Court : Gujarat
Decided on : Feb-05-1980
Reported in : 126ITR1(Guj)
..... or other assets which have not been or which ought to be disclosed by the transferee for purposes of the indian income-tax act, 1922, the income-tax act, 1961, or the wealth-tax act, 1957. the rules of evidence set forth in the preceding paragraph will apply at the stage of initiation of proceedings also ..... year, the actual cost to the assessee less all depreciation actually allowed to him under this act, or under the indian income-tax act, 1922 (11 of 1922), or any act repealed by that act, or under any executive orders issued when the indian income-tax act, 1886 (2 of 1886) was in force ......... : ' 18. explanation 2 to ..... for or attributable to an asset exceeds the written down value of the asset, proviso (ii) to section 10(2)(vii) of the indian income-tax act, 1922, would ex facie be attracted. where the person carrying on the business transfers the assets to a company in consideration of allotment of ..... shown as a profit on the sale of the stock-in-trade, and assessed the appellant upon it for income-tax under the land and income tax act, 1916, of new zealand, which imposes the tax on all profits or gains derived from any business. ' the privy council decided the case in favour of ..... other assets, which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957), the competent authority may, subject to the provisions of this chapter, initiate proceedings for the .....Tag this Judgment!
Court : Gujarat
Decided on : Feb-25-1980
Reported in : (1980)16CTR(Guj)337
..... majority of the judges who heard the matter in the supreme court, observed at page 49 :' the word ' earned ' has not been used in section 4 of the income-tax act. the section talks of ' income, profits and gains ' from whatever source derived which (a) are received by or on behalf of the assessee, or (b) accrue or arise to the assessee in the ..... so far as the retention remuneration is concerned is whether within the meaning of section 9(1)(ii) of the act the retention remuneration can be said to be salary earned in india. under section 15 the following income shall be chargeable to income-tax under the head ' salaries--(a) any salary due from an employer or a former employer to an assessee in ..... whether in the light of the provisions of the i.t. act, 1961, the decision of the tribunal was correct. section 4 of the i.t. act is the charging section and it provides :' where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that ..... year in accordance with, and subject to the provisions of, this act in respect of the total income of the previous year or previous years, as the case .....Tag this Judgment!
Court : Rajasthan
Decided on : Feb-27-1980
Reported in : (1980)15CTR(Raj)317; 125ITR55(Raj); 1980(13)WLN311
..... in view of the certificate granted by the commissioner of income-tax under section 80g of the income-tax act, 1961, the income of m/s. umaid charitable trust, pali was entitled to exemption under section 11 of the income-tax act, 1961, read with section 2(15) of the same act for the assessment years 1967-68, 1968-69 and 1969 ..... -69, 1969-70 and 1970-71, the assessee, umaid charitable trust, pali-marwar has also submitted applications under section 256(2) of the act, which have been registered as income-tax cases nos. 211/1975, 212/1975, 213/1975 and 232 of 1976, respectively, and it has been prayed that the tribunal may be directed ..... in respect of the assessment years 1967-68, 1968-69 and 1969-70, and held that the assessee was entitled to exemption from income-tax under sections 2(15) and 11 of the act. a copy of the aac's order has been placed on the record and is marked annex. ' e ' (reference no. ..... of 1975 and 29 of 1976 as well as four applications under section 256(2) of the i.t. act, 1961 (hereinafter referred to as 'the act'). both the references have been made by the income-tax appellate tribunal, jaipur bench, at the request of the assessee, umaid charitable trust, pali-marwar. reference no. 14 ..... and against the revenue.21. in view of our decision of the question referred to us in the two references, the income-tax cases under section 256(2) of the act have become infructuous and are hereby dismissed as such. the parties are left to bear their own costs in all the cases. .....Tag this Judgment!
Court : Chennai
Decided on : Jan-03-1980
Reported in : (1980)17CTR(Mad)332; 127ITR730(Mad)
..... under section 147(a) of the income-tax act, 1961, was not justified ?' 2. the assessee is an association originally registered as 'the south india motors union' on july 24, 1911, under s. 26 of ..... of the case, it has been rightly held that the object of the assessee fell within the definition of section 2(15) of the act, and, therefore, the assessees entitled to exemption under section 11 of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that there was no omission ..... the companies act, 1882. its name was subsequently changed to'automobile association of southern indian, madras'. the main objects of the association were as follows : 'to encourage and develop ..... or failure on the part of the assessee by reason of it having declared its status as an 'association of persons' instead of company and therefore, reopening of the assessment made by the income-tax officer .....Tag this Judgment!
Court : Chennai
Decided on : Dec-17-1980
Reported in : 142ITR718(Mad)
..... regard to the nature of the question of law, which is in the following terms : 'whether it has been rightly held that the income of the trust would be entitled to exemption under s. 11 of the income-tax act, 1961 ?' 31. it cannot be disputed that the discussion of the case as it proceeded before the tribunal was on the question of the ..... application for charitable purposes. 4. in this reference made by the tribunal at the instance of the commissioner of income-tax, the question for our consideration it whether the income of this trust in exempt from tax under s. 11 of the i.t. act 1961. it is clear that the question falls to be decided on a construction of the deed of trust executed ..... by itself involve the carrying on of any activity for profit is a qualifications which has been added when our income-tax statute was re-codified under the i.t. act of 1961. 17. this definition of 'charitable purpose' under the i.t. act, 1961, had often been the subject of judicial consideration. in the latest of a line of decisions of the supreme ..... letting out of dharmaprakash as a marriage mansion and the income derived from the printing press must be charged to income-tax in the relevant assessment years. the trustees of ganga bai charities, however, contended that the income would stand excluded from the purview of taxation under s. 11 of the i.t. act, 1961, as income derived from the property held wholly for public, religious .....Tag this Judgment!
Court : Chennai
Decided on : Apr-10-1980
Reported in : (1980)19CTR(Mad)236; 132ITR97(Mad)
..... computing the total income of any individual there shall be included all such income as arises directly or indirectly to the spouse of such individual from assets transferred ..... accounting years ending march 31, 1971 and march 31, 1972, have to be assessed as income of the assessee for the assessment years 1971-72 and 1972-73, respectively under sections 64(2)(b) and 64(2)(c) of the income-tax act, 1961 ?' 3. under the processions of s. 64, as it them existed, in ..... to the share of the spouse and any minor son of the member in the family property will also be treated for the purpose of income-tax as the income of the member. the explanation defined the interest to the spouse or any minor son of the individual in the property of the family ..... the country and by custom it was held that this principle is not applicable, since the income-tax law is an all india enactment, hindu law should be interpreted in such a way, in so far as the income-tax provisions are concerned, as does not make any distinction between one area and the other. in ..... their connection, the learned counsel for the revenue relied on the non obstinate clause in clause (2) of s. 64, where it is stated 'notwithstanding anything contained in any other provision of this act or in .....Tag this Judgment!
Court : Chennai
Decided on : Jan-11-1980
Reported in : (1980)18CTR(Mad)56; 129ITR597(Mad)
..... company's car by the director could not be a perquisite or benefit within the meaning of section 2(24) of the income-tax act, 1961, and that, therefore, it cannot be assessed as the income of the assessee ?' 2. the assessee is an huf. in the assessment year 1970-71 there was an addition of rs ..... with which the assessee in kulandaivelu konar's case : 100itr629(mad) wanted to take the plea that an unauthorised benefit is not income would clearly go to show that tax-evaders are likely to exploit the principle of the earlier decision to their nefarious advantage. the question whether a person by unauthorisedly enjoying the benefits ..... that the free use of car by the director could not be perquisite within the meaning of s. 2(24)(iv) of the act and could not be assessed as the income of the assessee. the revenue was unable to distinguish that case from the facts of the present case, therefore, the tribunal, following its ..... , 1968-69 and 1969-70 were not perquisites under the provisions of s. 2(24)(iv) of the i. t. act, 1961, and, therefore, the amounts could not be assessed as the income of the assesse ' in these cases, the tribunal will have to go into the question whether there has been any benefit ..... be a perquisite or benefit within the meaning of s. 2(24) of the i. t. act, 1961, and that, therefore, it cannot be assessed as the income of the assessee. on this point, in the light of the decision in cit v. p. r. ramakrishan : 124itr545(mad) , it would follow that there could be .....Tag this Judgment!
Court : Chennai
Decided on : Mar-10-1980
Reported in : (1980)19CTR(Mad)270; 131ITR415(Mad)
..... not arise from business or the exercise of a profession or occupation by the assessee and, therefore, exempt from taxation under section 10(3) of the income-tax act ?' 2. the tribunal, in their stated case, have given us a vivid account of the circumstances in which the receipt in question came about. the ..... dept. appealed against this order to the tribunal, contending that the receipt was not casual in nature, exempt as such from income-tax under s. 10(3) of the act, but was assessable as income. the tribunal negatived this contention. they pointed out that the receipt of money by the assessee was rendered possible by the ..... it held that the sum of rs. 37,770 received by the assessee by sale of water from her well is exempt from income-tax under s. 10(3) of the act. the question of law referred to us is, accordingly, answered in favour of the assessee. the assessee will have her costs. counsel ..... 4. the assessee appealed against this assessment, saying that the receipts were casual receipts and they could not be treated as chargeable to income-tax. the aac accepted this contention and deleted the amount from the assessment. he said that the money which the assessee got was the ..... balasubrahmanyan, j.1. in this reference made by the income-tax appellate tribunal, madras, at the instance of the commissioner of income-tax, madras, under s. 256(1) of the i.t. act, 1961, the following question of law had been referred for our opinion : 'whether, on the facts and in the circumstances of .....Tag this Judgment!
Court : Chennai
Decided on : Aug-07-1980
Reported in : 146ITR310(Mad)
..... 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the weighted deduction under section 35b of the income-tax act, 1961, of rs. 56,960 ?' 5. the ito denied the allowance claimed by the assessee-firm under s. 35b. his main reason was that there ..... the design and construction of the spinning and weaving mill at colombo. the officer also envisaged that the assessee would not have to pay any income-tax whatever when the final reckoning of the results of their contract with the ceylon part proved to be a profit and that profit was brought to ..... weaving mill at colombo. this entailed travel expenses to the extent of rs. 44,970. 2. in connection with their firm's assessment to income-tax for the relevant assessment year 1972-73 the assessees claimed that they were entitled not only to a deduction of the actual travelling expenses to and ..... the assessee-firm might any day become eligible for relief under s. 80-o of the i.t. act. this latter provision gives an out-and-out tax exemption to a resident assessee who earns income abroad from the activity of making available his industrial, commercial, or scientific knowledge or from allowing the ..... the higher income-brackets, was grudgingly recognised as a disincentive not only to productive effort generally, but to export trade in particular. it was apparently thought that even within the framework of the i.t. act ways and means must and could be found to advance the export promotion, by provisions as tax exemption, .....Tag this Judgment!
Court : Chennai
Decided on : Jan-23-1980
Reported in : 127ITR481(Mad)
..... . puthuthottam estates (1943) ltd., pollachi, is an assessee on the books of the agricultural income-tax officer, coimbatore, under the tamil nadu agricultural income-tax act and is assessed to agricultural income-tax in g.i.r. 2-p. he is also an assessee under the central income-tax act on the file of the income-tax officer, coimbatore. it is brought to my notice that the assessee-company is engaged only ..... finance bill, 1965, which are published in  55 itr 106 in its statutes section. the relevant passage are : 'clause 9 seeks to insert a new section 33a in the income-tax act. under this section, a deduction by way of development allowance equivalent to 40 per cent. of the actual cost of planting of tea in new areas and 20 per cent ..... green leaf tea, as he was not mun ufacturing tea, and that the assessee is not entitled to the development allowance us. 33a under the central income-tax act, since the entire income from tea is assessed as agricultural income. i am bringing this to your notice for suitable action in this case.' 8. the ito got a copy of this letter, and reopened the ..... assessee grew tea and also manufactured it. if the assessee merely grew tea and did not manufacture them, the income earned by it by the sale of green tea is not likely to come into the process of assessment under the central income-tax act. the legislature cannot be taken to have intended to give a benefit which is not likely to come within .....Tag this Judgment!