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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: old Court: delhi Year: 1980 Page 1 of about 117 results (0.056 seconds)

Jan 02 1980 (HC)

Claridges Hotel P. Ltd. and Another Vs. Income-tax Officer, Company Ci ...

Court : Delhi

Decided on : Jan-02-1980

Reported in : [1980]123ITR844(Delhi)

..... the reopening of the assessment and, inter alia, submitted as under : '(i) that the conditions precedent to the proceedings initiated by you under sections 147/148 of the income-tax act are non-existent. (ii) the proceedings had been initiated to revise the assessment previously made validly merely owning to the change of opinion without possessing any such material as ..... also be deemed to be cases where income chargeable to tax has escaped assessment, namely : (a) where income chargeable to tax has been under-assessed; or (b) where such income has been assessed at too low a rate; or (c) where such income has been made the subject of excessive relief under this act or under the indian income-tax act, 1922 (11 of 1922); or (d ..... ) where excessive loss or depreciation allowance has been computed. explanationn 2. - production before the income-tax officer of account books or other evidence from which material evidence could ..... with due diligence have been discovered by the income-tax officer will not necessarily amount to .....

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Jan 11 1980 (HC)

L. Bansi Dhar and Sons Vs. Commissioner of Income-tax, Delhi

Court : Delhi

Decided on : Jan-11-1980

Reported in : ILR1980Delhi415; [1980]123ITR58(Delhi)

..... property and was not a part of the property of the huf of which he was the karta, the question of reopening the assessment of income-tax of the income of lala bansi dhar and the members of his family does not arise, inasmuch as this basis has been held by us above to be ..... lifetime of the assured, the contingent beneficial interest belonged not to the assured but to his legal representatives. 12. certain decisions under the estate duty act were referred to during the course of argument. we are here not concerned with the assessment of estate duty. that assessment becomes relevant when property passes ..... under such a contract of insurance do not amount to property. this is why the life insurance policies are assignable under s. 38 of the insurance act, 1938. on the contrary, a contractual right of the insured under a personal accident policy in which compensation is payable only if the death is ..... interest apart from a purely contractual right.' 6. this distinction can be supported by reference to the relevant statutes. firstly, ss. 31 and 32 of the contract act read as follows : '31. a 'contingent contract' is a contract to do or not to do something, if some event, collateral to such contract ones ..... accident is not only clear in principle but is also recognised in the definition of 'life insurance business' in s. 2(11) of the insurance act, 1938. while this definition applies to the payment of money on the death of the assured, it specifically excludes death caused by accident only from the .....

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Jan 11 1980 (HC)

Commissioner of Income-tax Delhi-v Vs. R. Dalmia (Decd.)

Court : Delhi

Decided on : Jan-11-1980

Reported in : [1981]128ITR399(Delhi)

..... avadh behari rohatgi, j.1. these are two petitioners by the revenue under s. 256(2) of the i.t. act, 1961 ('the act'), for an order directing the income-tax appellate tribunal to state a case to this court and to refer certain questions of law formulated by the revenue arising out of the order dated march 24, 1975, of ..... second penalty was consequential. as the assessed could not anticipate the addition of rs. 14 lakhs to his income he could not file an advance tax estimate in conformity with the requirements of law. it cannot, thereforee, be said that he filed his advance tax estimate knowing it or believing it to be untrue. 10. in our opinion, the tribunal was right in ..... : [1972]86itr557(sc) that a device had been deliberately adopted by the assessed for the purpose of concealing his income. in our opinion, anwar ali's case : [1970]76itr696(sc) ought to be followed here, as was actually done, d. m. manasvi v. cit has no application. 9. a penalty was also imposed on the assessed under s. 273(a) on the ..... had deliberately furnished inaccurate particulars. 8. counsel for the revenue referred us to d. m. manasvi v. cit : [1972]86itr557(sc) . he contended that the assessed had deliberately adopted a device for the purpose of concealing his income. he argued that this was not a case of inference from mere falsity of the explanationn given by the assessed in the assessment proceedings .....

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Jan 22 1980 (HC)

All India Film Distributors (P.) Ltd. Vs. Commissioner of Income-tax, ...

Court : Delhi

Decided on : Jan-22-1980

Reported in : [1983]139ITR358(Delhi)

..... 1. this is a reference under s. 256(1) of the income-tax act, 1961. the assessed-company, all india film distributors private ltd., derives income from the distribution of films. on march 29, 1954, the assessed entered into an agreement with m/s. v.p. productions (hereinafter ..... of the opinion that the assessed was not entitled to the collections from the picture before that date. 8. the department preferred an appeal to the income-tax appellate tribunal. the tribunal, after considering the terms of the contract between the parties, came to the conclusion that the sale of the picture in ..... agreement, and was not accountable to the producers in respect of the collections there from. thereforee, the sum of rs. 79,681 clearly constituted the income of the assessed from the film which was assessable for the assessment year ending on september 5, 1960. 15. for the above reasons, we answer the ..... favor of the assessed had become complete even before june 3, 1958. referring to the provisions of s. 23(1) of the sale of goods act, the tribunal pointed out that, in the instant case, under the agreement dated june 3, 1956, it had been agreed between the parties that the ..... its return for the purposes of its assessment. the original assessment was also completed without including any income from this picture. however, subsequently, the assessment was reopened under s. 147(a) of the i.t. act, 1961. the ito completed the reassessment by including therein the collections of rs. 79,681 referred to .....

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Jan 30 1980 (HC)

Bharat Carbon and Ribbon Manufacturing Co., Ltd. Vs. Commissioner of I ...

Court : Delhi

Decided on : Jan-30-1980

Reported in : [1981]127ITR239(Delhi)

..... -company in its attempt to raise additional share capital for the company would be capital in nature. 4. shri beri invited our attention to s. 35d of the i.t. act, 1961. this section does not help the assessed. this section has no direct relevance for the present assessment year because it was introduced only with effect from april 1, 1971 ..... paid in connection with an issue of preference shares by the company was of capital nature. referring to this decision the supreme court pointed out in india cements ltd. v. cit : [1966]60itr52(sc) , at page 61, that though the bombay high court was wrong in relying, for arriving at this conclusion upon the case of texas land and mortgage company ..... s. ranganathan, j. 1. it is a very short question that arises in this reference under s. 256(1) of the i.t. act, 1961, at the instance of m/s. bharat carbon & ribbon ., new delhi (hereinafter referred to as 'the assessed'). during the previous year which ended on december 31, 1962, relevant for .....

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Feb 05 1980 (HC)

Nawabganj Sugar Mills Co. Ltd. and Others Vs. Commissioner of Income-t ...

Court : Delhi

Decided on : Feb-05-1980

Reported in : (1980)17CTR(Del)194; [1980]123ITR287(Delhi)

..... tribunal (delhi bench 'c') in compliance with the directions of this court under section 66(2) of the indian income-tax act, 1922. one set pertains to the assessment of the nawabganj sugar mills co. ltd., and is for assessment years 1948-49 ..... to have been wrongly stated, not, thereforee, could justify recourse to reassessment. we have, thereforee, nothing to differ with the conclusions arrived at by the income-tax appellate tribunal. the question referred is answered in the affirmative. the revenue will be entitled to costs. 29. before concluding we may also refer to the ..... was required not only to make full disclosure of all facts relevant to assessment but also a true disclosure thereof. it was wholly immaterial whether the income-tax officer making the original assessment could or could not have found the same to be faked or not. in that case, the assessed had disclosed certain ..... a) of the 1922 act envisaged recourse to reassessment proceedings where the ito had reason to believe that by reason of the omission or failure on the part of the assessed to disclose fully and truly all material facts necessary for his assessment, income, profits or gains, chargeable to income-tax had escaped assessment, or ..... is necessary in the manner...'' 23. subsequently, the ito reopened the assessment under s. 34 (1)(a) of the act and by an order of reassessment assessed the assessed to tax on the profits earned by it under s. 10(2)(vii). in these circumstances, it was observed that if any part .....

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Feb 05 1980 (HC)

J.N. Sharma and Sons Vs. Commissioner of Income-tax, New Delhi

Court : Delhi

Decided on : Feb-05-1980

Reported in : [1980]123ITR90(Delhi)

khanna, j. 1. at the instance of the assessed, j. n. sharma & sons, the income-tax appellate tribunal, delhi bench 'a', has referred under s. 66(1) of the indian i.t. act, 1922, the following question for opinion of this court : 'whether, on the facts and in the circumstances of the case, the interest of rs. 55,515 payable to the government .....

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Feb 06 1980 (HC)

Buland Sugar Co. Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Decided on : Feb-06-1980

Reported in : [1981]130ITR434(Delhi)

..... where an assessed is running a business and expenses are incurred for the purposes of that business, the mere fact that a section of the activities might result in income which is not taxable would not justify the disallowance of expenditure incurred by the assessed for the purposes of its business. the present case, however, is totally different ..... was an unregistered firm. it had sustained a loss. the assessed claimed that its half share of the loss from this firm should be set off against its other income. this claim was rejected by the ito, the aac and the appellate tribunal following their orders in earlier years. the tribunal has referred to an earlier decision taken ..... case the assessed-company is entitled to claim the share of loss from the unregistered firm in which it was a partner to be set off against other business income of the assessed 3. whether, on the facts and in the circumstances of the case, the disallowance of rs. 10,000 out of the establishment and management ..... what the assessed sought was a set-off of his share in the loss of the unregistered firm against this income from other sources like salary, house property and the dividends. (we may add that the bombay high court in cit v. hirani construction co. 0065/1964 : [1966]60itr599(bom) and the calcutta high court in ganga metal refining ..... 1. this is an income-tax reference at the instance of the buland sugar co. ltd. which has subsequently been merged into the raza buland sugar co. ltd. the reference relates to the .....

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Feb 11 1980 (HC)

Dalmia Dairy Industries Ltd. Vs. Union of India and ors.

Court : Delhi

Decided on : Feb-11-1980

Reported in : ILR1980Delhi1286

..... to balance of trade and other conditions of international trade and monetary market. the question then arises as to whether the authority making the rules under section 295 of the income-tax act is empowered to so fix the conversion value of a foreign currency into indian currency. we do not find any specific authority in section 295 authorising the board under the ..... , that rule 115 which equates rigidly 1 sterling=18.00 prior to its amendment in 1977 ws ultra virus section 5 of the income-tax act and the income-tax authorities are not entitled to rely upon it in assessing the income of the petitioner expressed in foreign currency for the purposes of converting it into indian currency. we do hope that the respondents would in ..... that the unamended rule was open to challenge. (12) the petitioner has filed a copy of the order of provisional attachment issued by the respondent under section 281b of the income- tax act in which the respondent had- stated their intention to apply rule 115, that is the rate of 1 sterlings rs. 18.00 to the conversion of the foreign exchange ..... and decide upon the same. (5) if we were to follow the usual rule of the petitioner having his remedies under the income-tax act. a great deal of avoidable litigation would have to be carried through, even if the income-tax authorities themselves were convinced of the soundness of the contention of the petitioner as to the validity of rule 115. a whole series .....

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Feb 12 1980 (HC)

Commissioner of Income-tax, (Central), New Delhi Vs. Dalmia Dadri Ceme ...

Court : Delhi

Decided on : Feb-12-1980

Reported in : [1980]125ITR510(Delhi)

..... actual cost of the asset for the purposes of allowance of development under section 33 and depreciation under section 32 of the income-tax act, 1961, and it was not the cost as determined by the income-tax officer at rs. 3,60,000 (2) whether, on the facts and in the circumstances of the case, the tribunal ..... income-tax arrears, and rs. 7,400, being commission paid on shares borrowed for the purpose of pledging them as security against income-tax demands, are permissible deductions under the provisions of the income-tax act, 1961 ?' 2. the assessed is the dalmia dadri cement ltd. and ..... rs. 8,679 claimed by the assessed as legal and court expenses was an admissible deduction under section 37(1) of the income-tax act, 1961 (3) whether, on the facts and in the circumstances of the case, the amount of rs. 46,718, being interest paid on ..... this court for the year 1961-62, in the present assessed's case and we have answered a similar question in the negative and against the assessed (income-tax reference no. 34 of 1971, decided on november 12, 1979). following that decision we answer this question against the assessed. 19. we next advert to ..... )(xv) of the indian i.t. act, 1922, in view of this chain of decisions, we are unable to interfere with the order of the tribunal holding that sum of rs. 8,679 claimed by the assessed as legal and court expenses for preparation and pursuing of income-tax appeals was permissible. question no. 2 .....

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