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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1958 Page 9 of about 121 results (0.040 seconds)

Nov 06 1958 (HC)

Ahmedabad Laxmi Cotton Mills Co. Ltd. Vs. H.K. Sondhi, Income-tax Offi ...

Court : Mumbai

Decided on : Nov-06-1958

Reported in : [1959]37ITR50(Bom)

..... provision of clause (ii) of the proviso to paragraph b of part i of the schedules to the finance acts above referred to, be deemed to have been made subject of incorrect relief under this act, and the income-tax officer shall recompute the tax payable by the company by reducing the rebate originally allowed, as if the re-computation is rectification of a mistake ..... . it is also contended that there is an error apparent on the face of the record. it is also stated that the income-tax officer acted on certain his mined to the facts of the case before passing that order and simply acted on certain surmises of his own which, it is said, were wholly unwarranted. section 35 (10) is in following terms : 'where ..... income-tax was allowed as aforesaid is availed of by the company, wholly or partly, for declaring dividends in any year, the amount or that part of ..... day of april of the year 1948 to 1955 inclusive, a rebate of income-tax was allowed to a company on a part of its total income under clause (i) of the proviso to paragraph b of part i of the relevant schedules to the finance acts specifying the rates of tax for the relevant year, and subsequently the amount on which the rebate of .....

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Oct 24 1958 (HC)

Shri Jagdish Mills Ltd. Vs. Commissioner of Income Tax, Bombay North

Court : Mumbai

Decided on : Oct-24-1958

Reported in : [1959]36ITR279(Bom)

..... ordinance, 1943. it will be convenient at this stage to set out certain provisions of that ordinance : '2. excess profits tax act applied to baroda state : the excess profits tax act (no. xv of 1940) in force british india as modified up to date shall apply to the baroda state with the modification ..... actually received on the securities was ultimately handed over to the assessee but it cannot be said that the interest on the securities was the income of the assessee. we agree with the tribunal that neither factually nor legally the true nature of the sum under consideration could be held to ..... the government securities remained the property of the assessee and the interest realised by the accountant-general on these securities was the income of the assessee which could only be taxed under the head of 'interest on securities'. the tribunal rejected that contention and the assessee has come before us on this ..... ) read with section 18(3) ?' 4. it has been argued before us by mr. palkhivala that what has been described as excess profits tax was no tax at all. now, the argument of mr. palkhivala come to this : the excess profits ordinance was nothing more that a procedure or machinery for ..... tribunal, the assessee got back the securities of a larger face value than what it has tendered to the accountant general. the department sought to tax this amount of rs. 28,718. the assessee contented that the amount represented interest on securities and the contention of the department was that such .....

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Oct 27 1958 (HC)

Commissioner of Income-tax, Bombay City I Vs. Evans Medical Supplies L ...

Court : Mumbai

Decided on : Oct-27-1958

Reported in : [1959]36ITR188(Bom)

..... the dealings of the assessee company in respect of the sale of its products in the taxable territories and relied on section 42 of the act. the income-tax officer as well as the appellate assistant commissioner decided against the assessee-company who carried the matter in appeal to the tribunal. the tribunal ..... the nature of the dealings between the parties; what were its incidents; what was the effect in law of those dealings in the context of income-tax law what we have to determine is : was there or was there not any business connection between the assessee and the indian company 6. now ..... a dispute in respect of products supplied and shipped directly to the indian company under clause 10 of the agreement. it was common ground before the income-tax authorities that the sales in respect of products supplied and shipped directly to the indian company under clause 10 had taken place outside the taxable territories ..... connection. it is not necessary that the profit or gain should directly flow from the business connection. it is to be deemed to be the income of the assessee, who may well be a non-resident, even if it has arisen indirectly through the business connection in the taxable territories. 7 ..... , the contention of the revenue must succeed if it is able to show that the income attributable to sale of goods by the assessee-company to the indian company accrued to it or arose directly or indirectly through a business connection. .....

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Oct 28 1958 (HC)

Ramniklal Sunderlal Vs. Commissioner of Income-tax, Ahmedabad

Court : Mumbai

Decided on : Oct-28-1958

Reported in : [1959]36ITR464(Bom)

..... . in the assessment year 1948-49 this partnership was registered under section 26a. for a few years thereafter also the partnership was recognised by the income-tax authorities and was registered as a firm. for the assessment year 1953-54, however, the department revised the objection that this was not a partnership ..... it did not carry on any business. the income-tax officer refused registration and assessed the assessee as an association of persons. the income was assessed under section 12 of the act. 3. the appellate assistant commissioner as well as the tribunal upheld the decision of the income-tax officer and the assessee has now come to ..... but it is extremely difficult to see as to where is the business and what is that business. an owner of a property who derives income by letting out the same to a number of tenants cannot substitute a partnership between himself and his wife and children by dividing the property among ..... telephone charges. the third factor to which our attention has been drawn is that in the assessment year 1950-51 the assessee was assessed on an income of rs. 99 from speculation in shares. 6. now, it is true that there is here an agreement which is one of the essential ..... but what would be lacking in an agreement of this nature would be the existence of a business. the definition of a partnership in the partnership act stresses three necessary elements of a partnership, viz., agreement, the existence of a business which must be carried on by all or any of the .....

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Mar 19 1958 (HC)

Associated Industries Ltd. Vs. Its Workmen (Associated Industries Kamg ...

Court : Mumbai

Decided on : Mar-19-1958

Reported in : (1958)IILLJ138Bom

..... .496 lakh statutory depreciation. ------- 1.899 lakhs. less 0.570 lakh bonus equivalent to three months' basic earnings. ------ 1.329 lakhs. less 0.576 lakh income tax at 7 annas in the rupee. ------ 0.753 lakh. less 2.230 lakhs additional provision for rehabilitation. ------ 0.523 lakh. less 0.165 lakh dividend on ..... tools, furniture, etc., because it appears from the assessment orders filed by the company that the provision for depreciation allowed according to the incometax act would be adequate for their replacement. it appears from the statement ex. 52 about depreciation appended to the assessment order for 1954, that depreciation ..... during the period from 1948 to 1955, no additional provision for rehabilitation is required to be made, as the depreciation allowed under the incometax act is adequate. this will be apparent from the assessment orders for 1954 and 1955. the depreciation allowed for 1954 and 1955 for this machinery ..... are made by reference to the financial position of the employer during the particular year only and in these calculations considerations relevant under the incometax act in regard to the financial losses of the employer in the previous year would not be allowed to enter. however, in the present ..... must be deducted as a prior charge from the gross profits even though the employer may be entitled to claim exemption under the incometax act in view of the fact he had suffered losses during the previous year. prima facie it may be said that, if the essential .....

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Mar 12 1958 (HC)

Varjivandas Hirji and Co. Vs. Commissioner of Income-tax, Bombay City- ...

Court : Mumbai

Decided on : Mar-12-1958

Reported in : [1958]34ITR21(Bom)

..... explains this remark by saying : 'that only means that in making the firm's assessment, and showing the distributive share of each partner, the income-tax officer should show the amount according to the instrument registered. that, however, is not in respect of the assessment of the individual partner, and does ..... registration : and the tribunal also, with respect, has fallen into the same error. this is exactly what happened in the case of commissioner of income-tax v. dayaram gangabishan & co., and there we have pointed out what the correct procedure is with regard to an application under section 26a and ..... for registration has to state that he requires registration for a particular year of account and the certificate of registration which is granted by the income-tax officer also grants the certificate for a particular year of account. as a matter of fact, an application for registration has got to ..... but it really came into being in the middle of june, 1951. the tribunal therefore, restored the registration granted by the income-tax officer and sustained the order of the income-tax officer with regard to the allocation of profits. this reference raises the question as to what is the effect of registration ..... the partners as alleged by the assessee, he should not - and indeed cannot - grant registration to that firm under section 26a. by the act of registration he accepts the position, if the assessee has come to him on the strength of a written partnership, and indeed, and in the .....

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Sep 25 1958 (HC)

P.T. Anklesaria and ors. Vs. Commissioner of Income-tax, Bombay South

Court : Mumbai

Decided on : Sep-25-1958

Reported in : [1959]35ITR532(Bom)

..... year 1947-48 declaring a loss of rs. 74,140. it is common ground that no notice under section 22 (2) had been served upon this assessee by the income-tax officer. when the income-tax officer received this return he issued a notice under section 23 (2) and the return of notice was fixed or the 24th march, 1952. on the 24th march ..... loss of rs. 74,140 into a profit of an equivalent or even a larger amount. therefore, we do not understand why and under what provision of the law an income-tax officer can refuse to assess a loss shown in a return, the more so as in this case he actually issued a notice under section 23 (2) after the return ..... was that it had filed a voluntary return on the 17th march, 1952, that there was a valid return under section 22 (3), and as such the order of the income-tax officer passed under section 34 is invalid and bad in law. the tribunal rejected the contention of the assessee. 4. now, it is difficult to understand ranchhod's case can ..... must give to the question submitted to us by the tribunal is covered directly by a decision of this court in ranchhoddas karsondas v. commissioner of income-tax, and also in harakchand makanji & co. v. commissioner of income-tax. 2. a few facts may be stated. the assessee is a firm and on the 17th march, 1952, it made a return for the assessment .....

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Oct 27 1958 (HC)

Commissioner of Income-tax, Bombay City-i Vs. Evans Medical Supplies L ...

Court : Mumbai

Decided on : Oct-27-1958

Reported in : AIR1959Bom448; (1959)61BOMLR490; ILR1959Bom1458

..... the dealings of the assessee company in respect of the sale of its product in the taxable territories and relied on section 42 of the act. the income-tax officer as well the appellate assistant commissioner decided against the assessee company who carried the matter in appeal to the tribunal. the tribunal reached ..... the nature of the dealings between the parties; what were its incidents; what was the effect in law of those dealings in the context of income-tax law? what we have to determine is : was there or was there not any business connection between the assessee and the indian company?5. now ..... dispute in respect of products supplied and shipped directly to the indian company under clause 10 of the agreement. it was common ground before the income-tax authorities that the sales in respect of products supplied and shipped directly to the indian company under 10 had taken place outside the taxable territories. ..... connection. it is not necessary that the profit or gain should directly flow from the business connection. it is to be deemed to be the income of the assessee, who may well be anon-resident, even if ti has arisen indirectly through the business connection in the taxable territories.6. business ..... , the contention of the revenue must succeed if it is able to show that the income attributable to sale of goods by the assessee company to the indian company accrued to it or arose directly or indirectly through a business connection. .....

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Mar 20 1958 (HC)

Parelkar, Gore and Parpia Vs. Commissioner of Income-tax, Bombay City- ...

Court : Mumbai

Decided on : Mar-20-1958

Reported in : [1958]34ITR312(Bom)

..... prize carried with it the additional advantage - an all - powerful advantage - of their getting this important work. in submitting their plan they exercised their professional skill; they acted a architects. their intention in submitting the plan was not merely to win a prize, but to get the work, and, therefore, it was as a result of ..... him and made a large sum of money; and the question was whether the bets which the golfer won were liable to tax. mr. justice lawrence came to the conclusion that these bets did not arise from his employment as a professional golfer. now the facts which the english court ..... which, in our opinion, does not touch the point which we have to decide in this case. that is the decision in down (h. m. inspector of taxes) v. compston. that was the case of a professional golfer also engaged in private games of golf on handicap terms and laid bets against those who played with ..... as we pointed out, were fortunate in getting the third prize which was rs. 10,000. the question is whether this receipt constitutes income which is liable to tax and the contention of the assessees was that it is exempt from tax by reason of the provisions of section 4(3)(vii). 2. section 4(3)(vii) exempts from ..... tax casual and non-recurring income; but in order that section 4(3)(vii) should apply, the receipt must not be a receipt arising from business or the exercise of a .....

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Mar 20 1958 (HC)

Chimanbhai Lalbhai Vs. Commissioner of Income-tax (Central), Bombay

Court : Mumbai

Decided on : Mar-20-1958

Reported in : [1958]34ITR259(Bom)

..... the tribunal have nothing whatever to do with the question as to whether the gift was a valid gift in law. the niceties and subtleties of the transfer of property act and novation and chose in action may be considered in a proper case, but certainly not in a case like this, which is a simple transaction of a constituent ..... dealing with a joint hindu family functioning as a bank. we fail to see what difference that makes to the legal aspect of the matter. if the joint hindu family acted as the assessee's banker, the position in law is identical with what it would be if, instead of going to the joint family banker, the assessee had gone ..... chagla, c.j. 1. this is one of those cases where the department seems to think that common sense is out of place in taxing cases. the question which we are asked to decide is whether certain amounts gifted by the assessee to his son and daughter constitute valid gifts. 2. now the undisputed ..... gift is not made. what are the reasons which lead the tribunal to this extraordinary conclusion the first reason is that as required by the transfer of property act no possession was given of this movable property and till possession is given the gift is not complete. the transfer of property ..... act is very well in its proper place, but it seem to us to be completely out of place in this transaction. is it seriously suggested that the father .....

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