Court : Andhra Pradesh
Decided on : Jan-09-1959
Reported in : AIR1960AP292
..... length in the appeal relating to the assessment year, 1940-41, i.e., the one in which proceedings under section 34 of the income-tax act were started, since the considerations that applied to that appeal also governed the appeal arising out of the assessment proceedings for the year in question ..... satisfactorily the source and nature of certain amount of cash received during the accounting year, the income-tax officer is entitled to draw the inference that the receipts are of an assessable nature.'this indicates that the learned judge did not makeany ..... passage. we think that our opinion is also reinforced by the observations in the judgment of the supreme court in govindarajulu mudaliar v. commr. of income-tax : 34itr807(sc) , which is to hie following effect:'there is ample authority for the position that where an assessee fails to prove ..... other appeal, did not give separate reasons in support of its conclusion that the explanation regarding the entries was rightly reject-ed by the income-tax officer and the appellate assistant commissioner5. another argument presented by the counsel for the assessee is that whatever might be the position with regard ..... than the brothers of some (the partners, totalling rs. 1,26,000/-3. in the course of assessment proceedings for 1942-43, the income-tax officer noticed both sets of entries and, since he suspected the genuineness of these credits, he called upon the assessee to prove that they were .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-14-1959
Reported in : 36ITR246(SC)
..... the appellant approached the high court, the high court should, in the exercise of its jurisdiction under section 66(2) of the income-tax act, have asked the income-tax appellate tribunal to state a case and refer the said question to it for its decision. the question as it has been framed ..... reframed to the high court for doing the needful in the matter in the exercise of its jurisdiction under section 66(2) of the indian income-tax act. the costs of the appellant will be costs in the reference before the high court. the respondent will bear his own costs of this appeal ..... and an application was made by him under section 66(1) of the indian income- tax asking that the aforesaid question be referred to the high court for its opinion. the tribunal refused to refer that question and the appellant ..... during the relevant assessment year, and assessed the same accordingly. 4. appeals filed by the appellant before the appellate assistant commissioner and the income-tax appellate tribunal failed with the result that the appellant applied to the tribunal to state a case inter alia in connection with this particular question ..... business which he carried on of publishing tow news-papers, namely 'the indian national' and 'aryavart' and which business had some assets. the income-tax authorities had from time to time allowed to the appellant depreciation on the said assets for several years. in the accounting year 1356 fasli corresponding .....Tag this Judgment!
Court : Kerala
Decided on : Mar-20-1959
Reported in : AIR1960Ker9
..... varadaraja iyengar, j. 1. this is a reference under section 66(2) of the indian income-tax act, by the income-tax appellate tribunal, madras bench. the question referred is :'whether on the facts and in the circumstances of the case, an addition of the sum of rs. 25,856 having been ..... where the assessee gives no satisfactory explanation of a cash credit or bank deposit it is open to the income-tax officer to hold that it represents an income from an undisclosed source. it is not a question of suspicion or conjecture. he can only act on the evidence which is tendered before him, and where the evidence tendered is worthless or not tendered ..... an item is included by the income-tax officer as income from other sources he must establish affirmatively what are ..... assessees it is urged that the burden of proof is on the income-tax authorities and that before they can arrive at the conclusion that a particular sum represents income they must establish that fact by positive evidence. section 6 of the act, it is said, defines taxable income. one of the heads of income, namely, no. 6, is 'other sources.' it is argued that if .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-17-1959
Reported in : (1959)61BOMLR1369
..... opf the claim for depreciation. finding that the assessee had not distributed as dividend sity per cent of the assessable income less the amount of income-tax and super tax payable by the assessee, the income tax officer passed an order under s. 23a of the income tax act. against that order an appeal was preferred to the appellate assistant commissioner, and the matter was ultimately brougbht before the ..... reference and sixty percent of that amount being rs. 22,485/- and as the assessee had distributed as dividend only rs. 12,800/- an order s. 23a of the income-tax act was properly passed by the income tax authorities.(2) in this reference, mr. palkhivala for the assessee has contended firstly that the tribunal was in error in estimating the ..... ) mr. joshi for the department contends in the first instance that the expresson 'profits made' occuring in s. 23a(1) of the income-tax act means the gross profits realised by the assessee without deducting the amount of tax payable by it. but evidently s. 23a is enacted with a view to preven accumulation of large amounts of profits without distribution of adequate ..... of dividend declared. if, having regard to the net commercial profits so ascertained, it appeared tot he income-tax officer that it would not be unreasonable to adistribute sixty percent of such income as dividend amongst the shareholders, an order under s. 23a of the income-tax act may properly be passed. in the present case, the tribunal having proceeded to deduct only an amount .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-30-1959
Reported in : (1959)61BOMLR1380
..... the depreciation allowance in 1950-51 and 1951-52. the assessee was a newly established industrial undertaking and was entitled to exemption from payment of tax to the extent prescribed by s. 15-c of the income-tax act. in the year of account 1951-52 the assessee made a profit of rs. 3,65,000 odd, but after making allowance for the unabsorbed ..... carried forward from the previous years, there remained no taxable income and accordingly no demand for tax was made for the assessment year of 1952-53. in assessing the total income, the income-tax officer did not give the benefit of exemption from payment of tax under section 15c of the income-tax act to the assessee. the income-tax officer deducted out of the net profits the unabsorbed loss of ..... set off does not leave adequate taxable income to make the exemption under section 15c from payment of tax real. evidently, under the scheme of the income-tax act, assessable income of the assessee has to be computed by aggregating the various heads of taxable income subject to permissible deductions and thereafter by section 24 the losses suffered whether in ..... set off against the profits of the year of account without allowing the assessee the benefit of section 15c of the income-tax act?'(4) the question debated before us is as to the priority between the benefit of exemption from payment of tax under section 15c and the set off in respect of loss of previous year under section 24(2), when the .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-03-1959
Reported in : (1959)61BOMLR1521
..... him. the only question which we were called upon to decide is 'whether in the circumstances of the case the assessee is liable to pay s. 18a (6) of the income-tax act.' we answer the question in the affirmative. the assessee to pay the costs of the commissioner.s.t. desai, j.(10) i have arrived at the same conclusion but by ..... results of the previous year of account. this makes a departure from the scheme of the english income-tax act under which the subject of assessment is the income of the year of assessment though the amount is computed ..... liable to pay penal interest in respect of the dividend income.' at the instance of the commissioner of income-tax this reference has been made, and the question which falls to be determined is whether dividend income of an assessee who is a resident falls within section 18 of the income-tax act.(2) under the indian income-tax act, tax is assessed and paid in the succeeding year upon the ..... section 18(5), on which reliance was placed by mr. palkhivala, which supports the view that dividend income received by a shareholder is income in respect of which provision is made for deduction of income-tax at the time of payment. section 18(5) of the income-tax act provides inter alia that any sum by which dividend has been increased under sub-section (2) of section .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-22-1959
Reported in : (1959)61BOMLR1543
..... was disallowed. thereafter, the employers ceased doing business and the business was transferred to a limited company and by reason of s. 25(4) of the income-tax act, the business having been charged to income-tax, though the tax was not paid, it was held that the employees were entitled to claim exemption on the commission received by them under the notification. it was held ..... upon the notification no. 878f dated 21-3-1922 as amended by notification no. 8 of 24-3-1922 issued by the central government under s. 60 of the indian income-tax act, 1922?'(2) mr. joshi for the department contends that the view taken by this court in m. k. kirtikar's case, : air1956bom436 has now been overruled by their lordships of ..... of this court in commr. of income-tax, bombay v. r. r. jacques, i. t. ref. no. 30 of 1953 decided on 11-3-1954 and m. k. kirtikar v ..... hands of the employers was not liable to be taxed over again in hands, and in support of that contention he relied upon the notification no. 878f dated 21-3-1922 as amended by notification no. 8 of 24-3-1928 issued by the central government issued under s. 60 of the income-tax act. the income-tax tribunal waa of the view, following the judgment .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-15-1959
Reported in : AIR1960Bom137; (1959)61BOMLR1333; 37ITR342(Bom)
..... (iii) whether the legal and other expenses incurred for the leases of the manganese mines were not admissible deductions under section 10(2)(xv) of the income-tax act ?' 2. the facts which give rise to the reference may be briefly stated. the assessee company was originally a private limited company having its registered ..... and other expenses incurred for the leases of the manganese mines were not admissible deductions under section 10(2)(xv) of the income-tax act. 12. the assessee-company to pay the costs of the commissioner of ..... fixed. the trees had not been selected or identified. the house of lords held (lord oaksey dissenting) that in computing the timber merchant's income-tax liability the sums payable should be treated as capital expenditure and not as the price for stock-in-trade and accordingly should not be debited in ..... . in our judgment, the question has been conclusively decided by their lordships of the privy council in raja bahadur kamakshya narain singh v. commissioner of income-tax, where the material facts were closely similar to the facts of the present case. in that case, the assessee had received large payments by way of ..... the appellate assistant commissioner, the order passed by the income-tax officer was confirmed. that order was further confirm by the income-tax appellate tribunal. the assessee company then applied to the tribunal for a reference to this court under section 66(1) of the income-tad act, and a reference was accordingly made and the three .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-16-1959
Reported in : AIR1960Bom224; 37ITR359(Bom)
..... may, 1946, was part of the sale price under the agreement dated 5th may, 1946. in this reference under section 66(2) of the income-tax act, the question which falls to be determined is whether on the facts and in the circumstances of the case the amount of rs. 96,000 odd ..... of rs. 96,796 made by the assessee in this transaction. but the commissioner of income-tax took action under section 33b of the income-tax act and brought the amount to tax. the matter was then taken to the income-tax appellate tribunal, and the tribunal was of the view that in acquiring the right of ..... expenses including their commission the balance was remitted to the association in egypt. the income-tax authorities treated the assessees as the agents of the non-resident association under section 43 of the indian income-tax act and assessed them to income-tax under section 4(1)(a) or, in the alternative, under section 4(1)( ..... c). it was held by their lordships of the supreme court that the income, profits and gains derived from the sale of salt ..... that contention, our attention was invited to a judgment of their lordships of the supreme court in turnover morrison & co. ltd. v. commissioner of income-tax. that was a case in which a non-resident association had effected sale on salt in indian through brokers. the sale proceeds of the salt were .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-17-1959
Reported in : AIR1960Bom220; 37ITR423(Bom)
..... of the claim for depreciation. finding that the assessee had not distributed as dividend sixty per cent. of the assessable income less the amount of income-tax and super-tax payable by the assessee, the income-tax officer passed an order under section 23a of the income-tax act. against that order an appeal was preferred to the appellant assistant commissioner, and the matter was ultimately brought before ..... sixty per cent. of that amount being rs. 22,485, and as the assessee had distributed as dividend only rs. 12,800, an order under section 23a of the income-tax act was properly passed by the income-tax authorities. 2. in this reference, mr. palkhivala for the assessee has contended firstly, that the tribunal was in error in estimating the ..... dividend declared. if, having regard to the net commercial profits so ascertained, it appeared to the income-tax officer that it would not be unreasonable to distribute sixty per cent. of such income as dividend amongst the shareholders, an order under section 23a of the income-tax act may properly be passed. in the present case, the tribunal having proceeded to deduct only an amount ..... . 3,367, in ascertaining the profit available for declaration of dividend. 3. section 23a of the income-tax act, as it stood before its amendment by the finance act, 1955, in so far as it is material, provided by the first sub-section. 'where the income-tax officer is satisfied that in respect of any previous year the profits and gains distributed as dividends by .....Tag this Judgment!