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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1958 Page 1 of about 121 results (0.030 seconds)

Mar 31 1958 (HC)

B.M. Desai Vs. V. Ramamurthy and anr.

Court : Mumbai

Decided on : Mar-31-1958

Reported in : AIR1959Bom89; (1958)60BOMLR1048

..... air):'for the purpose of assessment, there is a well marked distinction between discontinuance and succession - a distinction which is recognised in the english law of income-tax and adopted and provided for in the indian income-tax act. the conception of succession, therefore, excludes the conception of discontinuance.'3. apart from our decision turning on the clear language used by the legislature in section ..... of the section and to be in line with similar decisions upon the english income-tax acts.'there is also a judgment of the madras high court reported in karuppiah pillai v. commr. of income-tax, madras : [1941]9itr1(mad) , which also look the view that section 44 of the indian income-tax act only applies when there has been a discontinuance of a business, and that when ..... of the profits of the four partners were allocated to each one of them under the provisions of the income-tax act and each of the partners was assessed to tax on his share of the profits. the petitioner and the other three partners paid the tax which they were liable to pay in respect of their respective assessments. iyer failed to do so and ..... the income-tax officer served a notice upon the petitioner that the petitioner was liable to pay the tax of iyer which was in arrears under section 44 of the income-tax act and threatened coercive measures if the petitioner failed to pay the tax. the petitioner has come on this writ contending that the liability .....

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Mar 14 1958 (HC)

Shapoorji Pallonji Mistry Vs. Commissioner of Income-tax, Bombay City, ...

Court : Mumbai

Decided on : Mar-14-1958

Reported in : AIR1959Bom304; (1958)60BOMLR847; ILR1958Bom1167

..... 'source' what we meant was the specific source from which a particular income sprung or arose. 5. the supreme court had to consider this judgment very recently and, ..... assess income from the other two branches at jalpaiguri and calcutta, because the i. t. o. had brought to assessment the business income of the assessee. therefore, it is clear that what we meant by 'source' was not source in the sense of head of income as used in the income-tax act. by ..... passage from our judgment: 'it is clear that the appellate assistant commissioner has been constituted a revising authority against the decisions of the income-tax officer; a revising authority not in the narrow sense of revising what is the subject-matter of the appeal, not in the sense ..... held by us to be irrelevant. this is perfectly clear, because in our judgment we considered the case of jagarnath therani v. commissioner of income-tax, (1925) 2 itc 4: air 1925 pat 408, and with respect, agreed with that judgment. in that case the assessee had three ..... with respect, it has approved of our judgment in narrondas manordass' case, : air1958bom35 and it has itself deduced the principle which emerges from this judgment. in commissioner of income-tax .....

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Sep 23 1958 (HC)

Commissioner of Income-tax, Bombay City I Vs. F.L. Smidth and Co. (Bom ...

Court : Mumbai

Decided on : Sep-23-1958

Reported in : [1959]35ITR183(Bom)

..... deciding whether section 23a is applicable to this case and whether the income-tax officer has rightly exercised his power, this sum of rs. 1,63,377 should be ..... tribunal was concerned. now, in arriving at the assessable income of the assessee, the income-tax officer took into consideration a sum of rs. 1,63,377, which were profits, according to the department, earned by the assessee under section 42 (2) of the income-tax act and the contention of the assessee is that in ..... the trouble arises. now, the view taken by the department is that even under the second part of section 23a (1), the profits which the income-tax officer has to consider are profits which would include the sum of rs. 1,63,377. one has only to state the proposition to realise ..... section 23a. 2. now, let us first look at the scheme of section 23a. the first condition for the exercise of the power of the income-tax officer is the distribution of dividend by the company of less than the statutory percentage, which, at the relevant time, was 60 per cent. and ..... the substance of the matter is this that for the purpose of the second part of section 23a, when the income-tax officer is considering the smallness of the profits, when the income-tax officer is considering the profits and is considering whether it would be reasonable or unreasonable to declare a larger dividend, the .....

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Mar 13 1958 (HC)

Maharaj Shri Govindlalji Ranchhodlalji Vs. Commr. of Income-tax, Ahmed ...

Court : Mumbai

Decided on : Mar-13-1958

Reported in : AIR1959Bom100; (1958)60BOMLR926; ILR1958Bom1149

..... for 1954-55 was rs. 17,591/-. the contention of the assessee was that these amounts were not subject to tax. the tribunal held that these amounts constituted an income and were liable to tax under section 10 or 12 of the indian income-tax act.2. now, every receipt that a man receives is either a revenue receipt or a capital receipt, and in this ..... receipts come in with a fair regularity. but even if a receipt is a revenue receipt, it may bot be subject to tax if the assessee establishes that the receipt is exempted from tax under one of the provisions of the income-tax act, and mr. thakkar, on behalf of the assessee, has strongly pressed upon us that these particular receipts are personal gifts made ..... our opinion, it is an untenable proposition that the amounts received by the assessee were income which was exempted under the provisions of the indian income-tax act. 7. now, mr. thakkar wanted to argue that even if these receipts constituted 'income', he was entitled to deductions permissible under the income-tax law. no question has been raised on this reference and we cannot go into it ..... practice of religion can become a vocation and more so, when it brings in a steady income. if the assessee does practise a vocation, then the case falls under section 10; but even otherwise the income would fall in any case under section 12 of the income-tax act. 9. we answer the question submitted to us in the affirmative.10. assessee to pay the .....

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Mar 19 1958 (HC)

Associated Banking Corporation of India Ltd. Vs. Commissioner of Incom ...

Court : Mumbai

Decided on : Mar-19-1958

Reported in : AIR1959Bom272; (1958)60BOMLR987; ILR1959Bom262

..... two sums of rs. 10,15,000/- and rs. 98892/- as a business loss or as a deduction under section 10(2)(xv) of the indian income-tax act?'11. with regard to question no. 1 also some amendment is necessary because the amount of rs. 48,50,689/- mentioned in question no. 1 ..... says at p.284 (of itr): (at p.602 of air) is:'i am entirely unable to hold that section 10(2)(xi) of the income-tax act imperatively requires that in order that any amount may be allowed as irrecoverable in any particular year, such amount or a larger amount must be 'actually written ..... that the other view was not tenable and the position which was accepted was incontrovertible.4. now, turning to these decisions -- in commr. of income tax and excess profits tax central, bombay v. jwalaprasad tiwari : air1954bom277 the department took up the extreme attitude that because the debts which were claimed as bad debts were ..... of rupees. now, it seems to us that such construction is illogical. if the intention of the legislature was to restrict the power of the income-tax officer not to allow bad debts exceeding the amount written off by the assessed himself in his books of account, logically the restriction must be applied ..... bad debts must arise in respect of loans made by the assessee. only such debts are allowed as bad debts as the income-tax officer may estimate to be irrecoverable. therefore the income-tax officer must be satisfied that in the year of account in which bad debts are claimed, the debts could not be recovered. .....

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Mar 18 1958 (HC)

Commissioner of Income-tax, Ahmedabad Vs. Balwantrai Jethalal Vaidya a ...

Court : Mumbai

Decided on : Mar-18-1958

Reported in : AIR1959Bom298; (1958)60BOMLR983; ILR1958Bom1374; [1958]34ITR187(Bom)

..... they are also the registered owners of shares which bring in dividend income. the question that arises is whether it is obligatory upon the department to tax them with regard to these different kinds of income under sections 9, 10 and 12 read with section 41 of the income-tax act or it is open to the department to contend that at its option it could ..... tax the trustees under sections 9, 10 and 12 without regard to the provisions ..... of s. 41.2. now, in order to answer this question, we must first look at the scheme of the act. the charging section, as has been ..... that section 41 is mandatory in its language. therefore, if a person makes the return of his income as a trustee, the assessment upon his income would be in accordance with the provision laid down in chapter iii of the act, but his liability to pay tax as a trustee must be determined according to section 41. now there is n dispute here that .....

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Mar 17 1958 (HC)

Purshotamdas Thakurdas Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Decided on : Mar-17-1958

Reported in : AIR1959Bom303; (1958)60BOMLR980; ILR1958Bom1172; [1958]34ITR204(Bom)

..... . joshi says that the legislature wanted to tax this income whether in fact the income was received by the assessee or not; and, therefore, ..... that date, and therefore, it must be included in the total income of the assessee for the assessment year 1953-54. we agree with mr. joshi that there are various provisions in the income-tax act under which an assessee has to pay tax on an income which is purely notional and which he has never received, and mr ..... therefore, answer the first question submitted to us in the negative. 8. questions 2 and 3 must be answered in the light of the decision in commr. of income-tax, bombay city ii v.shanti k. maheshwari, : air1958bom478 . 9. question no. 2 in the affirmative. 10. question no. 3 in the affirmative in the light ..... if in law, the dividend has been paid, then it must be considered to be the income of the year in which it is paid. 4.the tribunal relied on a judgment of this court reported in commissioner of income-tax, bombay city v. laxmidas mulraj khatau 1948 16 itr 248 : (air 1948 bom 404), ..... has been made. as soon as a declaration of a dividend is made, the assessee must be deemed to have been paid the dividend income and he must pay tax on that income.5. now, turning to the judgment in khatau mills's case, (1948) 16 itr 248: (air 1948 bom 404), that was .....

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Mar 10 1958 (HC)

Pohoomal Bros. Vs. Commissioner of Income-tax, Bombay City

Court : Mumbai

Decided on : Mar-10-1958

Reported in : AIR1958Bom461; (1958)60BOMLR838; ILR1958Bom1124

..... equity the assessee is perhaps entitled to claim the expenses incurred. the nature of the expenses is, however, such that there is no provision under the income-tax act under which such expenditure can be allowed. when the business came to an end, it is not known what happened to all the employees. they were ..... points out:'i think the question always is whether the actual expense incurred was necessary in order to enable the trader to earn the profits charged to income-tax. that, i think, is mainly a question of fact.'and the learned law lord says:'the commissioners have found that the rent which was deducted ..... the company's business; and in estimating the balance of the profits or gains which the company has to bring into account for the purposes of income tax, the amount of the excess of the sum recovered over the book value of the timber in the company's books has to be brought ..... that the timber company did not trade in fires and, therefore, any profit it had made on insurance should not be allowed to be subjected to income-tax. this argument was rejected by the master of the rolls lord hanworth, who said:--'....... governed by ordinary business prudence, and mindful of the fact that ..... as far as the business is concerned;5. there is a judgment of the patna high court in motamal jethumal v. commr. of income-tax : [1947]15itr155(patna) , whichas really based on (1929) 14 tax gas 364 (a); but there is a significant passage in the judgment of mr. justice manohar lall at page 163 (of itr .....

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Mar 19 1958 (HC)

Associated Banking Corporation of India Ltd. Vs. Commissioner of Incom ...

Court : Mumbai

Decided on : Mar-19-1958

Reported in : [1958]34ITR557(Bom)

..... claim two sums of rs. 10,15,000 and rs. 98,892 as a business loss as a deduction under section 10(2)(xv) of the indian income-tax act ?' 16. with regard to question no. 1 also some amendment is necessary because the amount of rs. 48,50,689, mentioned in question no. 1 ..... 2)(xi). what the learned chief justice says at page 284 is : 'i am entirely unable to hold that section 10(2)(xi) of the income-tax act imperatively requires that in order that any amount may be allowed as irrecoverable in any particular year such amount or a larger amount, must be 'actually written ..... that the other view was not tenable and the position which was accepted was incontrovertiable. 5. now, turning to these decisions, in commissioner of income-tax and excess profits tax v. jwala prasad tiwari. the department took up the extreme attitude that because the debts which were claimed as bad debts were not be ..... rupees. now, it seems to us that such a construction is illogical. if the intention of the legislature was to restrict the power of the income-tax officer not to allow bad debts exceeding the amount written off by the assessee himself in his books of account, logically the restriction must be applied ..... an assessee carrying on a banking or money-lending business, such sum in respect of loans made in the ordinary cause of such business as the income-tax officer may estimate to be irrecoverable but not exceeding the amount actually written off as irrecoverable in the books of the assessee.' 3. therefore, in .....

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Mar 12 1958 (HC)

Surat District Cotton Dealers' Association Vs. Commissioner of Income- ...

Court : Mumbai

Decided on : Mar-12-1958

Reported in : [1959]35ITR121(Bom)

..... in the past, if an assessee claims an exemption, it is open to him to claim that exemption under one or the other provision of the income-tax act provided all the facts necessary for the submission which the assessee wants to make are before the court in the statement of the case. in our ..... receipt derived by a mutual association. but the tribunal took the view that the case of the association fell under section 10 (6) of the income-tax act. now, in order to attract the application of that section, it must be established by the department that the association concerned performs specific services for its ..... , becomes a casual and non-recurring income. 4. mr. kolah also wanted to urge that his case falls under section 4 (3) (vi). although the point has not been taken before the ..... instance of the distribution committee, will pay a certain amount to the association. under these circumstances, in our opinion, it is impossible to urge that the income received by the association, because it happened to be for a short duration and because it happened to be only once in the history of the association ..... arise only once, therefore the monies received by the association in respect of work done by it under that order must be looked upon as casual income. in our opinion, that contention is wholly untenable. the test of casualness of a receipt is not merely that it must be of a non-recurring .....

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