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Judgment Search Results Home > Cases Phrase: income tax act Court: karnataka Year: 1985 Page 1 of about 111 results (0.021 seconds)

Mar 11 1985 (HC)

Karnataka Forest Plantations Corporation Limited Vs. Commissioner of I ...

Court : Karnataka

Decided on : Mar-11-1985

Reported in : (1986)53CTR(Kar)308; [1985]156ITR275(KAR); [1985]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. : [1953]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), .....

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Oct 04 1985 (HC)

Chokkalingam Chettiar Vs. Agricultural I.T.O.

Court : Karnataka

Decided on : Oct-04-1985

Reported in : ILR1986KAR1126

..... ending on 31-3-1975, the petitioner filed his return under the karnataka agricultural income-tax act. 1957 (karnataka act 22 of 1957) ('the act') before the aito who on an examination of the same completed the assessment under the act on 28-5-1976. in the purported exercise of his powers under section 37 of ..... jurisdiction. in support of his contention sri prasad strongly relies on a division bench ruling of this court in k.g. subramanya v. commissioner of agricultural income tax, mysore : [1969]73itr499(kar) .5. sri s. rajendra babu, learned government advocate appearing for the respondent in justifying the impugned order contends that ..... to section 37(7) of the act. in the very case relied on by sri babu, venkataramaiah, j. (as his ..... relies on a ruling rendered by venkataramiah, j. (as his lordship then was) in sha vajeshankar vasudeva and company v. the assistant commissioner of commercial taxes (assessment) mangalore, 34 stc 257.6. from the very order made by the aito, we find that the original assessment order was made on 28 ..... (7) of section 37 of the act.11. in sha vajeshankar vasudeva and company's case, 34 stc 257 this court was examining a rectification proceeding under section 25(a) of the karnataka sales tax act of 1957 (st act). section 25(a) of the st act is not in pan materia or analogous .....

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Mar 06 1985 (HC)

inspecting Assistant Commissioner of Income-tax Vs. N. Vajram Setty

Court : Karnataka

Decided on : Mar-06-1985

Reported in : (1986)56CTR(Kar)154; [1986]159ITR742(KAR); [1986]159ITR742(Karn); [1986]24TAXMAN682(Kar)

..... , 1961 ('the act'). 2. an immovable property bearing no. 18/2 and 1813 situated at vanivilas road, bangalore city, consisting of a building and site ..... of the transferor and the transferees. hence, these appeals by the inspecting assistant commissioner under section 269h of the act. 6. sri k. srinivasan, learned senior standing counsel for the income-tax department, appeared for the appellant. sri s. p. bhat, learned counsel, appeared for the respondents. 7. on ..... income-tax, acquisition range, bangalore, and are directed against a common order made on february 4, 1975, by the income-tax appellate tribunal, bangalore bench, bangalore ('the tribunal') in appeals i.t.a. (acq) nos. 10, 11, 12/bangalore/74-75 reversing his order no. c.r. 62/1518 and 1519/73-74 made on august 28, 1974, under chapter xx-a of the income-tax act ..... a question of fact which cannot be corrected by this court in exercise of its limited jurisdiction under section 269h of the act. 10. the act permits an appeal to the tribunal, both on questions of fact and law without placing any restriction on its power. hence, ..... in the instruments of transfer and that was the fair market value of the property, for which reason, the proceedings under the act should be dropped. 4. at the inquiry before the inspecting assistant commissioner, the transferor and the transferees also produced documentary evidence of .....

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Mar 06 1985 (HC)

inspecting Assistant Commissioner of Income-tax Vs. National Flag Perf ...

Court : Karnataka

Decided on : Mar-06-1985

Reported in : (1986)56CTR(Kar)113; [1986]159ITR737(KAR); [1986]159ITR737(Karn)

..... 21/74-75 reversing his order no. cr 62/1295/73-74/acq. b., made on november 29, 1974, under chapter xx-a of the income-tax act, 1961 ('the act'). 2. an immovable property bearing no. 354 situated at i block, jayanagar extension of bangalore city, measuring 75'+74' -------- x 120/2 or ..... very fact that parliament in its wisdom found it necessary to enact chapter xx-a relating to acquisition of immovable properties to counter evasion of tax is a clear indication of the existence of tactics of understating of the consideration in instruments of transfer of properties, when the competent authority ..... from the one reached by the inspecting assistant commissioner. 9. on the question of burden arising in a proceeding under chapter xx-a of the act, the tribunal observed thus : 'before closing this order, we would like to emphasise one aspect of these matters of acquisition which seems to be ..... 1975, accepted the same and allowed the said appeal of the transferee. hence, this appeal by the inspecting assistant commissioner under section 269h of the act. 5. on the contentions urged before us, only one point arises for our determination and that is this : 'whether, the tribunal committed an ..... in the instrument of transfer as consideration and the same represented the fair market value of the property and, therefore, the proceedings under the act be dropped. at the inquiry before the inspecting assistant commissioner, the transferee also placed evidence in support of its case. on an examination of .....

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Mar 01 1985 (HC)

Syndicate Bank Ltd. Vs. Additional Commissioner of Income-tax

Court : Karnataka

Decided on : Mar-01-1985

Reported in : (1985)45CTR(Kar)68; [1985]155ITR681(KAR); [1985]155ITR681(Karn)

..... questions nos.4 and 5gains on transfer of goodwill in case the do not call for answers.assessee did not opt under section 55(2) of the income-tax act, 1961, for themarket value of the undertaking as on1-1-1954 to be substituted for the costof acquisition of the undertaking ?5. whether, on the ..... 1-1954, reasonable method fordeterminingfor the cost of acquisition under the the market value of theassets ofprovisions of section 55(2) of the income the undertaking as on1-1-1954,tax act, 1961 without reference to theobservationor findings recorded bythe tribunal7. whether the manner laid down by the as to the method ofvaluation.'tribunal for ..... support for this view. there, the question that arose for consideration was whether the transfer of goodwill generated in a newly constituted business would be subject to income-tax under the head 'capital gains'. pathak j., speaking for the supreme court, observed that the goodwill of a newly constituted business cannot be considered as an ..... 45 and 48 of the i.t. act, 1961. '45. capital gains. - (1) any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in section 53, 54 , 54b , 54d and 54e, be chargeable to income-tax under the head 'capital gains', and shall ..... jagannatha shetty, j.1. the income-tax appellate tribunal has, under s. 256(1) of the i.t.act, 1961, referred as many as nine questions, all relating to the question of capital gains which accrued or arose to the .....

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Mar 11 1985 (HC)

Deepchand Kishanlal Vs. Commissioner of Income-tax and anr.

Court : Karnataka

Decided on : Mar-11-1985

Reported in : [1986]159ITR495(KAR); [1986]159ITR495(Karn)

..... -68 and 1968-69 relevant to the accounting years ending on december 31, 1966, and december 31, 1967, respectively, the petitioner filed its returns under the income-tax act of 1961, before the ito-c, inter alia, disclosing a credit of rs. 45,000 on march 31, 1964, from m/s. karnataka mining company ..... made in the case of m/s. kishanlal poddar (share) had not been allowed, even the question of treating the sum as income under section 41(1) of the income-tax act, 1961, does not arise. there is no case at all for treating the amount as forgone by the mother of murarilal kedia. ..... thereon, not being an order prejudicial to the assessee, as he thinks fit.' 8. this section that corresponds to section 33a of the indian income-tax act, 1922 ('1922 act'), provides for a revision by an assessee before the commissioner apart from conferring suo motu power of revision on him subject to the constraints referred ..... share) had not been allowed, even the question of assessing the sum under section 41(1) of the income-tax act, 1961, does not arise. even if it is considered as a windfall, the same cannot be subjected to tax in the hands of the successor. attention is invited to the decision of hukumchand mohanlal : [1971]82itr624 ..... two opinions at all. but, on the necessity for section 264, one cannot say the same. against an assessment order made by the income-tax officer, the act provides for two appeals both on questions of fact and law and a reference to the high court on questions of law and then an .....

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Sep 10 1985 (HC)

M.P. Laxman Vs. Agricultural Income-tax Officer and anr.

Court : Karnataka

Decided on : Sep-10-1985

Reported in : (1985)51CTR(Kar)18; [1986]157ITR1(KAR); [1986]157ITR1(Karn)

..... constitution, the petitioner has challenged the constitutional validity of section 18(2a)(b) of the karnataka agricultural income-tax act of 1957 (karnataka act no. 22 of 1957) (the act), and order no. gir no. 92/79-80 dated december 19, 1981 (annexure-a), made by the agricultural income-tax officer thereunder. 2. for the assessment year 1979-80, the petitioner filed his return under section 18 ..... provision does not suffer from the vice of excessive delegation and was not violative of article 14 of the constitution. 9. section 18(2a) incorporated by the karnataka agricultural income-tax (amendment) act, 1976 (karnataka act no. 29 of 1976), from april 1, 1975, reads thus : ' (2a) (a) before any person submits any return under sub-section (1) or sub-section (2), he ..... more than 25%, the levy of penalty was automatic and compulsive, have levied penalty against the petitioner and others. in other words, the agricultural income-tax officers are of the view that section 18(2a)(b) of the act did not confer on them any discretion. whether this view is correct or not is the first question that calls for our examination. but ..... of the act before the agricultural income-tax officer disclosing taxable income for the said year along with the treasury receipt for having paid a sum of rs. 5,532 .....

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Apr 19 1985 (HC)

National Products Vs. Commissioner of Income-tax

Court : Karnataka

Decided on : Apr-19-1985

Reported in : (1987)60CTR(Kar)57; [1987]163ITR632(KAR); [1987]163ITR632(Karn); [1986]26TAXMAN755(Kar)

..... capital gains of rs. 10,675 was assessable on the sale of a part of the property (2) whether, the tribunal was right in holding that section 51 of the income-tax act, 1961, is not applicable on the facts and in the circumstances of the case ?' 2. in order to appreciate the questions referred to us, it is necessary to notice the ..... puttaswamy, j.1. in this reference made under section 256(1) of the income-tax act, 1961 (central act no. 43 of 1961), the income-tax appellate tribunal, bangalore bench, bangalore ('tribunal'), at the instance of the assessee, has referred the following questions of law for the opinion of this court : '(1) whether, on the facts ..... the ground that 'the whole of the capital asset' had not been transferred or there was only a piecemeal transfer, which was not exigible to capital gains under the act. but, the income-tax officer in his assessment order made on november 27, 1984 (annexure a) rejected the said claim of the assessee, computed a sum of rs. 10,675 as capital gains ..... ]134itr428(kar) . 7. sri sarangan, has urged that the construction suggested by sri prasad that does violence to the provisions would result in evasion of taxes under the act. 8. in computing the capital gains, the income-tax officer took the average cost of purchase of the property at rs. 7.20 per sq.ft. and the sale price at rs. 10.25 per .....

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Jun 11 1985 (HC)

Commissioner of Income-tax Vs. Karnataka Bank Ltd.

Court : Karnataka

Decided on : Jun-11-1985

Reported in : (1986)50CTR(Kar)17; [1986]157ITR512(KAR); [1986]157ITR512(Karn); [1985]23TAXMAN565(Kar)

..... assessee therein represented the sums of interest on loans, the recovery of which was considered doubtful. it was not a case of an assessment of income under the interest-tax act, whereas the assessment of interest income was under the income-tax act. 10. this court answered the question in itrc no. 175 of 1982 in the affirmative and in favour of the assessee in the said ..... . the assessee's counsel is, therefore, not correct in relying on the circular issued by the board with reference to assessment under the income-tax act. it is no doubt true that the same income by way of interest is exempt from tax under the income-tax act by virtue of the circular. but, it is somewhat incongruous that the same benefit is not available under the interest ..... by this court in corporation bank's case : [1986]157itr509(kar) , irrespective of the assessability whether under the income-tax act or under the interest tax act. 13. another submission of sri bhat is that the said interest would not be exigible to tax under the interest-tax act, since the interest had not accrued to the assesses company during the relevant year. the matter was in litigation ..... -tax act. in our view, the appeal should be to the board, rather than to the court, which can only apply and interpret the law as .....

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Oct 09 1985 (HC)

Commissioner of Income-tax, Karnataka-i, Bangalore Vs. M.P. Davis

Court : Karnataka

Decided on : Oct-09-1985

Reported in : (1986)50CTR(Kar)78; [1986]162ITR251(KAR); [1986]162ITR251(Karn); [1986]27TAXMAN59(Kar)

..... in cit v. bidhu bhusan sarkar : [1967]63itr278(sc) , the supreme court again, in a case arising under the old ..... puttaswamy, j.1. in these references made under section 256(1) of the income-tax act, 1961 (central act 43 of 1961) ('the act'), the income-tax appellate tribunal, bangalore bench, bangalore ('the tribunal'), at the instance of the revenue has referred the following question of law for the opinion of this court : 'whether, on the ..... abbreviation 'n.p.' is generally employed by income-tax officers in assessment proceedings to signify that there is nil assessment or to close or drop them. in esthuri aswathiah v. ito : [1961]41itr539(sc) , the supreme court, examining the use of the term 'no proceeding' employed by an income-tax officer under the indian income-tax act 1922 (old act), construed the same as 'nil assessment'. ..... concluding and terminating the assessment proceedings. the principles enunciated by the supreme court in these cases apply in construing the term employed by the income-tax officer under the act. what necessarily follows from this is that the income-tax officer willy nilly, rightly or wrongly, had closed or dropped or in any event terminated the assessment proceedings against the assessee. we see .....

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