - a study by bombay chartered accountants society, bombay. ..... various other connected details such as its impact on valuation of closing stock, the nature of entries passed in the relevant year when income was booked and also in the subsequent years when the benefit was utilised or when the licences had lapsed, were also required to be furnished.6.3 the learned counsel in response to the aforesaid query submitted various details and documents in the compilation marked as volume v. ..... maharajadhiraja kameshwar singh of darbhanga [1933] 1 itr 94, the relevant extract from the head note at page 95 is reproduced below:- in dubio what the assessee himself chooses to treat as income may well be taken to be income and to arise when he so chooses to treat it. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... ." which bears to the profits of the act.we, therefore, respectfully following the aforesaid judgment of the bombay high court, direct the assessing officer to exclude the amount of excise duty from the figure of total turnover for the purpose of computing deduction under section 80hhc ..... various other connected details such as its impact on valuation of closing stock, the nature of entries passed in the relevant year when income was booked and also in the subsequent years when the benefit was utilised or when the licences had lapsed, were also required to be furnished.the learned counsel in response to the aforesaid query submitted various details and documents in the compilation marked as volume v. ..... maharajadhiraj kameshwar singh of darbhanga (1933) 1 itr 94 (pc), the relevant extract from the headnote at page 95 is reproduced below : "in dubio what the assessee himself chooses to treat as income may well be taken to be income and to arise when he so chooses to treat it. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)262ITR1(Ahd.)
..... charitable or benevolent objects or for any exhibition or for any public, general or useful object; (k) the acquisition, construction, maintenance and alteration of any building or works necessary or convenient for the purposes of the company; (l) selling, improving, managing, developing, exchanging, leasing, mortgaging, disposing of or turning into account or otherwise dealing with all or any part of the property and rights of the company ; (m) acquiring and undertaking the whole or any part of the business of any person or company, when such business is of nature enumerated or ..... giving of receipts and discharge and otherwise acting as an attorney on behalf of customers, but excluding the business of a managing agent or secretary and treasurer of a company; (c) contracting for public and private loans and negotiating and issuing the same : (d) the effecting, insuring, guaranteeing, underwriting, participating in managing and carrying out of any issue, public or private, of state, municipal or other loans or of shares, stock, debentures, or debenture stock of any company, corporation or association and the lending of money for the purpose of any such ..... . this judgment of the bombay high court, has also achieved finality as slp preferred by the department against the said judgment has been dismissed by the hon'ble supreme court as reported in 256 itr (st) 48.41 ..... basant rai takhat singh (1933) 1 itr 197 (bom). .....
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