Court : Karnataka
Reported in : 65ITR146(KAR); 65ITR146(Karn); (1967)1MysLJ215
..... to renewal of registration for the assessment year 1961-62.' 10. the admitted facts of the case are these : the assesses firm was registered under section 26a of the indian income-tax act, 1922, for the assessment year 1960-61. on june 30, 1961, the assessee filed an application for renewal of its registration for the assessment year 1961-62. that application was ..... fact that registration had been granted to the assessee by the appellate assistant commissioner for the assessment year 1960-61, the assessee was entitled under section 184(7) of the income-tax act, 1961, to renewal of registration for the assessment year 1961-62; (ii) that the certificate of the assessee furnished along with its application for renewal of registration was not incorrect ..... the assessee and the departmental representative have agreed to the above statement of the case. 9. this is a reference under section 256(1) of the income-tax act, 1961, to be hereinafter referred to as the 'act'. this reference was made at the instance of the assessee. the question of law referred for the opinion of this court is : 'whether, on the facts ..... several businesses including business in contracts. by an application dated march 31, 1960, the assesses firm applied for registration for the assessment year 1960-61 under section 26a of the income-tax act, 1922, and by another application dated june 30, 1961, it applied for renewal of registration for the assessment year 1961-62 under section 26a of the .....Tag this Judgment!
Court : Karnataka
Reported in : (2005)196CTR(Kar)481; ILR2005KAR2758; 278ITR436(KAR); 278ITR436(Karn)
..... is only to disclose fully and truly all material facts necessary for his assessment for the relevant year. the expression 'material facts' in section 34(1)(a) of the indian income tax act, 1922, refers only to primary facts and the duty of the assessee is to disclose such primary facts. there is no duty cast on the assessee to indicate or draw ..... facts relating thereto but by oversight did not bring the amounts represented by the drafts to tax as the income of the appellant. subsequently, the income tax officer issued a notice under section 147(a) of the income tax act, 1961, with a view to assess the amounts as the appellant's income from undisclosed sources. on a writ petition filed by the appellant, the high court held ..... shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely:-(a) where income chargeable to tax has been under assessed; or(b) where such income has been assessed at too low a rate; or(c) where such income has been made the subject of excessive relief under this act or under the indian income tax act, 1922 (11 of 1922); or(d) where excessive ..... assessee to disclose fully and truly all material facts. reassessment under the provisions of section 147(a) of the income tax act, 1961, would not be valid in such a case'.25. the karnataka high court in the case of canara sales corporation v. cit : 176itr340(kar) , has explained the meaning of the expression 'disclose truly and fully the material facts' that finds .....Tag this Judgment!
Court : Karnataka
Reported in : ILR1996KAR397; 1996(41)KarLJ1
..... ahmedabad . v. s.g. mehta, ito : 48itr154(sc) , it has been held that (page 171 of 48 itr (sc)) : 'it must be remembered that if the income-tax act prescribes a period during which the tax due in any particular assessment year may be assessed, then on the expiry of that period the department cannot make an assessment. where no period is prescribed ..... , whether for the first assessment or for rectification, or for reassessment, merely create a bar when the time passed against the machinery set up by the income-tax act for the assessment and levy of the tax. they do not create an exemption in favour of the assessee or grant an absolution on the expiry of the period. the liability is not enforceable but ..... above, this court in the case of madhwa ramachandra mutalik v. agrl. ito : 128itr245(kar) , , took the view that : 'section 30 of the act is similar to section 25a of the indian income-tax act, 1922. that provision was introduced by way of an amendment in order to remove a lacuna in the enactment. an huf is treated as a unit for assessment ..... coffee pool payments' received after partition of an erstwhile hindu undivided family ('huf', for short) as agricultural income in the hands of the hindu undivided family itself for the purpose of levying tax under the provisions of the agricultural income-tax act, 1957 (hereinafter referred to as 'the principal act'). 2. the petitioner and his two sons, sri b.s. arvind and b.s. ashwin, constituted .....Tag this Judgment!
Court : Karnataka
Reported in : (2005)193CTR(Kar)107; 270ITR356(KAR); 270ITR356(Karn)
..... to provide for set off against unabsorbed losses in the hands of the partners. the argument that since the state law had to be brought in conformity with the central income-tax act, therefore the intention must be taken to be to bring the two laws in conformity with each other in every possible detail has not commended itself to us. the budget ..... losses in the hands of the partners to be set off against profits of the firm and that just because parliament had provided for such a set off under the income-tax act was no reason for the court to rewrite the provision or read something into the same which did not otherwise exist. gotla's case relied upon by the appellants was ..... made by the finance minister in the state legislature bore testimony to the fact that the state legislature intended to adopt the scheme prevalent under the central income-tax act by prescribing a higher rate of tax for the registered firms and leaving the share of the partners free from any levy. since the central enactment did not have any transitory provision permitting transfer ..... enactment was aimed at introducing a scheme similar to the one that was introduced by parliament in so far as the payment of income-tax by registered firms was concerned, the absence of a provision like section 75 of the income-tax act permitting set off against unabsorbed losses was nothing but an unintended omission, which this court could remedy in order to remove the .....Tag this Judgment!
Court : Karnataka
Reported in : (1986)53CTR(Kar)308; 156ITR275(KAR); 156ITR275(Karn)
..... ) : 'this being an investment company, if it borrowed money and utilised the same for its investment on which it earned income, the interest paid by it on the loans will clearly be a permissible deduction under section 12(2) of the income-tax act. whether the loan is taken on an overdraft, or on a fixed deposit or on a debenture makes no difference ..... be admissible as a deduction.' 10. in assailing this, to borrow the very language of the petitioner omitting reference to s. 57 of the act, it has urged thus : 'the petitioner's income liable to central income-tax is the interest from short-term fixed deposits. the second respondent erroneously held that the interest paid to the banks cannot be allowed as a deduction ..... . office and establishment expenses unconnected with the earning of the company or keeping the company alive are not permissible deductions under section 57 of the act : vide the decision of the calcutta high court in commissioner of income-tax v. bihar spinning & weaving mills ltd. : 24itr108(cal) .'23. with great respect to their lordships, i am in complete agreement with these ..... c and c1), respectively, allowing a deduction of 10 per cent. as expenditure has brought the said amounts to tax under the act. without challenging those assessments in appeals, the petitioner moved the commissioner of income-tax, karnataka, bangalore (commissioner), under s. 264 of the act in revision petitions nos. 139 and 140 of 1978, for relief, who on february 24, 1979 (exhibit-e), .....Tag this Judgment!
Court : Karnataka
Reported in : (1988)71CTR(Kar)166; ILR1988KAR2012; 175ITR220(KAR); 175ITR220(Karn); 1988(3)KarLJ460
..... 1956-57, the assessee claimed deduction of these two amounts of rs. 22,332 and rs. 50,000 as deductible expenditure under section 10(2)(xv) of the indian income-tax act, 1922. the income-tax officer disallowed the claim for deduction on the ground that the expenditure incurred was of capital nature and was not allowable as a deduction under section 10(2)(xv ..... balakrishna, j.1. in these three references which have been made under section 256(1) of the income-tax act, 1961 ('the act'), the following questions of law arise for consideration : 2. at instance of the assessee : 'whether, on the facts and in the circumstances of the case, the tribunal was right in ..... and commissioning expenses should be treated as revenue expenditure (4) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the income-tax officer was not justified in restricting the relief under section 80j on pro rata basis ?' 4. i shall, at first, answer the four questions referred at the instance of the ..... ]106itr900(sc) , is apposite to the facts of these cases and that the expenditure incurred was capital in nature. thus, the tribunal upheld the orders of the commissioner of income-tax. 8. the circumstances which necessitated the construction of the road could be gathered from the proceedings of the board meeting of hindustan machine tools, dated july 24, 1970, vide annexure- .....Tag this Judgment!
Court : Karnataka
Reported in : 155ITR39(KAR); 155ITR39(Karn); 1985(2)KarLJ53
..... but the principles to be applied for allowing expenditure laid out or expended for the purpose of earning the agricultural income cannot be quite different from the principles applicable for computing the income under the central income-tax act. if the authorities under the income-tax act have rejected the claim made by the company with regard to the extra cost or price per tonne, we fail ..... has claimed extra costs of rs. 17.01 per tonne for better recovery of sugar. that claim was made in the assessment proceedings under the central income-tax act. but, the taxing authorities thereunder did not allow that tall claim. they have taken into consideration the market value of the sugarcane purchased by the company from other growers and reduced ..... to see why it should be accepted for determining the agricultural income under the act in respect of the same venture of the ..... the question herein. in vishnudatta antharjanam v. commr. of agrl. income-tax : 71itr733(ker) , the kerala high court, while examining the scope of s. 5(j) of the kerala agricultural income-tax act, 1950 (shortly the 'kerala act'), which is somewhat similar to the provision of s. 5(k) of the act, has held that the expenses incurred during the years previous to the .....Tag this Judgment!
Court : Karnataka
Reported in : 192ITR351(KAR); 192ITR351(Karn)
..... notice of a fresh return filed and proceed to assess any escaped assessment. in that case, what had happened was that the assessee had filed a return of income under the income-tax act showing certain income. that income came to be assessed and assessment was concluded. without knowing that assessment orders had been passed, the assessee therein, who was the appellant before the supreme court ..... , filed fresh returns showing certain modifications though in the new return filed, the excess of income was only one rupee. in that view of the matter, the income-tax officer issued to him a proposition notice under section 147(b) of the income-tax act to bring to tax the income that had escaped assessment. the assessee challenged the same before the high court of mysore in ..... it is not called for, as held by this court and the supreme court, while interpreting sections 34 and 22 of the indian income-tax act, 1922, which is in pari materia with section 36 and section 18 of the act, the assessing authority acquires no jurisdiction. 6. in the instant case, we have seen that there was no reference to 'any notice ..... m.p. chandrakantaraj urs, j.1. these revision petitions filed under section 55 of the karnataka agricultural income-tax act, 1957 (hereinafter referred to as 'the act'), are directed against the common order passed by the karnataka appellate tribunal in agricultural income-tax appeals nos. 16 of 1984, 17 of 1984, 18 of 1984 and 19 of 1984. the said common order is dated october 11, .....Tag this Judgment!
Court : Karnataka
Reported in : 197ITR48(KAR); 197ITR48(Karn)
..... within the ambit of section 36(1)(iv), the expenditure was wholly and exclusively for the purpose of business and came within the purview of section 37(1) of the income-tax act. the mere fact that the contribution could not come within the ambit of the provisions of section 36(1)(iv) would not disentitle the assessee to claim the benefit under ..... this court in cit v. bangalore turf club ltd. : 150itr23(kar) , the first question is answered in the affirmative and against the revenue. 3. the relevant assessment years ..... k. shivashankar bhat, j.1. the two questions referred under the provisions of the income-tax act, 1961 ('the act' for short), read thus :'(1) whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in confirming the orders of the commissioner of income-tax (appeals) who held that the assessee is entitled to depreciation on roads when they ..... do not constitute either machinery or plant (2) whether, on the facts and in the circumstances of the case, the provisons made towards pension fund was an admissible deduction under section 37 of the income-tax act, 1961 ?' 2. following the decision of .....Tag this Judgment!
Court : Karnataka
Reported in : (1986)55CTR(Kar)252; 160ITR203(KAR); 160ITR203(Karn)
..... similar claim and pronounce on the same.10. on the principles relevant to determine whether an expenditure is a business expenditure or not under the income-tax act, 1961, the predecessor act of 1922 and the english income-tax act, there are numerous decisions and a reference to all of them and extracting the relevant passages from them that have some bearing in the construction ..... 3. for the assessment years 1976-77 to 1980-81 relevant to the corresponding previous years, the assessee filed its returns under the karnataka agricultural income-tax act, 1957 (karnataka act 22 of 1957) ('the act'), before the agricultural income-tax officer, mysore circle, mysore, and, inter alia, claimed the following amounts as permissible deductions for the relevant assessment years.particularscrpnos.1976-77 3556/831977 ..... to vest the title of the building in the deity.'17. first, we are of the view that these principles enunciated in the language of the provisions of the income-tax act are not apposite. even if they are apposite, then also for the very reasons on which we have reached a different conclusion, we find it difficult to subscribe ..... particular expenditure is deductible must stand if there was evidence on which a person properly instructed in the law could come to the conclusion at which they arrived. the income-tax acts do not necessarily allow as expenses or deductions all the deductions the prudent trader would make in ascertaining his profit. it is first necessary to inquire if a .....Tag this Judgment!