Court : Gujarat
Decided on : Jan-15-2004
Reported in : 267ITR129(Guj)
..... assistant commissioners of income-tax, (f) income-tax officers, (g) tax recovery officers, (h) inspectors of income-tax.36. admittedly, the name ..... of income-tax authorities for the purpose of this act, namely, :- (a) central board of direct taxes constituted under the central boards of revenue act, 1963 (54 of 1963), (b) directors-general of income-tax or chief commissioners of income-tax, (c) directors of income-tax or commissioners of income-tax or commissioners of income-tax (appeals), (d) deputy directors of income-tax or deputy commissioners of income-tax or deputy commissioners of income-tax (appeals), (e) assistant directors of income-tax or ..... present petitions are as under :-the petitioners have approached the settlement commission for settlement of their cases in accordance with the provisions of chapter xix-a of the income tax act (hereinafter referred to as the 'act'). the settlement commission had passed orders on 31.03.1999 under section 245d(4) in respect of each of the petitioners, interalia, waiving and/or reducing interest .....Tag this Judgment!
Court : Gujarat
Decided on : Jan-28-2004
Reported in : 269ITR225(Guj)
..... kapadia, j.1. (per : hon'ble mr.justice a.m.kapadia) 1. in exercise of the powers conferred under section 256(1) of the income-tax act, 1961 ('the act' for short), the income-tax appellate tribunal, ahmedabad bench 'a' ('the tribunal' for short), by means of this reference, at the instance of the revenue, has referred the following ..... 1983-84:-'1. whether, the appellate tribunal is right in law and on facts in holding that the provisions of section 186 (2) of the income-tax act were applicable in the instant case though the order of the i.t.o. in effect was an order refusing to grant registration and not cancelling the ..... year, there is, on the part of the firm, any such failure in respect of the assessment year as is mentioned in section 144, the income-tax officer may cancel the registration of the firm for the assessment year, after giving the firm not less than fourteen days' notice intimating his intention to ..... the provisions of section 186 (2) of the act are applicable to the facts of the case of the assessee and the tribunal is also right in holding that the requirements of the said section are not complied with.16. if the income-tax officer has not already decided the matter pursuant to ..... of a firm under the act. sub-section (5) thereof reads as under:-185.(5) notwithstanding anything contained in this section, where, in respect of any assessment year, there is, on the part of a firm, any such failure as is mentioned in section 144, the income-tax officer may refuse to register .....Tag this Judgment!
Court : Gujarat
Decided on : Feb-05-2004
Reported in : 268ITR193(Guj)
..... year or previous years, as the case may be, of every person:provided that were by virtue of any provision of this act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly.(2) .... .... .... ...discontinued business.176(1). notwithstanding anything contained in section 4, where any business or profession is discontinued ..... under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act') for our opinion for assessment years 1983-84 and 1984-85:-'whether, the appellate tribunal is right in law and on facts in cancelling the order passed by the commissioner of income-tax under section 263 of the act wherein he had held that the income of the period i.e. 16 ..... any previous year. revision of orders prejudicial to revenue.263(1) the commissioner may call for and examine the record of any proceeding under this act, and if he considers that any order passed therein by the income-tax officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity ..... to him, except with the consent of the income-tax officer and upon such conditions as the income-tax officer may think fit to impose.section 4 which is the charging provision readsas under:charge of income-tax.4(1) 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 rate shall be charged .....Tag this Judgment!
Court : Gujarat
Decided on : Feb-04-2004
Reported in : (2004)190CTR(Guj)295; 273ITR139(Guj)
..... was right in holding that theassessee was not an educational institution establishedsolely for educational purposes and was, therefore, notentitled to exemption as contemplated under section10(22) of the income-tax act.we accordingly answer the question in thenegative i.e. in favour of the revenue and against theassessee.19. at this stage, mr soparkar submits that since thereference ..... for assessment year 1981-82:-'whether on the facts and in the circumstances ofthe case, the assessee would be entitled toexemption as contemplated under section 10(22) ofthe income-tax act, 1961 ?'2. the assessee is a trust registered a publiccharitable trust on 10.1.1978. when the trust wasregistered on 10.1.1978 its objects were as ..... theassessee.20. the reference accordingly stands disposed of.21. at this stage, mr soparkar, learned counsel forthe assessee prays for a certificate under section 261 ofthe income-tax act, 1961 for appealing against thisdecision to the hon'ble supreme court.although what we have done is following thedecision of the apex court in sole trustee, lokashikshana trust ..... lectures, meetings, exhibitionsand audio visual shows on relevant educational topics.in view of these activities, the assessee claimedexemption under section 10(22) of the income-tax act,1961 (hereinafter referred to as 'the act') on the groundthat it was an educational institution existing solelyfor the purpose of education. for the assessment yearunder consideration, although the assessee was given thebenefit .....Tag this Judgment!
Court : Gujarat
Decided on : Feb-25-2004
Reported in : (2004)188CTR(Guj)316; 268ITR48(Guj)
..... d.h. waghela, j.1. in this petition under art. 226 of constitution, notice for assessment, under section 148 of the income-tax act, 1961 (for short 'the act'), is under challenge mainly on the ground of lack of jurisdiction.2. the facts as far as they are relevant for the purpose of deciding the issues raised in this ..... at rest judicial and quasi-judicial controversies as it must in other spheres of human activity. so far as the income-tax assessment orders are concerned, they cannot be reopened on the score of income escaping assessment under section 147 of the act of 1961 after the expiry of four years from the end of the assessment year unless there be omission or failure ..... escaped assessment. the opening portion of expln. 2 states that for the purposes of this section; meaning thereby, that for the purposes of section 147 of the act, income chargeable to tax has escaped assessment in the situations provided in the explanation by deeming fiction. however, the requirement of discharging the onus cast on the revenue by the proviso to section 147 ..... , it would be appropriate to first refer to the relevant parts and clauses of the provisions of the it act. sec. 147 of the act empowers the ao, if he has reason to believe that any income chargeable to tax has escaped assessment, to assess or reassess such income or recompute the depreciation allowance. this power is subject to the provisions of sections 148 to 153 .....Tag this Judgment!
Court : Gujarat
Decided on : Apr-07-2004
Reported in : (2005)194CTR(Guj)492; 275ITR284(Guj)
..... d.c. phosphate. the i.t.o., completed the assessments under section 143(3) and in doing so, allowed relief under section 80j of the income-tax act, 1961 (hereinafter referred to as 'the act'). the commissioner of income-tax on perusal of the record opined that the orders of the ito for the years under consideration were erroneous and prejudicial to the interests of revenue ..... expression 'derived from' laid down the following principles which are embodied in the headnote which correctly reflects the principles laid down in the judgment:-'sections 80j and 80hh of the income-tax act, 1961, use the expression 'derived from'. the word 'derived' is usually followed by the word 'from', and it means : get or trace from a source; arise from, originate in; show ..... and gain derived from the assessee's industrial undertaking. the receipts from the sale of import entitlements could not be included in the income of the assessee for the purpose of computing the relief under section 80hh of the income-tax act, 1961.' in the said decision, the apex court reiterated the principles laid down by itself in cambay electric supply industrial co. ltd ..... , but in case of duty drawback, the same is 'derived from' the industrial undertaking and, therefore, eligible for relief under section 80j of the income-tax act, 1961.accordingly, our answer to the common question referred in both these references is in two parts. in respect of cash compensatory support, the answer is in the negative i. .....Tag this Judgment!
Court : Gujarat
Decided on : Aug-06-2004
Reported in : (2004)191CTR(Guj)94; 271ITR40(Guj)
..... was no error in the said order and thus, could not be said to be erroneous or prejudicial order. invocation of provisions of section 263 was therefore, not valid. income tax act, 1961 s.263income tax act, 1961 s.145a d.a. mehta, j.1. in this appeal the following two substantial questions of law arising from the order of the tribunal have been framed ..... to be valued at cost or market price whichever is the lower, and it is now generally accepted as an established rule of commercial practice and accountancy. as profits for income-tax purposes are to be computed in conformity with the ordinary principles of commercial accounting, unless of course, such principles have been superseded or modified by legislative enactments, unrealised profits in ..... of admission of the appeal:'1. whether, in the facts and circumstances of the case, the tribunal was right in law in holding that the cit has validly exercised revisional jurisdiction under section 263 of the it act, 1961?2. whether, in the facts and circumstances of the case, the tribunal was right in law in holding that closing stock was to be ..... partner.5.2 in support of the proposition that the respondent could not have exercised jurisdiction under section 263 of the act reliance was placed on the decision of the apex court in case of malabar industrial co. ltd. v. cit (2000) 243 itr 83 and it was contended that where two views were possible and the ao had taken one view .....Tag this Judgment!
Court : Gujarat
Decided on : Feb-26-2004
Reported in : 281ITR438(Guj)
..... 1. in this reference at the instance of the revenue, the following questions are referred for our opinion under section 256(1) of the income-tax act, 1961 ('the act' for short), for the assessment year 1981-82:'1. whether on the facts and in the circumstances of the case and in law, the ..... be classified as office appliances and they are scientific apparatus eligible for allowance and entitled to development rebate under section 33(1) of the act.8.2 in cit v. shri ganapathy mills company limited, : 243itr879(mad) the court held that if the air-conditioner was required for the ..... the eleventh schedule), computers are not included in the expression 'office machinery and apparatus'. computers are more than mere data processing machines. of course, in cit v. comp-help services p. ltd., : 246itr722(mad) the assessee was a company engaged in the business of preparing data entries but the ..... that definition of 'plant' is an inclusive one. sub-clause (3) of section 43 of the act does not exhaust the definition of 'plant'.8.1 as far as expression 'scientific apparatus' is concerned, in cit v. ibm world trade corporation : 130itr739(bom) the bombay high court considered the meaning ..... of the expression 'apparatus' and held that it is a word of much wider import than the word 'appliances' and definition of 'plant' in section 43(3) of the act shows that scientific .....Tag this Judgment!
Court : Gujarat
Decided on : Jul-01-2004
Reported in : (2004)192CTR(Guj)400; 273ITR414(Guj)
..... . this petition under article 226 of the constitution challenges the order dated 31.3.1994 (annexure 'm') passed by the commissioner of income-tax, gujarat-i, ahmedabad rejecting the petitioner's revision petition under section 264 of the income-tax act, 1961 ('the act' for short) and rejecting the petitioner's claim to delete the interest of rs.3,48,122/- levied under section 234b of ..... the act for ay 1989-90. the petitioner has also challenged the legality of the order dated 21/28.1.1993 (annexure 'i') of ..... the refund for subsequent ay 1990-91.when the petitioner filed an appeal against the aforesaid order under section 143(3) of the act challenging the additions and levy of interest under section 234b of the act, the commissioner of income-tax (appeals) granted relief in respect of other items, but held that the appeal was not maintainable against charging of interest under section ..... reduce or waive interest charged under section 234b or section 234b or section 234c of the act in the classes of cases or classes of income specified in paragraph 2 of this order for the period and to the extent the chief commissioner of income-tax/director general of income-tax deem fit. however, no reduction or waiver of such interest shall be ordered unless the .....Tag this Judgment!
Court : Gujarat
Decided on : Dec-09-2004
Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; 281ITR19(Guj)
..... agree with the submission made by the learned counsel for the revenue that in such a case as the present one, according to the provisions of section 55 of the income-tax act, 1961, where cost cannot be ascertained, the fair market price has to be taken into consideration because the very basis of capital gains to us appears to be that at ..... following question for the opinion of this court under section 256(2) of the income tax act, 1961 (the act) at the instance of the commissioner of income tax, rajkot.'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in holding that the income-tax authorities were not justified in working out capital gains of rs. 41,11,414 ..... appeal before the apex court. after referring to provisions of section 2(14) of the act and section 45 of the act the apex court enunciated the law in the following terms :-'section 45 charges the profits or gains arising from the transfer of a capital asset to income-tax. the asset must be one which falls within the contemplation of the section. it ..... reliance on the decision of the apex court in the case of commissioner of income tax, bangalore v. b.c. srinivasa setty, : 128itr294(sc) and stated that the assessee was not liable to capital gains tax on correct reading of sections 48(ii), 49 and 55(2) of the act. the assessing officer distinguished the decision in the case of srinivasa setty (supra .....Tag this Judgment!