VIMLA SIDDHARTHBHAI vs. COMMISSIONER OF INCOME-TAX

ITR/121/1987HC GujaratGJHC24011854198719 July 2001Author: HONOURABLE MR. JUSTICE ANIL R. DAVE,HONOURABLE MR. JUSTICE D.A.MEHTA2 pages
AI SummaryDismissed

What were the facts?

The assessee, Vimla Siddharthbhai, sought a reference to the High Court under Section 256(1) of the Income Tax Act, 1961, concerning the assessment year(s) not specified in the judgment. The dispute pertains to the deductibility of interest paid to Taral and Swati. The procedural history involves the assessee filing an appeal, leading to the present reference to the High Court for its opinion on a specific question of law. The Revenue is the respondent.

What did the High Court hold?

The High Court, per Mr. Justice A.R. Dave, answered the referred question in the negative, in favour of the revenue and against the assessee. The Court referred to a previous judgment of the same High Court in the case of Vimla Siddharthbhai Vs. C.I.T., I.T.R. No. 11 of 1984, decided on 19/06/1998, which dealt with a similar question of law. Based on the law laid down in that prior judgment, the Court concluded that the interest paid was not deductible under Section 80-V or Section 57(3) of the Income Tax Act, 1961. The reference was disposed of accordingly, with no order as to costs.

What were the issues?

1. Whether on the facts and in the circumstances of the case the interest paid to Taral and Swati was deductible under section 80-V or section 57(3) of the I.T.Act,1961? Assessee's Contention: The assessee argued that the interest paid to Taral and Swati should be deductible. While the specific grounds or authorities relied upon by the assessee are not detailed in the judgment, the reference itself indicates a dispute over deductibility under the specified sections. Revenue's Contention: The revenue contended against the deductibility of the interest. The judgment does not explicitly record the revenue's specific arguments or any authorities cited by them.

Which sections of the Income-tax Act were involved?

Section 256(1),Section 80-V,Section 57(3)

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

INCOME TAX REFERENCE No 121 of 1987

For Approval and Signature:

Hon'ble MR.JUSTICE A.R.DAVE and Hon'ble MR.JUSTICE D.A.MEHTA ============================================================ 1. Whether Reporters of Local Papers may be allowed : NO to see the judgements?

2.

To be referred to the Reporter or not? : NO 3. Whether Their Lordships wish to see the fair copy : NO of the judgement?

4.

Whether this case involves a substantial question : NO of law as to the interpretation of the Constitution of India, 1950 of any Order made thereunder?

5.

Whether it is to be circulated to the Civil Judge? : NO --

The order continues below.

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