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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 1975 Page 5 of about 800 results (0.301 seconds)

Dec 11 1975 (HC)

Commissioner of Income-tax Vs. Indian Commercial Co. P. Ltd.

Court : Mumbai

Decided on : Dec-11-1975

Reported in : [1977]106ITR465(Bom)

..... as a loss in respect of a speculation business coming within the scope of section 73(1) read with explanation 2 to section 28, and section 43(5) of the income-tax act, 1961 ?' 6. in the view which i have taken on the facts in the present case, viz., that the said sum of rs. 50,000 has been paid to hindustan ..... the assessee. 2. it will be convenient, at this stage, to deal with the legal provisions applicable to the present reference. section 43(5) of the income-tax act, 1961, lays down that in sections 28 to 41, and in section 43, unless the context otherwise requires, 'speculative transaction' means a transaction in which a contract for the purchase ..... . in that case, the calcutta high court took the view (at page 352) that explanation 2 to section 24(1) of the indian income-tax act, 1922 (which is identical in terms with section 43(5) of the present act) makes a transaction a speculative transaction, if it involves the settlement of a contract which, in the opinion of that court, means that the ..... ]100itr715(sc) , where the supreme court has, in interpreting explanation 2 to section 24(1) of the indian income-tax act, 1922 (which) is identical with section 43(5) of the present act as already stated above) taken the view (at pages 721-722) that for income-tax purposes the expression 'speculative transaction' means what the definition of that expression in explanation 2 to section 24 .....

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Dec 11 1975 (HC)

Bansilal Vyas Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Dec-11-1975

Reported in : [1978]113ITR537(AP)

..... rs. 3,944 and rs. 8,127 were ineludible in the hands of the assessee for the assessment years 1966-67 and 1967-68, under section 64(iii) of the income-tax act '2. this is a reference at the instance of the assessee. the material facts are : the assessee, who is an old gentleman doing business, did not have any male children ..... rs. 3,944 and rs. 8,127 wereincludible in the hands of the assessee for the two assessment years 1966-67 and 1967-68, under section 64(iii) of the income-tax act. thus, thereference is answered against the assessee and in favour of the revenue.the revenue will have its costs from the assessee. advocate's fee is rs. 250. ..... course of his arguments before us. the question is capable of easy answer, reading section 64(iii) of the income-tax act with section 17 of the hindu adoptions and maintenance act. we have already noted that the assessee's positive contention before the income-tax authorities was that he made the settlement for adequate consideration, viz., for obtaining the consent of his wife for adoption ..... these amounts are not taxable in his hands and the provisions of section 64(iii) of the income-tax act of 1961 are not applicable as he had made the settlement for adequate consideration, viz., obtained the consent of his wife for adoption.4. the income-tax officer held that the transfer of property said to have been made for obtaining the consent of his .....

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Dec 11 1975 (HC)

Lakshmi Chand Swaika Vs. Income-tax Officer, b Ward and ors.

Court : Kolkata

Decided on : Dec-11-1975

Reported in : [1978]112ITR212(Cal)

..... properly addressed. in this connection, reliance was placed on sub-section (2) of section 283 of the income-tax act, 1961, as well as on clause (a) of subsection (2) of section 282 of the said act. but, in my opinion, the said pro-visioi s are permissive provisions and a notice in the case ..... 1973, under section 148 of the income-tax act, 1961.' the impugned notice relates to the assessment year 1964-65. two contentions were urged in support of this application. it was contended that at the time of the issuance of the notice the firm was dissolved and the income-tax department had knowledge of that fact. ..... of r.a. goel has also been annexed. on these materials, in my opinion, it cannot be said that there were no materials for the income-tax officer to believe that there was failure or omission on the part of the assessee to disclose fully or truly all materials which were relevant facts ..... assessment. my attention was drawn to some of the decisions dealing with this question. whether in a particular case there were materials for the income-tax officer to form the belief that there was omission or failure on the part of the assessee to disclose fully or truly all material facts ..... of a dissolved firm can be addressed to the firm itself. for this proposition reliance may be placed on the observations in the cases of ramnivas hanumanbux somani v. s. venkataraman, income-tax officer : .....

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Dec 11 1975 (HC)

Managing Shebaits of Bhukailash Debutter Estate Vs. Wealth-tax Officer ...

Court : Kolkata

Decided on : Dec-11-1975

Reported in : [1977]106ITR904(Cal)

..... were held under a public religious endowment. for the assessment years 1953-54, 1954-55 and 1955-56 the income-tax officer, thereafter, had issued notices under section 34 of the indian income-tax act, 1922, for taxing the income from the said debutter properties. the income-tax officer in the said assessment proceeding held that the main purpose of the endowment was puja of the deity established ..... the debutter estate was a public religious endowment and was eligible for exemption under the provisions of section 4(3)(i) of the indian income-tax act, 1922. thereafter, there were applications under section 66(1) of the indian income-tax act, 1922, for referring certain questions of law. the tribunal rejected the said applications on december 3, 1968. the revenue did not proceed ..... year 1963-64, the said debutter trust was treated as a public religious endowment eligible for exemption under section 4(3)(i) of the indian income-tax act, 1922. on november 23, 1972, under section 17 of the wealth-tax act, 1957, in respect of the assessment years 1964-65, 1965-66, 1966-67 and 1967-68, the notices were issued. the said ..... a) of sub-section (1) of section 11 of the act. 'charitable purpose' or 'purpose of charitable or religious nature' have not been defined in the wealth-tax act, 1957. therefore, it must bear the same meaning as in the income-tax act but under the provisions of the income-tax act not only should the income be derived from a trust or legal obligation of public purpose of .....

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Dec 11 1975 (HC)

Commissioner of Income-tax Vs. Lionel Edwards (P.) Ltd.

Court : Kolkata

Decided on : Dec-11-1975

Reported in : [1977]108ITR412(Cal)

..... question the assessee had declared a dividend of rs. 2,75,000.5. in proceedings under section 23 a of the indian income-tax act, 1922, the income-tax officer calculated the income-tax and the corporation tax at rs. 3,35,069 93 and the income-tax officer on the figures as above found that the said section 23a was applicable in the case of the assessee and did ..... steamship company held by the assessee would constitute fixed assets in the hands of the assessee within the meaning of explanation 2(iv)(a) of section 23a of the indian income-tax act, 1922, and accordingly we answer the question referred to us in the affirmative and in favour of the assessee. there will be no order as to costs.deb, j. 25 ..... dipak kumar sen, j. 1. the facts admitted and/or found in this reference under section 66(1) of the indian income-tax act, 1922, at the instance of the commissioner of income-tax, west bengal-i, are as follows:the assessee is carrying on business as freight and steamship agents. in the assessment year in question, namely, 1955-56 (the corresponding previous year ..... not give the rebate at the rate of re. 0-1-0 in the rupee which was available under part i-b of the first schedule to the finance act of 1955 which would .....

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Dec 11 1975 (HC)

Addl. Comm. of Income Tax, Lucknow Vs. Ms. Niranjan Lal Bhargava Trust ...

Court : Allahabad

Decided on : Dec-11-1975

Reported in : (1976)5CTR(All)0108A

..... the tribunal was justified in holding that the objects of the assessee trust are charitable within the meaning of section 2(15) and that its income is exempt to the extent provided under section 11 of the income-tax act, 1961 ?'2. one niranjan lal bhargava created a trust which is the assessee in this case. the trust deed was executed on 13th october ..... the order of the commissioner.5. in order to appreciate the controversy, it is necessary to extract section 4(3) of the income-tax act, 1922 as also sections 11 and 2(15) of the income-tax act, 1961. section 4(3)(i) runs as under :-section 4(3)(i) -'any income profits or gains falling within the following classes shall not be included in the total ..... assessment years beginning from 1962-63 to 1966-67. the commissioner of income-tax, however, issued a notice under section 263(1) of the new act, on the view that if the accumulated income of the trust was more than 20,000 - it was not entitled to exemption under section 11 of the income-tax act, 1961. the commissioner after hearing the assessee came to the conclusion ..... that the trust was not for charitable purpose as defined under section 2(15) of the new act, since the trust was carrying on the business of running a cinema which was an activity .....

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Dec 11 1975 (SC)

J. R. Malhotra and anr. Vs. the Additional Sessions Judge, Jullundur a ...

Court : Supreme Court of India

Decided on : Dec-11-1975

Reported in : (1976)5CTR(SC)102

..... of their outstanding demand. before the additional sessions judge, jullundur the revenue contended that the assessment was valid under section 226 (4) of the income tax act independently and under section 132 of the income-tax act. the additional sessions judge, jullundur referred to the appeals filed by the respondent ramesh chander against the assessment proceedings and observed that the appeal had ..... an appeal against the assessment orders before the appellate assistant commissioner on 3rd august, 1972. the application of the respondent ramesh chander under section 146 of the income-tax act was rejected by the income-tax officer on 2nd august, 1973. the respondent ramesh chander filed an appeal against the rejection of the petition on august 27, 1973. on 17th september, 1973 ..... ramesh chander. the judicial magistrate also held that in view of the invalidity of the order made under section 132 (5) of the income-tax act the adjustment of the amount in dispute by he commissioner of income-tax on 5th october, 1972 was not valid. the judicial magistrate further held that the business papers of the respondent ramesh chander might be ..... 413 and 414 of the indian penal code and under sections 4, 5, 6 and 8 of the foreign exchange act, 1947. the commissioner of income tax issued a warrant of authorisation empowering certain officers under section 132 of the income-tax act to conduct a search and seizure. pursuant to that authorisation authorised officer seized the sum of rs. 1,61,411/- .....

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Dec 11 1975 (HC)

Commissioner of Income-tax Vs. Anandlal Becharlal and Co.

Court : Mumbai

Decided on : Dec-11-1975

Reported in : [1977]107ITR677(Bom)

..... nature of trade. the tribunal relied on the principles laid down by the supreme court in the case of g. venkataswami naidu & co. v. commissioner of income-tax : [1959]35itr594(sc) . it is from that order of the tribunal that the present reference has arisen in which the following question has been submitted for ..... of the transaction. these principles were applied by the supreme court itself in its later decision in the case of janki ram bahadur ram v. commissioner of income-tax : [1965]57itr21(sc) which, on facts, was, however, more akin to the present case, in so far as it related to the purchase ..... and purchased the land at rajkot, which was the native place of the partners, in order that they should construct their own houses there. the income-tax officer rejected that contention of the assessee and held that the purchase and sale of the land at ghatkopar was an adventure in the nature of ..... nature of trade, and that a profit motive in entering into a transaction is not decisive, because an accretion to capital does not become taxable income, merely because an asset was required in the expectation that it may be sold at profit, for a person may well have, when he purchased ..... business, or an activity incidental to it; (2) the nature and quantity of the commodity purchased and resold; (3) whether the purchaser had, by any act subsequent to the purchase, improved the quality of the commodity in order to make it more readily re-saleable; (4) the incidents associated with the purchase and .....

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Dec 10 1975 (HC)

Khushal K. Shah Vs. Commissioner of Income-tax, Bombay City-iii

Court : Mumbai

Decided on : Dec-10-1975

Reported in : [1977]109ITR814(Bom)

..... made at the instance of the assessee and the following question has been referred to us by the tribunal under section 66(1) of the indian income-tax act, 1922 : 'whether, on the facts and in the circumstances of the case, the remuneration and bonus as director of gill & co. pvt ..... shah personally and not in the hands of the hindu undivided family. this claim was accepted by the income-tax officer. however, later on, reassessment proceedings under section 34(1)(b) of the indian income-tax act, 1922, were commenced for these two assessment years. the assessee challenged the validity of the reassessment ..... . to the statement of case has been annexed a letter dated 9th february, 1960, which had been addressed by the assessee to the 1st income-tax officer, before the reassessment was made (annexure 'j'), as also a further letter dated 8th july, 1961, which had been addressed by the ..... learned chief justice) on the above points, a brief reference may be made to the decision in raj kumar singh hukam chandji v. commissioner of income-tax : [1970]78itr33(sc) . at page 43 of the said report it is observed that : 'the broader principle that emerges is whether the ..... proceedings on the ground that the condition laid down in section 34 (1)(b) was not fulfilled. on merits it was contended that the remuneration received by k. k. shah was his personal income and could not be taxed .....

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Dec 10 1975 (HC)

Commissioner of Income-tax Vs. Simmonds Marshall Ltd.

Court : Mumbai

Decided on : Dec-10-1975

Reported in : [1977]106ITR374(Bom)

..... locking nuts used in various industries. it is an industrial undertaking and it is not disputed that, under section 84 of the income-tax act, 1961, it is entitled to a rebate of tax on profits not exceeding 6 per cent. annum on the capital employed in the undertaking. for that purpose, the capital employed ..... vimadalal, j.1. this is a reference at the instance of the commissioner under section 256(1) of the income-tax act, 1961, relating to assessment years 1962-63 and 1963-64. the assessee-company is engaged in the business of manufacture and sale ..... submitted for our opinion : 'whether, on the facts and in the circumstances of the case, in computing the capital in accordance with rule 19 of the income-tax rules, 1962, the nominal amounts of the debts, or their average values, should be taken into consideration ?' 3. there can be no doubt and, indeed ..... . as far as the appeal relating to assessment year 1962-63 was concerned, the appellate assistant commissioner who heard it agreed with the view of the income-tax officer. as far as the appeal relating to assessment year 1963-64 was concerned, the appellate assistant commissioner who heard it, however, took the contrary ..... in an industrial undertaking has to be computed under rule 19 of the income-tax rules, 1962, which is in the following terms : '19. computation of capital employed in an industrial undertaking or a hotel. - (1) for the purpose .....

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