Court : Allahabad
Reported in : 196ITR243(All)
..... (investigation), in respect of all the shops and not any particular shop which is evident from the word 'premises'.43. section 132 of the income-tax act empowers the chief commissioner of income-tax or the commissioner of income-tax to pass an order for search and issue a warrant authorising a particular officer when he has reason to believe that any of the three conditions ..... of the premises, cannot be an equally efficacious remedy and the writ petition is entertainable and the objection regarding its entertainability fails.58. however, as the authorities under the income-tax act are the custodians of public money and they have to perform their duties in good faith in accordance with law and the procedure prescribed which rules out any vindictive or ..... and, as such, an authorisation order was necessary. the authorisation order, thus, is patently illegal and was passed in gross violation of the provisions of section 132(1) of the income-tax act.54. on the basis of the above-mentioned authorisation order, search and seizure started and even before starting the search, a statement of the petitioner's proprietor was taken and ..... has been stated that, while making survey, the petitioners and other persons badly dealt with the officers and officials and thus the petitioners committed breach of section 133a of the income-tax act. even in the first information report, it was not stated that petitioner no. 2, the proprietor of petitioner no. 1, in any way opposed the survey. it has been .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1969SC612; 39CompCas410(SC); [1969(18)FLR336]; 73ITR53(SC); (1969)ILLJ785SC; 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 .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1985SC1698; (1985)48CTR(SC)363; 156ITR323(SC); (1985)4SCC343; Supp2SCR711; 1986(1)LC628(SC)
..... of the case, make any material difference. what has to be found out is what is to be included.22. income-tax act, 1922 was replaced by income-tax act, 1961. section 64 of the income-tax act, 1961, (hereinafter referred to as '1961 act') deals with inclusion of income of the assessee arising out of the assets transferred directly or indirectly to the spouse or the minor child. the provisions ..... august, 1973 for the assessment year 1959-60, 1960-61 and 1961-62 by certificate granted by the high court under section 66a(2) of the indian income tax act, 1922, hereinafter referred to as the 'act'.2. the assessee is an individual. he was carrying on business in the relevant assessment years in purchase and sale of ground-nut oil and was also ..... individual, there shall be included, as belonging to that individual' (emphasis supplied). then the different items including the items of assets transferred have been mentioned. the income-tax act only makes these as includible as such while the wealth-tax act makes these includible as belonging to the assessee. it is not necessary to examine whether in view of section 2(m) of the wealth ..... had taken the view that where the wife or the minor child of an individual incurred a loss which if it were income would be includible in the income of that individual under section 16(3) cf the income-tax act, 1922, such loss should be set off against the income of the individual, was withdrawn on 6th april, 1972. subsequently, section 64 of the 1961 .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 41ITR534(SC); 2SCR904
..... and is open to challenge before the high court on a reference under section 66 of the income tax act - g. venkataswami naidu & co. v. commissioner of income tax  supp. 1 s.c.r. 646 it was held in the oriental investment co., ltd. v. the commissioner of income tax, bombay  s.c.r. 49 that the question whether the appellants' transactions amounted to ..... shah, j.1. the high court of judicature at bombay answered the following two questions referred by the income tax appellate tribunal, bench 'b', bombay, under section 66(1) of the indian income tax act, 1922 : (1) whether the acquisition of the managing agency of the dawn mills co., ltd., was in the nature of a 'business' carried on by the assessee company (2) if ..... price whichever was lower and to claim the difference between the opening and closing valuation as a trading loss. the appellate assistant commissioner confirmed that order. in appeal, the income tax appellate tribunal held that the managing agency of the dawn mills was acquired by the appellants as a part of their business activity and the shares of the mills having ..... private limited company registered under the indian companies act, 1913, and carry on business as brokers, managing agents and dealers in shares and securities. one of the objects for which the appellants were incorporated was to acquire managing agencies. the appellants also carried on business in shares of different companies, and were assessed to income-tax as dealers in shares and securities. 4 .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1981SC1408; (1982)2CompLJ451(SC); (2009)22CTR(SC)124; 130ITR186(SC); 1981(1)SCALE637; (1981)3SCC156; 3SCR489; 1981(13)LC540(SC)
..... trust which are incidental or ancillary to the main purpose of the trust. the contention must, therefore, fail.in the result, the reference under section 257 of the income tax act, 1961 made by the income tax appellate tribunal, delhi-b, new delhi, must be answered against the revenue and in favour of the assessee. there shall be no order as to costs.venkataramiah, j ..... revenue and in favour of the assessee.a.p. sen, j.2. this direct reference under section 257 of the income tax act, 1961 (hereinafter referred to as 'the act') made by the income tax appellate tribunal delhi bench 'b' at the instance of the commissioner of income tax, delhi ii, new delhi raises the much vexed question as to whether the words 'not involving the carrying on ..... . andhra chamber of commerce : 55itr722(sc) . in the immediately preceding assessment years 1960-61 and 1961-62, the income of the assessee was treated as exempt from tax under section 4(3)(i) of the income tax act, 1922.8. the income tax officer, however, felt that the decision of this court in the andhra chamber of commerce's case (supra) was no longer good law ..... at the expense of others? this is a question which necessarily arises when we read section 11 of the income-tax act, 1961. section 11 as it stands now grants exemption from payment of tax on any income, which would have otherwise been taxable, provided (1) the property yielding income is held under trust or such other legal obligation which is brought into existence by an .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1981SC1759; (1981)23CTR(SC)146; 130ITR244(SC); (1981)3SCC441; 3SCR849
..... disclosure scheme.14. under sub-section (1) of section 24, a person was required to make a voluntary disclosure in respect of the amount representing the income chargeable to tax under the indian income tax act, 1922 or the income tax act, 1961 for any assessment year commencing on or before april 1, 1964. sub-section (1) makes it clear that the declarations, which were expected to be ..... august, 1965, and before the 1st day of april, 1966, a declaration in accordance with sub-section (2) in respect of the amount representing income chargeable to tax under the indian income-tax act, 1922 (11 of 1922), or the income-tax act, 1961 (43 of 1961), for assessment year commencing on or before the 1st day of april, 1964-(a) for which he has failed to furnish ..... 19th day of august, 1965, under the indian income tax act, 1922 (11 of 1922) or the income tax act, 1961 (43 of 1961), or(c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return ..... a return within the time allowed under section 22 of the indian income-tax act, 1922 (11 of 1922), or section 139 of the income-tax act, 1961 (43 of 1961), or(b) which he has failed to disclose in a return of in come filed by him on or before the .....Tag this Judgment!
Court : Gujarat
Reported in : (1981)24CTR(Guj)184; 131ITR42(Guj)
..... of the in favour of thecase, the tribunal was right revenue.in law in holding that therewas a transfer within themeaning of section 2(47) ofthe income-tax act, 1961, ofthe shares contributed bythe assessee as capital tothe partnership firm in whichhe was a partner ?it is clarified thatthe factual position asto whether or ..... the circumstances of the case, the tribunal was right in law in holding that there was a transfer within the meaning of section 2(47) of the income-tax act, 1961, of the shares contributed by the assessee as capital to the partnership firm in which he was a partner ?' 31. so far as this ..... from the transfer of or accruing from thethe shares held by him to the transaction are exigiblepartnership firm as his to tax undercapital contribution, the section 45 of thecost of acquisition of the income-tax act of 1961.shares to the assessee beingrs.1,49,819 and the marketvalue of the shares beingrs.1,60,279 ? ..... the two matters for a certificate of fitness to appeal to the supreme court as envisioned by section 261 of the income-tax act, 1961. we consider each of the two cases to be a fit one for appeal to the supreme court. we certify accordingly. ..... be pointed out that the general concept of relationship between a partner and the firm as applicable under the indian partnership act, 1932, acquires a particular significance under the provisions of the income-tax law. the line of division between a partner and the firm as obtaining under the partnership law need not necessarily .....Tag this Judgment!
Court : Gujarat
Reported in : (1982)29CTR(Guj)85; 138ITR245(Guj)
..... were not transferseffected before march 1, 1970,as contemplated in section47(viii) of the income-tax act,1961 ?3. whether, on the facts and in in the affirmative andthe circumstances of the case, against the assessee inthe tribunal was right in view of smt. ..... of theregistration of the instrumentof transfer subsequent tofebruary 28, 1970, the transfersin questions were not transferseffected before march 1, 1970,as contemplated in section47(viii) of the income-tax act,1961 ?2. whether, on the facts and in in the negative andthe circumstances of the case, against the revenue.the tribunal was justified inholding that the transfers inquestion ..... were not transferseffected before march 1, 1970,as contemplated in section47(viii) of the income-tax act,1961 ?3. whether, on the facts and in in the negative andthe circumstances of the case, against the revenue.the tribunal was justified innot accepting the assessee ..... because of theregistration of the instrumentof transfer subsequent tofebruary 28, 1970, the transfersin question were not transferseffected before march 1, 1970, ascontemplated in section 47(viii)of the income-tax act, 1961 ?2. whether, on the facts and in in the negative andthe circumstances of the case, against the revenue.the tribunal was justified inholding that the transfers inquestion .....Tag this Judgment!
Court : Guwahati
..... fact that the provisions of sub-clause (5) of section 20c of the act were more or less identical with section 234b of the income-tax act, we hold that in the absence of any specific order regarding the interest levied in the impugned order is bad in law and the same ..... held that in the absence of a specific and clear order by the assessing officer for charging interest under section 234b of the income-tax act, 1961, interest cannot be charged. the matter was challenged before the apex court in cit v. ranchi club ltd : 247itr209(sc) and the apex court refused to interfere in the matter.8. in the circumstances and the ..... the said provisions were applicable.5. mr. bhatra, learned counsel for the petitioner, has submitted that the provisions of section 20c of the act are more or less identical with the provisions of section 234b of the income-tax act, 1961, and the requirement of law is that if the assessing officer intends to levy interest he must pass a specific order giving the ..... . agarwal, j. 1. the petitioner before us is an assessee under the assam agricultural income-tax act, 1939 (for short 'the act'). for the assessment year 1987-88, the petitioner submitted his return whereby the competent authority assessed the income and tax thereupon. so far the assessment of the income and the tax are concerned, these are not under challenge in this writ petition. further, the assessing authority .....Tag this Judgment!
Court : Guwahati
..... our decision : 'whether, on the facts and in the circumstances of the case, interest paid under section 35a of the assam sales tax act, 1947, for delay in payment of sales tax was allowable as deduction under section 37 of the income-tax act, on the ground that it was not penal in nature ?' 2. we have heard shri choudhury for the petitioner and shri saraf ..... the old decisions which have held that penalty for infraction of law is not deductible under section 37 of the income-tax act, 1961, for short 'the act', have ceased to be good law. 4. we may next refer to mahalakshmi sugar mills co. v. cit : 123itr429(sc) wherein the supreme court was called upon to decide the nature of the interest payable under ..... for the respondent after the decision of the apex court in central provinces manganese ore co. ltd v. cit : 160itr961(sc) the law has been settled that where interest is ..... mahalakshmi's case : 123itr429(sc) squarely applies to the present case inasmuch as under section 35a of the assam sales tax act, 1947, any default in paying the full amount of tax carries with it interest and the enlargement of the tax liability is automatic. it has also been brought to our notice by shri saraf that there is a separate provision under .....Tag this Judgment!