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Judgment Search Results Home > Cases Phrase: income tax act Court: supreme court of india Year: 1988 Page 1 of about 93 results (0.181 seconds)

May 04 1988 (SC)

Commissioner of Income Tax, Bombay City-i, Bombay Vs. Associated Cemen ...

Court : Supreme Court of India

Decided on : May-04-1988

Reported in : (1988)2CompLJ157(SC); (1988)70CTR(SC)28; [1988(172)FLR257]; [1988]172ITR257(SC); JT1988(2)SC287; 1988(1)SCALE829; 1988Supp(1)SCC378; 1988(Supp)SCC378; [1988]3SCR917; [1988]

..... expenditure. the only ground on which the claim of the assessee for deduction of the said expenditure under section 10(2)(xv) of the indian income-tax act was resisted that it was capital expenditure. after exhaustively considering several decisions of the supreme court and several english decisions, the division bench of the ..... against which the appeal is directed was rendered on a reference under section 66(1) of the indian income-tax act, 1922. the question referred to the court for consideration was as follows:whether on the facts and in the circumstances of the case, the expenditure of ..... is an appeal, on a certificate given under section 66(a)(ii) of the indian income-tax act, 1922, against a judgment and order of a division bench of the bombay high court. the appeal is preferred by the commissioner of income-tax and the assessee, the associated cement companies ltd. is the respondent.2. the judgment ..... of a composite sum of the revenue outgoings for the following 15 years. the revenue preferred an appeal to the income-tax appellate tribunal. the income-tax appellate tribunal passed an order directing the income-tax officer to scrutinize the expenditure and allowed the deduction of the expenditure to the extent that it did not result in ..... case the expenditure is clearly liable to be allowed as deductible from the profits under section 10(2)(xv) of the indian income-tax act. in the result, the appeal fails and is dismissed with costs. .....

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Sep 05 1988 (SC)

Commissioner of Income Tax, Bombay Vs. ItalIndia Cotton Co. (P) Ltd.

Court : Supreme Court of India

Decided on : Sep-05-1988

Reported in : AIR1988SC2057; AIR1988SC2057a; (1988)3CompLJ174(SC); (1988)72CTR(SC)217; [1988]174ITR160(SC); JT1988(3)SC566; 1988(2)SCALE654; (1988)4SCC221a; [1988]Supp2SCR814

..... 79 must apply for disentitling the loss of a prior year being allowed as set off in accordance with the substantive provisions of section 79 of the income-tax act, 1961?5. the high court answered the question in favour of the assessee. holding that even if a change in the voting power of not less ..... was entitled to the benefit of carrying forward that loss for the purpose of computing its assessable profits for that assessment year. the income-tax officer held that section 79 of the income-tax act, 1961 disentitled the assessee from claiming such a set off. he said that 51% of the voting power held by persons ..... decided by the tribunal before the claim for a set off could be finally disposed of. and now this appeal.6. chapter vi of the income-tax act, 1961 contains a number of provisions entitling the assessee to the carry forward and set off of a loss suffered by him. section 70 provides ..... pathak, c.j.1. this appeal by special leave is directed against the judgment of the bombay high court construing the provisions of section 79 of the income-tax act, 1961 in favour of the assessee.2. three private limited companies, the italindia cotton co. (p) ltd., who is the assessee before us, the india ..... in chapter vi for the carry forward and setting off of a loss incurred in any earlier year against the income of the relevant previous year. the provision was enacted in the income-tax act 1961 for the first time in order to deny that benefit to companies not being companies in which the public .....

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Mar 10 1988 (SC)

Commissioner of Income-tax, Allahabad Vs. Dr. Nandlal Tahiliani

Court : Supreme Court of India

Decided on : Mar-10-1988

Reported in : [1988]172ITR627(SC)

order1. we have heard learned counsel for the petitioner at length, but we are of the opinion that inasmuch as the articles and money seized have now been released and are no longer in the possession of the petitioner, no useful purpose will be served by entertaining this special leave petition. in the circumstances and without expressing any opinion in regard to the findings of the high court, this petition is dismissed. we may observe, however, that it is open to the income-tax authorities to take such other proceedings against the respondent as are available under the income-tax act. for that purpose, if it is otherwise permissible in law, it will be open to the income-tax authorities to take into account any information derived from the inventories prepared in consequence of the search and seizure made under section 132 of the income-tax act and impugned in the present case.

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Aug 03 1988 (SC)

Surinder Nath Kapoor Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Decided on : Aug-03-1988

Reported in : AIR1988SC1777; (1988)72CTR(SC)75; [1988]173ITR469(SC); JT1988(3)SC285; 1988(2)SCALE318; 1988Supp(1)SCC626; [1988]Supp2SCR211; 1988(2)LC498(SC); 1988(2)WLN132

..... constituted with the said shiv dayal kapoor, since deceased, and his daughters-in-law. both the firms are assessees under the income tax act, 1961, hereinafter referred to as 'the act'.4. on december 12, 1954, the iac (astt.), range-ii, amritsar, passed a garnishee order under section 226(3)(x) of ..... in court that this amount has already been paid to the department. in that view of the matter, the petitioner no more owes any tax to the income tax department. the sale already held confirmation of which we had granted stay shall stand vacated. special leave petition is disposed of with aforesaid ..... to m/s. krishna kapoor & co. in the show cause notice, a demand of rs. 2,86,450, alleged to be due from the firm krishna kapoor & co. to the firm indo-kashmir carpets & handicrafts, was made. no reply was received by the income tax officer from m/s ..... income tax (recovery), new delhi, the enquiry officer. after holding an enquiry into the matter, the enquiry officer has since submitted his report. the report reveals a startling fact which will be stated presently. the iac (asst.) range-11, amritsar, issued a show cause notice dated october 12, 1984 under section 226(3) of the act ..... . krishna kapoor & co. in respect of the show cause notice. curiously enough, without passing a garnishee order for the sum of rs. 2,86,450, a garnishee order for the sum of rs. 8,56,377 was passed by the iac (asst.), range-ii, amritsar, under section 226(3)(x) of the act .....

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Mar 11 1988 (SC)

Andhra Pradesh State Electricity Board Vs. Union of India (Uoi) and an ...

Court : Supreme Court of India

Decided on : Mar-11-1988

Reported in : AIR1988SC1020; [1988]64CompCas407(SC); JT1988(2)SC35; (1988)IILLJ385SC; 1988Supp(1)SCC371; [1988]3SCR216; 1988(1)LC757(SC)

..... rightly accepted that as the allowance for depreciation and permitted the same.the contention that the statutory depreciation should have been disregarded and instead the depreciation worked out under the income tax act should have been made applicable has no force, because no rule or provision of law sustains any such contention....there is no error in principle committed by the high ..... effect that wherever the matter was governed by specific statutory-provisions, those provisions be applied and wherever statutory provisions regulating the matter were not available, then, the provisions of the income tax act be taken into account. these instructions have no statutory force. but even to the extent they go, it was not as if two alternative methods were open. indeed, the ..... . we do not find legal support for the insistence by the appellant on the adoption of the standards of depreciation contained in the provisions of income tax act, 1922. the finding of the high court in this behalf does not also call for interference. contention (b) is also, accordingly, answered against the appellant.8. re: contention ( ..... two methods were mutually exclusive and not alternative.that apart, the provisions as to depreciation in a taxing law like the income tax act contain elements of incentives and are also informed by considerations of policy of the tax and do not reflect purely economic criteria relevant to the determination of the depreciation. the high court, on the point, held .....

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May 02 1988 (SC)

Chuharmal Vs. Commissioner of Income-tax, M.P.

Court : Supreme Court of India

Decided on : May-02-1988

Reported in : AIR1988SC1384a; (1988)70CTR(SC)88; [1988]172ITR250(SC); JT1988(2)SC495; (1988)3SCC588; [1988]3SCR788

..... , 1961 (hereinafter called 'the act'). according to the petitioner, he had derived his income from 2 stores, i.e. m/s. mohanani fancy general stores and m/s. roopkala general stores, durg. it, however, appears that on 19th january, 1974 on the basis of ..... , central excise, jagpur, dated 25th december, 1975 there was confiscation of foreign watches from the house of the petitioner and levy of penalty of rs. 2 lakhs under the customs act, 1962. accordingly, the income tax officer issued a notice calling upon the assessee to show cause why the value of the watches seized from his residence should not be treated as his ..... and acquitted the petitioner of the said criminal charge.5. thereafter, there was a reference to the high court on two questions against the order of the income-tax tribunal under section 256(1) of the act. the questions are as follows: (i) whether, on the facts and in the circumstances of the case, was the tribunal justified in holding that the assessee ..... concealed income in the income-tax assessment of the petitioner. the relevant assessment year with which we are concerned in this application is 1974-75.2. it appears that the petitioner had submitted his return of income for the assessment year 1974-75 showing a total income of rs. 3,113 in response to a notice issued under section 143(2) of the act of the income-tax act .....

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Dec 13 1988 (SC)

Petron Engineering Construction Pvt. Ltd. and anr. Vs. Central Board o ...

Court : Supreme Court of India

Decided on : Dec-13-1988

Reported in : AIR1989SC501; (1989)1CompLJ43(SC); (1988)75CTR(SC)20; [1989]175ITR523(SC); JT1988(4)SC666; 1988(2)SCALE1556; 1989Supp(2)SCC7; [1988]Supp3SCR1058

..... order dated january 5, 1982 of the respondent no. 1, the central board of direct taxes, rejecting the application of the appellant-company under section 80-o of the income tax act, 1961, hereinafter referred to as 'the act'.2. by two agreements, one dated april 5, 1980 and the other dated august 14 ..... one of the principal conditions for the application of the section. the assessee has to fulfil that condition before he can claim any deduction of income tax or approval of an agreement. the fulfilment of the objectives of a provision of a statute, without fulfiling the condition laid down in plain ..... in convertible foreign exchange, in effect the appellant-company having satisfied the objectives of section 80-o indirectly, it is entitled to a deduction of income tax. in support of this contention, much reliance has been placed on two single bench decisions of the bombay high court, which will be referred ..... earned foreign exchange, it should be held that the requirement of the section is satisfied and, accordingly, the appellant-company is entitled to deduction of income tax. on the other hand, dr. gauri shankar, points out that the main objective of section 80-o is not the earning of foreign exchange ..... was introduced in the act one of the objectives was to supply technical know-how and render technical services to newly developing countries. foreign exchanges can be earned by various other modes, but that will not in all cases entitle the assessee to a deduction of income tax. section 80-o, .....

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May 05 1988 (SC)

Tata Tea Ltd. and anr. Vs. State of West Bengal and ors.

Court : Supreme Court of India

Decided on : May-05-1988

Reported in : AIR1988SC1435; (1988)70CTR(SC)99; [1988]173ITR18(SC); JT1988(2)SC299; 1988(1)SCALE867; 1988(Supp)SCC316; [1988]3SCR961

..... (a) of section 2 of the kerala agricultural income-tax act and in spite of the amendment carried out by the amendment act of 1979 and thereafter the amendment act of 1980 in the case of the bengal agricultural income-tax act, an agricultural income-tax officer acting under the kerala agricultural income-tax act or the bengal agricultural income-tax act has no powe-'to levy agricultural income-tax except in respect of 60 per cent of the ..... income derived by an assessee from the sale of tea ..... allowed in the assessment under the central income-tax act. the court also held that if, before agricultural income-tax officer proceeds to make the assessment under the kerala act, an assessment of income by the income-tax officer under rule 24 of the income-tax rules, 1922 of rules of the income-tax rules, 1962 had been made, then the agricultural income-tax officer acting under the kerala act is bound to accept the computation of .....

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Sep 12 1988 (SC)

Dr Baliram Waman Hiray Vs. Justice B. LentIn and ors.

Court : Supreme Court of India

Decided on : Sep-12-1988

Reported in : AIR1988SC2267; (1988)90BOMLR434; 1988(3)Crimes655(SC); [1989]176ITR1(SC); JT1988(4)SC265; 1988(2)SCALE688; (1988)4SCC419; [1988]Supp2SCR942; [1989]72STC384(SC)

..... , 1985. thefinance bill by section 28 brought about a change in the law and added the words:28. amendment of section 136 - in section 136 of the income-tax act, the words and figures 'and every income-tax authority shall be deemed to be a civil court for the purposes of section 195 and chapter xxvi of the crpc, 1973(2) of 1974)', shall be ..... the indian penal code and does not extend beyond that.30. in lalji haridas' case the majority of this court held that the proceedings before an income-tax officer under section 37(4) of the indian income-tax act, 1922 were judicial proceedings under section 193 of the indian penal code and such proceedings must be treated as proceedings in any court for the purposes ..... court for the purposes of section 195 but not for the purposes of chapter xxvi of the code. according to him the amendment brought about in section 136 of the income-tax act was nothing but 'legislative exposition of the law' as declared in lalji haridas' case. to substantiate his submission that the legislature adopted different methods to achieve the same end, he ..... haridas v. the state of maharashtra &anr.; : 1964crilj249 , a constitution bench of this court by a majority of 3:2 held that the proceedings before an income-tax officer under section 37(4) of the indian income-tax act, 1922 were judicial proceedings under section 193 of the indian penal code and such proceedings must be treated as proceedings in any court for the purposes .....

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May 05 1988 (SC)

R.K. Palshikar (Huf) Vs. Commissioner of Income Tax, M.P., Nagpur

Court : Supreme Court of India

Decided on : May-05-1988

Reported in : AIR1988SC1305; (1988)70CTR(SC)31; [1988]172ITR311(SC); JT1988(2)SC266; 1988(1)SCALE1128; (1988)3SCC594; [1988]3SCR989

..... circumstances of the case, the land sold by the assessee constituted a capital asset within the meaning of section 12-b of the indian income tax act or was agricultural land as defined in section 2(4a) of the act?(2) whether the transaction of lease effected by the assessee amounted to a transfer within the meaning of section 12-b so as to ..... appeal against the judgment of a division bench of the high court of madhya pradesh on a reference made to the high court under section 66(1) of the indian income-tax act, 1922 (referred to hereinafter as 'the said act'). the appeal has been preferred on a certificate of fitness granted by the high court under section 66a(2) of the said ..... ' or premium received as aforesaid. the contention of the assessee before the income-tax officer concerned was that no capital gains tax could be levied in respect of the said leases as the land was agricultural land and secondly that section 12-b of the said act which provided for the levy of tax on the sale, exchange, relinquishment or transfer of a capital asset ..... the salami,he assessed the balance to tax as capital gains under section 12-b of the said act. it was held by the patna high court that the gains arising from the said transaction were rightly taxed. this decision has been cited without comment by kanga and palkhivala in their commentary on the law of income-tax (7th edition) at page 550 and no .....

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