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Judgment Search Results Home > Cases Phrase: income tax act Year: 1962 Page 1 of about 793 results (0.109 seconds)

Feb 19 1962 (SC)

indore Malwa United Mills Ltd. Vs. the Commissioner of Income-tax (Cen ...

Court : Supreme Court of India

Decided on : Feb-19-1962

Reported in : [1962]Supp3SCR310

..... this aspect of the case. 9. the answer to the question which we have to consider depends on the true scope and effect of s. 24 of the indian income-tax act. under the indian income-tax act, 1922, assessees are divided into three categories : (a) resident and ordinarily resident, (b) resident but not ordinarily resident, and (c) not resident. we are concerned in the ..... business, one within the taxable territories and the other outside them. mr. kolah has contended that the business was one business within the meaning of s. 10 of the indian income-tax act and in the two assessment years in question indore having become a part of the taxable territories, the provisions in sub-s. (2) of s. 24 came into operation; ..... incomewhich proceeds considered as accruing for thewere received having been in the taxable purpose ofin the taxable received in the territories assessmentterritories taxable territories under the indian(by apportioning the income-tax act.amount in col. 4 in (col. 7 plusthe proportion of col. 8)col 5 : col. 6)6 7 8 9rs. rs. rs. rs.------------------------------------------------------------------------52,68,048 5,05,296 ..... territories of british india. for and upto the assessment year 1949-50 the assessee company was treated as a non-resident within the meaning of s. 4a of the indian income-tax act, 1922. for the assessment years 1950-51, and 1951-52 which are two assessment years under consideration, the account years were the calendar years 1946 and 1950 respectively. indore .....

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Sep 06 1962 (HC)

M.R. Dalal (by His Legal Representative) Vs. Commissioner of Income-ta ...

Court : Mumbai

Decided on : Sep-06-1962

Reported in : [1963]49ITR492(Bom)

..... . this is a reference under sub-section (1) of section 66 of the indian income-tax act, 1922, and the first question that falls for consideration is whether the reassessment proceedings started against the assessee on a notice under clause (b) of sub-section (1) of section 34 of the act have been validly initiated. 2. the following facts give rise to this reference ..... been under-assessed or assessed at too low a rate or have been made the subject of excessive relief under this act. the income-tax officer has purported to reopen the assessment on the basic that the communication received by him from the income-tax officer, a-iv ward, bombay, to the effect that the trust had then become revocable was a fresh information but ..... is therefore bad in law. he placed reliance on the three decisions in purshottamdas thakurdas v. commissioner of income-tax, d. r. dhanwate v. commissioner of income-tax and raja priyanand prasad singh v. commissioner of income-tax. 7. mr. joshi, on the other hand, contends that the income-tax officer who had reopened the assessment for the first time knew that the trust had become revocable only ..... or gains or recompute the loss or depreciation allowance; and the provisions of this act shall so far as may be apply accordingly as if the notice were a notice issued under that sub-section.' 9. now the circumstances which empower an income-tax officer to take action under clauses (a) and (b) are different. action under clause (a) could be taken in .....

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Aug 30 1962 (HC)

Orient Trading Co. Ltd. Vs. Commissioner of Income-tax (Central), Calc ...

Court : Mumbai

Decided on : Aug-30-1962

Reported in : [1963]49ITR723(Bom)

..... credited in the account as not deductible under section 10(2) (iii) of the income-tax act. the assessee took the order of the income-tax officer in appeal before the appellate assistant commissioner, who agreed with the view which the income-tax officer had taken, and dismissed the assessee's appeal. in the said appeal, the ..... v.s. desai, j. 1. on a requisition made by this court under section 66(2) of the indian income-tax act, 1922, the tribunal has drawn up the statement of the case and referred to this court the questions hereinafter stated ..... outstanding balance in this account as on the material date. in our opinion, therefore, the reply received by the appellate assistant commissioner from the income-tax officer assessing messrs. surajmal nagarmal supplied a very satisfactory support to the assessee's assertion that the account of rampratap agarwal in its account was ..... and the balance transferred to the account of messrs. surajmal nagarmal. the account was treated as the account of messrs. surajmal nagarmal by the income-tax investigation commission during the investigation of messrs. surajmal nagarmal's case and the credits in this account subsequent to 1947, i.e., after the ..... commission) act, 1947, of the case of messrs. surajmal nagarmal, this amount of rs. 2,50,000 was accounted for an dealt with in the settlement reached by messrs. surajmal nagarmal with the central government. the explanation was not accepted by the income-tax officer, and he treated the credit entry of .....

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Aug 21 1962 (HC)

A.J. Kohiyar and ors. Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Decided on : Aug-21-1962

Reported in : [1964]51ITR221(Bom)

..... of the case and on a true construction of the indenture of trust dated march 16, 1953, read with section 16 (1) of the indian income-tax act the income of the trust created by dr. kohiyar, so far as the property settled by him was concerned, should be deemed to be his ..... v.s. desai, j. 1. this is a reference under section 66 (1) of the indian income-tax act, at the instance of the assessee, who are the trustees of the kohiyar family trust, and arises out of their assessments for the years 1954-55 ..... a single trust deed, it was an amalgamated deed dealing with two separate and trusts. he accordingly set aside the orders of assessment passed by the income-tax officer and directed the income-tax officer to make fresh assessments in the light of his decision. against the order of the appellate assistant commissioner, the department took a second appeal ..... revoke has been reserved by the settler, and cannot, therefore, apply to an irrevocable trust. it is true that the decision in ramji keshavji v. commissioner of income-tax does not refer to the last part of the proviso and does not discuss its effect on the construction of the said proviso. this last part, however, has ..... section 16 (1) (c) applied to the trust assessable in the hands of the settlers. in the appeals which the assessee filed against the order of the income-tax officer, the appellate assistant commissioner took the view that the trust was revocable so far as the settlements made by the settler of the one part, dr. kohiyar, .....

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Mar 06 1962 (HC)

Khimchand Amarchand Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Decided on : Mar-06-1962

Reported in : [1963]48ITR102(Bom)

..... v.s. desai, j.1. the short question which arises for determination on this reference under section 66(1) of the indian income-tax act, 1922, is whether the reassessment order made on the assessee under section 34 was barred by time. 2. the assessee is a firm ..... initiated in the present case could be regarded as having validly been under section 34(1)(a) and, therefore, the order of reassessment passed by the income-tax officer is not affected by the bar of limitation. now, the conclusion of the tribunal that the proceedings in the present case could not be justified ..... case was not justified under section 34(1)(a), but could only be regarded as under section 34(1)(b), the order of reassessment passed by the income-tax officer is clearly barred by time. 5. mr. joshi, for the revenue, has however, argued that the conclusion of the tribunal that the initiation of ..... the department's contention that the provisions of section 28(1)(c) were attracted in the present case and, consequently, the reassessment order passed by the income-tax officer could be made even after the period of four years, and it was not barred by time. it accordingly dismissed the assessee's appeal. on ..... this contention was accepted by the appellate assistant commissioner and that assessment order was set aside. thereafter, a fresh notice under section 34 was issued by the income-tax officer to the assessee on the 31st january, 1956, and it was served on the assessee on the 4th february, 1956. in response to the said .....

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Aug 20 1962 (HC)

T. Panchavarnathammal Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Aug-20-1962

Reported in : [1972]86ITR527(Mad); (1963)IMLJ109

..... question in that decision. the learned judges, rajagopalan and rajagopala ayyangar jj., dismissed the writ petition in the following words:'there does not appear to be any provision in the income-tax act for reduction or waiver of interest where the liability arises under sub-clause (8) of section 18a.'we have reached the same conclusion as the learned judges in that case ..... appellate assistant commissioner was erroneous in law, and, accordingly, allowed the appeal and set aside the direction. on the application of the assessee under section 66(1) of the indian income-tax act, the tribunal has referred the following question to this court:'whether, on the facts and circumstances of the case, the appellate tribunal was justified in law in holding that the ..... jagadisan, j.1. an important question of law involving the interpretation of section 18a(8) of the indian income-tax act is raised before us in this reference application.2. the assessee is the sole proprietrix of a business in lucifer matches run under the name and style of 'gem match ..... .06 on the assessee under section 18a(8) of the act. this order was challenged by the assessee by preferring an appeal to the appellate assistant commissioner. one of the grounds urged in the appeal by the assessee related to the levy of penal interest. it was contended that the income-tax officer failed to exercise the discretion vested in him under rule .....

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Aug 20 1962 (HC)

Commissioner of Income-tax, Bombay City I Vs. Chunilal Manilal Private ...

Court : Mumbai

Decided on : Aug-20-1962

Reported in : [1963]48ITR628(Bom)

..... tambe, j.1. this is a reference under sub-section (1) of section 66 of the indian income-tax act (hereinafter referred to as the act) at the instance of the commissioner of income-tax. the question referred to us in the following terms : 'whether, on the facts and in the circumstances of the ..... nature has come in and we are of the opinion that the payment has been properly charged to revenue even though it is not deductible for income-tax assessment and only after the deduction of rs. 50,000, one could arrive at the commercial profits. we, therefore, do not accept this ..... profits available for distribution amongst the members. this contention was, however, not accepted by the income-tax officer and he made an order under section 23a. the assessee took an appeal before the appellate assistant commissioner. the appellate assistant commissioner accepted the ..... have been paid by the assessee company to dr. jariwala in the year of account. as already stated, the assessee had claimed before the income-tax officer that the aforesaid sums of rs. 21,320 and rs. 50,000 should be excluded in determining the issue of smallness of profits and ..... is a company in which the public are not substantially interested within the meaning of section 23a of the act. for the assessment year 1952-53, it returned an income of rs. 1,56,894. the income-tax officer, however, after disallowing certain expenditure said to have been incurred by the company, computed its .....

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Mar 19 1962 (HC)

Bansilal Gangaram Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Mar-19-1962

Reported in : [1963]48ITR973(Bom)

..... tambe, j.1. this is a reference under section 66(1) of the indian income-tax act. the assessee, inter alia, does the business of money-lending, general merchant, and is also an agriculturist. the property with which we ..... separate capital account of the assessee as such, but it is the capital account of all the business. on these facts, in our opinion, the income-tax authorities and the tribunal had evidence before them on which they could reasonable reach a conclusion that these properties were the stock-in-trade of the assessee. ..... books of account of his general business, there is an account of agricultural property. these two sets of accounts are inter-connected by a current account. the income-tax authorities have found that the books, though maintained in two sets, essentially form only one set by reason of the existence of the inter-branch current account ..... the conclusion reached by the learned judges deciding the case, but is only the passage form a judgment of bhargava j. in gurucharan prasad v. commissioner of income-tax to which reference has been made. the conclusion to which the learned judges reached is summed up at page 82 of the report in the following words ..... his capital asset and not as trading asset. in support of his contention, mr. terdalkar has placed reliance on a decision in alapati ramaswami v. commissioner of income-tax, at page 79 of the report. that passage runs as follows : 'the assessee kept those properties with him for a period of 18 years. during this .....

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Sep 11 1962 (HC)

Commissioner of Income-tax, Bombay City I Vs. Ravi Industries Ltd.

Court : Mumbai

Decided on : Sep-11-1962

Reported in : [1963]49ITR145(Bom)

..... in that case that 'where the profits and gains from business are insufficient to cover the full depreciation allowance under section 10(2) (vi) of the indian income-tax act, 1922, the excess depreciation can be treated as loss of profits and gains within of section 24. ... the object of proviso (b) to sub-section ( ..... to refer to the provisions of section 10(2) (vi), proviso (b), and the provisions of section 24(2) of the indian income-tax act. under section 10, the mode of computation of income under the head 'profits and gains of business, profession or vocation' is prescribed. section 10(1) provides that under that head ..... of clause (b) of section 24(2), that is to say, subject to the losses being first set off.' 13. in hukamchand mills ltd. v. commissioner of income-tax (i. t. reference no. 56 of 1958) decided on 28th august, 1961, we observed as follows : 'in our opinion on the language of proviso (b ..... set off at any time so long as the business showed a profit in the future.' 11. in aluminium corporation of indian ltd. v. commissioner of income-tax, it was observed : 'proviso (b) to section 10(2)(vi) begins with setting out by way of a premise that there is an amount of ..... the view that we are taking also receives support from the observations in some of the decided cases. in ambika silk mills co. ltd. v. commissioner of income-tax, in dealing with the provision of proviso (b) of section 10(2) (vi), this court observed : 'in our opinion the only proper interpretation that should .....

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Sep 19 1962 (HC)

Pokhraj Hirachand Vs. Commissioner of Income-tax, Bombay City Ii

Court : Mumbai

Decided on : Sep-19-1962

Reported in : [1963]49ITR293(Bom)

..... statement of the case, raising the following two questions : '(1) whether the tribunal exceeded its power under section 33(4) of the indian income-tax act in disallowing the claim of the petitioner to the extent of rs. 1,13,000 (rupees one lakh thirteen thousand) on the ground that ..... factum of payment of rs. 3 lakhs was not in dispute before the tribunal inasmuch as neither the assessee nor the income-tax officer had raised that question. the tribunal, therefore, acted without jurisdiction in suo motu going into the question and varying the finding of the appellate assistant commissioner on that issue ..... considered to the extent that it contains facts admitted and/or found by the tribunal and the respondent also relies on the orders of the income-tax officer and the tribunal for necessary facts of the case.' 18. now, though the assessee has in terms stated that no objection was ..... it challenging the finding of fact arrived at by the appellate assistant commissioner, safely be assumed that the said objection was not raised by the income-tax officer. now, if that be the true position that the finding of the appellate assistant commissioner on this issue was not challenged before the tribunal ..... the assessee and hold the entire payment as fictitious. in the light of the appellant's affidavit, this also requires re-examination by the income-tax officer and opportunity should also be given to the assessee firm to examine or cross-examine milkhiram goyal.' 6. on receiving the case on remand .....

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