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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1973 Page 1 of about 110 results (0.051 seconds)

Oct 16 1973 (HC)

S. Srinivasan by L. Rs. Shanbagammal and ors. Vs. Commissioner of Inco ...

Court : Chennai

Decided on : Oct-16-1973

Reported in : [1976]105ITR315(Mad)

..... of rs. 5,269, rs. 5,750 and rs. 5,737 in the assessment of the assessee under section 16(3)(a)(ii) of the indian income-tax act, 1922, for the assessment years 1958-59, 1959-60 and 1960-61 ?' 9. in the judgment just now rendered by us in t.c. no. ..... , rs. 10,071, rs. 11,023 and rs. 1,261 in the assessment of the assessee under section 16(3)(a)(ii) of the indian income-tax act, 1922, for the assessment years 1958-59 to 1961-62 ? 3. whether the interest credited by the firm of anjaneya motor transport to the current account ..... to the current account of the assessec's wife is includible in the assessment of the assessee under section 16(3)(a)(i) of the indian income-tax act, 1922, for the assessment years 1958-59 to 1961-62 ? 2. whether the interest credited by the firm of anjaneya motor transport to the currant ..... these interest amounts were included in the assessee's total income by the income-tax officer under section 16(3)(a)(i) and (ii) of the indian income-tax act of 1922. the said inclusion was challenged by the assessee. this court in s. srinivasan v. commissioner of income-tax : [1963]50itr160(mad) held that the interest credited ..... rs.rs.rs.shanbagammal12,22912,50912,3841,194murali9,15810,68611,7121,454mohan9,44910,43210,9801,1257. in the assessment for the relevant assessment years, the income-tax officer included the following amounts of interest in the concerned assessments of the assessee :assessmentyear 58-59assessmentyear 59-60assessmentyear 60-61assessmentyear 61-62rs.rs.rs. .....

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Sep 27 1973 (HC)

Commissioner of Income-tax Vs. Dalmia Cement (Bharat) Ltd.

Court : Chennai

Decided on : Sep-27-1973

Reported in : [1976]104ITR337(Mad)

..... to deal with matters which are not covered by that appeal. dealing with the question, the supreme court observed (at page 5):'under section 33(4) of the indian income-tax act, 1922, the income-tax appellate tribunal may, after giving both parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit the power conferred by that sub ..... facts and in the circumstances of the case, the assessee, as a partner in the firm of dalmia magnesite corporation, was entitled to the relief under section 15c of the income-tax act for the assessment years 1960-61 and 1961-62 ? 6. whether, on the facts and in the circumstances of the case, the assessee was entitled to the deduction of rs ..... said returns as they had been filed beyond the period stipulated under section 22(1) or section 22(2a) of the income-tax act.4. for the assessment years 1955-56, 1956-57, 1957-58, 1958-59 and 1959-60, the income-tax officer found that the assessee had suffered losses and had determined the same for each of the years.5. for the assessment ..... to quantify the losses and to give relief to the assessee by way of set off against the share income of the assessee for the years 1960-61 and 1961-62. it is pointed out that under the income-tax act, each assessment year is a unit by itself and that while dealing with an appeal in relation to a particular assessment year, the .....

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Apr 19 1973 (HC)

N. Rengaswami Pillai Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Apr-19-1973

Reported in : [1975]98ITR24(Mad)

..... before us on behalf of the assessee that only the remittances from profits accrued prior to the accounting year are taxable under section 4(1)(b)(iii) of the indian income-tax act, 1922, and that the assessee cannot be said to have remitted any part, of the profits before the close of the accounting year when alone the profits of the business ..... of $ 46,226, the loss sustained by the assessee in the working of the gardens and that in terms of the second proviso to section 4(1) of the indian income-tax act, 1922, the entire sum of $ 1,04,774 brought into or received in the taxable territories are taxable.3. the assessee appealed to the appellate assistant commissioner contending that th ..... such dormant profit or loss undoubtedly taxable profits, if any, of the business will be computed, but dormant profits cannot be equated with profits charged to tax under sections 3 and 4 of the income-tax act. the concept of accrual of profits of a business involves the determination by the method of accounting at the end of the accounting year or any shorter ..... various dates of remittances, and for ascertaining the available funds all those outgoings before the dates of remittances whether allowed under the income-tax act or not would alone require to be deducted. in that view the tribunal directed the income-tax officer to modify the assessment on the basis of a fresh computation of the available profits on the dates of remittances.5. at .....

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Mar 29 1973 (HC)

Victory Motor Transport (Nilgiris 1956) Private Ltd. Vs. Commissioner ...

Court : Chennai

Decided on : Mar-29-1973

Reported in : [1975]98ITR646(Mad)

..... transport (p.) ltd. : [1969]72itr811(mad) this court felt that as 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, the 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 scheme apply ..... ,839 in the assessment years 1960-61 and 1961-62, respectively. but the assessee had not declared any dividend in these two years. the income-tax officer, therefore, issued notices under section 23a of the indian income-tax act, 1922, to show cause why additional supertax should not be levied. the assessee submitted that the losses of the earlier years 1958-59 and 1959 ..... to a determination of the total income for purpose of section 23a and that, therefore, even if ..... 'whether, on the facts and in the circumstances of the case, the levy of super-tax on the assessee-company for the assessment years 1960-61 and1961-62 under section 23a of the income-tax act is justified?' 8. section 23a(1) provides that where the income-tax officer is satisfied that in respect of any previous year the profits and gains distributed as dividends .....

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Mar 19 1973 (HC)

S. Palaniandi Mudaliyar and Sons Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Mar-19-1973

Reported in : [1975]99ITR231(Mad)

..... and that the said amount of remuneration has to be allowed under section 37 of the income-tax act, 1961, as having been wholly and exclusively incurred for the purposes of the business of the firm.4. the income-tax officer considered the above claim of the assessee in the light of the various circumstances in ..... of remuneration at the rate of 0-2-0 in the rupee in the profits of the firm, in addition to the salary allowed by the income-tax officer. we have to, therefore, agree with the tribunal so far as the remuneration paid to murugesa mudaliyar is concerned.13. we answer the ..... to be deducted under section 37 as an amount wholly and exclusively incurred for the business of the firm. on the facts found by the income-tax officer, the appellate assistant commissioner as well as the tribunal, it has to be taken that shanmugasundaram rendered services to the firm during the assessment ..... questioned by the revenue. therefore, we have to proceed on the basis that the recitals contained in the agreement are true. even otherwise, the income-tax officer, the appellate assistant commissioner as well as the tribunal have found that shanmugasundaram had been working in this firm in the assessment year and the ..... remuneration paid to p. shanmughasundaram18,813(2)the remuneration paid to m. p. murugesa mudaliar12,5423. it was contended by the assessee before the income-tax officer that the above two persons were entitled to remuneration at the rate of 0-3-0 and 0-2-0 in the rupee respectively out .....

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Mar 27 1973 (HC)

P.M.A.P. Ayyamperumal Nadar (Decd. by L. R.) Vs. Commissioner of Incom ...

Court : Chennai

Decided on : Mar-27-1973

Reported in : [1974]97ITR161(Mad)

..... act cannot be invoked, and (2) that the materials available cannot justify the levy of penalty as the finding of deliberate concealment ..... , is as follows:'whether, on the facts and in the circumstances of the case, the levy of penalty under section 271(1)(c) of the income-tax act, 1961, was valid in law ?'2. the assessee carried on business in coffee, biscuits, etc. in the previous year ending with august 15, 1952, relevant for the assessment year 1953- ..... , however, held that in respect of the coffee business, the materials available conclusively established that there was deliberate concealment of income. in that view, he levied a penalty of r's. 36,000 under section 271(1)(c) of the income-tax act, 1961.9. this penalty order was challenged by the assessee in an appeal before the appellate tribunal on two grounds: (1 ..... ) that in respect of any concealment of income which had taken place before the income-tax act, 1961, came into force, the provisions of section 271 of that .....

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Feb 09 1973 (HC)

R. Srinivasan and Co. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Feb-09-1973

Reported in : [1974]97ITR431(Mad)

..... t.c. no. 115 of 1967.'whether, on the facts and circumstances of the case, the levy of penalty of rs. 40,000 under section 271(1)(c) of the income-tax act, 1961, on the assessee-firm for the assessment year 1961-62 is valid in law '8. so far as the addition of a sum of rs. 52,070 to the ..... ramanujam, j.1. as both the references are connected, they are dealt with together.2. t.c. no. 114 of 1967 relates to the assessment proceedings under the income-tax act for the year 1961-62 and t.c. no. 115 of 1967 relates to the penalty proceedings in respect of the same year.3. the assessee is a registered firm ..... the explanation of the assessee there was no evidence on record to lead to the inference that the cash entries represented income. chagla c.j., speaking for the bench, said :' it has often been said that each proceeding under the income-tax act is a self-contained proceeding and the findings in one proceeding do not become binding in respect of other proceedings. now ..... facts and circumstances of the case, the addition of rs. 52,070 to the assessee's income for the assessment year 1961-62 was supported by material?'7. after making the addition as aforesaid, the income-tax officer initiated proceedings under section 271(1)(c) of the income-tax act, 1961, and a penalty of rs. 40,000 was levied by the concerned inspecting assistant commissioner .....

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Feb 15 1973 (HC)

V. Rajan Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Feb-15-1973

Reported in : [1974]96ITR64(Mad)

..... .7. having failed to get a reference from the tribunal, the assessee moved this court for a reference under section 66(2) of the income-tax act and the following questions have been referred by the tribunal on the directions of this court:'(i) whether the tribunal had any material to hold ..... under the head 'wages and salaries' a sum which was considerably more than the amount shown under that head in the previous year. the income-tax authorities rejected the explanation given by the assessee for the absence of receipts for payments and held that the wages had been inflated, and added ..... it solemndeclaration made by the assessee to the bank showing a larger stock. ifthere is no proper and acceptable explanation forthcoming from the assessee, the income-tax officer is justified in rejecting the accounts on the basisof the said stock declarations. in this case the assessee gave variousexplanations, the main explanation ..... declared stock and the actual stock. the tribunal also took note of the varying explanations given by the assessee at different stages. before the income-tax officer, its explanation was that there was inflation of stock for the purpose of getting the loan from the bank. in the appeal before ..... for the assessment year 1960-61, it returned a net loss of rs. 5,391. on a scrutiny of the assessee's accounts, the income-tax officer found the following discrepancies between the stock account and the stock declaration given by the assessee to the bank as on december 31, 1959 : .....

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Mar 13 1973 (HC)

K.R.S. Gurumurthy Pathar (by L.R.) Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Mar-13-1973

Reported in : [1974]96ITR404(Mad)

..... whether, on the facts and in the circumstances of the case, the levy of penalty of rs. 2,500on the assessee under section 28(1)(c) of the income-tax act, 1922, is justified in law ?'the assessee is a goldsmith by profession. he has also started a business in diamonds on march 7, 1958. on 24th ..... the affidavits from his two brothers, which were to the effect that the house and the diamonds had been acquired out of the joint family funds. the income-tax officer, however, held that the house as well as the diamonds had been acquired by the assessee in his individual capacity and that the said acquisitions ..... his view, he not only included the above two sums of rs. 6,420 and rs. 16,187 in the assessee's income, but also initiated proceedings for the levy of penalty. the income-tax officer held that it was a clear case of concealment. in that view, he levied a penalty of rs. 2,500.3 ..... , 1958, for rs. 6,420.2. the assessee filed a return of income for the previous year ending march 31, 1959, showing an income of rs. 3,424 both in respect of hisprofession as goldsmith and as a dealer in diamonds. the income-tax officer was, however, not inclined to accept the return. he called upon the ..... the diamonds was from his exclusive funds, especially when the recitals in the partition deed show that there was some nucleus of the joint family, the income from which could have been utilised for the purchase of the house. as a matter of fact, the revenue has not questioned the genuineness of the partition .....

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Feb 27 1973 (HC)

Sree Shanmugar Mills Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Feb-27-1973

Reported in : [1974]96ITR411(Mad)

..... in respect of all the three years. the tribunal having refused to refer the case, the assessee moved this court for a reference under section 66(2) of the indian income-tax act, 1922, and this court directed the tribunal to refer the following questions to this court:'(1) whether without rejecting the accounts specifically or without applying the proviso to section 13 ..... of the assessee or without applying the proviso to section 13 of the indian income-tax act, 1922, it was not open to the income-tax officer to estimate that income of the assessee while purporting to pass an order under section 23(3) of the act.8. it is urged that the income-tax officer in this case has not found the assessee's books of accounts to ..... (3) gives the power to the income-tax officer to collect and act on such evidence as considered necessary, and this power naturally implies the power to reject the evidence including the books of account and, therefore, it is not necessary ..... only impropriety of the method of accounting leaving the falsity ofaccount books to be dealt with under section 23(3). the view taken insome of the decisions that the income-tax officer has to act only under theproviso to section 13 to reject the account books as being false or incomplete, in our view, ignores the above distinction. as already stated, section 23 .....

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