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Judgment Search Results Home > Cases Phrase: income tax act Year: 1958 Page 3 of about 475 results (0.093 seconds)

Mar 24 1958 (HC)

Calico Dyeing and Printing Works Vs. Commissioner of Income-tax, Bomba ...

Court : Mumbai

Decided on : Mar-24-1958

Reported in : [1958]34ITR265(Bom)

..... supreme court which throws some light on this question and that is in eastern investments ltd. v. commissioner of income-tax. the supreme court was considering section 12(2) of the income-tax act and the deduction permissible under that sub-section is in respect of 'expenditure incurred solely for the purpose of making ..... or earning such income, profits or gains' and mr. justice bose, at page 4, lays down various principles for deciding ..... chief justice of madras, in a full bench sitting with mr. justice wallace and mr. justice beasley, interpreting this very section in commissioner of income-tax v. somasundaram, takes the view that 'if necessary, i should be prepared to hold that the only reasonable construction of the section is to ..... the purpose of the business. 7. mr. joshi lays strong reliance on the judgment of this court in machinery manufactures corporation v. commissioner of income-tax. in that case we were construing an entirely different sub-clause of section 10(2) and that was sub-clause (vi); and what he ..... learned lord president rightly poses the question in all these cases of deductions that 'the rules framed in england', and the sections in our act, 'are only guides because the real point is what are the profits and gains of the business'. therefore, if a businessman borrows money to .....

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Mar 31 1958 (HC)

B.M. Desai Vs. V. Ramamurthy, I Income-tax Officer, A-iii Ward, Bombay ...

Court : Mumbai

Decided on : Mar-31-1958

Reported in : [1958]34ITR409(Bom)

..... 325 : 'for the purpose of assessment, there is a well marked distinction between discontinuance and succession - a distinction which is recognised in the english law of income-tax and adopted provided for in the indian income-tax act. the conception of succession therefore excludes the conception of discontinuance.' 4. apart from our decision turning on the clear language used by the legislature in section 44 ..... plain meaning of the section and to be in line with similar decisions upon the english income tax acts.' 3. there is also a judgment of the madras high court reported in karuppiah pillai v. commissioner of income-tax, madras also took the view that section 44 of the indian income-tax act only applies when there has been a discontinuance of a business, and that when a ..... of the profits of the four partners were allocated to each one of them under the provisions of the income-tax act and each of the partners was assessed to tax on his share of the profits. the petitioner and the other three partners paid the tax which they were liable to pay in respect of their respective assessment. iyer failed to do so and ..... chagla, c.j. 1. this petition raises a question as to the proper construction of section 44 of the income-tax act. the question comes to be raised under the following circumstances. the petitioner was a partners with there others in the firm of e. loeffler & co. which was constituted on the .....

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Mar 12 1958 (HC)

Surat District Cotton Dealers' Association Vs. Commissioner of Income- ...

Court : Mumbai

Decided on : Mar-12-1958

Reported in : [1959]35ITR121(Bom)

..... in the past, if an assessee claims an exemption, it is open to him to claim that exemption under one or the other provision of the income-tax act provided all the facts necessary for the submission which the assessee wants to make are before the court in the statement of the case. in our ..... receipt derived by a mutual association. but the tribunal took the view that the case of the association fell under section 10 (6) of the income-tax act. now, in order to attract the application of that section, it must be established by the department that the association concerned performs specific services for its ..... , becomes a casual and non-recurring income. 4. mr. kolah also wanted to urge that his case falls under section 4 (3) (vi). although the point has not been taken before the ..... instance of the distribution committee, will pay a certain amount to the association. under these circumstances, in our opinion, it is impossible to urge that the income received by the association, because it happened to be for a short duration and because it happened to be only once in the history of the association ..... arise only once, therefore the monies received by the association in respect of work done by it under that order must be looked upon as casual income. in our opinion, that contention is wholly untenable. the test of casualness of a receipt is not merely that it must be of a non-recurring .....

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Oct 03 1958 (HC)

Commissioner of Income-tax, Ahmedabad Vs. the New Digvijaysinghji TIn ...

Court : Mumbai

Decided on : Oct-03-1958

Reported in : AIR1959Bom556; (1959)61BOMLR566; ILR1959Bom1359

..... relating to the gifts executed on 2nd february 1946, 15th april 1946 and 17th april 1948 were all executed prior to the introduction of the income-tax act in saurashtra. the department did not carry the matter any further in respect of the assessment for that year. in respect of the subsequent assessment ..... in the assessment year 1949-50, the deduction for interest paid was allowed to the assessee firm. in 1950-51 it was disallowed by the income-tax officer but on appeal to the appellate assistant commissioner, the assessee was successful and the interest paid on those amounts were allowed in the assessment of ..... sine qua non of the matter. delivery can be symbolical. this court had occasion to deal with a similar question in chimanbhai lalbhai v. commr. of income-tax (central) bombay : [1958]34itr259(bom) and in view of what this court there decided, it is not necessary to dwell any more on the ..... lilavati on her own behalf and on behalf of her children. he also held that the documents were all executed prior to the introduction of income-tax in saurashtra. the department accepted that position also for the subsequent year 1951-52. so that in the first year, the department did not ..... paid on the amount of these gifts and that was allowed by the department. in respect of the next assessment year 1950-51, the income-tax officer disallowed the amount of interest claimed as a deduction but in appeal the appellate assistant commissioner allowed the deduction and the contention that was .....

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Sep 24 1958 (HC)

Narandas Mathuradas and Co. Vs. Commissioner of Income-tax, Bombay Sou ...

Court : Mumbai

Decided on : Sep-24-1958

Reported in : [1959]35ITR461(Bom)

..... was not considering the case of a trading loss. the privy council was considering a specific allowance claimed under the provisions of section 10 (2) of the income-tax act, and even in deciding that the privy council felt difficulty, and were not made in the process of earning profits. they did not arise out of any ..... says that in this case also by making the deposit the assessee is obtaining a business. but that is not correct. it is true that under the income-tax law even a single venture may be business, but his is not a case of a single venture. as we have pointed out before, it is in ..... business. it is in order to put through that transaction that the deposit was necessary. 7. the second case referred to by mr. joshi is commissioner of income-tax v. motiram nandram. in that case the assessees were carrying on business of cloth, yarn and money-lending and they wanted to start a new business and ..... privy council, and as will be noticed, the facts in those two cases were entirely different. the first is tata hydro-electric agencies ltd. v. commissioners of income-tax. that is the well known case and it is in the context of the facts there that the privy council said at page 209 : 'their lordships recognise ..... to decide on which side of the lone particular case falls. but we have laid down a principle in lord's dairy farm ltd. v. commissioner of income-tax, which we think may be safely applied to the facts of this case, and this is what we say :'as has been often pointed out, the object .....

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Mar 13 1958 (HC)

Maharaj Shri Govindlalji Ranchhodlalji Vs. Commissioner of Income-tax, ...

Court : Mumbai

Decided on : Mar-13-1958

Reported in : [1958]34ITR92(Bom)

..... for 1945-55 was rs. 17,591. the contention of the assessee was that these amounts were not subject to tax. the tribunal held that these amounts constituted an income and were liable to tax under section 10 or 12 of the indian income-tax act. 2. now, every receipt that a man receives is either a revenue receipt or a capital receipt, and in this ..... receipts come in with a fair regularity. but even if a receipt is a revenue receipt, it may not be subject to tax if the assessee establishes that the receipt is exempted from tax under one of the provisions of the income-tax act, and mr. thakkar, on behalf of the assessee, has strongly pressed upon us that these particular receipts are personal gifts made ..... our opinion, it is an untenable proposition that the amounts received by the assessee were income which was exempted under the provisions of the indian income-tax act. 7. now, mr. thakkar wanted to argue that even if these receipts constituted 'income', he was entitled to deductions permissible under the income-tax law. no question has been raised on this reference and we cannot go into it ..... practice of religion can become a vocation and more so, when it brings in a steady income. if the assessee does practise a vocation then the case falls under section 10; but even otherwise the income would fall in any case under section 12 of the income-tax act. 9. we answer the question submitted to us in the affirmative. 10. assessee to pay the .....

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Oct 08 1958 (HC)

Bhor Industries Ltd. Vs. Commissioner of Income-tax, Bombay City-i

Court : Mumbai

Decided on : Oct-08-1958

Reported in : (1959)61BOMLR578; [1959]35ITR748(Bom)

..... of accrual was of relevance, it became immaterial because bhor state had become part of british india (taxable territory) for the purpose of application of the income-tax act as from 1st april, 1949. it is not necessary for us to deal with the first argument of mr. joshi. the second argument meets the ..... .' 17. we are not concerned here on this reference with section 12b or section 42. we have already mentioned that the operation of the income-tax act and the finance act, 1949, was retroactive from 1st april, 1949. now relying on section 14(2)(c) the argument urged on behalf of the assessee-shareholders ..... under section 60a in respect of the assessment year 1949-50, the effect of paragraph 12 read with section 60a and section 23a of the income-tax act is that it was the undistributed profit of a company for the year 1949-50 and subsequent years only to which the exemption can relate. ..... enactment itself to give it retroactive operation or it was required that it should have effect ex post facto. we have already mentioned that the income-tax act and the finance act were to be applied from 1st april, 1949, but that will have bearing on certain other questions. 10. the argument of mr. ..... resident in the taxable territories, have been exempt under clause (c) of sub-section (2) of section 14 of the indian income-tax act, 1922, if the act had not been passed. 5. (1) the income, profits and gains of any previous year ending after the 31st day of march, 1948, which is a previous year - ( .....

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Sep 30 1958 (HC)

Ratilal B. Daftari Vs. Commissioner of Income-tax, Bombay City Ii

Court : Mumbai

Decided on : Sep-30-1958

Reported in : [1959]36ITR18(Bom)

..... the partners in the sub-partnership or the sub-firm have a right to apply for registration of the sub-partnership under section 26a of the income-tax act. that was the view expressed in that case in the judgment delivered by mr. justice kapur of that high court (as he then was). ..... deduction. in all case of tax, what has got to be considered is what is the income of the assessee, and when that question arises what ..... falling within the provisions of the act, he would be entitled to urge that his real income should be considered and if a certain amount is to be deducted in order to ascertain his real income, such a deduction would have to be made notwithstanding that the income-tax act made no provision for such a ..... has got to be considered is the real income and not any artificial income, and for the purpose ..... 1947, were to be applicable to and binding on them. in substance and in effect, that was an agreement of partnership within a partnership. the income-tax officer decided that the arrangement between the assessee and the four other persons was only of the nature of an apportionment of profits after the assessee .....

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Oct 04 1958 (HC)

Commissioner of Income-tax, Ahmedabad Vs. New Digvijaysinhji TIn Facto ...

Court : Mumbai

Decided on : Oct-04-1958

Reported in : [1959]37ITR136(Bom)

..... to the gifts executed on 2nd february, 1946, 15th april 1946, and 17th april, 1948, were all executed prior to the introduction of the income-tax act in saurashtra. the department did not carry the matter any further in respect of the assessment for that year. in respect of the subsequent assessment year ..... the assessment year 1952-53 which is the subject-matter of this reference that an objection was taken. no objection, however, was taken by the income-tax officer on the ground that the sums shown to the credit of the donees did not amount to 'capital borrowed for the purpose of the business ..... in the assessment year 1949-50, the deduction for interest paid was allowed to the assessee firm. in 1950-51 it was disallowed by the income-tax officer but on appeal to the appellate assistant commissioner, the assessee was successful and the interest paid on those amounts was allowed in the assessment ..... lilavati on her own behalf and on behalf of her children. he also held that the documents were all executed prior to the introduction of income-tax in saurashtra. the department accepted that position also for the subsequent year 1951-52. so that in the first year, the department did not ..... paid on the amount of these gifts and that was allowed by the department. in respect of the next assessment year 1950-51, the income-tax officer disallowed the amount of interest claimed as a deduction, but in appeal the appellate assistant commissioner allowed the deduction and the contention that was .....

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Dec 15 1958 (HC)

Manordas Kalidas Vs. G.R. Desai and ors.

Court : Mumbai

Decided on : Dec-15-1958

Reported in : [1959]37ITR302(Bom)

..... the expression 'any case' in reference to the transfer thereof. that decision cannot be held to lay down that whenever the expression 'any case' or 'cases' appears under the income-tax act, it must of necessity be interpreted to mean 'pending case.' 10. the expression 'cases' within the meaning of sub-section (2) of section 5 came up for consideration ..... 5 is wide enough to cover completed assessments. in support of the argument that the expression 'cases' covers completed assessments, strong reliance was placed on section 64 of the income-tax act and in particular sub-section (5) thereof. the provisions of section 64, in so far as they are material for the purpose of the present petition are as under ..... central), bombay. for the assessment years 1952-53 and 1953-54 the requisite notices under section 22(2) were issued by the income-tax officer, market ward, bombay. provisional assessments under section 23b of the income-tax act were made by the additional income-tax officer, section v (central), bombay, for those years. in respect of assessment years 1954-55, 1955-56 and 1956-57 ..... (2) of section 5 of the indian income-tax act, 1922, assigned the case of petitioner to the commissioner of income-tax (central), bombay. on 22nd july, 1954, the commissioner of income-tax (central), bombay, in pursuance of sub-section (5) of section 5 of the indian income-tax act, 1922, assigned the case of the petitioner to the additional income-tax officer, section v (central), bombay and directed .....

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