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Judgment Search Results Home > Cases Phrase: income tax act Court: andhra pradesh Year: 1978 Page 1 of about 52 results (0.068 seconds)

Jun 07 1978 (HC)

Hyderabad Race Club Vs. Addl. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Jun-07-1978

Reported in : [1979]120ITR185(AP)

..... in the circumstances of the case, the appellate tribunal is correct in holding that in terms of sub-section (4) of section 80g of the income-tax act, 1961, the assessee was entitled to deduction of a sum of rs. 22,169 only being 55% of 10% of the total ..... a) and in clause (b) of sub-section (2) as exceeds ten per cent, of the gross total income (as reduced by any portion thereof on which income-tax is not payable under any provision of this act and by any amount in respect of which the assessee is entitled to a deduction under any other provision of ..... ceiling on the deduction laid down by sub-section (4) is thus applicable to donations for these purposes only. that ceiling is 10% of the gross total income or two hundred thousand rupees, whichever is less.9. reading all these provisions together, the following comprehensive picture emerges. in respect of any of the donations ..... etc.', sub-sections (1), (2), (3) and (4), which are material for the present consideration, are as follows : ' 80g. (1) in computing the total income of an assessee, there shall be deducted, in accordance with and subject to the provisions of this section, an amount equal to,-- (a) where the assessee is a company, ..... he reduced the deductible amount to rs. 22,169 holding that the assessee-club was entitled only to a deduction representing 55% of 10% of its total income. in appeal, the aac rejected this view and upheld the assessee's contention and claim and allowed deduction of rs. 40,308.40. in further appeal, .....

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Feb 09 1978 (HC)

Satyanarayana Publishing House Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Feb-09-1978

Reported in : [1979]118ITR519(AP)

..... facts and in the circumstances of the case, the assessee is entitled to deduction of 20% of the income derived from printing and publishing books for school and college under section 80qq of the income-tax act, 1961 ?'2. the facts necessary for answering the question are these : the assessee is a firm known ..... as messrs. sri satyanarayana publishing house, rajahmundry. for the assessment year 1971-72 the assessee claimed a deduction of 20% of the income under section 80qq of the act on the sales ..... therefore, is whether the assessee is entitled to the benefit of section 80qq of the act which is, to the extent relevant, in these terms :'(1) where in the case of an assessee the gross total income of the previous year relevant to the assessment year commencing on the 1st day of ..... of books, or publication of books, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent. thereof...... (3) for the purposes of this ..... diaries, brochures, tracts, pamphlets and other publications of a similar nature, by whatever name called.' 3. the expression 'book' is not defined in the act. we have, therefore, to interpret that expression having regard to the context in which that word occurs in section 80qq. it is not the case of .....

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Feb 10 1978 (HC)

Commissioner of Income-tax Vs. Trustee of H.E.H. the Nizam's Supplemen ...

Court : Andhra Pradesh

Decided on : Feb-10-1978

Reported in : [1981]127ITR378(AP)

..... facts and in the circumstances of the case, there was compliance by the assessee with the conditions stipulated in section 11(2) of the income-tax act, 1961, for the assessment years 1966-67, 1967-68 and 1968-69?4. whether, on the facts and in the circumstances of the case, the whole ..... or any portion of the income assessed by the income-tax officer is liable to be taxed in the assessee's hands on the ground of non-fulfilment of the conditions stipulated in section 11(2) of the income-tax act, 1961, for the assessment years 1966-67 and 1968-69 ?'2. ..... questions have been referred to us under section 256(1) of the i.t. act for decision :'1. whether, on the facts and in the circumstances of the case, the reassessment made by the income-tax officer under section 147 of the income-tax act, 1961, for the assessment year 1966-67 is valid ?2. whether, on the ..... purposes of section 11 of the income-tax act, 1961, for the assessment years 1966-67, 1967-68 and 1968-69 ?3. whether, on the ..... facts and in the circumstances of the case, the income as per the books of the trust has to be considered for the .....

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Jun 30 1978 (HC)

Super Spinning Mills Ltd. Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Jun-30-1978

Reported in : [1979]120ITR512(AP)

..... as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922 (11 of 1922) or the income-tax act, 1961 (43 of 1961).'11. the explanation to that rule declares that any amount standing to the credit ..... on the chargeable profits which exceed the permissible statutory deduction. the words 'chargeable profits' are defined in section 2(5) as:'......the total income of an assessee computed under the income-tax act, 1961 (43 of 1961), for any previous year or years, as the case may be, and adjusted in accordance with the provisions ..... a known liability, nor was it meant as a provision for depreciation, etc., nor was it allowed as deduction in the computation of income for the purpose of income-tax. this view of the tribunal appears to me to be correct.31. as i have already pointed out, this sum of rs. 1 ..... ,93,577 was made up of profits which were liable to be deducted from the total income of the company under section 80j of the i.t. act ..... as profits arising from a new industrial undertaking. what all the company did in the balance-sheet was only to show it as a separate reserve instead of including it in the general reserve. what the balance-sheet shows is that the said amount was appropriated to '80k tax .....

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Feb 02 1978 (HC)

Venkateswara Stone Co. Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Feb-02-1978

Reported in : [1978]115ITR236(AP)

..... the old firm together with two new partners, viz., smt. y. v. ramani and k. panchala lakshmamma, started a new partnership firm. this new firm was also registered under the income-tax act. for the assessment year 1969-70, two separate returns were filed, one for the period april 1, 1968, to august 17, 1968, and the other for the period august 18 ..... the facts and in the circumstances of the case, and in view of section 187(1)(a) of the income-tax act, 1961, a single assessment could not be made on the aggregate of the income for the two periods and the tax charged on such aggregate income ?' per majority, the full bench held:'therefore, when a partner dies and the firm is dissolved, though it ..... .1. this reference at the instance of the assessee raises the question whether section 187 or 188 of the income-tax act applies. mr. anjaneyulu, the learned counsel appearing for the assessee, relying upon the full bench decision of this court in addl, commissioner of income-tax v. vinayaka cinema : [1977]110itr468(ap) contended the section 187 does not apply to a situation where a ..... dissolved on the death of one of them. a full bench of five judges of this court in additional commissioner of income-tax v. vinayaka cinema : [1977]110itr468(ap) had to consider the question whether section 187 or 188 of the act would be applicable in the case of a dissolution of a firm by operation of law. as the correctness of the .....

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Feb 27 1978 (HC)

Addl. Commissioner of Income-tax Vs. N.V. Ganapathi Rao (by Lrs.)

Court : Andhra Pradesh

Decided on : Feb-27-1978

Reported in : [1978]115ITR277(AP)

..... initial proceedings initiated and completed by the ito. this question may be considered in the background of the corresponding provisions in the 1922 act. section 28 of the indian income-tax act, 1922, provided for imposition of penalty for concealment of income or improper distribution of profits. the ito, the aac or the appellate tribunal, as the case may be, was empowered to initiate any ..... dated december 16, 1969, passed by the inspecting assistant commissioner under section 271(1)(c) of the income-tax act, 1961, is barred by limitation as provided under section 275 of the said act '2. the facts giving rise to the reference under section 256(1) of the income-tax act, 1961, at the instance of the revenue are these : the assessee originally for the relevant assessment ..... will depend upon the peculiar facts and circumstances of each case : this court in k.p. narayanappa setty & co. v. cit : [1975]100itr17(ap) similarly held that 'though no period for levying the penalty has been fixed in the indian income-tax act, 1922, it has been held by this court that there should not be any inordinate delay and it should be levied ..... year 1955-56 was a huf. the assessment on a total income of rs. 27,901 of the huf was completed on january 31, 1956. in the course of the appeal before .....

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Feb 24 1978 (HC)

Commissioner of Income-tax Vs. Agro Insecticides and Allied Industries

Court : Andhra Pradesh

Decided on : Feb-24-1978

Reported in : [1981]127ITR796(AP)

..... the facts and in the circumstances of the case, the assessee was entitled to claim relief under section 80j of the income-tax act before the appellate authority when no such claim was made before the income-tax officer '2. the relevant facts may be briefly stated :the assessee is a registered firm with the financial year as ..... though he has not raised it before the ito. this finding we are unable to agree with having regard to the decision of the supreme court in addl. cit v. gurjargravures p. ltd. : [1978]111itr1(sc) . however, in view of the factual finding that this question has been raised before the ito, we ..... ought not to have been allowed for the next year 1971-72. he relied upon a decision of the supreme court in indian overseas bank ltd, v. cit : [1970]77itr512(sc) in support of this proposition. this judgment of the supreme court was noticed by the bombay high court in indian oil corporation ltd, ..... profits were available. the tribunal further held that the assessee is bound to create the reserve as required under section 34 of the i.t. act in the year in which the machinery has been installed or in the alternative in the year in which profits were available for creating the required ..... also made to the judgment of the supreme court in indian overseas bank ltd. v. cit : [1970]77itr512(sc) . in para. b of the said circular it is observed as follows :' in a case where the total income computed before allowing the development rebate is a loss, there was no legal obligation to .....

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Jul 27 1978 (HC)

Kakunuru Venkata Reddy Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Jul-27-1978

Reported in : [1979]118ITR917(AP)

..... of facts' the facts are recited as under : 'as the income from money-lending business and also income from contract works was not subjected to tax in his individual assessment for the earlier years, the income-tax officer, in the purported exercise of his jurisdiction under section 147 read with section 148 of the income-tax act, reopened the assessments for the assessment years 1964-65 to 1969 ..... -70. he also issued notices under section 139 of the act for the assessment years1970-71 and 1971-72. in response to these notices the assessee did not choose to file the returns. (he ..... is there provided against orders made under section 64.' 6. the scheme in section 124 of the act is found in its sub-sections (5) and (6). they read as under : '(5) no person shall be entitled to call in question the jurisdiction of an income-tax officer- (a) after the expiry of one month from the date on which he has made ..... before the appellate authority when no such objection was raised before the income-tax officer ?' 4. the answer in our view has to be found in the scheme of section 124 of the act. 5. similar questions arose under the repealed act, xi of 1922. in the case of dayaldas kushiram v. cit : [1940]8itr139(bom) the bombay high court construed section 64 of the .....

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Feb 01 1978 (HC)

Addl. Commissioner of Income-tax Vs. Maggaji Shermal and anr.

Court : Andhra Pradesh

Decided on : Feb-01-1978

Reported in : [1978]114ITR862(AP)

..... and in the circumstances of the case, the transaction that resulted in loss of rs. 20,833 is a speculative transaction, within the meaning of section 43(5) of the income-tax act, 1961?(2) whether, on the facts and in the circumstances of the case, the loss of rs. 20,833 is from speculative business?''speculative transaction', as defined in section 43 ..... and held that, though the transaction was speculative transaction, the loss was not speculative. according to it, even though the particular transaction was one under section 43(5) of the income-tax act, loss arising out of that particular transaction cannot be deemed as a speculation loss in order that it must be separately treated without being set off against other profits. in ..... delivery of the goods, the assessee-firm has to pay to m/s. mudiam oil company rs, 20,833.33. as there was no actual delivery of the goods, the income-tax officer and the appellate assistant commissioner held that the transaction was a speculative transaction and, therefore, the loss should be regarded as a speculative loss. on appeal, the tribunal accepted ..... . mudiam oil company, received that amount on february 16, 1968, evidenced by a receipt passed by it. it is recited in that receipt:'the 1,000 (one thousand) groundnut bags (tax paid) were purchased by you from us on 4-11-1967, at the rate of rs. 358 per kandi. but, since we settled by mutual consent today without reference to .....

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Dec 08 1978 (HC)

Jhaveri Brothers, Jewellers Represented by Its Partner Himmathmal Vs. ...

Court : Andhra Pradesh

Decided on : Dec-08-1978

Reported in : 1983(12)ELT469(AP)

..... section 297 (2) of the 1961 act took away such a right, observed as follows :'whenever there is a repeal of an enactment the consequences ..... ) 0043/1971 : air1971sc1193 ; supreme court dealt expressly with sub-section 2 of section 116 of the gold (control) act, in that case on november 18, 1964, a squad of income-tax officers commenced searching the premises of the appellant. the search continued upto november 21, 1964. on november, 20, 1964 ..... (control) ordinance and act have subsequently been enacted.18. in baliah v. rangachari (5) : [1969]72itr787(sc) , the supreme court dealing with the question whether the right to institute a prosecution in respect of the proceedings which are pending at the commencement of the new income-tax act (1961) and whether ..... were repealed by the gold (control) ordinance of 1968'. the court held that no action could be taken under the gold (control) act, for, that act was not in force when the alleged contravention was committed by the petitioners and it further held that action under the gold (control) rules ..... are manufactured from smuggled goods and accordingly extending the benefit of doubt to all the parties concerned, dropped the proceedings against them under the customs act, 1962. however, the collector, customs, hyderabad (bangalore) had simultaneously issued another notice c. no. xvii/8/45/68 dated 24-12 .....

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