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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1950 Page 1 of about 37 results (0.047 seconds)

Jan 11 1950 (HC)

Al. Vr. Pv. Vr. Veerappa Chettiar Vs. the Commissioner of Income Tax

Court : Chennai

Decided on : Jan-11-1950

Reported in : AIR1950Mad692; [1950]18ITR396(Mad)

..... to state a case raising the following question of law:'whether on the facts of the case the sum of rs. 36,182/- can be assessed to income-tax under section 4 (1) (b) (iii), income-tax act.' 2. it is necessary to state briefly the facts which have given rise to the question of law involved in the case. the assessee veerappa chettiar was ..... of the profits were remitted to and received by him in british india and it was held that the profits received in british india were assessable under section 4 (2), income, tax act. this decision, in our opinion, has no application to the case of a partition of joint family properties. the position in respect of a partnership is different. each of the ..... /- out of this sum of rs. 1,00000/- as the share of profits that had accrued to the assessee at the time of the partition and subjected the same to income-tax under section 4 (1) (b) (iii), income-tax act as the said amount was brought over to british india. on appeal the appellate assistant commissioner set aside the order of the ..... divided from the family. till a partition is effected the hindu undivided family continues to be the owner of the entire property and the income derived therefrom. an undivided family may be represented by the manager, and assessed to income-tax through him. section 3, income-tax act, recognises this position and treats an undivided hindu family as a 'person' liable to assessment on the total .....

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Aug 02 1950 (HC)

Commissioner of Income-tax Vs. V.P. Rao (Deceased) and ors.

Court : Chennai

Decided on : Aug-02-1950

Reported in : AIR1951Mad1; [1950]18ITR825(Mad); (1950)IIMLJ580

..... urged vehemently that the word 'occupation' would mean the trade or calling by which a person seeks his livelihood as stated in mr. sampath aiyangar's commentary on the indian income-tax act, and that it would mean much the same thing as 'vocation'. we cannot agree. no doubt, 'occupation' is used sometimes in the same sense as vocation. but it is ..... j. has exhaustively discussed the case-law till 1946 and has finally held :'in short, the english income-tax act, by its charging provisions, has taxed only those particular types of income which can be brought within the various schedules whereas the indian income-tax act has charged whatever is income, profits and gains on the proper construction of these expressions.'it is obvious that the fee or ..... mathias that there can be no general presumption that an exemption from the provisions of a sub-section of the indian income-tax act is intended as a complete exemption from tax, and that an assessee will be liable to be taxed regarding the income which is not strictly proved to be not taxable under an exemption.14. in view of all the above considerations, ..... the learned counsel appearing on behalf of the assessee raised several contentions. the first was that the fee or remuneration of rs. 3000 involved in this case would not be 'income, profits or gains' chargeable to income-tax under section 6, income-tax act; and though they may be 'receipts' within the meaning of the exemption clause under section 4 (3) (vii), the charging of .....

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Jan 18 1950 (HC)

The Anglo-french Textile Co. Ltd. by Agents, Best and Co. Ltd. Vs. the ...

Court : Chennai

Decided on : Jan-18-1950

Reported in : AIR1951Mad597; [1950]18ITR888(Mad); (1950)1MLJ547

..... ) both with reference to the legislative history of these provisions and the decisions that have been rendered on the language of section 42 (1) and the corresponding section 33 (1), income-tax act of 1918. it is unnecessary to repeat here the considerations which led us to the opinion that sections 42 (1) and 42 (3) would be applicable to cases like the ..... attributed to the purchase of entire cotton made in british india by the secretaries and agents of the assessee company, within the meaning of sections 42 (1) and 42 (3), income-tax act the facts giving rise to this reference are these: the anglo-french textile co., ltd., a public limited company incorporated in the united kingdom, owns a spinning and weaving mill ..... connection in british india and that a part of the profits earned by the foreign company as a result of such business connection was assessable to tax under sections 42 (1) and 42 (3), income-tax act. the net income of the company was computed to be rs. 2,81,176 and 10 per cent. of this sum was apportioned under section 42 (3) of ..... nob brought into british india. the learned judges of the bombay high court held that the third proviso to section 4 (1) (c), income-tax act applied to the case. incidentally the learned judges expressed the opinion that section 42 (1), income-tax act, had no application to the case of residents. when the matter went up on appeal to the judicial committee in commissioner of .....

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Feb 02 1950 (HC)

Commissioner of Income-tax, Madras Vs. K.R.M.T.T. Thiagaraja Chetty an ...

Court : Chennai

Decided on : Feb-02-1950

Reported in : AIR1952Mad305; [1951]19ITR261(Mad)

..... on the construction of the words 'sums received in the united kingdom' within the meaning of rule 2 of the rules applicable to-case iv schedule d of the english income-tax act, 1842 cited above. this was not a decision with reference to the assessment of the gains and profits of a business, profession or vocation. the question arose with reference to ..... lord macmillan treated the profits and gains of a managing agent remunerated by a percentage of the profits of the company as business profits to which section 10 of the income-tax act would be applicable and the managing agency itself as a business. that the remuneration of a managing agent can be considered to be part of the profits of the managing ..... . by an order of this court in c. m. p. no. 2928 of 1947 dated 25th august 1947, the appellate tribunal was directed under s. 66(2) of the indian income-tax act to refer to this court the following two questions and they have been accordingly referred to us. they are : '1. whether there is any material for the tribunal's finding ..... cash payments, entries being made only when money is actually collected or disbursed.'there was nothing in the income-tax act of 1918 against the adoption of this system of mercantileaccountancy by a trader in computing his income for purposes of assessment to income-tax. section 13 of the income-tax act of 1922 expressly recognises this system as a basis for the computation of profits and gains. 30 .....

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Feb 02 1950 (HC)

Commissioner of Income- Tax Vs. K.E. Sundara Mudaliar and ors.

Court : Chennai

Decided on : Feb-02-1950

Reported in : AIR1950Mad566; [1950]18ITR259(Mad)

..... that no assistance was to be got from the meaning ascribed to the word 'agriculture' in other enactments in interpreting the word as used in the income-tax act. mustafa ali khan v. commissioner of income-tax . i do not therefore propose to examine the many cases cited to us turning on the construction of the word ''agriculture' used in other enactments. ..... federal and provincial lists and there was no incompetency on the part of the central legislature to levy a tax on agricultural income, the income-tax acts passed from time to time by the central legislature including the existing, act of 1922, exempted from income-tax the agricultural income of lands assessed to public revenue. this exemption was granted for no other reason than the justice and ..... husbandry' which is given as a synonym for 'agriculture' in the oxford dictionary. the same meaning has been attached to that expression in cases which arose under the english income-tax act. in india there has been divergence of opinion with regard to the interpretation of the word 'agriculture' used in local as well as general enactments. the judicial committee observed ..... some measure of cultivation of the land, some expenditure of skill and labour on it, it cannot be said to be used for agricultural purposes within the meaning of the income tax act.' their lordships also expressed the opinion that no assistance is derived from the meaning ascribed to the word 'agriculture' in other statutes. their lordships, however, did not .....

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Jan 09 1950 (HC)

The Commissioner of Income Tax, Excess Profits Tax Vs. Parasram Jethan ...

Court : Chennai

Decided on : Jan-09-1950

Reported in : AIR1950Mad631; [1950]18ITR302(Mad)

..... the contention of the assessee and modified the assessment accordingly. the revenue authority has applied for this reference. 2. the question turns upon the proper interpretation of section 42 (1), income-tax act, as it now stands. the contention of the assessee is that having regard to the terms of section 42 (1), it could possibly have no application to the case of ..... at mysore for sale. in the circumstances the income-tax officer apportioned the profits of the mysore branch under section 42(3), income-tax act, and assessed to income-tax a sum of rs. 9139 along with the profits derived from the business carried on in british india. on appeal, the appellate ..... held that a portion of the profits earned by the business at mysore should be deemed to have accrued or arisen in british india by reason of section 42 (1), income-tax act of 1922, as amended. the business connection found was that the assessee regularly purchased, paper and other articles of stationery in british india and sent them over to his branch ..... the sum of rs. 6513. the assessee objected to the inclusion of this sum in his assessable income on the ground that section 42, income-tax act, bad no application to the case of a resident in british india, and that under section 14 (2) (c), income-tax act, income accruing or arising to a resident in british india, within an indian state, and which had not been .....

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Jan 18 1950 (HC)

The Anglo French Textile Co. Ltd. by Agents, Best and Co. Ltd. Vs. the ...

Court : Chennai

Decided on : Jan-18-1950

Reported in : AIR1950Mad647; [1950]18ITR906(Mad)

..... this morning in r. c. nos. 25 and 27 of 1947 and need not be repeated. the question that is referred to us in this reference under section 66 (1), income-tax act, by the appellate tribunal is as follows:'whether on the facts and in the circumstances of the case when an assessment has been made under section 23 (1 ..... ), income-tax act, determining the assesses company's income as 'nil' and when proceedings under section 34 were subsequently started to assess the income which the income-tax officer believed to have escaped assessment, the assessee company is entitled to claim that the loss of profits and gains ..... the valuation of the opening stock and the closing stock for the purpose of assessment and the effect of section 13 of the act. the decision in commissioner of income-tax, bengal v. mahaliram ramjeedas only lays down that the income-tax officer, before he initiates proceedings under section 34, is not bound to hold quasijudicial enquiry to determine whether profits had escaped assessment or ..... was a loss of a large amount which he was entitled to have it recorded under section 24 (2) of the act. the income-tax offices rejected this claim and dropped the proceedings under section 34 of the act as there was no income which accrued to the assessee or which is deemed to have accrued to the assessee during the accounting year. he was .....

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Jan 12 1950 (HC)

Commissioner of Income-tax Vs. Proprietors of The Hindu

Court : Chennai

Decided on : Jan-12-1950

Reported in : AIR1950Mad671; [1950]18ITR237(Mad)

..... on the facts of this case the appellate tribunal was right in holding that the period the profits of which were entitled to exemption from payment of the tax under section 25 (4), income tax act, 1939, was the period commencing from 1st july 1938 and ending with 29th february 1940 ?' 14. the facts relevant to this reference are these: the respondents ..... that the exemption claimed under section 25 (4) of the act applied only to the income of the period between 1st july 1939 to 29th february ..... that the firm was not liable to pay any tax on the income of the business of 'the hindu' during the period between 1st july 1938 to 29th february 1940, under section 25 (4), income-tax act, as the income of the raid business was charged to income-tax under the provisions of the indian income-tax act, 1918. the income-tax officer and the appellate assistant commissioner were of opinion ..... the facts of this case the appellate tribunal was right in holding that the period the profits of which were entitled to exemption from the payment of the tax under section 25 (4), income-tax act, 1939, was the period commencing from 1st july 1938, and coding with 29th february 1940,' in short, the dispute is whether the 'previous year' referred to .....

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Jan 12 1950 (HC)

V.N.V. Devarajulu Chetty and Co. Vs. the Commissioner of Income-tax

Court : Chennai

Decided on : Jan-12-1950

Reported in : AIR1950Mad718; [1950]18ITR357(Mad); (1950)IIMLJ33

..... raw materials or the stock-in-trade. the decisions of the houge of lords on the corresponding but more stringent provisions of the english income-tax act have established the principle that if a deduction, though not specifically allowed, is necessary or proper to be made in order to ascertain the ..... a handy supply of goods for a considerable time for the benefit of the business.16. section 10, sub-section (2), clause (15), income-tax act authorises the deduction of any expenditure not being in the nature of capital expenditure laid out or expended wholly or exclusively for the purposes of a ..... retiring partners in the old firm's assets and goodwill and was therefore a capital expenditure whose deduction was prohibited by section 10(2)(15), income-tax act. lastly be contended that even if the forward contracts had to be considered separately and in isolation from the rest of the business, as ..... . b. 336. these principles have been applied to cases under the indian income-tax act by the judicial committee in commissioner of income-tax, c. p. and berar v. s. m. chitnavis and in the recent case of mohanlal hargovind v. commissioner of income-tax, 1949 2 m. l. j. 571:. in the last case lord ..... the present case and would require to be reconsidered in the light of the decision of the judicial committee in mohanlal hargovind v. commissioner of income-tax, c. p. and berar, nagpur that a current expenditure does not become a capital expenditure merely because the material is provided by something .....

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Feb 02 1950 (HC)

V.M. Raghavalu Naidu and Sons by Executors, C.G. Krishnaswami Naidu an ...

Court : Chennai

Decided on : Feb-02-1950

Reported in : AIR1950Mad790; [1950]18ITR787(Mad); (1950)IIMLJ300

..... if the assessees are deemed to be trustees, they could be assessed as an association of individuals carrying on business, on the entire profits of the business under section 10, income tax act as laid down in mrs. saldanha's case 55 mad. 891: a. i. r. 1932 mad: 378 and the hots trust case, 11 lah. 724: a. i. r. 1930 lah ..... on securities.5. the main contention of the assessees was that they should not be assessed as an association of persons but should be assessed as trustees under section 41, income-tax act. this section deals with cases of what may be described as vicarious assessments and if there are trustees constituted under a deed or a will, the measure of the liability ..... ) whether on the facts and in the circumstances of the case the tribunal was right in holding that the executors did not cease to be executors, and, therefore, section. 41, income-tax act, had no application?(2) whether on the facts of the case the tribunal was right in upholding the decision of the department that the maintenance paid to the widow and ..... of the estate for the legatees, unles they have assented to the legacies and the executor are liable to be assessed to income-tax, on the entire income of the estate under their administration subject to the exemptions granted by the income-tax act, without regard to the rights of the legatees who may eventually be entitled to be paid out of the net assets. the .....

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