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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1968 Page 1 of about 111 results (0.082 seconds)

Dec 13 1968 (HC)

Commissioner of Income-tax Vs. S. Arumugham Pillai

Court : Chennai

Decided on : Dec-13-1968

Reported in : [1969]73ITR382(Mad)

..... agreement to share such profits as between the partners of the ' j ' firm is an internal arrangement, which could not be pressed for relief under the provisions of the indian income-tax act. according to him, the assessee earned the profits by reason of his accepted status as partner in the ' b ' firm and any collateral, anterior or posterior arrangement to divide the ..... , depends upon the true scope of the word ' income ' which is exigible to tax. it is not every income of an assessee but the real income earned by him in the commercial and normal sense, which enters into the magnitude of its monetary value. when section 10(1) of the indian income-tax act of 1922 prescribes that tax shall be paid by an assessee in respect of ..... the profits or gains of any business, profession or vocation carried on by him, it cannot be said that the word ' income ' has been deployed in the abstract and all notional income earned would also come within its mischief. thus, interpreting ..... under section 66(1) of the indian income-tax act, 1922, on an application by the department, arises out of an order of the tribunal which accepted the contention of the assessee, that, the share of profits received by him as partner of the firm, erode bleaching and finishing company, was not his real income, but was income which he was bound to share with .....

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Mar 12 1968 (HC)

Kv. Al. M. Ramanathan Chettiar by Legal Representative C. Vasantha Vs. ...

Court : Chennai

Decided on : Mar-12-1968

Reported in : [1969]72ITR356(Mad)

..... it appears, he also owned rubber gardens in that foreign territory. the point in the reference turns on the proper application of section 49d of the income-tax act to the facts in each of the years. three questions have been formulated for the first year and two common questions for the next two years. ..... for determining total world income for the purpose of the indian income-tax act, the sum of rs. 39,142 comes into the ..... said to have suffered foreign income-tax besides the indian income-tax. that being the case, we fail to see how, by a mere jugglery of figures and the computation thereof, double income-tax relief be granted in respect of this sum which has suffered but one tax under the provisions of the indian income-tax act. it has been argued that ..... computation. that is perfectly true. but it does not follow from it that merely because it comes into the computation, it has also suffered double tax.6. ..... veeraswami, j.1. this common reference under section 66(1) of the indian income-tax act relates to the assessment years 1953-54 to 1955-56. the assessee, one kv. al. m. ramanathan chettiar, who is now dead .....

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Sep 11 1968 (HC)

P. Rm. S. Ramanathan Chettiar Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Sep-11-1968

Reported in : [1969]72ITR534(Mad)

..... the assessee's business of money-lending. at the instance of the assessee the following question has been referred to us under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the assessee is entitled to the allowance of rs. 5,321 under ..... section 10(2)(iii) of the income-tax act, 1922 ?'2. the contention of the assessee before us is two-fold: (1) that the expenditure by way of payment of interest on money borrowed ..... slightly different manner, namely, that the amount was invested in an asset which did not yield any income which could be taxed under the income-tax act. apparently, what he had in mind was that the share of income as and when due to the assessee from the firm was agricultural in character. whatever that be, ..... allowable deduction from the profits of another business, though both the businesses are carried on by the same assessee. milapchand r. shah v. commissioner of income-tax, : [1965]58itr525(mad) was a case in which a money-lending firm borrowed moneys on interest and made advances out of the borrowed moneys to ..... cloth shop. we do not think that the provision of section 10(2) intends or comprehends such an application. l. m. chhabda v. commissioner of income-tax, : [1967]65itr638(sc) to which our attention has been drawn, does not also bear on the precise question before us. this case is authority only .....

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Sep 02 1968 (HC)

Commissioner of Income-tax Vs. Anamalai Bus Transport (P.) Ltd.

Court : Chennai

Decided on : Sep-02-1968

Reported in : [1969]72ITR811(Mad)

..... necessarily be kept in view. it may be noted that the levy of penal-super-tax under section 23a is not an assessment of the total income to tax in the normal sense of the income-tax act. it follows, therefore, that considerations which may govern assessment of total income to income-tax, particularly in the matter of deductions and allowances, may not in their full vigour and ..... . for one thing, what is done under section 23a is not a regular assessment. further, the computation of the total income for purposes of that section is not, so to speak, controlled or limited by the specific provisions of the income-tax act relating to assessment of profits and gains. furthermore, ' reasonableness ' has to be judged with reference to all relevant circumstances ..... scheme apply to a determination of the total income for purposes of section 23a. but we are ..... veeraswami, j. 1. this reference is concerned with the propriety of the super-tax levied on the profits withheld by the assessee in excess of the permissible limits under section 23a of the income-tax act, 1922. the question will turn on whether a sum of rs. 1,03,445 donated by the assessee during the assessment year 1959-60, to nachimuthu industrial .....

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Sep 12 1968 (HC)

Madras Motor and General Insurance Co. Ltd., Madras Vs. Commissioner o ...

Court : Chennai

Decided on : Sep-12-1968

Reported in : AIR1970Mad133; [1969]73ITR571(Mad)

..... the whole or part of the previous year and (2) no order has been made under sub-section (1) of section 23-a of the income-tax act.it is on the second condition, the argument on either side has centered. it seems to us to be obvious that this condition very really bears ..... (1) had been passed and so the grant of rebate was improper. the assessee has moved for this reference under section 66(1) of the indian income-tax act on the following question-'whether, by reason of an order passed on 8-3-1958, under section 23-a (1) on the assessee company subsequent to ..... has been granted, it presupposes that a decision has been arrived at by the income-tax officer earlier or simultaneously under section 23-a of the income-tax act and if that be so, there is no power vested in him under the act to go back upon that view.6. the assessment order for the assessment ..... considering the proviso has made certain observations which appear to support our view:'the right to rebate arose under those finance acts if no order under section 23-a was made. the income-tax officer had therefore to decide even before completing the assessment of the company whether the circumstances justified the making of an ..... has been persuasive, is that grant of rebate under proviso (1) to part b in schedule i of the finance act postulates that the requisite conditions therefor have, in the opinion of the income-tax officer, been satisfied and that if therefore, he proceeded on the basis that there has been no order made under .....

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Jan 29 1968 (HC)

K.M. Rahmath Bibi Vs. First Income-tax Officer, Nagapattinam

Court : Chennai

Decided on : Jan-29-1968

Reported in : AIR1969Mad208; [1969]72ITR73(Mad)

..... authorities in their judgments and they hold that the discretion conferred by section 45 of the income-tax act on the income-tax officer to treat the assessee, who has not paid the tax demanded, as not being in default, if he has preferred an appeal, was a power exercisable both against and in favour of the assessee ..... be in arrears. the petitioner's contention before us is that the respondent and the officers higher up failed to exercise their discretion properly under section 220(6) of the income-tax act, 1961. according to the petitioner, the conditions contemplated by this provision can only be furnishing of security and not instalmental payments of the arrears. on this view of the scope ..... placed on the following observations of viswanatha sastri, j., in the decision referred to:'lastly, it has to be observed that section 45, of the income-tax act is somewhat cryptic in its terms and merely gives the income-tax officer power to declare a person to be not in default pending the appeal. there is no provision for stay similar to order xli, rules ..... and we do not think it necessary to make extensive citation of authority in support. v. sreeramamurthy v. income-tax officer, vizianagaram, : [1956]30itr252(ap) deals with this question with reference to section 45 of the income-tax act, 1922, which corresponds to section 220 of the present income-tax act subba rao, c.j., (as he then was) and viswanatha sastri, j., refer to all the relevant .....

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Feb 08 1968 (HC)

Commissioner of Income-tax Vs. Ashok Leyland Ltd.

Court : Chennai

Decided on : Feb-08-1968

Reported in : [1969]39CompCas180(Mad); [1969]72ITR137(Mad)

..... the termination of the agreement was necessary only to implement the programme. he rightly formulated two tests as envisaged under section 10(2)(xv) of the indian income-tax act, 1922, namely, (1) the expenditure must not be capital, and (2) the expenditure must be laid out wholly and exclusively for the purposes of ..... it was, therefore, held that the payment was not an item of capital expenditure within the meaning of section 10(2)(xv) of the income-tax act. here again reliance was placed on the dicta of b. w. noble ltd. v. mitchell, : [1955]27itr34(sc) , assam bengal cement co. ltd. ..... company could be claimed as a deduction under section 10(2)(xv) of the income-tax act. the learned judges also held that it is not necessary for expenditure to be allowable under section 10(2)(xv) of, the income-tax act that there should be any direct correlation in point of time between the expenditure ..... the managing agency agreement is chargeable to revenue and, therefore, an allowance deductible under section 10(2)(xv) of the indian income-tax act, 1922. the question referred is, therefore, answered in favour of the assessee and in the affirmative with costs. counsel's fee rs. 250. ..... in sugar refining incurred expenses in a propaganda campaign to oppose the threatened nationalisation of the industry. the commissioners for the general purposes of the income tax found that the sum in question was money wholly and exclusively laid out for the purposes of the company's trade and was an admissible .....

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Nov 28 1968 (HC)

Commissioner of Income-tax Vs. Narayanan and Vadivel thevar

Court : Chennai

Decided on : Nov-28-1968

Reported in : [1969]74ITR616(Mad)

..... the registration granted for 1960-61 was equally applicable to the period july 1, 1959, to march 31, i960. the tribunal further observed that whether section 25(1) of the income-tax act, 1922, applied or not, 'the year of any period ending on march 31, 1960, could never be the previous year for the assessment year 1961-62'. the tribunal rightly pointed ..... preceding the date of discontinuance or succession. the firm there had been assessed to tax under the indian income-tax act, 1918, its year of account being a period of 12 months ending june 30, of each year. its income for the accounting year ended june 30, 1938, was charged to tax in the assessment year 1939-40. the partnership business was transferred as a going ..... the period of 21 months should be assessed at the rate specified in the relevant finance act for that total income and the income-tax officer could not apply the rate applicable to the income of the last period of 12 months. repelling the contention that the income-tax officer could grant the sanction on condition that the assessee should have two previous years in respect of ..... said :' the section contemplates an assessment in addition to the assessment, if any, made on the basis of the income of the previous year. in this case the assessment having been made for 1960-61 and the income-tax officer having chosen to act under section 25(1) the assessment he makes from the end of the previous year to the date of discontinuance .....

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Dec 12 1968 (HC)

Commissioner of Income-tax Vs. Madras Palayakat Company Private Ltd.

Court : Chennai

Decided on : Dec-12-1968

Reported in : [1969]74ITR642(Mad)

..... and that turns on the interpretation of section 20(7)(a) read with section 45(4)(b)(ii) of the ceylon income-tax ordinance, 1932. section 49a of the income-tax act provides for grant of relief in respect of double taxation or for avoidance thereof. under this provision, the central government may ..... the relevant time to revise the orders of the income-tax officerfor the assessment, years 1943-44, 1944-45 and 1945-46 and that his ( ..... veeraswami, j.1. these are two references before us, one at the instance of the commissioner of income-tax and the other of the assessee under section 66(1) of the income-tax act, 1922. they arise out of a common order of the tribunal in three appeals relating to the assessment years ..... in the ' ceylon tax ' for granting double income-tax relief for the assessment years 1943-44 and 1944-45 '3. and the questions in the other reference are :' 1. whether the tribunal was right in holding that the commissioner of income-tax had power under section 33b of the indian income-tax act, 1922, and at ..... enter into an agreement with a country outside india for granting such relief in respect ofincome on which have been paid both income-tax under the indian act and in the country outside india. power also has been given under this section to the central government to frame rules by notification .....

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Sep 05 1968 (HC)

Commissioner of Income-tax Vs. S. Devaraj

Court : Chennai

Decided on : Sep-05-1968

Reported in : [1969]73ITR1(Mad)

..... and effect of section 12(2), which, on the face of it, should be embarrassing to the revenue and assessees in general. there is of course no provision in the income-tax act relating to the matter and the doctrine of res judicata also may not be applicable to orders of the tribunal. even so, in our opinion, it is proper and desirable ..... the english case cited by the supreme court itself and it had to do with the english provision using the language analogous to section 10(2)(xv) of the indian income-tax act, 1922. perhaps, if it is permissible for us to suppose, the supreme court had in view the earlier observation of some of the english judges that the, expenditure, in this ..... reference raises the question whether litigation expenses in defending a suit, in which the status of the assessee was disputed, constituted an expenditure deductible under section 12(2) of the income-tax act, 1922. we are concerned with the assessment year 1961-62. the assessee is the adopted son of one janaki, the wife of a certain srinivasalu naidu, who died on november ..... :' whether, on the facts and in the circumstances of the case, the tribunal was right in law in directing deduction of proportionate litigation expenditure from the dividend income under section 12(2) of the income-tax act, 1922?'3. we are not in this reference concerned with the apportionment but with the propriety of the allowance itself. it seems to us that the scope .....

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