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Judgment Search Results Home > Cases Phrase: income tax act Court: us supreme court Year: 1999 Page 8 of about 196 results (0.083 seconds)

Mar 17 1999 (SC)

Commissioner of Income Tax Vs. Kasturi and Sons Ltd.

Court : Supreme Court of India

Decided on : Mar-17-1999

Reported in : AIR1999SC1275; (1999)153CTR(SC)1; [1999]237ITR24(SC); JT1999(2)SC272; 1999(2)SCALE75; (1999)3SCC346; [1999]1SCR1207

..... following question:'whether, on the facts and in the circumstances of the case, there was any profit assessable under section 41(2) of the income tax act, 1961 by the insurance company exercising its option under the policy to replace the damaged aircraft with an aircraft of same make and type ..... was completed on 31-1-1972 was reopened by the income tax officer under section 147(b) of the income tax act (hereinafter referred to as 'the act'). in the reassessment proceedings, the income tax officer applied the provisions of section 41(2) of the act and worked out the profits at the difference between the ..... , so much of the excess as does not exceed the difference between the actual cost and the written down value shall be chargeable to income-tax as income of the business or profession of the previous year in which the moneys payable for the building, machinery, plant or furniture became due:'the ..... -matter of the contract remained one for payment of money which would attract the provisions of section 41(2). consequently, the order of the income tax officer as affirmed by the appellate authority was upheld by the tribunal.5. at the instance of the assessee, the matter was referred to ..... assessee under the policy of insurance and, thus, the provisions of section 41(2) were not attracted. aggrieved by the order of the income tax officer, the assessee preferred an appeal before the appellate assistant commissioner who took the view that explanation to section 41(2) read with explanation to .....

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Apr 15 1999 (SC)

Commissioner of Income Tax Vs. Sterling Food, Mangalore

Court : Supreme Court of India

Decided on : Apr-15-1999

Reported in : (1999)153CTR(SC)439

..... , the tribunal was justified in law in holding that the receipt from the sale of import entitlements could not be included in the income of the assessee for the purpose of computing the relief under section 80hh of the income tax act, 1961? '2. the identical question had arisen in respect of the same assessee for an earlier year and the high court had ..... then answered the question against the assessee sterling foods v. cit . the assessee had not carried the matter further. ordinarily, therefore, the division bench hearing ..... 1979-80. both the amendments have been effected from 1962-63 and, therefore, in 1979-80, the income received from the government of india by sale of import licences and incentives for export was income within the meaning of section 28 assessable to tax as income from profits and gains of business or profession. it is in that light that we have to answer ..... or sell the same to others. it sold the import entitlements that it had earned to others. its total income for the aforementioned assessment years included the sale proceeds for such import entitlements and it claimed relief under section 80hh of the act in respect also of the sale proceeds of the import entitlements.section 80hh, so far as it is relevant .....

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Feb 25 1999 (SC)

T. A. Vs. Trust Alleppey V. Commissioner of Income Tax

Court : Supreme Court of India

Decided on : Feb-25-1999

Reported in : (1999)152CTR(SC)439

..... in holding that the assessment for the years 1973-74 and 1974-75 on the trustees had to be made in accordance with the provisions of section 161 of the income tax act, 1961 ?'the question aforementioned relates to the assessment years 1973-74 and 1974-75. (similar questions for subsequent years were answered similarly and are the subject-matter of the connected ..... rejected the claim that the assessee should be assessed as a representative assessee within the meaning of section 161(l) of the income tax act, 1961 (hereinafter referred to as 'the act') because he found that the trust created by the trust deed was invalid. (similar assessments were made for subsequent years.) the appellate assistant commissioner allowed the assessee's appeal and ..... the provisions of the trust deed which we have quoted, concluded that all were the same persons. it then referred to the provisions of section 7 of the indian trusts act, 1882 and held that they were mandatory insofar as they spoke of the persons qualified to create a trust. thereunder, a trust created by or on behalf of a minor ..... deed to arrive at a contrary conclusion was justified.9. our attention was drawn by the learned counsel for the assessee to the judgment of the gujarat high court in cit v. motilal hirabhai spg. & wvg. co. ltd. , where it was stated:it is well-settled that if evidence is allowed to be let in without any objection, it would not .....

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Mar 17 1999 (SC)

Commissioner of Income Tax Vs. Mysodet (P) Ltd.

Court : Supreme Court of India

Decided on : Mar-17-1999

Reported in : (1999)152CTR(SC)531

..... in i.t.r.c. no.21/82.2. the following question was referred to the high court for its opinion under section 256(1) of the income tax act, 1961 (hereinafter referred to as 'the act') :'whether on the facts and in the circumstances of the case, the tribunal was right in law in holding that the provision of section 104 of the ..... income tax act, 1961 was applicable to the instant case for the assessment year 1975-76? '3. the facts leading to the above said reference are as follows :the respondent-company is a ..... company for the assessment year 1975-76 at rs. 6,27,430 holding that the company did not distribute any dividend to its shareholders. the income tax officer initiated proceedings under section 104 of the act, demanding additional income-tax of rs. 31,434.4. against the said assessment order, the respondent-company preferred an appeal before the appellate assistant commissioner. having failed before the ..... definition would be applicable to all provisions which contain the term 'dividend' in the act.11. section 104 of the act reads as under :104. income-tax on undistributed income of certain companies.(1) subject to the provisions of this section and of sections 105,106 107 and 107a, where the income tax officer is satisfied that in respect of any previous year the profits and gains .....

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Apr 13 1999 (SC)

Surana Steels (P.) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Supreme Court of India

Decided on : Apr-13-1999

Reported in : (1999)153CTR(SC)193

..... this court. the routes through which the different matters travelled up to the high court were different. some were reference applications under section 256(1) of the income tax act, 1961 (hereinafter referred to as 'the act') and some were writ petitions filed before the high court. all the matters have stood disposed of consistently with the view taken by the division bench of ..... turning around the corner. the finance minister introduced an amendment during the passage of the finance bill and said :-'the finance bill inserts a new section 115j in the income tax act, 1961, to levy a minimum tax on book profits of certain companies. representations have been received that in computing book profits for the purpose of determining the minimum ..... 5. the relevant provisions to the extent relevant for the purpose of this order are extracted and re-produced hereunder : -the income tax act, 1961115j. special provisions relating to certain companies- (1) notwithstanding anything contained in any other provision of this act, where in the case of an assessee being a company (other than a company engaged in the business of generation or ..... reason to assign to the term 'loss' as occurring in section 205, proviso clause (b) of the companies act a meaning different from the one in which it is understood there solely because it is being read along with section 115j to the income tax act.11. section 115j, explanation clause (iv), is a piece of legislation by incorporation. dealing with the subject, .....

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Apr 13 1999 (SC)

Commissioner of Income Tax Vs. Cynamide India Ltd.

Court : Supreme Court of India

Decided on : Apr-13-1999

Reported in : (1999)153CTR(SC)201

..... orderr. c. lahoti, j.in reference under section 256 of the income tax act, 1961 (hereinafter referred to as `the act') the following three question amongst others were answered by the high court in favour of the assessee and against the revenue :-for assessment years 1974-75 ..... as a result of de-husking and are covered by the term agricultural product'6. the high court has also formed an opinion that section 35c of the act was designed to encourage development of agriculture and therefore gave, a weighted deduction in respect of expenditure 'incurred in providing to the agriculturists services and facilities specified ..... therefore, the revenue does not press the appeals to that extent . he has made his submissions confined to question no. 4 only.4. section 35c of the act (as it stood during the assessment years 1974-75 and 1975-76) provided for deduction in respect of certain expenses referable to use as raw material of any ..... . whether on the facts and in the circumstances of the case, the tribunal was right in holding that the weighted deduction under section 35 b of the act on only 50 per cent of the amount of rs. 20,7061 ought to be allowed ?2. there were in all eight questions forming subject matter of ..... the assessee was not entitled to deduction of rs. 66,352 plus rs. 1,60,428 for assessment year 1975-76 under section 35 c of the act ?for assessment year 1974-756. whether on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee's claim .....

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Aug 27 1999 (SC)

K. R. Patel Vs. Commissioner of Income-tax

Court : Supreme Court of India

Decided on : Aug-27-1999

Reported in : (1999)155CTR(SC)585

..... . whether, on the facts and in the circumstances of the case, k.r. patel and b.g. amin were liable to be assessed as trustees under section 161 of the income tax act, 1961?'these questions arose front the order of the tribunal in the following circumstances.2. one mrs. bhikhubai chandulal jalundhwala, a resident of bombay, executed a will on 5-1 ..... whether any part of the income of the estate of the testator was exempt under the proviso to section 4(3)(1) of the said ..... wadhwa, j.a division bench of the high court of judicature at bombay on a reference under section 256(1) of the income tax act, 1961 ('the act') decided all the three questions of law referred to it for its opinion by the tribunal in favour of the revenue. the assessee is aggrieved. the questions of law are: ..... wholly for religious and charitable purposes and, thus, the entire income from the properties was exempt from taxation. the revenue contended that since the debts had not been fully discharged, the trustees could be assessed only as executors under section 41 of the indian income tax act, 1922 and income was not exempt from tax. the question which came up for consideration of the court was .....

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Jul 21 1999 (SC)

State of Punjab Vs. Baldev Singh, Etc. Etc.

Court : Supreme Court of India

Decided on : Jul-21-1999

Reported in : (1999)157CTR(SC)3

..... s case (supra) is that the seized material could be used in other legal proceedings against an assessee, before the it authorities under the income tax act, dealing with escaped income. it is, therefore, not possible to hold that the judgment in pooran mal's case can be said to have laid down that ..... context, can only be to the effect that material seized during search and seizure, conducted in contravention of the provisions of s. 132 of the income tax act cannot be restrained from being used, subject to law, before the it authorities in other legal proceedings against the persons, from whose custody that material ..... that the evidence collected as a result of illegal search or seizure, could be 'used as evidence in proceedings against the party under the income tax act, the judgment cannot be interpreted to lay down that a contraband seized as a result of illegal search or seizure, can be used to ..... lays down that the evidence collected as a result of illegal search or seizure, could be used as evidence in proceedings against the party under the income tax act. the judgment cannot be interpreted to lay down that a contraband seized as a result of illegal search ' or seizure, can be used to ..... down that the evidence collected as a result of illegal search or seizure, could be used as evidence in proceedings against the party under the income tax act. the judgment cannot be interpreted to lay down that a contraband seized as a result of illegal search or seizure, can be used to fasten .....

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Apr 15 1999 (SC)

Commissioner of Income-tax Vs. Gosline Mario and ors.

Court : Supreme Court of India

Decided on : Apr-15-1999

Reported in : (2000)158CTR(SC)538; [2000]241ITR312(SC); (2000)10SCC165

1. the principal question relating to salaries and allowances paid by the italian concern to its technicians deputed to work with fci ltd. is fairly stated to be covered against the revenue by the judgment of this court in commissioner of income-tax v. s.r. patton : [1998]233itr166(sc) . this covers the first four questions. the fifth question relates to the daily allowance that was paid by the indian concern to these technicians. the tribunal and the high court have held that this daily allowance was exempt from tax under section 10(14) of the act and it appears to us that it cannot be argued to the contrary. the appeal is dismissed affirming the answers given by the high court. no order as to costs.

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May 14 1999 (SC)

Commissioner of Income Tax, Bombay Vs. Chika Ltd., Bombay

Court : Supreme Court of India

Decided on : May-14-1999

the text below is only a summarized version of the order pronouncedfollowing the decision in the case of cit v. step well industries ltd., , it was held that the deduction u s 35-b of income tax act could not be claimed in respect of commission paid in india for the sales made outside india. appeal was allowed.

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