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Judgment Search Results Home > Cases Phrase: income tax act Court: gujarat Year: 1988 Page 1 of about 21 results (0.083 seconds)

Apr 11 1988 (HC)

Commissioner of Income-tax Vs. Motilal C. Patel and Co.

Court : Gujarat

Decided on : Apr-11-1988

Reported in : [1988]173ITR666(Guj)

..... tribunal ('tribunal' for short), has referred to us for our opinion the following questions under section 256(1) of the income-tax act, 1961 : ' (1) whether, on the facts and in the circumstances of the case, the amount of rs. 66,066 received by the assessee-firm ..... this amount of rs. 66,066 was offered for taxation when the assessee filed its return for the assessment year under reference that is 1973-74. the income-tax officer while framing assessment for the assessment year under reference held that the amount of rs. 66,066 which the assessee had received in s. y. ..... 66,066 received in s. y. 2028, represented the assessee's income earned in s. y. 2028. the income-tax officer, therefore, brought to tax the entire amount of rs. 1,32,132 for the assessment year under reference. 6. the assessee carried the matter in appeal ..... 2027, was merely an advance towards expected profits and, therefore, it did not constitute the assessee's income in s. y. 2027. the income-tax officer was of the view that rs. 66,066 which the assessee had received in s. y. 2027 and the four amounts totaling rs. ..... assessee in its return for the assessment year 1972-73. the assessment for the assessment year 1972-73. was completed by the income-tax officer on september 25, 1973, assessing the assessee's total income at rs. 61,366 after allowing,, deduction of business expenses incurred during s. y. 2027. 5. the assessee received from .....

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Mar 22 1988 (HC)

Commissioner of Income-tax Vs. Harshvadan Mangaldas

Court : Gujarat

Decided on : Mar-22-1988

Reported in : [1992]194ITR136(Guj)

..... or female, does not constitute a family. a family consisting of a single individual is a contradiction in terms. section 2(31) of the income-tax act, 1961, treats a hindu undivided family as an entity distinct and different from an individual. assessment in the status of a hindu undivided family can ..... hindu undivided family comprised of the assessee and his daughter ?' which have been referred to us by the tribunal under section 256(1) of the income-tax act. 2. a few relevant facts leading to this reference deserve to be noted at the outset. the concerned assessment year is 1972-73. the ..... male members. 12. even though the aforesaid decision is rendered in the context of tax liability under the wealth-tax act, the principles laid down therein get squarely attracted to the facts of the present case. even under the income-tax act, the expression 'hindu undivided family' is used in the same sense in which ..... the son remained as a sole coparcener and, therefore, the property which originally belonged to the joint family was required to be assessed to income-tax as property of the son as an individual and not as property of the hindu undivided family consisting of the sons and his own sisters. ..... s 1/3rd share had been allocated to the assessee, his wife and his son, respectively, at the time of each partition. 3. the income-tax officer took the view that whatever property the assessee received as a result of the partial partition would constitute his separate property and that his daughter .....

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Mar 28 1988 (HC)

Garden Silk Weaving Factory Vs. Commissioner of Income-tax

Court : Gujarat

Decided on : Mar-28-1988

Reported in : [1988]172ITR575(Guj)

..... tribunal ('the tribunal' for short) has referred to us for our opinion the following questions under section 256(1) of the income-tax act, 1961 ('the act' for short) : '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in law in rejecting the contention of the assessee that it had ..... as per his assessment order passed on march 14, 1973. the income-tax officer also initiated action for imposition of penalty before completion of the assessment under section 271(1)(c) of the act and as the minimum penalty imposable exceeded rs. 25,000, the penalty proceedings were referred to the inspecting assistant commissioner ..... as it stood at the relevant time, read as under : '271(1). if the income-tax officer or the appellate assistant commissioner, in the course of any proceedings under this act, is satisfied that any person - ... (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall pay by way of penalty, - ... (iii) in ..... rs. 4,18,000 being the penalty levied under the central excises and salt act. it also claimed deduction under section 80j of the act in the last revised return which was filed on february 17, 1973. the income-tax officer ('the i.t.o.' for short) computed the total income of the assessee for the assessment year under reference at rs. 19,17,460 .....

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Mar 28 1988 (HC)

S.L.M. Maneklal Industries Ltd. Vs. Commissioner of Income-tax

Court : Gujarat

Decided on : Mar-28-1988

Reported in : (1988)70CTR(Guj)180; [1988]172ITR176(Guj)

..... for the purpose of computing the profits and gains or the total income under the income-tax act. in our opinion, surtax stands on the same footing as income-tax inasmuch as it is also a tax on the total income computed under the income-tax act after its adjustment under the act. payment of both income-tax and surtax is application of income after it is earned and not an expenditure incurred for the ..... in the manner laid down in the act. it is a levy on the total income computed under the income-tax act after it is adjusted in accordance with the first schedule to the surtax act. computation of income for the purpose of the income-tax act has to precede the assessment of surtax under the act. unless and until computation of total income under the income-tax act is made, the question of chargeable ..... surtax is an expenditure laid out or expended wholly and exclusively for the purpose of the business of the assessee and its deduction is allowable under section 37 of the income-tax act. sub-section (1) of section 37, on which reliance is placed on behalf of the assessee, provides that any expenditure (not being expenditure of the nature described in section 30 .....

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Oct 14 1988 (HC)

B.T.X. Chemicals (P.) Ltd. and ors. Vs. Suraj Bhan and anr.

Court : Gujarat

Decided on : Oct-14-1988

Reported in : (1989)76CTR(Guj)201; (1989)1GLR181; [1989]177ITR425(Guj)

..... for quashing the complaints. 2. lengthy arguments were advances by senior counsel appearing for the rival sides but it appears that what would be punishable under section 276c of the income-tax act would be dishonest intention or a mala fide intention and there should be mens rea for committing a particular crime before an assessee can be prosecuted. all bona fide mistakes ..... , this particular reimbursement made by the insurance company was not reflected with the result that the income-tax officer, while making the assessment, found that there was an attempt to conceal income and reap an advantage by claiming deduction, therefore, proceedings were started under section 276 of the income-tax act as well as also under the provisions of the indian penal code. the petitioners being ..... impunity because this loss of rs. 1,00,112 would have been definitely found out in the next year's opening stock and with the enormous powers with which the income-tax officers are armed for reopening the previous year's assessment, this would certainly have been found out. so, ultimately, it would not have resulted in any advantage to the assessee ..... made by an assessee while filling in the income-tax return forms would not necessarily amount to an intention to commit a crime and if section 276c were to be used for penalising every delinquent assessee on that score, it .....

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Mar 29 1988 (HC)

Commissioner of Income-tax Vs. Sarladevi Sarabhai Trust-no. 2

Court : Gujarat

Decided on : Mar-29-1988

Reported in : (1988)70CTR(Guj)185; [1988]172ITR698(Guj)

..... the question whether donation given by one charitable trust to another trust would be covered by the provisions of section 4(3) of the indian income-tax act, 1922, which is the forerunner of section 11 of the income-tax act, 1961. the calcutta high court, speaking through sabyasachi mukharji j., in terms, held that the assessee donor trust was entitled to exemption under section 4 ..... ., that (headnote of 59 itr 582) : 'the words `applied or finally set apart for application' in the second part of clause (i) of section 4(3) of the income-tax act indicated that unless the income from the property was applied or finally set apart for religious or charitable purposes within the taxable territories, it did not earn the exemption. a different meaning should ..... )(h) read with section 13(3) and explanation thereto and, hence, the assessee was not entitled to exemption under section 11 in vies of section 13(2)(h) of the income-tax act, 1961 ?' 2. it will be necessary to have a quick glance at the factual backdrop for understanding the controversy reflected by these questions. 3. the assessee in a public charitable ..... held that the assessee was entitled to exemption in view of section 11 of the income-tax act, 1961 ('the act' for short), as applicable at the relevant time. the commissioner of income-tax, however, felt otherwise and issue a notice under section 263 of the act as he noted that the income of the trust was utilised directly or indirectly for the benefit of the prohibited categories .....

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Apr 30 1988 (HC)

Commissioner of Income-tax Vs. Rajesh Textile Mills Ltd.

Court : Gujarat

Decided on : Apr-30-1988

Reported in : (1988)71CTR(Guj)65; [1988]173ITR179(Guj)

..... towards expenditure on motor cars given to its managing directors for their use at bombay. he had disallowed this amount under the provision of section 40a(5) of the income-tax act, 1961 ('the act' for short), being the actual expenditure incurred by the assessee on this car plus depreciation. in appeal, the appellate assistant commissioner, following the decision of the tribunal in an ..... concerned with an entirely different problem. this court in the said decision was concerned with the ambit and scope of section 40(a)(v) and section 40(c) of the income-tax act, 1961, as were in force in the relevant assessment year 1969-70. in those days, there was no such provision like section 40a(5). section 40(a)(v) dealt with ..... valuing car perquisites in respect of the car given by the assessees for use to its two directors at rs 6,000 under section 40(5)(a)(ii) of the income-tax act, 1961, and in deleting the addition of rs. 33,809 out of the total addition of rs. 39,809 being the actual expenditure incurred by the assessee on account of ..... . whether the expenditure of rs. 2,810 being the value of canteen coupons to guests and technicians is disallowable under section 37(2b) of the income-tax act, 1961 ?' 2. the facts leading to this reference may be noted at the outset. the assessee is a textile mill. the year of assessment is 1972-73. so far as .....

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Apr 18 1988 (HC)

Commissioner of Income-tax Vs. Insaniyat Trust (Now Merged with Sarabh ...

Court : Gujarat

Decided on : Apr-18-1988

Reported in : (1988)71CTR(Guj)145; [1988]173ITR248(Guj)

..... in the course of the assessment for the assessment year 1973-74 was whether this dividend income of rs. 3,636 was exempt from payment of income-tax under section 11 of the income-tax act, 1961 ('the act' for short). the other questions which arose for consideration before the income-tax officer in the course of the assessment are not relevant for the purpose of the present reference ..... trust 2. whether the burden lay on the revenue to show that the provisions of section 13(1)(c) of the income-tax act applied to the case of the assessee in view of explanation (3) to that section 3. whether the income-tax appellate tribunal was right in law in holding that the case of the assessee was not hit by the provisions of ..... . the income-tax officer took the view to the effect that the provisions of section 13(2)(h) read ..... are referred to us for our opinion under section 256(1) of the act : '1. whether the income-tax appellate tribunal was right in law in holding that the condition precedent in section 13(2)(h) of the income-tax act is not fulfilled in this case because that condition requires a positive act on the part of the trustees to invest the funds of the trust .....

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Apr 19 1988 (HC)

Commissioner of Income-tax Vs. Ambalal Sarabhai Trust No. 3

Court : Gujarat

Decided on : Apr-19-1988

Reported in : (1988)71CTR(Guj)30; [1988]173ITR683(Guj)

..... and in the circumstances of the case, the appellate tribunal has been right in law in holding that the provisions of section 11(1a) of the income-tax act, 1961, are applicable and consequently the capital gain resulting from sale of shares is exempt 2. whether the finding of the appellate tribunal that since the ..... that it had really accrued to the seller, on account of the sale transaction in question. it is because this explanation was not noticed by the income-tax officer, that he was prompted to take the view to the effect that share in accounts was not covered by the sweep of section 11(1a ..... 90% of the sale consideration was utilised by the assessee trust for acquiring another capital asset. hence, the benefit of section 11(1a), according to the income-tax officer, was not available to the trust. 3. on appeal, the commissioner (appeals) held to the contrary. he took the view that the provisions of ..... far as 90% of the sale consideration was concerned, the same was allowed to be kept with the purchaser as fixed deposit on interest. the income-tax officer took the view that this 90% of the sale consideration can be said to be the unpaid purchase price for the payment of which the ..... above shares had been received by way of donation whereas some of the shares were received by bonus accretion to the above mentioned shares. the income-tax officer sought to compute the capital gains on the above sales of shares. the assessee trust claimed before him that the amounts received on account of .....

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Oct 14 1988 (HC)

Ashwini Kumar Vadilal Patel (Dalal) Vs. P.T. Mehta, Income-tax Officer ...

Court : Gujarat

Decided on : Oct-14-1988

Reported in : (1989)77CTR(Guj)216; (1989)1GLR347; [1989]178ITR385(Guj)

..... by the raiding party, and who could not render satisfactory explanation regarding some of the items so seized, has been prosecuted for an offence punishable under section 276c of the income-tax act, 1961, as well as section 195 of the indian penal code. he has prayed that the said proceedings be quashed inasmuch as he has approached the settlements commission and the ..... court in ashvin kumar vadilal patel v. s. rajguru : [1987]165itr583(guj) , and it is this that in the instant case, the settlement commission has recorded a finding that no income has been concealed and none is likely to be established to have been concealed. if the proceedings were to be allowed to continue and a decision allowed to be rendered .....

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