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Judgment Search Results Home > Cases Phrase: income tax act Court: gujarat Year: 1975 Page 1 of about 62 results (0.048 seconds)

Dec 23 1975 (HC)

Commissioner of Income-tax, Gujarat-i Vs. Rashmi Trading

Court : Gujarat

Decided on : Dec-23-1975

Reported in : [1976]103ITR312(Guj)

..... assessee as of the date of accrual of the benefit. 5. we may point out that sampath iyengar in his commentary on income-tax act, sixth edition, section volume, at page 1077, has observed in connection with section 41(1) as follows : 'the words ..... rs. 42,945 should be included. the income-tax officer relied upon section 41(1) of the income-tax act, 1961, for the purpose of holding that the amount should be included in the income for the assessment year 1966-67. against the decision of the income-tax officer, the assessee went in appeal before the ..... appellate assistant commissioner. the appellate assistant commissioner relied upon the decision of the allahabad high court in jagatnarain durga prasad v. commissioner of income-tax ..... the value of benefit accruing to him, shall be deemed to be profits and gains of business or profession and accordingly chargeable to income-tax as the income of that previous year, whether the business or profession in respect of which the allowance or deduction has been made is in existence ..... 6. we find that in commissioner of income-tax v. lakshmamma, hegde j., as he then was, in the mysore high court, has observed regarding section 10(2a) of the act of 1922 which was equivalent to section 41(1) of the present act as follows : 'it is true that in .....

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Nov 12 1975 (HC)

Commissioner of Income-tax, Gujarat-iii Vs. Thobhandas Jivanlal Gajjar

Court : Gujarat

Decided on : Nov-12-1975

Reported in : [1977]109ITR296(Guj)

..... finding that vasantlal was the benamidar of the assessee, popatlal, is a pure question of fact, which cannot be gone into by this court in a reference made under the income-tax-act. 6. before we deal with the respective contentions of the parties, it would be profitable to refer to what the tribunal has found as a matter of fact in ..... to vasant & co. in fact or in law as held not only by the civil courts but also concurred in by the income-tax authorities. in view of the provisions contained in section 60 of the income-tax act, 1961, all income arising to any person by virtue of a transfer, whether revocable or not and whether effected before or after the commencement of the ..... exclusive jurisdiction for purposes of assessment and under the income-tax act, he has to decide, whether a particular receipt is 'income' or not and who is the real owner of that income. the decision of the income-tax officer may be challenged in proceedings before the superior tribunal established under the income-tax act. but the statutory authority, namely, the income-tax officer, cannot be prevented from determining a question ..... said act, would, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income of the transferor and would be included .....

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Sep 24 1975 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Bachubhai Nagindas Shah

Court : Gujarat

Decided on : Sep-24-1975

Reported in : [1976]104ITR551(Guj)

..... received by the assessee as an employee of the company and would be liable to be brought to tax under the head of 'salary' under the income-tax act 1961. under section 15 of the income-tax act, 1961, it has been provided - 'the following income shall be chargeable to income-tax under the head 'salaries' - (a) any salary due from an employer or a former employer ..... of the matter is the income. if income does result at all, there cannot be a ..... which the liability to tax is attracted, viz., the accrual of the income or its receipt, yet the substance ..... under section 10(2)(xv) of the act of 1922. the following passage from the earlier decision of the supreme court in commissioner of income-tax v. shoorji vallabhdas & co., was cited and relied upon by the supreme court in commissioner of income-tax v. birla gwalior (p.) ltd. : 'income-tax is a levy on income. though the income-tax act takes into account two points of time at .....

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Feb 07 1975 (HC)

Vallabhdas Manjibhai Dholakia and ors. Vs. Commissioner of Income-tax, ...

Court : Gujarat

Decided on : Feb-07-1975

Reported in : [1975]98ITR403(Guj)

..... course of proceedings for assessment to income-tax for the assessment years 1965-66 to 1970-71 (in the case of the second petitioner) ..... thousand rupees and the concerned petitioner was, therefore, required to furnish to the income-tax officer having jurisdiction to assess it particulars relating to the contracts within one month of the making of the contracts under section 285a of the income-tax act, 1961 (hereinafter referred to as 'the act'). the petitioners, however, failed to furnish the requisite particulars accordingly. in the ..... must be presumed that it would be exercised reasonably and bona fide and not arbitrarily and capriciously. the order imposing penalty is appealable to the income-tax appellate tribunal under the provisions of the act. having regard to the foregoing discussion, it would appear that the impugned provision in its entirety meets the test of reasonableness. it is a ..... second and third petitioners to show cause why penalty or fine should not be imposed upon them under section 285a of the act for failure particulars relating to the above-mentioned contracts to the concerned income-tax officer within one month of the making of the contracts. the petitioner showed cause and in due course the first respondent passed .....

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Dec 08 1975 (HC)

Commissioner of Income-tax, Gujarat I Vs. Gujarat State Warehousing Co ...

Court : Gujarat

Decided on : Dec-08-1975

Reported in : [1976]104ITR1(Guj)

..... whether unabsorbed depreciation allowance of earlier years deemed to be part of the depreciation allowance of the current year under section 10(2)(vi) of the indian income-tax act, 1922, can be set oft against income under the heads other than business. but while discussing this question, the court has construed the proviso (b) of sub-section (2) of section 24 of the ..... gains of business for the current year arises in this reference in view of the provisions contained in sections 32(2) and 72(2) of the income-tax act, 1961 (which is hereinafter referred to as 'the act'). 2. short facts of the case, which form the background in which this question arises for our consideration, can be stated as under. the respondent-assessee ..... is deemed to be a part of depreciation allowance of the current year under proviso (b) to section 10(2)(vi) of the indian income-tax act, 1922, can be set off, unlike other business losses, against income other than business income. while considering this question, the court also happened to consider the qualification contained in proviso (b) to sub-section (2) of section 24 ..... the tribunal that the ratio of the decision of the supreme court in the case of commissioner of income-tax v. jaipuria china clay mines (p.) ltd., decided under the provisions of the indian income-tax act, 1922, applies to the instant case under the provisions of the income-tax act, 1961, and that, therefore, the carried forward losses should be deducted first from the current year's .....

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Nov 10 1975 (HC)

Addl. Commissioner of Income-tax, Gujarat Vs. Rohit Mills Ltd.

Court : Gujarat

Decided on : Nov-10-1975

Reported in : [1976]104ITR132(Guj)

..... the assessees and should, therefore, be treated as purely capital expenditure and hence are not allowable as proper deductions under section 37 of the income-tax act. as the assessee failed before the departmental authorities, they approached the appellate tribunal, which relying upon the decision given by the supreme court in ..... wholly and exclusively for the purpose of running their business and are, therefore, allowable as proper deductions under section 37 of the income-tax act, 1961, while the contention of the revenue is that such charges being levied on the basis of the estimated increment in the ..... the payment of the betterment charges to the ahmedabad municipal corporation under the provisions of the town planning act, 1954, made by the assessee was allowable as a deduction under section 37 of the income-tax act, 1961 ?' 2. for the sake of convenience, we shall refer to the facts of only ..... lakshmiji sugar mills co. p. ltd. v. commissioner of income-tax took the view that the expenditure in question was of revenue nature and hence admissible under section 37. being aggrieved by this decision of the ..... act of borrowing the said amount was incidental to theee carrying on of business. this decision hgas obviously no application to the fats of these references. 26. the assessees had also placed reliance upon the decision given by the supreme court in gotan lime syndicate v. commissioner of income-tax. .....

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Aug 25 1975 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Khedut Sahkari Hand Udyog M ...

Court : Gujarat

Decided on : Aug-25-1975

Reported in : [1976]104ITR206(Guj)

..... part of the 'actual cost' of the assets to the assessee within the meaning of the expression in section 10(5) of the indian income-tax act, 1922, and the assessee will be entitled to depreciation allowances and development rebate with reference to such interest also. it was further held by ..... have already observed that question no. (2), in the light of the decision of the supreme court in challapalli sugars ltd. v. commissioner of income-tax, should be answered in the affirmative and in favour of the assessee and against the revenue. 16. the questions will be answered accordingly. there ..... of the calcutta high court and the other of the allahabad high court. 13. mr. patel drew our attention to the provisions contained in the income-tax rules, 1962, and so far as extra-shift depreciation allowance is concerned, the relevant provision is as follows : 'the calculation of the extra ..... second question is concerned, the matter is directly covered now by the decision of the supreme court in challapalli sugars ltd. v. commissioner of income-tax. there the supreme court has laid down that interest paid before the commencement of production on amounts borrowed by the assessee for the acquisition and ..... to refer to the provisions of the relevant rules which were in force, being indian income-tax rules, 1922. under rule 8 it was provided as follows : 'the allowance under section 10(2)(vi) of the act in repect of depreciation of buildings, machinery, plant or furniture shall be at percentage .....

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Oct 09 1975 (HC)

Commissioner of Income-tax, Gujarat Vs. Tensile Steel Ltd.

Court : Gujarat

Decided on : Oct-09-1975

Reported in : [1976]104ITR581(Guj)

..... issued to the assessee-company to show cause why an order should not be made under section 263 of the income-tax act, 1961, for remedying the said error. the additional commissioner after hearing the assessee-company by his order of february 20, 1971, held that ..... interest on this sum amounting to rs. 22,628-09-08. the agricultural income-tax officer disallowed rs. 21,057-15-01, allowing rs. 1,570-10-07 under section 5(k)of the madras plantation agriculture income-tax act since the interest under that section was to be limited to6% or an ..... amount equivalent to 25% or the agricultural income in that year. the assessee carried the matter in appeals to the assistant commissioner of agricultural income-tax and the tribunal without success. ..... appellate tribunal. meanwhile, for the subsequent assessment years, namely, 1965-66 and 1966-67, with which we are concerned in income-tax reference no. 136 of 1974, the income-tax officer excluded the amount of rs. 3,65,040 from the written down value of the machinery and plant. the assessee-company ..... rupee. the assessee-company carried the matter in appeal before the appellate assistant commissioner who dismissed the appeal and affirmed the order of the income-tax officer. the appellate assistant commissioner allowed the payment of interest as revenue expenses. the assessee-company, therefore, also carried the matter pertaining to .....

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Dec 24 1975 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Cambay Electric Supply Indu ...

Court : Gujarat

Decided on : Dec-24-1975

Reported in : [1976]104ITR744(Guj)

..... . 3,500 distributed by the liquidator of the company and received by the assessee as a shareholder, was 'dividend' within the meaning of section 2(6a)(c) of the indian income-tax act, 1922 while considering this question, the court construed the true character of the receipt of rs. 1,570 which was described as 'deemed profit' under section 10(2)(vii) and ..... , in which the tribunal has referred the following two questions for our opinion : '(1) whether the tribunal was correct in holding that the profits under section 41(2) of the income-tax act, 1961, arising from the sale of machinery and bulidings, amounting to rs. 7,55,807 should be taken into account while computing the deduction at 8% under section 80e(1 ..... . this reference raises some interesting, though some what complicated, questions regarding the mode in which and the fund from which deduction of 8% contemplated by section 80e(1) of the income-tax act, 1961 (as it stood at the relevant time), should be calculated. 2. short facts of the case are that the respondent-assessee is an electric supply company working at compay ..... ,658. thus, the total of this unabsorbed depreciation and development rebate came to rs. 4,83,343. 7. the additional commissioner of income-tax having come to know about this assessment took action contemplated by section 263 of the act and called for and examined the record and proceedings, after giving to the assessee an opportunity to show cause why the assessment carried .....

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Oct 06 1975 (HC)

Commissioner of Income-tax, Gujarat Iii Vs. Arvind Narottam Lalbhai Da ...

Court : Gujarat

Decided on : Oct-06-1975

Reported in : [1976]105ITR378(Guj)

..... present reference. this property, 3, gun foundry road, was not in the occupation of a tenant within the meaning of those words in the proviso to section 23 if the income-tax act, 1961. we have already discussed the finding on record that the property was not let at the relevant time. that finding binds us. besides, the facts show, as we have ..... purpose of the capital gains, the fair market value as on january 1, 1954, of rs. 670 per share should be substituted as cost under section 55(2) of the income-tax act, 1961. ultimately, what the assessee was claiming was that the market value of 620 shares at rs. 670 per share as on january 1, 1954, was rs. 4,15,400 ..... . 8. in order to appreciate the rival contentions it is necessary to set out in verbatim the provisions of sections 22 and 23 of the income-tax act, 1961, since they relate to income from house property. under section 22, income from house property is to be calculated in the following manner : 'the annual value of property consisting of any buildings or lands appurtenant thereto ..... calcutta high court has observed at page 477 of the report : 'we shall dispose of the question of municipal taxes as deductions at this stage. the relevant provision which governs this question of municipal tax deduction is the proviso to section 23 of the income-tax act, 1961, whose crucial expression is 'provided that where the property is in the occupation of a tenant'. it .....

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