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Judgment Search Results Home > Cases Phrase: income tax act Court: supreme court of india Year: 1968 Page 1 of about 117 results (0.162 seconds)

Aug 20 1968 (SC)

Metal Box Company of India Ltd. Vs. their Workmen

Court : Supreme Court of India

Decided on : Aug-20-1968

Reported in : AIR1969SC612; [1969]39CompCas410(SC); [1969(18)FLR336]; [1969]73ITR53(SC); (1969)ILLJ785SC; [1969]1SCR750

..... in other words, when the tribunal reaches the stage of clause (c), does it have to assess the taxable income in accordance with the various provisions of the income-tax act just as an income-tax officer would do and assess the liability of income tax on such taxable income according to the rates applicable during the particular accounting year, or should it compute the balance of gross profits ..... the court was of the view that though such a liability is a contingent liability and therefore not a 'debt' under section 2(m) of the wealth-tax act, it would be deductible under the income-tax act while computing the taxable profits. in the instant case, the question is not whether such estimated liability arising under the gratuity schemes amounts to a debt or ..... on paid up and working capitals while working out the gross profits. parliament besides was or at any rate is presumed to have been aware that depreciation allowed under the income-tax act would not be sufficient for rehabilitation purposes.. it did away with rehabilitation as a prior charge partly because there were complaints that it was being ill-used, but partly ..... the company claimed the deduction of depreciation, it stands to reason that the burden of proof that the depreciation claimed by it was the correct amount in accordance with the income-tax act was on the company and that burden the company must discharge once its figure were challenged. but it was contended that once the company produced its auditors' certificate that .....

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Oct 10 1968 (SC)

Premier Automobiles Ltd. Vs. S.N. Shrivastava Income-tax Officer, Acom ...

Court : Supreme Court of India

Decided on : Oct-10-1968

Reported in : AIR1970SC1386; [1970]76ITR1(SC); [1969]2SCR353

..... an assessee in the financial year. section 210 provides by sub-section (1) : 'where a person has been previously assessed by way of regular assessment under this act or under the indian income-tax act, 1922, the income-tax officer may, on or after the 1st day of april in the financial year, by order in writing, require him to pay to the credit of the ..... of liability for and determination of the quantum of advance tax in respect of income which is chargeable to income-tax in the hands of a person on regular assessment. 6. under the income-tax act, 1961, a person is liable to be assessed to tax in respect of his own income, and also in respect of certain classes of income received by or accruing or arising to other. he ..... ) that under section 209 and 210 of the (indian) income-tax act, 1961, no order for payment of advance tax can be made against an agent of non-resident; and (2 ..... section 156, for the assessment year 1965-66 and for an injunction or prohibition restraining the income-tax officer from enforcing or implementing the order under section 163 and the notice under section 156 read with section 210 of the income-tax act, 1961. the petition was resisted by the income-tax officer. 2. in support of the petition counsel for the company raised two contentions : (1 .....

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Jul 25 1968 (SC)

Jeewanlal (1929) Ltd. Vs. Commissioner of Income-tax, West Bengal Ii

Court : Supreme Court of India

Decided on : Jul-25-1968

Reported in : AIR1969SC753; [1969]74ITR753(SC)

..... the industrial finance corporation secured by a charge on its fixed assets was an admissible allowance under section 10 (2) (xv) of the income-tax act, 1922, in the computation of total income. in the view of the court the act of borrowing money was incidental to the carrying on of business the loan obtained was not an asset or an advantage of enduring nature ..... decision of this court in india cements ltd. v. commissioner of income-tax. 4. the appeal is therefore allowed and the order of the high court is discharged. the answer to the question referred is that the expenditure is of revenue nature allowable under section 10 (2) (xv) of the indian income-tax act, 1922. there will be no order as to costs. 5. appeal ..... that connection had to incur an expenditure of rs. 35,800. the amount so spent was claimed by the appellant company as a permissible deduction in proceedings for assessment of income-tax for the year 1952-53. the departmental authorities rejected the claim for allowance of the amount and the tribunal confirmed that order. the tribunal at the instance of the appellant .....

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Aug 22 1968 (SC)

J.B. Advani and Co. (P.) Ltd. Vs. R.D. Shah, Commissioner of Income-ta ...

Court : Supreme Court of India

Decided on : Aug-22-1968

Reported in : [1969]72ITR395(SC)

..... an appeal by special leave against the order dated april 24, 1965, made by the commissioner 01 income-tax, bombay, on an application under section 33a(2) of the indian. income-tax act, 1922, hereinafter called the act, by which the application was dismissed or, the ground that it was out of lime and no ..... which was given on july 7, 1964, the company filed an application dated august 21, 1964, before the commissioner of income-tax under section 33a of the act giving all these facts and pointing out that the tribunal had itself realised the disadvantage to which the assessee would be put ..... prevented for sufficient cause from making an application under section 33a within a period of one yearfrom the date of the order of the income-tax officer in respect of the assessment year 1952-53 because of the decision of the tribunal in respect of the assessment year 1953-54 ..... 4,71,375 had been suffered by the company which it had sought to set off during the assessment year 1953-54. the commissioner of income-tax made an order on april 24, 1965, dismissing the application on the ground already mentioned. 3. the learned counsel for the appellant-company ..... by the new point having been allowed to be raised and the appeal having been decided on that point with regard to the assessment year 1953-54. it was emphasised in this application that the revision of the income-tax .....

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Aug 19 1968 (SC)

Balchand Vs. Income-tax Officer, Sagar

Court : Supreme Court of India

Decided on : Aug-19-1968

Reported in : AIR1969SC496; [1969]72ITR197(SC); 1969MhLJ855(SC); [1969]1SCR704

..... no notice for the assessment year 1946-47 calling upon him to submit a return for that year was issued, a notice under section 34 of the income-tax act, 1922, or under section 148 of the income-tax act, 1961, was incompetent so long as the return submitted by the appellant in august, 1959, for the assessment year 1946-47 was not considered and disposed ..... court has held in ranchhoddas's case : [1959]36itr569(sc) that where no return has been filed by the assessee within the period prescribed by section 22(1) of the income-tax act, 1922, the assessee is entitled in law to submit a voluntary return in answer to the general notice under section 22(1) before assessment is completed, for a return in ..... of. reliance in support of this contention was placed upon two decisions of this court : commissioner of income-tax v. ranchhoddas karsondas : [1959]36itr569(sc) and commissioner of income-tax v. s. raman chettiar : [1965]55itr630(sc) . 4. under section 22(1) of the income-tax act, 1922, the income-tax officer was required before the 1st day of may in each year to give notice, by publication in ..... , sagar, assessed the appellant to pay under section 23(3) of the income-tax act, 1922, tax on his income computed for the assessment years 1945-46 and 1946-47. on june 24, 1959, the income-tax officer issued a notice of reassessment under section 34 of the income-tax act, 1922, reciting that the income of the appellant had escaped assessment and requiring the appellant to submit a return of .....

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Jan 09 1968 (SC)

Commissioner of Income-tax, Bombay, City Ii Vs. Goverdhan Ltd.

Court : Supreme Court of India

Decided on : Jan-09-1968

Reported in : AIR1969SC292; [1968]69ITR675(SC)

..... assessee is a public limited company registered under the indian companies act. its share capital consist of 50,000 shares subscribed and paid up. out of these ..... the judgement of the bombay high court dated september 18, 1962, in income-tax reference no. 34 of 1961 whereby the high court held that the order passed against the respondent, hereinafter referred to as 'the assessee' under section 23a of the indian income-tax act, 1922 (hereinafter referred to as the 'act'), was not justified and valid for the assessment year 1951-52. 2. the ..... be treated as the part of the distributable profit of the company for the purpose of section 23a(1) of the act. in other words, the order made by the income-tax officer against the assessee under section 23a of the act for the assessment year 1951-52 must be held to justified and valid and the question of law referred by the appellate ..... declared any dividend as its annual general meeting during either of the aforesaid two years or within six months thereafter, the income-tax officer issued notices to the assessee to show cause why an order under section 23a(1) of the act should not be passed for the two years. the assessee, however, contended that section 23a was not applicable inasmuch as the .....

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Aug 01 1968 (SC)

Commissioner of Income-tax, Uttar Pradesh Vs. Devi Prasad Vishwanath P ...

Court : Supreme Court of India

Decided on : Aug-01-1968

Reported in : [1969]72ITR194(SC)

..... out of the order of the tribunal. as we have already stated, before the tribunal at the hearing of the appeal under section 33 of the income-tax act, only two question were argued : (1) that the explanation of the assessee about the genuineness of the entry in the name of banshidhar should ..... of the assessee in handloom clothe and silk fabrics. 3. an application filed by the assessee under section 66(1) of the income-tax act to submit a statement of case to the high court of allahabad was rejected. but the high court directed the tribunal to submit a ..... as unreliable. this was so decided in kale khan mohammad hanif v. commissioner of income-tax, . whether is a given case the income-tax officer may tax the cash credit entered in ..... 6. there is nothing in law which prevents the income-tax officer in an appropriate case in taxing both the cash credit, the source and nature of which is not satisfactorily explained, and the business income estimated by him under section 13 of the income-tax act, after rejecting the books of account of the assessee ..... an entry dated january 15, 1945, of a deposit of rs. 20,000 in the name of messrs. banshidhar rawatmal of ratangarh. the income-tax officer called upon the assessee to prove the nature and source of this deposit and, after considering the evidence produced by the assessee, rejected the .....

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Sep 06 1968 (SC)

Commissioner of Income-tax, Uttar Pradesh Vs. Madan Gopal Radhey Lal

Court : Supreme Court of India

Decided on : Sep-06-1968

Reported in : AIR1969SC840; [1969]73ITR652(SC); [1969]2SCR7

..... association may convert its accumulate profit into capital and then utilise such profit by issuing additional shares by was of bonus of the shareholders. under the income-tax act, 1922, at the relevant time, issue of such of bonus shares by capitalisation of the accumulate profit was not treated as distribution of dividend. 5 ..... conclusion of the tribunal is supported by the evidence cannot be made. 12. in india cements ltd. v. commissioner of income-tax this court observed that in a reference under the income-tax act the high court must accept the findings of fact made by the appellate tribunal, and it is for the person who ..... his hands.' 7. the principle of the case was affirmed by the judicial committee in a case arising under the indian income-tax act, 1922, commissioner of income-tax v. mercantile bank of india. accordingly, bonus shares given by a company in proportion to the holding of equity capital by ..... even in the supplementary statement on attempt has been made to set out the facts on which the conclusion was based. the orders of the income-tax officer and there appellate assistant commissioner are also not before us. the mere circumstance that in the copies of the balance-sheets rendered by the ..... at different times bonus hares proportionate to their equity holding. from time to time the assessees sold the bonus shares received by them. the income-tax officer brought to tax rs. 55,607 in the assessment year 1946-47; rs. 41,625 in the assessment year 1948-49; rs. 1,43,050 in .....

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Aug 20 1968 (SC)

income Tax Officer, Distt. Ii(ii), Kanpur and ors. Vs. Shri Mani Ram E ...

Court : Supreme Court of India

Decided on : Aug-20-1968

Reported in : AIR1969SC543; [1969]72ITR203(SC); [1969]1SCR724

..... been contended that they do. at the highestit can be said that they may proceed upon an erroneous assumption that the word'sold' in section 17(1) (a) of the income tax act, 1945, has a meaning which ihold it has not. this may be so and, if so, it is an excellent example of theproposition to which reference was made in the ..... on behalf of the appellants referred to thelanguage of sections 210 and 212(3) of the income-tax act, 1961, which state : '210. order by income-taxofficer. - (1) where a person has been previously assessed by way of regularassessment under this act or under the indian income-tax act, 1922 (11 of1922), the income-tax officer may, an or after the 1st day of april, in thefinancial year, by order ..... .m. no. 1591 of 1962 and the connected writ applications.3. it is necessary at this stage to set out the provisions of sections 18a,23 and 23b of the income-tax act, 1922, as they stood at the material time : '18a. (1) (a) in the case ofincome in respect of which provision is not made under section 18 for deductionof ..... . 212. estimate by assessee. - (1)...... (3) any person who has notpreviously been assessed by way of regular assessment under this act or underthe indian income-tax act, 1922 (11 of 1922), shall, before the first day ofmarch in each financial year, if his total income exclusive of capital gains ofthe period which would be the previous year for the immediately followingassessment year is likely to .....

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Aug 23 1968 (SC)

Kalva Suryanarayana Vs. Income-tax Officer, A-3 Ward, Hyderabad

Court : Supreme Court of India

Decided on : Aug-23-1968

Reported in : AIR1969SC285; [1969]71ITR422(SC); [1969]1SCR840

..... . after about six years the respondent issued a notice to the appellant under section 45 of the income tax act, 1922, hereinafter called the 'act calling upon him to pay up the arrears on the footing that under the provisions of section 44 of the act there was joint and several liability of each and every partner of the dissolved firm in respect of ..... that the partnership had suppressed income to the extent of rs. 1,72,149 (i.g.) by inflating the expense under railway freight and by the ..... and on that basis proceeded to assess the total income of the partnership which he determined as rs. 1,64,546 (o.s.), and he total income was apportioned among the four earners in proportion of their respective shares. subsequently, the commissioner of income-tax in exercise of his revisional power under section 33b of the income-tax act, passed an order of february 26, 1955, holding ..... not accounting for the sale of old gunnies. the commissioners of income- tax accordingly directed that the assessment already made .....

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