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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 1967 Page 1 of about 63 results (0.032 seconds)

Mar 01 1967 (HC)

Commissioner of Income-tax, Bombay Vs. Sir Chunilal V. Mehta and Sons ...

Court : Mumbai

Decided on : Mar-01-1967

Reported in : [1967]65ITR50(Bom)

..... ,34,000 and interest thereon was taxable under section 10(5a) of the indian income-tax act in the assessment year 1956-57. mr. joshi argues that even if it is held that the compensation amount is not taxable under section 10(5a ..... claim to a profit or to liability is not sufficient to make the profit to accrue or the liability to be incurred for the purposes of the income-tax act. 5. now, it is true that a mere claim to a profit, which, if upheld, would give rise to a profit may not be ..... the facts and in the circumstances of this case, the compensation of rs. 2,34,000 and interest thereon was taxable under section 10(5a) of the income-tax act in the assessment year 1956-57 ?' 4. on the point of law raised by the first question mr. joshi, learned counsel for the department, has ..... source. in your opinion, therefore, the amount which the assessee company received as compensation was not taxable under section 10(5a) of the indian income-tax act in the assessment year 1956-57. 11. the second question as it is framed requires us to state whether the compensation of rs. 2 ..... which the receipt which has been deemed to be income could be brought to tax.' 8. now the income received from business comes in for computation under the income-tax act according to the other provisions laid down in the income-tax act. those provisions include the provisions of section 13, which states : 'income, profits and gains shall be computed, for .....

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Sep 21 1967 (HC)

Commissioner of Income-tax, Bombay City I Vs. Cotton Textiles Export P ...

Court : Mumbai

Decided on : Sep-21-1967

Reported in : [1968]67ITR539(Bom)

..... from the indian statute, have little value'.12. the supreme court also pointed out that the legislature had used language of great amplitude in defining 'charitable purpose' in the indian income-tax act and the definition was inclusive and not exhaustive or exclusive. we hold, therefore, that the tribunal was right in holding that the property held by the assessee-company was for ..... the court could and would enforce when called upon to do so. therefore, we hod that the assessee is entitled to the exemption under section 4 (3) (i) of the income-tax act'. having so held, the tribunal felt that it was unnecessary for it to consider and deal with the other contentions raised before it. it is upon these finding that the ..... law that has been referred for our decision in this case is : 'whether, on the facts and in the circumstances of the case, the assessee's income is exempt under section 4 (3) (i) of the income-tax act ?' 2. the circumstances under which the question arises are briefly as follows : the assessee is the cotton textiles export promotion council, which was registered as ..... advocates for enrolling themselves to practice in the high court or registration fee for apprentices of law is not income derives from property held under trust or other legal obligation and is not, therefore exempt from tax under section 4 (3) (i) of the income-tax act. even accepting the principles laid down in these authorities, we may point out that the position here is .....

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Oct 19 1967 (HC)

Executors of the Estate of Late J.J. Kapadia Vs. Commissioner of Incom ...

Court : Mumbai

Decided on : Oct-19-1967

Reported in : [1968]67ITR590(Bom)

..... the trust created by late mr. j. j. kapadia were carrying on business in shares 2. whether, the finding of the tribunal that the income-tax authorities were right in including under section 16 (3) of the income-tax act, income in respect of dealing in shares in the appellant assessment is justified in law ?' 2. the tribunal accordingly drew up a statement of the case ..... respect of the dealing in shares carried on by the trustees under the trusts could be included under section 16 (3) of the indian income-tax act in the assessment of the settlor. our answer to the second question, therefore, must be in favour of the assessee and against the department. 11. in the result, therefore, our ..... opinion, must be answered in the affirmative and against the assessee. 6. the second question is whether the income in respect of the dealing in shares in the several trusts could be included under section 16 (3)(b) of the income-tax act in the income of the settlor. the contention of the assessee was two-fold. it was urged that the trustees not having ..... year of the assessee was the samvat year 1999, the income-tax officer found that the trustees were the selves dealing in shares and the income earned by them would be income includible in the assessment of the settlor, j. j. kapadia under section 16 (3) (b) of the indian income-tax act. this decision of the income-tax officer, however, was reversed by the appellate assistant commissioner in .....

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Feb 03 1967 (HC)

Burmah-shell Refineries Ltd. Vs. G.B. Chand, Income-tax Officer, Co. C ...

Court : Mumbai

Decided on : Feb-03-1967

Reported in : [1968]67ITR653(Bom)

..... in this connection, the legislative history of this section was also stressed. clause (b) of section 10 (5) was included in the indian income-tax act by the indian income-tax amendment act 23 of 1941. the provision of section 10 (5) (b), which includes within the meaning of 'written down value' the depreciation allowed to ..... assuming that upon prima facie examination we are wrong, we are completely satisfied that such an error cannot be corrected under section 154 of the income-tax act, 1961. we may also add here that it is not open to the authorities to make an error 'an error apparent from the record ..... written down value of an asset for any year, for the purposes of proviso (c) to section 10 (2) (vi) of the indian income-tax act, initial depreciation should be taken into account to ascertain whether the aggregate of all allowances in respect of depreciation exceeds the original cost to the assessee ..... the first item which was, as we have said, the computation of the capital employed in the undertaking under section 15c of the indian income-tax act. the dispute as to this item is whether the initial depreciation, which was taken into account in making the original assessments in allowing the ..... issued on the 18th january, 1965, with a view to correcting the errors apparent from the record under sections 154 and 155 of the income-tax act, 1961. the notices were issued by the 1st respondent but the proceedings were completed by the 4th respondent. the four petitions are related to .....

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Mar 07 1967 (HC)

Kevalchand Nemchand Mehta Vs. Commissioner of Income-tax (Central), Bo ...

Court : Mumbai

Decided on : Mar-07-1967

Reported in : [1968]67ITR804(Bom)

..... head of charge as enumerated in section 6. section 6 of the indian income-tax act opens with the words 'save as otherwise provided by this act, the following heads of income, profits and gains, shall be chargeable to income-tax in the manner hereinafter appearing'. the words 'save as otherwise provided by this act' obviously do not make any exceptions to the provisions of section 6, but ..... refers back to the provisions to sub-section (1), namely, income which may be included in his total income. it seems to us, therefore, that the income which is included by any provision of the income-tax act in the income of the assessee would become a source of income in his hands taxable under the head 'income from other source'. in other words, so far as section 12 ..... (1) is concerned, it clearly treats that income which is included in the assessee's income as his income and in this respect it seems to us that ..... was an expenditure incurred solely for the purpose of making or earning any income as required by the provisions of section 12 (2) of the income-tax act and having regard to the provisions of section 16 (3), the income which was that of the minor child must be included in the total income of the assessee. in a further appeal to the tribunal, it confirmed .....

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Sep 18 1967 (HC)

Commissioner of Income-tax, Bombay Vs. Bai Ratanbai Gordhandas

Court : Mumbai

Decided on : Sep-18-1967

Reported in : [1968]68ITR1(Bom)

..... learned tribunal, there is no question of the bona fides of the agreement and if the said agreement is permissible in law, there is nothing in the income-tax act to prevent it from being recognised. in our opinion, there is nothing in the hindu law which prevents or comes in the way of the said ..... at between ratanbai and the minor son as to how they should deal with the properties of the family and that there was nothing in it the income-tax act which affected those arrangements and prevented effect being given to the same. according to the tribunal, although the arrangement did not purport to be a partial ..... v.s. desai, j.1. the question, which has been referred to us on this reference under section 66(1) of the indian income-tax act, arises out of the assessments made for the assessment years 1956-57 to 1959-60, the relevant previous years for which were the calendar ..... , is not valid in view of this decision. as to the other decision referred to by the tribunal, viz., sir sunder singh majithia v. commissioner of income-tax, mr. joshi says that it was a case of partial partition. there the members of the joint family had decided to hold one item of the joint ..... fourth share of the property called kastoorchand mills estate dealt with in the aforesaid documents was not assessable in the hands of the hindu undivided family. the income-tax officer did not accept the said claim because, in his view, the agreement was not entered into prior to the adoption but subsequent thereto after the .....

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Sep 21 1967 (HC)

Commissioner of Income-tax, Bombay Vs. Pannalal Narottamdas and Co.

Court : Mumbai

Decided on : Sep-21-1967

Reported in : [1968]67ITR667(Bom)

..... as framed, we thing that it must be answered in the affirmative and in favour of the assessee. under section 10 (1) of the indian income-tax act, tax is made payable in respect of the profits or gains of business. profits or gains of business would be the excess of the sale price over the ..... in the relevant of the tribunal refusing to refer such a question, on an application made to this court under section 66 (2) of the indian income-tax act. it does not appear that any such question has been asked by the assessee and, consequently, the complaint made by the learned counsel with regard to ..... of rs. 31,302 paid by the assessee to the customs authorities for infringement of import control regulations constitutes an allowable deduction under section 10 of the income-tax act ?' 4. in our opinion, the notice of motion must be rejected. the question as framed by the tribunal is not on an assumption that the ..... under section 10 (1) itself. not satisfied with the deduction of the tribunal, the department asked for a reference under section 66 (1) of the indian income-tax act, and on the said application of the department, the tribunal framed the question, which we have already set out above, and referred it to this court. 3 ..... imports of stock-in-trade, but on bills of lading purchased in good faith, is a proper deduction under section 10 (1) of the income-tax act ?' 2. the assessee is a registered firm dealing, inter alia, in gum. in the course of its business it purchased bills of lading .....

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Feb 25 1967 (HC)

Commissioner of Income-tax, Bombay City I Vs. Devidas Vithaldas and Co ...

Court : Mumbai

Decided on : Feb-25-1967

Reported in : [1968]68ITR388(Bom)

..... 1958-59 the assessee paid rs. 42,480 and the question was whether the payment of that sum was allowable under section 10 of the income-tax act. the supreme court held, reversing the decision of the kerala high court, that the payment under clause 7 of the agreement was in the ..... their own convenience and it had no reference to padamsi or his legal representatives. 32. the decision in ratilal b. daftari v. commissioner of income-tax was next relied upon. that was case where there was, so to say, sub-partnership between one partners and strangers and the share which the ..... supreme court. 22. the sheet-anchor of the argument of mr. kolah was the decision in travancore sugar & chemicals ltd. v. commissioner of income-tax. there the assessee-company was floated to take over the assets of certain undertaking run by the government of travancore, and the promoters entered into an ..... heirs was the purchase price of capital asset, namely, the goodwill. the case vithaldas thakordas and co. v. commissioner of income-tax, therefore, cannot apply here. 20. in commissioner of income-tax v. p. n. ethiraj, it was held that even in cases where a business in partly transferred to another and payment ..... expenditure to the assessee. the payments were for the purchase of the goodwill and could only be treated as capital expenditure. in appeal, the income-tax appellate tribunal has reversed this decision. the reasoning by which they came to the conclusion that the amounts paid to mrs. premlata padamsi were in .....

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Feb 15 1967 (HC)

Jivatlal Purtapshi Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Feb-15-1967

Reported in : [1967]65ITR261(Bom)

..... , it sent the matter back to the appellate assistant commissioner for hearing an disposal according to law. the assessee then made an application under section 66(1) of the indian income-tax act requesting the tribunal to raise questions, which arose on the preliminary contentions raised by it, and the tribunal accordingly drew up a statement of the case and referred to this ..... objection for its exclusion from the assessment. the addition is, therefore, deleted.' 2. after having agreed to the deletion of the said amount, the department preferred an appeal to the income-tax appellate commissioner complaining that the item of rs. 4,72,500 was wrongly deleted. at the hearing of the appeal before the tribunal, the counsel for the assessee contended, inter ..... that appeal to the deletion of the said amount from the assessment. in accordance with this argument, on august 7, 1959, when the appellate assistant commissioner decided the appeal, the income-tax officer conceded the deletion of the said amount of rs. 4,72,500 and the appellate assistant commissioner, after recording the said concession in his order, directed the deletion of ..... s letter to the inspecting assistant commissioner dated july 21, 1958, appearing at annexure 'c' to the statement of the case and the letter from the inspecting assistant commissioner of income-tax to the assessee to august 5, 1958, appearing at annexure 'd'. according to this settlement, it appears to have been agreed to between the parties that the sum of rs .....

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Feb 22 1967 (HC)

D.M. Dahanukar Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Feb-22-1967

Reported in : [1967]65ITR280(Bom)

..... at by the tribunal that the assessee had concealed the particulars of his income or deliberately furnished inaccurate particulars thereof so as to make himself liable for the imposition of a penalty under section 28 of the income-tax act. 5. in the result, therefore, we answer the question referred to ..... of the indian income-tax act, 1922, is : 'whether, there was any evidence on which the tribunal could come to the conclusion that the petitioner had concealed the particulars of his income or deliberately furnished inaccurate particulars for the purpose of section 28(1)(c) of the indian income-tax ac 2. the ..... urged that this conduct on his part clearly showed that he had no intention either to conceal or to deliberately furnish inaccurate particulars. the income-tax officer, however, was not satisfied with the explanation offered by the assessee because in his opinion the excuse which the assessee had put forward ..... constituted the dividend declared in the previous year corresponding to the said assessment year and liable to be included in the said assessment. the income-tax officer also issued a notice to the assessee under section 28(3) for penalty proceedings and in the said proceedings levied a penalty of ..... september, 1954. the inclusion of a big amount of dividend from the belvandi sugar farm ltd. in the assessment year 1955-56 led the income-tax officer to make enquiries with the assessee as to why no such dividends were included in the assessment year 1954-55. thereafter, on the .....

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