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Judgment Search Results Home > Cases Phrase: income tax act Court: gujarat Year: 1967 Page 1 of about 36 results (0.016 seconds)

Jun 22 1967 (HC)

KurbanhusseIn Ibrahimji Mithiborwala Vs. Commissioner of Income-tax, G ...

Court : Gujarat

Decided on : Jun-22-1967

Reported in : [1968]68ITR407(Guj)

..... issue of the notice under section 34, assessment for the year 1949-50 had been completed under section 23 of the indian income-tax act, 1922 (hereinafter referred to as the act); and thereafter on february 28, 1958, notice under section 34 of the act was issued upon the assessee. the notice proceeded as follows : 'whereas i have reason to believe that your ..... assessment year 1950-51. the assessee did not file the return immediately and the income-tax officer issued another notice under section 22(4) against the assessee. the assessee finding this discrepancy in the ..... divan, j.1. this reference arises out of a notice served on the assessee under section 34 of the indian income-tax act, 1922. the relevant assessment year was 1949-50 and the previous year for the purposes of assessment was s. y. 2004, ending with november 1, 1948. long prior to the ..... under section 34 which was for the assessment year 1949-50, the income-tax officer proposed to reassess the income of the assessee. in the same envelope along with this notice under section 34, was another notice of the same dated headed 'notice under sections 22(2) and 38 of the indian income-tax act, 1922' and this latter notice in express terms related to the .....

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Aug 16 1967 (HC)

Chooharmal Wadhuram (Decd.) (by Legal Representatives) Vs. Commissione ...

Court : Gujarat

Decided on : Aug-16-1967

Reported in : [1968]69ITR88(Guj)

..... , subsequently forming part of pakistan, during the previous years relevant to the assessment years 1946-47 and 1947-48, should not be assessable in the taxable territories under the indian income-tax act. the first question must, therefore, be answered against the assessee. 4. the position of the assessee is equally hopeless, when we turn to the second question. we will assume for ..... by the revenue authorities in india. but this contention ignore the fact that during the relevant previous years karachi was a part of british india and its income was liable to be assessed under the income-tax act and merely because subsequently karachi, which was the place of residence of the assessee, because part of pakistan, the assessee cannot escape his liability to indian ..... assessee as an 'individual' for making assessment in that status, it is manifest that the proceedings taken under that notice were illegal and without jurisdiction. under the scheme of the income-tax act the 'individual' and the 'hindu undivided family' are treated as separate units of assessment and if a notice under section 34 of the ..... income-tax. this conclusion is undisputable on principle but apart from principle there is a direct decision of a division bench of the bombay high court in support of it .....

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Aug 14 1967 (HC)

J.R. Patel and Sons (P.) Ltd. Vs. Commissioner of Income-tax, Gujarat

Court : Gujarat

Decided on : Aug-14-1967

Reported in : [1968]69ITR782(Guj)

..... a.j. patel in the respective assessment years 1958-59, 1959-60 and 1961-62, are properly allowable under section 10(2)(xv) of the indian income-tax act, 1922 ?' 2. the assessee is a private limited company incorporated in the then baroda state on december 18, 1944. the relevant assessment years are 1958- ..... divan, j.1. in this reference under section 66(1) of the indian income-tax act, 1922 (hereinafter referred to as the act), the following question has been referred to the high court at the instance of the assessee : 'whether, on the facts and ..... was expected to be derived by the assessee-company. 16. as has been observed by the supreme court in eastern investments ltd. v. commissioner of income-tax, in order to justify a deductible allowance under such circumstances, the assessee has only to show that the money was expended voluntarily and on the ..... time to time by the mahendra mills ltd. (managed company) and the managing agents. (3) statement on oath made by vishwas vinayak joshi before the income-tax officer, this particular witness being a director of mahendra mills ltd. since 1959 as nominee of the industrial finance corporation, from which the managed company had ..... arrangement arrived at between the assessee-company and a.j. patel. besides the items which we have already pointed out as having been present before the income-tax authorities at the time of the assessment for the assessment year 1957-58, the following materials were brought on the record at the time of the remand .....

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Jun 22 1967 (HC)

Commissioner of Income-tax Gujarat Vs. Jakisondas Bhukandas

Court : Gujarat

Decided on : Jun-22-1967

Reported in : (1968)9GLR501(GJ); [1967]66ITR515(Guj)

..... appears that for the assessment year prior to the assessment year 1961-62 with which we are concerned in the present reference, it was registered under section 26a of the income-tax act, 1922. there was a change in the constitution of the assessee from the commencement of samvat year 2016, being the relevant previous year for the assessment year 1961-62, and ..... the instance of the commissioner. 4. in order to arrive at a proper determination of the question, it is necessary to notice the relevant provisions of the act. there are two sections under which the income-tax officer has power to refuse registration of a firm : one in section 26a and the other is section 23(4). section 26a provides : '26a. (1) application ..... any firm, constituted under an instrument of partnership specifying the individual shares of the partners, for registration for the purposes of this act and any other enactment for the enactment for the time being in force relating to income-tax or super-tax. (2) the application shall be made by such person or persons, and at shall times and shall contain such particulars and ..... and the partners' accounts and his statement, read with the title of the order, might suggest that the income-tax officer was also acting under section 26a. but that does not excluded the conclusion which follows clearly from the succeeding words quoted above, that the income-tax officer was also exercising his discretion under section 23(4) in making the order. the order was an .....

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Jul 19 1967 (HC)

Gunvantlal Mangaldas and ors. Vs. Commissioner of Income-tax, Gujarat

Court : Gujarat

Decided on : Jul-19-1967

Reported in : (1968)0GLR955; [1968]68ITR740(Guj)

..... and after citing the aforesaid passage, shah j., delivering the judgment of the supreme court, observed as follows : 'a review of the provisions of chapter iv of the act (indian income-tax act, 1922) sufficiently discloses that the word 'assessment' has been used in its widest connotation in that chapter. the title of the chapter is 'deductions and assessment'. the section ..... of them by this common judgment. the interesting question which arises in these three references is as to the effect of the repeal of the act by the income-tax act, 1961 (hereinafter referred to as the act of 1961). 2. in income-tax reference no. 25 of 1965, the assessee is an individual and the relevant assessment year is 1962-63. the ..... force. 9. section 297(2)(j) of the act of 1961 provides as follows : '(2) notwithstanding the repeal of the indian income-tax act, 1922, (hereinafter referred to as the repealed act), -.... (j) any sum payable by way of income-tax, super-tax, interest, penalty or otherwise under the repealed act may be recovered under this act, but without prejudice to any action already taken for ..... observed as follows : 'one of the peculiarities of most income-tax acts is that the word 'assessment' is used as meaning sometimes the computation of income, sometimes the determination of the amount of tax payable and sometimes the whole procedure laid down in the act for imposing liability upon the taxpayer. the indian income - tax act is no exception in this respect......' 12. these observations .....

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Mar 04 1967 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Chinubhai M. Modi

Court : Gujarat

Decided on : Mar-04-1967

Reported in : [1968]69ITR76(Guj)

..... amount standing to his credit in the firm of messrs. central watch company was includible in the assessment of the assessee under section 64(ii) of the income-tax act, 1961 ?' 2. this reference arises under the following circumstances : the assessee is an individual. the relevant assessment year is 1962-63, the previous year being s.y. 2017, i.e ..... a partner, the interest paid by the firm to the minor child on capital contributed by him has to be included in the assessee's total income under section 16(3)(a)(ii) of the indian income-tax act, 1922. thus, this decision of the andhra pradesh high court is on the same lines as the decision of the assam high court in chouthmal ..... minor sons to the benefits of the partnership and that, therefore, the interest credited to them had to be included in the total income of the assessee under section 16(3)(a)(i) and (ii) of the indian income-tax act, 1922. at page and 169 of the report, bhogilal's case has been considered by the madras high court; and the learned judges ..... reference has been made by the tribunal at the instance of the commissioner of income-tax under the provisions of the income-tax act, 1961 (hereinafter referred to as the act). the question referred to us is as follows : 'whether, on the facts and in the circumstances of the case, the interest income of rs. 5,002 earned by the minor son of the assessee on the .....

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Aug 04 1967 (HC)

Chimanlal Chhotalal Vs. Commissioner of Income-tax, Gujarat

Court : Gujarat

Decided on : Aug-04-1967

Reported in : [1968]69ITR129(Guj)

..... c.j. 1. this reference raises a short question of construction of proviso (a) to the second explanation to section 24(1) of the income-tax act, 1922. the assessee is a registered firm and it carries on business as a dealer in cotton and cotton seeds. during samvat year 2015, ..... would not be liable to be set off against the other profit of the assessee from non-speculative transactions. the assessee, therefore, claimed before the income-tax officer making its assessment for the assessment year 1960-61, that these contracts were hedging contracts entered into by the assessee for the purpose of ..... section 24(1) did not, therefore, operate to preclude the set-off or rs. 66,256 against the other profit of the assessee. the income-tax officer allowed the loss of rs. 10,086 as non-speculative loss to the extent that the forward contracts of sale were relatable to the ready ..... the forward contracts of sale were, therefore, speculative transactions and the loss arising from them was not liable to be set off against the other business income of the assessee. the assessee then applied for a reference and on the application of the assessee, the following question namely : 'whether on the facts ..... and in the circumstances of the case, the assessee was entitled to set off the loss of rs. 56,170 against its other business income ?' was referred by the tribunal for the determination of this court. 2. the determination of this question obviously depends on the true interpretation of proviso ( .....

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Mar 20 1967 (HC)

Commissioner of Income-tax, Gujarat I Vs. Hiralal Mohanlal Shah

Court : Gujarat

Decided on : Mar-20-1967

Reported in : (1968)0GLR659; [1968]69ITR312(Guj)

..... clauses of section 297(2) deal with the subject of imposition of penalty and they provide as follows : '297. (2) notwithstanding the repeal of the indian income-tax act, 1922 (hereinafter referred to as the repealed act)..... (f) any proceeding for the imposition of a penalty in respect of any assessment completed before the 1st day of april, 1962, may be initiated and any ..... and such provision was made in section 297(2), clause (a) and (b) : '(2) notwithstanding the repeal of the indian income-tax act, 1922 (hereinafter referred to as the repealed act) - (a) where a return of income has been filed before the commencement of this act by any person for any assessment year, proceedings for the assessment of that person for that year may be taken ..... short but interesting question of law relating to the construction of sections 271(1) and 297(2)(g) of the income-tax act, 1961 (hereinafter referred to as the new act). the assessee, who is assessed in the status of an individual, returned a total income of rs. 8,383 for the assessment year 1960-61, the relevant account year being samvat year 2015. the ..... tribunal took the view that, since the assessment proceeding in the course of which the income-tax officer was satisfied that there was concealment on the part of the assessee was admittedly a proceeding under the income-tax act, 1922 (hereinafter referred to as the old act), and not under the new act, section 271(1)(c) had no application and the order of penalty was bad .....

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Mar 07 1967 (HC)

Distributors (Baroda) Private Ltd. Vs. Commissioner of Income-tax, Guj ...

Court : Gujarat

Decided on : Mar-07-1967

Reported in : [1968]69ITR614(Guj)

..... strictly speaking with company which is merely holding investments cannot be said to be carring on business : there can be no business of holding investments within the meaning of the income-tax act. but the question is : does not necessarily follow from this proposition that we must regard clause (i) of the second explanation as meaningless in so far as it refer ..... -company is a company whose business consists mainly in dealing in or holding of investments within the meaning of clause (i) of the second explanation to section 23a of the income-tax act, 1922 ?' this is the question which we shall now proceed to consider and answer. 5. the determination of the question turns primarily on the true interpretation of clause (i) ..... not be strictly appropriate in the sense that, as now held by the supreme court bengal and assam investors ltd. v. commissioner of income-tax, there can be no business in holding of investments within the meaning of the income-tax act but that could be no ground for rejecting words 'holding of investments' as meaningless. the legislature obviously regarded continuous, systematic or organized activity ..... referred, we do not think we can accept what is said by the rowlatt j. as applicable under the indian income-tax act. the learned advocate general also relied upon the decision of the supreme court in karnapura development co. v. commissioner of income-tax but we do not think that decision says anything contrary to what is laid down in bangal and assam investment .....

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Oct 09 1967 (HC)

Commissioner of Income-tax, Gujarat Vs. Indumati Ratanlal

Court : Gujarat

Decided on : Oct-09-1967

Reported in : (1968)0GLR765

..... interest paid to the banks on moneys borrowed and utilised in payment of estate duty. the claim was founded on section 57(iii) of the income-tax act, 1961, corresponding to section 12(2) of the income-tax act, 1922. the income-tax officer and the appellate assistant commissioner disallowed the claim but on appeal the tribunal held that the claim was well-founded and allowed the deduction ..... the assessee cannot draw any support from the australian decision. moreover, it must be noted that this reasoning, though permeably justified by the terms of section 51 of the australian income tax act - a matter with which we are not concerned - has no validity in the determination of a claim for deduction under section 57(iii) of our ..... accounts were admittedly utilized exclusively for payment of estate duty and there was no indiscriminate utilisation of the borrowed moneys for different purposes as was the case in commissioner of income-tax v. jagmohandas j. kapadia. the position was as if there were two borrowings from the same lenders, one borrowing being for the purpose of construction of an immovable property and ..... the same deduction, it was pleaded, should also he recognized by us. in support of this contention the assessee landed heavily on the following observation in mr. gunn's commonwealth income tax law and practice, seventh edition, page 684, paragraph 1741 : '1741. interest on money borrowed to pay death duties - in begg v. deputy federal commissioner of taxation, it was held that .....

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