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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 1973 Page 1 of about 788 results (0.095 seconds)

Dec 24 1973 (HC)

Vrajlal Chhaganlal Vs. B.A. Shariff, Commissioner of Income-tax, and o ...

Court : Gujarat

Decided on : Dec-24-1973

Reported in : [1974]96ITR217(Guj)

..... either in rectification proceedings or in revision because of the bar of limitation. we, therefore, recommend that in each of four direct taxation statutes, namely, the income-tax act, the wealth-tax act, the gift-tax act and the estate duty act, a special clause should be added in the relevant section providing for the refund by the commissioner or equivalent officer so that the revisional powers can ..... the supreme court held that this was not a case in which the writ jurisdiction of the high court could be invoked. the appellant had an adequate remedy under the income-tax act which he could have availed of. he should have moved the appellate tribunal which was competent to decide all questions of fact and law which the assessee could have raised ..... years 1953-54 to 1960-61. the period within which the assessment could be revised was to expire on november 15, 1963, under section 33b(2)(b) of the indian income-tax act, 1922. on october 28, 1963, the commissioner issued a notice under section 33b fixing october 31, 1963, as the date for hearing. the notice was affixed at the two addresses ..... the letter of september 13, 1971, as a request for accepting rectification proceedings and the commissioner pointed out in his letter dated december 12, 1971, that section 154 of the income-tax act imposed a time limit for filing of an application and the time limit prescribed by the statute had expired when the letter of september 13, 1971, was written. the commissioner .....

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Dec 22 1973 (HC)

The Commissioner of Income-tax Vs. Mukandas Vishnukumar

Court : Rajasthan

Decided on : Dec-22-1973

Reported in : 1973(6)WLN649

..... facts and in the circumstances of the case, the tribunal was right in holding that no penalty could be imposed under section 273(b) of the income-tax act, 1961, for default under section 18a (3) of the income-tax act, 1922 2. the circumstances, which it is necessary to notice for the disposal of this reference, briefly stated are these: gokuldas, pradeepkumar and mukandas ..... rathi ginaing and pressing factory, beawar and m/s. thakurdas khivraj, beawar. they also had dividends and speculative business. their income exceeded the minimum limit for the purposes of section 18a(3) of the indian income tax act, 1922 (hereinafter called 'the old act') and because as the assessees failed to comply with the said provisions and did not submit, the estimate of advance ..... the penalties, firstly, on the ground that no penalty could be imposed under section 273 of the income-tax act, 1861 (hereinafter called 'the new act') because the assessments related to the years 1959-60 and 1960-61 to which the provisions of the new act were inapplicable secondly it was urged before the tribunal that the estimates were filed on march 20, 1959 ..... tax payable by them before 15-3-1959, the income-tax officer imposed certain penalties on both the assessees. the assesses appealed and .....

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Dec 21 1973 (HC)

Commissioner of Income-tax, Bombay City Ii Vs. Gordhandas K. Vora

Court : Mumbai

Decided on : Dec-21-1973

Reported in : [1974]96ITR50(Bom)

..... desai, j. 1. this is a reference by the income-tax appellate tribunal, bombay bench 'c', under section 66(1) of the indian income-tax act, 1922. the reference arises out of the assessment proceedings under the indian income-tax act for the assessment years 1957-58 and 1958-59, the relevant account years being samvat years 2012 and 2013. necessary facts material for the purpose of this reference ..... separate accounts were not kept the assessee could not be regarded as having blended the properties. it is not possible to hold that the income-tax appellate tribunal took any erroneous view on either aspect of the matter being considered before it. vimadalal, j. 23. i agree and have nothing to add. by the court 24 ..... is to found in c. v. vythianatha iyer v. c. v. varadaraja iyer, p. n. venkatasubramania iyer v. p. n. easwara iyer and goswami maharaj ranchhodraiji govindlalji v. commissioner of income-tax. 22. it appears to me that the view taken by the madras and the gujarat high courts is the correct view and that merely by reason of the fact that ..... assets received by gordhandas from his grandfather either through the instrumentality of the trust settlement or under clause 12 of sir manmohandas's will. the department thereafter appealed to the income-tax appellate tribunal against the said conclusion and direction of the appellate assistant commissioner. the contention of the department was that assuming that the two sets of properties were separate properties .....

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Dec 20 1973 (HC)

Triveni Engineering Works Ltd. Vs. Union of India

Court : Delhi

Decided on : Dec-20-1973

Reported in : ILR1974Delhi282

..... the 'debt owed' either on its own estimate or on the basis of demand made to it in pursuance of the provisions of section 210 of the income-tax act, 1961. provision for tax whether advance tax or income-tax cannot be regarded as an asset of the company, particularly in view of the fact that penalties may be incurred for default of payment of either advance ..... court was considering the question of the jurisdiction of the high court under article 226 of the constitution to interfere with an order under section 34 of the income-tax act, 1922, issued by the income-tax officer if the conditions precedent for the issue of such a notice do not exist. it was held that if the conditions precedent for the issue of a ..... coercive process. (20) i now come to the contentions of the parties and the interpretation to be placed on the various provisions of the monopolies act keeping in view the provisions of the companies act and the income-tax act. (21) clause (g) of section 2 has already been read. petitioner no. 1 and seven other companies are claimed by the central govt. to be ..... and is realisable even by coercive method under the scheme of part c of chapter xvii of the income-tax act, 1961. dit that is to be given for advance tax paid on regular assessment, as contemplated by section 219 of the income-tax act, is in recognition of tax already having been paid towards the liability determined on regular assessment. this is because there cannot be double .....

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Dec 19 1973 (HC)

Mahavir Metal Works P. Ltd and anr. Vs. Union of India and anr.

Court : Delhi

Decided on : Dec-19-1973

Reported in : AIR1974Delhi73; [1974]95ITR197(Delhi)

..... then said that the sellers and the purchasers were treated differently inasmuch as the purchaser lost the property itself while the seller could be dealt with only under the general income-tax act and be made subject to a monetary penalty only. this difference between the treatment is inevitable. it is only the buyer who has the property which can be acquired. the ..... also supposed to have received more consideration that is stated in the instrument of transfer would be dealt with separately, for instance, under section 52 of the income-tax act, 1961 as chapter xxa 3. the act; came into force on 15th november, 1972. the taxation laws (amendment) bill 1971 was introduced in parliament on 12th august 1971. the instrument of transfer was executed ..... art. 39 are, thereforee, bound to be considered on numerous occasions in future in view of the enactment of art. 31-c.33. the taxation laws (amendment) act, 1972 inserting chapter xx-a in the income-tax act, 1961 is also a unique enactment. for the first time, it introduces a legislative measure which combines imposition of penalty with acquisition of property of a ..... date of the execution of the transfer deed, namely, 31st may, 1972.5. logically, the first question to be decided should be whether chapter xxa of the income-tax act, of 19612 as inserted therein by the act of 1972 is a ' law giving effect to the policy of the state towards securing the principles specified in clause (b) or clause (c) of article .....

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Dec 19 1973 (HC)

Mahabir Metal Works Pvt. Ltd. and anr. Vs. Union of India and anr.

Court : Delhi

Decided on : Dec-19-1973

Reported in : ILR1974Delhi617

..... consideration than is stated in the instrument of transfer would be dealt with separately, for instance, under section 52 of the income-tax act, 1961. the relevant part of the act of 1972 is inserted in the income-tax act, 1961 as chapter xxa. (3) the act came into force on 15th november 1972. the taxation laws (amendment) bill, 1971 was introduced in parliament on 12th august 1971 ..... then said that the sellers and the purchasers were treated differently inasmuch as the purchaser lost the property itself while the seller could be dealt with only under the general income-tax act and be made subject to a monetary penalty only. this difference between the treatment is inevitable. it is only the buyer who has the property which can be acquired. the ..... date of the execution of the transfer deed, namely, 31st may 1972. (5) logically, the first question to be decided should be whether chapter xxa of the income-tax act, 1961 as inserted therein by the act of 1972 is a 'law giving effect to the policy of the state towards securing the principles specified in clauses (b) or clause (c) of article 39 ..... .00 has been paid before the sub-registrar when the deed was presented for registration. the deed was actually registered on 31st january 1973. proceedings under chapter xxa of the income-tax act were then initiated against the petitioner who challenges in the present writ petition the validity of the proceedings on the following grounds. namely:- (1) that chapter xxa of the .....

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Dec 19 1973 (HC)

Commissioner of Income-tax Vs. Stanes Motors (South India) Ltd.

Court : Chennai

Decided on : Dec-19-1973

Reported in : [1976]105ITR289(Mad)

..... section 43(2), which, in our opinion, does not mean that the parent company which transferred the asset would be excluded from the clutches of section 41(2) of the income-tax act, 1961. 11. for the foregoing reasons, we hold that the sum of rs. 6,098 is includible as profit under section 41(2). accordingly, we answer the reference in the ..... of rs. 6,098 on the ground that 'this initial depreciation forms profit in the sale of assets to the company'. the income-tax officer presumably proceeded to include this amount to a charge under section 41(2) of the income-tax act, 1961 (hereinafter called the act). the appellate assistant commissioner directed deletion of this amount in the view that section 47(iv) of the ..... act is applicable, the transfer being to a new indiancompany which is a fully owned subsidiary company of the assessee. the tribunal after holding ..... that the assessee is entitled to the relief in view of the explanation to clause (i) of sub-section (2) of section 34. at the instance of the commissioner of income-tax, the following question has been referred: 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the profit of .....

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Dec 19 1973 (HC)

K.V.K. Aboobacker Vs. Sales Tax Officer and anr.

Court : Kerala

Decided on : Dec-19-1973

Reported in : [1974]33STC345(Ker)

..... of the section is capable of yielding. it may be worthwhile to compare the provisions of the indian income-tax act which provided for payment of advance tax and for the making of a provisional assessment. see the provisions in the act of 1922 and the subsequent act of 1961. these provisions do not enjoin that the assessment, levy and collection should be made during the ..... of prohibition restraining the respondents from enforcing the demand.3. the short ground on which the petitioner put his case was that under section 18 of the kerala general sales tax act, 1963, assessment, levy and collection in respect of provisional assessment have all to be done, during the year concerned and, therefore, the collection of the ..... -limit, we believe it might work serious hardship, and even clash with the provisions for regular assessment and levy and collection of tax, regularly assessed, under the charging section, section 5, and section 17, and other sections of the act. once the financial year has run out, and the charging section, section 5, can be brought into operation, we see some difficulty ..... year as section 18 does. nor is there any provision for an appeal or a second appeal against the assessment to advance tax or an order of provisional assessment under the provisions of these acts. it may be worthwhile to compare these provisions and suitably remodel, if necessary, the provisions of section 18 of the .....

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Dec 18 1973 (HC)

Chhotalal and Co. Vs. Income-tax Officer, Morvi and ors.

Court : Gujarat

Decided on : Dec-18-1973

Reported in : [1976]105ITR230(Guj)

..... in the case of a registered firm penal interest ceases to be an amount of compensation and it cannot be said that there is violation of the object of the income-tax act nor does it result in payment of double penalty. the payment of double penalty is out of the question because penal interest is not penalty at all as has been ..... view. in paragraph 10 of its judgment the gauhati high court has pointed out : 'it is obvious that registered firms are entitled to certain privileges under the provisions of the income-tax act vis-a-vis other assessable entities. there is, therefore, a reasonable classification in placing them in one group subjecting them to certain liabilities in the case of some defaults. since ..... interest and we find that a similar withdrawal of privileges of a registered firm is also provided for in the cases of levying of penalty under section 271 of the income-tax act. in jain brothers v. union of india grover j., delivering the judgment of the supreme court, has pointed out : 'according to that provision when the person liable to penalty is ..... rs. 4,000 was in due courses recovered from the petitioner-firm. the petitioner-firm then preferred a revision application under section 264 of the income-tax act to the second respondent for revising the order of the income-tax officer. the second respondent dismissed the application of the petitioner on july 28, 1971. thereafter, the petitioner firm and its partners have challenged the orders .....

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Dec 17 1973 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Shree Jari Merchants Associ ...

Court : Gujarat

Decided on : Dec-17-1973

Reported in : [1977]106ITR542(Guj)

..... work for the common good of its members and for preservation of the business interest of jari industry. section 28(iii) of the income-tax act, 1961, brings to tax under the head of 'profits and gains of business or profession' the income derived by such association from specific service performed for their members. but, during the accounting periods the assessee-association has not performed ..... a body corporate and a legal person. even if it was not so registered, for the purpose of the income-tax acts, it would be a 'person'. the word 'income' is given an inclusive definition both in the act of 1922 and in the act of 1961. this definition, being not exhaustive is not capable of supplying proper criteria for judging whether a particular item ..... members does not amount to a receipt of business profits or gains, it is not correct to say that the said receipt is not 'income' or that the same would not be taxable under the provision of the income-tax acts of 1922 and 1961. 27. judicial decisions pronounced in 'club cases' fall into two categories. the first category consists of those cases ..... the contention of shri patel was that the since section 28, clause (iii), contemplates tax on income derived by a trade association from specific services performed for its members, we should hold that income derived by such trade association from other sources was not intended to be taxed under the income-tax acts of 1922 and 1961. according to shri patel, since section 28 contemplates a charge .....

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