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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: gujarat Year: 1985 Page 1 of about 54 results (0.058 seconds)

Dec 09 1985 (HC)

Baroda Cement and Chemicals Ltd. Vs. Commissioner of Income-tax

Court : Gujarat

Decided on : Dec-09-1985

Reported in : (1986)53CTR(Guj)260; [1986]158ITR636(Guj)

..... contract to purchase a property be regarded as a loss arising from sale, exchange, relinquishment or transfer of a capital asset within the meaning of section 2(4a) of the income-tax act.' 35. these observations lend support to the submission that payment by way of compensation or damages is distinct from consideration paid for complying with the contract. 36. counsel for the ..... the assessee's right to acquire the subject-matter, an intangible asset, and was, therefore, covered by section 2(47) read with section 45 of the income-tax act, 1961 (for short 'the act'), and was liable to tax as short-term capital gain. in appeal, the appellate assistant commissioner held that the agreement did not bring into existence any capital asset or any right ..... as a business loss and alternatively a capital loss. the assessee claimed that this loss should be allowed in the computation of its business income or as set-off against other income, respectively, under section 12b of the indian income tax act, 1922. the high court held that the payment was in substance to avoid the obligation to purchase the property and was not in ..... section 45 to be the subject of the charge. this inference flows from the general arrangement of the provisions in the income-tax act, where under each head of income the charging provision is accompanied by a set of provisions for computing the income subject to that charge. the character of the computation provisions in each case bears a relationship to the nature of the .....

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Nov 07 1985 (HC)

Commissioner of Income-tax Vs. Saurashtra Cement and Chemicals Industr ...

Court : Gujarat

Decided on : Nov-07-1985

Reported in : (1986)56CTR(Guj)172; [1987]163ITR258(Guj)

..... : '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee was entitled to relief under section 80g of the income-tax act, 1961, in respect of rs. 11,595 for the assessment year 1970-71 and rs. 991 for the assessment year 1971-72 being the value of cement donated by the ..... . similarly, in the second year, the assessee donated cement valued at rs. 991 to arya kanya mahavidyalaya, baroda. in both the assessment years, the income-tax officer held that the assessee's claim under section 80g of the income-tax act, 1961, for donation was not entertainable, as the donation should be in cash only. the assessee being aggrieved by the said order, carried the ..... were donations of cash, it was held that the donations were not entitled to deduction under section 80g of the income-tax act. 13. on perusal of the income-tax officer's order, it is clear that the claim is disallowed under section 80g of the act for donation given in kind of the collector, surat, for flood affected area of surat district. when the matter ..... matter before the appellate assistant commissioner, who allowed the assessee's claim on this aspect relying on the decision in cit v. bangalore woollen, cotton and silk mills co .....

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Nov 05 1985 (HC)

Commissioner of Wealth-tax Vs. Kasturbhai Mayabhai

Court : Gujarat

Decided on : Nov-05-1985

Reported in : (1986)51CTR(Guj)309; [1987]164ITR107(Guj)

..... section is appealable to the appellate tribunal. section 27 provides for a reference to the high court and is in substance akin to section 256 of the income-tax act. 4. the rule-making power is contained in section 46. section 46(1) is the repository of the rule-making power to be exercised for ..... in the appellate order. 36. in karsandas bhagwandas patel's case : [1975]98itr255(guj) , it was observed that the order of assessment made by the income-tax officer merges in the order of the appellate assistant commissioner only in so far as it relates to items considered and decided by the latter. the following observations ..... 12. sub-section (1) of section 7 opens with the words 'subject to any rules made in this behalf' which were added by the wealth-tax (amendment) act, 1964, with effect from april 1, 1965. section 46(2) empowers the board to make rules providing for the manner in which the market value of ..... so as to prejudicially affect the interests of assessees. sub-section (3) of section 46 in its present form came to be substituted by the direct taxes (amendment) act, 1974, with effect from august 18, 1974. prior thereto, the sub-section read that the power to make rules shall on the first occasion of ..... fetch if sold in the open market on the valuation date.' 2. the words 'subject to any rules made in this behalf' were substituted by the wealth-tax (amendment) act, 1964, with effect from april 1, 1965. sub-sections (2), (3) and (4) of section 7 are in the nature of exceptions to sub- .....

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Oct 25 1985 (HC)

Commissioner of Income-tax Vs. M.K. Brothers

Court : Gujarat

Decided on : Oct-25-1985

Reported in : [1987]163ITR249(Guj)

..... the assessee and added the same for the purpose of assessment. since the assessee had concealed the particulars of his income, the income-tax officer initiated penalty proceedings under section 271(1)(c) of the income-tax act and referred the matter to the inspecting assistant commissioner. 6. the assessee challenged the order of assessment in appeal before the appellate assistant commissioner. the ..... doing business of manufacturing of spindles and machinery spare parts which are used in textile mills. during the course of assessment proceedings, it came to the notice of the income-tax officer that the assessee had alleged to have made some purchases of pig iron, scrap and spindle steels from m/s. alwin textile traders, m/s. brijesh engineering ..... whether, on the facts and in the circumstances of the case, the appellate tribunal was justified in law in deleting the addition of rs. 52,254 added by the income-tax officer as the income of the assessee ?' 2. the facts leading to the present reference briefly stated are as follows : 3. the relevant assessment year is 1971-72. the assessee is ..... appellate assistant commissioner found that the assessee had not been able to produce the parties and, therefore, the burden was not discharged. he also found that the income-tax officer had sufficient .....

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Oct 23 1985 (HC)

Commissioner of Income-tax Vs. Shantilal Rugnathji Desai

Court : Gujarat

Decided on : Oct-23-1985

Reported in : [1987]163ITR245(Guj)

..... in holding that the conversion of proprietary business into partnership business by the assessee did not amount to a transfer within the meaning of section 34(3)(b) of the income-tax act, so as to warrant withdrawal of the development rebate allowed in the original assessment ?' 3. for reasons which we shall presently indicate, we are of the opinion, that the aforesaid ..... eight years from the end of the previous year in which it was acquired or installed, any allowance made under section 33 or under the corresponding provisions of the indian income-tax act, 1922 (11 of 1922), in respect of that ship, machinery or plant shall be deemed to have been wrongly made for the purposes of this ..... share in a rupee in the profit and loss thereof. in the assessment year 1972-73, the income-tax officer learned about the conversion of the proprietary business into a partnership one, whereupon he invoked section 34(3)(b) of the income-tax act, 1961 (hereinafter called 'the act'), which provides as under : '(b) if any ship, machinery or plant is sold or otherwise transferred by ..... section 33, the development rebate originally allowed shall be deemed to have been wrongly allowed and the income-tax officer may, notwithstanding anything contained in the act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment. accordingly, the income-tax officer ordered withdrawal of the development rebate allowed earlier in view of section 34(3)(b) read with .....

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Oct 23 1985 (HC)

Commissioner of Income-tax Vs. Ganga Charity Trust Fund

Court : Gujarat

Decided on : Oct-23-1985

Reported in : (1986)53CTR(Guj)365; [1986]162ITR612(Guj)

..... charitable or religious objects, it is the surplus realised or available on commercial principles that has to be taken into consideration and not as per the provisions of the income-tax act, is correct in law 3. in the subsequent assessment year 1972-73, the assessee changed to the cash system of accounting. it submitted a return showing a deficit of rs. ..... rs. 76,972 by way of deduction as an amount applied for charitable purposes under section 11(1)(a) of the income-tax act, 1961 (hereinafter called 'thejact'). in that year, the assessee was following the mercantile system of accounting. the income-tax officer refused the deduction whereupon the assessee carried the matter in appeal before the appellate assistant commissioner. the appellate assistant commissioner ..... under : '(1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that income-tax liability for an amount of rs. 76,972 should be allowed as deduction under section 11(1)(a) of the income-tax act, 1961 and (2) whether the finding of the tribunal that in order to give meaning to ..... the expression 'income', the deduction of income-tax liability must be taken as an outgoing before the surplus could be ascertained and that while determining the 'income' or the surplus available to the trust for the purpose .....

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Oct 18 1985 (HC)

Kaira District Co-operative Milk Producers' Union Ltd. Vs. Commissione ...

Court : Gujarat

Decided on : Oct-18-1985

Reported in : (1986)55CTR(Guj)208; [1986]162ITR496(Guj)

..... included in the computation of capital employed in those undertakings to compute the capital for purposes of relief under section 84 off the income-tax act, 1961, read with rule 19 of the income-tax rules ?' 10. relevant for the assessment year 1968-69 : '(8) whether the tribunal was right in law in holding ..... deducted under rule 19a(3) while computing the capital employed for the purposes of deduction under section 80j of the income-tax act, 1961 ?' 9. relevant for the assessment year 1966-67 only : '(6) whether, on the facts and in the circumstances of the case, ..... entitled to take into account the amount of such grant-in-aid in computing the capital employed for purposes of deduction under section 80j of the income-tax act (5) whether on the facts and in the circumstances of the case, the tribunal was right in holding that debts and liabilities should be ..... entitled to take into account the amount of such grant-in-aid in computing the capital employed for purposes of deduction under section 84 of the income-tax act (3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that debts and liabilities should be ..... was right in holding that the assessee was not entitled to deduction for items wrongly capitalised in the earlier years under section 32(1)(iii) of the income-tax act, 1961 ?' 7. relevant for the assessment years 1966-67 and 1967-68 : '(2) whether, on the facts and in the circumstances of the .....

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Oct 10 1985 (HC)

Association of Officers G.S.F.C., Baroda and ors. Vs. Gujarat State Fe ...

Court : Gujarat

Decided on : Oct-10-1985

Reported in : (1986)1GLR356; (1986)IILLJ238Guj

..... company was not serious about carrying out the abovesaid objects and that they were inserted only for the purpose of obtaining certain benefits under the income-tax act. 15. the articles of association of the company also provide for audit of the company's accounts by the comptroller and auditor general of ..... inserted at the instance of the government of gujarat. it was urged that the aforesaid objects were inserted only to get some benefit under the income-tax act. i am not prepared to believe that the company would insert the objects in the memorandum of association without any intention to carry out ..... the uplift of the public in any rural development : and that the words 'rural area' shall include such areas under s. 35cc of the income-tax act, 1961, or any other law relating to rural development for the time being in force and in order to implement any of the above mentioned ..... those objects and only with a view to getting some benefits under the income-tax act. if there was no intention to carry out the objects and the object was only to get the benefit of income-tax act, it is obvious that insertion of the above objects was not honest to say the ..... instrumentality or agency of the corporation was resorted to in these cases having regard to the nature of the task to be performed. the corporation acting as instrumentality or agency of government would obviously be subject to the same limitations in the field of constitutional and administrative law as government itself .....

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Oct 09 1985 (HC)

Commissioner of Income-tax Vs. Imtiaz U. Digmar

Court : Gujarat

Decided on : Oct-09-1985

Reported in : (1986)51CTR(Guj)175; [1987]163ITR229(Guj)

..... the decision of the tribunal, that there was no gross or wilful neglect on the part of the assessee. he, therefore, set aside the income-tax officer's order imposing penalty under section 271(1)(c) of the act. the revenue, therefore, approached the tribunal in appeal. the tribunal dismissed the appeal following its earlier decision on which the appellate assistant commissioner has ..... was guilty of concealment and had filed a return containing incorrect particulars. in the opinion of the income-tax officer, the assessee's case fell within the explanation to section 271(1)(c) of the act and accordingly the income-tax officer imposed a penalty of rs. 20,000. the assessee carried the matter in appeal before the appellate assistant commissioner ..... rs. 4,137, the assessee stated in part-iv of the return that he had received an amount of rs. 19,499 as prize from a crossword competition. the income-tax officer completed the assessment under section 144 of the act in view of the default committed by the assessee in complying with the notice served on him under section 142 of the ..... act. the total income computed was rs. 25,586. the income-tax officer also initiated proceedings for imposition of penalty for concealment of income under section 271(1)(c) of the act. a show-cause notice was issued, but the assessee failed to respond thereto. the income-tax officer, therefore, came to the conclusion that the assessee .....

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Oct 08 1985 (HC)

Commissioner of Income-tax, Gujarat-ii Vs. Ahmedabad Maskati Cloth Dea ...

Court : Gujarat

Decided on : Oct-08-1985

Reported in : (1986)50CTR(Guj)283; [1986]162ITR142(Guj)

..... society from letting out the shops to the licensee members who were carrying on business in cloth is clearly exempt under the provisions of section 80p(2)(e) of the income-tax act, 1961 ?' 7. we are called upon to answer this common question which is referred to us in all the three cases. 8. before we proceed to answer the question on ..... act'). alternatively, the assessee contends that the income to the extent of rs. 20,000 would be deductive under ..... clause(c) of sub-section(2) of section 80p of the act. 2. it appears that the assessee ..... are prohibited by law. the income derived by way of license fee from the members to whom the shops came to be allotted by the assessee was sought to be taxed by the income-tax officer. the contention of the assessee is that the said income is deductible from the gross total income by virtue of section 80p(2)(e) of the income-tax act, 1961 (hereinafter called 'the .....

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