Court : Gujarat
Decided on : Mar-22-1988
Reported in : 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 .....Tag this Judgment!
Court : Gujarat
Decided on : Mar-28-1988
Reported in : 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 .....Tag this Judgment!
Court : Gujarat
Decided on : Apr-19-1988
Reported in : (1988)71CTR(Guj)30; 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 .....Tag this Judgment!
Court : Rajasthan
Decided on : Aug-10-1988
Reported in : 186ITR144(Raj); 1988(2)WLN588
..... instalments, the last instalment having been deposited in february, 1988. in march, 1988, a complaint under section 276cc read with section 278b of the income-tax act, 1961, was made before the chief judicial magistrate (economic offences), jaipur, and on this complaint, the learned chief judicial magistrate directed that non ..... of the petitioners not facing the trial. it is also contended that the reasons for latefiling the return were submitted before the income-tax authorities and there was no mala fide intention on their part. it is contended that the issue of non-bailable warrants in such a ..... they have moved this court under section 438, criminal procedure code. 3. learned counsel for the petitioners has contended that this is a case where the income-tax which was due has been deposited in full and now the offence, if any, is of a technical nature and there is no likelihood ..... petitioners should appear before the chief judicial magistrate (economic offences), jaipur, and apply for grant of bail and prior notice be given to the income-tax department as to when they were appearing before that court and till such surrender the non-bailable warrants shall not be executed. 2. in pursuance ..... into bailable warrants. the relevant factors for deciding the bail application in cases of this type would be the deposit or non-deposit of tax as assessed, whether returns before and after submission of the delayed return were submitted within time, what is the extent of the amount, due .....Tag this Judgment!
Court : Rajasthan
Decided on : Aug-29-1988
Reported in : (1988)73CTR(Raj)152; 185ITR586(Raj); 1988(2)WLN143
..... law in holding that the assessee is entitled to relief under section 91(1) of the income-tax act, 1961, on the full amount of tax deducted at source of rs. 16,413 in the foreign country ?' 2. the relevant assessment year is 1976-77. during the relevant period, the assessee, a medical ..... case : 88itr169(sc) , which is the sheet anchor of the argument of learned counsel for the assessee. this decision was rendered in relation to section 49d of the indian income-tax act, 1922 ('the 1922 act'), corresponding to section 91(1) of the income-tax act, 1961. it may be mentioned at the outset that there was no provision corresponding to section 80rra of the 1961 ..... it is only that amount of the foreign income which is included once again in the income on which the indian income-tax is payable which can be characterised as doubly taxed. accordingly, it is only the tax already paid on that part of the foreign income which is included once again in the income and is taxed again under the indian income-tax act which is required to be deducted for ..... j.s. verma, c.j. 1. this is a reference under section 256(1) of the income-tax act, 1961, ('the act'), at the instance of the revenue to answer the following question of law, namely : 'whether, on the facts and in the circumstances of the case, the tribunal was right in .....Tag this Judgment!
Court : Rajasthan
Decided on : May-06-1988
Reported in : 179ITR416(Raj); 1988(2)WLN67
..... section 80g of the income-tax act, 1961, on charity and donations amounting to rs. 22,557 ?' 2. the relevant assessment year is 1972-73.3. the assessee claimed certain deductions as business ..... 2,000 and rs. 7,000 incurred by the assessee was not in the nature of entertainment and was, therefore, not hit by section 37(2b) of the income-tax act, 1961 ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessee is entitled to deduction under ..... j.s. verma, c.j. 1. this reference under section 256(1) of the income-tax act, 1961, at the instance of the revenue is to answer the following questions of law, namely : --'1. whether, on the facts and in the ..... attracted since the assessee had declared a loss for that year. the appellate. assistant commissioner affirmed the view of the income-tax officer. however, the tribunal held in favour of the assessee on both these points. hence, this reference at the instance of the revenue.4. the point ..... as charity and donation to a charitable trust under section 80g of the act. it may be mentioned that, according to the return filed by the assessee, it had incurred loss during that year and there was no taxable income earned by it. the income-tax officer repelled both the contentions. he held that section 80g was not .....Tag this Judgment!
Court : Rajasthan
Decided on : Aug-08-1988
Reported in : 175ITR24(Raj)
..... the supreme court decision in ganesh dass sreeram v. ito : 169itr221(sc) . it was held by the supreme court that whore the advance tax covers the entire amount of tax assessed by the income-tax: officer under the income-tax act, there is no question of charging the registered firm with interest even though the return is filed by it beyond the time allowed. following this ..... relevant, assessment year is 1977-78. the assessee i.s a registered firm. after taking into account the advance tax paid by the assesses and the tax deducted at source, no tax was payable. however, the income-tax officer charged interest under section 139(8) of the income-tax act, 1961, for late submission of the return. the assessee disputed its liability for payment of interest. in the ..... appeal filed before the commissioner of income-tax (appeals), the assessee's contention was accepted by the commissioner of income-tax. the tribunal has upheld .....Tag this Judgment!
Court : Rajasthan
Decided on : Aug-12-1988
Reported in : (1988)73CTR(Raj)230; 175ITR317(Raj); 1988(2)WLN330
..... in this case on the assessee, a registered firm, because it has no tax liability within the meaning of sub-clause (b) read with the explanation to clause (i) of section 271( ..... 1)(a) of the income-tax act, 1961 ?'2. the relevant assessment year is 1978 79. the assessee was a registered firm which was required to file the return on or ..... 256(1) of the income-tax act, 1961 ('the act'), at the instance of the revenue to decide the following question of law, namely :'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that no penalty under section 271(1)(a) of the income-tax act, 1961, is leviable ..... ground of late filing of the return under section 271(1)(a)(i)(b) read with section 139(1) of the act. the income-tax officer rejected the assessee's contention that since there was no 'assessed tax' according to its meaning given in the explanation to sub-clause (i)(b) of clause (a) of sub-section ..... section 271(1)(a)(i)(b) is as under :'271. failure to furnish returns, comply with notices, concealment of income, etc.--if the income-tax officer or the appellate assistant commissioner, in the course of any proceedings under this act, is satisfied that any person- (a) has without reasonable cause failed to furnish the return of total .....Tag this Judgment!
Court : Chennai
Decided on : Feb-22-1988
Reported in : 173ITR112(Mad)
..... indirectly from such transferred assets and hence has to be included in the assessment of the assessee for the assessment year 1965-66 under section 64(1)(iii) of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the entirety of the amount disallowed in the assessment of m/s. sri hari mills private ltd ..... tribunal approved of the reasoning of the appellate assistant commissioner and upheld his conclusion in that regard. 5. at the instance of the revenue, under section 256(1) of the income-tax act, the tribunal forwarded a statement of the case and referred the following questions for consideration by this court : '1. whether, on the facts and in the circumstances of the case ..... an asset transferred by the assessee to his wife and, therefore, it was liable to be assessed in the hands of the assessee under section 64(1)(iii) of the income-tax act, 1961. 2. in the assessment of m/s. sri hari mills private limited, for the assessment years 1965-66 and 1967-68 to 1971-72, certain amounts were disallowed as ..... assessed the capital gain of rs. 58,000 derived from the sale of the house in the hands of the assessee invoking section 64(1)(iv) of the income-tax act. while the appellate assistant commissioner confirmed the assessment, the tribunal reversed it holding that there was no proximate connection between the cash gift and the capital gain derived by the .....Tag this Judgment!
Court : Chennai
Decided on : Jun-22-1988
Reported in : (1988)72CTR(Mad)99; 174ITR697(Mad)
..... sub-clause (ii), in the case of assets acquired by purchase not entitled to depreciation, their actual cost to the assessee is to be taken. under section 32 of the income-tax act, before an assessee can become entitled to claim depreciation, it must be shown that the building, machinery, plant or furniture owned by the assessee has been used for the purpose ..... holding that the value of work-in-progress, stores and raw materials in transit should be taken as capital for the grant of relief under section 80j of the income-tax act, 1961 ?' 4. in cit v. indian oxygen ltd. : 113itr109(cal) , the calcutta high court has observed as follows (p. 119) : 'only in the computation of the value of the assets, ..... ltd. : 115itr879(guj) , the assessee purchased machinery in the previous year relevant to the assessment year 1969-70, which was not installed. the income-tax officer disallowed the claim for relief under section 80j of the income-tax act, 1961, on the ground that the machinery was not yet installed and, therefore, was not in use and the amount of capital was not employed ..... . ratnavel pandian, offg. c.j. 1. the assessee, viz., m/s. southern agrifurane industries limited, madras, in its computation of income for the assessment year 1976-77, claimed relief under section 80j of the income-tax act, 1961 (hereinafter referred to as 'the act'). the income-tax officer, however, while accepting the claim of the assessee, did not accept the quantum of relief claimed by the assessee .....Tag this Judgment!